Agenda 12/13/2022 Item #16C 1 (Sale and purchase with WISC Investment Company LLC)SEE REVERSE SIDE
Proposed Agenda Changes
Board of County Commissioners Meeting
December 13, 2022
Add-On Item 10B: Recommendation to receive an update on the current status of the proposed State
Veterans’ Nursing Home and the next steps in Collier County’s formal recognition as the next site for
construction. (Commissioner Saunders’ Request)
Add-On Item 11D: Recommendation to certify the existence of a valid public emergency for surveying,
design, permitting, and post-design services required for the construction of an emergency berm necessary
for protection of upland structures left vulnerable by Hurricane Ian, and to approve the issuance of a
standard County work order to APTIM Environmental and Infrastructure, LLC for an expenditure of
funds for those services in a not-to-exceed amount of $187,636.25. (Staff’s Request)
Continue Item 16C1 to the January 10, 2023, BCC Meeting:
Recommendation to approve an Agreement for Sale and Purchase with
WISC Investment Company, LLC, for 0.39 acres under the Conservation
Collier Land Acquisition Program, at a cost not to exceed $422,600.
(District 1) (Commissioner Saunders’, Commissioner McDaniel’s, and
Commissioner LoCastro’s Separate Requests)
Continue Item 16F5 to the January 10, 2023, BCC Meeting: Recommendation to authorize expenditures
through an Exemption from the Competitive Process to J.W. Marriott Marco Island for tourism
promotional expenses up to $100,500 per year for a five-year period and to make a finding that this
expenditure promotes tourism. (All Districts) (Commissioner Saunders’, Commissioner McDaniel’s, and
Commissioner LoCastro’s Separate Requests)
Continue Item 16F6 to the January 10, 2023, BCC Meeting: Recommendation to authorize expenditures
through an Exemption from the Competitive Process to Visit Florida for destination marketing programs for
a five-year period in the amount of $150,000 per year and to make a finding that these expenditures promote
tourism. (All Districts) (Commissioner Saunders’, Commissioner McDaniel’s, and Commissioner LoCastro’s
Separate Requests)
Notes: The Oath of Office for newly elected Commissioner Hall, District 2, and Commissioner Kowal
District 4, to be administered by the Honorable Joseph G. Foster, Circuit Court Judge, 20th Judicial Circuit
will immediately follow the Invocation and Pledge of Allegiance.
TIME CERTAIN ITEMS:
Companion Items 9C, 9D, 11B, and 11C to be heard no sooner than 1 PM: Brightshore Stewardship
Receiving Area (SRA) Zoning Overlay, Community Development District, Developer Agreement, and
Utilities Agreement.
12/13/2022 9:37 AM
12/13/2022
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for Sale and Purchase with WISC Investment Company, LLC,
for 0.39 acres under the Conservation Collier Land Acquisition Program, at a cost not to exceed $422,600.
OBJECTIVE: To purchase a 0.39-acre parcel from WISC Investment Company, LLC (Seller).
CONSIDERATIONS: On January 25, 2022, Agenda Item #11A, the Board of County Commissioners (Board)
approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 10
Active Acquisition List (AAL), with changes, and directed staff to actively pursue acquisition of the properties
under the Conservation Collier Program.
The Sellers’ property contains 0.39 acres and is located within Marco Beach, Unit 9. The parcel is located off Inlet
Drive on Marco Island. This property has a significant amount of active gopher tortoise burrows. A majority of the
site consists of habitat suitable for gopher tortoises. The property has approximately fifty-six (56) potentially
occupied borrows, thirteen (13) abandoned burrows, and a total of twenty-eight (28) estimated tortoises on site.
In accordance with the approved Conservation Collier Purchasing Policy, the purchase price of $419,000 was based
upon an appraisal prepared by an independent, state-certified, general real estate appraiser. The cost to obtain the
appraisal was $900.
Prior to acquiring land located within a Municipality's boundaries, approval must first be obtained from the
governing body of that Municipality. On December 5, 2022, the Marco Island City Council unanimously approved
the County's acquisition of a 0.39-acre parcel located at 507 Inlet Drive, Marco Island, under the Conservation
Collier Land Acquisition Program (Consent Agenda Item 8.a).
The CCLAAC approved this transaction on November 2, 2022, and voted to recommend Board approval and
execution of the attached Agreement.
Pursuant to Ordinance 2007-65, Section 13(8), a Project Design Report for the property is provided herewith.
FISCAL IMPACT: The total cost of acquisition will not exceed $422,600 ($419,000 for the property, $900 for
the appraisal, and approximately $2,700 for the title commitment, title policy, and recording of documents). The
funds will be withdrawn from the Conservation Collier Trust Fund (172). As of December 13, 2022, property costs
for Conservation Collier properties, including this property and those under contract, total $112,119,747. Estimated
costs of maintenance in perpetuity for this and all Cycle 10 A-list properties have been considered by the CCLAAC
and have been incorporated into the Conservation Collier Long Term Financial Management Plan that will ensure
management of all Conservation Collier Preserves in perpetuity. The Initial costs of maintenance have been
provided in the Project Design Report (PDR) attached. The average annual per acre maintenance cost for the first
five (5) years (initial maintenance costs) is $821/acre including exotic vegetation removal. The FY23 maintenance
costs for the subject property are estimated at $900 and include exotic vegetation removal, signage, and trail post
and rope. After initial restoration, the average maintenance costs by Conservation Collier are approximately $150
per acre.
GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and
supports Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth
Management Plan.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the County Attorney's Office and
is legally sufficient. -RTT
RECOMMENDATION: That the Board of County Commissioners:
16.C.1
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12/13/2022
1) Approves the attached Agreement and accepts the Warranty Deed once it has been received and approved by the
County Attorney’s Office; 2) Authorizes the Chairman to execute the Agreement and any and all other County
Attorney’s Office approved documents related to this transaction; 3) Authorizes the County Manager or her
designee to prepare related vouchers and Warrants for payment; and 4) Directs the County Manager or h er designee
to proceed to acquire this parcel, to follow all appropriate closing procedures, to record the deed and any and all
necessary documents to obtain clear title to this parcel, and to take all reasonable steps necessary to ensure
performance under the Agreement.
Prepared by: Cindy M. Erb, SR/WA, Property Management Specialist II, Facilities Management Division
ATTACHMENT(S)
1. Signed Agreement (PDF)
2. WISC Investment Co-PDR (PDF)
3. [Linked] Appraisal WISC Inlet-revised (PDF)
16.C.1
Packet Pg. 1154
12/13/2022
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.C.1
Doc ID: 23719
Item Summary: Recommendation to approve an Agreement for Sale and Purchase with WISC Investment
Company, LLC, for 0.39 acres under the Conservation Collier Land Acquisition Program, at a cost not to exc eed
$422,600.
Meeting Date: 12/13/2022
Prepared by:
Title: Property Acquisition Specialist, Senior – Facilities Management
Name: Cindy Erb
10/21/2022 12:20 PM
Submitted by:
Title: – Facilities Management
Name: John McCormick
10/21/2022 12:20 PM
Approved By:
Review:
Public Services Department Melissa Hennig Additional Reviewer Completed 10/21/2022 12:42 PM
Facilities Management John McCormick Director - Facilities Completed 10/21/2022 1:18 PM
Parks & Recreation Olema Edwards Additional Reviewer Completed 10/21/2022 2:00 PM
Public Services Department Todd Henry Additional Reviewer Completed 10/31/2022 11:23 AM
Parks & Recreation Summer BrownAraque Additional Reviewer Completed 11/01/2022 9:53 AM
Facilities Management Jennifer Belpedio Manager - Real Property Completed 11/01/2022 12:48 PM
Public Utilities Department Drew Cody Level 1 Division Reviewer Completed 11/21/2022 8:51 AM
Public Utilities Department George Yilmaz Level 2 Division Administrator Review Skipped 11/01/2022 9:49 AM
Public Services Department Tanya Williams Additional Reviewer Completed 11/28/2022 7:32 AM
County Attorney's Office Ronald Tomasko Level 2 Attorney of Record Review Completed 11/29/2022 8:53 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 11/29/2022 10:04 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 12/01/2022 10:04 AM
Office of Management and Budget Christopher Johnson Additional Reviewer Completed 12/02/2022 10:23 AM
County Manager's Office Geoffrey Willig Level 4 County Manager Review Completed 12/05/2022 5:06 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 12/13/2022 9:00 AM
16.C.1
Packet Pg. 1155
CONSERVAT10N COLLIER
Property ldentf cation No 57800280002
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between WISC
INVESTMENT COMPANY, LLC, a Wisconsin Limited Liability Company, whose
address is c/o Cathe Read, 7750 Glade Road, Loveland, CO 80538-9178, (hereinafter
referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of
Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite
101, Naples, FL 34112, (hereinafier referred to as "Purchaser").
VVITNESSETH
WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter
referred to as "Property"), located in Collier County, State of Florida, and being more
particularly described in Exhibit "A", attached hereto and made a part hereof by
reference.
WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions
and other agreements hereinafter set forth, and Seller is agreeable to such sale and to
such conditions and agreements.
NOW, THEREFORE, and for and in consideration of the premises and the respective
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10,00), the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
I. AGREEMENT
1.01 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Sellerthe Property, described in Exhibit "A".
II. PAYMENT OF PURCHASE PRICE
2.01 The purchase price (the "Purchase Price") for the Property shall be Four
Hundred Nineteen Thousand Dollars and 00/100 dollars ($419,000.00), (U S.
Cunency) payable at time of closing.
III. CLOSING
3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR
"CLOSING") of the transaction shall be held on or before two hundred and forty
(240) days following execution of this Agreement by the Purchaser, unless
extended by mutual written agreement of the parties hereto. The Closing shall be
held at the Collier County Attorney's Office, Administration Building, 3299 Tamiami
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16.C.1.a
Packet Pg. 1156 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVATION COLLIER
Property ldentification No 57800280002
Trail East, Naples, Florida. The procedure to be followed by the parties in
connection with the Closing shall be as follows:
3.011 Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications. Marketable title shall be determined according to
applicable title standards adopted by the Florida Bar and in accordance with
law. At the Closing, the Seller shall cause to be delivered to the Purchaser
the items specified herein and the following documents and instruments duly
executed and acknowledged, in recordable form:
3.0111 Warranty Deed in favor of Purchaser conveying title to the
Property, free and clear of all liens and encumbrances other than:
(a) The lien for current taxes and assessments.
(b) Such other easements, restrictions or conditions of record.
3.01 12 Combined Purchaser-Seller closing statement.
3.0113 A "Gap," Tax Proration, Owner's and Non-Foreign Affidavit," as
required by Section 1445 of the lnternal Revenue Code and as required
by the title insurance underwriter in order to insure the "gap" and issue
the policy contemplated by the title insurance commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and
Certification" as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to
the Seller the following:
3.0121 A negotiable instrument (County Warrant) in an amount equal to
the Purchase Price. No funds shall be disbursed to Seller until the Title
Company verifies that the state of the title to the Property has not
changed adversely since the date of the last endorsement to the
commitment, referenced in Section 4,011 thereto, and the Title Company
is irrevocably committed to pay the Purchase Price to Seller and to issue
the Owner's title policy to Purchaser in accordance with the commitment
immediately after the recording of the deed.
3.0122 Funds payable to the Seller representing the cash payment due
at Closing in accordance with Article lll hereof, shall be subject to
adjustment for prorations as hereinafter set forth.
3,02 Each party shall be responsible for payment of its own attorney's fees. Seller,
at its sole cost and expense, shall pay at Closing all documentary stamp taxes due
relating to the recording of the Warranty Deed, in accordance with Chapter 201.01 ,
Florida Statutes, and the cost of recording any instruments necessary to clear
Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued
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16.C.1.a
Packet Pg. 1157 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVATION COLLIER
Property ldentification No. 57800280002
pursuant to the Commitment provided for in Section 4.011 below, shall be paid by
Purchaser. The cost of the title commitment shall also be paid by Purchaser.
3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real
Property taxes shall be prorated based on the current year's tax with due
allowance made for maximum allowable discount, homestead and any other
applicable exemptions and paid by Seller, lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
year's millage.
IV. REQUIREMENTS AND CONDITIONS
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within this Article, Purchaser and/or Seller, as the case may be, shall
perform the following within the times stated, which shall be conditions precedent
to the Closing;
4.011 Within fifleen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy
(ALTA Form B-1970) covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment, to notify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any,
which obligations shall be paid at closing. lf the title commitment contains
exceptions that make the title unmarketable, Purchaser shall deliver to the
Seller written notice of its intention to waive the applicable contingencies or to
terminate this Agreement.
4.012 lt Purchaser shall fail to advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser's objection to
title, Seller shall have thirty (30) days to remedy any defects in order to convey
good and marketable title, except for liens or monetary obligations which will
be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to
make such title good and marketable. ln the event Seller is unable to cure said
objections within said time period, Purchaser, by providing written notice to
Seller within seven (7) days after expiration of said thirty (30) day period, may
accept title as it then is, waiving any objection; or Purchaser may terminate the
Agreement. A failure by Purchaser to give such written notice of termination
within the time period provided herein shall be deemed an election by
Purchaser to accept the exceptions to title as shown in the title commitment.
4.013 Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser within 10 (ten) days of the effective date of this
Agreement. Purchaser shall have the option, at its own expense, to obtain a
current survey of the Property prepared by a surveyor licensed by the State of
Florida. No adjustments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit "A," unless the difference in
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16.C.1.a
Packet Pg. 1158 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVAT10N COLLIER
P「operty ldentrcatOn No 57800280002
acreage revealed by survey exceeds 5% of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notrce from Purchaser. Purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any such
oblectrons. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period, may accept the
Property as it then is, waiving any objection to the encroachment, or projection,
or lack of legal access, or Purchaser may terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or projection, or lack of legal access.
V. INSPECTION PERIOD
5.01 Purchaser shall have one hundred and twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indicate that the Property can be developed
without any abnormal demucking, soil stabilization or foundations.
2. fhere are no abnormal drainage or environmental requirements to the
development of the Property.
3. The Property is in compliance with all applicable State and Federal
environmental laws and the Property is free from any pollution or
contamination.
4. The Property can be utilized for its intended use and purpose in the
Conservation Collier program.
5,02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller
in writing of its specific objections as provided herein within the lnspection period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
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16.C.1.a
Packet Pg. 1159 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVATION COLLIER
Property ldentification No 57800280002
5.03 Purchaser and its agents, employees and servants shall, at their own risk and
expense, have the right to go upon the Property for the purpose of surveying and
conducting site analyses, soil borings and all other necessary investigation.
Purchaser shall, in performing such tests, use due care. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Property.
VI. INSPECTION
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time prior to the Closing.
VII. POSSESSION
7.01 Purchaser shall be entitled to full possession of the Property at Closing.
VIII, PRORATIONS
8.01 Ad valorem taxes next due and payable, after closing on the Property, shall
be prorated at Closing based upon the gross amount of 2022 taxes, and shall be
paid by Seller.
IX. TERMINATION AND REMEDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of termination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity to
a contract vendee, including the right to seek specific performance of this
Ag reement.
9.02 The parties acknowledge that the remedies described herein and in the other
provisions of this Agreement provide mutually satisfactory and sufficient remedies
to each of the partres and take into account the peculiar risks and expenses of
each of the parties.
X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
10.01 Seller and Purchaser represent and warrant the following:
10.011 Seller and Purchaser have full right and authority to enter into and to
execute this Agreement and to undertake all actions and to perform all tasks
required of each hereunder. Seller is not presently the subject of a pending,
threatened or contemplated bankruptcy proceeding.
10.0'12 Seller has full right, power, and authority to own and operate the
Property, and to execute, deliver, and perform its obligations under this
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16.C.1.a
Packet Pg. 1160 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVAT10N COLヒ IER
Propeny ldentrcatOn No 57800280002
Agreement and the instruments executed in connection herewith, and to
consummate the transaction contemplated hereby. All necessary
authorizations and approvals have been obtained authorizing Seller and
Purchaser to execute and consummate the transaction contemplated hereby.
At Closing, certified copies of such approvals shall be delivered to Purchaser
andior Seller, if necessary.
10.013 The warranties set forth in this paragraph shall be true on the date of
this Agreement and as of the date of Closing. Purchaser's acceptance of a
deed to the said Property shall not be deemed to be full performance and
discharge of every agreement and obligation on the part of the Seller to be
performed pursuant to the provisions of this Agreement.
10.014 Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation or investigations pending or threatened against Seller, at
law, equity or in arbitration before or by any federal, state, municipal or other
governmental instrumentality that relate to this agreement or any other
property that could, if continued, adversely affect Seller's ability to sell the
Property to Purchaser according to the terms of this Agreement.
10.015 No party or person other than Purchaser has any right or option to
acquire the Property or any portion thereof.
10.016 Until the date fixed for Closing, so long as this Agreement remains in
force and effect, Seller shall not encumber or convey any portion of the
Property or any rights therein, nor enter into any agreements granting any
person or entity any rights with respect to the Property or any part thereof,
without first obtaining the written consent of Purchaser to such conveyance,
encumbrance, or agreement which consent may be withheld by Purchaser for
any reason whatsoever.
1 0.017 Seller represents that there are no incinerators, septic tanks or
cesspools on the Property; all waste, if any, is discharged into a public sanitary
sewer system, Seller represents that they have (it has) no knowledge that any
pollutants are or have been discharged from the Property, drrectly or indirectly
into any body of water. Seller represents the Prope(y has not been used for
the production, handling, storage, transportation, manufacture or disposal of
hazardous or toxic substances or wastes, as such terms are defined in
applicable laws and regulations, or any other activity that would have toxic
results, and no such hazardous or toxic substances are currently used in
connection with the operation of the Property, and there is no proceeding or
inquiry by any authority with respect thereto. Seller represents that they have
(it has) no knowledge that there is ground water contamination on the Property
or potential of ground water contamination from neighboring properties. Seller
represents no storage tanks for gasoline or any other substances are or were
located on the Property at any time during or prior to Seller's ownershrp
thereof. Seller represents none of the Property has been used as a sanitary
landfill.
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16.C.1.a
Packet Pg. 1161 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVAT10N COLLIER
Property ldentrcat On No 57800280002
10.018 Seller has no knowledge that the Property and Seller's operations
concerning the Property are in violation of any applicable Federal, State or
local statute, law or regulation, or of any notice from any governmental body
has been served upon Seller claiming any violation of any law, ordinance, code
or regulation or requiring or calling attention to the need for any work, repairs,
construction, alterations or installation on or in connection with the Property in
order to comply with any laws, ordinances, codes or regulation with which
Seller has not complied.
10.019 There are no unrecorded restrictions, easements or rights of way (other
than existing zoning regulations) that restrict or affect the use of the Property,
and there are no maintenance, construction, advertising, management,
leasing, employment, service or other contracts affecting the Property.
10.020 Seller has no knowledge that there are any suits, actions or arbitration,
bond issuances or proposals therefor, proposals for public improvement
assessments, pay-back agreements, paving agreements, road expansion or
improvement agreements, utility moratoriums, use moratoriums, improvement
moratoriums, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or pending or
threatened which affects the Property or which adversely affects Seller's ability
to perform hereunder; nor is there any other charge or expense upon or related
to the Property which has not been disclosed to Purchaser in writing prior to
the effective date of this Agreement.
10.021 Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Seller's representations stated above and on the
understanding that Seller will not cause the zoning or physical condition of the
Property to change from its existing state on the effective date of this
Agreement up to and including the Date of Closing. Therefore, Seller agrees
not to enter into any contracts or agreements pertaining to or affecting the
Property and not to do any act or omit to perform any act which would change
the zoning or physical condition of the Property or the governmental
ordinances or laws governing same. Seller also agrees to notify Purchaser
promptly of any change in the facts contained in the foregoing representations
and of any notice or proposed change in the zoning, or any other action or
notice, that may be proposed or promulgated by any third parties or any
governmental authorities having jurisdiction of the development of the property
which may restrict or change any other condrtion of the Property.
10.022 At the Closing, Seller shall deliver to Purchaser a statement
(hereinafter called the "Closing Representative Statement,') reasserting the
foregoing representations as of the Date of Closing, which provisions shall
survive the Closing.
10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend
and hold Purchaser harmless from any and all costs (including attorney's fees)
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16.C.1.a
Packet Pg. 1162 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVATION COLLIER
Property ldentification No. 57800280002
asserted against, imposed on or incurred by Purchaser, directly or indirectly,
pursuant to or in connection with the application of any federal, state, local or
common law relating to pollution or protection of the environment which shall
be in accordance with, but not limited to, the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601,
et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the
Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including
any amendments or successor in function to these acts. This provision and
the rights of Purchaser, hereunder, shall survive Closing and are not deemed
satisfied by conveyance of title.
10.024 Any loss and/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
XI. NOTICES
11.01 Any notice, request, demand, instruction or other communication to be
given to either party hereunder shall be in writing, sent by facsimile with
automated confirmation of receipt, or by registered, or certified mail, return receipt
requested, postage prepaid, addressed as follows:
lf to Purchaser: Summer Araque, Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services Department
Golden Gate Community Park
3300 Santa Barbara Blvd.
Naples, Florida 34116
With a copy to:
fto Seller
Cindy M. Erb, SRMA, Senior Property Acquisition Specialist
Collier County Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Telephone number: 239-252-8917
Fax number: 239-252-8876
WISC lnvestment Company, LLC
c/o Cathe Read
7750 Glade Road
Loveland, CO 80538-9178
Telephone number.
Fax number: N/A
11.02 The addressees and numbers for the purpose of this Article may be
changed by either party by giving written notice of such change to the other party
in the manner provided herein. For the purpose of changrng such addresses or
op
16.C.1.a
Packet Pg. 1163 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVATION COLLIER
PropertyldentlficationNo 57800280002
addressees only, unless and until such wntten notice is received, the last
addressee and respective address stated herein shall be deemed to continue in
effect for all purposes.
XII. REAL ESTATE BROKERS
12.01 Any and all brokerage commissions or fees shall be the sole responsibility
of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from
and against any claim or liability for commission or fees to any broker or any other
person or party claiming to have been engaged by Seller as a real estate broker,
salesman or representative, in connection with this Agreement. Seller agrees to
pay any and all commissions or fees at closing pursuant to the terms of a separate
agreement, if any.
XIII, MISCELLANEOUS
13.01 This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
13.02 This Agreement and the terms and provisions hereof shall be effective as of
the date this Agreement is executed by both parties and shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, executors,
personal representatives, successors, successor trustee, and assignees
whenever the context so requires or admits.
13.03 Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by Purchaser and
Seller. Any amendment to this Agreement shall be binding upon Purchaser and
Seller as soon as it has been executed by both parties.
13.04 Captions and section headings contained in this Agreement are for
convenience and reference only; in no way do they define, describe, extend or
limit the scope or intent of this Agreement or any provisions hereof.
13.05 All terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as
the context or the use thereof may require.
'13.06 No waiver of any provision of this Agreement shall be effective unless it is inwriting signed by the party against whom it is asserted, and any waiver of anyprovision of this Agreement shall be applicable only to the speiific instance towhich it is related and shall not be deemed to be a continuing or future waiver as
to such provision or a waiver as to any other provision
13.07 lf any date specified in this Agreement falls on a saturday, Sunday or legal
holiday, then the date to which such reference is made shall be extendld to the
next succeeding business day.
∫
16.C.1.a
Packet Pg. 1164 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVATION COLLIER
Property ldentification No. 57800280002
13.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
13.09 lf the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust or any form of representative capacity whatsoever
for others, Seller shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 517, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from the
provisions of Chapter 286, Florida Statutes.)
13.10 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
XIV. ENTIRE AGREEMENT
14.01 This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and no promise, representation, warranty or
covenant not included in this Agreement, or any such referenced agreements has
been or is being relied upon by either party. No modification or amendment of this
Agreement shall be of any force or effect unless made in writing and executed and
dated by both Purchaser and Seller. Time is of the essence of this Agreement.
lN WITNESS WHEREOF, the parties hereto have signed below.
Dated Prolect/AcquisIlon Approved by BCC:
AS TO PURCHASER:
ATTEST:
CRYSTAL K KINZEL,Clerk ofthe
C rcuI Court and Comptroler
BOARD OF COUNTY COMMISSiONERS
COLLIER COUNTY,FLORIDA
BY:
, Deputy Clerk
Approved as to form and legality:
1/V LLIAM L MCDANIEL,」R,Chairman
Ronald T. Tomasko, Assistant County Attorney
16.C.1.a
Packet Pg. 1165 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVAT10N COLLIER
Property ldentilcation No. 57300280002
AS TO SELLER:
DATぬ θメ・2θ′2θ ■2WITNESSES:
WISC INVESTMENT COMPANYl LLC,
a VⅥsconsin Lirnited Liabil輩 y cOmpany
BY:蒻 を〃μノ
Pttnt namel ε′≠九ι´).c′`κ α∠―″。ぁらμμ
PⅢ厳側α
■■
ぎ
(Sionature)
16.C.1.a
Packet Pg. 1166 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
CONSERVAT10N COし LER
Property 10entf cat on No 57800280002
EXHIB:丁 “A"
LEGAL DESCRIPT10N:
LOT 2, BLOCK 303,MARCO BEACH UNIT 9, LESS THE NORTHERLY 59 FEET,
ACCORDING TO THE MAP OR PLAT THEREOF AS RECORDED IN PLAT BOOK 6,
PAGES 69 THROUGH 73, INCLUSI∨E,OF THE PUBLiC RECORDS OF COLLIER
COUNTY,FLORIDA (0 39 ACRES)
PROPERTY IDENT:FiCATION NUMBER: 57800280002
が
16.C.1.a
Packet Pg. 1167 Attachment: Signed Agreement (23719 : Conservation Collier - WISC Investment Company LLC)
1
Conservation Collier Land Acquisition Program
Project Design Report
WISC Property
Date: October 2022
Property Owner(s): WISC Investment Company LLC
Folio: 57800280002
Location: 507 Inlet Dr., Marco Island, FL 34145
Size: 0.39 acres
Appraised Value: $419,000
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications: This parcel fulfills program qualifications by three of six
applicable screening criteria. The parcel contains the native tropical hardwood hammock
plant community, and two listed plant species were observed on site. Multiple active
gopher tortoise burrows exist within the parcel, and the parcel does contain burrowing owl
habitat. This parcel is in the Urban Target Protection Area and has access from a public
road and sidewalk. It provides wildlife viewing and greenspace in a neighborhood where
nearly every lot is developed. The parcel is too small to accommodate trails but can be
enjoyed from the sidewalk.
Zoning, Growth Management and Land Use Overlays: The WISC parcel is zoned
Residential Single-Family-3. The maximum building density is 3 units per gross acre.
Projected Management Activities:
Primary management activities will include control of exotic plant populations (which
currently constitute less than 25% of plant cover) and creation and installation of signage.
The parcel would be visible from a public road and sidewalk. No vehicular access onto the
parcel would be recommended. A marked trail could possibly be created through portions
of the parcel. This would only require trail posts and trail roping to keep visitors off gopher
tortoise burrows. No trail installation would be required; trail markers and roping would
be placed in the existing barren areas. The parcel is within walking distance of many
Selected for the “A” category,
#1 priority, on the Active
Acquisition List (AAL) by
CCLAAC
AAL most recently
approved by BCC
Letter sent to
Winchester
Head owners
Offer
Accepted
12/15/04 1/25/2022 9/22/22 9/22/22
16.C.1.b
Packet Pg. 1168 Attachment: WISC Investment Co-PDR (23719 : Conservation Collier - WISC Investment Company LLC)
2
residences and commercial parking lots. Creating parking within the parcel would not be
recommended because of its small size, native vegetation, and wildlife utilization. If other
parcels in the area are acquired along with this parcel, Conservation Collier will coordinate
with the City of Marco Island regarding parking. Depending on location, the City of Marco
Island has offered to assist in providing off-street parking on pervious material and the
installation of signage consistent with the City’s Land Development Codes.
Estimated Management Costs:
Management
Element 2023 2024 2025 2026
2027
Exotics $500 $200 $200 $200 $100
Signage $200
Trail post and rope $200
Total $900 $200 $200 $200 $100
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
16.C.1.b
Packet Pg. 1169 Attachment: WISC Investment Co-PDR (23719 : Conservation Collier - WISC Investment Company LLC)
3
16.C.1.b
Packet Pg. 1170 Attachment: WISC Investment Co-PDR (23719 : Conservation Collier - WISC Investment Company LLC)
4
16.C.1.b
Packet Pg. 1171 Attachment: WISC Investment Co-PDR (23719 : Conservation Collier - WISC Investment Company LLC)
APPRAISAL REPORT
FOR
THE CONSERVATION COLLIER
PROGRAM AND THE COLLIER
COUNTY BOARD OF COUNTY
COMMISSIONERS
SUBJECT PROPERTY:
507 INLET DRIVE
MARCO ISLAND, FL 34145
AT THE REQUEST OF:
ROOSEVELT LEONARD, R/W-AC
SR. REVIEW APPRAISER
COLLIER COUNTY FACILITIES
MANAGEMENT/REAL PROPERTY
3335 TAMIAMI TRAIL E., STE. 101
NAPLES, FL 34112
ASSIGNMENT NO.:
6062-TS
APPRAISAL EFFECTIVE DATE:
JULY 1, 2022
DATE OF REPORT:
SEPTEMBER 7, 2022
6062 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 ............................................................................................................... 28
SITE DESCRIPTION .......................................................................................................................... 30
SUBJECT PHOTOGRAPHS .............................................................................................................. 32
ENVIRONMENTAL CONTAMINATION .................................................................................... 36
NATURAL RESOURCE CONCERNS ............................................................................................ 37
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 .............................................................................................. 56
ESTIMATE OF VALUE ..................................................................................................................... 61
ADDENDA ............................................................................................................................................. 63
6062 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 507 Inlet Drive, Marco Island, FL 34145
Property Description
A 0.39 gross acres or 17,168 square foot vacant residential
lot located along the north side of Inlet Drive in Marco
Island, Florida.
Property Type Vacant Land
Owner of Record WISC Investment Company, LLC
Property ID # 57800280002
CLIENT INFO & VALUE CONCLUSIONS
Client Collier County Facilities Management Department
Intended Use
To assist the Conservation Collier Program and the Collier
County Board of County Commissioners.
Intended Users
Conservation Collier Program and the Collier County
Board of County Commissioners.
Appraisal Effective Date July 1, 2022
Date of Report September 7, 2022
Date of Inspection July 1, 2022
Purpose of Appraisal Estimate market value “As Is”
Estate Appraised Fee Simple
Interest Appraised 100%
Estimated Market Value $419,000
GENERAL INFO
Appraiser
Timothy W. Sunyog, MAI
State-Certified General Appraiser RZ 3288
Scope of Work All applicable approaches to value were developed.
EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS
None
HYPOTHETICAL CONDITIONS
None
6062 Report Certification
Carroll & Carroll 2
CERTIFICATION
I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF:
I personally inspected the subject property and the comparable sales.
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.
No one other than the undersigned prepared the analyses, opinions and conclusions
concerning real estate that are set forth in this report.
6062 Report Certification
Carroll & Carroll 3
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
6062 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:
• Inspected the subject property and the comparable sales
• Reviewed aerial photographs, land use plans, the Land Development Code, the
Conservation Collier Initial Criteria Screening Report 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.
6062 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, Seventh Edition, published 2022 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.
6062 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 4 and 6 months.
6062 Report Area Analysis
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
6062 Report Area Analysis
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.
6062 Report Area Analysis
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.
6062 Report Area Analysis
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.
6062 Report Area Analysis
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
6062 Report Area Analysis
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
6062 Report Area Analysis
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
6062 Report Area Analysis
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.
6062 Report Area Analysis
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
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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.
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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 7th Edition)
“A market area is defined in terms of the market for a specific category of real estate
and thus is the area in which alternative, similar properties effectively compete with the
subject property in the minds of probable, potential purchasers and users.” (The
Appraisal of Real Estate 15th Edition)
A market area includes those surrounding land uses which impact the value of a property
and it can encompass one or more neighborhoods or districts. An appraiser focuses on the
market area in analyzing subject property value influences.
BOUNDARIES
The subject property is located in the southwestern portion of the county made up of the
island communities of Marco Island, Isles of Capri and Goodland:
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Introduction
Marco Island is located 15 miles south of Naples and is the most southerly beachfront
community on Florida's west coast. The island offers an unusual mix of vegetation and
geography including low mangrove swamps, Gulf beaches and high scrub sand dunes.
Marco Island is one of the oldest settlements on Florida's Southwest Coast. For many years,
the island supported two small fishing villages with little change. During the early 1960's
and the 1970's Deltona Corporation implemented a large-scale development plan affecting
almost all of Marco Island. This was the last of the great dredge and fill developments and it
resulted in a community with a strong water orientation and a resort atmosphere.
Marco Island was incorporated in 1997.
Isles of Capri is a waterfront residential community lying ¼ mile north of Marco Island
across the Marco River and insulated from Marco Island and other nearby development by
natural mangrove waterways and deep-water navigable channels. A relatively small central
business district is surrounded by single and multi-family residential development. The
business district hosts a single convenience store, several commercial fishing
establishments, private and commercial marinas, boat storage, a fire/rescue station, a few
small offices and retail stores, and two restaurants. Isle of Capri is quiet and quaint.
The residential component is about 90% built up and the commercial component is 60-70%
built up. Most of the business section has water frontage or access with only a small portion
in the center that is non-waterfront. Non-waterfront commercial sites struggle as the
surrounding residential neighborhood is insufficient to support more commercial
development, and Isles of Capri is well off the arterial road system. There is a trend toward
consolidation of waterfront commercial parcels for larger, private marina development
supporting large, inland PUDs.
Goodland is a one square mile island fishing village of about 400 residents, nearly
surrounded by water with one winding access road connecting to the mainland. Located in
an unincorporated area of Collier County, the village is immediately adjacent to the eastern
Marco Island city limits. The populated area of Marco Island is approximately one mile to
the northwest, separated from Goodland by coastal mangroves and shallow waterways.
Marco Island and Goodland are located in the northernmost portion of the Ten Thousand
Islands in the eastern Gulf of Mexico and west of the Everglades National Park. The deep-
water channel that borders Goodland offers excellent passage to the north and south and
was a major factor in Goodland’s development.
Goodland and the surrounding habitable islands and hammocks were initially inhabited by
aboriginal peoples as early as 4000 BC and much later were home to Calusa Indians. The
Indian population was decimated by diseases spread by Spanish explorers in the 15th
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century. The Calusa shell mounds survived to serve as the base for the first roads through
the hammocks to the old villages of Caxambas Bay and Marco.
The parcels surrounding Buzzard Bay constitute the current main waterfront commercial
district in Goodland.
Environmental Influences
This area is desired because of mild winter weather, easy access to miles of beaches, and
navigable waterways. The subtropical weather allows for year-round recreational
opportunities. Swimming and shelling are popular activities. Marco Island offers public
access to a mainland beach and local boaters have access to beaches on nearby islands.
Boating and fishing are supported by the hundreds of private boat docks along the Marco
and Isle of Capri canal systems. Boat launch facilities are located throughout the market
area and seasonal residents and tourists have access to boating activities through 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. There is only one golf course located in this market
area; but, Collier County has more golf courses per capita than most areas in the United
States and multiple courses can be easily accessed by City residents and visitors.
This area is known for its clean environment and healthy lifestyle. Development has
occurred on Marco Island in such a way that the open-space and lush landscaping give the
appearance of a well-manicured, tropical paradise. Development on Isle of Capri and
Goodland has maintained the small community, fishing village appeal.
Nuisances and hazards are primarily associated with mosquitoes and hurricanes. Most of
the area, particularly the low spots, are subject to flooding during tropical storm conditions,
and mosquitoes are a perennial problem difficult to control due to the proximity of
wetlands.
Governmental Influences
The City of Marco Island has a “council-manager” form of government operating under a
city charter. City council consists of a mayor and six city council members elected at -large.
The tax burden in the City is higher than the surrounding unincorporated area because of
higher property values and millage rates. This is in response to resident expectations of
higher standards, and exceptional service. Maintenance of public structures and facilities is
above average.
City government has zoning, and comprehensive plan ordinances designed to promote
development and redevelopment; to protect the character and property values of the city;
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to protect economic value as it relates to tourist-oriented community; and to maintain and
enhance the attractive nature of the city.
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.
Marco Island Police Department serves the City of Marco Island with backup from the
Collier County Sheriff’s Department as needed. Naples/Marco Island has been reported as
one of the Florida’s safest cities in which to retire.
Transportation
This market area is accessed by only two main roadways, Collier Boulevard (SR-951) and
San Marco Road (SR-92). Collier Boulevard is a six-lane, major arterial road 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 north of Marco Island is scattered with residential developments and
clusters of commercial development located mainly at major intersections. Collier
Boulevard runs the entire length of Marco Island. The majority of commercial devilment,
hotels and high density residential on the Island are located along the Collier Boulevard
corridor.
San Marco Road is a 2-lane asphalt paved road that leaves US-41 at Royal Palm Hammock
in Collier Seminole State Park extending southwest approximately 6.5 miles to the east side
of Marco Island at Goodland. There is no development between US-41 and Goodland. San
Marco Road is the preferred road to Florida’s east coast and serves as a secondary
emergency evacuation route. San Marco continues onto Marco Island and it serves as a
secondary corridor for commercial and institutional uses.
The connector roads and residential streets are laid out in a grid pattern that provides
adequate traffic flow. It also furnishes easy access to the beaches and main arterial
roadways. 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 limited. A County transit bus services part of this area; but it is not
heavily utilized.
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The Marco Island Executive Airport is conveniently located to Marco Island, Goodland and
Isles of Capri. It provides affordable, convenient, safe hassle-free air travel. AV gas and jet
fuel are available on-site. Airport staff provides personal service to customers and arranges
for ground transportation and local reservations upon request. It is managed by Collier
County Airport Authority.
Social Influences
This southwestern most area experienced growth similar to that of the region as a whole.
During the last twenty-year growth cycle the island developed as a transient resort and
seasonal retirement center. The population increases dramatically during the winter
months.
Marco Island is the demographic center of the market area with the neighboring island
communities of Isles of Capri and Goodland home to very few full-time residents.
Population increased 47.8% from 1990 to 2000. The twenty-year period from 2000 to 2020
experienced a slowing growth trend with population increasing on 19.2%. Population
projections through 2025 continue the increasing growth pattern. US Census Bureau, Esri
forecasts, 2020 population is 19,328 with a projected growth to 20,628 (6.7% growth) by
2025. This slowing trend is largely due to the attributable to the increasingly limited supply
of vacant land suitable for residential development.
The median age in the sub-market area is 66.6, considerably higher than the county average
of 50.4. A total of 71.5% of the population is 55 and older. The median household income is
$91,496 which is approximately 22% higher than the county’s median household income of
$71,593. Of the 25 locations included in the Economic Policy Institute's dataset for Florida,
Naples-Marco Island is the 21st most expensive.
The dominant population is well educated. A total of 46.1% have a bachelor’s or
professional degree and 19.8% have some college education. There is a high degree of
community involvement through civic organizations, neighborhood groups, social service
organizations and political committees.
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Economic Influences
This area’s income levels are higher than the County’s average. The average household
income in 2020 was $136,379 which is 20.4% more than the county average $108,633. In the
subject market area, 46.6% of the households have annual incomes greater than $100,000,
compared to the county figure of 35.1% and 19% have incomes greater than $200,000.
The median home value is $596,517 which is substantially higher than the County’s median
home value of $369,596. The higher median home value can be attributable to the large
number of waterfront properties in the market area. Total number of housing units in the
market area is 20,088, of which, 40.9% are owner occupied and only 8.2% are renter
occupied. There are no large apartment complexes in this market reflecting the limited
number of renters and rental options. The Marco Island submarket is very seasonal
indicated by the 50.9% vacancy rate, which includes seasonal rentals.
Development trends:
Residential
Residential development density varies from 2 units per acre in the estates area, to as high
as 26 units per acre in the luxury high rise beach front developments clustered along
western edge of the island. The typical density is 4 to 8 units per gross acre. The majority of
the residential development in this neighborhood is single family canal or waterfront with
direct or indirect Gulf access. Multi-family development, not including the luxury, beach
front high rises, is limited and scattered throughout the island. The resort/vacation
atmosphere promoted by the abundance of waterfront development and island atmosphere
attract a wealthier demographic with financial resources adequate to own more than one
home, and to live comfortably enjoying seasonal residence. Such individuals expect
commercial and professional services to be convenient and they are willing to pay for
convenience and good quality.
Commercial
Commercial development in this neighborhood 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 represents some of the newer, modern, and highest quality within
the county.
Marco Island is served by four commercial centers. Old Marco Village, located at the north
end of Bald Eagle Drive, is the oldest commercial area on the island. This area has become
tourist oriented with the majority of commercial establishments being retail shops and
restaurants.
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The second commercial center is located at the intersection of Bald Eagle Drive and North
Collier Boulevard. This is the heart of commercial/industrial activity. The sewage
treatment plant, electrical substation, solid waste incinerator, fire station and sheriff's
department substation are all located here. Major shopping centers anchored by grocery
stores and small businesses including hardware stores, mini-storage buildings, automotive
repair shops and part stores are also located here.
The third commercial center is located at the intersection of San Marco Road and Barfield
Drive. This is an area of recent development and has been identified through Collier
County's Growth Management Plan as a community commercial activity center.
Commercial development includes shopping centers anchored by grocery stores, banks,
service stations, hardware shops and other businesses serving the general population. This
is the commercial area serving the immediate needs of the Estates Area on south Marco
Island.
The fourth commercial district is a corridor located along Collier Boulevard. This
commercial strip primarily serves the tourist population visiting local hotels and beachfront
condominiums. Commercial establishments include retail stores, restaurants, and real
estate offices.
The Esplanade Shoppes, Residences and Marina is the flagship mixed-use development
within the subject neighborhood. Located at the northwest corner of Collier Boulevard and
West Elkcam Circle; within the Town Center Commercial District; the Esplanade benefits
from 1,100 feet of waterfront along the southern edge of Smokehouse Bay. This coastal
Italian-style village consisting of upscale retailers, small specialty stores, fine dining and
luxury waterfront residences is an attractive tourist destination. With nearly 50,000 square
feet of retail and office space, 72 multi-family waterfront residences and a 77-boat-slip
marina the Esplanade is the largest planned mixed-use development on Marco Island.
Marco Island is currently developing a Midtown Plan which is an overlay district mainly
covering the Bald Eagle Drive, North Collier Boulevard and Elkcam Circle commercial
center. The objectives of the overlay are to 1. Ensure that midtown continues to serve as the
center of culture, commerce and civic life for the residents and visitors of Marco Island 2.
Encourage new investment in buildings and businesses within midtown to provide
employment and an enhanced tax base 3. Build upon the natural assets of midtown as well
as the tropical small town character qualities that have attracted people to live on and visit
Marco Island 4. strengthen the variety and quality of available goods and services within
midtown 5. Develop a clear and consistent message about the unique attributes of midtown
6. Recognize that the residents and merchants of midtown are both important as stewards of
the livability and quality of life in the community.
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The service and retail industries dominate the market area business sector with the
financial/real estate industry a close third. Most service employees commute daily from the
greater Naples area or points north. The large number of employees in the service sector is
impacted by the beachfront hotels including; the JW Marriott Marco Island, Marriott’s
Crystal Shores, Hilton Marco Island, and the Marco Island Beach Resort.
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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.
Marco Island has led the recovery and continues thrive with increasing population and
activity in all sectors. The market area is considered to be in a period of growth.
CONCLUSION
This continues to be a strong market area because it occupies a strategic southwest coastal
location consisting of several island communities each unique in character and appeal.
Access to the water, particularly in the form of waterfront home sites, drives this market.
No new waterfront home sites are being developed. As population increases, demand for
waterfront living is expected to support a steady increase in property values.
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PROPERTY INFORMATION
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SITE DESCRIPTION
Legal Description Lot 2, Block 303, Marco Beach Unit 9, less the Northerly 59
feet, according to the map or plat thereof as recorded in Plat
Book 6, Pages 69 through 73, inclusive, of the Public
Records of Collier County, Florida.
Property ID# 57800280002
Owner of Record WISC Investment Company, LLC
Size I was not provided with a boundary survey of the subject
parcel. The size of the parcel is based on the legal
description obtained for the most recent warranty deed and
the square footage reported by the Collier County Property
Appraiser.
0.39 gross acres or 17,168 square feet
Easements None
Shape Rectangular
Frontage The subject fronts for 125 feet along the north side of Inlet
Drive.
Access The subject is provided both physical and legal access from
Inlet Drive.
Topography Based on my physical inspection, the property is sloping
from north to south and at or above road grade.
Ground Cover The property is in its native state and has never been
cleared. I was provided with a Conservation Collier Initial
Screening Report conducted on four parcels located on
Marco Island and dated November 8, 2021.
The FLUCCS map indicates a costal scrub plant
community. The property supports a variety of native
plants typical in the area. My observations included cactus,
gumbo-limbo, coco plum, various grasses, and various
exotic vegetation.
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.
The subject has the ability to connect to the sewer system.
The current annual payment for the sewer assessment is
$1,770.96 with a remaining balance of $13,555.19.
Surrounding Land Uses The subject is surrounded by both vacant residential lots
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and improved single-family residential.
Site Improvements None
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SUBJECT PHOTOGRAPHS
View to west along Inlet Drive.
(Photo Taken July 1, 2022)
View to the east along Inlet Drive.
(Photo Taken July 1, 2022)
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View to the northwest from Inlet Drive.
(Photo Taken July 1, 2022)
View to the northeast from Inlet Drive.
(Photo Taken July 1, 2022)
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View to the southeast from the northwest corner.
(Photo Taken July 1, 2022)
View to the east along the northern portion of the property.
(Photo Taken July 1, 2022)
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View of a gopher tortoise burrow.
(Photo Taken July 1, 2022)
View of a gopher tortoise burrow.
(Photo Taken July 1, 2022)
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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.
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NATURAL RESOURCE CONCERNS
Condition of Subject The property is in its native state and has never
been cleared. I was provided with a Conservation
Collier Initial Screening Report conducted on four
parcels located on Marco Island and dated
November 8, 2021.
The FLUCCS map indicates a costal scrub plant
community. The property supports a variety of
native plants typical in the area. My observations
included cactus, gumbo-limbo, coco plum, various
grasses, and various exotic vegetation.
The property has a significant amount of active
gopher tortoise burrows with much of the site
supporting a habitat suitable for gopher tortoises.
There was a total of 56 potentially active burrows
observed, 13 abandon burrows, and a total of 28
estimated tortoises on site.
In Florida, gopher tortoises are listed as threatened
and both the tortoise and burrow are protected
under state law. The gopher tortoises must be
relocated with permits obtained from the FWC for
relocating before any land clearing or development
takes place.
Although none were observed in the Initial
Screening Report, there is also the potential for
burrowing owls to exist on the site.
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
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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.
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FUTURE LAND USE
Ordinance or Plan City of Marco Island Comprehensive Plan
Future Land Use Designation Low Density Residential
Purpose of Designation The Low Density Residential future land use
category consists of predominantly single-family
residential areas that are located interior to the
island, and in other areas where it is appropriate to
protect existing neighborhoods. This category
provides low density housing proximate to the
City’s commercial nodes and public facilities. Non-
residential uses land uses, including mixed-use
developments, are not permitted. This category has
a standard density range from one dwelling unit
per acre (1 du/acre) to four dwelling units per acre
(4 du/acre). Bonus densities are not allowed.
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ZONING
Ordinance or Land Development
Code
City of Marco Island
Zoning RSF-3 – Residential Single-Family District
Purpose or Intent of Zoning It is the intent and purpose of this division to
establish residential single-family (RSF) district
regulations to provide comprehensive standards
for uses and activities on lands primarily intended
for detached, single-family residences. The RSF
districts are intended to be single-family residential
areas of low density.
Below are the development requirements as set
forth in the Estate Zoning District:
Minimum Lot Area: 10,000 square feet
Minimum Lot Width: 80 feet
Maximum Building Height: 35 feet
Minimum Floor Area: 1,500 sq. ft.
The subject property is a legal conforming lot.
Copies of pertinent sections of the Comprehensive Plan and Land Development Code are
included in my workfile.
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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 57800280002
Assessment and Tax Year 2021
Land Assessment $158,808
Improvement Assessment $0
Total Assessment $158,808
10% CAP ($0)
AG Exemption ($0)
Taxable Value $158,808
Ad Valorem Taxes $1,718.32
Non- Ad Valorem Taxes $1,770.96
Total Taxes $3,489.28
Taxing Authority/Jurisdiction Collier County
As of the appraisal effective date the 2021 taxes have been paid.
The non-ad valorem taxes are for the annual payment for the sewer assessment. The
subject’s remaining balance is $13,555.19.
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FLOOD ZONE DATA
Flood Zone X and AE-8
Flood Zone Comments Zone X – Areas subject to inundation by the
0.2% annual chance flood with average
flood depths of less than 1 foot or with
drainage areas less than 1 square mile.
Zone 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 elevation
8 feet.
Community Panel Number 12021C0837H
Revised May 16, 2012
Source National Flood Insurance Program
Flood Insurance Rate Maps
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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 To my knowledge, the subject is not currently
listed for sale or under contract.
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HIGHEST AND BEST USE
DEFINITION
The Dictionary of Real Estate Appraisal, 7th Edition, published 2022 by the Appraisal
Institute, defines Highest and Best Use as:
The reasonably probable use of property that results in the highest value. The four criteria that the
highest and best use must meet are legal permissibility, physical possibility, financial feasibility,
and maximum productivity.
METHOD
There are four criteria that must be met in order for a use to be the highest and best use for a
given property. The highest and best use must be:
• Legally permissible.
• Physically Possible.
• Financially feasible.
• Maximally productive.
Ordinarily these criteria are considered sequentially, each step narrowing the range of
alternative uses being considered.
ANALYSIS
SITE AS THOUGH VACANT
Legally Permissible: The zoning ordinance and Growth Management Plan are consistent
in identifying the property for a residential use. The site meets the minimum
requirements for development.
Physically Possible: The site is level and at road grade and could be developed as a
single-family home site. The location, surrounding land uses, and the size of the property
suggest some type of single-family use.
The property has a significant amount of active gopher tortoise burrows with much of the
site supporting a habitat suitable for gopher tortoises. There was a total of 56 potentially
active burrows observed, 13 abandon burrows, and a total of 28 estimated tortoises on site.
In order to develop the site, the gopher tortoises must be relocated with permits obtained
from the FWC for the relocating.
Financially Feasible: The financial feasibility of single-family residential development is
good. The single-family residential market continues to be strong, especially new
construction. Single-family residential development is financially feasible.
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Maximally Productive: The maximally productive use is that the gopher tortoises be
relocated and the site developed with a single-family residence.
CONSIDERATION OF APPROACHES
Only the sales comparison approach is appropriate for this vacant parcel.
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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 comparable to the subject. The intention was to find
comparable sales in similar locations that offer similar functional utility. Five closed sales
were identified as the best available for analysis.
The sales were analyzed on the basis of the total dollar amount, dollars per gross acre of
land area, and dollars per square foot of gross land area. These units of value are
commonly employed by the local real estate market and it lends itself well to the analysis.
The dollars per square foot of gross land area was concluded to be the best unit of
comparison.
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.
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Carroll & Carroll 49
LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES
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Carroll & Carroll 50
VACANT LAND COMPARABLE 1
ADDRESS 790 Inlet Drive, Marco Island, FL 34145
PROPERTY ID NO. 58120960001
SALE PRICE $850,000
UNIT AREA 25,694 sq. ft.
UNIT PRICE $33.08 per sq. ft.
DATE OF RECORDING June 17, 2022
O.R. BOOK-PAGE 6144/1268
CONTRACT DATE May 1, 2022
GRANTOR Robert and Susan Davidson
GRANTEE Wojciech and Elzbieta Kocemba
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Low Density Residential
ZONING RSF-3 - Residential Single Family
IMPROVEMENTS None
UTILITIES All available. The sewer assessment has been paid.
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lot 22, Block 425, Marco Beach Unit Thirteen, a subdivision according to the plat thereof as recorded in Plat Book 6, Pages 92 through 99, of
the Public Records of Collier County, Florida.
VERIFICATION
Verified with Tim Mason, listing agent. He verified the sale price and the arm's-length nature. The lot was listed for $1,000,000 and was on
the market 88 days.
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VACANT LAND COMPARABLE 2
ADDRESS 1021 W Inlet Drive, Marco Island, FL 34145
PROPERTY ID NO. 58108760003
SALE PRICE $700,000
UNIT AREA 20,753 sq. ft.
UNIT PRICE $33.73 per sq. ft.
DATE OF RECORDING April 04, 2022
O.R. BOOK-PAGE 6108/1611
CONTRACT DATE February 2, 2022
GRANTOR Robert and Suzanne Upson
GRANTEE Dennis R. Albaugh
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Cleared and Native Vegetation
LAND USE DESIGNATION Low Density Residential
ZONING RSF-3 - Residential Single Family
IMPROVEMENTS None
UTILITIES All available. The sewer assessment has been paid.
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lot 1, Block 406, Marco Beach Unit Thirteen, a subdivision according to the plat thereof as recorded in Plat Book 6, Pages 92 through 99, of
the Public Records of Collier County, Florida.
VERIFICATION
Verified through Public Records. The lot was listed for $699,000 and was on the market 282 days.
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VACANT LAND COMPARABLE 3
ADDRESS 881 Inlet Drive, Marco Island, FL 34145
PROPERTY ID NO. 58119800004
SALE PRICE $749,000
UNIT AREA 23,285 sq. ft.
UNIT PRICE $32.17 per sq. ft.
DATE OF RECORDING March 15, 2022
O.R. BOOK-PAGE 6104/2925
CONTRACT DATE February 18, 2022
GRANTOR Good-Rich Florida Land Company, LLC
GRANTEE Frank R. Vegely
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Cleared
LAND USE DESIGNATION Low Density Residential
ZONING RSF-3 - Residential Single Family
IMPROVEMENTS None
UTILITIES All available. The sewer assessment has been paid.
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lot 17, Block 424, Marco Beach Unit Thirteen, a subdivision according to the plat thereof as recorded in Plat Book 6, Pages 92 through 99, of
the Public Records of Collier County, Florida.
VERIFICATION
Verified through Public Records. The lot was listed for $749,000 and was on the market 30 days.
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VACANT LAND COMPARABLE 4
ADDRESS 820 Caxambas Drive, Marco Island, FL 34145
PROPERTY ID NO. 58104360009
SALE PRICE $515,000
UNIT AREA 21,875 sq. ft.
UNIT PRICE $23.54 per sq. ft.
DATE OF RECORDING January 18, 2022
O.R. BOOK-PAGE 6073/897
CONTRACT DATE December 14, 2021
GRANTOR Sandra Engelhardt
GRANTEE Bradley and Jeanine Henson
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Low Density Residential
ZONING RSF-3 - Residential Single Family
IMPROVEMENTS None
UTILITIES All available. The sewer assessment has been paid.
PRIOR SALES Sold February 11, 2021 for $350,000.
LEGAL DESCRIPTION
Lot 10, Block 400, Marco Beach Unit Thirteen, a subdivision according to the plat thereof as recorded in Plat Book 6, Pages 92 through 99, of
the Public Records of Collier County, Florida.
VERIFICATION
Verified with Stacy Witthoff, selling agent. She verified the sale price and the arm's-length nature. The lot was listed for $515,000 and was
on the market 78 days. According to an Environmental Assessment conducted by Island Environmental & Marine Services dated January
25, 2021 there were 9 gopher tortoise potentially occupied burrows on the property.
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\
VACANT LAND COMPARABLE 5
ADDRESS 720 Inlet Drive, Marco Island, FL 34145
PROPERTY ID NO. 58120680006
SALE PRICE $350,000
UNIT AREA 22,651 sq. ft.
UNIT PRICE $15.45 per sq. ft.
DATE OF RECORDING June 24, 2021
O.R. BOOK-PAGE 5972/2139
CONTRACT DATE April 27, 2021
GRANTOR Judith Herren Humphrey
GRANTEE Gregory and Jennifer Pascale
FINANCING Cash to seller
TOPO-ELEVATION Level and at road grade
GROUND COVER Native Vegetation
LAND USE DESIGNATION Low Density Residential
ZONING RSF-3 - Residential Single Family
IMPROVEMENTS None
UTILITIES All available. The sewer assessment has been paid.
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lot 15, Block 425, Marco Beach Unit Thirteen, a subdivision according to the plat thereof as recorded in Plat Book 6, Pages 92 through 99, of
the Public Records of Collier County, Florida.
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VERIFICATION
The lot was listed for $400,000 and was on the market 504 days. According to the listing there were 44 burrows and approximately 22
tortoises on the property. The total estimate for the removal and relocation of the tortoises at the time was $41,415.
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LAND SALES ADJUSTMENT GRID
ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5
PROPERTY IDENTIFICATION 507 Inlet 790 Inlet 1021 W. Inlet 881 Inlet 820 Caxambas 720 Inlet
Drive Dr.Dr.Dr.Dr.Dr.
SALE PRICE N/A $850,000 $700,000 $749,000 $515,000 $350,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market Market
0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None
0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0
ADJUSTED SALE PRICE N/A $850,000 $700,000 $749,000 $515,000 $350,000
Recording Date N/A 06/17/22 04/04/22 03/15/22 01/18/22 06/24/21
Months Prior To Effective Date 07/01/22 0.46 2.89 3.55 5.39 12.23
MARKET CHANGE ADJUSTMENT N/A 2.3%14.5%17.8%27.0%61.1%
ADJUSTED SALE PRICE N/A $869,560 $801,249 $881,959 $653,823 $564,004
Parcel Area in Gross Acres 0.39 0.59 0.48 0.53 0.50 0.52
Parcel Area in Gross Sq. Ft.17,168 25,694 20,753 23,285 21,875 22,651
TOTAL DOLLAR AMOUNT ?$869,560 $801,249 $881,959 $653,823 $564,004
PRICE PER ACRE ?$1,473,830 $1,683,297 $1,651,608 $1,307,646 $1,084,623
PRICE PER SQ. FT.?$33.84 $38.61 $37.88 $29.89 $24.90
LOCATION
ADDRESS Inlet Dr.Inlet Dr.W. Inlet Dr.Inlet Dr.Caxambas Dr.Inlet Dr.
CORNER LOT No Yes Yes No No No
WATERFRONT No No No No No No
OVERALL LOCATION Average Similar Similar Similar Similar Similar
0%0%0%0%0%
UTILITIES All Available Similar Similar Similar Similar Similar
SEWER ASSESSEMENT PAID No Yes Yes Yes Yes Yes
-2%-2%-2%-2%-2%
COMP. PLAN Low Den. Res.Low Den. Res.Low Den. Res.Low Den. Res.Low Den. Res.Low Den. Res.
ZONING RSF-3 RSF-3 RSF-3 RSF-3 RSF-3 RSF-3
0%0%0%0%0%
SIZE IN ACRES 0.39 0.59 0.48 0.53 0.50 0.52
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar
0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Native Veg.Cleared/Native Cleared Native Veg.Native Veg.
GOPHER TORTOISES PRESENT Yes No No No Yes Yes
NUMBER OF BURROWS 56 0 0 0 18 44
(see discussion of adjustments on pg 59)-23%-29%-27%-20%-7%
GROSS ADJUSTMENT N/A 24%31%29%22%10%
INDICATION OF VALUE ?$25.69 $26.58 $26.98 $23.19 $22.45
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DISCUSSION OF ADJUSTMENTS
Usually, comparable sale properties are not exactly like the subject property. If a typical
buyer would perceive the difference to be significant, then adjustment(s) must be made to
the comparable sales so that in the end each offers a realistic indication of value for the
subject. Adjusting comparable sales is a two-step process.
First, adjustments are made so that all of the comparable sales meet the standard of a
“market” transaction as outlined in the definition of market value. Customarily, the first
group of adjustments is made before the comparables are reduced to a common unit of
comparison. Included at this stage are adjustments to bring historic sales current to the
appraisal effective date.
The second group of adjustments is made after an appropriate unit of comparison is chosen.
These adjustments account for physical differences like location, physical characteristics and
size. Sometimes adjustment is required for differences in the permitted land use (zoning) or
in the availability of public service (infrastructure). When the adjustment process is
complete, the unit value indications are reconciled and converted into an estimate of value
for the subject.
REAL PROPERTY RIGHTS CONVEYED
This adjustment category is intended to account for the interest, benefits, and rights
inherent in the ownership of real estate. This category reflects the impact on value caused
by the fee simple versus the leased fee interest or the contract rent as opposed to market
rent.
• None of the comparable sales required adjustment in this category.
CONDITIONS OF SALE
This adjustment category is intended to account for a variety of factors that might affect
the purchase price.
• None of the comparable sales required adjustment in this category.
BUILDING IMPROVEMENTS
This category of adjustment is intended to account for the positive or negative contribution
to value of building improvements included with the sale of the land. Buildings that made
a positive contribution to the sale price require a negative adjustment. Buildings that were
demolished and removed require a positive adjustment to account for demolition costs
which are treated as part of the purchase price.
• None of the comparable sales required adjustment in this category.
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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.
Land values in the estates area of Marco Island have been appreciating due to the demand
for residential lots. The buyers include a mix of individuals who plan to build a home,
investors, and speculative home builders. Sales are presented below that have sold and
resold in the Estates sub-market with the majority being waterfront lots. The most recent
sales indicate the highest change rates, but due to rising interest rates and inflation, it is
too early to tell if these change rates will continue. Interviews with realtors and the
increasing days on market of the currently listed lots indicate a potentially stabilizing
market.
The sales utilized in the report range from less than a month to over 12 months old. Based
on the wide range of market change rates and age of the Comparable sales, I applied a
market change rate of 5.00% per month or 60.00% annually.
LOCATION/ACCESS/EXPOSURE
This category of adjustment reflects the impact on value caused by the advantages or
disadvantages of a given location.
• None of the comparable sales required adjustment in this category.
UTILITIES/INFRASTRUCTURE
This category of adjustment references the availability and adequacy of the road system,
the public was distribution system and the public wastewater collection system of each
comparable property as that compares with the same services available to the subject
property.
Address Prior Sale Recent Sale Months Prior Sale Price Recent Sale Price Appreciation Monthly Change
1031 E. Inlet Dr.03/03/21 08/16/21 5.46 $949,000 $1,500,000 58.06%10.64%
1085 Caxambas Dr.02/09/21 04/14/22 14.10 $990,000 $2,250,000 127.27%9.02%
1085 Caxambas Dr.02/09/21 02/11/22 12.06 $990,000 $1,600,000 61.62%5.11%
1085 Caxambas Dr.02/11/22 04/14/22 2.04 $1,600,000 $2,250,000 40.63%19.93%
1115 Caxambas Dr.04/22/22 06/08/22 1.55 $1,240,000 $1,950,000 57.26%37.06%
820 Caxambas Dr.02/11/21 01/18/22 11.21 $350,000 $515,000 47.14%4.21%
AVG 14.33%
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• The sewer assessments for Comparables 1, 2, 3, 4, and 5 have been paid. The subject is
on an annual payment plan. The current annual payment for the sewer assessment is
$1,770.96 with a remaining balance of $13,555.19. Comparables 1, 2, 3, 4, and 5 were
adjusted downward $13,555.19 since their assessments have been paid. The percentage
adjustment is calculated by dividing $13,555.19 by the adjusted sale price. The
adjustment for Comparable 1 is a downward 1.56% or $13,555.19/$869,560.
COMPREHENSIVE PLAN/LAND USE
This category of adjustment accounts for differences in the potential land uses
(Comprehensive Plan) or in the specific uses (Zoning) to which a property could be
developed. Differences in value between the subject property and comparable sales might
exist because their highest and best uses are different as a result of government regulation
through zoning and land use controls.
• None of the comparable sales required adjustment in this category.
SIZE/SHAPE
This category of adjustment addresses the effect on the marketability of a given property,
because its physical size/shape might limit the physical utility, or because the size and
term of the financial investment required of an investor/speculator is such that the unit
price is reduced.
• None of the comparable sales required adjustment in this category.
PHYSICAL CHARACTERISTICS
This category of adjustment reflects the physical aspects of a property that impact its use
for development. Physical characteristics included land elevation, soil conditions,
drainage characteristics, threatened or endangered plant and animal species on the
property and the extent and density of covering vegetation.
• The Conservation Collier Initial Screening Report indicates that the property has
approximately 56 potentially active burrows observed, 13 abandon burrows, and a total
of 28 estimated tortoises on site.
Based on information presented by Nancy Richie, owner of Island Environmental &
Marine Services, LLC, the time and cost associated with relocating gopher tortoises has
increased considerably. Currently, the recipient sites in the area are charging
$6,000/tortoise, plus the FWC Permit/Mitigation fee, and an Agent fee. The time
required to obtain all permits is approximately 8-12 weeks. The total costs associated
with relocating each tortoise is approximately $7,000.
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The total estimated costs to relocate all 28 tortoises on the subject site is approximately
$196,000. Comparables 1, 2, and 3 have no tortoises and were each adjusted downward
$196,000 or the calculated percentage. Comparable 4 has approximately 9 active
tortoises and Comparable 5 has 22 tortoises. Both were adjusted downward the
difference in cost to relocate the tortoises compared to the subject’s costs. The
adjustments are presented below.
• Comparables 2 and 3 are cleared and are superior to the subject. They were both
adjusted downward 5% each.
Comp 1 Comp 2 Comp 3 Comp 4 Comp 5
Adjusted Sale Price $869,560 $801,249 $881,959 $653,823 $564,004
Number of Tortoises 0 0 0 9 22
Relocation Costs ($7,000/tortoise)
Relocation Costs for Subject $196,000 $196,000 $196,000 $196,000 $196,000
Relocation Costs for Comp.$0 $0 $0 $63,000 $154,000
Net Difference $196,000 $196,000 $196,000 $133,000 $42,000
Percentage Adjustment
(Net Difference/Adjusted Sale Price)-23%-24%-22%-20%-7%
Vegetation 0%-5%-5%0%0%
Total Net Adjustment -23%-29%-27%-20%-7%
PHYSICAL CHARACTERISTICS ADJUSTMENT GRID
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RECAPITULATION OF DATA
After making the adjustments discussed above, the comparable sales indicated the
following unit values:
Comparables Price Per Gross Sq. Ft.
of Land Area
1 $25.69
2 $26.58
3 $26.98
4 $23.19
5 $22.45
RECONCILIATION OF DATA
To arrive at a conclusion regarding the value of the subject site, the comparable sales and
their indications of value should be weighted according to the quality of each as a value
indicator.
Comparable 5 was the most similar in terms of physical characteristics including gopher
tortoises. Comparable 5 is the strongest indicator of value and was weighted 30%.
Comparable 4 is a recent sale and included gopher tortoises. Comparable 4 was weighted
25%.
Comparables 1, 2, and 3 are good indicators of value and were weighted 15% each.
The range of unit value indications is from $22.45 to $26.98 per square foot. The arithmetic
mean of the closed sales is $24.98 per square foot and the median is $25.69 per square foot.
The weighting process discussed above reflects a unit value of $24.42 per square foot.
Based on the range of values and giving strong consideration to Comparables 4 and 5, I
concluded to my weighted average unit value of $24.42 per square foot.
ESTIMATE OF VALUE
$24.42 per square foot results in an indication of value for the subject as of July 1, 2022 of
$419,243 (17,168 gross square feet x $24.42 per square foot) which rounds to $419,000.
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CARROLL & CARROLL
Timothy W. Sunyog, MAI
Cert Gen RZ3288
6062 Report Addenda
Carroll & Carroll
ADDENDA
(In Order of Appearance)
Page Topic Count Page(s) Page(s)
Assumptions and Limiting Conditions............................................................................ 2
Qualifications of Appraiser................................................................................................. 2
6062 Report Addenda
Carroll & Carroll
ASSUMPTIONS AND LIMITING CONDITIONS
The certification of the appraiser appearing in this report is subject to the following
assumptions and limiting conditions.
ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES
ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND
LIMITING CONDITIONS.
EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS
None
HYPOTHETICAL CONDITIONS
None
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
1. No responsibility is assumed for the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable.
2. The property is appraised free and clear of liens and encumbrances.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is assumed to be true, correct and reliable. A
reasonable effort was made to verify such information, but the appraiser bears no
responsibility for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material is
included only to assist the reader in visualizing the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that might be required to discover
them.
7. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws.
6062 Report Addenda
Carroll & Carroll
8. It is assumed that the property is either in compliance with, or is "grandfathered" or
"vested" under, all applicable zoning, use regulations and restrictions.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or
private entity or organization have been, or can be, obtained or renewed for any use on
which the value estimate is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described, and that there is no encroachment or trespass.
11. It is assumed that the subject site and improvements are not contaminated by any
hazardous material or toxic substance. During the property inspection we were sensitive
to obvious signs of contamination and we reported anything unusual. However, we are
not qualified to render professional opinions regarding the existence or the nature of
hazardous materials in or on the subject property. If a definitive opinion is desired, then
the client is urged to retain an expert in the field.
12. The distribution of the total value in this report, between land and improvements, applies
only under the stated program of utilization. The separate allocations for land and
buildings must not be used in conjunction with any other appraisal and are invalid if so
used.
13. Possession of this report, or a copy thereof, does not carry with it the right of publication.
14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are
not required to give further consultation, testimony, or to be in attendance in court.
6062 Report Addenda
Carroll & Carroll
6062 Report Addenda
Carroll & Carroll