Agenda 12/13/2022 Item #16A 2 (Lake Park Flow Way Project)12/13/2022
EXECUTIVE SUMMARY
Recommendation to approve an agreement for the purchase of Parcel 102FEE required for construction of
the Lake Park Flow Way (Project 60246). Estimated Fiscal Impact: $240,500. 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 Parcel 102FEE, a 4.81 acre
property owned by A & B, LLC the “parcel”. Located south of Tamiami Trail East on the west side of
Auto Ranch Road, the parcel is essential for the construction of flow ways and related project
improvements.
Maxwell, Hendry & Simmons, one of the appraisal firms under contract with the County, estimated the
fair market value of the parcel at $240,000 as of October 7, 2022. The owner has agreed to sell it to the
County at the appraised value. Staff accordingly recommends that the Board of County Commissioners
“Board” approve the Purchase and Sale Agreement.
FISCAL IMPACT: A budget amendment in the amount of $240,500 is required to transfer funding
within the Stormwater Bond Fund (327) from Reserves to Project 60246 to cover the acquisition cost of
$240,000 and miscellaneous closing and recording costs not to exceed $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 102FEE and authorize the County Manager, or his designee, to
record the conveyance instrument in the public records of Collier County, Florida;
. Authorize the payment of all costs and expenses that Collier County is required to pay under the terms
of the purchase agreement to close the transaction;
. Authorize the County Manager or his designee to take the necessary measures to ensure the County’s
performance in accordance with the terms and conditions of the purchase agreement; and
. Authorize any, and all, budget amendments that may be required to carry out the collective will of the
Board.
Prepared By: Karen Dancsec, Property Acquisition Specialist, ROW, Transportation Engineering
Division.
ATTACHMENT(S)
1. 102FEE Agreement (PDF)
2. Location Map (PDF)
3. 102FEE Appraisal (PDF)
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12/13/2022
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.2
Doc ID: 23646
Item Summary: Recommendation to approve an agreement for the purchase of Parcel 102FEE required for
construction of the Lake Park Flow Way (Project 60246). Estimated Fiscal Impact: $240,500. The source of funds
is stormwater bonds.
Meeting Date: 12/13/2022
Prepared by:
Title: Property Acquisition Specialist – Transportation Engineering
Name: Karen Dancsec
11/02/2022 9:17 AM
Submitted by:
Title: Division Director - Transportation Eng – Transportation Engineering
Name: Jay Ahmad
11/02/2022 9:17 AM
Approved By:
Review:
Transportation Engineering Robert Bosch Additional Reviewer Completed 11/02/2022 11:07 AM
Capital Project Planning, Impact Fees, and Program Management Richard Orth Additional Reviewer Completed
11/02/2022 2:10 PM
Growth Management Department Jeanne Marcella Growth Management Department Completed 11/02/2022 2:12 PM
Capital Project Planning, Impact Fees, and Program Management Jessica Arencibia Additional Reviewer Completed
11/03/2022 9:18 AM
Public Utilities Planning and Project Management Daniel Roman Additional Reviewer Completed
11/04/2022 8:48 AM
Growth Management Operations Support Tara Castillo Additional Reviewer Completed
11/08/2022 1:13 PM
Transportation Engineering Jay Ahmad Additional Reviewer Completed 11/08/2022 2:20 PM
Growth Management Department Gene Shue Additional Reviewer Completed 11/08/2022 2:36 PM
Capital Project Planning, Impact Fees, and Program Management Beth Johnssen Additional Reviewer Completed
11/10/2022 3:00 PM
Growth Management Department Karen Dancsec Growth Management Skipped 10/13/2022 9:43 AM
Growth Management Department Trinity Scott Transportation Completed 11/14/2022 12:07 PM
County Attorney's Office Derek D. Perry Level 2 Attorney Review Completed 11/16/2022 10:20 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 11/16/2022 12:23 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 11/16/2022 4:06 PM
Office of Management and Budget Christopher Johnson Additional Reviewer Completed 11/23/2022 2:46 PM
County Manager's Office Geoffrey Willig Level 4 County Manager Review Completed 12/05/2022 2:54 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 12/13/2022 9:00 AM
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Packet Pg. 482 Attachment: 102FEE Agreement (23646 : 60246: Lake Park Flow Way 102FEE)
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AERIAL – PARCEL
102FEE
(Lake Park Flow Way - Project 60246)
/
PARCEL: 102FEE
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Packet Pg. 488 Attachment: Location Map (23646 : 60246: Lake Park Flow Way 102FEE)
Restricted Appraisal Report
Vacant Land
Folio # 00768880009
Parcel 102FEE – Owned by A & B, LLC
Date of Valuation: 7 October 2022
Date of Report: 24 October 2022
File Name: 22106201 – Collier County – A & B, LLC – Auto Ranch Road Parcel
Prepared For
Collier County Board of County Commissioners
Growth Management Department C&M
Stormwater Management
2685 South Horseshoe Drive, Suite 103
Naples, Florida 34104
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Packet Pg. 489 Attachment: 102FEE Appraisal (23646 : 60246: Lake Park Flow Way 102FEE)
24 October 2022
Collier County Board of County Commissioners
Growth Management Department C&M
Stormwater Management
2685 South Horseshoe Drive, Suite 103
Naples, Florida 34104
Attention: Ms. Lisa Barfield, Review Appraiser
Re: Appraisal of a 4.81-acre parcel located on the west side of Auto Ranch Road, Naples, Collier County,
Florida
Dear Ms. Barfield:
As you requested, we have performed an appraisal of the above-referenced property, which is legally described
within the attached report. This letter is an integral part of, and inseparable from, this report.
The intended use of this appraisal is for a possible acquisition of the subject property. The intended user of this
appraisal is the Collier County Board of County Commissioners. Use of this report is limited to the client and
intended users. This appraisal is being communicated in a Restricted Appraisal Report format. The rationale for
how the appraisers arrived at the opinions and conclusions set forth in this report may not be understood properly
without additional information that is in the appraisers’ workfile.
Market value is defined on Page 2 of this report. This appraisal is intended to conform to the Uniform Standards
of Professional Appraisal Practice & the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute. This appraisal is made subject to the Assumptions and Conditions contained
within the body of this report.
Based upon our analysis of the available comparable data, and including any Extraordinary Assumptions and
Hypothetical Conditions outlined herein, we estimate that the Market Value of the subject property, as of 7
October 2022, is
TWO HUNDRED FORTY THOUSAND DOLLARS - $240,000
Respectfully submitted,
Andrew D. Anderson, MBA, MRICS
State-Certified General Real Estate Appraiser
RZ 3175
Gerald A. Hendry, MAI, CCIM
State-Certified General Real Estate Appraiser
RZ 2245
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Packet Pg. 490 Attachment: 102FEE Appraisal (23646 : 60246: Lake Park Flow Way 102FEE)
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SUBJECT ADDRESS/TAX ID: None/00768880009
PROPERTY OWNER: A & B, LLC
LEGAL DESCRIPTION:
Lot 24: Beginning at the Southwest Corner of Section 20, Township 51 South,
Range 27 East, Collier County, Florida, go South 89 degrees 27’ 40” East
637.99 feet to point, then North 0 degrees 12’ 20” East 2,320.0 feet to POINT
OF BEGINNING: Then North 89 degrees 27’ 40” West 635.54 feet to point, then
North 0 degrees 16’00” East 330.0 feet to point, then South 89 degrees 27’
40” East 635.18 feet to point, then South 0 degrees 12’ 20” West 330.0 feet
to POINT OF BEGINNING.
PROPERTY TYPE: 4.81± gross acres of land according to Collier County public records
PROPERTY RIGHTS: Fee Simple
CLIENT:
Collier County Board of County Commissioners
Growth Management Department C&M
Stormwater Management
2685 South Horseshoe Drive, Suite 103
Naples, Florida 34104
INTENDED USE: The intended user of this appraisal is the Collier County Board of County
Commissioners.
INTENDED USER:
Collier County Board of County Commissioners
Growth Management Department C&M
Stormwater Management
2685 South Horseshoe Drive, Suite 103
Naples, Florida 34104
TYPE OF VALUE: Market Value
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DEFINITION OF
MARKET VALUE:
Market value, as defined by the agencies that regulate financial institutions in
the United States and published by 12 CFR Ch. V Part 564.2 (g) Office of Thrift
Supervision, Department of the Treasury, is:
The most probable price that a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably, and assuming the price is not
affected by undue stimulus.
Implicit in this definition is the consummation of a sale as of a specified date
and the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and
acting in what they consider their own best interests.
c. A reasonable time is allowed for exposure in the open
market.
d. Payment is made in terms of cash in U.S. dollars or in
terms of financial arrangements comparable thereto;
and
e. The price represents the normal consideration for the
property sold unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale.
SALE AND LISTING HISTORY:
According to the public records, the subject was purchased by A & B, LLC from
Rosendo C. Chavez on 16 June 2022 for $220,000. The sale is recorded within
Book 6143, Page 2 within the public records of Collier County, Florida. Based
upon confirmation with a party to the transaction, the sale is deemed an arm’s
length transaction.
CONDITIONS OF APPRAISAL:
The appraisal was performed with no Hypothetical Conditions used. We did not
perform a physical inspection of the property and, instead, we have relied upon
information provided by the client, public information, aerial photographs, and
our prior appraisal. This appraisal is directly dependent upon the Extraordinary
Assumption that the subject is in the same condition to what is depicted within
said photographs.
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SCOPE OF WORK
For this analysis, the subject property was identified via a legal description and research of public records via
the internet. For the purposes of this appraisal, the appraisers did not perform an inspection of the subject
property. The following resources were researched and relied upon during the appraisal process: public records
of Collier County, CoStar, and the Multiple Listing Service.
In this analysis, we are forming an opinion of the market value of the subject property. Since there are no
improvements associated with the subject property, the Cost Approach does not apply. Further, since properties
such as the subject parcel are not typically purchased, as vacant, for their ability to produce a rental income
stream within this marketplace, the Income Approach has also been omitted. Therefore, we have utilized the
Sales Comparison Approach exclusively in estimating market value.
HIGHEST AND BEST USE
Highest and Best Use As Vacant
This parcel is zoned A (Rural Agricultural District) under the zoning ordinances of Collier County and is designated
Agricultural under the Collier County Comprehensive Land Use Plan. Having considered those uses, which are
legally permissible, physically possible, and financially feasible for the subject property, it is our opinion the
highest and best use of the property is for future single-family residential development.
APPROACHES TO VALUE
Income Approach
For reasons previously discussed, the Income Approach was not developed.
Cost Approach
For reasons previously discussed, the Cost Approach was not developed.
Sales Comparison Approach
In estimating the market value of the subject property via the Sales Comparison Approach, we have analyzed
the following comparable sales:
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COMPARABLE LAND SALES MAP
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5 Comparable Land Sales Chart The comparable sales and our analysis thereof are summarized in the following chart: SubjectComparable No. 1Comparable No. 2Comparable No. 3Comparable No. 4Comparable No. 5Transaction Data: Date of Sale:Oct-22Jun-21Feb-22Feb-22Jun-22Jul-22 Sale/Listing Price:$190,000$250,000$150,000$325,000$141,000 Sale/Listing Price (Adjusted):$190,000$250,000$150,000$325,000$141,000Physical Data: Street Address:N/A11755 Riggs Rd.-11260 Laakso Lane-- Market:Collier CountyCollier CountyCollier CountyCollier CountyCollier CountyCollier County Site Area (sq.ft.):209,524207,781217,800108,900217,800108,900 Site Area (acres):4.814.775.002.505.002.50 Topography:Mostly WoodedPartially WoodedWoodedWoodedWoodedWooded Shape:RectangularRectangularRectangularRectangularRectangularRectangular Utilities:Water, Septic, Telephone, ElectricityWater, Septic, Telephone, ElectricityWater, Septic, Telephone, ElectricityWater, Septic, Telephone, ElectricityWater, Septic, Telephone, ElectricityWater, Septic, Telephone, Electricity Access Type:Paved RoadPaved RoadPaved RoadDirt RoadPaved RoadDirt RoadUse Data: Zoning:AAAAAA Land Use:AgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgricultural Highest and Best Use:Agricultural/Residential Agricultural/Residential Agricultural/Residential Agricultural/Residential Agricultural/Residential Agricultural/ResidentialSales Price Analysis: Price per Acre (Site):$39,832$50,000$60,000$65,000$56,400Transactional Adjustments: Financing Terms:0.0%0.0%0.0%0.0%0.0% (Per Acre):$39,832$50,000$60,000$65,000$56,400 Conditions of Sale:0.0%0.0%0.0%0.0%0.0% (Per Acre):$39,832$50,000$60,000$65,000$56,400 Expenditures After Purchase:0.0%0.0%0.0%0.0%0.0% (Per Acre):$39,832$50,000$60,000$65,000$56,400 Market Conditions (time):16.00%9.00%8.00%4.00%3.00% (Adjusted Price per Acre):$46,205 $54,500 $64,800 $67,600 $58,092Physical Adjustments: Location:0%0%0%0%0% Access/Exposure:0%0%0%-10%15% Size (Site Area):0%0%-10%0%-10% Topography:-5%0%0%0%0% Shape:0%0%0%0%0% Utilities:0%0%0%0%0% Zoning/Land Use:0%0%0%0%0% Net Adjustments:-5%0%-10%-10%5%Adjusted Price Per Acre$43,895$54,500$58,320$60,840$60,99716.A.2.cPacket Pg. 495Attachment: 102FEE Appraisal (23646 : 60246: Lake Park Flow Way 102FEE)
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Overall, the transactional data relied upon in the application of the Sales Comparison Approach to value is of
such quality that the opinion of market value is considered to be both credible and accurate.
After giving consideration to the prevailing prices illustrated by the transactional data, current market conditions,
and because of the subject’s: 1) location, 2) physical characteristics, and 3) regulatory considerations, it is our
opinion that the market value estimate, as of the effective date of value, is $50,000 per acre of gross land area.
Application of this unit of value results in the following estimated value for the subject property, as of 7 October
2022:
Use of this appraisal is limited to our client. The rationale for how the appraisers arrived at the opinion and
conclusion set forth in this report may not be understood properly without additional information that is kept in
the appraisers’ workfile.
Site Area (Acre)Value per Acre Opinion of Value Rounded to
4.81 $50,000 $240,500 $240,000
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Packet Pg. 496 Attachment: 102FEE Appraisal (23646 : 60246: Lake Park Flow Way 102FEE)
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ESTIMATION OF MARKETING TIME
Marketing time is defined by the USPAP Advisory Opinion as follows:
1. The time it takes an interest in real property to sell on the market sub-sequent to the date of an appraisal.
2. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real
property at its estimated market value during the period immediately after the effective date of the appraisal;
the anticipated time required to expose the property to a pool of prospective purchasers and to allow
appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price
supportable by concurrent market conditions. Marketing time differs from exposure time, which is always
presumed to precede the effective date of the appraisal. (Advisory Opinion 7 of the Appraisal Standards
Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure
Time in Real Property and Personal Property Market Value Opinions" address the determination of
reasonable exposure and marketing time.)
Marketing time is further discussed in the Advisory Opinion referenced above, as follows:
“…Marketing time occurs after the effective date of the market value opinion and the marketing time
opinion is related to, yet apart from, the appraisal process. Therefore, it is appropriate for the section
of the appraisal report that discusses marketing time and its implications to appear toward the end of
the report after the market value conclusion. The request to provide a reasonable marketing time
opinion exceeds the normal information required for the appraisal process and should be treated
separately from that process.
It is also appropriate for the appraiser to discuss the impact of price/value relationships on marketing
time and to contrast different potential prices and their associated marketing times with an appraiser’s
market value opinion for the subject property...
…Clients concerned with marketing real or personal properties who obtain a market value appraisal as
part of their decision-making process should be aware that it may be inappropriate to assume that the
value remains stable during the marketing period. Therefore, it is technically incorrect for the user of an
appraisal to take a current value opinion, carry it forward to the end of a concluded marketing period,
and then discount back to the present…”
Based upon the analysis and conclusions developed in this appraisal, the marketing time for the subject property
is estimated to be 3 to 6 months.
ESTIMATION OF EXPOSURE TIME
Inherent in an opinion of market value is the development of an estimate of exposure time for the subject
property. Exposure time is defined by the Uniform Standards of Professional Appraisal Practice (USPAP),
2020/22 Ed., as follows:
(The) estimated length of time that the property interest being appraised would have been offered on the market
prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.
Based upon the analysis and conclusions developed in the appraisal, the exposure time for the subject property
is estimated to be 3 to 6 months.
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CERTIFICATION
We certify that, to the best of our knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions and are my personal, impartial, and unbiased professional analyses,
opinions, and conclusions.
We have no present or prospective interest in the property that is the subject of this report and
no personal interest with respect to the parties involved.
We have performed services as an appraiser regarding the property that is the subject of this
report within the three-year period immediately preceding acceptance of this assignment.
We have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
Our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
Our analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with Uniform Standards of Professional Appraisal Practice.
For this analysis, the appraisers did not perform an inspection of the subject property.
No one provided significant real property appraisal assistance to the person(s) signing this
certification.
The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the State of Florida relating to review by its
duly authorized representatives. This report also conforms to the requirements of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
We are currently licensed to conduct appraisal activities and have completed the continuing
education requirements set forth with the State of Florida.
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Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with regard
to this assignment without conflict of interest.
As of the date of this report, I have completed the continuing education program of the Appraisal Institute.
Andrew D. Anderson, MBA, MRICS
State-Certified General Real Estate Appraiser, RZ 3175
As of the date of this report, I have completed the continuing education program of the Appraisal Institute.
Gerald A. Hendry, MAI, CCIM
State-Certified General Real Estate Appraiser, RZ 2245
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ADDENDA
PURCHASE ORDER
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COMPARABLES
COMPARABLE LAND SALE 1
4882
DATE OF SALE: June 01, 2021 ADDRESS: 11755 Riggs Road
SALE PRICE: $190,000 STRAP #: 00760920006
SALE PRICE (ADJUSTED): $190,000 SALE CONDITIONS: Arm's Length
RECORDING: 5957/3688 UTILITIES: Telephone, electric, water and septic
GRANTOR: Deri L Clark ZONING: A-Agricultural-RFMUO-Receiving
GRANTEE: Paul V Tateo, Trustee LAND USE: Agricultural/Rural-RF-Receiving
FINANCING: Cash SALE HISTORY: None in previous five years
TOPOGRAPHY: Mostly cleared ACCESS: Direct-paved road
VERIFICATION: Pat Rodinsky/BHHS Florida Realty HIGHEST AND BEST USE: Residential
SITE AREA: 207,781 Square Feet
4.770 Acres
UNIT OF VALUE: $0.91 Per SF
$39,832 per AC
COMMENTS: The property is located on the west side of Riggs Road (paved road), just north of Tamiami Trail
E in east Naples. The original list price was $177,000 and the property was on the market for less than one
month with a delayed closing. The property has views of a golf course.
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COMPARABLE LAND SALE 2
4884
DATE OF SALE: February 03, 2022 ADDRESS: Riggs Road
SALE PRICE: $250,000 STRAP #: 00759840003
SALE PRICE (ADJUSTED): $250,000 SALE CONDITIONS: Arm's Length
RECORDING: 6084/2458 UTILITIES: Telephone, electric, water and septic
GRANTOR: Goodland Frust & Honey Co., LLC ZONING: A-Agricultural-RFMUO-Receiving
GRANTEE: Przemyslaw J Borek and Tara N Borek LAND USE: Agricultural/Rural-RF-Receiving
FINANCING: Cash SALE HISTORY: 4/2019, $100,000
TOPOGRAPHY: Uncleared ACCESS: Direct-paved road
VERIFICATION: Public Records HIGHEST AND BEST USE: Residential
SITE AREA: 217,800 Square Feet
5.000 Acres
UNIT OF VALUE: $1.15 Per SF
$50,000 per AC
COMMENTS: The property is located on the east side of Riggs Road (dirt road), approximately 3/4 mile north
of Tamiami Trail E in east Naples.
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COMPARABLE LAND SALE 3
4883
DATE OF SALE: February 25, 2022 ADDRESS: 11260 Laakso Lane
SALE PRICE: $150,000 STRAP #: 00755080003
SALE PRICE (ADJUSTED): $150,000 SALE CONDITIONS: Arm's Length
RECORDING: 6094/2158 UTILITIES: Telephone, electric, water and septic
GRANTOR: Blue Thin Line Group LLC ZONING: A-Agricultural-RFMUO-Receiving
GRANTEE: Dale A Reynoso and Eva M Tutela LAND USE: Agricultural/Rural-RF-Receiving
FINANCING: Cash SALE HISTORY: 10/2017, $20,000
TOPOGRAPHY: Uncleared ACCESS: Direct-paved road
VERIFICATION: Public Records HIGHEST AND BEST USE: Residential
SITE AREA: 108,900 Square Feet
2.500 Acres
UNIT OF VALUE: $1.38 Per SF
$60,000 per AC
COMMENTS: The property is located on the east side of Laakso Lane (paved road), approximately 1.25 miles
north of Tamiami Trail E in east Naples.
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COMPARABLE LAND SALE 4
4881
DATE OF SALE: June 21, 2022 ADDRESS: Six L's Farm Road
SALE PRICE: $325,000 STRAP #: 00752960003
SALE PRICE (ADJUSTED): $325,000 SALE CONDITIONS: Arm's Length
RECORDING: 6150/3021 UTILITIES: Telephone, electric, water and septic
GRANTOR: ELAH Holdings, LLC ZONING: A-Agricultrual-RFMUO-Receiving
GRANTEE: Jeff Perkins LAND USE: Agricultural/Rural-RF-Receiving
FINANCING: Cash SALE HISTORY: 6/2021, $110,900
TOPOGRAPHY: Uncleared ACCESS: Direct-paved road
VERIFICATION: Erik Mogelvang/Florida Prime Realty HIGHEST AND BEST USE: Residential
SITE AREA: 217,800 Square Feet
5.000 Acres
UNIT OF VALUE: $1.49 Per SF
$65,000 per AC
COMMENTS: The property is located on the east side of Six L S Farm Road (a paved road), approximately 1
mile north of Tamiami Trail E in east Naples. The property was on the market for two months with an original
asking price of $349,500. Per the verifying party, the property has a right-of-way entry.
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COMPARABLE LAND SALE 5
4880
DATE OF SALE: July 27, 2022 ADDRESS: Ladybug Lane
SALE PRICE: $141,000 STRAP #: 00752640006
SALE PRICE (ADJUSTED): $141,000 SALE CONDITIONS: Arm's Length
RECORDING: 6157/2102 UTILITIES: Telephone, electric, water and septic
GRANTOR: Elevated Terra, Inc ZONING: A-Agricultural-RFMUO-Receiving
GRANTEE: Robert J Whitman and Izabella B
Whitman LAND USE: Agricultural/Rural-RF-Receiving
FINANCING: Conventional mortgage for $118,000 SALE HISTORY: No arm's length transaction within
the past 3 years
TOPOGRAPHY: Uncleared ACCESS: Direct-dirt road
VERIFICATION: Heidi Carlisle/Sun Realty HIGHEST AND BEST USE: Residential
SITE AREA: 108,900 Square Feet
2.500 Acres
UNIT OF VALUE: $1.29 Per SF
$56,400 per AC
COMMENTS: The property is located on the east side of Ladybug Lane (dirt road), approximately 1.5 miles
north of Tamiami Trail E in east Naples. The original list price was $199,000 and the property was on the
market for one month.
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QUALIFICATIONS OF ANDREW D. ANDERSON, MBA, MRICS
EDUCATIONAL BACKGROUND AND TRAINING:
Bachelor of Arts in Business Administration, Warner University, Lake Wales, Florida (2001)
Master in Business Administration, Florida Gulf Coast University, Fort Myers, Florida (2005)
Education through the Appraisal Institute, Steve Williamson’s Real Estate Education Specialists, Florida Real
Estate Academy, Cooke Real Estate School
EXPERIENCE
Hanson Real Estate Advisors, Inc., Fort Myers, Florida (2004-2018) - Associate
Maxwell, Hendry, & Simmons, LLC, Fort Myers, Florida (January 2019 – present) - Associate
PROFESSIONAL DESIGNATIONS & AFFILIATIONS
State-Certified General Real Estate Appraiser, RZ3175
State-Licensed Real Estate Sales Associate, SL3412003
Member of the Royal Institute of Chartered Valuation Surveyors
Appraisal Institute – Practicing Affiliate
Real Estate Investment Society
Royal Palm Coast Realtor Association
OTHER
Qualified as an expert witness in Florida District Court: 20th Judicial Circuit
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LICENSE
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QUALIFICATIONS OF GERALD A. HENDRY, MAI, CCIM
EDUCATIONAL BACKGROUND AND TRAINING:
Master of Arts in Business Administration, with a major in Real Estate and Urban Analysis, University of Florida,
1995, Gainesville, Florida.
Bachelor of Science in Business Administration, with a major in Finance, 1991, University of Florida, Gainesville,
Florida.
Principles and Practices of Real Estate, Brokers Course, Florida Real Estate Academy, 1995, Fort Myers, Florida.
Case Studies in Valuation and Report Writing, University of Florida, 1994.
Real Estate Market Analysis, University of Florida, 1993.
Preview of Urban Planning and Regional Planning, University of Florida, 1993.
Seminar in Real Estate Valuation, University of Florida, 1994.
Seminar in Real Estate Financial Analysis, University of Florida, 1995.
Land Use Economics, University of Florida, 1995.
Principles and Practices of Real Estate, Salesman Course, Florida Real Estate Academy, 1990, Fort Myers,
Florida.
Demonstration Report Writing, seminar sponsored by the Appraisal Institute, Dallas, Texas, May 1999.
Comprehensive Appraisal Workshop, Dallas, Texas, August 2000.
"Appraising and Analysis of Proposed Subdivisions and Condominiums", seminar sponsored by The Appraisal
Institute, Boca Raton, Florida, August 2002.
CCIM CI 101 - Financial Analysis for Commercial Investment Real Estate, CCIM Institute, Naples, Florida, October
2002.
The Valuation of Wetlands, seminar sponsored by The Appraisal Institute, Fort Myers, Florida, September 2004.
Case Studies in Commercial Highest and Best Use, Appraisal Institute, September 2005.
CCIM CI 102 - Market Analysis for Commercial Investment Real Estate, May 2006.
CCIM CI 103 - User Decision Analysis for Commercial Real Estate, September 2006.
CCIM CI 104 - Investment Analysis for Commercial Real Estate, August 2006.
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Appraisal of Local Retail Properties, Appraisal Institute, May 2009.
Subdivision Valuation, Appraisal Institute, September 2009.
Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, Appraisal
Institute, Bradenton, Florida March 2012
EXPERIENCE:
Currently an owner/partner with Maxwell, Hendry & Simmons, LLC, Fort Myers, Florida.
Owner/partner with Maxwell & Hendry Valuation Services, Inc., Fort Myers, Florida, 2004-2013.
Associate Appraiser with W. Michael Maxwell & Associates, Inc., Fort Myers, Florida, 1995-2003.
Commercial Credit Analyst with Barnett Bank of Lee County/First Florida Bank, Fort Myers, Florida, 1991-1993.
PROFESSIONAL AFFILIATIONS:
Appraisal Institute - MAI
CCIM Institute - CCIM
State-Certified General Real Estate Appraiser, RZ 2245
State-Licensed Real Estate Broker, BK #0567939
Southwest Florida CCIM District – Board of Directors 2014 – 2018, 2017 President
Real Estate Investment Society - Board of Governors 2002 - 2008, President 2007
Appraisal Institute - West Coast Florida Chapter Board of Directors 2003 - 2008
Appraisal Institute - West Coast Florida Chapter President 2008
Commercial Investment Professionals (CIP) Member
OTHER:
Qualified as an expert witness in the 20th Judicial Circuit Court of Florida and United States Bankruptcy Court
Middle District of Florida.
Special Magistrate - Lee County Value Adjustment Board 2012-2014
Guest Lecturer at Florida Gulf Coast University, College of Business Administration 2007-2016
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RE-CERTIFICATION:
As of the date of this report, Gerald A. Hendry MAI, CCIM has completed the requirements under the continuing
education program of the Appraisal Institute.
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ASSUMPTIONS AND LIMITING CONDITIONS
This assignment was conducted, and the report presented, subject to the following assumptions and limiting
conditions. The use and acceptance of this report indicates that the client accepts these assumptions and
limiting conditions:
An Assumption is defined by the Uniform Standards of Appraisal Practice (USPAP), 2020/22 Ed., as
“that which is taken to be true.”
Please review the following assumptions, which we have “taken to be true” about this appraisal.
This appraisal is to be used in whole and not in part. This appraisal report has been prepared at a specified point
in time as indicated by the date of valuation. Therefore, this report can neither be used prior to, or subsequent
to, the effective appraisal date. Market values and conditions change significantly with the passage of time. This
report cannot be viewed subsequent to the appraisal date and then reliance placed on values, opinions, and
analysis made by the appraiser or other consultants in the report. The forecasts or projections included in this
report are used to assist in the valuation process and are based on current market conditions, anticipated short-
term supply and demand factors, and a continued stable economy. These forecasts are therefore subject to
changes in future conditions, which cannot be accurately predicted by the appraiser and could affect the future
income and/or value forecasts.
No part of this report shall be used in conjunction with any other appraisal. The appraiser(s) herein, by reason
of this report, is not required to give testimony or attendance in court or any governmental hearing with reference
to the property appraised, unless arranged previously therefore. The consideration for the preparation of this
appraisal report is the payment by the client of all charges due the appraiser in connection therewith. Any
responsibility of the appraiser for any part of the report is conditioned upon full payment.
Neither all, nor any, part of the contents of this report shall be conveyed to the public through advertising, public
relations, news, sales or other media without the written consent and approval of the author, particularly as to
the valuation conclusion, the identity of the appraiser or firm with which he is connected, or any reference to any
professional organization of which the appraiser may be a member.
The property has been appraised as if free and clear, unencumbered by mortgages, liens, delinquent taxes,
assessments, special or unusual deed conditions or restrictions, but subject to zoning regulations. An
investigation, but no record search, has been made.
All comparable data utilized are confirmed by First American Real Estate Solutions (FARES), the Local Multiple
Listing Service (MLS), parties related to the sale, and/or public records. The data used in compiling this report
was secured from sources considered reliable and authentic and, so far as possible, was verified. However, no
responsibility is assumed for its accuracy or correctness.
Unless otherwise noted, no survey or plans were requested or provided and information regarding the subject
property has been gathered from the appropriate public records. It is assumed that the legal descriptions, site
sizes and boundaries utilized are correct, that the improvements (if applicable) are entirely and correctly located
on the property described, and that there are no encroachments or overlapping boundaries. Unless stated
otherwise, legal access to the property is assumed. Marketable title, but not responsibility as to legal matters, is
assumed. This appraisal is subject to a current survey and title search.
The appraiser is not qualified to ascertain the presence of internal damages to the subject structure(s) (such as
adverse settlement, insect damage, etc.), physical hazards (such as radon, urea formaldehyde foam insulation,
asbestos, lead paint, etc.), or environmental conditions (such as wetlands, eagle's nest's, etc.) and assumes no
responsibility for such conditions. Information regarding possible conditions was neither requested, nor
gathered, in conjunction with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise,
or rescind any of the value opinions based upon any subsequent information, research, or investigation. Unless
otherwise stated in this report, the existence of hazardous materials on the subject property was not observed
by the appraisers. However, we are not qualified to detect such conditions. The opinions of value contained
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herein are predicated on the assumption that no such conditions exist which would cause a loss in value. It is
recommended that the user retain an expert in these fields if greater detail is required.
It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations
and laws unless noncompliance is stated, defined, and considered in the appraisal report and it is further
assumed that all applicable zoning, land use regulations and restrictions have been complied with, unless a
nonconformity has been stated, defined and considered in the appraisal report.
This appraisal is subject to all growth management ordinances (i.e. concurrency) both local and state. The
appraiser has relied upon representations made by the developer, client or authorities considered to be
knowledgeable in this regard. A determination was not made by the appraiser as to the development potential
for the property, unless otherwise stated.
Unless otherwise noted, we were not provided with a title search, and we have assumed that the subject property
has a unified title, or in absentia, that the right of entry is barred for oil, gas, and mineral rights holders. We have
further assumed that no off-site subsurface exploration or extraction activities are occurring, or have occurred,
which would have an impact on the subsurface elements of the property, or which would adversely affect the
value of the property. No consideration was given within this appraisal as to the time or expense (if any) which
would be required to determine or obtain unified title or bar the right of entry. Should this assumption regarding
unified title later prove to be false, this could alter the opinions and conclusions contained herein.
The appraiser assumes the roof, plumbing, water treatment, heating, air conditioning, electrical, well, septic tank,
sprinkler, and other component systems (if applicable) are currently in satisfactory operating condition, unless
otherwise noted in the attached report. The appraiser assumes no liability for the failure of operation or condition
of the aforementioned systems.
The Americans with Disabilities Act (ADA) became effective on February 26, 1992. The appraiser has not made
a specific compliance survey and analysis of this property to determine if it is in conformity with the various
detailed requirements of the ADA. As the appraiser has no direct evidence relating to this issue, possible
noncompliance with the requirements of ADA in estimating the value of the property has not been considered.
This appraisal is subject to an exact determination of building square footage by a qualified architect or builder.
This report is also subject to the receipt of all necessary building permits and approvals (where applicable) to
allow for the construction of the project being appraised, if applicable.
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