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Agenda 09/13/2022 Item #11A (Six tract of land required for the Lake Park Flow Way Project)09/13/2022 EXECUTIVE SUMMARY Recommendation to approve an agreement for the purchase of six tracts of land (Parcels 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, and 119FEE) required for construction of the Lake Park Flow Way (Project 60246). Estimated Fiscal Impact: $1,857,500. The source of funds is stormwater bonds. OBJECTIVE: To purchase property needed for construction of the Lake Park Flow Way Project (the “Project”). CONSIDERATIONS: Collier County is seeking to purchase in fee simple Parcels 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, and 119FEE, a contiguous group of six parcels consisting of approximately 26.99 total acres (the “parcels”) jointly owned by MJW Property Holdings II, LLC and SECNARF LLC (the “Sellers”). Located on the south side of Tamiami Trail Ea st between Auto Ranch Road and Lake Park Boulevard, the parcels are essential for the construction of flow ways and related project improvements. Carroll & Carroll, Real Estate Appraisers & Consultants, one of the appraisal firms under contract with the County, estimated the fair market value of the parcels together at $1,484,450 as of November 2, 2021. At that time the parcels were already under a sales contract with a potential developer for the purchase price of $2,000,000 and in the “due diligence” period. As the expiration date of the due diligence period and all extensions given drew close it became apparent that the contract purchaser was not going to go through with the purchase and staff was able to resume negotiations for the purchase of the parcels. The purchase price of $1,850,000 is the result of lengthy negotiations with the Sellers’ realtor and takes into consideration the increase in property prices since November 2, 2021. The attached Valuation Memorandum by the County’s Review Appraiser, Lisa Barfield, dated June 24, 2022, supports the purchase price of $1,850,000. Staff accordingly recommends that the Board of County Commissioners (“Board”) approve the agreement. FISCAL IMPACT: A budget amendment in the amount of $1,857,500 is required to transfer funding within the Stormwater Bond Fund (327) from Reserves to Project 60246 to cover the acquisition cost of $1,850,000 and miscellaneous closing and recording costs not to exceed $7,500. 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. -DDP 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 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, and 119FEE and authorize the County Manager, or his designee, to record the conveyance 11.A Packet Pg. 246 09/13/2022 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 her 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. Valuation Memo (PDF) 4. [LINKED] Appraisal (PDF) 11.A Packet Pg. 247 09/13/2022 COLLIER COUNTY Board of County Commissioners Item Number: 11.A Doc ID: 22981 Item Summary: Recommendation to approve an agreement for the purchase of six tracts of land (Parcels 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, and 119FEE) required for construction of the Lake Park Flow Way (Project 60246). Estimated Fiscal Impact: $1,857,500. The source of funds is stormwater bonds. (Beth Johnssen, Director, Capital Project Planning, Impact Fees & Program Management) Meeting Date: 09/13/2022 Prepared by: Title: Property Acquisition Specialist – Transportation Engineering Name: Karen Dancsec 08/05/2022 3:13 PM Submitted by: Title: Division Director - Transportation Eng – Transportation Engineering Name: Jay Ahmad 08/05/2022 3:13 PM Approved By: Review: Growth Management Department Lisa Taylor Additional Reviewer Completed 08/08/2022 7:38 AM Growth Management Department Jeanne Marcella Growth Management Department Completed 08/08/2022 8:49 AM Transportation Engineering Robert Bosch Additional Reviewer Completed 08/08/2022 11:05 AM Transportation Engineering Jay Ahmad Additional Reviewer Completed 08/08/2022 11:12 AM Growth Management Operations Support Tara Castillo Additional Reviewer Completed 08/09/2022 8:10 PM Capital Project Planning, Impact Fees, and Program Management Beth Johnssen Additional Reviewer Completed 08/12/2022 12:58 PM Growth Management Department Gene Shue Additional Reviewer Completed 08/12/2022 2:17 PM Road Maintenance Gerald Kurtz Additional Reviewer Completed 08/15/2022 12:14 PM Public Utilities Planning and Project Management Daniel Roman Additional Reviewer Completed 08/15/2022 2:16 PM Growth Management Department Karen Dancsec Growth Management Skipped 08/04/2022 3:38 PM County Attorney's Office Derek D. Perry Level 2 Attorney Review Completed 08/16/2022 12:44 PM Growth Management Department Trinity Scott Transportation Completed 08/19/2022 8:51 AM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/19/2022 11:11 AM Office of Management and Budget Laura Zautcke Level 3 OMB Gatekeeper Review Completed 08/22/2022 2:33 PM Office of Management and Budget Susan Usher Additional Reviewer Completed 08/25/2022 8:46 AM 11.A Packet Pg. 248 09/13/2022 County Manager's Office Amy Patterson Level 4 County Manager Review Completed 09/01/2022 6:26 PM Board of County Commissioners Geoffrey Willig Meeting Pending 09/13/2022 9:00 AM 11.A Packet Pg. 249 11.A.a Packet Pg. 250 Attachment: Purchase Agreement (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) 11.A.a Packet Pg. 251 Attachment: Purchase Agreement (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) 11.A.a Packet Pg. 252 Attachment: Purchase Agreement (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) 11.A.a Packet Pg. 253 Attachment: Purchase Agreement (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) 11.A.a Packet Pg. 254 Attachment: Purchase Agreement (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) 11.A.a Packet Pg. 255 Attachment: Purchase Agreement (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) 11.A.a Packet Pg. 256 Attachment: Purchase Agreement (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) AERIAL – PARCELS 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE (Lake Park Flow Way - Project 60246) / PARCELS: 114FEE, 115FEE, 116FEE 117FEE, 118FEE, 119FEE 11.A.b Packet Pg. 257 Attachment: Location Map (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) GROWTH MANAGEMENT DEPARTMENT TRANSPORTATION ENGINEERING DIVISION VALUATION MEMORANDUM DATE: June 24, 2022 TO: Robert Bosch, Right-of-Way Manager FROM: Lisa Barfield, Review Appraiser SUBJECT: Parcels 114-119FEE, Project 60246 - Lake Park Flow Way (Supplemental to existing appraisal) Overview Collier County Stormwater is in the process of acquiring parcels needed for the Lake Park Flow Way Project. This project will provide flood protection and water quality treatment of stormwater flows from residential and agricultural areas north of the Auto Ranch Road area prior to discharging into the Outstanding Florida Waters Rookery Bay National Estuarine Research Reserve. MJW Properties Holding II, LLC are one of the property owners from which Collier County needs to acquire property land, namely parcels 114FEE, 115FEE, 116FEE, 117FEE, and 118FEE, and 119FEE. Description of Subject Property The subject property consists of 6 contiguous parcels for fee simple acquisition that front the southerly right-of-way of Tamiami Trail East for approximately 680 feet along and are located between Auto Ranch Road and Lake Park Boulevard. The subject property is irregularly shaped and contains 26.99 acres of gross land area, including the following. 114 FEE 00766160006 2.50 Acres 115 FEE 00766080005 5.00 Acres 116 FEE 00764400001 10.31 Acres 117 FEE 00766120004 4.87 Acres 118 FEE 00760040009 1.56 Acres 119 FEE 00767200004 2.75 Acres Total 26.99 Acres 11.A.c Packet Pg. 258 Attachment: Valuation Memo (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) Highest and Best Use The Collier County ROW Office has several appraisal vendors under contract developing independent appraisals necessary for the ROW acquisitions. Carroll and Carroll Appraisers & Consultants, LLC previously found the subject property to be valued at $1,480,000 with an effective date of 2 November 2021. The appraiser found the highest and best use of the subject to be the development of six single family residences and the resulting land value was approximately $55,000/acre. A comparable 3.67-acre property that is adjacent to the subject property owned by Greater Naples Fire Rescue District was approved for purchase by the Board of County Commissioners on 03/22/2022 for the same project in the amount of $690,000. The price was $188,000/acre. Two appraisals were completed by RKL Appraisal and Consulting, PLC and Maxwell, Hendry Simmons Real Estate Appraisers & Consultants to support this value determination. In both appraisals, the highest and best use of this property was determined to be a rezone to commercial use. For this comparable property, rezoning from Commercial Intermediated District (C-3) was found likely due to the frontage along Tamiami Trail East, the commercial- use of nearby parcels, and a previous Commercial use zoning. Though the subject property was not previously zoned as a Commercial use we must recognize the principle of conformity and consider the prevailing land use patterns in the area. Development along Tamiami Trail East, south of its intersection with Collier Boulevard has recently increased, including Fiddlers Creek Plaza (Publix-anchored shopping center), a 7- Eleven and several residential developments. It is therefore recognized that the potential for a rezone and land use amendment would exist based on prevailing growth patterns at some time in the future. This property has also had interest from developers. This was evidenced by a sales contract dated 12/7/2020 in the amount of $2,000,000. This contact expired due to non-fulfillment of contingencies, but it demonstrates that the property is attractive to buyers willing to rezone. It is for these reasons, that a speculator is the most likely buyer of the subject property at this time. A premium of 25% above the previously land value determined from subject property appraisal would be appropriate for the risk. Valuation of Parcels 114FEE, 115FEE, 116FEE, 117FEE, and 118FEE, and 119FEE As previously noted, Carroll and Carroll Appraisers & Consultants, LLC previously found the resulting land value to be $55,000/acre with an effective date of 2 November 2021. A premium of 25% is applied. ($55,000 per acres) x 1.25 = $68,750 Rounded to, Say $68,800 Calculation Value Parcels 114FEE, 115FEE, 116FEE, 117FEE, and 118FEE, and 119FEE (26.99 acres) x ($68,800 per acre) = $1,856,912 Rounded to, Say $1,850,000 11.A.c Packet Pg. 259 Attachment: Valuation Memo (22981 : 60246: Lake Park Flow Way 114FEE, 115FEE, 116FEE, 117FEE, 118FEE, 119FEE) APPRAISAL REPORT FOR COLLIER COUNTY GMD/ C&M STORMWATER MANAGEMENT SUBJECT PROPERTY: 26.99 ACRES ALONG TAMIAMI TRAIL E. NAPLES, FL 34114 114-119 FEE AT THE REQUEST OF: KAREN DANCSEC PROPERTY ACQUISITION SPECIALIST, ROW COLLIER COUNTY GMD/ TRANSPORTATION ENGINEERING 2885 S. HORSESHOE DRIVE NAPLES, FL 34104 ASSIGNMENT NO.: 5857-TS APPRAISAL EFFECTIVE DATE: NOVEMBER 2, 2021 DATE OF REPORT: DECEMBER 8, 2021 5857 Report Table of Contents Carroll & Carroll Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1 CERTIFICATION ..................................................................................................................................... 2 SCOPE OF WORK ................................................................................................................................... 4 ESTATE APPRAISED .............................................................................................................................. 5 DEFINITION OF MARKET VALUE ..................................................................................................... 6 ASSUMED EXPOSURE TIME ................................................................................................................ 6 AREA INFORMATION .......................................................................................................................... 7 MARKET AREA ..................................................................................................................................... 17 PROPERTY INFORMATION ............................................................................................................... 27 SITE DESCRIPTION .......................................................................................................................... 28 SUBJECT PHOTOGRAPHS .............................................................................................................. 31 ENVIRONMENTAL CONTAMINATION .................................................................................... 37 NATURAL RESOURCE CONCERNS ............................................................................................ 38 ZONING .............................................................................................................................................. 41 ASSESSMENT AND TAXES ............................................................................................................ 43 FLOOD ZONE DATA ....................................................................................................................... 44 TRANSACTIONAL HISTORY ........................................................................................................ 45 CURRENT STATUS ........................................................................................................................... 45 HIGHEST AND BEST USE ................................................................................................................... 46 CONSIDERATION OF APPROACHES ............................................................................................. 47 SALES COMPARISON APPROACH ................................................................................................. 48 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 49 VACANT LAND COMPARABLES ................................................................................................ 50 LAND SALES ADJUSTMENT GRID .............................................................................................. 60 ESTIMATE OF VALUE ..................................................................................................................... 66 ADDENDA ............................................................................................................................................. 67 5857 Report Summary of Important Data & Conclusions Carroll & Carroll 1 SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report could be misleading. PROPERTY INFORMATION Property Identification 26.99 Acres along Tamiami Trail East, Naples, FL 34114 Parcel No. 114 FEE, 115, FEE, 116 FEE, 117 FEE, 118 FEE, 119 FEE Property Description A 26.99-acre combined parcel located along the south side of Tamiami Trail East near Lake Park Boulevard in Naples, Florida. Property Type Vacant Land Owner of Record MJW Property Holdings II, LLC Property ID # 00766160006, 00766080005, 00764400001, 00766120004, 00760040009, and 00767200004 CLIENT INFO & VALUE CONCLUSIONS Client Collier County GMD C&M Stormwater Management Intended Use To assist in Collier County land acquisition for internal decision making. Intended Users Collier County GMD C&M Stormwater Management and the property owner. Appraisal Effective Date November 2, 2021 Date of Report December 8, 2021 Date of Inspection November 2, 2021 Purpose of Appraisal Estimate Market Value “As Is” Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Value $1,480,000 GENERAL INFO Appraiser Timothy W. Sunyog, MAI State-Certified General Appraiser RZ 3288 Scope of Work All applicable approaches to value were developed. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS I was not provided any environmental reports or wetland determinations. Based on my physical inspection and aerial imagery, there is a mix of native and exotic vegetation throughout the site including the potential of wetlands. I reserve the right to reconsider the value conclusion contained herein should additional documentation be presented. HYPOTHETICAL CONDITIONS None 5857 Report Certification Carroll & Carroll 2 CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property and made an inspection of all comparable sales or listings identified in the report. The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. In the three years immediately prior to acceptance of this assignment I have not performed any services regarding the subject property as appraisers, or in any other capacity. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 5857 Report Certification Carroll & Carroll 3 No one other than the undersigned prepared the analyses, opinions and conclusions concerning real estate that are set forth in this report. As of the date of this report, I have completed the requirements of the continuing education program of the State of Florida, and for Designated Members of the Appraisal Institute. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 5857 Report Scope of Work Carroll & Carroll 4 SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Personally inspected the subject property and made an inspection of all comparable sales or listings identified in the report • Reviewed aerial photographs, plat map, land use plans, the Land Development Code, and other documentation • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use • Researched vacant land comparable sales, listings, and pending sales • Developed the sales comparison approach • Estimated the market value of the fee simple estate • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion Sources of market data included local and regional MLS systems, CoStar, LoopNet, public records, and interviews with real estate brokers. 5857 Report Estate Appraised Carroll & Carroll 5 ESTATE APPRAISED The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple Absolute is synonymous with Fee Simple. The Dictionary of Real Estate Appraisal, Sixth Edition, published 2015 by the Appraisal Institute, defines Fee Simple Estate as: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. We consider easements, but only to the extent that they are known to us. Appraisal of the fee simple means that an improved property is vacant and available to be put to its highest and best use. 5857 Report Definition of Market Value Carroll & Carroll 6 DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 6 and 9 months. 5857 Report Area Information Carroll & Carroll 7 AREA INFORMATION COLLIER COUNTY ANALYSIS An analysis of geography, transportation, population, employment, income, and education for Collier County is performed using data provided by Site to Do Business, Florida Office of Economic & Demographic, United States Department of Labor, all recognized source(s). GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. About 63% of the land area is in public ownership, is set aside for environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild, and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. Most of the county is less than 15 feet above mean sea level. Although changes in elevation 5857 Report Area Information Carroll & Carroll 8 are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is in north Collier County and is the agricultural center of the region. POPULATION “The social forces studied by appraisers primarily relate to population characteristics. The demographic composition of the population reveals the potential demand for real estate, which makes the proper analysis and interpretation of demographic trends important in an appraiser’s analysis.” The total population, it's composition by age and gender, and the rate of household formation and dissolution strongly influence real property values. (The Appraisal of Real Estate 14th Edition) Collier County’s population has continued to increase year after year. The population has increased 9.24% as of 2020 from 2016. The population forecasts through 2025 calls for a continued steady growth cycle with an estimated 8.93% population growth from 2020 to 2025. 5857 Report Area Information Carroll & Carroll 9 Collier County for years has been one of the nations’ fastest growing counties, historically outperforming the state. Population increases began in 2010, trending once again towards outperforming the state. Strong growth is expected at 5 to 10% annually through 2025. Collier County is a popular retirement destination. As of 2020, 55.6% of the County’s residents are over the age of 45. The 2025 forecasts depict an aging community with 56.2% of the population 45 years of age or older. 5857 Report Area Information Carroll & Carroll 10 EMPLOYMENT Collier County is a largely service based economy with 37.6% of the employees in the leisure, hospitality, education, and health service industries and 21.4% in professional, business, financial and other services. Trade, transportation, & utilities along with government jobs account for 27.9% of the County’s employees. Industries such as natural resources/mining, construction, and manufacturing make up only 5.4% of the market. Top 11 Largest Employers Collier County -2019 Rank Company Employees 1 Publix Super Market 8,728 2 NCH Healthcare System 7,017 3 Collier County School District 5,604 4 Collier County Local Government 5,119 5 Arthrex, Inc 2,500 6 Ritz Carlton- Naples 1,450 7 City of Naples 1,169 8 Moorings Park 888 9 News-Press/Naples Daily News 840 10 Physicians Regional 950 11 Seminole Casino 800 Source: www.swfleda.com/top-100-employers/ as reported in 2019 The unemployment rate in Collier County exceeded the state average by a slight margin in the years 2009 and 2010. The unemployment rate then declined through 2016 as the economy improved and, until recently, Collier County’s unemployment rates decreased more rapidly the state. 5857 Report Area Information Carroll & Carroll 11 INCOME Collier County’s per capita income and median household income levels are higher than state statistics. The most substantial difference between Collier County and the state is the large percentage difference in household incomes above $100,000 where Collier County exceeds the state by over 9%. Collier County's percentage household incomes ranging from $25,000 to $99,999 mirror that of the state but is significantly lower in the percentage of household incomes under $25,000. Income levels vary greatly within different areas of Collier County, and so, will be discussed in greater detail in the Market Area descriptions. TRANSPORTATION The transportation system reflects local geography, population densities and the primary motivators of tourism, service industry employment, the construction industry, agriculture, and leisure activities. ROADS The earliest roads were coastal, extending from north to south in the early twentieth century with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami Trail because it was built to connect Tampa and Miami. Where it passes through the coastal community US-41 is a four or six lane divided highway with landscaped medians, curb and gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal arterial and one that defines several important boundaries. Often there is a noticeable land value difference east and west of US-41 because the affluent coastal population prefers to shop and trade close to home. As the highway turns southeast from downtown Naples toward Miami the Trail defines the boundary of the coastal management zone which affects 5857 Report Area Information Carroll & Carroll 12 development densities and storm evacuation requirements. The eastern segment of US -41 is a designated national scenic highway popular with tourists, especially during the winter season as they seek adventure in the Everglades. A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood streets extend into the urban area east and west from US-41. North-south arterials and major collectors are established about one mile apart. From west to east, these include Goodlette-Frank Road, Airport-Pulling Road, Livingston Road, Santa Barbara Boulevard and Collier Boulevard. The east-west grid is spaced about two miles apart; from north to south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84), and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4 lane divided highways. East of Collier Boulevard the road system reflects the economies of scale of Golden Gate Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles east of CR-951, is the principal east-west collector. Everglades Boulevard (2 lane and asphalt surfaced) is the north-south major collector extending south from Immokalee Road 14 miles to the grade separation at I-75 where it continues into the Picayune Strand State Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier County is planning to extend east-west collectors through the Estates along the alignment of Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north-south connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road) north to Golden Gate Boulevard. Interstate highway 75 (I-75) was extended from north to south through Collier County in the mid-1980s along a flood-proof route about five miles inland. Directly east of the City of Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty- one miles east of the coastal community is an interchange at State Road 29; the last interchange in Collier County. Collier County and the FDOT continue to study the feasibility of an interchange at Everglades Boulevard. The advent of I-75 signaled a change in the relationship of Collier County to the rest of Florida and the United States. While US-41 was the only north-south arterial, Collier County was dominated by the conservative mid-western influences of seasonal residents and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road access to Collier was made much more convenient to the northeast via connections with I -4 5857 Report Area Information Carroll & Carroll 13 and I-95. This had the effect of broadening Collier's market exposure and it stimulated growth. The extension of I-75 south into Dade County promoted better access for European tourists and made Collier County transient lodging attractive for east coast weekenders. Strategic connections exist where Collier Boulevard and CR-92 extend south and west from US-41 providing access to the City of Marco Island from the greater Naples area and from Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural center of Immokalee with points north, with the Naples coastal community via CR-846, with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which is the western gateway to Everglades National Park and the 10,000 Islands region of Collier's southwest coast. The road transportation system is well planned, well maintained, and operating at acceptable capacity. Ambitious road construction projects undertaken in anticipation of growth projections and funded by impact fees have caught up with development. The road system reflects Collier's position at the southerly limit of development on Florida's west coast. MASS TRANSIT Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes Department, provides inexpensive alternative transportation throughout the county linking major employment centers of Naples with Marco Island and Immokalee. There are several circulation routes with stops at the County government complex, hospitals, and major shopping establishments. The system accommodates bicycle transport and personal items. The same County department administers the Collier Area Para Transit system which provides subsidized transportation services for the disabled and economically disadvantaged. This is a successful and growing system that connects people with jobs, essential services, and shopping while reducing transportation costs and road congestion. AIRPORTS Collier County is supported by a system of five public airports. Southwest Florida International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute drive via I-75 from the Collier center of population. This facility serves the five county southwest Florida regions offering domestic and international air carrier service. It is modern, convenient, and has planned expansion to keep up with regional growth. Naples Municipal Airport (APF) owned by the City of Naples and operated by the independently constituted Naples Airport Authority which derives its revenue principally from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown Naples. It serves the coastal community and is especially convenient to affluent residents 5857 Report Area Information Carroll & Carroll 14 who own private aircraft, to the corporate convention business of the large beachfront hotels, and to essential services like mosquito control, Emergency Medical Services (EMS), the Sheriff's office, and private air ambulance services. The two paved runways (5/23 @ 5,290' and 14/32 @ 5,000') will support jets including the G4 and Challenger series. Naples airport is tower controlled and fully certified for commercial operations and is home to several aircraft charter services and flight training schools. In 2005, Naples Municipal Airport accommodated 163,434 aircraft operations, a record high. Annual operations decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479, which is a 5.2% increase from the previous year. Due to its downtown location, Naples airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise abatement measures. The Collier County Airport Authority owns and operates airports at Marco Island, in Everglades City, and at Immokalee. These are primarily funded through fuel sales and hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation facility on the mainland four miles northeast of Marco Island. The single paved runway (17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is available. This airport is convenient to Marco Island residents and to the corporate convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a weekend drag racing strip. The airport is in a Florida Rural Enterprise Zone and a HUB Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign Trade Zone. To date, the economic potential of this airport is largely unrealized. However, the field is active as a training destination for coastal-based flight schools, it hosts aerial firefighting and crop-dusting operations, and it bases numerous private aircraft. The Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres is within walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400') supports itinerant coastal traffic and half a dozen-based aircraft. Fuel, a comfortable pilot center and bicycles are available. The aviation community is well supported. The greater Naples area is the beneficiary the winter season influx of corporate executives and affluent individuals who can afford luxury private jet travel. 5857 Report Area Information Carroll & Carroll 15 MARINE TRANSPORTATION There is no deep-water port and no commercial marine activity other than that associated with commercial fishing, charter sport fishing, and the marine towing services that support the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six feet at mean low water. The US Coast Guard maintains a dredged and well-marked intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island. Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to the Marine Industries Association of Collier County, as of early 2019 there were 22,749 registered vessels in Collier County. Seasonally, excursions from Marco Island to Key West and from Ft. Myers Beach to Key West are scheduled daily. EDUCATION The Collier County School District provides public education to about 51,905 students encompassing grades K-12. There are a total of 48 public schools consisting of 29 elementary, 10 middle, 8 high schools and one K-12 (Everglades City School). There are also 12 alternative school programs. In addition to the public school system there are numerous private schools scattered throughout the county. The Collier County School District continues to receive a “B” grade by the State of Florida Department of Education. By definition, an “A” or “B” grade delineates high performance. Between 2015 and 2020 the school district had an overall population growth of more than 6,000 students. Collier County is also home to several colleges and accredited universities. Three colleges have campuses in Collier County: Ave Maria University, Hodges University and Florida Southwestern State College (formerly Edison Community College). Ave Maria University is 5857 Report Area Information Carroll & Carroll 16 a private catholic university that offers both undergraduate and graduate programs including a law school has around 1,129 students. Florida Southwestern State College with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year degree programs for 15,389 students, and Hodges University is a private four-year college that offers bachelors and master’s degrees in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located in southern Lee County) is one of the state's fastest growing institutions and home to over 15,373 students. CONCLUSION At the southerly limit of urban development on Florida's west coast, Collier County offers the climate, natural resources, and sporting opportunities to support a superb retirement community. The quality of infrastructure, schools, and social services is what one would expect of such an area. We are experiencing a surge in new development projected to take us through the next several years. In the long term, the attractions of the climate and location, and the stability of fixed-account affluence promise continuing prosperity although probably without the strong emphasis on new development. 5857 Report Market Area Carroll & Carroll 17 MARKET AREA Market Area is defined as: “The geographic region from which a majority of demand comes, and in which the majority of competition is located.” (The Dictionary of Real Estate Appraisal 6th Edition) “A combination of factors – e.g., physical features, the demographic and socioeconomic characteristics of the residents or tenants, the condition of the improvements (age, upkeep, ownership, and vacancy rates), and land use trends.” (The Appraisal of Real Estate, Fourteenth Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES Subject property is located within the South Naples area. For appraisal purposes, the market area boundaries are shown below: ➢ North Radio Road ➢ South Marco Island ➢ East Picayune Strand State Forest ➢ West Naples Bay 5857 Report Market Area Carroll & Carroll 18 Environmental Influences This area is desired because of mild winter weather and easy access to miles of beaches. The Naples area is one of the very few in Florida that offers adequate public access to a mainland beach. The subtropical weather allows for year-round recreational opportunities. Boating and swimming are popular activities and boating is supported for seasonal residents and tourists by local marinas and charter boats. Bicycling, walking, and jogging are supported by an extensive network of connected biking and walking paths. Multiple tennis and pickle ball courts are available, as well as fitness centers. Collier County has more golf courses per capita than most areas in the United States and the majority of the courses in Collier County fall within this market area. South Naples is known for its clean environment and healthy lifestyle. Development has occurred in such a way that the open-space and lush landscaping give the appearance of a well-manicured, tropical paradise. Governmental Influences This market area is governed by Collier County Board of County Commissioners which serves as chief legislative body and five constitutional officers: sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser. County government is managed by a strong county manager structure. Collier County provides services which range from average to high quality. However, Collier County is known for being a difficult county for building and development. The tax burden in Collier County is lower than the national average. County government has zoning, and comprehensive plan ordinances designed to protect the character and values of property; to protect and enhance economic development; and to maintain and enhance the attractive nature of the area. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Collier County Sheriff Department provides full range of services for Collier County. According to the statistics listed by Florida Department of Law Enforcement, Collier County crime index falls in the lowest 16% of all counties in Florida and crime rate has decreased nine out of the past ten years. About 78% of all crime is either burglary or larceny. The county averages are representative of conditions in South Naples. 5857 Report Market Area Carroll & Carroll 19 Transportation This market area is served by several arterial roadways. All are six-lane divided highways with beautifully landscaped medians. Improvements include street lighting and concrete curb and gutter. North-south arterial roadways include Airport-Pulling Road which serves the western portion of this market area; Santa Barbara Boulevard which connects Rattlesnake Hammock Road to Immokalee Road; and Collier Boulevard (SR-951) connects Immokalee Road to Marco Island. East-west arterials include Tamiami Trail East (US-41 East), Davis Boulevard, and Rattlesnake Hammock Road. Davis Boulevard and Collier Boulevard provide direct access to Interstate I-75. Davis Boulevard connects the downtown Naples area with Collier Boulevard and the I-75 interchange. Development along Davis Boulevard west of Airport Road (within the Bayshore/Gateway Triangle Redevelopment District) is older intensive commercial that is going through a revitalization. Development east of Airport Road is primarily residential with scattered commercial clustered around the major intersections. Tamiami Trail (US-41) is the original highway from Tampa to Miami through Naples. Tamiami Trail East is almost entirely developed with a mixture of average quality commercial and single/multi-family residential. Major commercial developments exist at almost every intersection. Collier Boulevard (CR-951) is a major arterial linking Marco Island in south Collier County with Immokalee Road near the north county line. The Collier Boulevard thoroughfare anchors a grid of arterial roads spaced about 2 miles apart, that serve the greater Naples coastal community which lies to the west. Development along Collier Boulevard is a mixture of single/multi-family residential, office, light industrial, institutional, retail and medical with clusters of commercial development at the intersections of Davis Boulevard, Rattlesnake Hammock Road and Tamiami Trial East. Interstate I-75, which connects Collier County to both North Florida and Florida’s east coast, serves this entire market area and access is provided by two interchanges. The arterial road system is laid out in a grid pattern that provides adequate traffic flow to all areas of the county. Commercial development exists at every major intersection; but, the intersections are designed with proper turns lanes and signaling to provide for adequate traffic movement. The road network easily handles traffic demand in the off- season, May through December. Traffic more than doubles in January, February, March and April because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road network usually handles peak traffic demand without major delays. Public transportation is provided by a county transit bus services. 5857 Report Market Area Carroll & Carroll 20 Naples Municipal Airport is located outside the market area, but is easily accessed by any resident of South Naples. The airport is City owned, but operated by the independent Naples Airport Authority. It serves private and commercial aviation, as well as aviation related activities. It supports government services, such as, Mosquito Control Distri ct and Collier County Sheriff’s aviation unit. Social Influences South Naples is primarily built out with scattered parcels of undeveloped land. Vacant lots in residential developments vary based on the age of the development. South Naples was one of the first areas to develop and so construction has occurred over the past 90 years. US Census Bureau, Esri forecasts, 2020 population is 83,540 with a projected growth to 91,650 (9.7% growth) by 2025. This area also increases seasonally about 20% during the winter months, according to Collier Business & Economic Development. The median age is 55.5, with 50% of the population being 55 and older. The median household income is $56,945. 31.7% have a bachelor’s or professional degree and 26% have some college education. There is an average degree of community involvement through civic organizations, neighborhood groups, social service organizations and political committees. The Naples cost of living is 2% higher than the average cost of living in the United States. Conversely, Florida has a cost of living that is lower than the US average. Of the 25 locations included in the Economic Policy Institute's dataset for Florida, Naples-Marco Island is the 21st most expensive. In Naples, housing is the category with the highest index (21% above national average), while taxes are the category with the lowest index (15% below national average). (Ref. Careertrends.com; cost of living analysis). South Naples has some of the highest density of affordable housing units in Collier County, but because of the high cost of living, home values can still be out of reach for many moving into Collier County. One of the main driving forces impacting growth in this area is the quality of schools. This market area has 7 public schools; one high school, one middle school, and five elementary schools. All schools received a C or higher rating in the last grading period and all have at least 70% minority and economically disadvantaged student enrollment. Three of the schools have over 90% minority student enrollment. As reflected in the data, Naples is primarily populated by active, affluent, and highly educated people attracted by the environmental influences stated earlier. Other deciding factors include the availability of several cultural, fine arts, and educational opportunities and a multitude of fine dining restaurants. Also, the professional services that they require, such as financial, medical, retail, and recreational, are conveniently available. 5857 Report Market Area Carroll & Carroll 21 5857 Report Market Area Carroll & Carroll 22 5857 Report Market Area Carroll & Carroll 23 Economic Influences One of the original settlement areas, South Naples has seen substantial growth over the last twenty years primarily due to urban sprawl and density restrictions inherent within the city limits. Population increased 17.6% over the last ten years and is forecast to increase an additional 9.708% over the next five years or an average of 2,056 people per year. This trend is consistent with the past sixteen years and should continue into the near future as new development continues along the eastern edge of this market area. The residential population is dominated by working class residents and retirees. Comparatively, incomes within this market area are less than the county average. The average household income in 2020 was $84,781, which is 14.5% lower than the county average of $97,081. In the market area, only 24.9% of the households have annual incomes greater than $100,000, compared to the county average of 35.1%. Development trends: Residential Residential development density varies from less than 1 unit per acre in rural fringe development areas, to as high as 12 units per acre in the multi-family projects. The typical density is 3 to 4 units per gross acre. Development in this neighborhood varies greatly from dense, low income, non-deed restricted communities, to large, bundled golf communities marketed towards retired persons with financial resources adequate to own more than one home. Residential density increases within closer proximity to downtown Naples. Development continues to push further east as vacant land becomes more scarce. Containing 2,893 acres, and encompassing the area located between Collier Boulevard and Tamiami Trail East (south of Rattlesnake Hammock Road) Lely Resort is the largest planned development in the South Naples area. This mixed use development contains 3,195 residential units, 241,141 square feet of commercial development and three 18-hole golf courses. Median home value is $284,477 which is lower the than the County’s median home value of $369,596. Some 41.9% of homes are valued under $250,000 and 18.7% are valued over $500,000. Total number of housing units in the market area is 57,017, of which, 46.7% are owner occupied, 18.2% renter occupied and 35.1% vacant. Vacancy include seasonal rentals. There has been a residential boom in this market area over the past five years with new development occurring in The Isles of Collier Preserve, Treviso Bay, Lely Resort, Fiddler’s Creek, and Verona Walk. New development continues in Hacienda Lakes (1,760 units), Winding Cypress (2,300 units), Naples Reserve (1,154 units), and Oyster Harbor in Fiddler’s 5857 Report Market Area Carroll & Carroll 24 Creek (1,000 units). Once built out the new developments will add over 6,000 new units to this area in addition to any future development not yet planned. The residential boom has also occurred in the multi-family sector, specifically the apartment market. Over the past three years a total of 2,180 apartment units have either been delivered, are under construction, or are in the planning stages within the South Naples market area. Commercial Commercial development in this market area includes banks, office buildings, industrial, professional offices/medical, retail centers, restaurants, hotels and anchored shopping centers. Reflecting the overall characteristics of the surrounding residential the existing commercial development is a mixed bag consisting of both older and newer projects. The commercial development exists primarily along the Tamiami Trail East corridor, the Bayshore/Gateway Triangle, as well as the main commercial intersections of Davis Boulevard/Collier Boulevard, Tamiami Trail East/Rattlesnake-Hammock Road, and Tamiami Trail East/Collier Boulevard. The intersection of Tamiami Trail East and Collier Boulevard is transitioning into the most commercialized intersection in the market area due primarily to the number of new and proposed residential units in the area as well as the supporting Marco Island population. Existing development consists of a Walmart, Lowes, a Publix anchored shopping center, and Fresh Market anchored center as well as many national banks, gas stations, pharmacies, and restaurants occupying the outparcels. Proposed development includes various retail plazas, gas stations, restaurants. A 120,000 square foot retail plaza with tenants of Stein Mart, Petsmart, Ulta, Ross, Marshalls, and Michaels is the newest addition completed. Closer to downtown Naples, a significant portion of the Bayshore/Gateway Triangle was recently purchased by two local developers. The proposed development, known as Metropolitan Naples will feature a mix of housing, retail and entertainment in up to three towers, each as tall as about 15 stories. The zoning allows for up to 377 residential units, 228 hotel rooms and a maximum of 200,000 square feet of commercial uses, which could include restaurants, coffee shops, bars and a movie theater. Medical Physicians Regional Medical Center, located near the intersection of Collier Boulevard and Rattlesnake Hammock Road, is a 212,400 square foot, 100 bed hospital along with a separate 94,000 square foot medical office building. This is one of the county's four major medical centers. The hospital offers a 24-hour emergency department that provides a full range of traditional emergency services. 5857 Report Market Area Carroll & Carroll 25 Because of strong demand for medical services, several health parks or medical centers have been built or are proposed within this market area. The service and retail industries dominate the market area business sector. 5857 Report Market Area Carroll & Carroll 26 MARKET AREA LIFE CYCLE Market areas often pass through a four-stage life cycle of growth, stability, decline, and revitalization. • Growth – A period during which the market area gains public favor and acceptance. • Stability – A period of equilibrium without marked gains or losses • Decline – A period of diminishing demand • Revitalization – A period of renewal, redevelopment, modernization and increasing demand. The majority of the real estate activity in South Naples reflects the growth cycle. The residential and commercial markets continue to be strong. The growth cycle is expected to continue into the near future. The western portion, closest to the coastal community, is in a period of revitalization. This is the location of the oldest development, so properties are prime for modernization and, as the City builds out, the pressure to redevelop eastwardly increases. CONCLUSION This continues to be one of the most affordable market areas within Collier County. Within close proximity to the beaches and downtown Naples, this area appeals to a variety of retirees and working class families. Development continues to push east with future emphasis on redevelopment. One of the leading catalysts for the coming redevelopment stage will be the Bayshore/Gateway Triangle that could take shape within the next few years. South Naples will likely continue to enjoy a healthy growth while maintaining its affordability. 5857 Report Property Information Carroll & Carroll 27 PROPERTY INFORMATION 5857 Report Property Information Carroll & Carroll 28 SITE DESCRIPTION Legal Description Lengthy legal description copied into the addendum of the report. Property ID# 00766160006, 00766080005, 00764400001, 00766120004, 00760040009, and 00767200004 Owner of Record MJW Property Holdings II, LLC Size I was not provided with a boundary survey. The size of the parcel is based on the legal description obtained from the most recent warranty deed and information obtained from the Collier County Property Appraiser. 114 FEE 00766160006 2.50 Acres 115 FEE 00766080005 5.00 Acres 116 FEE 00764400001 10.31 Acres 117 FEE 00766120004 4.87 Acres 118 FEE 00760040009 1.56 Acres 119 FEE 00767200004 2.75 Acres Total 26.99 Acres Easements Without a boundary survey, I was unable to determine if there are any easements on the property. 5857 Report Property Information Carroll & Carroll 29 Shape Irregular Frontage The subject fronts for approximately 680 feet along the southerly right-of-way of Tamiami Trail East and for approximately 238 feet along the west side of Lake Park Boulevard. Access The property is provided full-service access from Lake Park Boulevard and Tamiami Trail East. Topography The property is level and below road grade. Portions of the site have been excavated forming multiple lakes in the northern portion of the site. Ground Cover The property is covered in native and exotic vegetation. I was not provided any environmental reports or wetland determinations. Based on my physical inspection and aerial imagery, there is a mix of native and exotic vegetation throughout the site. The subject includes slash pine, cypress, cabbage palms, palmettos, Brazilian pepper, melaleuca, and Earleaf acacia. Utilities The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. Adequate capacity exists to support full utilization of the site. Concurrency The service levels along the adjacent road system are within acceptable limits as defined by Collier County. There are no concurrence issues adversely affecting this property. Surrounding Land Uses The subject is located approximately 5.10 mile southeast of the intersection of Tamiami Trail East and Collier Boulevard. Located to the north across Tamiami Trail East is the Links of Naples Golf Course. Located to the east along Tamiami Trail East is land owned by the Greater Naples Fire Rescue District and vacant residential land. Property to the south and west include vacant land and single-family homes. facilities. Demographics (2021) 2-mile 5 10 Population 3,868 25,860 103,177 Households 1,413 11,060 45,583 Median HH Income $82,560 $67,850 $69,136 Median Home Value $406,501 $343,345 $353,666 Traffic Counts (AADT) 2021 The average daily traffic counts for Tamiami Trail East, west of San Marco Road was: 5857 Report Property Information Carroll & Carroll 30 5,226 vehicles (3Q 2021) 4,868 vehicles (2Q 2021) 4,806 vehicles (1Q 2021) Site Improvements None 5857 Report Property Information Carroll & Carroll 31 SUBJECT PHOTOGRAPHS View to the northwest along Tamiami Trail East. (Photo Taken November 2, 2021) View to the southeast along Tamiami Trail East. (Photo Taken November 2, 2021) 5857 Report Property Information Carroll & Carroll 32 View to the southwest from Tamiami Trail East. (Photo Taken November 2, 2021) View to the southeast along the northern boundary. (Photo Taken November 2, 2021) 5857 Report Property Information Carroll & Carroll 33 View to the northwest along the northern boundary. (Photo Taken November 2, 2021) View to the southwest into the subject property. (Photo Taken November 2, 2021) 5857 Report Property Information Carroll & Carroll 34 View to the south into the subject property. (Photo Taken November 2, 2021) View to the north along Lake Park Boulevard. (Photo Taken November 2, 2021) 5857 Report Property Information Carroll & Carroll 35 View to the south along Lake Park Boulevard. (Photo Taken November 2, 2021) View to the west from Lake Park Boulevard. (Photo Taken November 2, 2021) 5857 Report Property Information Carroll & Carroll 36 View to the northwest from Lake Park Boulevard. (Photo Taken November 2, 2021) View to the east from Auto Ranch Road of the western boundary. (Photo Taken November 2, 2021) 5857 Report Property Information Carroll & Carroll 37 ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment Available No Impact on Value None Disclaimer Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. 5857 Report Property Information Carroll & Carroll 38 NATURAL RESOURCE CONCERNS Condition of subject The property is in its native state and has never been cleared. I was not provided with any environmental reports. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. Natural Resource Audits Available No Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser’s required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise required to discover them. 5857 Report Property Information Carroll & Carroll 39 FUTURE LAND USE Ordinance or Plan Collier County Growth Management Plan Future Land Use Designation Rural Fringe Mixed Use District (RFMUD) – Neutral Lands Purpose of Designation 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. The Rural Fringe Mixed Use 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 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. 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. Permitted uses include agricultural uses, single family uses at a maximum density of one dwelling unit per 5 acres (0.2 units per acre), multi-family residential structures shall be permitted under the Residential Clustering provision, group housing, farm labor housing, sporting and recreational camps, essential services, golf courses, community facilities, and private schools. 5857 Report Property Information Carroll & Carroll 40 5857 Report Property Information Carroll & Carroll 41 ZONING Ordinance or Land Development Code Collier County Zoning “A” – Rural Agricultural District RFMUO – Neutral Rural Fringe Mixed Use Overlay (RFMUO) – Neutral Lands Purpose or Intent of Zoning The purpose and intent of the Rural Agricultural District is to provide land for agricultural, pastoral, and rural land uses. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, and group care facilities are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, group care facilities, and earth mining are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The maximum shall not exceed the density permissible under the density rating system. Below are the development requirements as set forth in the Agricultural Zoning District: Minimum Lot Area: 217,800 square feet or 5.00 acres Minimum Lot Width: 165 feet Minimum Front Yard Setback: 50 feet minimum 5857 Report Property Information Carroll & Carroll 42 Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 50 feet Maximum Building Height: 35 feet Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. 5857 Report Property Information Carroll & Carroll 43 ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID 00766160006, 00766080005, 00764400001, 00766120004, 00760040009, and 00767200004 Assessment and Tax Year 2021 Combined Land Assessment $707,520 Improvement Assessment $0 Total Assessment $707,520 10% CAP ($458,203) AG Exemption $0 Taxable Value $249,317 Ad Valorem Taxes $5,086.97 Non- Ad Valorem Taxes $0 Total Taxes $5,086.97 Taxing Authority/Jurisdiction Collier County The total assessment is $26,214 per gross acre of land area. The individual land assessments range from $20,000 to $48,000 per acre which is within the range of other similar parcels along and off of Tamiami Trail East and Auto Ranch Road. The assessment is considerably less than my estimate of market value. The 2021 assessment reflects a 116.31% percent increase from 2020 and therefore the 10% CAP was applied. The 2021 taxes increased 65.34% from 2020. As of the appraisal effective date the 2021 taxes have not been paid and the 2020 taxes have been paid. 5857 Report Property Information Carroll & Carroll 44 FLOOD ZONE DATA Flood Zone AE Flood Zone Comments Zone AE – Areas of inundation by the 1% annual-chance flood, including areas with the 2% wave run-up, elevation less than 3 feet above the ground, and areas with wave heights less than 3 feet. Required flood elevation 6 feet. Community Panel Number 12021C0620H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps 5857 Report Property Information Carroll & Carroll 45 TRANSACTIONAL HISTORY Sales History There have been no transactions or transfers of ownership in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract The subject property is currently listed for sale for $2,150,000 or $79,659 per acre. The property has been on the market since September 8, 2016. The price originally began at $2,600,000 and was reduced to $2,150,000 on November 20, 2018. I interviewed the listing agent, Cheryl Deering with John R. Wood Properties, and she confirmed that the property is currently under contract for $2,150,000 or $79,659 per acre. The property went under contract March 3, 2021 and Cheryl said they recently extended the contract. The intended use of the buyer is to rezone the property to a residential use, maximizing the density potential. Cheryl also said that the property was previously under contract for $2,200,000 about 18 months ago, but the buyer backed out because they could not get the residential density they wanted. 5857 Report Highest and Best Use Carroll & Carroll 46 HIGHEST AND BEST USE DEFINITION For typical appraisal practice in the United States, The Dictionary of Real Estate Appraisal, Sixth Edition, published 2015 by the Appraisal Institute, defines Highest and Best Use as: The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. METHOD There are four criteria that must be met in order for a use to be the highest and best use for a given property. The highest and best use must be: • Legally permissible. • Physically Possible. • Financially feasible. • Maximally productive. Ordinarily these criteria are considered sequentially, each step narrowing the range of alternative uses being considered. ANALYSIS SITE AS THOUGH VACANT Legally Permissible: Collier County designates this property as “A” – Rural Agricultural District with a Future Land Use of Rural Fringe Mixed Use District (RFMUD) – Neutral Lands and the North Belle Meade Overlay. 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. The zoning ordinance and future land use are consistent in identifying the property for residential uses, community facilities, private schools, or varying types of ancillary agricultural uses. A maximum of six residential units (0.20 units per acre) could be developed under the current future land use. Physically Possible: Assuming there are no significant environmental issues, the subject could be developed as six single-family home sites, community facility, private school, or some type of agricultural operation. The site is served by public water and sewer located along Tamiami Trail East. The location/exposure along Tamiami Trail East and the size of the property suggest some type of single-family use, community facility, or agricultural use. 5857 Report Highest and Best Use Carroll & Carroll 47 Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Based on the number of new homes in the neighborhood, single-family residential development appears to be financially feasible. Due to the limited number of locations in Naples for agricultural uses/development, this is also a financially feasible use. Although a church or community facility is currently not an approved use it is a conditional use in the Agricultural zoning district. Institutional development is less likely to be as affected by the typical issues of commercial financial feasibility because the entrepreneurial profit incentive requirement is not the same. Ultimately, the financial success of developing a church, group home, day school, social institution or fraternal club is dependent on its ability to capture and keep members, participants, customers and contributors. That sort of research is beyond the scope of this appraisal. Maximally Productive: The maximally productive use is that it be developed with six single-family residences or an agricultural or community facility type use. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. 5857 Report Sales Comparison Approach Carroll & Carroll 48 SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: 1. Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales of land comparable to the subject parcel. The intention was to find comparable sales in similar locations that offer similar functional utility. A total of eight closed sales were identified as the best available for analysis. Price per acre of gross land area was developed as the unit of comparison, since that is the unit best suited to the analysis, and the one most often utilized by local buyers, seller, and brokers of land similar to the subject parcel. Comparable land sales data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. 5857 Report Sales Comparison Approach Carroll & Carroll 49 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES 5857 Report Sales Comparison Approach Carroll & Carroll 50 VACANT LAND COMPARABLE 1 ADDRESS 8100 Collier Boulevard, Naples, FL 34114 PROPERTY ID NO. A total of 16 Parcel ID's SALE PRICE $13,025,000 UNIT AREA 108.13 acres UNIT PRICE $120,457 per acre DATE OF RECORDING September 28, 2020 O.R. BOOK-PAGE 5822/2072 CONTRACT DATE Unknown GRANTOR Watermen at Rockedge Naples, LLC GRANTEE Forestar (USA) Real Estate Group, Inc. FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Covered in native vegetation LAND USE DESIGNATION Urban Residential Fringe ZONING RPUD - Residential Planned Unit Development IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three weeks. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. Tampa-based Forestar Real Estate Group purchased the acreage, known as Rockedge planned unit development. DR Horton will be developing the homes which will be known as Tamarindo. The property was full y entitled at the time of sale to develop with 251 single-family residences. More than 24 acres on Tamarindo’s eastern edge will be conserved as a nature preserve. 5857 Report Sales Comparison Approach Carroll & Carroll 51 VACANT LAND COMPARABLE 2 ADDRESS SWC Immokalee Road and Richards Street, Naples, FL 34120 PROPERTY ID NO. 00190560007 SALE PRICE $4,620,000 UNIT AREA 37.22 acres UNIT PRICE $124,127 per acre DATE OF RECORDING September 17, 2020 O.R. BOOK-PAGE 5818/3162 CONTRACT DATE Unknown GRANTOR RJH II, LLC GRANTEE Pulte Home Company, LLC FINANCING Cash to seller TOPO-ELEVATION Level and slightly below road grade GROUND COVER Covered in native vegetation LAND USE DESIGNATION Receiving Lands ZONING RPUD - Residential Planned Unit Development IMPROVEMENTS None UTILITIES Water & Sewer PRIOR SALES Sold 9/17/2020 for $1,115,000 (Non Arm's-Length) LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. Pulte Homes purchased the land to develop a 77-lot single-family development called Ventana. The property was fully entitled at the time of sale. 5857 Report Sales Comparison Approach Carroll & Carroll 52 VACANT LAND COMPARABLE 3 ADDRESS Santa Barbara Boulevard, Naples, FL 34112 PROPERTY ID NO. 00418720008 SALE PRICE $500,000 UNIT AREA 3.641 acres UNIT PRICE $137,337 per acre DATE OF RECORDING April 27, 2021 O.R. BOOK-PAGE 5946/1520 CONTRACT DATE Unknown GRANTOR Robbie L. Rayburn, Trustee GRANTEE My Car Place, LLC FINANCING Cash to seller TOPO-ELEVATION Wooded GROUND COVER Wooded LAND USE DESIGNATION Urban Residential ZONING A - Rural Agricultural IMPROVEMENTS None UTILITIES Similar to that of road grade PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy Legal Description VERIFICATION Verified through public records, this appears to be an arm's length transaction. The property was listed for sale at $595,000 and was on the market for approximately 12 days prior to going under contract. 5857 Report Sales Comparison Approach Carroll & Carroll 53 VACANT LAND COMPARABLE 4 ADDRESS 10540 Greenway Road, Naples, FL 34114 PROPERTY ID NO. 00748920002, 00750680903, 00748760000, 00750560007, 00749360001, & 00748400001 SALE PRICE $6,550,000 UNIT AREA 132.00 acres UNIT PRICE $49,621 per acre DATE OF RECORDING July 02, 2021 O.R. BOOK-PAGE 5978/1962-1966 CONTRACT DATE Unknown GRANTOR Robert & Kathleen Bean, William & Kerry Bean, K&B Company GRANTEE Greenway Fritchey Land, LLC FINANCING Cash to seller TOPO-ELEVATION Level GROUND COVER Cleared and native vegetation LAND USE DESIGNATION Receiving Lands ZONING A - Rural Agricultural IMPROVEMENTS Improved with various old single-family residences and garages that contributed no value. UTILITIES All available PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. The property was listed for $7,550,000. The property was purchased by a local developer. 5857 Report Sales Comparison Approach Carroll & Carroll 54 VACANT LAND COMPARABLE 5 ADDRESS 1051 Auto Ranch Road, Naples, FL 34114 PROPERTY ID NO. 00767000000, 00766560004, 00765400000 SALE PRICE $800,000 UNIT AREA 14.31 acres UNIT PRICE $55,905 per acre DATE OF RECORDING May 15, 2020 O.R. BOOK-PAGE 5763/2486-2488 CONTRACT DATE Unknown GRANTOR Collier Ornamental Palms, LLC and BAA Investments, LLC GRANTEE Prospect-Shadowlawn, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural IMPROVEMENTS 1051 Auto Ranch Road is improved with two mobile homes, a covered porch, and a carport. UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. The property sold in two separate transactions. Two lots sold for $485,000 and the improved lot sold for $315,000 or a total of $800,000. 5857 Report Sales Comparison Approach Carroll & Carroll 55 VACANT LAND COMPARABLE 6 ADDRESS 2375 Maretee Drive, Naples, FL 34114 PROPERTY ID NO. 00748880003 SALE PRICE $1,475,000 UNIT AREA 42.33 acres UNIT PRICE $34,845 per acre DATE OF RECORDING July 08, 2021 O.R. BOOK-PAGE 5979/3300 CONTRACT DATE Unknown GRANTOR Troy and Quenby Broitzman GRANTEE International Capital Investment Company III, LLC FINANCING Cash to seller TOPO-ELEVATION Uplands are level and at road grade GROUND COVER Old farmland that was excavated LAND USE DESIGNATION Receiving Lands ZONING A - Rural Agricultural IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION The Southeast ¼ of the Southwest ¼, of Section 7, Township 51 South, Range 27 East, situated and lying in Collier County, Florida. VERIFICATION Verified with Doug Buchanan, listing agent. He verified the price and the arm's-length nature. The property went to an auction and there were four or five bidders with the winner being the highest bid. He was unsure about the intention of the buyer. The property was on the market 256 days and was listed for $1,475,000. 5857 Report Sales Comparison Approach Carroll & Carroll 56 The bulk of the property was excavated for fill from 1997 to 2004. The excavation created a large lake in the center of the property which encompasses approximately 15.67 acres. The excavation was limited to a depth of 12 feet below original grade. Along the fringe of the lake, additional fill was removed and a marsh/wetland preserve was created that gradually slopes into the lake. The area is w et during the summer months and the vegetation consists of native grasses and various aquatic plants. The lake and encompassing wetland area is approximately 32.81 acres leaving 9.52 acres of uplands. 5857 Report Sales Comparison Approach Carroll & Carroll 57 VACANT LAND COMPARABLE 7 ADDRESS 656 Auto Ranch Road, Naples, FL 34114 PROPERTY ID NO. 00765720007 SALE PRICE $144,000 UNIT AREA 4.80 acres UNIT PRICE $30,000 per acre DATE OF RECORDING August 05, 2021 O.R. BOOK-PAGE 6005/2593 CONTRACT DATE Unknown GRANTOR John and Patricia Foth GRANTEE Collier County FINANCING Cash to seller TOPO-ELEVATION Level and below road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Karen Dancsec, Property Acquisition Specialist, ROW with Collier County. She verified the sale price. Offers were submitted to the property owners based on appraisals obtained by Collier County. The County plans to use the parcels for a flow way/dra inage. 5857 Report Sales Comparison Approach Carroll & Carroll 58 The property was previously listed for sale. The property was listed for $89,900 and was on the market 84 days before it expired May 31, 2020. 5857 Report Sales Comparison Approach Carroll & Carroll 59 VACANT LAND COMPARABLE 8 ADDRESS Sabal Palm Road, Naples, FL 34114 PROPERTY ID NO. 00437560003 SALE PRICE $350,000 UNIT AREA 10.73 acres UNIT PRICE $32,619 per acre DATE OF RECORDING October 13, 2021 O.R. BOOK-PAGE 6028/1197 CONTRACT DATE Unknown GRANTOR John Arnold III and Melissa Berry GRANTEE Luc Geomaere and Liping Wu FINANCING Cash to seller TOPO-ELEVATION Level and slightly below road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Sending Lands ZONING A - Rural Agricultural IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION The West 1/2 of the West 1/2 of the Southwest 1/4 of the Southwest 1/4 of Section 24, Township 50 South, Range 26 East, Collier County, Florida, containing 10 acres more or less. VERIFICATION Verified through Public Records. The property appears to have a significant amount of wetlands based on the aerial photographs. 5857 Report Sales Comparison Approach Carroll & Carroll 60 LAND SALES ADJUSTMENT GRID ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7 COMP #8 PROPERTY IDENTIFICATION Tamiami Trail E.8100 Collier Boulevard Immokalee Rd & Richards St. Santa Barbara Blvd. 10540 Greenway Road 1051 Auto Ranch Road 2375 Maretee Drive 656 Auto Ranch Road Sabal Palm Road SALE PRICE $13,025,000 $4,620,000 $500,000 $6,550,000 $800,000 $1,475,000 $144,000 $350,000 REAL PROPERTY RIGHTS Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple CONDITIONS OF SALE Market Market Market Market Market Market Govt. Agency Market BUILDING IMPROVEMENTS N/A None None None None Various None None None (35,000) FINANCING Cash or Equiv.Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller ADJUSTED SALE PRICE $13,025,000 $4,620,000 $500,000 $6,550,000 $765,000 $1,475,000 $144,000 $350,000 Recording Date 09/28/20 09/17/20 04/27/21 07/02/21 05/15/20 07/08/21 08/05/21 10/13/21 Months Prior To Effective Date 11/02/21 13.15 13.51 6.21 4.04 17.62 3.85 2.93 0.66 MARKET CHANGE ADJUSTMENT 13.1%13.5%6.2%4.0%17.6%3.8%2.9%0.7% ADJUSTED SALE PRICE $14,737,689 $5,244,201 $531,065 $6,814,842 $899,793 $1,531,731 $148,213 $352,301 Parcel Area in Gross Acres 26.99 108.13 37.22 5.00 132.00 14.31 42.33 4.80 10.73 PRICE PER ACRE $136,296 $140,897 $106,213 $51,628 $62,879 $36,185 $30,878 $32,833 LOCATION EXPOSURE Average Similar Similar Similar Inferior Inferior Inferior Inferior Inferior OVERALL LOCATION Average Superior Superior Superior Inferior Inferior Inferior Inferior Inferior -25%-30%-25%20%20%20%20%20% UTILITIES All Available Similar Similar Similar Similar Inferior Inferior Inferior Inferior 0%0%0%0%10%10%10%10% COMP. PLAN Neutral Urban Res. Fringe Receiving Urban Res.Receiving Neutral Receiving Neutral Sending ZONING A-Agricultural RPUD RPUD A A A A A A -30%-30%-15%-10%0%-10%0%10% SIZE IN GROSS ACRES 26.99 108.13 37.22 5.00 132.00 14.31 42.33 4.80 10.73 SHAPE/CONFIGURATION Irregular Similar Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Native Veg.Native Veg.Native Veg.Native Veg.Farmland Native/Cleared Cleared Native Veg.Native Veg. 0%0%0%-10%-5%0%0%0% GROSS ADJUSTMENT 55%60%40%40%35%40%30%40% INDICATION OF UNIT VALUE $61,333 $56,359 $63,728 $51,628 $78,598 $43,423 $40,141 $45,967 5857 Report Sales Comparison Approach Carroll & Carroll 61 DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a “market” transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • None of the comparable sales required adjustment in this category. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • Comparable 3 was improved with various improvements and was adjusted downward for their estimated contribution value. 5857 Report Sales Comparison Approach Carroll & Carroll 62 FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. Market conditions make accurate measurement of this adjustment difficult. The land market is composed of end users, so we are not seeing the pattern of investor/speculator sale and resale that lends itself to good matched paired analysis. However, a trend of increasing value is inferred by generally increasing sale prices, increasing listing prices, and shortening supply. • 511 Auto Ranch Road sold January 28, 2020 for $117,500. 656 Auto Ranch Road sold for $144,000 on August 5, 2021 indicating an increase of 22.55% or a monthly change rate of 1.24%. I am also aware of a 3.64-acre parcel of unimproved land located along Santa Barbara Boulevard in Naples that sold in April of 2021 for $137,325 per acre. A similar 5.0-acre site located along Santa Barbara Boulevard in Naples sold in March of 2019 for $114,260 per acre. This indicates a change of 20% over 25 months, for an average change of 0.80% per month. The comparables occurred between March 2019 and July 2021, which market conditions have improved over this period through the effective date of value. There are indirect indicators that reflect an upward trend in increasing sale prices, increasing listing prices, and lack of available product. This has resulted in an upward pressure on underlying land values. This area continues to be a desirable location for both residential and agricultural users and therefore a market change rate of 1.00% per month (12.00% annually) was applied through the appraisal effective date. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • All eight comparables required an adjustment for location. 5857 Report Sales Comparison Approach Carroll & Carroll 63 Comparable 1 is located near the northeast corner of Collier Boulevard and Sabal Palm Road. This location is north and west of the subject, closer to supporting commercial facilities. Comparable 1 was adjusted downward 25% for its superior location. Comparable 2 is located along the south side of Immokalee Road in North Naples. This location commands higher underlying land values and higher residential unit prices. Comparable 2 was adjusted downward 30% for its superior location. Comparable 3 is located along Santa Barbara Boulevard. This is also an intown Naples location superior to the subject. Comparable 3 was adjusted downward 25%. Comparables 4, 5, 6, 7, and 8 are all interior locations that are inferior to the subject. All five comparables were adjusted upward 20% for their inferior locations. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public waste water collection system of each comparable property as that compares with the same services available to the subject property. • Comparables 5, 6, 7, and 8 utilize well and septic and were adjusted upward 10% for their inferior utilities. COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • Comparables 1 and 2 had a superior zoning and future land use and were adjusted downward 30%. Comparable 3 has a similar zoning, but the future land use is Urban Residential which permits a base residential of 4 units per acre, far superior to the subject. Comparable 3 was adjusted downward 15% for its superior future land use. Comparables 4 and 6 also had superior future land uses that required downward adjustments. Comparable 8 had a inferior future land use of Sending Lands and was adjusted upward 10%. 5857 Report Sales Comparison Approach Carroll & Carroll 64 SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • The subject property is covered in native and exotic vegetation and likely has some amount of wetlands. Comparable 4 is cleared and was adjusted downward 10%. Comparable 5 is both cleared and wooded and was adjusted downward 5%. Although Comparable 6 is completely cleared it has a limited amount of uplands and therefore no adjustment was required. 5857 Report Sales Comparison Approach Carroll & Carroll 65 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Acre of Land Area 1 $61,333 2 $56,359 3 $63,728 4 $51,628 5 $78,598 6 $43,423 7 $40,141 8 $45,967 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 3 and 4 are the strongest indicators of value. Although they required various adjustments, they are recent sales which increases their strength as indicators of value. Comparables 3 and 4 were weighted 20% each. Comparables 1 and 2 are also good indicators of value. They required considerable adjustments and were weighted 15% each. Comparables 6 and 8 are similar to the subject, but these are interior locations and each was weighted 10% each. Comparable 5 is a high indicator and received a minimal weighting of 5%. Comparable 7 is a recent purchase by Collier County. I typically don’t incorporate government purchases because they are not purchased for an economic use, but due to its location and physical characteristics it was included. Comparable 7 received a minimal weighting of 5%. The range of unit value indications is from $40,141 to $78,598 per gross acre. The arithmetic mean of the eight closed sales is $55,147 per acre and the median is $53,993 per acre. The weighting process discussed above reflects a unit value of $55,601 per acre. Based on the range of unit values, I concluded to $55,000 per gross acre. 5857 Report Sales Comparison Approach Carroll & Carroll 66 ESTIMATE OF VALUE $55,000 per gross acre results in an indication of value for the subject as of November 2, 2021 of $1,484,450 (26.99 gross acres x $55,000 per acre) which rounds to $1,480,000. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 5857 Report Addenda Carroll & Carroll ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Zoning.................................................................................................................................... 6 Future Land Use................................................................................................................... 5 Legal Description.................................................................................................................. 2 Qualifications of Appraiser................................................................................................. 2 5857 Report Addenda Carroll & Carroll ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None HYPOTHETICAL CONDITIONS I was not provided any environmental reports or wetland determinations. Based on my physical inspection and aerial imagery, there is a mix of native and exotic vegetation throughout the site including the potential of wetlands. I reserve the right to reconsider the value conclusion contained herein should additional documentation be presented. GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 5857 Report Addenda Carroll & Carroll 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "vested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection we were sensitive to obvious signs of contamination and we reported anything unusual. However, we are not qualified to render professional opinions regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. 14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are not required to give further consultation, testimony, or to be in attendance in court. 5857 Report Addenda Carroll & Carroll A. Rural Agricultural District (A). The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, su pport facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consist ent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. 1. The following subsections identify the uses that are permissible by right and the uses that are allowable as accessory or conditional uses in the rural agricultural district (A). a. Permitted uses. 1. Single-family dwelling. 2. Agricultural activities, including, but not limited to: Crop raising; horticulture; fruit and nut production; forestry; groves; nurseries; ranching; beekeeping; poultry and egg production; milk production; livestock raising, and aquaculture for native species subject to Florida Fish and Wildlife Conservation Commission permits. i. The following permitted uses shall only be allowed on parcels 20 acres in size or greater: a) dairying; b) ranching; c) poultry and egg production; d) milk production; e) livestock raising; and f) animal breeding, raising, training, stabling or kenneling. ii. On parcels less than 20 acres in size, individual property own ers are not precluded from the keeping of the following for personal use and not in association with a commercial agricultural activity provided there are no open feed lots: a) Fowl or poultry, not to exceed 25 in total number; and b) Horses and livestock (except for hogs) not to exceed two such animals for each acre. i. Notwithstanding the above, hog(s) may be kept for a 16 week period in preparation for showing and sale at the annual Collier County Fair and/or the Immokalee Livestock show. The following standards shall apply: a) One hog per child enrolled in a 4-H Youth Development Program, Collier County Fair Program or similar program is permitted. In no case shall there be more than 2 hogs per acre. b) Premises shall be fenced and maintained in a clean, healthful, and sanitary condition. c) Premises or roofed structure used for the sheltering, feeding, or confinement of such animals shall be setback a minimum of 30 feet from lot lines and a minimum of 100 feet from any dwelling unit on an adjacent parcel of land. d) Hog(s) shall not be returned to the property once removed for showing and/or sale. 3. Wholesale reptile breeding and raising (non-venomous), subject to the following standards: 5857 Report Addenda Carroll & Carroll i. Minimum 20 acre parcel size; ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located a minimum of 100 feet from any lot line. 4. Wildlife management, plant and wildlife conservancies, wildlife refuges and sanctuaries. 5. Conservation uses. 6. Oil and gas exploration subject to state drilling permits and Collier County site development plan review procedures. 7. Family care facilities, subject to section 5.05.04 8. Communications towers up to specified height, subject to section 5.05.09 9. Essential services, as set forth in section 2.01.03 10. Schools, public, including "Educational plants." b. Accessory uses. 1. Uses and structures that are accessory and incidental to the uses permitted as of right in the A district. 2. Farm labor housing, subject to section 5.05.03 3. Retail sale of fresh, unprocessed agricultural products, grown primarily on the property and subject to a review of traffic circulation, parking, and safety concerns pursuant to the submission of a site improvement plan as provided for in section 10.02.03 4. Packinghouse or similar agricultural processing of farm products produced on the property subject to the following restrictions: i. Agricultural packing, processing or similar facilities shall be located on a major or minor arterial street, or shall have access to an arterial street by a public street that does not abut properties zoned RSF-1 thru RSF-6, RMF-6, RMF-12, RMF-16, RT, VR, MH, TTRVC and PUD or are residentially used. ii. A buffer yard of not less than 150 feet in width shall be provided along each boundary of the site which abuts any residentially zoned or used property, and shall contain an Alternative B type buffer as defined within section 4.06.00. Such buffer and buffer yard shall be in lieu of front, side, or rear yards on that portion of the lot which abuts those districts and uses identified in subsection 2.03.01 A.1.b. 4 i. above. iii. The facility shall emit no noxious, toxic, or corrosive dust, dirt, fumes, vapors, or gases which can cause damage to human health, to animals or vegetation, or to other forms of property beyond the lot line of the use creating the emission. iv. A site development plan shall be provided in accordance with section 10.02.03 5. Excavation and related processing and production subject to the following criteria: i. The activity is clearly incidental to the agricultural development of the property. ii. The affected area is within a surface water management system for agricultural use as permitted by the South Florida Water Management District (SFWMD). iii. The amount of excavated material removed from the site cannot exceed 4,000 cubic yards. Amounts in excess of 4,000 cubic yards shall require conditional use approval for earthmining, pursuant to the procedures and conditions set forth in LDC section 10.08.00 and the Administrative Code. 6. Guesthouses, subject to section 5.03.03 7. Private boathouses and docks on lake, canal or waterway lots, subject to section 5.03.06 8. Use of a mobile home as a temporary residence while a permanent single-family dwelling is being constructed, subject to the following: 5857 Report Addenda Carroll & Carroll i. Receipt of a temporary use permit from the Development Services Director, pursuant to section 5.04.04, that allows for use of a mobile home while a permanent single-family dwelling is being built; ii. Assurance that the temporary use permit for the mobile home will expire at the same time of the building permit for the single-family dwelling, or upon the completion of the single-family dwelling, whichever comes first; iii. Proof that prior to the issuance of a final certificate of occupancy for the single-family dwelling, the mobile home is removed from the premises; and iv. The mobile home must be removed at the termination of the permitted period. 9. Use of a mobile home as a residence in conjunction with bona fide agricultural activities subject to the following: i. The applicant shall submit a completed application to the site development review director, or his designee, for approval of a temporary use permit to utilize a mobile home as a residence in conjunction with a bona fide commercial agricultural activity as described in subsection 2.03.01 A.1.2. Included with this application shall be a conceptual plot plan of the subject property depicting the location of the proposed mobile home; the distance of the proposed mobile home to all property lines and existing or proposed structures; and, the location, acreage breakdown, type and any intended phasing plan for the bona fide agricultural activity. ii. The receipt of any and all local, state, and federal permits required for the agricultural use and/or to place the mobile home on the subject site including, but not limited to, an agricultural clearing permit, building permit(s), ST permits, and the like. iii. The use of the mobile home shall be permitted on a temporary basis only, not to exceed the duration of the bona fide commercial agricultural activity for which the mobile home is an accessory use. The initial temporary use permit may be issued for a maximum of three years, and may, upon submission of a written request accompanied by the applicable fee, be renewed annually thereafter provided that there is continuing operation of the bona fide commercial agricultural activities. iv. The applicant utilizing, for the bona fide commercial agricultural activity, a tract of land a minimum of five acres in size. Any property lying within public road rights-of-way shall not be included in the minimum acreage calculations. v. A mobile home, for which a temporary use permit in conjunction with a bona fide commercial agricultural activity is requested, shall not be located closer th an 100 feet from any county highway right-of-way line, 200 feet from any state highway right-of- way, or 500 feet from any federal highway right-of-way line. 10. Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or subdivision master plan for that development. Recreational facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields. c. Conditional uses. The following uses are permitted as conditional uses in the rural agricultural district (A), subject to the standards and procedures established in LDC section 10.08.00 and the Administrative Code. 1. Extraction or earthmining, and related processing and production not incidental to the agricultural development of the property. NOTE: "Extraction related processing and production" is not related to "Oil extraction and related processing" as defined in this Code. 2. Sawmills. 3. Zoo, aquarium, aviary, botanical garden, or other similar uses. 4. Hunting cabins. 5. Aquaculture for nonnative or exotic species, subject to Florida Fish and Wildlife Conservation Commission permits. 5857 Report Addenda Carroll & Carroll 6. Wholesale reptile breeding or raising (venomous) subject to the following standards; i. Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located at a minimum of 100 feet away from any lot line. 7. Churches. 8. Private landing strips for general aviation, subject to any relevant state and federal regulations. 9. Cemeteries. 10. Schools, private. 11. Child care centers and adult day care centers. 12. Collection and transfer sites for resource recovery. 13. Communication towers above specified height, subject to section 5.05.09 14. Social and fraternal organizations. 15. Veterinary clinic. 16. Group care facilities (category I and II); care units; nursing homes; assisted living facilities pursuant to § 400.402 F.S. and ch. 58A-5 F.A.C.; and continuing care retirement communities pursuant to § 651 F.S. and ch. 4-193 F.A.C., all subject to section 5.05.04 when located within the Urban Designated Area on the Future Land Use Map to the Collier County Growth Management Plan. 17. Golf courses and/or golf driving ranges. 18. Oil and gas field development and production subject to state field development permits. 19. Sports instructional schools and camps. 20. Sporting and recreational camps. 21. Retail plant nurseries subject to the following conditions: i. Retail sales shall be limited primarily to the sale of plants, decorative products such as mulch or stone, fertilizers, pesticides, and other products and tools accessory to or required for the planting or maintenance of said plants. ii. Additionally, the sale of fresh produce is permissible at retail plant nurseries as an incidental use of the property as a retail plant nursery. iii. The sale of large power equipment such as lawn mowers, tractors, and the like shall not be permitted in association with a retail plant nursery in the rural agricultural district. 22. Asphaltic and concrete batch making plants subject to the following conditions: i. Asphaltic or concrete batch making plants may be permitted within the area designated agricultural on the future land use map of the future land use element of the growth management plan. ii. The minimum site area shall not be less than ten acres. iii. Principal access shall be from a street designated collector or higher classification. iv. Raw materials storage, plant location and general operations around the plant shall not be located or conducted within 100 feet of any exterior boundary. v. The height of raw material storage facilities shall not exceed a height of fifty (50) feet. vi. Hours of operation shall be limited to two (2) hours before sunrise to sunset. vii. The minimum setback from the principal road frontage shall be 150 feet for operational facilities and seventy-five (75) feet for supporting administrative offices and associated parking. 5857 Report Addenda Carroll & Carroll viii. An earthen berm achieving a vertical height of eight feet or equivalent vegetative screen with eighty (80) percent opacity one (1) year after issuance of certificate of occupancy shall be constructed or created around the entire perimeter of the property. ix. The plant should not be located within the Greenline Area of Concern for the Florida State Park System as established by the Department of Environmental Protection (DEP): within the Area of Critical State Concern as depicted on the Future Land Use Map GMP; within 1,000 feet of a natural reservation; or within any County, State or federal jurisdictional wetland area. 23. Cultural, ecological, or recreational facilities that provide opportunities for educatio nal experience, eco-tourism or agri-tourism and their related modes of transporting participants, viewers or patrons where applicable, subject to all applicable federal, state and local permits. Tour operations, such as, but not limited to airboats, swamp buggies, horses and similar modes of transportation, shall be subject to the following criteria: i. Permits or letters of exemption from the U.S. Army Corps of Engineers, the Florida Department of Environmental Protection, and the South Florida Water Mana gement District shall be presented to the planning services director prior to site development plan approval. ii. The petitioner shall post the property along the entire property line with no trespassing signs approximately every 300 yards. iii. The petitioner shall utilize only trails identified and approved on the site development plan. Any existing trails shall be utilized before the establishment of new trails. iv. Motor vehicles shall be equipped with engines which include spark arrestors and mufflers designed to reduce noise. v. The maximum size of any vehicle, the number of vehicles, and the passenger capacit y of any vehicle shall be determined by the board of zoning appeals during the conditional use process. vi. Motor vehicles shall be permitted to operate during daylight hours which means, one hour after sunrise to one hour before sunset. vii. Molestation of wildlife, including feeding, shall be prohibited. viii. Vehicles shall comply with state and United States Coast Guard regulations, if applicable. ix. The board of zoning appeals shall review such a conditional use for tour operations, annually. If during the review, at an advertised public hearing, it is determined by the board of zoning appeals that the tour operation is detrimental to the environment, and no adequate corrective action has been taken by the petitioner, the board of zoning appeals may rescind the conditional use. 24. Agricultural activities on parcels less than 20 acres in size: i. animal breeding, raising, training, stabling, or kenneling. ii. dairying; iii. livestock raising; iv. milk production; v. poultry and egg production; and vi. ranching. 25. The commercial production, raising or breeding of exotic animals, other than animals typically used for agricultural purposes or production, subject to the following standards: i. Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such animals shall be located a minimum of 100 feet from any lot line. 26. Essential services, as set forth in subsection 2.01.03 G. 5857 Report Addenda Carroll & Carroll 27. Model homes and model sales centers, subject to compliance with all other LDC requirements, to include but not limited to section 5.04.04 28. Ancillary plants. d. Prohibited uses. 1. Owning, maintaining or operating any facility or part thereof for the following purposes is prohibited: a) Fighting or baiting any animal by the owner of such facility or any other person or entity. b) Raising any animal or animals intended to be ultimately used or used for fighting or baiting purposes. c) For purposes of this subsection, the term baiting is defined as set forth in § 828.122(2)(a), F.S., as it may be amended from time to time. 5857 Report Addenda Carroll & Carroll 5857 Report Addenda Carroll & Carroll 5857 Report Addenda Carroll & Carroll 5857 Report Addenda Carroll & Carroll 5857 Report Addenda Carroll & Carroll 5857 Report Addenda Carroll & Carroll 5857 Report Addenda Carroll & Carroll 5857 Report Addenda Carroll & Carroll 5857 Report Addenda Carroll & Carroll