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Agenda 03/28/2023 Item #11H (Purchase 5 properties under the Conservation Collier Program)03/28/2023 EXECUTIVE SUMMARY Recommendation to approve an Agreement for Sale and Purchase with: (1) Brian Blocker; (2) Maximo Guerra and Sigrid Guerra; (3) Andrew J. Ruben and Nancy L. Ruben, Trustees of the Andrew J. Ruben and Nancy L. Ruben Revocable Trust, dated July 30, 2021; (4) Tamera Sparkman, formerly known as Tamera Gibson-Demello; and (5) Paul Michael Zani and Ashley Christina Zani under the Conservation Collier Land Acquisition Program, at a cost not to exceed $371,300 and accept a Project Status Update. OBJECTIVE: To purchase the following five (5) properties under the Conservation Collier Program: Brian Blocker: 24.50 acres adjacent to the Conservation Collier's Pepper Ranch Preserve at a cost not to exceed $225,400. Maximo Guerra and Sigrid Guerra: 1.14-acre parcel within the Red Maple Swamp Preserve Multi -parcel Project at a cost not to exceed $21,100. Andrew J. Ruben and Nancy L. Ruben, Trustees of the Andrew J. Ruben and Nancy L. Ruben Revocable Trust, dated July 30, 2021: 1.59-acre parcel within the Winchester Head Multi -Parcel Project from at a cost not to exceed $40,500. Tamera Sparkman: 1.14-acre parcel near the Conservation Collier Panther Walk Preserve within the Horsepen Strand in North Golden Gate Estates.at a cost not to exceed $33,700. Paul Michael Zani and Ashley Christina Zani: 2.27-acre parcel near the Conservation Collier Dr. Robert H. Gore III Preserve at a cost not to exceed $50,600. 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 the acquisition of the properties under the Conservation Collier Program. Blocker property - Pepper Ranch Preserve Project • 24.50-acre shrubby wetland parcel adjacent to Lake Trafford and Conservation Collier's Pepper Ranch Preserve. • There is no evidence that the parcel has ever been developed or used for any purpose incompatible with conservation. • The purchase price of $220,000 was based upon an appraisal prepared by an independent, state -certified, general real estate appraiser. The cost to obtain the appraisal was $1,400. • The offer made on April 25, 2022 was accepted on November 16, 2022 after ongoing negotiation. • The Corkscrew Regional Ecosystem Watershed (CREW) Land & Water Trust made a commitment to contribute $5,000 towards the acquisition of parcels within the Pepper Ranch Project. This donation will be utilized towards the acquisition of the Blocker property, which is a parcel within the Pepper Ranch Project. • Exotic vegetation removal is planned to start in FY23. No amenities are planned as this is an expansion of Pepper Ranch Preserve, which already contains amenities. • The CCLAAC approved this transaction on February 1, 2023, and voted to recommend Board approval. Guerra property - Red Maple Swamp Preserve Multi -Parcel Project 1.14-acre property which is a vacant forested wetland with 100% hydric depressional soils present. The land cost for the 1.14-acre parcel is $20,500. Staff contracted with one independent, state -certified, general real estate appraisal firm to appraise all parcels within the Red Maple Swamp Project area. The appraiser based their analyses on comparable sales from wetlands, not upland parcels, preferably within the Project boundaries. The appraisal dated September 2022 provided an averaged appraised value for parcels within the Project at $16,500 an acre. The cost to obtain the appraisal was $2,500 for the project area. On September 21, 2022, offers were sent to property owners. Offer was accepted on October 13, 2022 Packet Pg. 449 03/28/2023 • The CCLAAC approved this transaction on December 7, 2022, and voted to recommend Board approval. Ruben Trust property - Winchester Head Multi -Parcel Project • 1.59-acre property within the Project is a vacant shrubby wetland with one hundred percent (100%) hydric depressional soils present. • The land cost for the 1.59-acre parcel is $39,800. • Staff contracted with one independent, state -certified, general real estate appraisal firm to appraise all parcels within the Winchester Head Project area. The appraisal dated August 2022 provided an average appraised value for wetland parcels within the Project at $25,000 an acre. The cost to obtain the appraisal was $2,800 for the project area. • On September 22, 2022, offers were sent to thirty-seven (37) property owners based on this appraisal within the Project. The offer was accepted on October 13, 2022. • The CCLAAC approved this transaction on December 7, 2022 and voted to recommend Board approval. Sparkman property - Panther Walk Multi -Parcel Project • 1.14 acres and is located within Section 30, Township 47 South, Range 28 East near the Conservation Collier Panther Walk Preserve. The Panther Walk Preserve is located within the Horsepen Strand in North Golden Gate Estates, and the acquisition of this parcel serves to further complete the protection of environmentally sensitive lands within the Horsepen Strand. The Seller's property site is vacant, freshwater forested/shrub wetlands with one hundred percent (100%) hydric slough soils present. • The purchase price of $33,000 was based upon one (1) independent, state -certified general real estate appraisal firm. The total cost to obtain appraisals for the parcels in this project area was $2,900. • On September 21, 2022, offers were sent to twelve (12) property owners based on appraisals. Offer was accepted on October 3, 2022. • The CCLAAC approved this transaction on December 7, 2022, and voted to recommend Board approval. Zani property - Dr. Robert H. Gore III Preserve Multi -Parcel Project • 2.27 acres and is located near the Dr. Robert H. Gore III Preserve located off Desoto Blvd. The property is within Golden Gate Estates, Unit 91. • Vacant, fully wooded, majority cypress with one hundred percent (100%) hydric slough soils present. The land cost for the 2.27-acre parcel is $49,900. • Staff contracted with one independent, state -certified, general real estate appraisal firm to appraise all expansion parcels within the Dr. Robert H. Gore III Preserve Multi -Parcel Project area. The appraisal dated August 2022 provided an average appraised value for wetland parcels between 1.14 and 2.73 acres within the Project at $22,000 an acre. The cost to obtain the appraisal was $3,900. On September 23, 2022, offers were sent to fifty-one (51) property owners based on the appraisal within the Project. The Seller accepted the offer on October 19, 2022. Purchasing Policy (as it relates to the five above mentioned properties) The Sellers executed the Agreements prior to the Board's adoption of the revised Conservation Collier Purchasing Policy, Resolution No. 2023-10, which allows the offer amount to be determined by staff but shall be no more than the appraised value. Staff sought to renegotiate the purchase price; however, the Sellers would not agree to anything less than the original offer. Given the importance of the properties to the Conservation Collier Program it is recommended that the original Agreement be approved with the original offer being reflected in the purchase price which is consistent with the revised policy. Pursuant to Ordinance 2007-65, Section 13(8), a Project Design Report for the properties is provided herewith. Project Status Update Report will be distributed prior to the Board meeting. FISCAL IMPACT: The funds for these five land acquisitions will be withdrawn from the Conservation Collier Packet Pg. 450 03/28/2023 Trust Fund (172). The properties identified herein are comprised of a not to exceed cost of $371,300 as follows: Can servation Collier Cycle 10 Closings - BCC 3-28-23 LT avg Title Total Initials Seller Purchase Appraised Appraisal & annual Category Acres Commit Purchase yr. Maint Name Price Value Env. Cost maint Cost Cost Costs costs Preserve Blocker 24.5 220,000 220,000 3,400 2,0% 225,400 39,343 3,675 Expansion Multi -Parcel Guerra 1.14 20,500 20,500 - 600 21,100 2,091 171 Expansion Multi -Parcel Ruben 1.59 39,800 39,800 - 700 40,500 1,868 235 Expansion Trust Multi -Parcel Sparkman 1.14 33,0% 33,000 706 33,700 1,397 171 Expansion Multi -Parcel Zani 2.27 49,900 49,900 - 700 50,500 4,631 341 Expansion Total 1 30.64 363,200 1 353,200 1 3,400 1 4,7001 371,300 1 49,319 4,596 As of March 28, 2023, estimated property costs for Conservation Collier properties, including this property and those under contract, total $112,812,647. 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. 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 is approved as to form and legality and requires majority vote for approval. Additionally, for the Brian Blocker parcel the last sentence of Paragraph 10.023 of the County Attorney's Office standard language for an agreement for the sale and purchase of real property ("This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title." was replaced with: "This provision and the rights of Purchaser, hereunder, shall become null and void at Closing once County staff have received an acceptable Phase I Environmental Site Assessment.") was made at staff s request for the reasons outlined in the Executive Summary. -RTT RECOMMENDATION: That the Board of County Commissioners: 1) Approves the attached Agreements and accepts the Warranty Deeds once approved by the County Attorney's Office; 2) Authorizes the Chairman to execute the Agreements and any and all other County Attorney's Office approved documents related to this transaction; 3) Authorizes the County Manager or his designee to prepare related vouchers and Warrants for payments; 4) Authorizes all Budget Amendments associated with accepting and recognizing the monetary donation; 5) Directs the County Manager or his designee to proceed to acquire these parcels, to follow all appropriate closing procedures, to record the deeds and any and all necessary documents to obtain clear title to these parcels, and to take all reasonable steps necessary to ensure performance under the Agreement and 6) Accept Project Status Report. Prepared By: Jennifer A. Belpedio, Real Property Manager, Real Property ATTACHMENT(S) 1. Project Design Report - Blocker (PDF) Packet Pg. 451 11.H 03/28/2023 2. Purchase Agreement Signed - Blocker (PDF) 3. [Linked] Appraisal Report - Peppers Ranch - Blocker (PDF) 4. Project Design Report - Guerra (PDF) 5. Purchase Agreement Signed - Guerra (PDF) 6. [Linked] Appraisal Report - Red Maple Swamp - Guerra (PDF) 7. Project Design Report - Ruben (PDF) 8. Purchase Agreement Signed - Ruben (PDF) 9. [Linked] Appraisal Report - Winchester Head - Ruben (PDF) 10. Project Design Report - Sparkman (PDF) 11. Purchase Agreement Signed - Sparkman (PDF) 12. [Linked] Appraisal Report - Panther Walk - Sparkman (PDF) 13. Project Design Report - Zani (PDF) 14. Purchase Agreement Signed - Zani (PDF) 15. [Linked] Appraisal Report - Gore - Zani (PDF) Packet Pg. 452 11.H 03/28/2023 COLLIER COUNTY Board of County Commissioners Item Number: I LH Doc ID: 25050 Item Summary: Recommendation to approve an Agreement for Sale and Purchase with: (1) Brian Blocker; (2) Maximo Guerra and Sigrid Guerra; (3) Andrew J. Ruben and Nancy L. Ruben, Trustees of the Andrew J. Ruben and Nancy L. Ruben Revocable Trust, dated July 30, 2021; (4) Tamera Sparkman, formerly known as Tamera Gibson-Demello; and (5) Paul Michael Zani and Ashley Christina Zani under the Conservation Collier Land Acquisition Program, at a cost not to exceed $371,300 and accept a Project Status Update. (Ed Finn, Deputy County Manager) Meeting Date: 03/28/2023 Prepared by: Title: Sr. Operations Analyst — County Manager's Office Name: Geoffrey Willig 03/22/2023 4:44 PM Submitted by: Title: — Facilities Management Name: John McCormick 03/22/2023 4:44 PM Approved By: Review: Facilities Management Geoffrey Willig Director - Facilities Facilities Management Geoffrey Willig Manager - Real Property Public Utilities Department Geoffrey Willig Level 1 Division Reviewer County Attorney's Office Geoffrey Willig Level 2 Attorney of Record Review Public Utilities Department Geoffrey Willig Level 2 Division Administrator Review Office of Management and Budget Geoffrey Willig Level 3 OMB Gatekeeper Review Corporate Compliance and Continuous Improvement Geoffrey Willig County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review County Manager's Office Ed Finn Level 4 County Manager Review Board of County Commissioners Geoffrey Willig Meeting Pending Skipped 03/22/2023 4:14 PM Skipped 03/22/2023 4:14 PM Skipped 03/22/2023 4:14 PM Skipped 03/22/2023 4:14 PM Skipped 03/22/2023 4:14 PM Skipped 03/22/2023 4:14 PM Additional Reviewer Skipped 03/22/2023 4:14 PM Completed 03/22/2023 4:48 PM Completed 03/22/2023 5:22 PM 03/28/2023 9:00 AM Packet Pg. 453 11.H.a Conservation Collier Land Acquisition Program Project Design Report Date: December 2022 Blocker Parcel 1 M files Property Owner: Brian Blocker Folios : 00053815006 Location: Adjacent to Pepper Ranch Preserve to the north and east; south of Trafford Oaks Road Immokalee, FL; Section 34, Township 46, Range 28, Collier County Size: 24.50 acres Appraisal/Offer Amount: $220,000 History of Project: Received Selected for the Selected for the Purchase offer Offer Accepted application "A" category, #1 "A" category, #1 made to owner priority, on the priority, on the Active Active Acquisition List Acquisition List b CCLAAC b BCC 07/27/2021 12/09/2021 01/25/2022 04/25/2022 11/16/2022 Packet Pg. 454 11.H.a Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Oualifications: The Blocker parcel is a 24.50-acre addition to the Pepper Ranch Preserve. The acquisition of this parcel and the Moody parcels currently under contract will bring the total size of Pepper Ranch Preserve to 2,596.29 acres. The Blocker parcel was evaluated by the Conservation Collier Land Acquisition Advisory Committee and found to fulfill program qualifications by satisfying all applicable screening criteria, including presence of native habitat, potential for nature -based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity and restoration potential. The Blocker parcel contains hydric soils, supporting numerous species of wetland dependent plants. Four types of native vegetative communities have been identified on the parcel using Geographical Information Systems (GIS) mapping and staff observation: Mixed Shrub wetland, Freshwater Marsh, and Red Maple swamp. A listed plant was found on the property. The parcel also contains a low exotic plant infestation, constituting less than 25% of the plant cover. Regarding protection of water resources, this area is GIS mapped as a relatively low area for recharge to the Lower Tamiami (0-14 inches annually) and a moderate area for recharge to the surficial aquifer (43-<56 inches annually). Acquisition of the Blocker parcel will offer opportunities for protection of water resource values, including some aquifer recharge, protection of wetland dependent species habitat and flood control. Many native species of birds, including hawks, wading birds, woodpeckers and wild turkey have been observed by staff during site visits in this area. The habitat found on the Blocker parcel would support the presence of listed bird species including snowy egret, little blue heron, white ibis, tri-colored heron and wood stork. There is photographic evidence of the presence of Florida black bear and Florida Fish and Wildlife Conservation Commission telemetry data documenting use of the area by Florida panthers. The parcel can be accessed via Trafford Oaks Road, a private road on the south side of Pepper Ranch Preserve. Public parking will not be created on this parcel. There is a visitor center with public parking on the Pepper Ranch Preserve and several public parking areas throughout the preserve. The public will not be accessing this property via Trafford Oaks Road. Trails will not be created on this property. The adjacent Pepper Ranch Preserve has over 10 miles of trails nearby that are representative of the same types of habitat. The current zoning designation is Agriculture with a Mobile Home Overlay (A -MHO) within the Rural Lands Stewardship Area. Nearly the entire parcel is designated as a Flowway Stewardship Area, with a small portion of the northwest corner designated as a 500 ft. buffer. 2 Packet Pg. 455 11.H.a Proiected Management Activities: Projected management activities include the removal of invasive exotic plants, the development of an Interim Land Management Plan within 90 days, and development of a Final Management Plan within 2 years. The following assessment addresses the initial costs of management. These are very preliminary estimates. No hydrologic changes are necessary to sustain wetland characteristics. No site improvements are recommended. The property is in good condition and will only need exotic plant removal and treatment. 2024 2025 2026 2027 2028 Exotics $12,300 $7,400 $7,400 $7,400 $3,700 Signage $100 Total $12,400 $7,400 $7,400 $7,400 $3,700 3 Packet Pg. 456 11.H.b CONSERVATION COLLIER Property Identification No. 00053815006 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between BRIAN BLOCKER, a single man, whose address is P.O. Box 970, Immokalee, FL 34143, (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 102, Naples, FL 34112, (hereinafter referred to as "Purchaser"). WITN ESSETH 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: RATL`T'■t1111TiM21 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth. Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Two Hundred and Twenty Thousand Dollars and 001100 dollars ($220,000.00), (U.S. Currency) payable at time of closing. 111. 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 Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows: Packet Pg. 457 11.H.b CONSERVATION COLLIER Property Identification No. 00053815006 3.011 Seiler 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. 10112 Combined Purchaser -Seiler closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal 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 Identification and Certification" as required by the Internal 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 III 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 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. Packet Pg. 458 11.H.b CONSERVATION COLLIER Property Identification No. 00053845006 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. If 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 fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance 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. If 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 If 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. In 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 acreage revealed by survey exceeds 5% of the overall acreage. if 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 Packet Pg. 459 11.H.b CONSERVATION COLLIER Property Identification No. 00053815006 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 notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. 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, ("Inspection 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. There 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 If 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 Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection 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. In 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. 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. Packet Pg. 460 11.H.b CONSERVATION COLLIER Property Identftation No 00053815006 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. ►�l�l�[.YJx�1L�]►1 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. Vill. 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 If 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 Agreement. 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 parties 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. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this 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 Packet Pg. 461 11.H.b CONSERVATION COLLIER Property identification No. 00053815006 Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or 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. 10.017 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; Seiler represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents the Property 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 ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. 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 Packet Pg. 4672 ] 11.H.b CONSERVATION COLLIER Property Identification No. 00053815006 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 condition 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) 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 Packet Pg. 463 11.H.b CONSERVATION COLLIER Property Identification No. 00053815006 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. - If 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 34112 With a copy to: Nurth Jacobo, Property Acquisition Specialist Collier County Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Telephone number: 239-252-7609 If to Seller: Brian Blocker PO Box 970 Immokalee, FL 34143 Telephone number: Fax number: 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 changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Packet Pg. 464 11.H.b CONSERVATION COLLIER Property Identification No. 00053815006 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 in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which 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 If 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 extended to the next succeeding business day. 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. Packet Pg. 465 CONSERVATION COLLIER Property Identification No. 00053815006 11.H.b 13.09 If 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. (If 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. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA An , Deputy Clerk Rick Locastro., Chairman Approved as to form and legality: Ronald T. Tomakso, Assistant County Attorney 10 Packet Pg. 466 From: 07/22/2022 12,26 4119 P.002 11.H.b CONSERVATION COLLIER TAX IDENTIFICATION NUMBER. U843200000 AS TO SELLER. DATED:_ Z , WITNESSES- 1l�2�, (Signature) C a__ W C v fc �q (Printed Nance) (Signature) (Printed Name) ILLIAM F. THOM EN, Ill Packet Pg. 467 11.H.b CONSERVATION COLLIER Property Identification No. 00053815006 EXHIBIT "A" LEGAL DESCRIPTION: PARCEL 18, TRAFFORD OAKS, AN UNRECORDED SUBDIVISION, LYING IN SECTION 34, TOWNSHIP 46 SOUTH, RANGE 28 EAST, COLLIER COUNTY, FLORIDA, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF SECTION 34, TOWNSHIP 46 SOUTH, RANGE 28 EAST, COLLIER COUNTY, FLORIDA, RUN SOUTH 00040,501, EAST 1500.00 FEET MORE OR LESS ALONG THE EAST BOUNDARY LINE OF SAID SECTION TO THE SHORE OF LAKE TRAFFORD; THENCE SOUTHWESTERLY 140.00 FEET MORE OR LESS ALONG THE SHORE OF LAKE TRAFFORD TO AN INTERSECTION OF A LINE BEARING SOUTH 37133'50" EAST; THENCE NORTH 37033'50" WEST 1900.00 FEET MORE OR LESS TO A POINT THAT IS NORTH 89057'50" WEST 1281.66 FEET FROM THE POINT OF BEGINNING AND ON THE NORTH BOUNDARY LINE OF SAID SECTION; THENCE SOUTH 89057'50" EAST 1281.66 FEET ALONG THE NORTH BOUNDARY OF SAID SECTION TO THE POINT OF BEGINNING. THE NORTH 60.00 FEET RESERVED FOR ROAD EASEMENT AND THE WESTERLY 30.00 FEET RESERVED FOR DRAINAGE EASEMENT. TOGETHER WITH ALL RIPARIAN RIGHTS PERTAINING THERETO. CONTAINING 24.5 ACRES MORE OR LESS. BEARINGS BASED ON WEST BOUNDARY OF SAID SECTION BEING NORTH. PROPERTY IDENTIFICATION NUMBER: 00053815006 1L Packet Pg. 468 11.H.d Conservation Collier Land Acquisition Program Project Design Report Guerra Property Date: October 2022 Property Owner(s): Maximo and Sigrid Guerra Folio: 39491160009 Location: GOLDEN GATE EST UNIT 53 W 75FT OF E 150FT OF TR 14 Size: 1.14 acres Appraised Value: $20,500 History of Project: Selected for the "A" category, AAL most recently Letter sent to Offer #1 priority, on the Active approved by BCC Winchester Accepted Acquisition List (AAL) by Head owners CCLAAC 12/15/04 1/25/2022 9/20/22 10/13/22 Purpose of Project: Environmental Conservation — Conservation Collier Program Program Qualifications: The Red Maple Swamp multi -parcel project, which includes the 1.14-acre Guerra parcel, was first approved by the Board for acquisition as an "A" List multi -parcel property in January 2005, and then confirmed again most recently in January 2022. Red Maple Swamp/NGGE Unit 53 is an undeveloped Unit within the North Golden Gate Estates (NGGE) incorporating 305.80 acres and 108 parcels. Conservation Collier has acquired 83 parcels totaling 236.26 acres and currently owns 77% of lands within the project area. Native habitat present over the whole unit is wetland hardwood forest, with a substantial portion of that being dominated by cypress and red maple swamp and the remainder by native and exotic re -growth over a historic farm field (approximately 100 acres) on the western side of Unit 53. This parcel is not within the old farm field area as it is located on the eastern side of Unit 53. Exotic invasive plants Brazilian pepper and Japanese climbing fern make up anywhere from 35% to 45% of the vegetation and exist throughout the parcel. Listed wetland dependent birds, including wood storks, snowy egrets, ibis and little blue herons have been observed during site visits to this area. No listed wildlife species have been observed; however, the entire unit is considered part of Primary Zone panther habitat Packet Pg. 469 11.H.d by the U.S. Fish and Wildlife Conservation Commission. Deer and Florida black bears have been observed in the area. In addition to protecting wetlands and listed species habitat, another important reason for the selection of Red Maple Swamp as a conservation target is that it is connected on its north and west sides with the 60,000-acre Florida Forever Corkscrew Regional Ecosystem Watershed (CREW) Project, which includes Corkscrew Marsh, Bird Rookery Swamp, Flint Pen Strand and Audubon's Corkscrew Swamp Sanctuary. Through them, Red Maple Swamp (and this parcel) connects with the Pepper Ranch and Caracara Prairie Preserves, private mitigation lands and lands protected under the County's Rural Lands Stewardship Program. Conservation Collier acquisitions within NGGE Unit 53 enhance, protect, and buffer these already conserved lands. Zoning, Growth Management and Land Use Overlays: The Red Maple Swamp project parcels are entirely within the Northern Golden Gate Estates. The zoning classification for all the parcels is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Projected Management Activities: Removal of exotic plants, construction of trails, and signage are projected management activities. An Interim Management Plan (IMP) has been drafted, approved and is updated every two (2) years. A final management plan will be developed once enough contiguous parcels have been acquired to make management actions cost effective. Currently, 131.4 acres of the preserve are under management for exotic plants. Red Maple Swamp is adjacent to Bird Rookery Swamp, where a 1,200-foot boardwalk has been built and nearly 12 miles of hiking trails have been created by South Florida Water Management District (SFWMD). Staff will coordinate with SFWMD and neighboring communities when planning for public access to Red Maple Swamp lands. Nature photography and bird watching from roadways are two activities that can occur at present. Currently, 41 st Ave NW, an unpaved limerock road, provides access and the only parking is along the road right-of-way. Minimal management activities, like regular visitation, inspection and trash removal are currently being accomplished by staff. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $684 $342 $342 $342 $171 Signage $200 Total $884 $342 $342 $342 $171 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 Packet Pg. 470 11.H.d Miles GUERRA, MAXIMO & SIGRID Red Maple Swamp Preserve Property Owner Accepted Otter CON I ATION LLIER co e,T County Packet Pg. 471 4,-1 - � L STAVE NW 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between MAXIMO GUERRA AND SIGRI❑ GUERRA, husband and wife, whose address is 3640 1911 Avenue SW, Naples, FL 34117-6140, (hereinafter collectively 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 102, Naples, FL 34112, (hereinafter referred to as "Purchaser"). W I T N E S S E T H 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 (S10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property. described in Exhibit "A II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Twenty Thousand Five Hundred Dollars and 001100 dollars ($20,500.00), (U.S. Currency) 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 Manager of the Real Property Management or designee is authorized to enter into such mutual written agreements on behalf of the County for extensions of up to an additional 60 days without further approval by the Board of County Commissioners. The Packet Pg. 473 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 Closing shall be held at the Collier County Attorney's Office, Administration Building, 3299 Tamiami Trail East, 8th Floor, 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 farm 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. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal 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 Identification and Certification" as required by the Internal 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 wire transfer or negotiable instrument 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 Seiler 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 III hereof, shall be subject to adjustment for prorations as hereinafter set forth. 3.02 Each party shall be responsible for payment of its own attorneys 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 Packet Pg. 474 11.H.e CONSERVATION COLLIER Property Identification No. 39491159049 Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued 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. If 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 fifteen (15) days after the date hereof. Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance 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. If 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 If 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. In 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 Packet Pg. 475 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 change to the total acreage referenced in Exhibit 'A" unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. If 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 notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. 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, ("Inspection 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. There 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 If 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 Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection 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. In 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. Packet Pg. 476 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 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 and shall indemnify Seller on account of any loss or damages occasioned thereby and against any claim made against Seller as a result of Purchaser's entry. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. MM10I AM;[on 1*1A 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 2017 taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9,01 If 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 Agreement. 9.02 he 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 parties, 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. Packet Pg. 477 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this 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 and/or 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. 10.017 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 tit has) no knowledge that any pollutants are or have been discharged from the Property; directly or indirectly into any body of water. Seller represents the Property 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 Packet Pg. 478 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 located on the Property at any time during or prior to Seller's ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. 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 condition 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. Packet Pg. 479 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) 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: If 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 34116 With a copy to: Nurth Jacobo, Property Acquisition Specialist Collier County Real Property Management 3335 Tamiami Trail East, Suite 101. Naples, FL 34112 Telephone number: 239-252-7609 If to Seller: Maximo & Sigrid Guerra 3640 19th Avenue SW Naples, FL 34117-6140 Telephone number: 239-595-5811 Fax number 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 changing such addresses or Packet Pg. 480 11.H.e CONSERVATION COLLIER Property identification No. 39491160009 addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Xil. 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. 13.05 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which 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 If 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 extended to the next succeeding business day. Packet Pg. 481 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 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. This Agreement is subject to fund availability and future appropriation. Should the funds not be available or able to be used prior to closing the Purchaser or Seller may immediately terminate this agreement without any payment of any kind to Seller. 13.09 If 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. (If 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. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA :'4 , Deputy Clerk Rick Locastro., Chairman Approved as to form and legality: Ronald T. Tomasko, Assistant County Attorney 10 �O G Packet Pg. 482 Firefox 11.H.e CONSERVATION COLLIER Property Identification No, 39491160009 AS TO SELLER: DATED:1 WITNESSES: 4itness 91 (Signatur SC�lI U -O Witness #1 i'eLIII& t&,y4-062� Witness #2 (Print Name) AS TO SELLER: DATED: _ WITNESSES: a itness #1 (Signature) �6ZS€Kli �"©�izA. �Z Witness #1 nt Nam Witness # ( nature) Witness 42 (Print Name) BY: MAXIMO ERRA BY. GRID GUERRA j �9 11 of 12 Packet Pg. 483 11.H.e CONSERVATION COLLIER Property Identification No. 39491160009 EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 39491160009 LEGAL DESCRIPTION: THE WEST 75 FEET OF THE EAST 150 FEET OF TRACT 14 OF UNIT 53, GOLDEN GATE ESTATES, ACCORDING TO PLAT THEREOF AS RECORDED IN PLAT BOOK 7, PAGE(S) 93, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, 1.14 acres C1 Packet Pg. 484 11.H.g Conservation Collier Land Acquisition Program Project Design Report Ruben Trust Property Date: October 2022 Property Owner(s): Andrew and Nancy Ruben Folio: 39955600005 Location: GOLDEN GATE EST UNIT 65 E 105FT OF TR 47 Size: 1.59 acres Appraised Value: $39,800 History of Project: Selected for the "A" category, AAL most recently Letter sent to Offer #1 priority, on the Active approved by BCC Winchester Accepted Acquisition List (AAL) by Head owners CCLAAC 12/15/04 1/25/2022 9/20/22 10/13/22 Purpose of Project: Environmental Conservation — Conservation Collier Program Program Qualifications: The Ruben parcel is within the Winchester Head multi -parcel project. Winchester Head is an undeveloped depressional cypress head and marsh wetland located in NGGE in Units 62 and 65. Using aerial photographs, elevation data, soil maps and public input, a total of 115 parcels (158.67 acres) were identified as being important for acquisition. Selected parcels include wetlands and small areas of upland buffers on parcels which are more than half wetland. The entire project site is within North Golden Gate Estates, identified within the Conservation Collier Ordinance (Ord. No. 2002-63, as amended) as a Target Protection Area. One important reason for the selection of Winchester Head as a conservation target is that this area functions to provide floodplain storage for surrounding home sites during high rainy season. These types of depressional storage areas were included in the water management models for the Golden Gate canal system done by the Big Cypress Basin, South Florida Water Management District and are a component of flood control for the area. Winchester Head has also been targeted for future watershed improvement projects (North Golden Gate Flowway Restoration Project) in the County's Watershed Management Plan. At this time, Conservation Collier owns 95.84 acres out of a total of 158.67 acres, or 60% of the project area. Packet Pg. 485 11.H.g Additional program criteria that would be satisfied by this acquisition include protection of surface and ground water resources, protection of wetland dependent species habitat, and good potential for restoration. This parcel is primarily cypress forest with a sparse canopy of large trees, an understory of swamp fern, royal fern, and saw grass, with a low midstory of coastal plain willow, dahoon holly, and button bush. There is a low infestation of Brazilian pepper and old-world climbing fern. A paved public road (39th Ave NE) provides access to the parcel and allows the property to be readily viewed. Zoning, Growth Management and Land Use Overlays: The Winchester Head project parcels are entirely within the Northern Golden Gate Estates. The zoning classification for all the parcels is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Proiected Management Activities: Active management of the entire project area is not feasible until a significant contiguous area can be acquired. While Winchester Head as a whole is relatively free of exotic plants, ongoing control is done annually or as needed. Exotic maintenance should be minimal and will be included in the management budget for the overall Winchester Head project. Most of the project area for Winchester Head is wetlands, and trails are not feasible. A raised boardwalk would be the best public access opportunity; however, this will not be considered until sometime well into the future of the project when more parcels are acquired. Nature photography and bird watching from roadways are two activities that can occur at present. Currently, the three roads (37th, 391h, and 41st Streets NE) provide paved access to the project area but the only parking is the road right-of-way. At present, a visitor parking area is not available but could be constructed in the future. An educational kiosk can be placed along one of the roads through the project containing information on wetlands and on the preservation of the area. Signs can be placed at boundaries along the roadways. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $477 $318 $318 $318 $239 Signage $200 Total $677 $318 $318 $318 $239 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 Packet Pg. 486 11.H.g Miles A J & N L RUBEN REV TRUST Winchester Head Preserve Property Owner Accepted Otter CiG N R co e,T COunty Packet Pg. 487 'A4 ." 4w 5 !Ys 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between ANDREW J. RUBEN AND NANCY L. RUBEN, TRUSTEES OF THE ANDREW J. RUBEN AND NANCY L. RUBEN REVOCABLE TRUST DATED JULY 30, 2021, whose address is 1277 Grand Canal Drive, Naples, FL 34110, (hereinafter collectively 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 102, Naples, FL 34112, (hereinafter referred to as "Purchaser"). W I T N E S S E T H 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: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Thirty - Nine Thousand Eight Hundred Dollars and 001100 dollars ($39,800.00), (U.S. Currency) payable at time of closing. 11111111111111501wiI.yl0It 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 Manager of the Real Property Management or designee is authorized to enter into such mutual written agreements on behalf of the County for extensions of up to an additional 60 days without further approval by the Board of County Commissioners. The Packet Pg. 489 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 Closing shall be held at the Collier County Attorney's Office, Administration Building, 3299 Tamiami Trail East, 811 Floor, 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. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal 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 Identification and Certification" as required by the Internal 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 wire transfer or negotiable instrument 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 III 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 Packet Pg. 490 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued 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. If 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 fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1 g70) 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. If 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 If 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. In 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 Packet Pg. 491 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. If 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 notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. 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, ("Inspection 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. There 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 If 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 Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection 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. In 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. Packet Pg. 492 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 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 and shall indemnify Seller on account of any loss or damages occasioned thereby and against any claim made against Seiler as a result of Purchaser's entry. 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. PRORATION 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 2017 taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If 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 Agreement. 9.02 he 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 parties, 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. Packet Pg. 493 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this 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 and/or 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. 10.017 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, directly or indirectly into any body of water. Seller represents the Property 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 Packet Pg. 494 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 located on the Property at any time during or prior to Seller's ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. 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 condition 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. Packet Pg. 495 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) 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. - if 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 34116 With a copy to: Nurth Jacobo, Property Acquisition Specialist Collier County Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Telephone number: 239-252-7609 If to Seller: Andrew J. & Nancy L. Ruben 1277 Grand Canal Drive Naples, FL 34110 Telephone number: 239-292-5345 Fax number 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 changing such addresses or Packet Pg. 496 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. �1 � ��7sr1��:3cZ•r.��9 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. ��11II►► I[.Y•l��IsV lx•1fI� 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 in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which 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 If 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 extended to the next succeeding business day. Packet Pg. 497 11.H.h CONSERVATION COLLIER Property Identification No. 39955600005 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. This Agreement is subject to fund availability and future appropriation. Should the funds not be available or able to be used prior to closing the Purchaser or Seller may immediately terminate this agreement without any payment of any kind to Seller. 13.09 If 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. (If 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. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller , Deputy Clerk Approved as to form and legality: Ronald T. Tomasko, Assistant County Attorney BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA In Rick Locastro., Chairman 10 Packet Pg. 498 11.H.h CONSERVATION COLLIER Property Identification No, 39955600005 AS TO SELLER:, DATED: - f I /) / b WITNESSES: L.. AS TO SELLER: gr DATED: I WITNESSES: Name) BY: ljj I )" L xa�' ANDREW J. RUB N, AS TRUSTEE OF THE ANDREW J. BEN AND NANCY L. RUBEN REVOCABLE TRUST DATED JULY 30, 2021 BY: t A/0w �;/ AN Y L. -EN, AS TRUSTEE OF TH Al \E J. RUBEN AND NANCY L. RUBEN REVOCABLE TRUST DATED JULY 30, 2021 C 11 Packet Pg. 499 11.H.h CONSERVATION COLLIER Property Identification No 39955600005 EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 39955600005 LEGAL DESCRIPTION: THE EAST 105 FEET OF TRACT 47 OF GOLDEN GATE ESTATES, UNIT 65, ACCORDING TO PLAT THEREOF AS RECORDED IN PLAT BOOK 5, PAGE(S) 88, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. 1.59 acres Packet Pg. 500 11.H.j Conservation Collier Land Acquisition Program Project Design Report Sparkman Property Date: October 2022 Property Owner: Tamera Sparkman Gibson-Demello Folios : 38847400000 Location: GOLDEN GATE EST UNIT 42 W 75FT OF E 150FT OF TR 86 Size: 1.14 acres Appraised Value: $33,000 History of Project: Selected for the "A" category, Selected for the "A" Purchase Offer Accepted #1 priority, on the Active category, #1 priority, offer made to Acquisition List (AAL) by on AAL by BCC owners CCLAAC 12/9/22 1/25/2022 9/21/2022 10/03/2022 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Qualifications: This parcel is located in the southern section of the Horsepen Strand adjacent to the Panther Walk Preserve. The Sparkman parcel met the Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat, potential for nature -based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity, and restoration potential. Potential access for nature -based recreation, and enhancement of the aesthetic setting of Collier County This parcel offers access from 62nd Ave NE off Everglades Blvd — a paved public road. This property could accommodate seasonal outdoor recreation, particularly due to the proximity to the Panther Walk Preserve. Opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control The parcel is part of the greater Horsepen Strand flow way and contains a portion of a freshwater marsh. This parcel is home to many wetland dependent species of flora and fauna. Packet Pg. 501 11.H.j Property enhances and/or protect the environmental value of current conservation lands through function as a buffer, ecological link, or habitat corridor This parcel, when joined with many others, can protect the flow of both wildlife and water through the Horsepen Strand. Zoning, Growth Management and Land Use Overlays: The Panther Walk and Horsepen Strand project parcels are entirely within the Northern Golden Gate Estates. The zoning classification for all the parcels is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Projected Management Activities: No hydrologic changes are necessary to maintain wetland characteristics on the project site. Projected management activities include the removal of invasive plants, the development of a Land Management Plan, and continued development of public access to selected portions of the preserve. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $342 $228 $228 $228 $171 Signage $200 Total $542 $228 $228 $228 $171 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 Packet Pg. 502 11.H.j SPARKMAN-GIBSON-DEMELLO Panther Walk Preserve Property Owner Accepted Offer Donation 1 2 Miles CON .Y, _ ATION �i LLIER CAILIBY County �r Packet Pg. 503 lit 5 zt-, Ilk ,at 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 38847400000 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between, TAMERA SPARKMAN, FORMERLY KNOWN AS TAMERA GIBSON-DEMELLO whose address is 5581 NW 51 st St Ave, Coconut Creek, FL 33073, (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 102, Naples, FL 34112, (hereinafter referred to as "Purchaser'). WITNESSETH 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: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Thirty - Three Thousand Dollars and 001100 dollars ($33,000.00), (U.S. Currency) 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 Attorneys Office, Administration Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows: Packet Pg. 505 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER 38847400000 1011 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. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal 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 Identification and Certification" as required by the Internal 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 Ill 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 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. Packet Pg. 506 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER- 38847400000 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. If 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 fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance 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. If 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 If 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. In 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 acreage revealed by survey exceeds 5% of the overall acreage. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Packet Pg. 507 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 38847400000 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 notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. 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, ("Inspection 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. There 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 If 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 Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection 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. In 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. 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 Packet Pg. 508 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER' 38847400000 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 2021 taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If 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 Agreement. 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 parties 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. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary Packet Pg. 509 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 38847400000 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 and/or 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. 10.017 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, directly or indirectly into any body of water. Seller represents the Property 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 ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. Packet Pg. 510 11.H.k CONSERVATION COLLIER TAX IDENTIFICATfON NUMBER, 38847400000 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 condition 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) asserted against, imposed on or incurred by Purchaser, directly or indirectly, Packet Pg. 511 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 38847400000 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: If 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: Nurth Jacobo, Property Acquisition Specialist Collier County Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Telephone number- 239-252-7609 If to Seller: Tamera Sparkman 5581 NW 51 sc St Ave Coconut Creek, FL 33073 Telephone number: 754-234-2436 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 changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. 8 Packet Pg. 512 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 38847400000 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 in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which 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 If 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 extended to the next succeeding business day. Packet Pg. 513 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 38847400000 11.H.k 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 If 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. (If 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. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller , Deputy Clerk Approved as to form and legality: Ronald T. Tomasko, Assistant County Attorney BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA BY: Rick Locastro., Chairman io Packet Pg. 514 11.H.k CONSERVATION COLLIER TAX IDENTIFICATION NUMBER. 38847400000 (Printed Name (Signature) "�3►e:AN S� �,��-I�r1,� (Printed Name) TAMERA SPA MAN, FORMERLY KNOWN AS TAMERA GIBSON-DEMELLO �- Packet Pg. 515 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 38847400000 11.H.k EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 38847400000 LEGAL DESCRIPTION: THE WEST 75 FEET OF THE EAST 150 FEET OF TRACT NO. 86, GOLDEN GATE ESTATES, UNIT 42, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 7, PAGE 27, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. 1.14 acres Packet Pg. 516 11.H.m Conservation Collier Land Acquisition Program Project Design Report Zani Property Date: November 2022 Property Owner: Paul Michael and Ashley Christina Zani Folios : 41501280003 Location: GOLDEN GATE EST UNIT 91 W 150FT OF TR 13 Size: 2.27 acres Appraised Value: $49,900 History of Project: Selected for the "A" category, Selected for the "A" Purchase Offer Accepted #1 priority, on the Active category, #1 priority, offer made to Acquisition List (AAL) by on AAL by BCC owners CCLAAC 12/9/22 1/25/2022 9/23/2022 10/19/2022 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Qualifications: This parcel is adjacent to the Dr. Robert H. Gore III Preserve. The Zani parcel was considered due to its proximity to an existing Conservation Collier preserve. The Zani project met 5 out of 6 Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat, potential for nature -based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity, and restoration potential. Potential access for nature -based recreation, and enhancement of the aesthetic setting of Collier County This parcel offers access from 381h Ave SE off Desoto Blvd — a paved public road. This property could accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III Preserve. Opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control The parcel has many wetland dependent plant species and contains karst topography, which is a wetland indicator, despite soils that indicate that wetlands may also be seasonal. The parcel provides minimal water quality enhancement beyond accommodating sheet flow into the I-75 canal. Packet Pg. 517 11.H.m Property enhances and/or protect the environmental value of current conservation lands through function as a buffer, ecological link, or habitat corridor The Zani parcel expands the Dr. Robert H. Gore III Preserve. This parcel, joined with many others, could also permanently protect a corridor between North Belle Meade and the Florida Panther National Wildlife Refuge. Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Projected Management Activities: Projected management activities include the removal of invasive plants, the development of a Land Management Plan, and continued development of public access to selected portions of the preserve. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $1,135 $908 $908 $908 $568 Signage $200 Total $1,335 $908 $908 $908 $568 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 Packet Pg. 518 11.H.m ZANI, PAUL M & ASHLEY C Dr. Robert Gore III Preserve Property Owner Accepted Offer CONJMWATION LLIER Collier County Packet Pg. 519 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between PAUL MICHAEL ZANI AND ASHLEY CHRISTINA ZANI, husband and wife, whose address is 741 241" Avenue NW, Naples, FL 34120, (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 102, Naples, FL 34112, (hereinafter referred to as "Purchaser"). WITNESSETH 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: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Forty - Nine Thousand Nine Hundred Dollars and 001100 dollars ($49,900.00), (U.S. Currency) 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 Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows: Packet Pg. 521 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 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. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal 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 Identification and Certification" as required by the Internal 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 III 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 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. GQO Packet Pg. 522 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 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. If 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 fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance 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. If 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 If 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. In 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 Seiler 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 acreage revealed by survey exceeds 5% of the overall acreage. If 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 GAO Packet Pg. 523 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 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 notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or tie 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, ("Inspection 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. There 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 If 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 Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection 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. In 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. 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. GeO Packet Pg. 524 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER 41501280003 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 2021 taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If 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 Agreement. 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 parties 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 Seiler 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. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this 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 Packet Pg. 525 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or 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. 10.017 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, directly or indirectly into any body of water. Seller represents the Property 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 ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. 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 op Packet Pg. 526 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER' 41501280003 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 condition 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) 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 C, o Packet Pg. 527 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 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: If 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: Nurth Jacobo, Property Acquisition Specialist Collier County Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Telephone number: 239-252-7609 If to Seller: Paul & Ashley Zani 741 24'h Avenue NW Naples, FL 34120 Telephone number: 757-777-7945 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 changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Packet Pg. 528 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 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 in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which 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 If 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 extended to the next succeeding business day. 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. 0$C Packet Pg. 529 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 13.09 If 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. (If 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. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA M. , Deputy Clerk Rick Locastro., Chairman Approved as to form and legality: Ronald T. Tomasko, Assistant County Attorney Q Packet Pg. 530 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41501280003 AS TO SELLER: DATED: %/ / I 1 Z0 Z2. WITNESSES: (Signature) AV-Dc 1 �0P-V El2 IA[J (Printed Name) (Sign (Prin ame) (v, (Signature) -A�DEN �oRP�r�-inr�i (Printed Name) (Sig re P-wzm 1.4— A, zx S m (Printed N e) M Gt� 1 k- J-, PAUL MICHAEL I V` S EY NRISTI NI ICJ Packet Pg. 531 11.H.n CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 415012&0003 EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 41501280003 LEGAL DESCRIPTION: THE WEST 150 FEET OF TRACT 13, GOLDEN GATE ESTATES, UNIT NO. 91, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 5, PAGE 30, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, 2.27 acres 0 Packet Pg. 532 40 Carroll & Carroll Real Estate Appraisers & Consultants APPRAISAL REPORT FOR THE CONSERVATION COLLIER PROGRAM AND THE COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS SUBJECT PROPERTY: PEPPERS RANCH PRESERVE PROJECT- BLOCKER 24.50 ACRES LOCATED ALONG TRAFFORD OAKS ROAD IMMOKALEE, FL 34142 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.: 6061-TS APPRAISAL EFFECTIVE DATE: JUNE 27, 2022 DATE OF REPORT: JULY 6, 2022 6061 Report Table of Contents Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS.........................................................1 CERTIFICATION..................................................................................................................................... 2 SCOPEOF WORK................................................................................................................................... 4 ESTATEAPPRAISED.............................................................................................................................. 5 DEFINITION OF MARKET VALUE..................................................................................................... 6 ASSUMED EXPOSURE TIME................................................................................................................ 6 AREAINFORMATION.......................................................................................................................... 7 MARKETAREA.....................................................................................................................................17 PROPERTY INFORMATION............................................................................................................... 28 SITEDESCRIPTION.......................................................................................................................... 30 SUBJECTPHOTOGRAPHS.............................................................................................................. 32 ENVIRONMENTAL CONTAMINATION.................................................................................... 35 NATURAL RESOURCE CONCERNS............................................................................................ 36 ZONING.............................................................................................................................................. 41 ASSESSMENT AND TAXES............................................................................................................ 43 FLOODZONE DATA....................................................................................................................... 44 TRANSACTIONAL HISTORY........................................................................................................ 46 CURRENTSTATUS........................................................................................................................... 46 HIGHEST AND BEST USE................................................................................................................... 47 CONSIDERATION OF APPROACHES............................................................................................. 48 SALES COMPARISON APPROACH................................................................................................. 49 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 51 VACANT LAND COMPARABLES................................................................................................ 52 LAND SALES ADJUSTMENT GRID.............................................................................................. 58 ESTIMATEOF VALUE......................................................................................................................... 63 ADDENDA............................................................................................................................................. 64 Carroll 8v Carroll 6061 Report Summary of Important Data & Conclusions 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 Pepper's Ranch Preserve Project - Blocker 24.50 Acres located along Trafford Oaks Road Immokalee, FL 34142 Property Description A 24.50-acre vacant parcel located along the south side of Trafford Oaks Road and with waterfrontage along the north side of Lake Trafford in Immokalee, Florida. Property Type Vacant Land Owner of Record Brian Blocker Property ID # 00053815006 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 June 27, 2022 Date of Report July 6, 2022 Date of Inspection June 27, 2022 Purpose of Appraisal Estimate market value "As Is" Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Value $220,000 GENERALINFO 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 Carroll &s Carroll 1 6061 Report Certification 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. Carroll 8v Carroll 2 6061 Certification 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 Carroll & Carroll 3 6061 Report Scope of Work 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. Carroll & Carroll 4 6061 Report Estate Appraised 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. Carroll & Carroll 5 6061 Report Definition of Market Value 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) 9[ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 6 and 9 months. Carroll & Carroll 6 6061 Area Anal 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). .s: ter+ ;firmernn-'AFnrl Mym �61 Shell Paint UIle9 0 Anna n� la_s C.lyo �Bi9gar �' aTr�c'r�arA le& Cdy °Ponta Fiassa . '•��,' San Carins Palk . lhlnnI xnl hel x'-.nFor[ Myer Beads Este1lilo �' VhN a G rcon u[ �qql Sonia ol3onl[al snores SPrings Naples P yanderhill beach Ee[e1Es Vanoe�ti:l 6 . - o nuar Ga!e 5 !I Isles of Cs ynl I'al�n Hfl�i nn r J- Matcn Isla nee I 30 km zo mi nEelales - - �Aa AHlgamr Al49 _sue Alllga[oI AIMas CilY—� -.. — All � Bd FI. lda State r i J " u�•ngr.� vha-n.I _ Mica cukae �,ulndlan Aasnrualian ❑aar � nrm - .. — � Jessie .- - ._ .. wills Marl Lnw - o t� I v T&malnl7 ' I rlendr' o reI cayo �T�B�NLINE.iamTraal ea_I Prn�cilyo; Xy Swb++! Th, S- To Da 8dsrrtess — 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 Carroll & Carroll 7 6061 Area Anal 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 141h Edition) 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 so,000 Collier County Population 2000 2005 2010 2016 2020 2025 2030 2035 2040 Florida Office of Economic & Demograpkic Research and Esri forecasts 2 02 0 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. Carroll & Carroll 8 6061 Report Area Analysis 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. Population Change (State vs County) 30?'0 25°l0 d° a � 20910 U �+ 1596 04 N% a w 5% 0% 2000 2005 2010 2D16 2021 2025 Year Florida Glace of Economic & Demographic Research and Esri forecasts 2020 -Collier County -Florida 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. Population by Age ■ 2010 ❑ 2020 ■ 2025 Oh 5A 10-14 15-24 25-34 35-44 45.54 55-64 65-74 75-54 35+ Age U.S. Cen=5 Bureau, Census 2010 Summary File 1. Ersi forecasts for 2020 and 2025 Carroll 8& Carroll 9 6061 Area Anal 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. 2020 EMPLOYED BY INDUSTRY- COLLIER COUNTY Mining & Manufacturing Leisure & Hopitality Trade, portation & Rilties Education & Hea Rlh Se"Aces Office of Econamxc & Denwgraphfc Research, www.edr.sfafe fl.us 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. Carroll & Carroll 10 6061 Area Anal Unemployntent Rate (County vs State) 2020 2015 2015 2014 2013 2012 2011 2010 2009 0.0% 2_0% 4.0% 6.0% 8.0% 14.0 12.0% 14.0% ■ Colier County ■ State of Florida United Swes E"rfmmuf L4rbnrr8errc rrg11A- yr SfafislicslLAUSwdsricsMfip 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 Carroll & Carroll 11 6061 Revort Area Anal 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 Carroll & Carroll 12 6061 Revort Area Anal 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 Carroll & Carroll 13 6061 Report Area Anal 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. Carroll & Carroll 14 6061 Area Anal 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. 52,000 30,000 = 48,000 r u 46,000 W 44,000 3 42,000 40,000 38,000 2020 University Enrollement 2012 Ave Maria University: 1,129 Florida SouthWestern State College: 15,389 Hodges University: 1,676 Florida Gulf Coast University: 15,373 Collier County Public Schools Enrollment 2013 2014 2015 2016 2020 Year h d ip:ll ru smn. c d f i ers cironl s. ca m 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 Carroll & Carroll 15 6061 Revort Area Anal 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. Carroll & Carroll 16 6061 Market Area 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 Th 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 151h Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES Subject property is located within the Immokalee area. For appraisal purposes, the market area boundaries are shown below: ➢ North Collier/Hendry County Line ➢ South Oil Well Road ➢ East Collier/Hendry County Line ➢ West Collier/Lee County Line 8 rna.,3oo-ee amdm ra i Bwtl � E Feldn inimdFal ee nn _ v f, oitlanGamShdW - - G.I d- Ga 9' Carroll & Carroll 17 6061 Market Area Introduction The property being appraised lies within the boundaries of the Immokalee Planning Community which is a 26 square mile area centered on the unincorporated community of Immokalee. Immokalee is in north central Collier County approximately 25 miles east of the Gulf of Mexico, six miles south of the Collier County -Hendry County line and 18 miles north of I-75. The Immokalee area is home to Lake Trafford, which is the largest lake in Collier County encompassing 1,500 acres. At the county's formation in 1923, Immokalee was the only non -coastal settlement. Today it remains the only interior community of considerable size. Immokalee was fairly isolated from the coastal area until the Immokalee Road (CR-846) was rebuilt and resurfaced in 1955-56. With major improvements to the transportation system, Immokalee became a thriving center of ranching, farming, and lumbering. Immokalee is the agricultural center of an area that includes parts of Collier, Lee, Glades and Hendry counties. The economy is dominated by the agricultural industry which employs over a third of the working population in ranching, truck farms and citrus. This industry has made Immokalee the leading domestic producer of winter vegetables for the United States. Most of the land and agricultural business is vested in a few large corporate - owned enterprises. Environmental Influences This area is desired because of mild winter weather and easy access to miles of beaches. The subtropical weather allows for year-round recreational opportunities. Boating and swimming are popular activities and boating is supported for seasonal residents and tourists by local marinas and charter boats. Bicycling, walking, and jogging are supported by an extensive network of connected biking and walking paths. Collier County has more golf courses per capita than most areas in the United States. Development has occurred in such a way that the open -space and lush landscaping give the appearance of a well -manicured, tropical paradise. Governmental Influences This market area is governed by Collier County Board of County Commissioners which serves as chief legislative body and five constitutional officers: sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser. County government is managed by a strong county manager structure. Collier County provides services which range from average to high quality. However, Collier County is known for being a difficult county for building and development. The tax burden in Collier County is lower than the national average. Carroll & Carroll 18 6061 Report Market Area County government has zoning and comprehensive plan ordinances (Immokalee Area Master Plan) designed to protect the character and values of property; to protect and enhance economic development; and to maintain and enhance the attractive nature of the area. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Collier County Sheriff Department provides full range of services for Collier County. According to the statistics listed by Florida Department of Law Enforcement, Collier County crime index falls in the lowest 16% of all counties in Florida and crime rate has decreased nine out of the past ten years. About 78% of all crime is either burglary or larceny. This market area is served by several major roadways including Immokalee Road (CR 846), State Road 29, State Road 82, and Oil Well Road. Immokalee Road (CR 846) is a 6-lane, divided, east -west arterial highway connecting the north coastal community with north, interior Collier County and ultimately with the regional agricultural center of Immokalee. East of the I-75 interchange, Immokalee Road has been widened to six lanes as far as the Orangetree subdivision at Oil Well Road. The remaining ±16 miles to Immokalee are a two-lane asphalt road that is heavily traveled and dangerous due to morning and evening rushes mixing with heavy truck traffic. The extension of four lanes on to Immokalee is not in the current 5-year plan. This is the County's northernmost relevant east/west arterial. Development along Immokalee Road is clustered almost exclusively west of Collier Boulevard at the major intersection of Collier Boulevard, Interstate I-75, Airport Road and Tamiami Trail. Development consists of single/multi-family residential, as well as office and retail uses. State Road 82 is two/four land arterial road extending from US-41/Cleveland Avenue in Downtown Fort Myers and extending east 29 miles until it ends at State Road 29. The road serves the City of Fort Myers, Lehigh Acres, and the Immokalee area. Development varies from intense commercial development in the Fort Myers area to farmlands/wetlands as it approaches State Road 29. Oil Well Road is a primarily 4-lane east -west asphalt paved road extending east from Immokalee Road approximately 10 miles to the entrance of Ave Maria. Development along this road begins with a mixture of single-family residential near Immokalee Road and gradually changes to open farmland. Carroll & Carroll 19 6061 Report Market Area State Road 29 is the principal highway through Immokalee. This two lane, asphalt surfaced, highway runs south from Immokalee to Everglades City in the Ten Thousand Islands and north from Immokalee to La Belle in Hendry County. State Road 82 intersects State Road 29 north of Immokalee providing access into the City of Fort Myers. The state road system leading into Immokalee is in good condition. The Immokalee urban area traffic network is focused on Main Street (State Road 29) as it passes from east to west through the center of town and then turns north toward LaBelle. Immokalee Road (CR-846) from Naples enters south Immokalee, turns east joining Main Street, then continues into the agricultural areas of Hendry County about 8 miles east of Immokalee. Asphalt surfaced, 2-lane local collectors consist of New Market Road/Westclox, a northwest -southeast neighborhood collector through the heart of the agricultural market area and into the northwest residential neighborhoods, Immokalee Drive, an east -west neighborhood collector serving developing residential districts west of SR-29 and Lake Trafford Road, a medium collector connecting the northwest Immokalee commercial district on SR-29 with residential neighborhoods and the Lake Trafford recreational area three miles west. Local streets, sometimes asphalt paved and sometimes not, are typically laid out on a grid pattern. Connectivity is fairly good, but the community remains segmented by the road system. Public transportation is provided by a county transit bus service. Social Influences The Immokalee market area ranges from planned developments to mostly undeveloped land. This area remains as one of the last areas in Collier County with large tracts that are developable. Most are still being used for agricultural purposes, but Collier County has designated much of this land as Rural Lands Stewardship area, promoting future growth. The purpose of this program is to encourage smart growth patterns in rural areas of the county per the Growth Management Plan. Collier County's objective is to create an incentive -based land use overlay system, herein referred to as the Collier County Rural Lands Stewardship Area Overlay, based on the principles of rural land stewardship. The Stewardship Send Area (SSA) is used to issue designated Sending Area Stewardship credits to property owners which may be used to entitle Stewardship Receiving Area (SRA) which can be in the form of self-contained planned urban developments in the RLSA. This area has grown considerably in the past 10 years with the growth of Ave Maria. US Census Bureau, Esri forecasts, 2020 population is 34,886 with a projected growth to 37,492 (9.31% growth) by 2025, which will mainly be attributable to the growth and development of Ave Maria. The population also nearly doubles during the winter months in Immokalee due to agricultural seasonality. This increase occurs during the winter when the harvest season for vegetables and citrus is at its peak. Carroll & Carroll 20 6061 Market Area The median age in the Immokalee market area is 28.3, significantly lower than the county average. Only 15.7% of the population being 55 and older and 43.8% is younger than 25. The median household income is $38,110 which is approximately 61% lower than the county's median household income of $71,593. Carroll 8v Carroll 21 6061 Market Area � Demographic and Income Pm L_. lmn-okalee Area: 241.15 square miles Prepared by EsH Summary CAffmkmik 2010 2028 3DM Papulatnn 25,853 34,294 37,402 Households 6,148 8,572 9,443 Farnd res 4,884 6,799 7,453 Avrrage FJousehold Sbm 3.99 3.83 3 83 Owner O=pied Housing Units 2, S74 3,991 4,415 Renter Occupied Mousing 1h1its; 3,574 4,501 4,9g3 Hedian Age 26.8 28.1 29.1 Trddsr =D-2=5 Annual Rate ArWY Stem MaNmd PDpula4an 1-90% 1-33% 0.720A Households 1.am i-27% 0.72% Farnil res 1.85% 1.23% 0.640A Owner HHs 2-14% 1.22% 0.72% Median Household Income 0-91% 1.51% 1.64% 2020 21d25 Households by Incumm Murry Permnt Humber %rcrM ,z515,0214 1,424 115-" X,445 15.4% $15A00 - $24,999 1,d41 16.9% > 529 16.3% $25A00 - $3.i1999 1,108 12.944 X,202 12.9% $35A00 - $49.9% 1,176 13.70A X,314 14.09a 450A00 - $74,999 1,400 16.3% X,575 16.7% $75A00 - $99,999 937 9.80A 978 10.40A $1130,000 - $149.999 714 8.3% 901 9.6% $150.000 - $199.999 289 3.4% 285 3.40A $200,000+ 183 2.1% 190 1.9% Median household lncome $38,110 ;39,912 Average Ftuseho-ld Income $55,432 358,415 Per Capita Income $13,950 ;14,745 Cenaus 2010 2020 2029 IOpuhrkiSn blr AN& Number 1 ement Murry Percent Humber Permit 8 - 4 2,714 14-5% 3,262 9.5% 3,579 9.50A 5 - 9 2,3% 9.3% 3,125 9.1% 3,331 8.9% 10 - 14 2,127 8.2% 2,923 8.29a 3,179 8.5% Is- 19 2,386 9.2% 2,767 8.1% 3,041 8.1% 2h - 24 2,433 9.4% 3dU60 8.94. 3,101 8.3% 25 - 34 4,615 17.11% 5,959 17.494 d,090 1d.2% 35 - 44 3,375 13-1% 4,d43 13.04. 5,119 33.7% 45 - 54 2,633 10.2% 3,474 10.194 36772 10.1% 55 - FA 1,765 C-R% 2,797 8.2% 3,034 0.1% 65 - 74 962 3.7% 1,685 4.9% 2,038 5.4% 75 - 94 355 1.4% 719 2.1% 999 2.60A 85+ 43 0-4% 175 4.5% 233 0.60A [emus 2010 2020 2025 Race and Ethnicity Number Pervent Murnher Permnt Humber Permit whir Alone 11,679 45.9% 1iS,631 48.50A 18,499 46.30A [lack Alone 4,631 17.916 W6 16." 5,338 16.9% Amencan Indian None 243 0.9% 270 1180A 203 0.80A AsonAlone 58 0.2% 136 O.d96 162 0.A% Pacific fslenderAlone di 13-2% 41 0.1% 40 0.1% Some Ottler Ram None 7,969 30 8% 10,166 29S644 1X,11fi 29.6% Two cr Mon- Races 1,032 4.0% 1,358 4-0% X,454 3.9% HispmnicOrign(AnyRace) 19,039 73_&% 24,996 72-6% 27,585 73.6% Dab Nets UKan v i& opSwiss6W in curmff dAar4 S&unu: U.S. Contra Bdrary, Caasus 2010 Sumwury Fir J. Earl Poroeaac far 2020 a4d 2D75. March 24.2021 Carroll & Carroll 22 6061 Market Area snDemographic [mmokalee Area: 2d1-15 square miles Prepared by EsH Tm1'1!ls 2020-2025 2 � 1-a 1.6 EL 1.A � S.P 1 13C o.a 1 o.b ■ Area 4 ■ State 11.P ■ USA 13 Papulatien House) ' Lh. Fair. ie..: Dwner HHs Median HH Income Population by Age 16 14 12 10 $" 8 a ■ xa�� ■ 2025 a 0 0-4 5-;3 La•-•1 =-L9 '_a•21 =-39 35-AI 15-5,1 55-" 65-?,1 75-94 S5+ 2020 Household Income 2020 PopulaUori by Race $a5K.4aer „6JL% a 5 AU a55K.-iinrc i#.{+rr SA5R 35 rddh � 30J 25 �268r[+ #.ihr 20 R JA6K-54HK ii.}ir J 1 yY 15 i1C8K • 434%K 10 8!'x S f5dc-#K. W56K rri+a OirSr 0 Whitr Nadr Am. Ind- A� Patric dtbar Two-+ 21U0 Percent Hispanic Origin_72.646 te rew U.S. Corm LkjmwL Circus 28 t0 SLe mare Flo- t. Era farata=far 21120 and 2025. March 24, 2021 Carroll 8v Carroll 23 6061 Market Area Economic Influences This area's income levels are considerably lower than the County's average. The average household income in 2020 was $55,432 which is 48.9% less than the county average $108,633. In the subject market area only 13.8% of the households have annual incomes greater than $100,000, compared to the county figure of 35.1%. On the other hand, 46.3% of households have average household incomes of less than $35,000. The economy of rural Southwest Florida has been and continues to be based primarily on agriculture, which has not kept pace with job growth and income levels throughout the state of Florida. Rural Florida continues to have lower earned income, higher unemployment, lower property values and fewer opportunities for employment. The median home value is $204,790 which is less than the County's median home value of $369,596. Total number of housing units in the market area is 10,140, of which, 39.4% are owner occupied, 45.2% renter occupied and 15.5% vacant. Vacancy includes seasonal rentals. Development trends: Residential Residential development density varies from less than one unit per 10 acres in agricultural districts, to as high as eight units per acre in the high -density residential areas in Immokalee. The Immokalee area of housing diversity ranging from large ranch style homes to low-income housing. In the immediate Immokalee area, the density of residential development is relatively high and there are many substandard structures. Other parts of the market area include acreage homesites and the planned development of Ave Maria. The Town of Ave Maria is an entire town including a University. Ave Maria is accessible from both Oil Well Road and Camp Keais Road. The campus and town are 30 miles from Naples and just 10 miles from Immokalee. Ave Maria totals about 5,000 acres, of which nearly 20% has been designated as the University campus. When completed, the Town will contain some 11,000 residential dwellings in a wide variety of price ranges and neighborhoods. Residential units include rental apartments, condominiums, starter homes, and estate homes. Over the past 8+ years there has been a residential boom in Ave Maria ranking it as the number one selling single-family community in the Naples -Ft Myers market. Ave Maria has sold more than 3,000 new homes since the development first opened. As of March 2021, Ave Maria had over 200 new home sales contracts since the first of the year which marked the strongest year of sales since the development opened in 2007. Ave Maria currently has four national home builders including, Del Webb, CC Homes, Pulte Homes, and Lennar. There are a total of 75 floor plans between the builders with prices ranging from the low $200s to over $500s. Carroll & Carroll 24 6061 Report Market Area The goal of the University is to become the major Catholic University in the south, with some 5,000 graduate and undergraduate students. Also, within Ave Maria is the Arthrex Commerce Park. Arthrex, Inc. is a world-renowned medical company. The first phase of the park consists of a 197,000 square foot manufacturing facility on 57 acres, opened in the summer of 2013. The Arthrex Commerce Park will eventually encompass 200 acres to accommodate future growth. Commercial The majority of the commercial development in this area is located along Main Street/SR 29 and New Market Road. The newest development is located near the intersection of Lake Trafford Road and SR 29. This is where the majority of the franchise restaurants and national companies are located. Small commercial businesses support the majority of neighborhood needs. Small retail shops are about 50% owner occupied family businesses. Commercial businesses run the gamut from ethnic restaurants, grocery, hardware, clothing, furniture, and auto parts. Most of the commercial buildings are over 40 years old and are legally nonconforming with current development standards. Redevelopment would require larger setbacks; hence, gentrification and routine maintenance has allowed buildings to exist beyond their economic and physical life expectancy. Many of the larger businesses in the market area are agriculturally related and function as produce packing and shipping operations that operate primarily during harvest season. These large agricultural businesses provide most of the employment. Immokalee also has a large industrial component that is located on the east side of town were processing plants, packing houses and similar agri-industrial uses are located. The Public Facilities category is composed of the Immokalee Airport, the University of Florida Institute of Food and Agricultural Science (IFAS) experimental farm, the Seminole Indian reservation, schools, and government facilities. The Seminole Casino Immokalee is 24 hour/7 days a week casino located along east side of Immokalee Road as you enter into Immokalee. Gaming at the casino includes blackjack, high paying slots, and live -action poker. In 2009 the casino received a $22 million renovation. The casino now contains 75,600 square feet and a 750-seat outdoor pavilion for music performances was also added. The newest addition to The Seminole Casino Immokalee is the Seminole Casino Hotel which offers 19 suites along with 80 deluxe rooms. Carroll & Carroll 25 6061 Market Area MARKET AREA BUSINESS SUMM AR Total Ettsirkesses Total Employees Total Population Employee/Pop. Ratio Industry Agriculture[ —6aig Construction Manufact u hig Transportation Conuntu- ication Utility Wholesale Trade Retail Trade Finance/Insurance/Real Estate Services Government Unclassified E.stablislunents 6-)1 13,378 34,29S 39 Businesses Employees 34 1,13 35 116 10 47 19 108 7 39 5 38 30 831 138 1,548 37 192 229 8,695 23 622 55 2 I.S. Ce?ugwBureru. Cepums2010 Swra ivy File T. E?si fo?eca5& fo?-2020avrd2025 According to the business summary report, the service, retail trade, and agriculture/mining industries lead the business sector. However, the agriculture industry does dominate this area and the above report might not take into account the number of part time/seasonal employees. The agriculture economy is primarily based on a combination of commodity prices and crop yields. In other words, if the farmers are making money, so will the local and regional businesses. Farming is always uncertain and usually has a pattern of a few exceptional years to more years of marginal profit or worse. Over time the lean and rich years appear to average out to a steady economy. Agricultural labor is the driving force behind the market area. During peak harvest season (Oct -May) the immediate area is inundated by Mexican, Guatemalan, and Haitian migrant populations requiring close proximity to local employment or local crew bus pick-up points for field harvesting. The Collier County School Board operates four elementary schools, one middle school and one high school. These schools are located within walking distance of most of the urban area and are easily assessable by those who require transportation by school bus. Also located in the neighborhood is the Immokalee Technical Center. The Immokalee Technical Center is a three-story, 90,000 square foot state of the art career center, with technical Carroll & Carroll 26 6061 Market Area education programs for high school students and adults. The center offers programs in industrial engineering, health services, business technology, and human services. 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. There has been considerable recovery in the Immokalee residential real estate market, especially in Ave Maria which continues to be the number one selling single-family community in the Naples -Ft Myers. Well located commercial land in Immokalee has also increased, but other segments of the commercial market including agricultural packing/distribution facilities appear to have remained flat for at least the past five years. Developers are also taking positions by purchasing large tracts of land throughout the market taking advantage of the population growth and the density benefits of the Rural Lands Stewardship Area Overlay. Overall, the market area is considered to be in a period of growth. CONCLUSION In summary, the Immokalee community is primarily supported by Immokalee's agri- business. The success of future commercial development depends on the vitality of Florida agriculture in a global economy. The outlook for the foreseeable future is always uncertain with the volatility of agricultural markets and legislation on international trade. Future growth of gaming and Ave Maria will help to stabilize and diversify Immokalee's economy. On the other hand, the Rural Lands Stewardship Area of the market area, will continue to grow. There are two large projects (Hyde Park Village and Rivergrass Village) currently in the process of trying to obtain Stewardship Receiving Area (SRA) designation. This is one of the last remaining areas in Collier County with tracts of land available for large scale developments. The road network and infrastructure are sufficient to accommodate future growth and with the success of Ave Maria, development to the east has become a proven concept. The affordability will also be one the main drivers for future growth. Carroll & Carroll 27 6061 Report PROPERTY INFORMATION Lehigh Acres , Crew WiIdiife Management Area ,Herit erBay # _.4. Property Information V Okaloacaochee Slough Wildlife t Management Area • y -------------- ; 1 ------ - - - - -- 1 R �++ SAr4DERS PJraES - - aw D Immokalee I O ra ng etree Ave Maria Carroll & Carroll 28 F "' 0 6061 Report Property Information SITE DESCRIPTION Legal Description Lengthy legal description copied into the addendum of the report. Property ID# 00053815006 Owner of Record Brian Blocker Size I was not provided with a boundary survey and therefore I relied on the total acreage on file with The Collier County Property Appraiser. 24.50 Gross Acres Easements/Restrictions The subject is encumbered by a 60' road easement for Trafford Oaks Road that extends along the northern boundary of the property. It is also encumbered by a 30' drainage easement located along the western boundary. The subject is also located within the Trafford Oaks development, which has deed restrictions. I asked for but was not provided a copy of the deed restrictions. Shape Trapezoid Frontage The subject fronts along the south side of Trafford Oaks Road for approximately 1,282 feet. Access The subject is provided both physical and legal access from Trafford Oaks Road. Trafford Oaks Road is a two-lane privately maintained paved road extending west from Pepper Road and running along the north and west side of Lake Trafford. The road is gated and is accessible to the property owners. Topography Based on my physical inspection, the property is generally level, but below road grade. There is a drainage canal extending along the south side of Trafford Oaks Road and along the western boundary of the property. There is also a small man-made lake near the northwest corner of the property near Trafford Oaks Road. As of the effective date of the appraisal, all of the property I could see from Trafford Oaks Road was covered with water. Ground Cover The property is covered in native and exotic vegetation. The property is in its native state and has never been cleared. I was provided with a Conservation Collier Initial Screening Report dated October 2021. Carroll & Carroll 30 6061 Report Property Information The map and observations indicate the presence of mixed scrub -shrub wetland across the majority of the property, a small section of marshes in the central portion, and residential low density at the northwest corner of the property. The majority of the property and the land use covers are various types of wetlands and therefore the majority of the property could potentially be jurisdictional wetlands. Utilities Electricity, telephone and TV cable are available. The property is currently serviced by well and septic. Surrounding Land Uses The subject is located along the northern side of Lake Trafford. Located to the north and east is the 2,512-acre Pepper Ranch Preserve and other state-owned conservation land. This also connects to the Corkscrew Regional Ecosystem Watershed (CREW) which consists of over 60,000 acres of South Florida Water Management District lands. Located to the south is Lake Trafford and to the west are single-family residences and vacant land. Demographics (2021) 2 mile 5 10 Population 6,914 20,549 36,765 Households 1,631 4,782 9,422 Median HH Income $30,020 $30,748 $50,455 Median Home Value $161,290 $149,216 $249,785 Site Improvements None Carroll & Carroll 31 6061 Report Property Information SUBJECT PHOTOGRAPHS View to the west along Trafford Oaks Road. (Photo Taken June 27, 2022) View to the southeast from Trafford Oaks Road. (Photo Taken June 27, 2022) Carroll & Carroll 32 6061 Report Property Information View to the south near the northwest corner of the property. (Photo Taken June 27, 2022) View to the south from the central portion of the property. (Photo Taken June 27, 2022) Carroll &, Carroll 33 / / /\ P4 Z 'i W-jt- 'PE 6061 Report Propertv Information ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment No Available 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. Carroll & Carroll 35 6061 Report Propertv Information 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 dated October 2021. The staff used two methods to determine native plant communities present: review of South Florida Water Management District (SFWMD) electronic databases for Department of Transportation's Florida Land Use, Cover and Forms (FLUCCS) 1994/1995 and field studies. The map presented on the following page indicates the presence of mixed scrub -shrub wetland across the majority of the property, a small section of marshes in the central portion, and residential low density at the northwest corner of the property. The majority of the property and the land use covers are various types of wetlands and therefore the majority of the property could potentially be jurisdictional wetlands. The property/habitat would support the presence of many species including the Florida Panther, which heavily use this area. Other listed species such as the wood stork and the Bonneted bat likely forage these parcels. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. Natural Resource Audits Available No Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser's required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional Carroll & Carroll 36 6061 Report Property Information 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. Carroll 8v Carroll 37 6061 Report Property Information Initial Criteria Screening Report Owner Name(s): Emily Arnold, Brian Blocker, Moody Crawford Trust Date: October 2021 Vegetation and Habitat Figure 14: Department of Environmental Protection and Water Management District Florida Land Use and Cover Classification System (FLUCCS) Initial Criteria Screening Report Emily Arnold, Brian Blocker, Moody Crawford rust Parcels Florida Land Use Cover Classification System Map Lagend Emrywmaa &'unnadxPxoal AlmayGew Fer QTr,et CLC Lend Cover Ca Chay2 Palm CYPsfs CYPhs S�Tuuwtglrtcl CYrTu FlutiivyEmrgenf IWuatc Vpwtim Imp,rvhQ Pasture LM1fhr! Mxstus uuic Fun.ewes M6ee Hxm.mQConlrpxs MMN S,ictr�irlQ) W.IInM M t.wQ W.Ualw 35rltwmN l -.l Linn a 6 Px , R.ilQan,iel, Low D—IV 0 9.5 1 Miles 33 Carroll & Carroll 38 6061 Report Propertv Information FUTURE LAND USE Ordinance or Plan Collier County Growth Management Plan Future Land Use Designation Open Area of the Rural Lands Stewardship Area Overlay District Purpose of Designation The purpose of this program is to encourage smart growth patterns in rural areas of the county per the Growth Management Plan. Collier County's objective is to create an incentive -based land use overlay system, herein referred to as the Collier County Rural Lands Stewardship Area Overlay, based on the principles of rural land stewardship. The Stewardship Sending Area (SSA) is used to issue designated Sending Area Stewardship credits to property owners which may be used to entitle Stewardship Receiving Area (SRA) which can be in the form of self-contained planned urban developments in the RLSA. This future land use designation allows such uses as agriculture and related uses, essential services, residential (maximum density of 1 dwelling unit per 5 acres), parks and open space, earth mining, etc. The subject is currently identified within the open area. It could be eligible for the Stewardship Receiving Area (SRA) designation. Open areas not developed as SRA's and not protected by easements remain under baseline agricultural zoning rules, allowing agricultural uses, potential conditional uses, and residential development at 1 unit per 5 acres. Carroll & Carroll 39 6061 Report Propertv Information RURAL LANDS STEWARDSHIP AREA OVERLAY MAP Note: The official designated titles of SSAs can be found within SSA Credit Agreements. Carroll 8v Carroll 40 6061 Report Propertv Information ZONING Ordinance or Land Development Collier County Code Zoning "A-MHO-RLSAO" — Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay Purpose or Intent of Zoning The purpose and intent of the Rural Agricultural District is to provide land for agricultural, pastoral, and rural land uses. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, and group care facilities are available under conditional use provisions. It is also a "holding" classification applied to land the future development of which is uncertain. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, group care facilities, and earth mining are available under conditional use provisions. It is also a "holding" classification applied to land the future development of which is uncertain. The maximum shall not exceed the density permissible under the density rating system. Below are the development requirements as set forth in the Agricultural Zoning District: Minimum Lot Area: 217,800 square feet or 5.00 acres Minimum Lot Width: 165 feet Minimum Front Yard Setback: 50 feet minimum Minimum Side Yard Setback: 30 feet Carroll & Carroll 41 6061 Report Property Information Minimum Rear Yard Setback: 50 feet Maximum Building Height: 35 feet The Mobile Home Overlay (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when certain requirements and procedures are met. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. Carroll 8v Carroll 42 6061 Report Propertv Information 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 00053815006 Assessment and Tax Year 2021 Combined Land Assessment $22,050 Improvement Assessment $0 Total Assessment $22,050 10% CAP ($0) AG Exemption ($0) Taxable Value $22,050 Ad Valorem Taxes $297.84 Non- Ad Valorem Taxes $0 Total Taxes $297.84 Taxing Authority/Jurisdiction Collier County The total assessment is $900 per gross acre of land area. The land assessment is within the range of other similar parcels. The assessment is significantly less than my estimate of market value. The 2021 total assessment reflects no change from 2020. The 2021 real estate taxes increased $2.54 from 2020. As of the appraisal effective date the 2021 taxes have been paid. Carroll & Carroll 43 6061 Report Propertv Information FLOOD ZONE DATA Flood Zone AE & AH Flood Zone Comments Zone AE - Areas subject to inundation by the 1-percent-annual-chance flood event determined by detailed methods. Base Flood Elevations are shown. Mandatory flood insurance purchase requirements and floodplain management standards apply. Zone AH — Areas of 1% annual -chance shallow flooding with a constant water - surface elevation (usually areas of ponding) where average depths are between 1 and 3 feet. Base flood elevations determined. Community Panel Number 12021C0110H, 12021C0130H, 12021C0140H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps Carroll & Carroll 44 6061 Report Property Information National Flood Hazard Layer FIRMette —�x FEMA send -- o 250 anti 1.000 1.500 z,aao I.Orl1VLN Rasamap. uSOS Naliona! Map 0,tW agery- Data m0maRed October; 2D2D Vn't T1asen dEl-.M.fRFEI SPECIAL HOOD wm� eFEorDepN eu—xxm -- HAZARRAREAS Regulatory Flo rdwsy 02%annual Chan Flood Ha-rd. Areas of 114 annual thence flood w h arerege depth lees than one foot or wdh dmaege areas of less man one square mwe z, n 1 IL�. FLture Conddlans 1%Anmca Chance Flood Halard -c.r P/`,o Area wan Reduced Flood Risk due a OTHERARFASOF L-- See later. �w.ax FLOOD HAZARD i Area WIM Flood Risk due In La—r rme p xAml Area of MNlmal Flood Ha—d max Effecura LowiR DTIERARELS Area of IhMetermine0 Flood Hared iaen GENERAL ---- 1—Cut—.orS—Sewer STRtZPANS rr[r.rt ievee. mi,e.nr F—... » Cmss Secllons wlthl%Annuar Chance ria water Surface EEevatlon - - - CoastsETransecn --- n__ flood El —van une 46FP — Ltmn of Study dwlsdl[elon 9amdary ---- Casstat rransect aasellne I]iRf1t - profile aasepne FFAT11RE Hydrograpmcfeatum OlgNal tiara avallahre ` No btgllal Date Available MAP PANELS unrnspped r Toe pa dN.played on the map. an rpprosrmale point seleaed by the user and does no[ represent an "hwltaM property lomllon. 1— map mmpaes-th FCMA's arandarda Mr the use of dlgnal flood maps if rt Is not your es deealhed hebw. Tne oasemep shown usmpN. wAh FEMA's basemap accure y standards Tne flmd hazard Infprmatbn k deelwed dHeaby from the authunsar, a NFHL web senates rt—lded by PEMA Thls map was exported on bj 2'1/2022 a12:31 Psi end does not re}lect changes w mentlnxnts subsequent m this date and vme. The NFHL and etf-- Ndormatloo may change or becmne superseded ay rrew.. oral tlme. ThKmaP Image Es void if fire one a more of me following map elementsdo not appear: hasemsp Imegamod ry.l. Wbem, legend. scale we. map cmauon date. community identYlem- PoRM panel num➢sr, ma FIRM effeciuve date. Map Images for mapped and unrr minted areas ca—L De used for mguletary purposes. Carroll & Carroll 45 6061 Report Propertv Information TRANSACTIONAL HISTORY Sales History There have been no transactions 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. Carroll & Carroll 46 6061 Report Highest and Best Use HIGHEST AND BEST USE DEFINITION The Dictionary of Real Estate Appraisal, 7" 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: Collier County designates this property as "A-MHO-RLSAO" — Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay with a Future Land Use of Open Area of the Rural Lands Stewardship Area Overlay. The current zoning allows a maximum density of one residential unit per five acres. The zoning ordinance and future land use are consistent in identifying the property for residential uses, community facilities, private schools, or varying types of ancillary agricultural uses. A maximum of 12 residential units (0.20 units per acre) could be developed under the current future land use. The subject is located within the Trafford Oaks development, which has deed restrictions. Physically Possible: If there were no significant environmental issues, the subject could be developed as 12 single-family home sites. Well and septic serve the property. The interior location along Trafford Oaks Road and the size of the property suggests some type of single-family use or agricultural use. Due to the number of wetlands on the property, mitigation will likely be required to develop any structures therefore reducing the number of homes that could be built. Carroll & Carroll 47 6061 Report Highest and Best Use Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Based on the number of new homes in the surrounding neighborhoods, single-family residential development appears to be financially feasible. Although it is not an economic use, acquisition of lands in the area by Collier County is encouraged for habitat preservation and conservation given the physical characteristics of the property. Maximally Productive: The maximally productive use is that portions of the property be mitigated and potentially developed with a single-family type of use. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. Carroll & Carroll 48 6061 Report Sales Comparison Approach 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: Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales of land comparable to the subject site. The intention was to find comparable sales in similar locations that offer similar functional utility. Five closed sales and one current listing were identified as the best available for analysis. Price per acre of gross land area was developed as the unit of comparison, since that is the unit best suited to the analysis, and the one most often utilized by local buyers, seller, and brokers of land similar to the subject parcel. Due to the location and physical characteristics, I elected to bracket the subject within the range indicated by comparables. This is preferable to a conventional adjustment process where the magnitude of adjustments is likely to be great, and there is little support for specific adjustments. Carroll & Carroll 49 6061 Report Sales Comparison Approach 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. Carroll 8v Carroll 50 6061 Report Sales Comparison A LOCATION MAP OF SUBTECT AND VACANT LAND COMPARABLES - -.------------------------------------------------------•- — Comp 1 La Belle - --— -----y--y-- --- „lu � � Renaud Part Babelle _ �lr ,�f 1111111111110 Camp 4 fr y ■ F A mww Ij Fo Myers `'Olga ida n � Shares \\ MorthfFa rochmoar '11Watenvay hp CoFald Eslat IPMWGregor L 1p t p a, Lai na Harlem J Heights Ohl Camp 5 Tice ' Buckingham - Comp 3 RICHM 6h{6— � JJ i I ■ i.TENNIAL Fart Payers; Le�Egh Acre9? F Gateway • # rkiQ Si f + II ! + T h OEM 1 � p 5 , ILP San Carlos Park46 1 1 P ■ 1� i IF 1 ,,r E-s era` Cam{ 2 THE RRt) KS .14 #-------- Okaloacoochee Slounh Wildlife Manajement nre Okaloacoochee Slough State Fore qw Immokalee D— Carroll 8v Carroll 51 6061 Sales Comparison Approach VACANT LAND COMPARABLE 1 ADDRESS 20800 Williams Drive, North Fort Myers, FL 33917 PROPERTY ID NO. 0443-25-00-00001.0040, 0443-25-00-00002.0010, & 04-43-25-00-00002.0020 SALE PRICE $680,000 UNIT AREA 55.24 acres UNIT PRICE $12,310 per acre DATE OF RECORDING June 03, 2021 O.R. BOOK -PAGE 2021000194997 CONTRACT DATE March 29, 2021 GRANTOR Gabriele Baum GRANTEE Charles and Ruth Soukup FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION DRGR and Wetlands ZONING AG-2 - Agriculture IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. The property was listed for $716,800 and was on the market 474 days. Carroll 8v Carroll 52 6061 Report Sales Comparison Approach VACANT LAND COMPARABLE 2 ADDRESS 20340 & 20620 Lazy D Farm Road, Estero, FL 33928 PROPERTY ID NO. 2846-27-00-00001.0230 & 28-46-27-00-00001.0140 SALE PRICE $580,000 UNIT AREA 55.03 acres UNIT PRICE $10,540 per acre DATE OF RECORDING May 14, 2021 O.R. BOOK -PAGE 2021000161982 CONTRACT DATE March 28, 2021 GRANTOR Terry Paskiet GRANTEE Marcoaldi Investments, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION DRGR and Wetlands ZONING AG-2 - Agriculture IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. The sale appears to be an arms -length transaction. The property was listed for $775,000 and was on the market 13 days. Carroll & Carroll 53 6061 Report Sales Comparison Approach VACANT LAND COMPARABLE 3 ADDRESS 1600 & 1800 G Road, Labelle, FL 33935 PROPERTY ID NO. 1-29-44-10-A00-0002.0100 & 1-29-44-10-A00-0002.0000 SALE PRICE $605,000 UNIT AREA 64.26 acres UNIT PRICE $9,415 per acre DATE OF RECORDING November 17, 2021 O.R. BOOK -PAGE 202126015834 CONTRACT DATE September 14, 2021 GRANTOR David and Andrea Hight GRANTEE Rafael Ubeda FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Agriculture ZONING A-2 - General Agriculture Property is in improved and semi -improved pasture and includes a 1 bedroom/1 bath 504 IMPROVEMENTS square foot mobile home/cottage with a new split air conditioning system, well and septic. Tract has a pole barn and is fenced. UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Sherri Denning, listing agent. She verified the sale price and the arm's-length nature. The property was listed for $674,730 and was on the market 11 days. Carroll & Carroll 54 6061 Report Sales Comparison Approach VACANT LAND COMPARABLE 4 ADDRESS 1536 A Road, Labelle, FL 33935 PROPERTY ID NO. 1-29-43-27-010-0002.1220 SALE PRICE $575,000 UNIT AREA 75.88 acres UNIT PRICE $7,578 per acre DATE OF RECORDING October 01, 2021 O.R. BOOK -PAGE 202126013133 CONTRACT DATE August 20, 2021 GRANTOR Richard & Pamela Crockett GRANTEE Mien Tay Orchard FL, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Agriculture ZONING A-2 - General Agriculture The property is an orange grove and improved with a drip irrigation system and one 8" IMPROVEMENTS well. UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Sherri Denning, listing agent. She verified the sale price and the arms -length nature. The property was listed for $607,040 and was on the market 18 days. Carroll & Carroll 55 6061 Sales Comparison Approach VACANT LAND COMPARABLE 5 ADDRESS E Road, Labelle, FL 33935 PROPERTY ID NO. 1-29-44-03-A00-0002.0000, 1-29-43-27-010-0002.0470, 1-29-43-27-010-0002.0460 SALE PRICE $475,000 UNIT AREA 64.40 acres UNIT PRICE $7,376 per acre DATE OF RECORDING February 28, 2022 O.R. BOOK -PAGE 202226002810 CONTRACT DATE November 30, 2021 GRANTOR El Philemon, LLC and T&RS, FL. Properties, LLC GRANTEE Christina and Johnny Guerrero FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Agriculture ZONING A-2 - General Agriculture IMPROVEMENTS Perimeter fencing UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Larry Bailie, listing agent. He verified the sale price and the arm's-length nature. The property was listed for $500,000 and was on the market 31 days. Carroll & Carroll 56 6061 Report Sales Comparison Approach VACANT LAND COMPARABLE 6 (LISTING) ADDRESS Lake Trafford Road, Immokalee, FL 34142 PROPERTY ID NO. 00054200005 SALE PRICE $500,000 UNIT AREA 39.52 acres UNIT PRICE $12,652 per acre DATE OF RECORDING N/A O.R. BOOK -PAGE N/A CONTRACT DATE N/A GRANTOR Peninsula Imp Corp. GRANTEE N/A FINANCING N/A TOPO-ELEVATION Level and slightly below road grade. GROUND COVER Native Vegetation LAND USE DESIGNATION Rural Lands Stewardship Area Overlay District A-MHO-RLSAO — Rural Agricultural District including a Mobile Home Overlay and ZONING Rural Lands Stewardship Area Overlay IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Austin Howell, listing agent. He said that they have had multiple offers at $400,000 with quick closings, but none were accepted. Carroll 8v Carroll 57 6061 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 Immokalee N. Ft. Myers Estero Labelle Labelle Labelle Immokalee PROPERTY IDENTIFICATION Blocker 20800 Williams 20340 & 20620 1600 & 1800 1536 A Rd E Rd Lake Trafford Trafford Oaks Rd Drive Lazy D Farm Rd G Rd Rd. SALE PRICE N/A $680,000 $580,000 $605,000 $575,000 $475,000 $500,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Market Listing 0 0 0 0 0 0 BUILDING IMPROVEMENTS Cleared None None Minimal Cont. No Contribution None None 0 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller N/A Equivalent 0 0 0 0 0 0 ADJUSTED SALE PRICE N/A $680,000 $580,000 $605,000 $575,000 $475,000 $500,000 Recording Date N/A 06/03/21 05/14/21 11/17/21 10/O1/21 02/28/22 06/27/22 Months Prior To Effective Date 06/27/22 12.79 13.45 7.30 8.84 3.91 0.00 MARKET CHANGE ADJUSTMENT N/A 9.6% 10.1% 5.5% 6.6% 2.9% 0.0% ADJUSTED SALE PRICE N/A $745,217 $638,486 $638,114 $613,135 $488,936 $500,000 Parcel Area in Gross Acres 24.50 55.24 55.03 64.26 75.88 64.40 39.52 PRICE PER ACRE ? $13,491 $11,603 $9,930 $8,080 $7,592 $12,652 LOCATION ADDRESS Trafford Oaks Rd Williams Dr. Lazy D Farm Rd G Rd A Rd G Rd Lake Trafford LEGAL ACCESS Yes Yes Yes Yes Yes Yes Yes PHYSICAL ACCESS Yes Yes Yes Yes Yes Yes Yes OVERALL LOCATION Average Superior Superior Inferior hiferior Inferior SL Superior 0% 0% 0% 0% 0% 0% UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar 0% 0% 0% 0% 0% 0% COMP. PLAN RSLA DRGR/Wetlands DRGR/Wetlands Agriculture Agriculture Agriculture RSLA ZONING A - MHO AG-2 AG-2 A-2 A-2 A-2 A - MHO 0% 0% 0% 0% 0% 0% SIZE IN ACRES 24.50 55.24 55.03 64.26 75.88 64.40 39.52 SHAPE/CONFIGURATION Trapezoid Similar Similar Similar Similar Similar Similar 0% 0% 0% 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Similar Similar Superior Superior Superior Similar WETLANDS Yes Minimal Yes None None None Yes 0% 0% 0% 0% 0% 0% GROSS ADJUSTMENT N/A 1 0% 0% 0% 0% 0% 0% INDICATION OF UNIT VALUE ? 1 $13,491 1 $11,603 1 $9,930 1 $8,080 1 $7,592 1 $12,652 OVERALL COMPARISON I SUPERIORI SUPERICIRI SIMILARI SIMILARI SIMILARI SUPERIOR Carroll 8v Carroll 58 6061 Report Sales Comparison Approach 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. Carroll & Carroll 59 6061 Report Sales Comparison Approach • Comparable 3 was improved with some minor improvements that might have contributed minimal value. Instead of making adjustment, it will be considered in the final reconciliation. 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 market are appreciating due to the demand for vacant land and record low interest rates. The buyers of the comparable sales include a mix of owner -users and land speculators. The sales utilized in the report range from less than a month to less than 11 months old. Based on the trend of per acre sales prices in this area, I applied a market change rate of 0.75% per month or 9.00% annually. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • There has been a lack of recent and historical land sales in this area and therefore it was very difficult to extract specific locational adjustments. For this reason, the comparables were bracketed with some being superior, similar, and inferior. 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. • None of the comparable sales required adjustment in this category. 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 Carroll & Carroll 60 6061 Report Sales Comparison Approach 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 is in its native state and is mostly all high -quality wetlands. The higher the quality of the wetlands, the higher the mitigation costs. It should be noted that the costs for mitigation credits are currently approximately $175,000 per credit. I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and sellers to determine the wetlands associated with the Comparable sales. Comparables 3, 4, and 5 all have no wetlands. Comparable 1 has a minimal amount of wetlands and Comparable 2 has varying amounts of wetlands. Comparable 6 is low and likely has wetlands. • No adjustments were made for physical characteristics and instead the comparables were bracketed with some being superior, similar, and inferior. Carroll & Carroll 61 6061 Report Sales Comparison Approach RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Acre of Land Area 1 $13,491 2 $11,603 3 $9,930 4 $8,080 5 $7,592 6 $12,652 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject site, the comparable sales and their indications of value were bracketed. Comparable 1 is located in North Fort Myers. This is a superior location with superior physical characteristics and therefore the subject should be less than $13,491 per acre. Comparable 2 is located south of Corkscrew Road in Estero. This is also a superior location with slightly superior physical characteristics and the subject's unit value should be less than $11,603 per acre. Comparables 3, 4, and 5 are all located in Labelle in inferior locations. All are vacant pasture or citrus grove land that is superior to the subject. Overall, Comparables 3, 4, and 5 are considered similar to the subject. Comparable 3 was improved with a mobile home and various site improvements, which likely contributed minimal value and therefore sets an upper limit at $9,930. Comparables 4 and 5 are the most similar indicating a unit value range from $7,592 to $8,080 per acre, however the waterfront location of the subject is superior to Comparables 3, 4, and 5. Comparable 6 is a current listing along Lake Trafford Road. This is a slightly superior location and the physical characteristics appear to be similar to the subject. The listing agent said they had offers at $400,000 or $10,121 per acre. Given its slightly superior location, the subject should be less than Comparable 6. The range of unit value indications is from $7,592 to $13,491 per acre with an average of $10,222 per acre for the five closed sales. The bracketing indicates a range from $7,592 to $11,603 per acre. The average of the most similar Comparables (Comparables 3, 4, and 5) is $8,534 per acre. Carroll & Carroll 62 6061 Report Sales Comparison Approach Based on the range of Comparables 3, 4, and 5 and the upward trend, I settled on a unit value of $9,000 per acre. ESTIMATE OF VALUE $9,000 per gross acre results in an indication of value for the subject as of June 27, 2022, of $220,500 (24.50 acres x $9,000 per acre), which rounds to $220,000. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Carroll & Carroll 63 6061 Report ADDENDA (In Order of Appearance) Page Topic Count Page(s) Addenda Page(s) Assumptions and Limiting Conditions............................................................................ 2 LegalDescription................................................................................................................. 2 FutureLand Use................................................................................................................... 24 Zoning.................................................................................................................................... 10 Qualificationsof Appraiser................................................................................................. 2 Carroll & Carroll 6061 Addenda 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. None None EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS HYPOTHETICAL CONDITIONS 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. Carroll & Carroll 6061 Addenda 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "bested" 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. Carroll & Carroll 6061 Report Addenda THIS INSTRUMENT PREPARED BY: Thomas K. Boardman BOARDMAN & SPILLER, P.A. 1400 North 15th Street, Suite 201 Immokalee, Florida 34142 PREPARED WITHOUT EXAMINATION OF TITLE Parcel I.D. No:�'O(9$$ 815006 h 281414 OR; 3426 PG; 0488 HCORDBD in OFFICIAL HCORDS of COLLIBR CODBTF, FL 10/21/2003 at 08:17AK DWIGBT I. BROCB, CLIRI COBS 50000,00 He FIB 10.50 DOC-.70 350.00 Retn: BOARDIAI 6 SPILLIR 1400 115TH St #201 IIIOIALH FL 34142 THIS SPACE FOR RECORDING DATA WARRANTY DEED THIS INDENTURE, made this 33Ny ofAugust, 2003, between CURTIS D. BLOCKER, JR. and GINA L. BLOCKER, husband 4nd wife, Grantors, whose mailing address is Post Office Box 970, Immokalee, Florida 34143, to B4O AlY BLOCKER, a single man, Grantee, whose mailing address is Post Office Box 970, Immokalee, F-10642�34143. WITNESSETH, that the Grantors;%rend in consideration ofthe sum of TEN DOLLARS AND NO/ 100 AND OTHER GOOD AND VALUABL CONSIDERATIONS, to them in hand paid by the Grantees, the receipt whereof is hereby acknowledgeo hhave granted, bargained, and sold to the Grantees, their heirs and assigns forever, the following descr?[Q land, situate, and being in the County of Collier, State of Florida, to -wit: Parcel 18, TRAFFORD OAKS, an unrecorded sub A,%oii, tying in Section 34, Township 46 South, Range 28 East, Collier County, Florida, descried as follows: Beginning at the Northeast corner of Section 34, Townshipffi South, Range 28 East, Collier County, Florida, run South 00 °40'50" East 1500.06feetmore or less along the East boundary line of said Section to the shore of Lake Trafftsed-thep­�e Southwesterly 140.00 feet more or less along the shore of Lake Trafford to an intersection of a line bearing South 37°33'50" East; thence North 37 °33'50" West 190 004ee more or less to a point that is North 89 ° 57'50" West 1281.66 feet from the Point of Begyii ing and on the North boundary line of said Section; thence South 89° 57'50" East 128I 66 feet along the North boundary of said Section to the Point of Beginning. The North 60.00 feet reserved for Road Easement and the Westerly 30.00 feet reserved for Drainage Easement. Together with al I Riparian Rights pertaining thereto. Containing 24.5 acres more or less. Bearings based on West boundary of said Section being North. This conveyance is subject to easements, restrictions, and reservations of record, as well as to taxes for the current year. Carroll & Carroll 6061 Report Addenda TO HAVE AND TO HOLD in fee simple forever. *** OR: 3426 PG: 0489 *** And the Grantors do hereby fully warrant the title to said land and, except as above, will defend the same against the lawful claims of all persons whomsoever. IN WITNESS WHEREOF, the Grantors have hereunto set their hands the day and year first above written. f Signed and deli'vere5kn the presence of: STATE OF FLORIDA COUNTY OF COLLIER The foregoing instrument was ackfi D. BLOCKER, JR. and GINA L. BLO produced Florida Driver's License Nos._ as is ,'•4,�tB1.SAM.PLUFIIER • �YRibf�-StoteotPbritla 11pOCrmiion 6�i� A� 14.?➢Gt COrrrn�ort t CC96123G C:\c\kmp\Deeds\Blocker, Curtis to Brian.wpd Z�' oaz' CURTIS D. BLO,9KER, JR. GINA L. BLOCKER d before me this ��August, 2003, by CURTIS h.o arexersonally known to me or who have NOTAKY PUBLIC Print ' a i Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of ordinance No. 2017-48 adopted December 12, 2017 This portion intentionally left blank. (VII)(XLIV) D. Rural Lands Stewardship Area Overlay Goal: To address the long-term needs of residents and property owners within the Immokalee Area Study boundary of the Collier County Rural and Agricultural Area Assessment by protecting agricultural activities, preventing the premature conversion of agricultural land to non-agricultural uses, directing incompatible uses away from wetlands and upland habitat, enabling the conversion of rural land to other uses in appropriate locations, discouraging urban sprawl, and encouraging development that implements creative land use planning techniques. Objective: Create an incentive based land use overlay system, herein referred to as the Collier County Rural Lands Stewardship Area Overlay, based on the principles of rural land stewardship as defined in Chapter 163.3177(11), F.S. The Policies that implement this Goal and Objective are set forth below in groups relating to each aspect of the Goal. Group 1 policies describe the structure and organization of the Collier County Rural Lands Stewardship Area Overlay. Group 2 policies relate to agriculture, Group 3 policies relate to natural resource protection, and Group 4 policies relate to conversion of land to other uses and economic diversification. Group 5 are regulatory policies that ensure that land that is not voluntarily included in the Overlay by its owners shall nonetheless meet the minimum requirements of the Final Order pertaining to natural resource protection. (VII) Group 1 — General purpose and structure of the Collier County Rural Lands Stewardship Area Overlay (VII) Policy 1.1: To promote a dynamic balance of land uses in the Collier County Rural Lands Stewardship Area (RLSA) that collectively contribute to a viable agricultural industry, protect natural resources, and enhance economic prosperity and diversification, Collier County hereby establishes the Rural Lands Stewardship Area Overlay (Overlay). The Overlay was created through a collaborative community based planning process involving county residents, area property owners, and representatives of community and governmental organizations under the direction of a citizen oversight committee. (XLIV) = Plan Amendment by ordinance No. 2017-22 an June 13, 2017 116 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 (VII)(XXXVII) Policy 1.2: The Overlay protects natural resources and retains viable agriculture by promoting compact rural mixed -use development as an alternative to low -density single use development, and provides a system of compensation to private property owners for the elimination of certain land uses in order to protect natural resources and viable agriculture in exchange for transferable credits that can be used to entitle such compact development. The strategies herein are based in part on the principles of Florida's Rural Lands Stewardship Act, Section 163.3248, Florida Statutes. The Overlay includes innovative and incentive based tools, techniques and strategies that are not dependent on a regulatory approach, but will complement existing local, regional, state and federal regulatory programs. (VII) Policy 1.3: This Overlay to the Future Land Use Map is depicted on the Stewardship Overlay Map (Overlay Map) and applies to rural designated lands located within the ImmokaleeArea Study boundary of the Collier County Rural and Agricultural Area Assessment referred to in the State of Florida Administration Commission Final Order No. AC-99-002. The RLSA generally includes rural lands in northeast Collier County lying north and east of Golden Gate Estates, north of the Florida Panther National Wildlife Refuge and Big Cypress National Preserve, south of the Lee County Line, and south and west of the Hendry County Line, and includes a total of approximately 195,846 acres, of which approximately 182,334 acres is privately owned. The Overlay Map is an adopted overlay to the Future Land Use Map (FLUM). (VII) Policy 1.4: Except as provided in Group 5 Policies, there shall be no change to the underlying density and intensity of permitted uses of land within the RLSA, as set forth in the Baseline Standards, as defined in Policy 1.5, unless and until a property owner elects to utilize the provisions of the Stewardship Credit System. It is the intent of the Overlay that a property owner will be compensated for the voluntary stewardship and protection of important agricultural and natural resources. Compensation to the property owner shall occur through one of the following mechanisms: creation and transfer of Stewardship Credits, acquisition of conservation easements, acquisition of less than fee interest in the land, or through other acquisition of land or interest in land through a willing seller program. (VII)N Policy 1.5: As referred to in these Overlay policies, Baseline Standards are the permitted uses, density, intensity and other land development regulations assigned to land in the RLSA by the GMP, Collier County Land Development Regulations and Collier County Zoning Regulations in effect prior to the adoption of Interim Amendments and Interim Development Provisions referenced in Final OrderAC-99-002. The Baseline Standards will remain in effect for all land not subject to the transfer or receipt of Stewardship Credits, except as provided for in Group 5 Policies. No part of the Stewardship Credit System shall be imposed upon a property owner without that owners consent_ (VII)(XLIV) Policy 1.6: Stewardship Credits (Credits) are created from any lands within the RLSA that are to be kept in permanent agriculture, open space or conservation uses. These lands will be identified as Stewardship Sending Areas or SSAs. All privately owned lands within the RLSA are a candidate for designation as a SSA. Land becomes designated as a SSA upon petition by the property owner seeking such designation and the adoption of a resolution by the Collier County Board of County Commissioners (BCC), which acknowledges the property owner's (XLIV) = Plan Amendment by Ordinance No. 2017-22 on June 13, 2017 117 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 request for such designation and assigns Stewardship Credits or other compensation to the owner for such designation. Collier County will update the Overlay Map to delineate the boundaries of each approved SSA. Designation as an SSA shall be administrative and shall not require an amendment to the Growth Management Plan, but shall be retroactively incorporated into the adopted Overlay Map during the EAR based amendment process when it periodically occurs, or sooner at the discretion of the Board of County Commissioners. A Stewardship Agreement shall be developed that identifies those allowable residential densities and other land uses which remain. Once land is designated as a SSA and Credits or other compensation is granted to the owner, no increase in density or additional uses unspecified in the Stewardship Agreement shall be allowed on such property. (VII) Policy 1.7: The range of Stewardship Credit Values is hereby established using the specific methodology set forth on the Stewardship Credit Worksheet (Worksheet), incorporated herein as Attachment A. This methodology and related procedures for SSA designation will also be adopted as part of the Stewardship Overlay District in the Collier County Land Development Code (LDC). Such procedures shall include but no be limited to the following: (1) All Credit transfers shall be recorded with the Collier County Clerk of Courts; (2) a covenant or perpetual restrictive easement shall also be recorded for each SSA, shall run with the land and shall be in favor of Collier County, Department of Environmental Protection, Department of Agriculture and Consumer Services, South Florida Water Management District, or a recognized statewide land trust; and (3) for each SSA, the Stewardship Agreement will identify the specific land management measures that will be undertaken and the party responsible for such measures. (VII) Policy 1.8: The natural resource value of land within the RLSA is measured by the Stewardship Natural Resource Index (Index) set forth on the Worksheet. The Index established the relative natural resource value by objectively measuring six different characteristics of land and assigning an index factor based on each characteristic. The sum of these six factors is the index value for the land. Both the characteristics used and the factors assigned thereto were established after review and analysis of detailed information about the natural resource attributes of land within the RLSA so that development could be directed away from important natural resources. The six characteristics measured are: Stewardship Overlay Designation, Sending Area Proximity, Listed Species Habitat, Soils/Surface Water, Restoration Potential, and Land Use/Land Cover. (VII) Policy 1.9: A Natural Resource Index Map Series (Index Map Series) indicates the Natural Resource Stewardship Index value for all land within the RLSA. Credits from any lands designated as SSAs, will be based upon the Natural Resource Index values in effect at the time of designation. Any change in the Characteristics of land due to alteration of the land prior to the establishment of a SSA that either increases or decreases any Index Factor will result in an adjustment of the factor values and a corresponding adjustment in the credit value_ The Index and the Index Map Series are adopted as a part of the RLSA Overlay. (VII) Policy 1.10: In SSAs, the greater the number of uses eliminated from the property, and the higher the natural resource value of the land, the higher the priority for protection, the greater the level of Credits that are generated from such lands, and therefore the greater the incentive to participate in the Stewardship Credit System and protect the natural resources of the land. (XUV) = Plan Amendment by Ordinance No. 2017-22 on June 13, 2017 118 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 (VII) Policy 1.11: The Land Use Matrix, Attachment B, lists uses and activities allowed under the A, Rural Agricultural Zoning District within the Overlay. These uses are grouped together in one of eight separate layers in the Matrix. Each layer is discrete and shall be removed sequentially and cumulatively in the order presented in the Matrix, starting with the residential layer (layer one) and ending with the conservation layer (layer eight). If a layer is removed, all uses and activities in that layer are eliminated and are no longer available. Each layer is assigned a percentage of a base credit in the Worksheet. The assigned percentage for each layer to be removed is added together and then multiplied by the Index value on a per acre basis to arrive at a total Stewardship Credit Value of the land being designated as a SSA. (Vll) Policy 1.12: Credits can be transferred only to lands within the RLSA that meet the defined suitability criteria and standards set forth in Group 4 Policies. Such lands shall be known as Stewardship Receiving Areas or SRAs. (VII) Policy 1.13: The procedures for the establishment and transfer of Credits and SRA designation are set forth herein and will also be adopted as a part of a Stewardship District in the LDC (District) LDRs creating the District will be adopted within one (1) year from the effective date of this Plan amendment. (VII) Policy 1.14: Stewardship Credits will be exchanged for additional residential or non-residential entitlements in a SRA on a per acre basis, as described in Policy 4.18. Stewardship density and intensity will thereafter differ from the Baseline Standards. The assignment or use of Stewardship Credits shall not require a GMP Amendment. (VIQ(XV) Policy 1.15: Land becomes designated as an SRA upon the adoption of a resolution by the Collier County Board of County Commissioners (BCC) approving the petition by the property owner seeking such designation. Any change in the residential density or non-residential intensity of land use on a parcel of land located within a SRA shall be specified in the resolution reflecting the total number of transferable Credits assigned to the parcel of land. Density and intensity within the RLSA or within an SRA shall not be increased beyond the Baseline Standards except through the provisions of the Stewardship Credit System, the Affordable -workforce Housing Density Bonus as referenced in the Density Rating System of the FLUE, and the density and intensity blending provision of the Immokalee Area Master Plan. (VIQ(XXX) Policy 1.16: Stewardship Receiving Areas will accommodate uses that utilize creative land use planning techniques and Credits shall be used to facilitate the implementation of innovative and flexible development strategies described in Section 163.3168(2), Florida Statutes. (VII) Policy 1.17: Stewardship Credits may be transferred between different parcels or within a single parcel, subject to compliance with all applicable provisions of these policies. Residential clustering shall only occur within the RLSAthrough the use of the Stewardship Credit System, and other forms of residential clustering shall not be permitted. (XXX) = Plan Amendment by Ordinance No. 2013-14 on January B, 2013 119 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 (VII) Policy 1.18: A blend of Local, State, Federal and private revenues, such as but not limited to Florida Forever, Federal and State conservation and stewardship programs, foundation grants, private conservation organizations, local option taxes, general county revenues, and other monies can augment the Stewardship program through the acquisition of conservation easements, Credits, or land that is identified as the highest priority for natural resource protection, including, but is not limited to, areas identified on the Overlay Map as Flow way Stewardship Areas (FSAs), Habitat Stewardship Areas (HSAs), Water Retention Areas (WRAs) and land within the Big Cypress Area of Critical State Concern (ACSC). (VII) Policy 1.19: All local land or easement acquisition programs that are intended to work within the RLSA Overlay shall be based upon a willing participantiseller approach. It is not the intent of Collier County to use eminent domain acquisition within this system. (VII) Policy 1.20: The County may elect to acquire Credits through a publicly funded program, using sources identified in Policy 1.18. Should the County pursue this option, it shall establish a Stewardship Credit Trust to receive and hold Credits until such time as they are sold, transferred or otherwise used to implement uses within Stewardship Receiving Areas. (VII) Policy 1.21: The incentive based Stewardship Credit system relies on the projected demand for Credits As the primary basis for permanent protection of flowways, habitats and water retention areas. The County recognizes that there may be a lack of significant demand for Credits in the early years of implementation, and also recognizes that a public benefit would be realized by the early designation of SSAs. To address this issue and to promote the protection of natural resources, the implementation of the Overlay will include an early entry bonus to encourage the voluntary establishment of SSAs within the RLSA. The bonus shall be in the form of an additional one Stewardship Credit per acre of land designated as a HSA located outside of the ACSC and one-half Stewardship Credit per acre of land designated as HSA located inside the ACSC. The early entry bonus shall be available for five years from the effective date of the adoption of the Stewardship Credit System in the LDC. The early designation of SSAs, and resulting protection of flowways, habitats, and Water retention areas does not require the establishment of SRAs or otherwise require the early use of Credits, and Credits generated under the early entry bonus may be used after the termination of the bonus period. The maximum number of Credits that can be generated under the bonus is 27,000 Credits, and such Credits shall not be transferred into or used within the ACSC. (VII)(XLIV) Policy 1.22: The RLSA Overlay was designed to be a long-term strategic plan with a planning horizon Year of 2025. Many of the tools, techniques and strategies of the Overlay are new, Innovative, incentive based, and have yet to be tested in actual implementation. A Comprehensive review of the Overlay shall be prepared for and reviewed by Collier County and the State land planning agency (presently, the Department of Economic Opportunity) upon the five-year anniversary of the adoption of the Stewardship District in the LDC. The purpose of the review shall be to assess the participation in and effectiveness of the Overlay implementation in meeting the Goal, Objective and Policies set forth herein. The specific measures of review shall be as follows: (XLIV) = Plan Amendment by Ordinance No. 2017-22 on June 13, 2017 120 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 1. The amount and location of land designated as FSAs, HSAs, WRAs and other SSAs_ 2. The amount and location of land designated as SRAs. 3. The number of Stewardship Credits generated, assigned or held for future use. 4. A comparison of the amount, location and type of Agriculture that existed at the time of a Study and time of review. 5. The amount, location and type of land converted to non-agricultural use with and without participation in the Stewardship Credit System since its adoption_ 6. The extent and use of funding provided by Collier County and other sources Local, State, Federal and private revenues described in Policy 1.18. 7. The amount, location and type of restoration through participation in the Stewardship Credit System since its adoption. 8. The potential for use of Credits in urban areas. (VI1) Group 2 — Policies to protect agricultural lands from premature conversion to other uses and continue the viability of agricultural production through the Collier County Rural Lands Stewardship Area Overlay. (Vll) Policy 2.1: Agriculture lands will be protected from premature conversion to other uses by creating incentives that encourage the voluntary elimination of the property owner's right to convert agriculture land to non-agricultural uses in exchange for compensation as described in Policy 1.4 and by the establishment of SRAs as the form of compact rural development in the RLSA Overlay_ Analysis has shown that SRAs will allow the projected population of the RLSA in the Horizon year of 2025 to be accommodated on approximately 10% of the acreage otherwise required if such compact rural development were not allowed due to the flexibility afforded to such development. The combination of stewardship incentives and land efficient compact rural development will minimize two of the primary market factors that cause premature conversion of agriculture. (Vll) Policy 2.2: Agriculture lands protected through the use of Stewardship Credits shall be designated as Stewardship Sending Areas (SSAs) as described in Policy 1.6. The protection measures for SSAs are set forth in Policies 1.6, 1.7 and 1.17. (Vll) Policy 2.3: Within one (1 ) year from the effective date of these amendments, Collier County will establish an Agriculture Advisory Council comprised of not less than five nor more than nine appointed representatives of the agriculture industry, to advise the BCC on matters relating to Agriculture_ The Agriculture Advisory Council (AAC) will work to identify opportunities and prepare strategies to enhance and promote the continuance, expansion and diversification of agriculture in Collier County. The AAC will also identify barriers to the continuance, expansion and diversification of the agricultural industry and will prepare recommendations to eliminate or minimize such barriers in Collier County. The AAC will also assess whether exceptions from standards for business uses related to agriculture should be allowed under an administrative permit process and make recommendations to the BCC. (VII) =Plan Amendment by Ordinance No. 2002-54 on October22, 2002 121 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 (VII) Policy 2.4: The BCC will consider the recommendations of the AAC and facilitate the implementation of strategies and recommendations identified by the ACC that are determined to be appropriate. The BCC may adopt amendments to the LDC that implement policies that support agriculture activities. (VII) Policy 2.5: Agriculture is an important aspect of Collier County's quality of life and economic well-being. Agricultural activities shall be protected from duplicative regulation as provided by the Florida Right -to -Farm Act. (VI 1) Policy 2.6: Notwithstanding the special provisions of Policies 3.9 and 3.10, nothing herein or in the implementing LDRs, shall restrict lawful agricultural activities on lands within the RLSA that have not been placed into the Stewardship program. (VII) Group 3 — Policies to protect water quality and quantity and maintain the natural water regime, as well as listed animal and plant species and their habitats by directing incompatible uses away from wetlands and upland habitat through the establishment of Flow way Stewardship Areas, Habitat Stewardship Areas, and Water Retention Areas, where lands are voluntarily included in the Rural Lands Stewardship Area program. (VII)(X) Policy 3.1: Protection of water quality and quantity, and the maintenance of the natural water regime shall occur through the establishment of Flowway Stewardship Areas (FSAs), as SSAs within the RLSA Overlay. FSAs are delineated on the Overlay Map and contain approximately 31,100 acres. FSAs are primarily privately owned wetlands that are located within the Camp Keais Strand and Okaloacoochee Slough. These lands form the primary wetland flowway systems in the RLSA. The Overlay provides an incentive to permanently protect FSAs by the creation and transfer of Credits, elimination of incompatible uses, and establishment of protection measures described in Group 1 Policies. Not all lands within the delineated FSAs are comparable in terms of their natural resource value; therefore the index shall be used to differentiate higher value from lower value lands for the purpose of Overlay implementation. Analysis of the Index Map Series shows that FSA lands score within a range of 0.7 to 2.4; approximately 96% score greater than 1.2 while 4% score 1.2 or less. The average Index score of FSA land is 1.8. (VII) Policy 3.2: Listed animal and plant species and their habitats shall be protected through the establishment of Habitat Stewardship Areas (HSAs), as SSAs within the RLSA Overlay. HSAs are delineated on the Overlay Map and contain approximately 40,000 acres. HSAs are privately owned agricultural areas, which include both areas with natural characteristics that make them suitable habitat for listed species and areas without these characteristics. These latter areas are included because they are located contiguous to habitat to help form a continuum of landscape that can augment habitat values. The Overlay provides an incentive to permanently protect HSAs by the creation and transfer of Credits, resulting in the elimination of incompatible uses and the establishment of protection measures described in Group 1 Policies. Not all lands within the delineated HSAs are comparable in terms of their habitat value; therefore the index shall be used to differentiate higher value (X) = Plan Amendment by Ordinance No. 200343 on September 9, 2003 122 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 from lower value lands for the purpose of Overlay implementation. Analysis of the Index Map Series shows that HAS lands score within a range of 0.6 to 2.2. There are approximately 13,800 acres of cleared agricultural fields located in HSAs. The average Index score of HAS designated lands is 1.3, however, the average index score of the naturally vegetated areas within HSAs is 1.5_ (VII) Policy 3.3: Further protection for surface water quality and quantity shall be through the establishment of Water Retention Areas (WRAs), as SSAs within the RLSA Overlay_ WRAs are delineated on the Overlay Map and contain approximately 18,200 acres. WRAs are privately owned lands that have been permitted by the South Florida Water Management District to function as agricultural water retention areas. In many instances, these WRAs consist of native wetland or upland vegetation; in other cases they are excavated water bodies or may contain exotic vegetation. The Overlay provides an incentive to permanently protect WRAs by the creation and transfer of Credits, elimination of incompatible uses, and establishment of protection measures described in Group 1 Policies. Not all lands within the delineated WRAs are comparable in terms of their natural resource value; therefore the index shall be used to differentiate higher value from lower value lands for the purpose of Overlay implementation. Analysis of the Index Map Series shows that WRA lands score within a range of 0.6 to 2.4; approximately 74% score greater than 1.2 while 26% score 1.2 or less. The average Index score of WRA land is 1.5. (Vil) Policy 3.4: Public and private conservation areas exist in the RLSA and serve to protect natural resources. Corkscrew Marsh and Okaloacoochee Slough State Forest include approximately 13, 500 acres. Analysis shows that they score within an Index range of 0.0 to 2.2; with an average Index score of 1.5. Because these existing public areas, and any private conservation areas, are already protected, they are not delineated as SSAs and are not eligible to generate Credits, but do serve an important role in meeting the Goal of the RLSA. (VII) Policy 3.5: Residential uses, General Conditional uses, Earth Mining and Processing Uses, and Recreational Uses (layers 1-4) as listed in the Matrix shall be eliminated in FSAs in exchange for compensation to the property owner as described in Policy 3.8. Conditional use essential services and governmental essential services, other than those necessary to serve permitted uses or for public safety, shall only be allowed in FSAs with a Natural Resource Stewardship Index value of 1.2 or less_ Where practicable, directional -drilling techniques and/or previously cleared or disturbed areas shall be utilized for oil and gas extraction in FSAs in order to minimize impacts to native habitats. Other layers may also be eliminated at the election of the property owner in exchange for compensation. The elimination of the Earth Mining layer shall not preclude the excavation of lakes or other water bodies if such use is an integral part of a restoration or mitigation program within a FSA. (VII) Policy 3.6: Residential Land Uses listed in the Matrix shall be eliminated in Habitat Stewardship Sending Areas in exchange for compensation to the property owner as described in Policy 3.8. Other layers may also be eliminated at the election of the property owner in exchange for compensation. (VII) =Plan Amendment by Ordinance No. 2002-54 on October22, 2002 123 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 (Vll) Policy 3.7: General Conditional Uses, Earth Mining and Processing Uses, and Recreational Uses shall be allowed only on HSAlands with a Natural Resource Stewardship Index value of 1.2 or less. Conditional use essential services and governmental essential services, other than those necessary to serve permitted uses or for public safety, shall only be allowed in HSAs with a Natural Resource Stewardship Index value of 1.2 or less. Asphaltic and concrete batch making plants are prohibited in all HSAs. Where practicable, directional -drilling techniques and/or previously cleared or disturbed areas shall be utilized for oil and gas Extraction in HSAs in order to minimize impacts to native habitats. In addition to the requirements imposed in the LDC for approval of a Conditional Use, such uses will only be approved upon submittal of an EIS which demonstrates that clearing of native vegetation has been minimized, the use will not significantly and adversely impact listed species and their habitats and the use will not significantly and adversely impact aquifers_ As an alternative to the foregoing, the applicant may demonstrate that such use is an integral part of an approved restoration or mitigation program_ Golf Course design, construction, and operation in any HSA shall comply with the best management practices of Audubon International's Gold Program and the Florida Department of Environmental Protection. Compliance with the following standards shall be considered by Collier County as meeting the requirement for minimization of impact: • Clearing of native vegetation shall not exceed 15% of the native vegetation on the parcel. • Areas previously cleared shall be used preferentially to native vegetated areas. • Buffering to Conservation Land shall comply with Policy 4.13. (VI 1) Policy 3.8: Compensation to the property owner may occur through one or more of the following mechanisms: creation and transfer of Stewardship Credits, acquisition of conservation easements, acquisition of less than fee interest in the land, orthrough other acquisition of land or interest in land through a willing seller program. (Vll)(Xlll) Policy 3.9: 1. Agriculture will continue to be a permitted use and its supporting activities will continue to be permitted as conditional uses within FSAs and HSAs, pursuant to the Agriculture Group classifications described in the Matrix. The Ag 1 group includes row crops, citrus, specialty farms, horticulture, plant nurseries, improved pastures for grazing and ranching, aquaculture and similar activities, including related agricultural support uses. In existing Ag 1 areas within FSAs and HSAs, all such activities are permitted to continue, and may convert from one type of Agriculture to another and expand to the limits allowed by applicable permits. Once the Stewardship Credit System is utilized and an owner receives compensation as previously described, no further expansion of Ag 1 will be allowed in FSAs and HSAs beyond existing or permitted limits within property subject to a credit transfer, except for incidental clearing as set forth in Paragraph 2 below. 2. In order to encourage viable Ag 1 activities, and to accommodate the ability to convert from one Ag 1 use to another, incidental clearing is allowed to join existing Ag 1 areas, square up existing farm fields, or provide access to or from other Ag 1 areas, provided that the Ag 1 Land Use Layer has been retained on the areas to be incidentally cleared, (XIII) = Plan Amendment by Ordinance No. 2004-71 on October 26, 2004 124 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 and the Natural Resource Index Value score has been adjusted to reflect the proposed change in land cover. Incidental clearing is defined as clearing that meets the above criteria and is limited to 1 % of the area of the SSA. In the event said incidental clearing impacts lands having a Natural Resource Index Value in excess of 1.2, appropriate mitigation shall be provided. (VI 1) Policy 3.10: Ag 2 includes unimproved pastures for grazing and ranching, forestry and similar activities, including related agricultural support uses_ In existing Ag 2 areas within FSAs and HSAs, such activities are permitted to continue, and may convert from one type of Agriculture to another and expand to the limits allowed by applicable permits. Once the Stewardship Credit System is utilized and an owner receives compensation as previously described, no further expansion of Ag 2 or conversion of Ag 2 to Ag 1 will be allowed in FSAs or HSAs beyond existing or permitted limits within property subject to a credit transfer. (VII)(XLIV) Policy 3.11: In certain locations there maybe the opportunity for flow -way or habitat restoration. Examples include, but are not limited to, locations where flow -ways have been constricted or otherwise impeded by past activities, or where additional land is needed to enhance wildlife corridors. Priority shall be given to restoration within the Camp Keais Strand FSA or contiguous HSAs. Should a property owner be willing to dedicate land for restoration activities within the Camp Keais Strand FSA or contiguous HSAs, four additional Stewardship Credits shall be assigned for each acre of land so dedicated. An additional two Stewardship credits shall be assigned for each acre of land dedicated for restoration activities within other FSAs and HSAs. The actual implementation of restoration improvements is not required for the owner to receive such credits and the costs of restoration shall be borne by the governmental agency or private entity undertaking the restoration. Should an owner also complete restoration improvements, this shall be rewarded with four additional Credits for each acre of restored land upon demonstration that the restoration met applicable success criteria as determined by the permit agency authorizing said restoration. This Policy does not preclude other forms of compensation for restoration which may be addressed through public -private partnership agreement such as a developer contribution agreement or stewardship agreement between the parties involved. The specific process for assignment of additional restoration credits shall be included in the Stewardship District of the LDC. (VI 1) Policy 3.12: Based on the data and analysis of the Study, FSAs, HSAs, WRAs, and existing publiclprivate conservation land include the land appropriate and necessary to accomplish the Goal pertaining to natural resource protection. To further direct other uses away from and to provide additional incentive for the protection, enhancement and restoration of the Okaloacoochee Slough and Camp Keais Strand, all land within 500 feet of the delineated FSAs that comprise the Slough or Strand that is not otherwise included in a HSA or WRA shall receive the same natural index score (0.6) that a HSA receives if such property is designated as a SSA and retains only agricultural, recreational andlor conservation layers within the matrix. (VI 1) Policy 3.13: Water Retention Areas (WRAs) as generally depicted on the Overlay Map have been permitted for this purpose and will continue to function for surface water retention, detention, treatment andlor conveyance, in accordance with the South Florida Water Management (XLIV) = Plan Amendment by ordinance No. 2017-22 on June 13, 2017 125 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 District (SFWMD) permits applicable to each WRA. WRAs can also be permitted to provide such functions for new uses of land allowed within the Overlay. WRAs may be incorporated into a SRA master plan to provide water management functions for properties within such SRA, but are not required to be designated as a SRA in such instances. WRA boundaries are understood to be approximate and are subject to refinement in accordance with SFWMD permitting. (Vll) Policy 3.14: During permitting to serve new uses, additions and modifications to WRAs may be required or desired, including but not limited to changes to control elevations, discharge rates, storm water pre-treatment, grading, excavation or fill. Such additions and modifications shall be allowed subject to review and approval by the SFWMD in accordance with best management practices. Such additions and modifications to WRAs shall be designed to ensure that there is no net loss of habitat function within the WRAs unless there is compensating mitigation or restoration in other areas of the Overlay that will provide comparable habitat function. Compensating mitigation or restoration for an impact to a WRA contiguous to the Camp Keais Strand or Okaloacoochee Slough shall be provided within or contiguous to that Strand or Slough. (VIi) Group 4 — Policies to enable conversion of rural lands to other uses in appropriate locations, while discouraging urban sprawl, and encouraging development that utilizes creative land use planning techniques by the establishment of Stewardship Receiving Areas. (Vll) Policy 4.1: Collier County will encourage and facilitate uses that enable economic prosperity and diversification of the economic base of the RLSA. Collier County will also encourage development that utilizes creative land use planning techniques and facilitates a compact form of development to accommodate population growth by the establishment of Stewardship Receiving Areas (SRAs). Incentives to encourage and support the diversification and vitality of the rural economy such as flexible development regulations, expedited permitting review, and targeted capital improvements shall be incorporated into the LDC Stewardship District. (VII)(XXXVII) Policy 4.2: All privately owned lands within the RLSA which meet the criteria set forth herein are eligible for designation as a SRA, except land delineated as a FSA, HSA, WRA or land that has been designated as a Stewardship Sending Area. Land proposed for SRA designation shall meet the suitability criteria and other standards described in Group 4 Policies. Due to the long-term vision of the RLSA Overlay, extending to a horizon year of 2025, and in accordance with the guidelines established in Section 163.3168(2), Florida Statutes, the specific location, size and composition of each SRA cannot and need not be predetermined in the GMP. In the RLSA Overlay, lands that are eligible to be designated as SRAs generally have similar physical attributes as they consist predominately of agriculture lands which have been cleared or otherwise altered for this purpose. Lands shown on the Overlay Map as eligible for SRA designation include approximately 74,500 acres outside of the ACSC and 18,300 acres within the ACSC. Approximately 2% of these lands achieve an Index score greater than 1.2. Because the Overlay requires SRAs to be compact, mixed -use and self sufficient in the provision of services, facilities and infrastructure, traditional Iocational standards normally (XXXVII) = Plan Amendment by ordinance No. 2015-08 on January 27, 2015 126 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 applied to determine development suitability are not relevant or applicable to SRAs. Therefore the process for designating a SRA follows the principles of the Rural Lands Stewardship Act as further described herein. (VII)(XLIV) Policy 4.3: Land becomes designated as a SRA upon petition by a property owner to Collier County seeking such designation and the adoption of a resolution by the BCC granting the designation. The petition shall include a SRA master plan as described in Policy 4.5. The basis for approval shall be a finding of consistency with the policies of the Overlay, including required suitability criteria set forth herein, compliance with the LDC Stewardship District, and assurance that the applicant has acquired or will acquire sufficient Stewardship Credits to implement the SRA uses. The County has adopted LDC amendments to establish the procedures and submittal requirements for designation as a SRA, providing for consideration of impacts, including environmental and public infrastructure impacts, and for public notice of and the opportunity for public participation in any consideration by the BCC of such a designation. (VII)(XLIV) Policy 4.4: Collier County will update the Overlay Map to delineate the boundaries of each approved SRA. Such updates shall be incorporated into the adopted Overlay Map during the EAR based amendment process when it periodically occurs, or sooner at the discretion of the Board of County Commissioners. (VII) Policy 4.5: To address the specifics of each SRA, a master plan of each SRA will be prepared and submitted to Collier County as a part of the petition for designation as a SRA. The master plan will demonstrate that the SRA complies with all applicable policies of the Overlay and the LDC Stewardship District and is designed so that incompatible land uses are directed away from wetlands and critical habitat identified as FSAs and HSAs on the Overlay Map. (Vll)(X)(xXx) Policy 4.6: SRA characteristics shall be based upon innovative planning and development strategies referenced in Section 163.3168(2), Florida Statutes. These planning strategies and techniques include urban villages, new towns, satellite communities, area -based allocations, clustering and open space provisions, and mixed -use development that allow the conversion of rural and agricultural lands to other uses while protecting environmentally sensitive areas, maintaining the economic viability of agricultural and other predominantly rural land uses, and providing for the cost-efficient delivery of public facilities and services. Such development strategies are recognized as methods of discouraging urban sprawl. (VII)(XV)(XXXVII) Policy 4.7: There are four specific forms of SRA permitted within the Overlay. These are Towns, Villages, Hamlets, and Compact Rural Development (CRD). The Characteristics of Towns, Villages, Hamlets, and CRD are set forth in Attachment C and are generally described in Policies 4.7.1, 4.7.2, 4.7.3 and 4.7.4. Collier County shall establish more specific regulations, guidelines and standards within the LDC Stewardship District to guide the design and development of SRAs to include innovative planning and development strategies as set forth in Section 163.3168(2), Florida Statutes. The size and base density of each form shall be consistent with the standards (XLIV) = Plan Amendment by Ordinance No. 2017-22 on June 13, 2017 127 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 set forth on Attachment C. The maximum base residential density as set forth in Attachment C may only be exceeded through the density blending process as set forth in density and intensity blending provision of the Immokalee Area Master Plan or through the affordable - workforce housing density bonus as referenced in the Density Rating System of the Future Land Use Element. The base residential density is calculated by dividing the total number of residential units in a SRA by the overall area therein. The base residential density does not restrict net residential density of parcels within a SRA. The location, size and density of each SRAwill be determined on an individual basis during the SRAdesignation review and approval process. (VII)(XV) Policy 4.7.1: Towns are the largest and most diverse form of SRA, with a full range of housing types and mix of uses. Towns have urban level services and infrastructure that support development that is compact, mixed use, human scale, and provides a balance of land uses to reduce automobile trips and increase livability. Towns shall be not less than 1,000 acres or more than 4,000 acres and are comprised of several villages and/or neighborhoods that have individual identity and character. Towns shall have a mixed -use town center that will serve as a focal point for community facilities and support services. Towns shall be designed to encourage pedestrian and bicycle circulation by including an interconnected sidewalk and pathway system serving all residential neighborhoods. Towns shall have at least one community park with a minimum size of 200 square feet per dwelling unit in the Town. (XV) Towns shall also have parks or public green spaces within neighborhoods. Towns shall include both community and neighborhood scaled retail and office uses, in a ratio as provided in Policy 4.15. Towns may also include those compatible corporate office and light industrial uses as those permitted in the Business Park and Research and Technology Park Subdistricts of the FLUE. Towns shall be the preferred location for the full range of schools, and to the extent possible, schools and parks shall be located abutting each other to allow for the sharing of recreational facilities. Design criteria for Towns shall be included in the LDC Stewardship District. Towns shall not be located within the ACSC. (VI) Policy 4.7.2: Villages are primarily residential communities with a diversity of housing types and mix of uses appropriate to the scale and character of the particular village. Villages shall be not less than 100 acres or more than 1,000 acres. Villages are comprised of residential neighborhoods and shall include a mixed -use village center to serve as the focal point for the community's support services and facilities. Villages shall be designed to encourage pedestrian and bicycle circulation by including an interconnected sidewalk and pathway system serving all residential neighborhoods. Villages shall have parks or public green spaces within neighborhoods. Villages shall include neighborhood scaled retail and office uses, in a ratio as provided in Policy 4.15. Villages are an appropriate location for a full range of schools. To the extent possible, schools and parks shall be located adjacent to each other to allow for the sharing of recreational facilities- Design criteria for Villages shall be included in the LDC Stewardship District. (Vll) Policy 4.7.3: Hamlets are small rural residential areas with primarily single-family housing and limited range of convenience -oriented services. Hamlets shall be not less than 40 or more than 100 acres. Hamlets will serve as a more compact alternative to traditional five -acre lot rural subdivisions currently allowed in the baseline standards. Hamlets shall have a public green space for (XV) = Plan Amendment by Ordinance No. 2007-18 on January 25, 2007 128 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 neighborhoods. Hamlets include convenience retail uses, in a ratio as provided in Attachment C. Hamlets may be an appropriate location for pre-K through elementary schools. Design criteria for Hamlets shall be included in the LDC Stewardship District. To maintain a proportion of Hamlets to Villages and Towns, not more than 5 Hamlets, in combination with CRDs of 100 acres or less, may be approved as SRAs prior to the approval of a Village or Town, and thereafter not more than 5 additional Hamlets, in combination with CRDs of 100 acres or less, may be approved for each subsequent Village or Town. (Vll) Policy 4.7.4: Compact Rural Development (CRD) is a form of SRA that will provide flexibility with respect to the mix of uses and design standards, but shall otherwise comply with the standards of a Hamlet or Village. A CRD may include, but is not required to have permanent residential housing and the services and facilities that support permanent residents. An example of a CRD is an ecotourism village that would have a unique set of uses and support services different from a traditional residential village_ It would contain transient lodging facilities and services appropriate to eco-tourists, but may not provide for the range of services that necessary to support permanent residents. Except as described above, a CRD will conform to the characteristics of a Village or Hamlet as set forth on Attachment C based on the size of the CRD. As residential units are not a required use, those goods and services that support residents such as retail, office, civic, governmental and institutional uses shall also not be required, however for any CRD that does include permanent residential housing, the proportionate support services listed above shall be provided in accordance with Attachment C. To maintain a proportion of CRDs of 100 acres or less to Villages and Towns, not more than 5 CRDs of 100 acres or less, in combination with Hamlets, may be approved as SRAs prior to the approval of a Village or Town, and thereafter not more than 5 additional CRDs of 100 acres or less, in combination with Hamlets, may be approved for each subsequent Village or Town. There shall be no more than 5 CRDs of more than 100 acres in size. The appropriateness of this limitation shall be reviewed in 5 years pursuant to Policy 1.22. (VII)N Policy 4.8: An SRA may be contiguous to a FSA or HSA, but shall not encroach into such areas, and shall buffer such areas as described in Policy 4.13. A SRA may be contiguous to and served by a WRA without requiring the WRA to be designated as a SRA in accordance with Policy 3.12 and 3.13. (Vll) Policy 4.9: A SRA must contain sufficient suitable land to accommodate the planned development in an environmentally acceptable manner. The primary means of directing development away from wetlands and critical habitat is the prohibition of locating SRAs in FSAs, HSAs, and WRAs. To further direct development away from wetlands and critical habitat, residential; commercial, manufacturing/light industrial, group housing, and transient housing, institutional, civic and community service uses within a SRA shall not be sited on lands that receive a Natural Resource Index value of greater than 1.2. In addition, conditional use essential services and governmental essential services, with the exception of those necessary to serve permitted uses and for public safety, shall not be sited on lands that receive a Natural Resource Index value of greater than 1.2. The Index value of greater than 1.2 represents those areas that have a high natural resource value as measured pursuant to Policy 1.8. Less than 2% of potential SRA land achieves an Index score of greater than 1.2_ (X) = Plan Amendment by Ordinance No. 200343 on September 9, 2003 129 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 (Vll) Policy 4.10: Within the RLSA Overlay, open space, which by definition shall include public and private conservation lands, underdeveloped areas of designated SSAs, agriculture, water retention and management areas and recreation uses, will continue to be the dominant land use. Therefore, open space adequate to serve the forecasted population and uses within the SRA is provided. To ensure that SRA residents have such areas proximate to their homes, open space shall also comprise a minimum of thirty-five percent of the gross acreage of an individual SRA Town, Village, or those CRDs exceeding 100 acres. Lands within a SRA greater than one acre with Index values of greater than 1.2 shall be retained as open space. As an incentive to encourage open space, such uses within a SRA, located outside of the ACSC, exceeding the required thirty-five percent shall not be required to consume Stewardship Credits. (Vll) Policy 4.11: The perimeter of each SRA shall be designed to provide a transition from higher density and intensity uses within the SRA to lower density and intensity uses on adjoining property. The edges of SRAs shall be well defined and designed to be compatible with the character of adjoining property. Techniques such as, but not limited to setbacks, landscape buffers, and recreation/open space placement may be used for this purpose. Where existing agricultural activity adjoins a SRA, the design of the SRA must take this activity into account to allow for the continuation of the agricultural activity and to minimize any conflict between agriculture and SRA uses. (Vll) Policy 4.12: Where a SRA adjoins a FSA, HSA, WRA or existing public or private conservation land delineated on the Overlay Map, best management and planning practices shall be applied to minimize adverse impacts to such lands. SRA design shall demonstrate that ground water table draw down or diversion will not adversely impact the adjacent FSA, HSA, WRA or conservation land. Detention and control elevations shall be established to protect such natural areas and be consistentwith surrounding land and project control elevations and water tables. (Vll) Policy 4.13: Open space within or contiguous to a SRA shall be used to provide a buffer between the SRA and any adjoining FSA, HSA, or existing public or private conservation land delineated on the Overlay Map. Open space contiguous to or within 300 feet of the boundary of a FSA, HSA, or existing public or private conservation land may include: natural preserves, lakes, golf courses provided no fairways or other turf areas are allowed within the first 200 feet, passive recreational areas and parks, required yard and set -back areas, and other natural or man- made open space. Along the west boundary of the FSAs and HSAs that comprise Camp Keais Strand, i.e., the area south of Immokalee Road, this open space buffer shall be 500 feet wide and shall preclude golf course fairways and other turf areas within the first 300 feet. (Vll) Policy 4.14: The SRA must have either direct access to a County collector or arterial road or indirect access via a road provided by the developer that has adequate capacity to accommodate the proposed development in accordance with accepted transportation planning standards. No SRA shall be approved unless the capacity of County collector or arterial road(s) serving the SRA is demonstrated to be adequate in accordance with the Collier County Concurrency (VII) =Plan Amendment by Ordinance No. 2002-54 on October22, 2002 130 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 Management System in effect at the time of SRA designation- A transportation impact assessment meeting the requirements of Section 2.7.3 of the LDC, or its successor regulation shall be prepared for each proposed SRA to provide the necessary data and analysis. (VIQ(XIII) Policy 4.15.1: SRAs are intended to be mixed use and shall be allowed the full range of uses permitted by the Urban Designation of the FLUE, as modified by Policies 4.7, 4.7.1, 4-7.2, 4.7.3, 4.7.4 and Attachment C. An appropriate mix of retail, office, recreational, civic, governmental, and institutional uses will be available to serve the daily needs and community wide needs of residents of the RLSA. Depending on the size, scale, and character of a SRA, such uses may be provided either within the specific SRA, within other SRAs in the RLSA or within the Immokalee Urban Area. By example, each Village or Town shall provide for neighborhood retailloffice uses to serve its population as well as appropriate civic and institutional uses, however, the combined population of several Villages and Hamlets may be required to support community scaled retail or office uses in a nearby Town. Standards for the minimum amount of non-residential uses in each category are set forth in Attachment C, and shall be also included in the Stewardship LDC District. (XIII) Policy 4.15.2: The Board of County Commissioners (BCC) may, as a condition of approval and adoption of an SRA development, require that suitable areas for parks, schools, and other public facilities be set aside, improved, and/or dedicated for public use. When the BCC requires such a set aside for one or more public facilities, the set aside shall be subject to the same provisions of the LDC as are applicable to public facility dedications required as a condition for PU❑ rezoning. (XIII) Policy 4.15.3: Applicants for SRA designation shall coordinate with Collier County School Board staff to allow planning to occur to accommodate any impacts to the public schools as a result of the SRA. As a part of the SRA application, the following information shall be provided: 1. Number of residential units by type; 2. An estimate of the number of school -aged children for each type of school impacted (elementary, middle, high school); and 3. The potential for locating a public educational facility or facilities within the SRA, and the size of any sites that may be dedicated, or otherwise made available for a public educational facility. (V I I) (XI I I)(XV) (XLI V) Policy 4.16: A SRA shall have adequate infrastructure available to serve the proposed development, or such infrastructure must be provided concurrently with the demand. The level of infrastructure provided will depend on the form of SRA development, accepted civil engineering practices, and LDC requirements. The capacity of infrastructure necessary to serve the SRA at build - out must be demonstrated during the SRA designation process. Infrastructure to be analyzed includes transportation, potable water, wastewater, irrigation water, stormwater management, and solid waste. Transportation infrastructure is discussed in Policy 4.14. Centralized or decentralized community water and wastewater utilities are required in Towns, Villages, and those CRDs exceeding one hundred (100) acres in size, and may be required in CRDs that are one hundred (100) acres or less in size, depending upon the permitted uses approved (XLIV) = Plan Amendment by Ordinanr;e No. 2017-22 an June 13, 2017 131 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 within the CRD. Centralized or decentralized community water and wastewater utilities shall be constructed, owned, operated and maintained by a private utility service, the developer, a Community Development District, the Immokalee Water Sewer Service District, Collier County, or other governmental entity. Innovative alternative water and wastewater treatment systems such as decentralized community treatment systems shall not be prohibited by this Policy provided that they meet all applicable regulatory criteria. Individual potable water supply wells and septic systems, limited to a maximum of 100 acres of any Town, Village or CRD of 100 acres are permitted on an interim basis until services from a centralizedldecentralized community system are available. Individual potable water supply wells and septic systems are permitted in Hamlets and may be permitted in CRDs of 100 acres or less in size. (XIII) Policy 4.17: The BCC will review and approve SRA designation applications in accordance with the provisions of Policy 1.1.2 of the Capital Improvement Element of the GMP for Category A public facilities. Final local development orders will be approved within a SRA designated by the BCC in accordance with the Concurrency Management System of the GMP and LDC in effect at the time of final local development order approval. (XI II)(XV)(XLIV) Policy 4.18: The SRA will be planned and designed to be fiscally neutral or positive to Collier County at the horizon year based an a public facilities impact assessment, as identified in LDC 4.08.07.K. The BCC may grant exceptions to this Policy to accommodate affordable - workforce housing, as it deems appropriate. Techniques that may promote fiscal neutrality such as Community Development Districts, and other special districts, shall be encouraged. At a minimum, the assessment shall consider the following public facilities and services: transportation, potable water, wastewater, irrigation water, stormwater management, solid waste, parks, law enforcement, and schools. Development phasing, developer contributions and mitigation, and other public/private partnerships shall address any potential adverse impacts to adopted levels of service standards. (VI I)(XII I)(XLIV) Policy 4.19: Eight (8) credits shall be required for each acre of land included in a SRA, except for open space in excess of the required thirty-five percent as described in Policy 4.10 or for land that is designated for a public benefit use described in Policy 4.19. In order to promote compact, mixed use development and provide the necessary support facilities and services to residents of rural areas, the SRA designation entitles a full range of uses, accessory uses and associated uses that provide a mix of services to and are supportive to the residential population of a SRA, as provided for in Policies 4.7, 4.15 and Attachment C. Such uses shall be identified, located and quantified in the SRA master plan. (VII)(xuq(xuV) Policy 4.20: The acreage of a public benefit use shall not count toward the maximum acreage limits described in Policy 4.7. For the purpose of this Policy, public benefit uses include: public schools (preK-12) and public or private post secondary institutions, including ancillary uses; community parks exceeding the minimum acreage requirements of Attachment C, municipal golf courses; regional parks; and governmental facilities excluding essential services as defined in the LDC. The location of public schools shall be coordinated with the Collier County School Board, based on the interlocal agreement, 163.3177 F.S. and in a manner consistent (XLIV) = Plan Amendment by Ordinance No. 2017-22 on June 13, 2017 132 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 with 235.193 F.S. Schools and related ancillary uses shall be encouraged to locate in or proximate to Towns, Villages, and Hamlets subject to applicable zoning and permitting requirements. (VI l)(XII l)(XLIV) Policy 4.21: Lands within the ACSC that meet all SRA criteria shall also be restricted such that credits used to entitle a SRA in the ACSC must be generated exclusively from SSAs within the ACSC. Further, the only form of SRA allowed in the ACSC east of the Okaloacoochee Slough shall be Hamlets and CRDs of 100 acres or less and the only form of SRA allowed in the ACSC west of the Okaloacoochee Slough shall be Villages and CRDs of not more than 300 acres and Hamlets. Provided, however, that two Villages or CRDs of not more than 500 acres each, exclusive of any lakes created prior to the effective date of this amendment as a result of mining operations, shall be allowed in areas that have a frontage on State Road 29 and that, as of the effective date of these amendments, had been predominantly cleared as a result of Ag Group I or Earth Mining or Processing Uses. This Policy is intended to assure that the RLSA Overlay is not used to increase the development potential within the ACSC but instead is used to promote a more compact form of development as an alternative to the Baseline Standards already allowed within the ACSC. No policy of the RLSA Overlay shall take precedence over the Big Cypress ACSC regulations and all regulations therein shall apply. (VI1) Group 5 — Policies that protect water quality and quantity and the maintaining of the natural water regime and protect listed animal and plant species and their habitats on land that is not voluntarily included in the Rural Lands Stewardship Area program. (Vll) Policy 5.1: To protect water quality and quantity and maintenance of the natural water regime in areas mapped as FSAs on the Overlay Map prior to the time that they are designated as SSAs under the Stewardship Credit Program. Residential Uses, General Conditional Uses, Earth Mining and Processing Uses, and Recreational Uses (layers 1-4) as listed in the Matrix shall be eliminated in FSAs. Conditional use essential services and governmental essential services, except those necessary to serve permitted uses or for public safety, shall only be allowed in FSAs with a Natural Resource Stewardship Index value of 1.2 or less. Where practicable, directional -drilling techniques and/or previously cleared or disturbed areas shall be utilized for oil or gas extraction in FSAs in order to minimize impacts to native habitats. Asphaltic and concrete batch making plants shall be prohibited in areas mapped as HSAs. The opportunity to voluntarily participate in the Stewardship Credit Program, as well as the right to sell conservation easements or a free or lesser interest in the land, shall constitute compensation for the loss of these rights. (VII) Policy 5.2: To protect water quality and quantity and maintenance of the natural water regime and to protect listed animal and plant species and their habitats in areas mapped as FSAs, HSAs, and WRAs on the Overlay Map that are within the ACSC, all ACSC regulatory standards shall apply, including those that strictly limit non-agricultural clearing. (VII) Policy 5.3: To protect water quality and quantity and maintenance of the natural water regime and to protect listed animal and plant species and their habitats in areas mapped as FSAs, HSAs, and WRAs on the Overlay Map that are not within the ACSC, if a property owner proposes (XLIV) = Plan Amendment by Ordinance No. 2017-22 on June 13, 2017 133 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 to utilize such land for a non-agricultural purpose under the Baseline Standards referenced in Policy 1.5 and does not elect to use the Overlay, the following regulations are applicable, shall be incorporated into the LAC, and shall supersede any comparable existing County regulations that would otherwise apply. These regulations shall only apply to non-agricultural use of land prior to its inclusion in the Overlay system: 1. Site clearing and alteration shall be limited to 20% of the property and nonpermeable surfaces shall not exceed 50% of any such area. 2. Except for roads and lakes, any nonpermeable surface greater than one acre shall provide for release of surface water runoff, collected or uncollected, in a manner approximating the natural surface water flow regime of the surrounding area. 3. Revegetation and landscaping of cleared areas shall be accomplished with predominantly native species and planting of undesirable exotic species shall be prohibited. 4. An Environmental Impact Statement shall be prepared by the applicant and reviewed by Collier County in accordance with County regulations. 5. Roads shall be designed to allow the passage of surface water flows through the use of equalizer pipes, interceptor spreader systems or performance equivalent structures. (VII) Policy 5.4: Collier County will coordinate with appropriate State and Federal agencies concerning the provision of wildlife crossings at locations determined to be appropriate. (Vll) Policy 5.5: For those lands that are not voluntarily included in the Rural Lands Stewardship program, non-agricultural development, excluding individual single family residences, shall be directed away from the listed species and their habitats by complying with the following guidelines and standards: 1. A wildlife survey shall be required for all parcels when listed species are known to inhabit biological communities similar to those existing on site or where listed species are directly observed on the site. The survey shall be conducted in accordance with the requirements of the Florida Fish and Wildlife Conservation Commission (FFWCC) and U.S. Fish and Wildlife Service (USFWS) guidelines. The County shall notify the FFWCC and USFWS of the existence of any listed species that may be discovered. (xlll)(XLIV) 2. Wildlife habitat management plans for listed species and for those protected species identified below shall be submitted for County approval. A plan shall be required for all projects where the wildlife survey indicates listed species or the protected species identified below are utilizing the site, or the site contains potential habitat for listed species. These plans shall describe how the project directs incompatible land uses away from listed species and their habitats. Management plans for new preserves shall also outline a public awareness program to educate residents about the on -site preserve and the need to maintain habitat within the preserve for listed species and those protected species identified below. a. Management plans for new preserves shall incorporate proper techniques to protect listed species, and those protected species identified below, and their habitats from the negative impacts of proposed development. Open space and vegetation preservation requirements shall be used to establish buffer areas between wildlife habitat areas and areas dominated by human activities. Provisions such as fencing, walls, or other obstructions shall be provided to (XLIV) = Plan Amendment by Ordinance No. 2004-71 on October 26, 2004 134 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 minimize development impacts to the wildlife and to facilitate and encourage wildlife to use wildlife corridors. Appropriate roadway crossings, underpasses and signage shall be used where roads must cross wildlife corridors. i. Management guidelines contained in publications used by the FFWCC and U5FW5 for technical assistance shall be used for developing required management plans. (xlll) ii. The County shall consider any other techniques recommended by the U5FW5 and FFWCC, subject to the provision of paragraph 3 of this Policy. (xlll) iii. When listed species are directly observed on site or indicated by evidence, such as denning, foraging, or other indications, a minimum of 40% of native vegetation on site shall be retained, with the exception of clearing for agricultural purposes. The County shall also consider the recommendation of other agencies, subject to the provisions of paragraph 3 of this Policy. b. For parcels containing gopher tortoises (Gopherus polyphemus), habitat management plans are required and shall give priority to protecting the largest most contiguous gopher tortoise habitat with the greatest number of active burrows, and for providing a connection to off site adjacent gopher tortoise preserves. c. Habitat preservation plans for the Florida scrub jay (Aphel000ma coerulescens) are required and shall provide for a maintenance program and specify appropriate fire or mechanical protocols to maintain the natural scrub community. d. For the bald eagle (Haliaeetus leucocephalus), habitat management plans are required and shall establish protective zones around the eagle nest restricting certain activities. The plans shall also address restricting certain types of activities during the nest season. e. For the red -cockaded woodpecker (Picoides borealis), habitat protection plans are required and shall outline measures to avoid adverse impacts to active clusters and to minimize impacts to foraging habitat. Where adverse effects cannot be avoided, measures shall be taken to minimize on -site disturbance and compensate or mitigate for impacts that remain. f. In areas where the Florida black bear (Ursus americanus floridanus) may be present, management plans are required and shall require that garbage be placed in bear -resistant containers where such containers are available and accepted for use by Collier County, or containers stored in locations not easily accessible to bears. The management plan shall also identify methods to inform local residents of the concerns related to interaction between black bears and humans. g. For projects located in Priority I or Priority II Panther Habitat areas, management plans are required and shall discourage the destruction of undisturbed, native habitats that are preferred by the Florida panther (Felis concolor coryi) by directing intensive land uses to currently disturbed areas. Preferred habitats include pine flatwoods and hardwood hammocks. In turn, these areas shall be buffered from the most intense land uses of the project by using low intensity land uses (e.g., parks, passive recreational areas, golf courses). Gold courses within the Rural Lands Area shall be designed and managed using standards found within this Overlay. The management plans shall identify appropriate lighting controls for these permitted uses and shall also address the opportunity to utilize prescribed burning to maintain fire -adapted preserved vegetation communities and provide browse for white-tailed deer. (XLIV) = Plan Amendment by Ordinance No. 2004-71 on October 26, 2004 135 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 h. The Management Plans shall contain a monitoring program for developments greater than ten (10) acres. 3. The County shall, consistent with applicable policies of this Overlay, consider and utilize recommendations and letters of technical assistance from the Florida Fish and Wildlife Conservation Commission and recommendations from the US Fish and Wildlife Service in issuing development orders on property containing listed species. It is recognized that these agency recommendations, on a case by case basis, may change the requirements contained within these wildlife protection policies and any such change shall be deemed consistent with the Growth Management Plan. (VII)(XLIV) Policy 5.6: For those lands that are not voluntarily included in the Rural Lands Stewardship program, Collier County shall direct non-agricultural land uses away from high functioning wetlands by limiting direct impacts within wetlands. A direct impact is hereby defined as the dredging or filling of a wetland or adversely changing the hydroperiod of a wetland. This Policy shall be implemented as follows: 1. There are two (2) major wetlands systems within the RLSA, Camp Keais Strand and the Okaloacoochee Slough. These two systems have been mapped and are designated as FSNs. Policy 5.1 prohibits certain uses within the FSXs, thus preserving and protecting the wetlands functions within those wetland systems. 2. The other significant wetlands within the RLSA are WRAs as described in Policy 3.3. These areas are protected by existing SFWMD wetlands permits for each area. 3. FSAs, HSAs and WRAs, as provided in Policy 5.3, and the ACSC have stringent site clearing and alteration limitations, nonpermeable surface limitations, and requirements addressing surface water flows which protect wetland functions within the wetlands in those areas. Other wetlands within the RLSA are isolated or seasonal wetlands. These wetlands will be protected based upon the wetland functionality assessment described below, and the final permitting requirements of the South Florida Water Management District. a. The County shall apply the vegetation retention, open space and site preservation requirements specified within this Overlay to preserve an appropriate amount of native vegetation on site. Wetlands shall be preserved as part of this vegetation requirement according to the following criteria: (Xlll)(XLIV) i. The acreage requirements specified within this Overlay shall be met by preserving wetlands with the highest wetland functionality scores. Wetland functionality assessment scores shall be those described in paragraph (b) of this Policy. The vegetative preservation requirements imposed by Policies 5.3 and 5.5 shall first be met through preservation of wetlands having a functionality assessment score of 0.65 or a Uniform Wetland Mitigation Assessment Method score of 0.7, or greater_ The County shall apply specific criteria in the LDC to be used to determine those instances in which wetlands with a WRAP functionality assessment score of 0.65 or a Uniform Wetland Mitigation Assessment Method score of 0.7, or greater must be preserved in excess of the preservation required by Policy 5.3. H. Wetlands used by listed species or serving as corridors for the movement of listed species shall be preserved on site. Wetland flowway functions through the project shall be maintained. (XLIV) = Plan Amendment by Ordinance No. 2004-71 on October 26, 2004 136 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 (XLIV) iii. Proposed development shall demonstrate that ground water table drawdowns or diversions will not adversely change the hydoperiod of preserved wetlands on or offsite. Detention and control elevations shall be set to protect surrounding wetlands and be consistent with surrounding land and project control elevations and water tables. In order to meet these requirements, projects shall be designed in accordance with Sections 10.2.2.4 of the Environmental Resource Permit Applicant's Handbook Volume I, and Sections 3.11 and 3.12 of the Environmental Resource Permit Applicant's Handbook Volume 11 for use within the Geographic Limits of the South Florida Wafer Management District (2014). Upland vegetative communities may be utilized to meet the vegetative, open space and site preservation requirements of this Overlay when the wetland functional assessment score is less than 0.65. (XIII) b. In order to assess the values and functions of wetlands at the time of project review, applicants shall rate functionality of wetlands using the South Florida Water Management District's Wetland Rapid Assessment Procedure (WRAP), as described in Technical Publication Reg-001, dated September 1997, and updated August 1999, or the Uniform Wetland Mitigation Assessment Method, identified as F.A.C. Chapter 62-345. The applicant shall submit to County staff agency - accepted WRAP scores, or Uniform Wetlands Mitigation Assessment scores. County staff shall review this functionality assessment as part of the County's EIS provisions and shall use the results to direct incompatible land uses away from the highest functioning wetlands according to the requirements found in paragraph 3 a bove. (XLIV) c. All direct impacts shall be mitigated for pursuant to the requirements of paragraph (f) of this Policy. d. Single family residences shall follow the requirements contained within Policy 6.2.7 of the Conservation and Coastal Management Element. (XV) e. The County shall separate preserved wetlands from other land uses with appropriate buffering requirements. The County shall require a minimum 50-foot vegetated upland buffer abutting a natural water body, and for other wetlands a minimum 25-foot vegetated upland buffer abutting the wetland. A structural buffer may be used in conjunction with a vegetative buffer that would reduce the vegetative buffer width by 50%. A structural buffer shall be required abutting wetlands where direct impacts are allows. Wetland buffers shall conform to the following standards: The buffer shall be measured landward from the approved jurisdictional line ii. The buffer zone shall consist of preserved native vegetation. Where native vegetation does not exist, native vegetation compatible with the existing soils and expected hydrologic conditions shall be planted. iii. The buffer shall be maintained free of Category I invasive exotic plants, as defined by the Florida Exotic Pest Plant Council. iv. The following land uses are considered to be compatible with wetland functions and are allowed within the buffer: (1) Passive recreational areas, boardwalks and recreational shelters; (2) Pervious nature trails; (XLIV) = Plan Amendment by Ordinance No. 2017-22 on June 13, 2017 137 Carroll 8v Carroll 6061 Report Addenda Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 (3) Water management structures; (4) Mitigation areas; (5) Any other conservation and related open space activity or use which is comparable in nature with the foregoing uses. v. A structural buffer may consist of a stem -wall, berm, or vegetative hedge with suitable fencing. f. Mitigation shall be required for direct impacts to wetland in order to result in no net loss of wetland functions. Mitigation Requirements: i. "No net loss of wetland functions" shall mean that the wetland functional score of the proposed mitigation equals or exceeds the wetland functional score of the impacted wetlands. Priority shall be given to mitigation within FSAs and HSAs. (XV) ii. Loss of storage or conveyance volume resulting from direct impacts to wetlands shall be compensated for by providing an equal amount of storage or conveyance capacity on site and within or abutting the impacted wetland. iii. Protection shall be provided for preserved or created wetland or upland vegetative communities offered as mitigation by placing a conservation easement over the lend in perpetuity, providing for initial exotic plant removal (Class I invasive exotic plants defined by the Florida Exotic Plan Council) and continuing exotic plant maintenance, or by appropriate ownership transfer to a state or federal agency along with sufficient funding for perpetual management activities. (XLIV) iv. Prior to issuance of any final development order that authorizes site alteration, the applicant shall demonstrate compliance with paragraphs (f) i, ii, and iii of this Policy. If agency permits have not provided mitigation consistent with this Policy, Collier County will require mitigation exceeding that of the jurisdictional agencies. g. Wetland preservation, buffer areas, and mitigation areas shall be identified or platted as separate tracts. In the case of a Planned Unit Development (PUD), these areas shall also be depicted on the PUD Master Plan. These areas shall be maintained free from trash and debris and from Category I invasive exotic plants, as defined by the Florida Exotic Pest Plant Council. Land uses allowed in these areas shall be limited to those listed above (3.e.iv.) and shall not include any other activities that are detrimental to drainage, flood, control, water conservation, erosion control or fish and wildlife habitat conservation and preservation. (XLIV) = Plan Amendment by Ordinance No. 2017-22 on June 13, 2017 138 Carroll 8v Carroll 6061 Addenda m � O a z % N a o m a a .o a a i N a i+ �" •4 Y � � t � L � U � � 413 i m a U m "P a c o c 3 A w 2¢ Y Q op m Y a - 2 'v t 79 p�H Q Q C? a+ Lp 73 r, m 3 — _ 7 oa — c c O a= Q 0 0>> V L L L Q E L Q aL+ O O N 4 v t Q Q. LL O a F a c L a � U U � N m � i C � by 0 � c a L a E G oq 2 obi L Y• E E cG m t 4 a3 y a O — 7 O L V i a c� u } v cmi m m— m 3 .'2 � q L •7 .Y V N s 2 g 2 a a E a a y a Y O m L L V N Q Y Carroll & Carroll 6061 Report Addenda A. Rural Agricultural District (A). The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consistent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. 1. The following subsections identify the uses that are permissible by right and the uses that are allowable as accessory or conditional uses in the rural agricultural district (A). a. Permitted uses. 1. Single-family dwelling. 2. Agricultural activities, including, but not limited to: Crop raising; horticulture; fruit and nut production; forestry; groves; nurseries; ranching; beekeeping; poultry and egg production; milk production; livestock raising, and aquaculture for native species subject to Florida Fish and Wildlife Conservation Commission permits. i. The following permitted uses shall only be allowed on parcels 20 acres in size or greater: a) dairying; b) ranching; c) poultry and egg production; d) milk production; e) livestock raising; and f) animal breeding, raising, training, stabling or kenneling. ii. On parcels less than 20 acres in size, individual property owners are not precluded from the keeping of the following for personal use and not in association with a commercial agricultural activity provided there are no open feed lots: a) Fowl or poultry, not to exceed 25 in total number; and b) Horses and livestock (except for hogs) not to exceed two such animals for each acre. Notwithstanding the above, hog(s) may be kept for a 16 week period in preparation for showing and sale at the annual Collier County Fair and/or the Immokalee Livestock show. The following standards shall apply: a) One hog per child enrolled in a 4-H Youth Development Program, Collier County Fair Program or similar program is permitted. In no case shall there be more than 2 hogs per acre. b) Premises shall be fenced and maintained in a clean, healthful, and sanitary condition. c) Premises or roofed structure used for the sheltering, feeding, or confinement of such animals shall be setback a minimum of 30 feet from lot lines and a minimum of 100 feet from any dwelling unit on an adjacent parcel of land. d) Hog(s) shall not be returned to the property once removed for showing and/or sale. 3. Wholesale reptile breeding and raising (non -venomous), subject to the following standards: Carroll 8v Carroll 6061 Report Addenda i. Minimum 20 acre parcel size; ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located a minimum of 100 feet from any lot line. 4. Wildlife management, plant and wildlife conservancies, wildlife refuges and sanctuaries. 5. Conservation uses. 6. Oil and gas exploration subject to state drilling permits and Collier County site development plan review procedures. 7. Family care facilities, subject to section 5.05.04 8. Communications towers up to specified height, subject to section 5.05.09 9. Essential services, as set forth in section 2.01.03 10. Schools, public, including "Educational plants." Accessory uses. 1. Uses and structures that are accessory and incidental to the uses permitted as of right in the A district. 2. Farm labor housing, subject to section 5.05.03 3. Retail sale of fresh, unprocessed agricultural products, grown primarily on the property and subject to a review of traffic circulation, parking, and safety concerns pursuant to the submission of a site improvement plan as provided for in section 10.02.03 4. Packinghouse or similar agricultural processing of farm products produced on the property subject to the following restrictions: Agricultural packing, processing or similar facilities shall be located on a major or minor arterial street, or shall have access to an arterial street by a public street that does not abut properties zoned RSF-1 thru RSF-6, RMF-6, RMF-12, RMF-16, RT, VR, MH, TTRVC and PUD or are residentially used. ii. A buffer yard of not less than 150 feet in width shall be provided along each boundary of the site which abuts any residentially zoned or used property, and shall contain an Alternative B type buffer as defined within section 4.06.00. Such buffer and buffer yard shall be in lieu of front, side, or rear yards on that portion of the lot which abuts those districts and uses identified in subsection 2.03.01 A.1.b. 4 i. above. iii. The facility shall emit no noxious, toxic, or corrosive dust, dirt, fumes, vapors, or gases which can cause damage to human health, to animals or vegetation, or to other forms of property beyond the lot line of the use creating the emission. iv. A site development plan shall be provided in accordance with section 10.02.03 5. Excavation and related processing and production subject to the following criteria: i. The activity is clearly incidental to the agricultural development of the property. ii. The affected area is within a surface water management system for agricultural use as permitted by the South Florida Water Management District (SFWMD). iii. The amount of excavated material removed from the site cannot exceed 4,000 cubic yards. Amounts in excess of 4,000 cubic yards shall require conditional use approval for earthmining, pursuant to the procedures and conditions set forth in LDC section 10.08.00 and the Administrative Code. 6. Guesthouses, subject to section 5.03.03 7. Private boathouses and docks on lake, canal or waterway lots, subject to section 5.03.06 8. Use of a mobile home as a temporary residence while a permanent single-family dwelling is being constructed, subject to the following: Carroll 8v Carroll 6061 Revort Addenda i. Receipt of a temporary use permit from the Development Services Director, pursuant to section 5.04.04, that allows for use of a mobile home while a permanent single-family dwelling is being built; ii. Assurance that the temporary use permit for the mobile home will expire at the same time of the building permit for the single-family dwelling, or upon the completion of the single-family dwelling, whichever comes first; iii. Proof that prior to the issuance of a final certificate of occupancy for the single-family dwelling, the mobile home is removed from the premises; and iv. The mobile home must be removed at the termination of the permitted period. 9. Use of a mobile home as a residence in conjunction with bona fide agricultural activities subject to the following: i. The applicant shall submit a completed application to the site development review director, or his designee, for approval of a temporary use permit to utilize a mobile home as a residence in conjunction with a bona fide commercial agricultural activity as described in subsection 2.03.01 A.1.2. Included with this application shall be a conceptual plot plan of the subject property depicting the location of the proposed mobile home; the distance of the proposed mobile home to all property lines and existing or proposed structures; and, the location, acreage breakdown, type and any intended phasing plan for the bona fide agricultural activity. ii. The receipt of any and all local, state, and federal permits required for the agricultural use and/or to place the mobile home on the subject site including, but not limited to, an agricultural clearing permit, building permit(s), ST permits, and the like. iii. The use of the mobile home shall be permitted on a temporary basis only, not to exceed the duration of the bona fide commercial agricultural activity for which the mobile home is an accessory use. The initial temporary use permit may be issued for a maximum of three years, and may, upon submission of a written request accompanied by the applicable fee, be renewed annually thereafter provided that there is continuing operation of the bona fide commercial agricultural activities. iv. The applicant utilizing, for the bona fide commercial agricultural activity, a tract of land a minimum of five acres in size. Any property lying within public road rights -of -way shall not be included in the minimum acreage calculations. v. A mobile home, for which a temporary use permit in conjunction with a bona fide commercial agricultural activity is requested, shall not be located closer than 100 feet from any county highway right-of-way line, 200 feet from any state highway right-of- way, or 500 feet from any federal highway right-of-way line. 10. Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or subdivision master plan for that development. Recreational facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields. c. Conditional uses. The following uses are permitted as conditional uses in the rural agricultural district (A), subject to the standards and procedures established in LDC section 10.08.00 and the Administrative Code. Extraction or earthmining, and related processing and production not incidental to the agricultural development of the property. NOTE: "Extraction related processing and production" is not related to "Oil extraction and related processing" as defined in this Code. 2. Sawmills. 3. Zoo, aquarium, aviary, botanical garden, or other similar uses. 4. Hunting cabins. 5. Aquaculture for nonnative or exotic species, subject to Florida Fish and Wildlife Conservation Commission permits. Carroll 8v Carroll 6061 Report Addenda 6. Wholesale reptile breeding or raising (venomous) subject to the following standards; Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located at a minimum of 100 feet away from any lot line. 7. Churches. 8. Private landing strips for general aviation, subject to any relevant state and federal regulations. 9. Cemeteries. 10. Schools, private. 11. Child care centers and adult day care centers. 12. Collection and transfer sites for resource recovery. 13. Communication towers above specified height, subject to section 5.05.09 14. Social and fraternal organizations. 15. Veterinary clinic. 16. Group care facilities (category I and II); care units; nursing homes; assisted living facilities pursuant to § 400.402 F.S. and ch. 58A-5 F.A.C.; and continuing care retirement communities pursuant to § 651 F.S. and ch. 4-193 F.A.C., all subject to section 5.05.04 when located within the Urban Designated Area on the Future Land Use Map to the Collier County Growth Management Plan. 17. Golf courses and/or golf driving ranges. 18. Oil and gas field development and production subject to state field development permits. 19. Sports instructional schools and camps. 20. Sporting and recreational camps. 21. Retail plant nurseries subject to the following conditions: i. Retail sales shall be limited primarily to the sale of plants, decorative products such as mulch or stone, fertilizers, pesticides, and other products and tools accessory to or required for the planting or maintenance of said plants. ii. Additionally, the sale of fresh produce is permissible at retail plant nurseries as an incidental use of the property as a retail plant nursery. iii. The sale of large power equipment such as lawn mowers, tractors, and the like shall not be permitted in association with a retail plant nursery in the rural agricultural district. 22. Asphaltic and concrete batch making plants subject to the following conditions: i. Asphaltic or concrete batch making plants may be permitted within the area designated agricultural on the future land use map of the future land use element of the growth management plan. ii. The minimum site area shall not be less than ten acres. iii. Principal access shall be from a street designated collector or higher classification. iv. Raw materials storage, plant location and general operations around the plant shall not be located or conducted within 100 feet of any exterior boundary. v. The height of raw material storage facilities shall not exceed a height of fifty (50) feet. vi. Hours of operation shall be limited to two (2) hours before sunrise to sunset. vii. The minimum setback from the principal road frontage shall be 150 feet for operational facilities and seventy-five (75) feet for supporting administrative offices and associated parking. Carroll 8v Carroll 6061 Addenda viii. An earthen berm achieving a vertical height of eight feet or equivalent vegetative screen with eighty (80) percent opacity one (1) year after issuance of certificate of occupancy shall be constructed or created around the entire perimeter of the property. ix. The plant should not be located within the Greenline Area of Concern for the Florida State Park System as established by the Department of Environmental Protection (DEP): within the Area of Critical State Concern as depicted on the Future Land Use Map GMP; within 1,000 feet of a natural reservation; or within any County, State or federal jurisdictional wetland area. 23. Cultural, ecological, or recreational facilities that provide opportunities for educational experience, eco-tourism or agri-tourism and their related modes of transporting participants, viewers or patrons where applicable, subject to all applicable federal, state and local permits. Tour operations, such as, but not limited to airboats, swamp buggies, horses and similar modes of transportation, shall be subject to the following criteria: i. Permits or letters of exemption from the U.S. Army Corps of Engineers, the Florida Department of Environmental Protection, and the South Florida Water Management District shall be presented to the planning services director prior to site development plan approval. ii. The petitioner shall post the property along the entire property line with no trespassing signs approximately every 300 yards. iii. The petitioner shall utilize only trails identified and approved on the site development plan. Any existing trails shall be utilized before the establishment of new trails. iv. Motor vehicles shall be equipped with engines which include spark arrestors and mufflers designed to reduce noise. v. The maximum size of any vehicle, the number of vehicles, and the passenger capacity of any vehicle shall be determined by the board of zoning appeals during the conditional use process. vi. Motor vehicles shall be permitted to operate during daylight hours which means, one hour after sunrise to one hour before sunset. vii. Molestation of wildlife, including feeding, shall be prohibited. viii. Vehicles shall comply with state and United States Coast Guard regulations, if applicable. ix. The board of zoning appeals shall review such a conditional use for tour operations, annually. If during the review, at an advertised public hearing, it is determined by the board of zoning appeals that the tour operation is detrimental to the environment, and no adequate corrective action has been taken by the petitioner, the board of zoning appeals may rescind the conditional use. 24. Agricultural activities on parcels less than 20 acres in size: i. animal breeding, raising, training, stabling, or kenneling. ii. dairying; iii. livestock raising; iv. milk production; v. poultry and egg production; and vi. ranching. 25. The commercial production, raising or breeding of exotic animals, other than animals typically used for agricultural purposes or production, subject to the following standards: Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such animals shall be located a minimum of 100 feet from any lot line. 26. Essential services, as set forth in subsection 2.01.03 G. Carroll 8v Carroll 6061 Report Addenda 27. Model homes and model sales centers, subject to compliance with all other LDC requirements, to include but not limited to section 5.04.04 28. Ancillary plants. d. Prohibited uses. 1. Owning, maintaining or operating any facility or part thereof for the following purposes is prohibited: a) Fighting or baiting any animal by the owner of such facility or any other person or entity. b) Raising any animal or animals intended to be ultimately used or used for fighting or baiting purposes. c) For purposes of this subsection, the term baiting is defined as set forth in § 828.122(2)(a), F.S., as it may be amended from time to time. Carroll 8v Carroll 6061 Addenda Mobile home Overlay (MHO). The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. Carroll 8v Carroll 6061 Report Addenda /40 Carroll & Carroll Real Estate Appraisers & Consultants Timothy W. Sunyog, MAI CERT GEN RZ3288 PROFESSIONAL RECOGNITION State -Certified General Real Estate Appraiser RZ3288 Earned 12-15-08 MAI Designation Appraisal Institute Earned 06-24-15 PROFESSIONAL EXPERIENCE Carroll & Carroll Appraisers & Consultants, LLC, Naples, FL— Principal/Full Time Commercial Real Estate Appraiser, January 2018 - Present Carroll & Carroll, Inc., Naples, FL, Full Time Commercial Real Estate Appraiser, August 2005 -August 2006 & July 2007 — December 2017 Realvest Appraisal Services, Inc., Maitland, FL, Associate Appraiser, September 2006 -June 2007 UBS Financial Services Inc., Orlando, FL., Investments intern, Fall 2003 Florida Real Estate Sales Associate - February 2014 — Present EDUCATION Rollins College, Bachelor of Arts — Economics - May 2004 Argus Valuation — DCF Training, February 2012 Continuing Education — Tim Sunyog has met the continuing education requirements of the State of Florida and the Appraisal Institute PROFESSIONAL ASSOCIATIONS Appraisal Institute — Florida Gulf Coast Chapter (Vice President) Appraisal Institute — Leadership Development & Advisory Council (LDAC) Naples Area Board of Realtors CIVIC INVOLVEMENT Education Foundation —Connect Now Initiative Relay for Life Naples Junior Chamber PRACTICE INCLUDES ASSIGNMENTS INVOLVING Vacant Land Multifamily Properties Office Buildings Subdivisions Ad Valorem Tax Analysis Agricultural Properties Commercial Condos Retail Centers Buy/Sell Decisions Litigation Churches Industrial Buildings Restaurants Self -Storage Facilities Estate Settlement Carroll & Carroll 6061 Addenda Ran DeSantls, Governor STATE OF FLORIDA Halsey Beshears. Secretary doriza bpr DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES SUNYOG, TIMOTHY WILLIAM 2805 HORSESHOE DRIVE SOUTH SUITE 100 —6 0 NAPLES FL 34104 k LICENSE NUMBER: RZ3288 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFlorical-icense.com ❑o not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Carroll & Carroll RKL APPRAISAL AND CON SUITING REAL ESTATE APPRAISAL REPORT RED MAPLE SWAMP Residential Land Generally within Golden Gate Estates Unit 53 Naples, Collier County, Florida, 34120 ACHI L M. ZUCCHI, MAI, CCIM C. LOWRY, MAI, CPA 0UIS C. BOSBITT, MAI PREPARED FOR: Mr. Roosevelt Leonard, RAV-AC Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Client File: PO Number 4500216604 EFFECTIVE DATE OF THE APPRAISAL: August 13, 2022 DATE OF THE REPORT: August 20, 2022 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2022-195 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Subject Parcels Red Maple Swamp Generally within Golden Gate Estates Unit 53 Naples, Florida *RKL AI SAL AND CON Sit LTIN G August 20, 2022 Mr. Roosevelt Leonard, R/W-AC Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Red Maple Swamp Generally within Golden Gate Estates Unit 53, Naples, Collier County, Florida, 34120 Client File: PO Number 4500216604 RKL File Number: 2022-195 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value on a price per acre basis within the area identified as Red Maple Swamp (100% wetlands) for parcels 3 acres or less and for parcels that are greater than 3 acres. The intended users for the assignment are Collier County Real Property Management (Conservation Collier Program), and the intended use of the appraisal is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject market area is identified by Conservation Collier as Red Maple Swamp. The Red Maple Swamp Preserve target area encompasses 24 parcels totaling 67.04 acres within Golden Gate Estates Unit 53. The per acre values reported in this market study will be offered to property owners with 1.0 to 6.0 acre parcels. The market area is designated as wetlands on the FDEP Informal Wetland Determinations March 2016 map and is located within the Estates zoning designation which allows for low density residential development with limited aizricultural uses. ACHEL M. ZUCCHI, MAI, CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 C. LowRY, MAI, CPA Phone: 239-596-0800 OUIS C. BOBBITT, MAI www.rklac.com Mr. Roosevelt Leonard, R/W-AC Collier County August 20, 2022 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple August 13, 2022 Area Red Maple Swamp Red Maple Swamp Typical Parcel Size 1.0 - 3.0 acres Greater than 3.0 acres Indicated Value per Acre $18,000 $16,500 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Ass um tions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com RED MAPLE SWAMP TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... 1 Introduction Information..................................................................................................... 2 SubjectIdentification...................................................................................................... 2 Current Ownership and Property History....................................................................... 2 AppraisalScope.............................................................................................................. 2 Client, Intended User, and Intended Use........................................................................ 3 Definition of Market Value............................................................................................. 3 Definition of Property Rights Appraised........................................................................ 3 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 3 Scopeof Work................................................................................................................ 4 EconomicAnalysis............................................................................................................. 5 National Economic Analysis........................................................................................... 5 Florida Economic Analysis............................................................................................. 8 Collier County Area Analysis......................................................................................... 9 Property Description and Analysis................................................................................... 25 SiteAnalysis................................................................................................................. 25 Highestand Best Use.................................................................................................... 36 ValuationMethodology.................................................................................................... 38 AnalysesApplied.......................................................................................................... 39 Sales Comparison Approach — Parcels 3.0 Acres and Less .......................................... 40 Sales Comparison Approach — Parcels Greater than 3.0 Acres .................................... 47 Reconciliation............................................................................................................... 52 FinalValue Conclusion................................................................................................. 52 Certification...................................................................................................................... 53 Assumptions and Limiting Conditions............................................................................. 55 Addenda Appraiser Qualifications Property Information ..... Comparable Data ........... Addendum A Addendum B Addendum C RED MAPLE SWAMP SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Red Maple Swamp Generally within Golden Gate Estates Unit 53, Naples, Collier County, Florida, 34120 Owner: Multiple Legal Description: Multiple parcels generally located within Golden Gate Estate Unit 53 Tax Identification: Multiple parcels generally located within Golden Gate Estates Unit 53 Intended Use: The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. Intended User(s): Collier County Real Property Management (Conservation Collier Program) PROPERTY Market Areas Parcel ID Gross Land Area Typical Parcel Size Zoning FDEP Informal Wetland (Acres) (Acres) Determination Red Maple Swamp 67.04 1.14 - 5.41 E - Estates 100% Wetlands Highest and Best Use As Vacant Conservation Exposure Time 12 months Marketing Period 12 months VALUE INDICATIONS Effective Date(s) August 13, 2022 Property Rights Fee Simple Area Red Maple Swamp Red Maple Swamp Typical Parcel Size 1.0 - 3.0 acres Greater than 3.0 acres Indicated Value per Acre $18,000 $16,500 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assum tions: None. Page 1 RED MAPLE SWAMP INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Red Maple Swamp Generally within Golden Gate Estates Unit 53, Naples, Collier County, Florida, 34120 Legal Description: Multiple parcels generally located within Golden Gate Estate Unit 53 Tax Identification: Multiple parcels generally located within Golden Gate Estates Unit 53 The subject market area is identified by Conservation Collier as Red Maple Swamp. The Red Maple Swamp Preserve target area encompasses 24 parcels totaling 67.04 acres within Golden Gate Estates Unit 53. The per acre values reported in this market study will be offered to property owners with 1.0 to 6.0 acre parcels. The market area is designated as wetlands on the FDEP Informal Wetland Determinations March 2016 map and is located within the Estates zoning designation which allows for low density residential development with limited agricultural uses. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner There are multiple owners. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. Page 2 RED MAPLE SWAMP INTRODUCTION INFORMATION CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Real Property Management (Conservation Collier Program). The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value on a price per acre basis within the area identified as Red Maple Swamp (100% wetlands) for parcels 3 acres or less and for parcels that are greater than 3 acres. The effective date of the subject appraisal is August 13, 2022. The date of inspection was August 13, 2022. The date of the report is August 20, 2022. Page 3 RED MAPLE SWAMP INTRODUCTION INFORMATION SCOPE OF WORK The problem to be solved is to estimate the market value on a price per acre basis within the area identified as Red Maple Swamp (100% wetlands) for parcels 3 acres or less and for parcels that are greater than 3 acres. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject area is identified generally as the wetland parcels within Red Maple Swamp. An aerial shows the approximate border of the Red Maple Swamp. Inspection: A limited on site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Anal Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 4 RED MAPLE SWAMP NATIONAL ECONOMIC ANALYSIS ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on July 27, 2022. Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. Russia's war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage -backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of June 2022. Real GDP is projected to grow at a rate of 1.7% in 2022, a decline from the previous March projection of 2.8%. The unemployment projection for 2022 increased from 3.5% to 3.7%. The Core PCE inflation projection was increased to 4.3% in 2022. Page 5 RED MAPLE SWAMP NATIONAL ECONOMIC ANALYSIS Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, under their individual assumptions of projected appropriate monetary policy, June 2022 P-1. Median, Cent 1'r,-dencyj Rx �s Varinble 2022 WO 2024 1 Luz 2022 1 2UJ I 202d Langer 2022 2023 2024 Longer run run mn Changn in real GDP 1.7 1.7 1.9 1.8 l.rrl_'J 1.3-2.0 1.5-2.0 , 1.8-2.0 1.0-2.0 0.8-2.5 1.0-2.2 1.6-2.2 March projection 2.8 2.2 2.0 1.8 2.5-3.0 2.1-2.5 1.8-2.0 ' 1.8-2.0 2.1.3.3 2.0-2.9 l.5-2.5 l.fr2.2 Unemployment rate 3.7 3.9 4.1 4.0 3.6 3.8 3.8 4.1 3.9 4.1 3.5 4.2 3.2 4.0 3.2 4.5 3.2 4.3 i 3.5 4.3 March projction 3.5 3-5 3.6 4.0 3.4-3.6 3.3-3-6 3.2-3.7 3.5-4.2 3.".0 3.1-4.0 3.1-4.0 3.5-4.3 PCP, inflation 5.2 2.6 2.2 2.0 5-05.3 2.4-3.0 2.0-2.5 2.0 4-"-2 23-4.0 2.0-3.0 2-0 March projection 4.3 2.7 2.3 2.0 4.1-4.7 2.3-3.0 2.1-2.4 1.0 3.7 5.5 2.".5 2.D-3A 2.0 Cure pCE iuflatioud 4.3 2.7 2.3 4.2 4.5 2.5 3.2 2.1 2.5 4.1 5.0 2.5 3.5 2.D 2.8 March projection 4.1 2.6 2.3 3-9-4.4 2.4-3-0 2.1 2.4 3.6-4-5 2.1-3.5 2.0-3.0 Me ; P Jected apprnpriatc pnlicy path K,icral funds ratc 3.4 3-8 3.4 2.5 3-1�_6 3-14-1 1.11.1 2.3-2.5 3-1-3-9 2-9-4.4 2.1-4.1 2.0-3.0 March projection 1.9 2.8 2.8 2.4 1 1.12.4 2.4-3.1 2.4-3.4 2.3-2.5 1.4-3.1 2.1-3.6 2.1-3.6 2.0-3.0 According to Freddie Mac Chief Economist Sam Khater, despite some obvious headwinds, the housing market remains strong as the economy grows. "Even as mortgage rates are expected to increase and home prices continue to rise, homebuyer demand remains steady as inventory issues have slightly improved. According to a January Washington Post article, the story of 2021 was how quickly home prices accelerated. The national median home price hit $362,800 in June, an all-time high, according to the National Association of Realtors. The Case-Shiller home price index peaked in August, when prices rose 19.8 percent year -over -year that month. The housing market was doing well at the turn of the year and may normalize, said Lawrence Yun, chief economist at the National Association of Realtors, a trade association for real estate agents. "All markets are seeing strong conditions, and home sales are the best they have been in 15 years," Yun said. "The housing sector's success will continue, but I don't expect 2022's performance to exceed 2021's." He said sales may decline this year but predicts that they will exceed pre -pandemic levels. His forecast is based on an expectation of more inventory in the coming months. The increased supply will be generated, in part, from new housing construction as well as from the end of forbearance for struggling mortgage payers, a situation that will cause some homeowners to sell. According to the National Association of Real Estate Investment Trusts' (NAREIT) 2022 Outlook, 2022 is likely to see significant further improvement in overall economic conditions, with rising GDP, job growth, and higher incomes, in a supportive financial market environment where inflation pressures gradually subside and long-term interest rates remain well below their historical norms. The emergence of the new Omicron variant of COVID-19 in late November 2021 serves as a reminder that the threat of new waves of infection looms over all aspects of the global economy. Increasing vaccination rates and natural immunity due to prior infection may help contain these risks. Some sectors remain below pre -pandemic levels, including lodging/resorts, office, diversified, and health care REITs. Other sectors, however, have had double-digit returns. Some sectors have delivered exceptional returns, including industrial REITS, with total returns of 57% through November 2021, and self -storage REITs-which have had a surge of demand due to strong housing markets and home sales, plus additional need for space during the pandemic -with investment returns exceeding 70%. Macroeconomic fundamentals are sound, and except for a few significant obstacles in the near term, Page 6 RED MAPLE SWAMP NATIONAL ECONOMIC ANALYSIS growth is likely to continue at above -trend pace in 2022. Job growth has been impressive, averaging 555,000 per month in 2021 through November, reducing the unemployment rate to 4.2%. With total payroll employment still 7 million below the pre -pandemic trend, the job market and the overall economy have considerable running room ahead. The 2022 CBRE U.S. Real Estate Market Outlook projects a positive outlook for the economy and commercial real estate in 2022, despite uncertainty over potential impacts of the COVID omicron variant and other risks. There may be other bumps along the way, notably from the ripple effects of an economic slowdown in China and rising oil prices, but the factors that held back growth in 2021—labor shortages, supply disruptions, inflation and other COVID variants —will ease. Monetary policy will tighten to keep longer -term inflation pressures in check, which may trigger some short -run volatility in the stock market, but it will not be enough to dampen investor demand for real estate. CBRE projects a record year for commercial real estate investment, enabled by high levels of low-cost debt availability and new players drawn to real estate debt's attractive risk -adjusted returns. Commercial real estate values will rise, particularly for sought-after industrial and multifamily assets. Investors will sharpen their focus on emerging opportunities in the office and retail sectors in search of better returns. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2022, Eighty percent of respondents expect their institution's revenues in 2022 to be slightly or significantly better than 2021 levels. In 2022, many real estate companies are not expected to be out of the woods yet, but the solid fundamentals that buoyed the sector pre -pandemic could help in the short term. The tight labor market is bringing workforce issues to the forefront, such as well-being, ESG, and adopting a more individualized approach to where work gets done (remote/office/hybrid). Our survey indicates CRE employees want their firms to be more purpose -driven. According to the PwC Emerging Trends in Real Estate 2022, confounding initial expectations of a protracted recession and then recovery spanning several years, the economy began to bounce back almost as quickly as it shut down. The recession ended up lasting only two months —the shortest on record —according to the official arbiters of business cycles. Economic output is already back above pre-COVID levels, and jobs may recover to previous levels by early 2022. The economic outlook certainly looked much better in mid-2021 than could reasonably have been hoped for a year earlier. Not only has economic output already recovered to pre-COVID levels, but growth is forecast to be at its highest rate in decades during 2021 and 2022. According to J.P. Morgan Chase 2022 commercial real estate outlook, the commercial real estate industry has a positive outlook heading into 2022. Although there were some surprises and overly negative forecasts surrounding retail and office commercial real estate markets, industrial continues to perform well. Overall, the future of multifamily looks bright, with a couple notable exceptions. The year ahead looks positive, with retail and multifamily asset classes rebounding and industrial continuing to thrive. Commercial real estate has also found innovative ways to increase the affordable and workforce Page 7 RED MAPLE SWAMP FLORIDA ECONOMIC ANALYSIS housing supply. The public and private sectors must work together to prioritize infrastructure to help the economy grow. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, Florida trailed only Texas in population increases from 2020 to 2021, while the nation had the slowest growth rate in its history. Florida's grew by 211,196 residents from July 1, 2020, to July 1, 2021, to a population of 21,781,128, the census estimates show. Texas grew by an estimated 310,288 residents to a population of 29,527,941. The Bureau of Economic and Business Research at the University of Florida projects the state's population, which surpassed 20 million in mid 2015, to rise to 24.42 million by 2030 and 26.36 million by 2040. According to the Fall 2021 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida's economy, as measured by real Gross State Product, will expand at an average annual rate of 2.4% from 2021 to 2024. After contracting by 2.8% in 2020, real Gross State Product will rise by 5.1% in 2021. Payroll job growth in Florida will continue to outpace national job growth as the labor market climbs out of a deep hole. Average job growth over the 2021-2024 period will be 0.1 percentage points faster than the national economy. Housing starts will pick up going forward, but not nearly fast enough to offset the large shortage of single-family housing in the short run. House price appreciation will decelerate over this period as supply catches up with strong demand and as affordability gets further out of reach for many. Page 8 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Labor force growth in Florida is projected to average 2.2% from 2021-2024. After a sharp contraction of 2.1% in 2020, strong payroll job creation will boost Florida's labor market recovery. The prospects of finding a job and higher wages will bring more Floridians back to the hunt for employment, particularly those who dropped out of the labor market as a result of the lockdowns and recession. 7able 1. Annual Summary of the University of Central Florida's Forecast for Florida 2016 2017 2018 2019 2020 2021 2022 2023 2024 Personal Income and GSP Personal Income (Bil. $) 954.1 1023.1 1087.2 1139.8 1210.0 1297.3 1297.0 1349.1 1410.1 Florida.(%Ch Year ago) 3.7 7.2 6.3 4.8 6.2 7.2 0.0 4.0 4.5 U.S.(%Ch Year ago) 2.6 4.7 5.1 4.1 6.5 6.5 1.0 5.0 5.3 Personal Income (Bil. 2012S) 919.1 966.1 1001.0 1031.5 1082.6 1121.0 1089.8 1113.2 1140.6 Florida.(%Ch Year ago) 2.3 5.1 3.6 3.0 5.0 3.5 -2.8 2.1 2.5 U.S.(%Ch Year ago) 1.6 2.8 2.9 2.5 5.3 2.8 -2.0 3.0 3.1 Disp. Income (1311. 2012$) 825.7 852.0 896.2 922.3 976.1 1006.4 975.5 996.0 1020.7 Florida.(%ChYear ago) 3.5 3.2 5.2 3.0 5.8 3.1 -3.1 2.1 2.5 U.S.(%Ch Year ago) 1.8 2.8 3.4 2.3 6.2 1.7 -3.0 2.9 3.1 GSP (Bil. $) 953.4 1002.6 1057.9 1116.4 1106.0 1204.5 1265.5 1313.3 1372.1 (%Ch Year ago) 4.9 5.2 5.5 5.5 -0.9 8.9 5.1 3.8 4.5 GSP (Bil. 2012$) 881.5 913.0 943.5 971.6 944.0 992.5 1006.6 1020.5 1039.2 (%Ch Year ago) 3.4 3.6 3.3 3.0 -2.8 5.1 1.4 1.4 1.8 Employment and Labor Force (Household Survey % Change Year Ago) Employment 3.4 2,2 2.5 2.1 -5.2 2.5 4.3 2.1 1.2 Labor Force 2.1 1,9 1.3 1.6 -2.1 3.0 4.1 1.1 0.7 FL Unemployment Rate (%) 4.9 4.3 3.6 3.3 7.9 5.0 4.6 4.1 4.0 U.S. Unemployment Rate (%) 4,9 4.4 3.9 3.7 8.1 5.4 3.8 3.5 3.6 COVID-19 Governor Ron DeSantis issued a "safer -at-home" order on April 3, 2020 in an effort to limit the spread of coronavirus. Governor DeSantis announced on April 29, 2020 that he would lift the "safer -at-home" order on May 4, 2020. Retailers and restaurants are allowed to reopen in limited capacities while movie theaters, gyms, bars, and face-to-face personal service providers (such as barbers and nail salons) will remain closed. Phase One of the three-phase "Safe. Smart. Step -by -Step" plan excludes Miami -Dade, Broward, and Palm Beach counties. As of September 25, 2020 Governor DeSantis announced Florida would be entering Phase 3 in reopening the state, meaning restaurants, bars, salons and other businesses will be allowed to reopen under full capacity. On May 3, 2021, Governor DeSantis signed an executive order that immediately suspended the state's remaining COVID-19 public health restrictions. As of November 29, 2021, Governor DeSantis again announced the state will not be issuing any lockdowns or restrictions. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County's population increases up to 25% between November and April due to seasonal residents and short-term Page 9 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County's economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Distance to Other Major Markets Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in five of the six Southwest Florida counties with the greatest growth (2010- 2020) in Lee County and the second highest in Collier County. Lee County maintained the highest growth rate of the six counties from 2020 to 2021. Table 3. Population and Population Change for Counties in Florida, 2000 to 2021 Percent Change State and Population 2020 2010 2000 County 2021 2020 2010 2000 to 2021 to 2020 to 2010 FLORIDA 21,898,945 21,538,187 18,801,332 15,982,824 1.7 14.6 17.6 Charlotte 190,570 186,847 159,978 141,627 2.0 16.8 13.0 Collier 382,680 375,752 321,520 251,377 1.8 16.9 27.9 Glades 12,130 12,126 12,884 10,576 0.0 -5.9 21.8 Hendry 40,540 39,619 39,140 36,210 2.3 1.2 8.1 Lee 782,579 760,822 618,754 440,888 2.9 23.0 40.3 Sarasota 441,508 434,006 379,448 325,961 1.7 14.4 16.4 Sources: US Census Bureau (2020, 2010, and 2000 Census) and Universityof Florida, Bureau of Economic and Business Research (2021 Estimates). Page 10 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYsIs The following table shows the projected population through 2045. As shown, Lee County also has the highest projected growth rates with Collier County as a close second. Projections of Florida Population by County, 2020-2045, with Estimates for 2020 Percent Change Population 2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 2045 to 2025 to 2030 to 2035 to 2040 to 2045 Southwest Florida 1,819,225 1,985,168 2,120,232 2,233,319 2,332,233 2,420,791 9.12% 6.80% 5.33% 4.43% 3.80% Charlotte 187,904 203,016 215,478 225,562 234,391 242,460 8.04% 6.149/o 4.68% 3.91% 3.44% Collier 387,450 423,564 452,806 477,771 499,729 518,956 9.32% 6.900% 5.51% 4.60% 3.85% Glades 13,609 14,272 14,811 15,222 15,560 15,851 4.87% 3.78510 2.77% 2.22% 1.87% Hendry 40,953 42,898 44,380 45,554 46,570 47,468 4.75% 3.45% 2.65% 2.23% 1.93% Lee 750,493 829,303 894,597 948,834 996,0861,038,511 10.50% 7.875of 6.06% 4.985fo 4.26% Sarasota 438,816 472,115 498,160 520,376 539,897 557,545 7.59% 5.52% 4.46% 3.75% 3.27% Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 190,June 2021 U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country's 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2020-2021 25 Best Places to Retire is dominated by Florida metro areas, largely due to affordable homes, low taxes and high ratings for happiness and desirability. Increases in Desirability and Job Market scores lifted Sarasota from No. 2 last year to overtake Fort Myers for the No. 1 spot for 2020-2021. Naples was No. 4 on the list behind Port St. Lucie. However, Naples dropped to 12th overall in the 2022-2023 Best Places to Live report released by U.S. News & World Report in May 2022. Cape Coral -Fort Myers fell from No. 43 to No. 100 while Sarasota -Bradenton maintained its No. 9 ranking. Collier County has become the most expensive place to buy a home in the eastern U.S. according to data released by the National Association of Realtors in May 2022. Employment The local economy is largely dependent on the real estate market. Covid-19 negatively impacted overall employment and the service and leisure and hospitality sectors in particular; however, jobs continue to return as the market improves. Tourism drives much of the Collier County area's economy, with leisure and hospitality composing almost 20% of the workforce. When lumped in with retail trade, Collier County has nearly 35% of its entire workforce in these sectors, the third -highest proportion in Florida. Collier County has experienced among the nation's strongest population and job growth rates over the past five years. While the overall rate of jobs added over the year prior to the pandemic had slowed to under 3%, Collier County still posted growth rates of roughly double the national average. Page 11 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS NAPLES EMPLOYMENT BY INDUSTRY IN THOUSANDS 2Q 2022 CURRENTJOBS CURRENT GRCWTH I YR HISTORICAL 5YR FORECAST Industry Jabs LQ Market us Market us Market us Manufacturing 5 0.4 I 6.37% 3.97% 7.32% 0.69% 0.68% 0.19% Trade, Transportation and Utilities 30 1.0 2.17% 3.81% 2.B2% 1.23% 0.92% 0.14% Retail Trade 22 1.3 2.67% 2.72% 2.09% 0.63% 1.11% 0.11% Financial Activities 10 1.0 1.83% 224% 1 3.68% 1.41% 0.69% 024% Government 13 1 0.6 0.15% 1.21% ' -0.04% 0.15% 1.96% 055% Natural Resources, Mining and Construction 19 2.2 7.49% 424% 7-U% 2.50% 1 1.42% 0.40% Education and Health Services 24 0.9 1.10% 2.70% 2.95% 1.5B% 122% 0.72% Professional and Business Services 20 0.8 6.91% 3.95% 2.15% 1.40% 0.45%_ Information 1 _5.42% OA 9.17% 5.41% -0.67% 1.03% 0.07% 0.51% Leisure and Hospitality 30 1.8 7.12% 112.56% 2.46% 1.37% 1.62% L 1.71 % Other Services 9 1.5 -0.66% 5.25% 1.87% 0.52°2, 0.76% I 0.77% Total Employment ��14.34% 3.16% 1.26% 1.26% 0.569E Source: Oxford Economics LQ = Location Quotient JOB GROWTH [YOY] Forecast -15°Io I 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ■ Naples t United States Source- Oxford Economics Page 12 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS The following table shows employment projections through 2029 by the Florida Department of Economic Opportunity. As shown, agricultural employment is projected to decline while the leisure and hospitality industry has the largest projected growth rate of 19.1% followed by Professional and Business Services (16.4%). JOBS BY INDUSTRY CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES Employment Percent NAICS Title 2021 2029 Growth Growth Total, All Industries 538,465 611,699 73,234 13.6 Agriculture, Forestry, Fishing & Hunting 8,270 7,193 -1,077 -13.0 Mining 399 434 35 8.8 Construction 56,144 63,917 7,773 13.8 Manufacturing 12,859 13,736 877 6.8 Trade, Transportation and Utilities 95,808 106,868 11,060 11.5 Information 4,357 4,641 284 6.5 Financial Activities 25,107 28,402 3,295 13.1 Professional and Business Services 62,254 72,464 10,210 16.4 Education and Health Services 107,269 123,960 16,691 15.6 Leisure and Hospitality 78,490 93,510 15,020 19.1 Other Services, Ex. Public Admin 20,192 22,669 2,477 12.3 Government 65,398 72,624 7,226 11.0 Self Employed and Unpaid Family Workers, All Jobs 40,799 44,548 3,749 9.2 Florida Department of Economic Opportunity Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 13.5% in April 2020. The preliminary reported unemployment rate in February 2022 was only 2.6%. The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. The 2020 annual rate was 7.5% and the 2021 annual rate declined to 3.7%. Page 13 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Series Id: Not Seasonally Adjusted Area: Area Type: State f Region/ Division: Measure: 12. 2. IWAIK LAUC N 120210000000003 Collier County, FL Counties and equivalents Florida unemploymentrate Month 22 As of February 2022, the unemployment rate for the State of Florida was 3.1%, down from the peak in May 2020 of 13.9%. On a national level, the unemployment rate in February 2022 was 3.8%, a decrease from the peak in April 2020 of 14.7%. Collier County currently has a lower February rate, at 2.6%, than state and national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2012 through March 2022. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. Both the leisure and hospitality and service sectors have regained all lost jobs and have exceeded 2019 levels. Naples - Immokalee - Marco Island Service- % Goods % Mining, Logging, & % Leisure and % All Employees, % Year Providing Change Producing Change Const. Change Hospitality Change Total Nonfarm Change 2012 106,600 3.1% 12,100 5.2% 9,400 4.49/o 23,600 4.4% 118,700 3.3% 2013 109,700 2.9% 13,500 11.6% 10,500 11.7% 24,400 3.4% 123,300 3.9% 2014 114,500 4.4% 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,900 5.49/. 2015 119,100 4.0°% 17,000 10.4% 13,600 12.49/o 26,500 3.9% 136,100 4.8% 2016 124,000 4.1% 18,700 10.0% 14,900 9.6% 27,500 3.8% 142,600 4.8% 2017 126,300 1.9% 19,400 3.7% 15,400 3.49/o 28,300 2.9% 145,600 2.1% 2018 129,600 2.6% 21,500 10.8% 17,200 11.7% 29,100 2.8% 151,000 3.7% 2019 133,200 2.85o 22,400 4.2% 17,700 2.9% 30,000 3.1% 155,600 3.0% 2020 126,300 -5.2% 22,100 -1.3% 17,200 -2.8% 25,600 -14.7% 148,400 -4.69/. 2021 132,400 4.8% 23,100 4.5% 18,000 4.7% 28,000 9.49,o 155,500 4.8% 2022* 138,200 4.5% 24,000 6.49/. 18,700 6.9% 31,300 11.0% 162,200 4.8% *Through March 2022; percentage increase in comparison to March 2021 YTD Source: U.S. Department of Labor Page 14 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region's success. The table below provides a few examples of some key employers in Southwest Florida. • Industrial Biotechnology, Algenol Biofuels — Global Headquarters • Medical Devices, Arthrex Inc. — Global Headquarters • Women's Specialty Apparel Retailer, Chicds FAS — Global Headquarters • Specialty Electronics Manufacturer, Fox Electronics — Global Corporate Headquarters • Global IT Research and Advising, Gartner, Inc. • Vehicle Rentals and Sales, Hertz Inc. — Global Headquarters • Subsidiary Pittsburgh Glass Works, Lynx Services LLC — Customers Service Center • Manufacturing Fluid Management, Shaw Development — Global Headquarters • Agricultural and Food Manufacturer, U.S. Sugar Corporation — Headquarters • Healthcare, 21stCentury Oncology— Global Headquarters The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Rank Company SWFL Employees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc. 3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn -Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc. 1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc. 1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp. 1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yum! Brands, Inc. 1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Page 15 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators March 2022 report prepared by Florida Gulf Coast University shows Collier County's tourist tax revenues. As shown, after an 123% increase in July 2021 compared to July 2020, seasonally adjusted tourist tax revenues continued to drop for the fourth consecutive month. Despite the month -to -month decline, revenues remained 75% above November 2020. Chart 5: Coastal County Tourist Tax Revenues County Tourist Tax Revenue - 2016 to present 7.0 - ----------------------- 6.5 N 0 6.0 5.5 60- 5.0 4.5 C a 4.0 m 3.5 M F- 3.0 N 2.5 H 2.0 a 1.5 C 1.0 0.5 --- All Data Seasonally Adjusted V) --- -r-- ---- i --------------------------,---- --- Lee - T - - - - - - - - - -' , - - - - - - - - - - r - - - - - - ` Collier----T--- ------ ---- Charlotte 0.0 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Source: Local County Tourism, Tax, and Economic Development Reports and seasonal adjustment by RERI Development Growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County and was recently ranked as one of the Top 25 Selling Master -Planned Communities in the United States. It has maintained the top ranking in the Naples -Fort Myers market for the past seven years and reported a record breaking 646 new home sales in 2021, a 28% increase from 2020. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The Page 16 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS village is the first of three planned 1,000-acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for civic government, and institutional buildings. In a near unanimous decision, the Collier County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. There are more than $1 billion in new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 is expected to be open in October 2022) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 1st Quarter 2022 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 34.19% increase in home prices (all -transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 29.78% over the past year (1Q 2021 - 1 Q 2022) which was 1 st in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square -foot, six -story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. Page 17 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed -use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development is anchored by The Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building leased by Physicians Regional Medical Healthcare; and StorQuest a 110,000 square foot self -storage facility. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit-down dining, a full -service bar, three bars for beer and wine, wine room with samples on tap, a wood - fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor -outdoor seating. Paradise Coast Sports Complex, is Collier County's partially completed $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man- made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres of land along City Gate Boulevard North and will feature a 100,000 square foot indoor water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The resort is expected to open in the summer of 2024. It will bring in more than 200 construction jobs, plus an additional 600 full-time and part-time jobs once open. Investment Trends The following CoStar data shows Collier County trends in the Multi -Family, Retail, Office, and Industrial sectors as of second quarter 2022. Collier County may not see many trades, but investor sentiment remains evident in price appreciation that continues well into 2022. Confirmed cap rates average 4.5% over the past 12 months. The market cap rate has fallen over the past year, and the rate in the metro is structurally lower than those across the country. Annual sales volume has averaged $198 million over the past five years, and the 12-month high in investment Page 18 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS volume hit $359 million over that stretch. In the past 12 months specifically, $356 million worth of multifamily assets sold. Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price/Unit Chg (YOY) $4.9B $359.3M 4.1 % 17.4% EL Multi -Family —A ■ Market Sale Price/Unit $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 12 13 14 15 16 17 18 19 20 21 22 Sales Volume $400 M $350 M $300 M $250 M $200 M $150M $100M $50M $0M 12 13 14 15 16 17 18 19 20 21 22 8.0% Market Cap Rate 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 12 13 14 15 16 17 18 19 20 21 22 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% 100% 0% ■ -100% -200% 1—� 12 13 14 15 16 17 18 19 20 21 22 Retail demand surged in Collier County over the past 12 months. Annual sales volume has averaged $254 million over the past five years, and the 12-month high in investment volume hit $532 million over that stretch. In the past 12 months specifically, $514 million worth of retail assets sold. The market cap rate has fallen over the past year to 5.7%, and the rate in the metro is structurally lower than those across the country. Page 19 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Capital Markets Overview M. Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PricelSF Chg (YOY) $7.2B $527.7M 5.7% Market Sale Price/SF $350 $300 $250 $200 $150 $100 $50 $0 12 13 14 15 16 17 18 19 20 21 22 Sales Volume $600 M $500 M $400 M $300 M I $200 M $10oM $0M 12 13 14 15 16 17 18 19 20 21 22 8.3% 7.0% Market Cap Rate 6.8% 6.6% 6.4% 6.2% 6.0% 5.8% 5.6% 5.4% 5.2% 5.0% 12 13 14 15 16 17 18 19 20 21 22 12 Mo Sales Vol Growth 200% 150% 100% 50% 0% -50% 1 12 13 14 15 16 17 18 19 20 21 22 Annual office sales volume averaged $116 million over the past five years in Collier County, and the 12-month high in investment volume hit $237 million over that stretch. In the past 12 months specifically, $203 million worth of office assets sold. The market cap rate has fallen over the past year to 6.9% and is close to the country's average. The current rate is the lowest cap rate seen in Collier County during the past five years. Page 20 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Asset Value 12 Mo Sales Volume $2.6B $201 M Market Sale Price/SF $300 $250 $200 $150 $100 $50 $0 , 12 13 14 15 16 17 18 19 20 21 22 $250 M $200 M $150M $100M $50M $0M Sales Volume 12 13 14 15 16 17 18 19 20 21 22 Market Cap Rate Mkt Sale Price1SF Chg IYOY] 6.9% 8.0% Market Cap Rate 7.8% 7.6% 7.4% 7.2% 7.0% 6.8% 6.6% 6.4% 6.2% 8.9% 12 13 14 15 16 17 18 19 20 21 22 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% -100% 12 13 14 15 16 17 18 19 20 21 22 Collier County had an unusually large number of deals close over the past 12 months, which was among the best of its peers, with 110 transactions. That was comfortably above average transaction volume here over the past five years. Annual sales volume has averaged $80.2 million over the past five years, and the 12-month high in investment volume hit $164 million over that stretch. In the past 12 months specifically, $115 million worth of industrial assets sold. Logistics facilities drove recent sales volume, accounting for $68.7 million in confirmed transactions Market prices rose by more than 10% and is above the country's average. The market cap rate has dropped since last year. It is the lowest cap rate, at 6.5%, that has been seen in Naples during the past five years, but it's still higher than the country's average yield. Page 21 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price1SF Chg (YCY) $2.3B $113.8M 6.5% Market Sale Price/SF $130 3160 $140 3120 $100 $80 $60 $ 40 $20 $0 12 13 14 15 16 17 18 19 20 21 22 S160M S140M S120M S100M $80M $60M $40 M $20 M $aM Sales Volume 12 13 14 15 16 17 18 19 20 21 22 Income 17.0% ■ Market Cap Rate 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 12 13 14 15 16 17 18 19 20 21 22 12 Mo Sales Val Growth 200% 150% 100% 5 096 � �- • a% E. ■ -5a% 12 13 14 15 16 17 18 19 20 21 22 Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $127,724 and a per capita income of $53,839. 2022 2027 Households by Income Number Percent Number Percent <$15,000 11,127 6.8 % 7,976 4.7 $15,000 - $24,999 7,648 4.7 % 5,439 3.2 $25,000 - $34,999 12,047 7.4 % 9,389 5.5 $35,000 - $49,999 15,640 9.6°/o 13,416 7.8 $50,000 - $74,999 24,586 15.1°/o 23,755 13.9 $75,000 - $99,999 22,121 13. 6% 23,445 13.7 $100,000 - $149,999 31,277 19.2°/o 37,671 22.0 $150,000 - $199,999 14,206 8.7°/o 19,735 11.5 $200,000+ 24,489 15.0 % 30,079 17.6 Median Household Income $85,162 $101,707 Average Household Income $127,724 $148,920 Per Capita Income $53,839 $63,006 Page 22 RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021. Inventory shortages are expected to continue in 2022 with no surplus expected. New home builders are facing similar obstacles with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the extended shortages and surging construction prices may begin to temper demand. According to Porch.com, a home services platform, Naples -Marco Island had the most home sales per 10,000 residents in the nation in 2021. According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021 with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed price (year over year). The February 2022 Market Report released by NABOR shows overall closed sales have declined by 33.8% in February 2022 YTD. Overall median closed price for single family and condominium units increased 37.6% in 2022 Year-to-date as compared to 2021 Year-to- date. According to Inspection Support Network, an organization that provides industry software and other resources, Collier County was fourth in the nation in rising home prices for midsized counties (population of 350,000-749,999) with a 31% increase in median prices. Lee County was third in the nation for large counties (750,000+) with an increase of 32%. Generally, the commercial market lags the residential market. Aside from some signs of an upcoming decline, characterized by positive but falling demand with increasing vacancy, the overall commercial market was projected to continue to increase at a stabilized rate prior to the coronavirus outbreak. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Page 23 RED MAPLE SWAMP Collier County Area Map -------------=--- -, d' Red Maple I sa Swamp $ I � I sro Ray CREW flint I rand Gvrkscrew 1 . dl I Bonita Springs 1 _ North Naples i Pelican Bey r- 141 I Naples � H4; Rural Estates Florida Pan[her Na lklnaJ L1 Wildlife Refuge Gate I as Picayune Strand South Naples Slate Forest dl A GGfltYsfl say 41 yl as I. t I I 1 1 I 1 I L 1 I Fakaha [thee Strarrd Preserve State Park 1 1 1 d1 I I A 1 Big Cypress j .r National Preserve Al Page 24 RED MAPLE SWAMP SITE ANALYSIS PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. Market Areas Parcel ID Gross Land Area Typical Parcel Size zoning FDEP Informal Wetland (Acres) (Acres) Determination Red Maple Swamp 67.04 1.14 - 5.41 E - Estates 100% Wetlands The Red Maple Swamp Preserve project target area encompasses 24 parcels totaling 67.04 acres within Golden Gate Estates Unit 53. According to Collier County, the typical remaining parcel size to be acquired ranges from 1.14 to 5.41 acres in size. MARKET AREA Location: Red Maple Swamp is located north of Immokalee Road and west of Wilson Boulevard. It is bordered by Twin Eagles, a master planned residential development with two, 18-hole golf courses to the south and SFWMD lands to the north and west. Estates zoned parcels and single-family homes are located to the east. Current Use of the Property: Vacant wetlands. Road Frontage/Access: Access to parcels within the Red Maple Swamp is provided by: 0 Shady Hollow Boulevard West (gravel road - single lane west of 9th Street W): runs east/west along northern border. • 41 st Avenue NW (gravel road - single lane west of 9th Street W): runs east/west through market area. • 9th Street West (gravel road): runs north/south along eastern border. Topography: According to the Initial Criteria Screening Report prepared in March 2018 by Collier County's Conservation Collier Program, the area is a wetland hardwood forest community with native vegetation. Brazilian pepper, climbing fern, creeping signal grass, and air potato were also observed. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: None; Private septic systems service surrounding homes Water: None; Private wells service surrounding homes Environmental Issues: According to the Initial Criteria Screening Report prepared in March 2018 by Collier County's Conservation Collier Program the Red Maple Swamp Preserve is comprised of wetland hardwood forests. It is designated on the FDEP Informal Wetland Determinations March 2016 map as Wetlands. Permits from FDEP are required prior to development. The permitting process will likely be very difficult, if not impossible, due to the significant coverage of active wetlands. Page 25 RED MAPLE SWAMP SITE ANALYSIS Encumbrance / Easements: A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. ZONING Zoning Code E Zoning Authority Collier County Zoning Description Estates Permitted Uses Includes single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Minimum Lot Area (SF) 2.25 acres Minimum Floor Area (SF) 1,000 Minimum Street Frontage (Feet) 150 Front Set Back Distance (Feet) 75 Rear Set Back Distance (Feet) 75 Side Yard Distance (Feet) 30 feet; 37.5 feet for corner lots along longest side Maximum Density/FAR One dwelling units per 2.25 acres Maximum Building Height (Feet) 30 Page 26 RED MAPLE SWAMP SITE ANALYSIS Red Maple Swamp Market Study Parcels Aerial Page 27 RED MAPLE SWAMP SITE ANALYSIS Red Maple Swamp Market Study Parcels - FDEP Informal Wetland Determinations [or snap Q Market Study Parcels o 0 5 o_5 Co „ Miles Page 28 RED MAPLE SWAMP SITE ANALYSIS Flood Map National Flood Hazard Layer FIRMette FI?MA 0 250 500 1,000 1,500 2,000 r w RaO p_V5G5Naodna!Map=Orthpimagery Dam reheshetl Ocmber,2020 Legend wimwr Hose Fkotl Elevaum 1HF9 HAZARp 0.RFiiS Wirh RFE or pe P­kE m, d, K m Regaiebry Hwtlwey b 2%Annual r:henre ibotl Herartl, Areas of 1%annual chance flood wilM1 averege ninage erersoi less tM1an one sgwrenmile maaa Fu[ure r'.ondiliorrs 1%Mnuaf " r.M1ance Flootl HazaN [Dees Area with Retlueetl H dRisk due W Levee_ See N ores.Iom1 FLOpp HA]ARp OTHER ARE45 GENERAL STHiIr;HIRES Area with Flood Ask due blxreelan0 G Area of Minimal Flood HauN YmF Mea of pndeMrminetlFlwd HamNn ---- r:henne3, I;ulrert, or Sturm Sewer i i i i i i Lerce. pike, or FbodweH sz Sectkns wfN 1%Annual IAance Wmet Surface Ekretion -- toesml'frensec2 raw on Line (HFFj Limi[o18tu6T Jurisdiction Houndery FEANR - — sml Trensect Hasellne HydregePMC Feature Rigi[el Dora Areilable o am Nreilable ] p MAP PoANE uNDigitspP on poinpPlayed sekmed by Ne czar sane does n«,ePresem en zurh.ft N prepertylocadon. The mapro pliesw FI di$ml Rood maps it rt is n The good M1azeN infomretkn k derNM tlirenlyfmm the auNortetive HFH!webserriemsp.r dbPFEMA.Thisz esported on 8/1]/2pl]at 405 PM and tloes nm refkR changes or amendmen6zubzequent to the tla[e e_ the NFlI! and eHecl'nre informeikn may cherrge nr become supemetletl by new tlata omrtime. ms map image a rvitl it Ne one or more of Ne fdbvdng map ekmen[s tlo nm appear basemap imagery flood une labels, legend, zcak hat. map creetkn tlete. community idemtllers, FI Mpenel number,antl FIRM eHatiae tlare. Mepimeges Tor regulMnry Pur Page 30 RED MAPLE SWAMP SITE ANALYSIS Site Photographs Shady Hollow Boulevard West (gravel road - single lane west of 9th Street W) - Westerly Shady Hollow Boulevard West (gravel road - single lane west of 9th Street W) — Easterly (Photo Taken on August 13, 2022) Page 31 RED MAPLE SWAMP SITE ANALYSIS Site Photographs 9th Street West (gravel road) — Northerly 9th Street West (gravel road) — Southerly (Photo Taken on August 13, 2022) Page 32 RED MAPLE SWAMP SITE ANALYSIS Site Photographs 41 st Avenue NW (gravel road - single lane west of 9th Street W) - Westerly 41 st Avenue NW (gravel road - single lane west of 9th Street W) - Easterly (Photo Taken on August 13, 2022) Page 33 RED MAPLE SWAMP SITE ANALYSIS Site Photographs Typical Parcel View from Shady Hollow Blvd W — Southerly Canal and Typical Parcel View from 9th St NW — Northwesterly (Photo Taken on August 13, 2022) Page 34 f P i gig Q AX��. W, l'� -' RED MAPLE SWAMP HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject consists of parcels ranging in size from 1.14 to 5.41 acres located within the previously defined Red Maple Swamp. Access to Red Maple Swamp is provided by single -lane gravel roads. The physical characteristics of the parcels should reasonably accommodate any use that is not restricted by its size. However, development on the parcels may be limited due to wetland coverage. Legally Permissible The subject sites are zoned Estates (E), which permits uses including low density residential with limited agricultural uses. The FDEP Informal Wetland Determinations March 2016 map designates the parcels as Wetlands. Permits from FDEP are required prior to development. The permitting process for parcels in the Red Maple Swamp will likely be very difficult, if not impossible, due to the significant coverage of active wetlands. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly 1 The Dictionary of Real Estate Appraisal 7t' ed. (Chicago: Appraisal Institute, 2022) Page 36 RED MAPLE SWAMP HIGHEST AND BEST USE with record sales in 2020 and continued high demand but limited inventory in 2021. Inventory shortages are expected to continue in 2022 with no surplus expected. New home builders are facing similar obstacles with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the extended shortages and surging construction prices may begin to temper demand. A well -designed single-family home that is appropriately marketed and priced, should be received favorably by the market. The substantial costs associated with permitting and fill typically results in a lower price per acre than upland parcels in order to make development financially feasible. If the costs make development financially unfeasible or permitting is not achievable; conservation use becomes the only financially feasible use. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Conservation and/or single-family development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. The permitting process for most parcels, especially those in the Red Maple Swamp, will likely be very difficult, if not impossible, due to the significant coverage of active wetlands. Parcels in the Red Maple Swamp area most likely have a highest and best use as conservation. Therefore, conservation is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size and location of the property, the most probable buyer of an individual parcel is an owner -user or builder for single-family development or wetland mitigation. Conservation Collier is also a probable buyer as a multi -parcel conservation project. Page 37 RED MAPLE SWAMP VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 38 RED MAPLE SWAMP VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 3 , RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS 3.0 ACRES AND LESS SALES COMPARISON APPROACH — PARCELS 3.0 ACRES AND LESS The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Comp Address Date Price City Acres Price Per Acre Comments Subject Generally within Golden Gate Estates 8/13/2022 Red Maple Swarm Unit 53 Naples 1.0 - 3.0 acres 1 Shady Hollow Blvd W 5/19/2022 $24,900 75' x660' heavily treed lot located along south side of Shady Hollow Blvd E No DEP available. The FDEP GIS trap shows parcel is 100%Freshwater Forested/Shrub Naples 1.14 $21,842 Wetlands. Lot was listed on April 13, 2022 for $24,900. Seller only accepted full price offers with no due diligence period (no DEP). 2 Shady Hollow Blvd E 3/28/2022 $20,000 75x660' heavily treed lot located along north side of Shady Hollow Blvd E Collier County Wetland Determination as of 12/19/06 shows the parcel is wetlands. Parcel was Naples 1.14 $17,544 listed in 9/2021 for $42,800 and reduced to $35,000 in 11/2021. Buyer, an investor, relisted the lot June 27, 2022 for $65,000. 3 45th Ave NE 6/29/2022 $34,000 75' x660' heavily treed lot located along south side of 45th Ave NE No DEP available. The FDEP GIS map shows parcel is 100% Freshwater Forested/Shrub Wetlands. Parcel Naples 1.14 $29,825 was listed in 612021 for $39,000 and reduced to $34,900 on 6/14/22. 4 41st Ave NW 3/4/2022 $55,000 180' x669 heavily treed lot located along north side of4lst Ave NW. Tropical Environmental Wetland Detemtination (12/2021) shows the parcel consists of 2.68 acres of wetlands with only the front portion along 41st Ave NW uplands. Parcel was Naples 2.73 $20,169 listed in 12/2021 for $90,000 and reduced to $78,000 on 1/2122. Closing price in MLS of $73,000 includes assignment fee according to listing agent and is indicative ofthe market value ofthe site. Deed shows $55,000 which excludes the assignment fee. g 8847th Ave NE 2/11/2022 $63,000 189 x680' heavily treed lot located along south side of47th Ave NE Tropical Environmental Wetland Determination (7/2021) shows the pastel consists entirely of wetlands. Parcel was fisted in 5/2021 for $75,000 and reduced to S68,700 on 8/2/21. Naples 2.81 $22,420 Page 40 RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS 3.0 ACRES AND LESS Comparables Map - Rookery vvamp Trails oogle -------------- �5 f u Page 41 v vo C a Map data 02M Googie RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS 3.0 ACRES AND LESS Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 42 RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS 3.0 ACRES AND LESS Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Red Maple Swamp SS Shady Hollow Blvd NS Shady Hollow Blvd E SS 45th Ave NE NS 41st Ave NW 8847th Ave NE W Address Generally within Golden Cate Shady Holow Blvd W Shady Hollow Blvd E 45th Ave NE 41st Ave NW 8847th Ave NE Estates Unit 53 City Naples Naples Naples Naples Naples Naples Date 8/13/2022 5/19/2022 3/28/2022 6/29/2022 3/4/2022 2/11/2022 Price $24,900 $20,000 $34,000 $55,000 $63,000 Price Adjustment $0 $0 $0 $0 $I8,000 $0 Adjusted Price $0 $24,900 $20,000 $34,000 $73,000 $63,000 Acres 1.0-3.0 acres 1.14 1.14 1.14 2.73 2.81 Acre Unit Price $21,942 $17,544 $29,825 $26,769 $22,420 Transaction Adjustments Property Rights Fee Simple Fee Simple 0.00/, Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Cash to seller 0.00/, Cash to seller 0.00/, Cash to seller 0.00/, Cash to seller 0.00/, Cash to seller 0.00/, Conditions of Sale AmYs Length 0.0% Ands Length 0.01/. AmYs Length 0.01/. AmYs Length 0.01/. AmYs Length 0.0% Adjusted Acre Unit Price $21,842 $17,544 $29,825 $26,769 $22,420 Market Trends Through 8/13/2022 20.0% 4.40/. 7.1% 2.3% 8.40/. 9.60/, Adjusted Acre Unit Price $22,801 $18,796 $30,503 $29,026 $24,566 Location Gravel Gravel Paved Paved Paved Paved %Adjustment 0% -15% -15% -15% -15% $Adjustment 1.0-3.0 acres $0 1.14 42,819 1.14 -$4,575 1.14 -$4,354 2.73 -$3,685 2.81 Acres %Adjus[rren[ 00/ 0o/ 00/ 00/ 00/ $Adjustment 100%Wetlands $0 Majority Wetlands $0 Majority Wetlands $0 Majority Wetlands $0 98%Wetlands $0 100%Wetlands Environmental Issues %Adjustment 00/ 00/ 0% 0% 00/ $ Adjustment Rectangular $0 Rectangular $0 Rectangular $0 Rectangular $0 Rectangular $0 Rectangular Shape %Adjustment 00/ 0o/ 00/ 00/ 00/ $ Adjustment Residential $0 Residential $0 Residential $0 Residential $0 Residential $0 Residential Zoning Adjus= 01/. 01/. 0"/0 0o/0 0o/0 $Adjustment $0 $0 $0 $0 $0 Adjusted Acre Unit Price $22,801 $15,976 $25,927 $24,672 $20,881 Net Adjustments 0.0% -15.0% -15.001, -15.0% -15.0% Gross Adjustments 0.0% 15.0% 15.0ol. 15.0% 15.0% Page 43 RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS 3.0 ACRES AND LESS Comparable Land Sale Adjustments Price Adjustment According to both the listing agent and buyer's agent, Comparable 4 included an assignment fee of $18,000. This comparable is adjusted upward accordingly. Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All the comparable sales were arm's length transactions; therefore, no adjustment for conditions of sale is required. Economic Trends The following graph shows comparable residential land sales within the surrounding market area over the past year. $200,0o0 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 7123, Residential Land Sales Trend Analysis Page 44 RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS 3.0 ACRES AND LESS The graph indicates an upward trend in sales prices from mid 2021 through the current date. However, it is noted this is unadjusted raw data and does not relate directly to the subject. It is also noted that Comparable 2 was purchased in March 2022 for $20,000 and has been relisted for $65,000. The analyses and value opinion in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value. Based on the previous analysis and considering the increased demand for residential property in Southwest Florida, as well as the recent interest rate increases by the federal reserve, we have applied a 20.0% annual adjustment. Location The subject parcels are located within the Red Maple Swamp which is comprised of wetland hardwood forests with no development. Shady Hollow Boulevard West borders the area to the north and is a single -lane gravel road. 41 st Avenue NW runs east/west through the middle of the Swamp and is a largely overgrown single -lane gravel road. The closest single-family home is located along 41 st Avenue NW east of 9th Street NW (gravel road which borders the subject area to the east). Comparable 1 is located along the south side of Shady Hollow Boulevard West (gravel) within the Red Maple Swamp. It is considered similar overall in terms of location. Comparables 2, 3, 4, and 5 are all located along paved roads in more developed areas east of the subject and are considered superior in terms of location. Size For this analysis, all of the comparable sales are relatively similar in terms of size and no adjustments could be supported; therefore, none are made. Environmental Issues The subject parcels are located within the Red Maple Swamp which is comprised of wetland hardwood forests. The entire area is designated on the FDEP Informal Wetland Determinations March 2016 map as Wetlands. Permits from FDEP are required prior to development. The permitting process will likely be very difficult, if not impossible, due to the significant coverage of active wetlands. The comparable properties are all impacted by wetlands. Comparables 4 and 5 are effectively 100% wetlands with the only upland areas located near the road right of way. Therefore, no adjustments are required for Comparables 4 and 5. Wetland determinations were not available for Comparables 1 and 3. The FDEP GIS map shows both parcels are 100% Freshwater Forested/Shrub Wetlands. A Collier County Page 45 RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS 3.0 ACRES AND LESS Wetland Determination as of December 2006 shows Comparable 2 is wetlands. No adjustments could be supported; therefore, none are made. Configuration All of the comparables are relatively similar in terms of configuration; therefore, no adjustments are required. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Sales Comparison Approach Conclusion It is noted that Comparable 2 was purchased in March 2022 for $20,000 and has been relisted for $65,000. All of the value indications have been considered, and in the final analysis, typical parcels within the Red Maple Swamp will represent the low end of the range due to the significant wetland coverage and inferior access, which will make the permitting process very difficult, if not impossible. The following table summarizes the final reconciled value per my final reconciled per acre for parcels 1.0 to 3.0 acres in size with 100% wetlands. Land Value Ranges & Reconciled Values Number of Comparables: 5 Unadjusted Adjusted % a Low: $17,544 $15,976 -8.93% High: $29,825 $25,927-13.07% Average: $23,680 $22,051 -6.88% Reconciled Value/Unit Value: $18,000 Subject Size: 1.0 - 3.0 acres Page 46 RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS GREATER THAN 3.0 ACRES SALES COMPARISON APPROACH — PARCELS GREATER THAN 3.0 ACRES The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Comp Address Date Price City Acres Price Per Acre Comments Subject Generally within Golden Gate Estates 8/13/2022 Red Maple Swamp large Parcels Unit 53 Naples Greater than 3.0 acres I Wilson BlvdN 11/10/2021 $105,000 33Y x68V heavily treed lot located along west side of Wilson Blvd. No DFP available. The FDEP (IS map shows parcel is 100 % Freshwater Forested/Shrub Wetlands. Lot Naples 5.15 $20 388 was listed in August 2021 for $149,900 and reduced to $129,900 on 10/11/21. 2 No road access 7/20/2022 $180,000 Heavily treed parcel with no road access. Located within RFMUO-Sending area. No DEP on file. FDEP GIS map shows parcel is 1000/, Freshwater Forested/Shrub Wetland. Naples 17.35 $10,375 Parcel was listed in March 2020 for $569,999 and reduced to $249,999 in May 2020. Reduced to $189,999 in June 2022. 3 41st Ave NW 3/4/2022 $55,000 189 x 669 heavily treed lot located along north side of4lst Ave NW. Tropical Environmental Wetland Determination (12/2021) shows the parcel consists of 2.68 acres of wetlands with only the front portion along 41st Ave NW uplands. Parcel was listed in 12/2021 for $90,000 and reduced to $78,000 on 1/2/22. Closing price in MIS of Naples 2.73 $20,169 $73,000 includes assignment fee according to listing agent and is indicative ofthe market value ofthe site. Deed shows $55,000 which excludes the assignment fee. 4 88 47th Ave NE 2/11/2022 $63,000 189 x680' heavily treed lot located along south side of 47th Ave NH Tropical Environmental Wetland Detemtination (7/2021) shows the parcel consists entirely of Naples 2.81 $22,420 wetlands. Parcel was listed in 5/2021 for $75,000 and reduced to W,700 on 8/2121. 9 Desoto Blvd N 6/7/2022 $120,000 427 x680' heavily treed lot located at NEC of Desoto Blvd N and 56th Ave NE Listing agent report the lot is 1000/. wetlands. listed 4/16122 for $120,000. Naples 6.67 $17991 Page 47 RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS GREATER THAN 3.0 ACRES Comparables Map Audubon Corkscrew Swamp artcivary-ON LINE TICKETS.- ew ark Page 48 Map data @2022 GoWle RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS GREATER THAN 3.0 ACRES Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Red Maple Swamp Large W S Wilson Blvd N North ofthe Quarry NS 41st Ave NW 8847th Ave NE NEC 56th Ave NE and Parcels Desoto Blvd N Address Generally within Golden Cate Wilson Blvd N No road access 41st Ave NW 8847th Ave NE Desoto Blvd N Estates Unit 53 City Naples Naples Naples Naples Naples Naples Date 8/13/2022 11/10/2021 7/20/2022 3/4/2022 2/11/2022 6/7/2022 Price $105,000 $180,000 $55,000 $63,000 $120,000 Price Adjustment $0 $0 $o $18,000 $0 $o Adjusted Price $0 $105,000 $180,000 $73,000 $63,000 $120,000 Acres Greater than 3.0 acres 5.15 17.35 2.73 2.81 6.67 Acre Unit Price $20,388 $10,375 $26,769 $22,420 $17,991 Transaction Adjustments Property Rights Fee Simple Fee Shnple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.00/. Fee Simple 0.0% Financing Cash to seller 0.0% Cash to seller 0.0% Cash to seller UP/. Cash to seller UP/. Cash to seller 0.0°/ Conditions of Sale Ands Length 0.0% Ands Length 0.0% Ands Length 0.0% Am1s Length 0.0% Ands Length 0.00/6 Adjusted Acre Unit Price $20,388 $10,375 $26,769 $22,420 $17,991 Market Trends Through 9/13/2022 20.0% 14.8% 1.2% 8.40/, 9.60/, 3.4% Adjusted Acre Unit Price $23,402 $10,500 $29,026 $24,566 $I8,603 Location Gravel Paved/Canal No Access Paved Paved Paved %Adjustment -20% 5% -15% -15% -5% $Adjustment Greater than 3.0 acres -$4,680 5.15 $525 17.35 -$4,354 2.73 -$3,685 2.81 -$930 6.67 Acres %Adjustment 0"/ 15% -5% -5% 0% $Adjustment 100%Wetlands $0 Majority Wetlands $1,575 100%Wetlands -$1,451 98%Wetlands -$1,228 100%Wetlands $0 100%Wetlands Fnvironmental Issues %Adjustment 0"/0 0"/0 01/. 0% 0% $Adjustment Rectangular $0 Rectangular $0 Rectangular $0 Rectangular $0 Rectangular $0 Rectangular Shape %Adjustment o°� 00/ 0o/ 0o/ 0% $Adjustment Residential $0 Residential $o Agricultural $0 Residential $0 Residential $o Residential Zoning %Adjustment 0"/0 0"/0 0% 01/. 0% $Adjustment $0 $0 $0 $0 $0 Adjusted Acre Unit Price $18,722 $12,600 $23,220 $19,653 $17,673 Net Adjustments -20.0% 20.0"/ -20.09/. -20.09/6 -5.091. Gross Adjustments 20.00/6 20.0% 20.00/. 20.00/. 5.0"/0 Page 49 RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS GREATER THAN 3.0 ACRES Comparable Land Sale Adjustments Price Adjustment According to both the listing agent and buyer's agent, Comparable 3 included an assignment fee of $18,000. This comparable is adjusted upward accordingly. Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All the comparable sales were arm's length transactions; therefore, no adjustment for conditions of sale is required. Economic Trends Based on the analysis in the previous section and considering the increased demand for residential property in Southwest Florida, as well as the recent interest rate increases by the federal reserve, we have applied a 20.0% annual adjustment. Location The subject parcels are located within the Red Maple Swamp which is comprised of wetland hardwood forests with no development. Shady Hollow Boulevard West borders the area to the north and is a single -lane gravel road. 41 st Avenue NW runs east/west through the middle of the Swamp and is a largely overgrown single -lane gravel road. The closest single-family home is located along 41 st Avenue NW east of 9th Street NW (gravel road which borders the subject area to the east). Comparables 1, 3, and 4 are all located along paved roads in more developed areas east of the subject and are considered superior in terms of location. Comparable 1 is also adjusted for its canal frontage. Comparable 2 is located north of the Quarry, a master planned residential development, with no road access. It is considered inferior in terms of location. Comparable 5 is located east of Everglades Boulevard in an inferior market to the subject. However, it is located at the corner of two paved roads in a more developed area. Overall it is considered slightly superior to the subject and is adjusted downward accordingly. Page 50 RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS GREATER THAN 3.0 ACRES Size For this analysis, Comparables 1 and 5 are considered relatively similar overall in terms of size and no adjustments could be supported. Comparable 1 is significantly larger than the typical parcel in Red Maple Swamp and is adjusted upward accordingly. Comparables 3 and 4 are both adjusted for their smaller, less than 3 acre, sizes. Environmental Issues The subject parcels are located within the Red Maple Swamp which is comprised of wetland hardwood forests. The entire area is designated on the FDEP Informal Wetland Determinations March 2016 map as Wetlands. Permits from FDEP are required prior to development. The permitting process will likely be very difficult, if not impossible, due to the significant coverage of active wetlands. The comparable properties are all impacted by wetlands. Comparables 3 and 4 are effectively 100% wetlands with the only upland areas located near the road right of way. The listing agent for Comparable 5 reported the lot was 100% wetlands. Therefore, no adjustments are required for Comparables 3, 4, and 5. Wetland determinations were not available for Comparables 1 and 2. The FDEP GIS map shows both parcels are 100% Freshwater Forested/Shrub Wetlands. No adjustments could be supported; therefore, none are made. Configuration All of the comparables are relatively similar in terms of configuration; therefore, no adjustments are required. Zoning Comparables 1, 3, 4, and 5 are similar in terms of zoning; therefore, no adjustments are required. Comparable 2 is zoned agricultural within the rural fringe mixed use overlay — sending area. This area has a similar highest and best use as the subject; therefore, no adjustments are required. Sales Comparison Approach Conclusion All of the value indications have been considered, and in the final analysis, typical parcels within the Red Maple Swamp will represent the low end of the range due to the significant wetland coverage and inferior access, which will make the permitting process very difficult, if not impossible. The following table summarizes the final reconciled value per my final reconciled per acre for parcels greater than 3.0 acres in size with 100% wetlands. Land Value Ranges & Reconciled Values Number of Comparables: 5 Unadjusted Adjusted % a Low: $10,375 $12,600 21.45% High: $26,769 $23,220 -13.26% Average: $19,589 $18,374 -6.20% Reconciled Value/Unit Value: $16,500 Subject Size: Greater than 3.0 acres Page 51 RED MAPLE SWAMP RECONCILIATION RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of August 13, 2022, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple August 13, 2022 Area Red Maple Swamp Red Maple Swamp Typical Parcel Size 1.0 - 3.0 acres Greater than 3.0 acres Indicated Value per Acre $18,000 $16,500 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12 months. Page 52 RED MAPLE SWAMP CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 53 RED MAPLE SWAMP 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has appraised this property in the three years prior to accepting this assignment. I appraised the property on June 12, 2021 for Collier County. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 54 RED MAPLE SWAMP ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 55 RED MAPLE SWAMP ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 56 RED MAPLE SWAMP ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other parry. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 57 RED MAPLE SWAMP ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 58 RED MAPLE SWAMP ADDENDA - APPRAISER QUALIFICATIONS ADDENDA *Rn RED MAPLE SWAMP ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS *Rn RED MAPLE SWAMP ADDENDUM A - APPRAISER QUALIFICATIONS *PSI AISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACHI L M. ZUCCHI, MAI, CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 C. LOWRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOSBITT, MAI www.rklac.com RED MAPLE SWAMP ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2021) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Gov. Relations Committee: Appraisal Institute National (2022) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. *Rn RED MAPLE SWAMP ADDENDUM A - APPRAISER QUALIFICATIONS Ron DeSantis, Governor Julie I. Brown, Secretary dLLV 1 Iond� STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES 15C- �7 ~` ZUCCHI, RACHEL M 4500 EXECUTIVE DRIVE SUITE 23C �L NAPLES a� FL 34119'� LICENSE NUMBER: RZ2984 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. RED MAPLE SWAMP ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION *Rn Map Number Name FLN Acres Collier County Wetland Determination Wetland Dererminations Map 1 MCLOUGHLIN SURVIVORS TRUST 39490720000 1.14 undetermined MWET 2 1520 SHADY HOLLOW TRUST 39490800001 1.14 undetermined MWET 16 LOVE, NICOLE OLIVO 39490880005 4.62 undetermined MWET 17 NORMIL, ANNETAL A=& TANJA 39491000004 4.53 undetermined MWET 8 SOTO, JOSE LUIS 39491040006 1.14 undetermined MWET 7 GUERRA, MAXIMO=& SIGRID 39491160009 1.14 MWET MWET 10 NORMIL, ANNETAL A=& TANJA 39491400002 1.14 MWET MWET 9 RILEY, JAMES A=& ALICE M 39491480006 1.14 undetermined MWET 18 DUBOUR ET AL, ELEANOR J 39491560007 5.34 undetermined MWET 20 IBRAHIM, IBRAHIM=& SUHAILA 39491600006 4.37 undetermined MWET 19 THREE BROTHERS PROPERTY LLC 39491640008 5.29 undetermined MWET 11 WALSH, NANCY A 39491760001 1.14 undetermined MWET 21 IBRAHIM, IBRAHIM=& SUHAILA 39492040005 4.33 undetermined MWET 4 NORMIL, ANNETAL A=& TANJA 39492440003 1.14 undetermined MWET 3 CRAMER, RICHARD S=& ANN K 39492480005 1.59 undetermined MWET 12 JACKSON, BEVERLY 39492760000 1.14 undetermined MWET 5 SMITH, RONALD C=& BETTY J 39492880003 1.14 undetermined MWET 22 CORTES, LOURDES M 39493160007 4.79 undetermined MWET 23 GREENMAN, JANET E 39493240008 3.92 undetermined MWET 13 DORVILIEN, CENOUS 39493280000 2.27 undetermined MWET 24 DORVILIEN, CENOUS 39493720007 3.88 undetermined MWET 6 CASTILLO, JOSE F 39540240003 5.41 undetermined MWET 15 JLG INVESTMENT PROPERTIES LLC 39540280005 3.03 MWET MWET 14 MARTINEZ, ABEL CHAVEZ 39540280102 2.27 undetermined MWET Miles Legend FDEP Informal Wetland Determinations Data and / or Field Conditions Indicate Uplands Dale and / or Field Conditions Indicate Site Plan is Needed to Determine Impacts _ Data and / or Field Conditions Indicate Wetlands and Permit Necessary _ Data and I or Field Conditions Indicate Ditches and Permit Necessary The "Determinations" on this figure are from informal pre -application wetland determinations pursuant to Section 373.421(6), F.S., and 62-312.040(7), F.A.C. It does not bind the Department, its agents employees, nor does it convey any legal rights, expressed or implied. NRCS Hydric Soils Model Depressional _ �� Slough W�nx.a vMauw. ciuAcs. aiw, 'a"xW oea. 3 4 1 M2 3 4 5 48 762L 7 ')11 34 30 40 47 5 20 23 026 r - Q Market Study Parcels 7 8 9 10 11 12 13 [E.. 0 �. 4fi 22 1231241 17 18 119 1201211 , 8 COs TI --r- I I ---I 0 0.25 o.s con�Y county Miles RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Land Comparable 1 - Red Maple Swamp 3.0 acres and less Transaction ID 6434 Date 5/ 19/2022 Address Shady Hollow Blvd W Price $24,900 City Naples Price per Acre $21,842 State Florida Financing Cash to seller Tax ID 39492880003 Property Rights Fee Simple Grantor Ronald C. Smith and Betty Days on Market 10 Days J. Karl Grantee Bernabe Acosta Verification Source David Huff, Sun Realty USA Legal Description Golden Gate Estates Unit No. 53, W 75' of E 150' of Tract 33 Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Treed Road Frontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular En-ironmental Issues Majority Wetlands Comments 75' x660' heavily treed lot located along south side of Shady Hollow Blvd E. No DEP available. The FDEP CIS map shows parcel is 100% Freshwater Forested/Shrub Wetlands. Lot was listed on April 13, 2022 for $24,900. Seller only accepted full price offers with no due diligence period (no DEP). *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Transaction ID 6431 Date 3/28/2022 Address Shady Hollow Blvd E Price $20,000 City Naples Price per Acre $17,544 State Florida Financing Cash to seller Tax ID 38603080004 Property Rights Fee Simple Grantor Christopher Scott Ison Days on Market 5-6 months Grantee Y&M Realty Investments, Verification Source Sally Masters, PA; LLC Slffnature Intl Premier Legal Description Golden Crate Estates Unit No. 38, E 75' of Tract 36 Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Treed Road Prontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues Majority Wetlands Comments 75' x660' heavily treed lot located along north side of Shady Hollow Blvd E. Collier County Wetland Determination as of 12/19/06 shows the parcel is wetlands. Parcel was listed in 9/2021 for $42,800 and reduced to $35,000 in 11/2021. Buyer, an investor, relisted the lot June 27, 2022 for $65,000. *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Transaction ID 6432 Date 6/29/2022 Address 45th Ave NE Price $34,000 City Naples Price per Acre $29,825 State Florida Financing Cash to seller Tax ID 38605720003 Property Rights Fee Simple Grantor SWFL Property Holdings, Days on Market 12 months ILC Grantee Paolo Calabretta Verification Source Dino C Lauricella, PA; Sun Realty Legal Description Golden Crate Estates Unit No. 38, E 75' of Tract 60 Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Treed Road Prontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues Majority Wetlands Comments 75' x660' heavily treed lot located along south side of 45th Ave NE. No DEP available. The FDEP CIS map shows parcel is 100% Freshwater Forested/Shrub Wetlands. Parcel was listed in 6/2021 for $39,000 and reduced to $34,900 on 6/14/22. *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Transaction ID 6433 Address 41st Ave NW City Naples State Florida Tax ID 39440640004 Grantor Jane Pajic, Diane Harlow, Wayne and George Jurich Grantee Leonid Ideltchik Date 3/4/2022 Price $55,000 Price per Acre $20,169 Financing Cash to seller Property Rights Fee Simple Days on Market 13 days Verification Source Tery St Jean; Home Seller Support Legal Description Golden Gate Estates Unit No. 52, E 180' of Tract 11 Site Acres 2.73 Utilities Well, Septic Land SF 118,800 Topography Treed Road Frontage 180 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues 98% Wetlands Comments 180' x660' heavily treed lot located along north side of 41st Ave NW. Tropical Environmental Wetland Determination (12/2021) shows the parcel consists of 2.68 acres of wetlands with only the front portion along 41st Ave NW uplands. Parcel was listed in 12/2021 for $90,000 and reduced to $78,000 on 1/2/22. Closing price in MLS of$73,000 includes assignment fee according to listing agent and is indicative of the market value of the site. Deed shows $55,000 which excludes the assignment fee. *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Transaction ID 6435 Date 2/11/2022 Address 88 47th Ave NE Price $63,000 City Naples Price per Acre $22,420 State Florida Financing Cash to seller Tax ID 38601640006 Property Rights Fee Simple Grantor George Richard Days on Market 6-7 Months Benzineer. III Grantee Kurt Biehler Verification Source Lynda Ann Woods; MVP Realty Associates Legal Description Golden Gate Estates Unit No. 38, E 180' of Tract 19 Site Acres 2.81 Utilities Well, Septic Land SF 122,400 Topography Treed Road Frontage 180 Zoning Residential Depth 680 Zoning Type E - Estates Shape Rectangular Environmental Issues 100% Wetlands Comments 180' x680' heavily treed lot located along south side of 47th Ave NE. Tropical Environmental Wetland Determination (7/2021) shows the parcel consists entirely of wetlands. Parcel was listed in 5/2021 for $75,000 and reduced to $68,700 on 8/2/21. *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Land Comparable 1 - Red Maple Swamp greater than 3.0 acres Transaction ID 6436 Date 11/10/2021 Address Wilson Blvd N Price $105,000 City Naples Price per Acre $20,388 State Florida Financing Cash to seller Tax ID 38600880003 Property Rights Fee Simple Grantor Guilhenne Paulo Days on Market 2-3 Months Castagnoli Pereira das Neves aka Guilhenne P Neves Grantee Timothy Shannon Mullen Verification Source David Huff; Sun Realty USA Legal Description Golden Gate Estates Unit No. 38, Tract 8 Site Acres 5.15 Utilities Well, Septic Land SF 224,400 Topography Treed Road Frontage 330 Zoning Residential Depth 680 Zoning Type E - Estates Shape Rectangular Environmental Issues Majority Wetlands Comments 330' x680' heavily treed lot located along west side of Wilson Blvd. No DEP available. The FDEP QS map shows parcel is 100% Freshwater Forested/Shrub Wetlands. Lot was listed in August 2021 for $149,900 and reduced to $129,900 on 10/11/21. *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Transaction ID 6449 Date 7/20/2022 Address No road access Price $180,000 City Naples Price per Acre $10,375 State Florida Financing Cash to seller Tax ID 180160006 Property Rights Fee Simple Grantor Three Brothers Property, Days on Market 2+ years LLC Grantee Rugby, LLC Verification Source Abe Prawiradilaga; Starlink Realty, Inc Legal Description 1148 26 El/2 OF SW 1/4 OF SE1/4, LESS W 30FT, S 60FT & E 30FT 17.35AC Site Acres 17.35 Utilities Well, Septic Land SF 755,766 Topography Treed Road Frontage 595 Zoning Agricultural Depth 1270 Zoning Type A-RFMUO-NRPA- SENDING Shape Rectangular Environmental Issues 100% Wetlands Comments Heavily treed parcel with no road access. Located within RFMUO-Sending area. No DEP on file. FDEP GIS map shows parcel is 100% Freshwater Forested/Shrub Wetland. Parcel was listed in March 2020 for $569,999 and reduced to $249,999 in May 2020. Reduced to $189,999 in June 2022. *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Transaction ID 6433 Date 3/4/2022 Address 41st Ave NW Price $55,000 City Naples Price per Acre $20,169 State Florida Financing Cash to seller Tax ID 39440640004 Property Rights Fee Simple Grantor Jane Pajic, Diane Harlow, Days on Market 13 days Wavne and George Jurich Grantee Leonid Ideltchik Verification Source Tery St Jean; Home Seller Support Legal Description Golden Gate Estates Unit No. 52, E 180' of Tract 11 Site Acres 2.73 Utilities Well, Septic Land SF 118,800 Topography Treed Road Prontage 180 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues 98% Wetlands Comments 180' x660' heavily treed lot located along north side of 41st Ave NW. Tropical Environmental Wetland Determination (12/2021) shows the parcel consists of 2.68 acres of wetlands with only the front portion along 41st Ave NW uplands. Parcel was listed in 12/2021 for $90,000 and reduced to $78,000 on 1/2/22. Closing price in MLS of$73,000 includes assignment fee according to listing agent and is indicative of the market value of the site. Deed shows $55,000 which excludes the assignment fee. *Rn RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Transaction ID 6435 Date 2/11/2022 Address 88 47th Ave NE Price $63,000 City Naples Price per Acre $22,420 State Florida Financing Cash to seller Tax ID 38601640006 Property Rights Fee Simple Grantor George Richard Days on Market 6-7 Months Benzinger, III Grantee Kurt Biehler Verification Source Lynda Ann Woods; MVP Realty Associates Legal Description Golden Gate Estates Unit No. 38, E 180' of Tract 19 Site Acres 2.81 Utilities Well, Septic Land SF 122,400 Topography Treed Road Frontage 180 Zoning Residential Depth 680 Zoning Type E - Estates Shape Rectangular Emironmental Issues 1000/6 Wetlands Comments 180' x680' heavily treed lot located along south side of 47th Ave NE. Tropical Environmental Wetland Determination (7/2021) shows the parcel consists entirely of wetlands. Parcel was listed in 5/2021 for $75,000 and reduced to $68,700 on 8/2/21. RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA Transaction ID 6438 Date 6/7/2022 Address Desoto Blvd N Price $120,000 City Naples Price per Acre $17,991 State Florida Financing Cash to seller Tax ID 38720040008 Property Rights Fee Simple Grantor Wesley E. Serrato Days on Market 5 Days Grantee KSSK LLC Verification Source Magdevys Abreu; Coldwell Banker Legal Description Golden Gate Estates Unit No. 40, Tract 1 Site Acres 6.67 Utilities Well, Septic Land SF 290,360 Topography Treed Road Frontage 427 Zoning Residential Depth 680 Zoning Type E - Estates Shape Rectangular Environmental Issues 100% Wetlands Comments 427' x680' heavily treed lot located at NEC of Desoto Blvd N and 56th Ave NE. Listing agent report the lot is 100% wetlands. Listed 4/16/22 for $120,000. *Rn RKL APPRAISAL AND CON SUITING REAL ESTATE APPRAISAL REPORT ACHI L M. ZUCCHI, MAI, CCIM C. LOWRY, MAI, CPA 0UIS C. BOSBITT, MAI PANTHER WALK PARCELS Residential Land 2835 62nd Avenue NE Naples, Collier County, Florida, 34120 PREPARED FOR: Mr. Roosevelt Leonard Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Client File: PO Number 4500216604 EFFECTIVE DATE OF THE APPRAISAL: August 21, 2022 DATE OF THE REPORT: August 26, 2022 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2022-197 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com *RKL AI SAL AND CON Sit LTIN G August 26, 2022 Mr. Roosevelt Leonard Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Panther Walk Parcels 2835 62nd Avenue NE, Naples, Collier County, Florida, 34120 Client File: PO Number 4500216604 RKL File Number: 2022-197 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The intended users for the assignment are Collier County Real Property Management (Conservation Collier Program), and the intended use of the appraisal is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject is a vacant residential land parcel of land containing an area of 1.14 acres, or 49,500 square feet. Low density residential with limited agricultural uses are permitted under the present Estates (E) zoning designation. The site was determined to be wetlands according to a March 2016 FDEP Informal Wetland Determination. According to the FDEP Geographic Information Systems (GIS), the entire parcel consists of Freshwater Forested/Shrub Wetland. According to Conservation Collier observations, the site is a Cypress swamp. ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com Mr. Roosevelt Leonard Collier County August 26, 2022 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple August 21, 2022 $33,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Ass um tions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com PANTHER WALK PARCELS TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... 1 Introduction Information..................................................................................................... 2 Subject Identification...................................................................................................... 2 Current Ownership and Property History....................................................................... 2 AppraisalScope.............................................................................................................. 2 Client, Intended User, and Intended Use........................................................................ 3 Definition of Market Value............................................................................................. 3 Definition of Property Rights Appraised........................................................................ 3 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 3 Scopeof Work................................................................................................................ 4 Property Description and Analysis..................................................................................... 5 SiteAnalysis................................................................................................................... 5 Real Estate Taxes and Assessments.............................................................................. 10 Highestand Best Use.................................................................................................... 11 Sales Comparison Approach......................................................................................... 12 Reconciliation............................................................................................................... 17 Final Value Conclusion................................................................................................. 17 Certification...................................................................................................................... 18 Assumptions and Limiting Conditions............................................................................. 20 Addenda Appraiser Qualifications Property Information ..... Comparable Data ........... Addendum A Addendum B Addendum C PANTHER WALK PARCELS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Panther Walk Parcels 2835 62nd Avenue NE, Naples, Collier County, Florida, 34120 Owner: Tamera Gibson-DeMello Legal Description: Legal description shown in addenda of this report. Tax Identification: 38847400000 Intended Use: The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. Intended User(s): Collier County Real Property Management (Conservation Collier Program) PROPERTY Land Area: Total: 1.14 acres; 49,500 square feet Flood Zone: Zone AH Zoning: E - Estates Highest and Best Use As Vacant Conservation or single-family development Exposure Time 6-12 months Marketing Period 6-12 months VALUE INDICATIONS Value Range of Comparables: $23,158 to $32,004 per acre Reconciled Value(s): As Is Value Conclusion(s) $33,000 Effective Date(s) August 21, 2022 Property Rights Fee Simple The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Ass um tions: None. Page 1 PANTHER WALK PARCELS INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Panther Walk Parcels 2835 62nd Avenue NE, Naples, Collier County, Florida, 34120 Legal Description: Legal description shown in addenda of this report. Tax Identification: 38847400000 The subject is a vacant residential land parcel of land containing an area of 1.14 acres, or 49,500 square feet. Low density residential with limited agricultural uses are permitted under the present Estates (E) zoning designation. The site was determined to be wetlands according to a March 2016 FDEP Informal Wetland Determination. According to the FDEP Geographic Information Systems (GIS), the entire parcel consists of Freshwater Forested/Shrub Wetland. According to Conservation Collier observations, the site is a Cypress swamp. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Tamera Gibson-DeMello. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is not currently listed for sale, or under contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions Page 2 PANTHER WALK PARCELS INTRODUCTION INFORMATION • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Real Property Management (Conservation Collier Program). The intended use is for is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is August 21, 2022. The date of inspection was August 21, 2022. The date of the report is August 26, 2022. Page 3 PANTHER WALK PARCELS SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A limited on site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 4 PANTHER WALK PARCELS SITE ANALYSIS PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. Land Summary Parcel ID Gross Land Area Gross Land Area (Acres) (Sq Ft) 38847400000 1.14 49,500 SITE Location: The subject is located within Golden Gate Estates Unit No. 42 in an area known as Panther Walk Preserve. Current Use of the Property: Vacant residential parcel Shape: The site is roughly rectangular. Road Frontage/Access: The subject property has average access with frontage as follows: • 62nd Avenue NE: 75 feet The site has an average depth of 660 feet. It is not a corner lot. Topography: The Panther Walk Preserve area contains high quality cypress wetlands and is part of the Horsepen Slough. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: None Water: None Adequacy: The subject's utilities are typical and adequate for the market area. Flood Zone: The subject is located in FEMA flood zone AH, which is classified as a flood hazard area. FEMA Map Number: 12021C 0235H FEMA Map Date: May 16, 2012 The subject is in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: The site was determined to be wetlands according to a March 2016 FDEP Informal Wetland Determination. According to the FDEP Geographic Information Systems (GIS), the entire parcel consists of Freshwater Forested/Shrub Wetland. According to Conservation Collier observations, the site is a Cypress swamp. Encumbrance / Easements: A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Page 5 PANTHER WALK PARCELS SITE ANALYSIS ZONING Zoning Code E - Estates Zoning Authority Collier County Permitted Uses Includes single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Current Use Legally Conforming The subject is legally non -conforming in terms of size. Minimum Lot Area (SF) 2.25 acres Minimum Floor Area (SF) 1,000 Minimum Street Frontage (Feet) 150 Front Set Back Distance (Feet) 75 Rear Set Back Distance (Feet) 75 Side Yard Distance (Feet) 30 feet; 37.5 feet for corner lots along longest side Maximum Density/FAR One dwelling units per 2.25 acres Maximum Building Height (Feet) 30 Aerial Page 6 PANTHER WALK PARCELS SITE ANALYSIS FDEP Map Direct GIS Page 7 PANTHER WALK PARCELS SITE ANALYSIS Site Photographs 62nd Avenue NE — Easterly 62nd Avenue NE — Westerly (Photo Taken on August 21, 2022) Page 8 PANTHER WALK PARCELS SITE ANALYSIS Site Photographs Typical Site View from 62nd Avenue NE — Northerly Typical Site View from 62nd Avenue NE — Northerly (Photo Taken on August 21, 2022) Page 9 PANTHER WALK PARCELS REAL ESTATE TAXES AND ASSESSMENTS REAL ESTATE TAXES AND ASSESSMENTS The property tax identification number and assessed value of the property for tax year 2022 Preliminary are as follows: ASSESSED VALUES Tax Identification Number 38847400000 Land Assessed Value $30,210 Building Assessed Value $0 10% Assessment Cap -$16,669 Total Assessed Value $13,541 Total Assessment per Land Acre $11,916 Rates, Taxes, More Tax Rate 1.32% Ad Valorem Tax Amount $253 Special Assessment Amount $0 Special Assessment Comments None Total Tax Liability $253 Property Tax Comments The 2020 and 2021 taxes have been paid. The School Board millage is applied to the uncapped assessed value. The tax assessment for subject property is currently $11,916 per acre, or $26,585 per acre excluding the assessment cap. Based on our valuation analysis, the subject's assessment appears reasonable. Page 10 PANTHER WALK PARCELS HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and Best Use As Vacant Conservation or single-family development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size and location of the property, the most probable buyer of an individual parcel is an owner -user or builder for single-family development or wetland mitigation. Page 11 PANTHER WALK PARCELS SALES COMPARISON APPROACH SALES COMPARISON APPROACH I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a parry to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Comparables Map Audubon Corkscreww Swarnp Sanctuary -ON LIME TICKETS.- 1P .REW Bird R€ okery �ampTruils Big Corkscrew Island Regional Park 9 IP91k If ..r n+� *-- r . 19 r I Efl Map data @= Gow4 a Page 12 PANTHER WALK PARCELS SALES COMPARISON APPROACH Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Panther Walk Parcels NS 37th Ave NE 58th Ave NE 52nd Ave NE 7241 Everglades Blvd N NS 50th Ave NE Address 2835 62nd Avenue NE 37th Ave NE 58th Ave NE 52nd Ave NE 7241 Everglades Blvd N 50th Ave NE City Naples Naples Naples Naples Naples Naples Date 8/21/2022 7/14/2022 3/18/2022 3/3/2022 6/9/2022 6/16/2022 Price $35,000 $45,000 $60,000 $47,500 $37,000 Acres 1.14 1.14 1.14 1.59 2.34 1.14 Acre Unit Price $30,702 $39,474 $37,736 $20,299 $32,456 Transaction Adjustments Property Rights Fee Simple Fee Simple 0.0% Fee Simple 0.0% Fee Sample 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Caah to seller 0.0% Cash to seller 0.0% Cash to seller 0.0% Cash to Seller 0.0% cash to seller 0.0% Conditions of Sale Am's Length 0.0% Arrn's Length 0.0% Arrn's Length 0.0% Anus Length 0.0e/0 Ar , Length 0.0% Adjusted Acre Unit Price $30,702 $39,474 $37,736 $20,299 $32,456 Market Trends Through 8/21/2022 20.0% 1.9% 8.1% 8.9% 3.7% 3.4% Adjusted Acre Unit Price $31,290 $42,673 $41,101 $21,053 $33,544 Location Average Similar Similar Simmlar Inferior Similar %Adjustment 0% 0% 0% 5% 0% $Adjustment 1.14 $0 1.14 $0 1.14 $0 1.59 $1,053 2.34 $0 1.14 Acres %Adjustment 0% 0% 0% 5% 0% $Adjustment 100%Wetlands $0 98%wetlands $0 Approx300/6wetlands $0 35%wetlands $1,053 Mostly wetlands $0 64%wetlands Environmental Issues (Front) (Middle) (Center) %Adjustment 0% -25% -25% 0% -10% $Adjustment Rectangular $0 Rectangular -$10,668 Rectangular -$10,275 Rectangular $0 Rectangular -$3,354 Rectangular Shape %Adjustment 0% 0% 0% 0% 0% $Adjustment Residential $0 Residential $0 Residential $0 Residential $0 Residential $0 Residential Zoning %Adjustment 0% 0% 0% 0% 0% $Adjustment $0 $0 $0 $0 $0 Adjusted Acre Unit Price $31,290 $32,004 $30,826 $23,158 $30,190 Net Adjustments 0.0% -25.0% -25.0% 10.0% -10.0% Gross Adjustments 0.0% 25.0% 25.0% 10.0% 10.0% Page 13 PANTHER WALK PARCELS SALES COMPARISON APPROACH Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends The following graph shows comparable residential land sales within the surrounding market area over the past year. Residential Land Sales Trend Analysis $120,000 $100,000 • 5so,°oo • • • $60,000 • • • • • 00 40 ...................... $40,000 i� ............w..�! •• • • • • • • • • • • • • • $20,000 • • • • ,• • : �• • • �`• • • $0 1 1 1 7/23/2021 9/11/2021 10/31/2021 12/20/2021 2/8/2022 3/30/2022 5/19/2022 7/9/2022 9/27/2022 10/16/2022 The graph indicates an upward trend in sales prices from mid 2021 through the current date. However, it is noted this is unadjusted raw data and does not relate directly to the subject. Page 14 PANTHER WALK PARCELS SALES COMPARISON APPROACH The analyses and value opinion in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value. The following table summarizes single family metrics within the subject's East Naples market area. East Naples is defined by NABOR as Zip Codes 34114, 34117, 34120, 34137 which consists generally of properties east of Collier Boulevard. East Naples 34114, 34117, 34120, 34137 Single Family July Year to Date J New Listings 197 207 + 5.1 % 1,493 1,578 + 12.40A Total Sales 182 115 - 36.8% 1,449 1,167 -19.5% Days on Market Until Sale 22 27 + 22.7°% 40 27 - 32.5% Median Closed Price" $537,500 S575,ppp +7.0% $465,000 $600,0W +29.0R5 Average Closed Price" $625,935 S716,641 + 14.5% $551,083 $760,557 + 38.0% Percent of List Price Received* 99.5% 98.41/ - 1.1% 98.7% 98.91/6 + 0.20A Inventory of Homes for Sale 463 571 + 23.3% — — — Months Supply of Inventory 2.3 3A + 47.8% — — — Ooes not account for sale concessions andlor cl—payment assistance_ I Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample s¢e As shown, the median closed price has increased 29.0% in July 2022 year to date. The average sales price increased 38.0% year to date. However, it is noted this is unadjusted raw data and does not relate directly to the subject. Based on the previous analysis and considering the increased demand for residential property in Southwest Florida, as well as the recent interest rate increases by the federal reserve, we have applied a 20.0% annual adjustment. Location The comparable sales are located within the immediate vicinity of Panther Walk and Winchester Head. Comparable 4 has frontage along Everglades Boulevard, the main, more heavily traveled arterial through Golden Gate Estates. Additionally, it is located furthest north. It is considered inferior in location and adjusted upward accordingly. No adjustments for location could be supported for Comparables 1, 2, 3, and 5; therefore, none are applied. Size Size and price per acre are typically inversely related; therefore Comparable 4 is adjusted upward for its larger size. Environmental Issues The subject parcel is located within the Panther Walk Preserve area. The site was determined to be wetlands according to a March 2016 FDEP Informal Wetland Page 15 PANTHER WALK PARCELS SALES COMPARISON APPROACH Determination. According to the FDEP Geographic Information Systems (GIS), the entire parcel consists of Freshwater Forested/Shrub Wetland. According to Conservation Collier observations, the site is a Cypress swamp. The comparable properties are all impacted by wetlands. Comparables 1 and 4 are effectively 100% wetlands with the only upland areas located near the road right of way. Therefore, no adjustments are required for Comparables 1 and 4. An Informal Wetland Determination of Comparable 2 indicates 30% wetlands located in the front of the site. An Informal Wetland Determination of Comparable 3 indicates 35% wetlands generally located in the middle of the site. An Informal Wetland Determination of Comparable 5 indicates 64% wetlands generally located in the middle of the site. All three comparables are adjusted downward accordingly. Configuration All of the comparables are relatively similar in terms of configuration; therefore, no adjustments are required. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Sales Comparison Approach Conclusion All of the value indications have been considered in arriving at my final reconciled per acre value of $29,000. Land Value Ranges & Reconciled Values Number of Comparables: 5 Unadjusted Adjusted % A Low: $20,299 $23,158 14.09% High: $39,474 $32,004-18.92% Average: $32,133 $29,494 -8.21% Reconciled Value/Unit Value: $29,000 Subject Size: 1.136 Indicated Value: $32,955 Reconciled Final Value: $33,000 Page 16 PANTHER WALK PARCELS RECONCILIATION RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of August 21, 2022, subject to the Limiting Conditions and Assumptions of this appraisal. Appraisal Premise Market Value, As Is VALUE CONCLUSIONS Interest Appraised Fee Simple Date of Value August 21, 2022 Value Conclusion $33,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 6-12 months. Page 17 PANTHER WALK PARCELS CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 18 PANTHER WALK PARCELS 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. (:�a 'Vt - "�� Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 19 PANTHER WALK PARCELS ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 20 PANTHER WALK PARCELS ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 21 PANTHER WALK PARCELS ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 22 PANTHER WALK PARCELS ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 23 PANTHER WALK PARCELS ADDENDA - APPRAISER QUALIFICATIONS ADDENDA *Rn PANTHER WALK PARCELS ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS *Rn PANTHER WALK PARCELS ADDENDUM A - APPRAISER QUALIFICATIONS :APPRAISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACHI L M. ZUCCHI, MAI, CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 C. LOWRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOSBITT, MAI www.rklac.com PANTHER WALK PARCELS ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2021) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Gov. Relations Committee: Appraisal Institute National (2022) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. *Rn PANTHER WALK PARCELS ADDENDUM A - APPRAISER QUALIFICATIONS Ron DeSantis, Governor Julie I. Brown, Secretary dLLV 1 Iond� STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES 15C- �7 ~` ZUCCHI, RACHEL M 4500 EXECUTIVE DRIVE SUITE 23C �L NAPLES a� FL 34119'� LICENSE NUMBER: RZ2984 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. PANTHER WALK PARCELS ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION *Rn Collier County Property Appraiser Property Summary Site 2835 62ND Site Zone Parcel No 38847400000 Address AVE NE Site City I NAPLES *Note 34120 *Disclaimer Ma No. StrapNo. Section TownshipRange Acres *Estimated 21D31 340000 86 22D31 31 47 28 1.14 Legal I GOLDEN GATE EST UNIT 42 W 75FT OF E 150FT OF TR 86 OR 667 PG 17 Millage Area 9 17 Millage Rates v *Calculations Sub./Condo 340000 - GOLDEN GATE EST UNIT 42 School Other Total Use Code 9 0 - VACANT RESIDENTIAL 4.459 8.7542 13.2132 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book -Page Amount 01/28/15 5118-952 $ 7,900 12/03/14 5100-275 $ 4,500 07/15/14 5059-1107 1 $ 4,500 11/01/76 667-17 1 $ 0 2022 Preliminary Tax Roll (Subiect to Chanae) +) Land Value Improved Value $ 30,210 $ 0 (_) Market Value $ 30,210 (-) 10% Cap $ 16,669 (_) Assessed Value $ 13,541 (_) School Taxable Value $ 30,210 (_) Taxable Value $ 13,541 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site 2835 62ND Site Zone Parcel No 38847400000 Address AVE NE Site City NAPLES *Note 34120 *Disclaimer Name / Address GIBSON-DEMELLO, TAMERA 5581 NW 51 ST STAVE COCONUT CREEK Permits Issuer State I FL Provided for reference purposes only. *Full Disclaimer. ) Permit # CO Date I Tmp CO , Final Bldg I Type Land # Calc Code Units 10 ACREAGE 1.14 Building/Extra Features # Bur Description Area Area *** INSTR 5081065 OR 5118 PG 952 RECORDED 2/5/2015 9:42 AM PAGES 1 *** DWIGHT E. BROCK, CLERK OF THE CIRCUIT COURT, COLLIER COUNTY FLORIDA DOC@.70 $55.30 REC $10.00 CONS $7,900.00 Instrument Prepared by and return to: Titleworks of SW Florida, Inc. Elie Shorter 2045 McGregor Blvd. Fort Myers, FL 33901 as a necessary incident to the fulfillment of conditions contained in a title insurance commitment issued by it. Property Appraisers Pcel I.D. (Folio) Number(s): 38847400000 File No.: 2015-372' �0fkite611 WARRANTY DEED This Warranty Deed, made this day of January, 2015, by Terratrust, LLC., a Florida Limited Liability Company. hereinafter called the grantosq vho�e post office address is: PO Box 771506, Miami, FL 33177, to Tamers Gibson- DeMello, whose post office address is: 5581 NW 51st Ave, Coconut Creek, FL 33073. hereinafter called the grantee, WITNESSETH: That said grantor, f6r Oind in consideration of the sum of $10.00 and other valuable considerations, receipt whereof is hereby acknowledged, by these presents grants, bargains, sells, aliens, remises, releases, conveys and confirms unto the grantee, all °that certain land situate in Collier County, Florida, to wit: The West 75 feet of the East 150 feet of' -Tract 6f, Unit 42, Golden Gate Estates, according to the plat thereof recorded in Plat Book 7, Page 27, of the-Pctblic•Rbcords of Collier County, Florida. TOGETHER with all the tenements, hereditamettsand appurtenances thereto belonging or in anywise appertaining. To Have and to Hold, the same in fee simple forver. And the grantor hereby covenants with said granteej the grantor has good right and lawful authority to sell ; title to said land and will defend the same against the free of all encumbrances, except taxes accruing su easements of record, if any. (The terms 'grantor' and 'grantee" herein shall be con context indicates.) for is lawfully seized of said land in fee simple; that said land; that the grantor hereby fully warrants the is of all persons whomsoever, and that said land is `January 1, 2015 , reservations, restrictions and genders and singular or plural as the IN WITNESS WHEREOF, Grantor has hereunto set grantor's hand;and " oftkte day and year first above written. SIGNED IN THE PRENCE OF THE OLLOWING WITNESSES TWO SEPARATE DISINTERESTED ITNESSES REQUIRED Witness Signatu A[�� `` Terra ust, L C., ifs L)mited L Printed Name: j yt Witness Signature: ' J ave �a, Managinggmernt�er Printed Name: 1 C0� 0I . State of Flo 'da (� _ �� County of 1 �Xa The foregoing instrument was acknowledged before me this � day of January, 2015, by Joss Echaverria as Managing Member of Terratrust, LLC., a Florida Limited Liability Company on behalf of said entity. He/she/they is/are personally known to me or hays/have produced driver's license(s) as identification. s n Expires: c�'� C a+u WENDY C. OLIVEROS NO iC �gn ture / �1=,r°•Rv pL�`�= Notary Public - State of Florida Printed Name: n� My Comm. Expires Dec 2, 2017 Serial Number .•F °a? Commission # FF 74140 Bonded Through f;:ticnzl Nc±zry Assn. Attachment 1 — Map of Tamera Gibson-Demello parcel T 0 0.25 0.5 Miles Tamera Gibson Demello - 38847400000 Panther Walk Preserve Jr, CO N S-E-R-VATI O N C6LLIER Co e-r County PANTHER WALK PARCELS ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA *Rn PANTHER WALK PARCELS ADDENDUM C - COMPARABLE DATA Transaction ID 6440 Date 7/14/2022 Address 37th Ave NE Price $35,000 City Naples Price per Acre $30,702 State Florida Financing Cash to seller Tax ID 39960280009 Property Rights Fee Simple Grantor SRS05 LLC Days on Market 1-2 Months Grantee Walna Jeannot Verification Source Carol Sabatino; Keller Williams Realty Legal Description Golden Gate Estates Unit No. 65, E 75' of Tract 83 Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Heavily Treed RoadFrontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular FhvironmentalIssues 98%wetlands Comments 75' x 660' heavily treed lot located along north side of 37th Avenue NE. Informal wetland determination dated November 2021 shows 1.12 acres of wetlands with a small portion of uplands along 37th Ave NE. Listed in May 2022 for $35,000. *Rn PANTHER WALK PARCELS ADDENDUM C - COMPARABLE DATA Transaction ID 6337 Address 58th Ave NE City Naples State Florida Tax ID 38848280009 Grantor Charles E. Anderson, Jr and Linda Anderson Grantee Jorge Armando Grizalez Martinez and Fressia Grizalez Date 3/ 18/2022 Price $45,000 Price per Acre $39,474 Financing Cash to seller Property Rights Fee Simple Days on Market 1 year Verification Source LizAppling; Royal Shell Real Estate Legal Description Golden Crate Estates Unit No. 42, West 75' of Tract 95 Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Heavily Treed Road Frontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular EmAronmental Issues Approx 30% wetlands Comments 75' x 660' heavily treed lot located along north side of 58th Avenue NE. Informal wetland determination dated March 2021 shows approximately 30% wetlands in the southern (front) portion of the site. Listed in Feb 2021 for $49,000. PANTHER WALK PARCELS ADDENDUM C - COMPARABLE DATA Transaction ID 6339 Address 52nd Ave NE City Naples State Florida Tax ID 38961440001 Grantor Chris Krager and Julia Bachand Grantee Laurentiu and Michaela Cheras e Date 3/3/2022 Price $60,000 Price per Acre $37,736 Financing Cash to seller Property Rights Fee Simple Days on Market 8 days Verification Source Bill Duffy, Jr; Premier Plus Realty Legal Description Golden Crate Estates Unit No. 44, West 105' of Tract 19 Site Acres 1.59 Utilities Well, Septic Land SF 69,300 Topography Heavily Treed Road Frontage 105 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular En-Aronmental Issues 35% wetlands (Middle) Comments 105' x660' heavily treed lot located along south side of 52nd Avenue NE. Informal wetland deternvnation dated Jan 2022 shows 0.55 acres of wetlands located in the central portion of the site approximately 150' south of 52nd Ave NE. Listed in Jan 2022 for $75,000. PANTHER WALK PARCELS ADDENDUM C - COMPARABLE DATA Transaction ID 6461 Date 6/9/2022 Address 7241 Everglades Blvd N Price $47,500 City Naples Price per Acre $20,299 State Florida Financing Cash to seller Tax ID 39155080001 Property Rights Fee Simple Grantor A&M American Days on Market 5-6 Months Investments, LLC Grantee Estevez Renovation, LLC Verification Source Keith A Marvelle; John R Wood Legal Description Golden Crate Estates Unit No. 44, W 150' Tract 101 Site Acres 2.34 Utilities Well, Septic Land SF 102,000 Topography Treed Road Frontage 150 Zoning Residential Depth 680 Zoning Type E - Estates Shape Rectangular EmAronmental Issues Mostly wetlands Comments 150' x680' treed lot located along west side of Everglades Blvd N south of Immokalee Rd. No DEP available. The FDEP GIS map shows parcel is 100% Freshwater Forested/Shrub and Freshwater Emergent Wetlands. Site was listed in 11/21 for $90,000 and decreased to $70,000 on April 3, 2022. PANTHER WALK PARCELS ADDENDUM C - COMPARABLE DATA Transaction ID 6441 Date 6/16/2022 Address 50th Ave NE Price $37,000 City Naples Price per Acre $32,456 State Florida Financing Cash to seller Tax ID 38663360007 Property Rights Fee Simple Grantor B&GLandholdings, LLC Days on Market 1-2 Months Grantee William Escobar Verification Source Lisa Ann Lagergren; Caine Luxury Team Legal Description Golden Gate Estates Unit No. 39, E 75' of W 180' Tract 39 Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Heavily Treed Road Frontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues 64% wetlands (Center) Comments 75' x 660' heavily treed lot located along north side of 50th Avenue NE. Wetland determination dated 3/17/22 shows 0.73 acres of jurisdictional wetlands located in the center of the site. Listed in April 2022 for $75,000 and decreased to $40,000 in May 2022. Lot was purchased in April 2022 with 5 other lots. *Rn arlson orris Or. Robert H Gore Project Area Located With hi Golde n Gate Estates Un its 91 a nd 92 Totaling 119.13 Acres NAPLES. FLORIDA 34117 Prepared For: Col her C ou nth, Bo -a rd of Corn missioi7e Attention: P oosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tarniami Trail East.. Suite .01 N apl esr Florida 34 112 Prepared BV: 1919 Courtney Drive. Suite 14 Fort MyersF FL 33901 (239)936-1991 1{Www.Ca r1Sorl narriS.Corn August 23, 2022 Collier County Board of Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 Re: Real Estate Appraisal 51 Parcels within Golden Gates Estates Units 91 and 92, Naples Collier County, Florida 34117 Our File Number: 22-179-MS PO #4500217055 Dear Mr. Leonard, At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal presented for the above referenced real property. The purpose of the appraisal is to estimate the market value on a price per acre basis for areas identified as parcels within the Golden Gates Estates Units 91 and 92 in Naples, Florida. The size of the parcels range from a low of 1.14 acres to a high of 5.68 acres. Tier values are developed for the parcels consisting of: up to 25% wetlands; 26%-50% wetlands; 51 %-75% wetlands; and 76%-100% wetlands. The Dr. Robert H. Gore project area boundaries encompass 51 parcels totaling approximately 119.13 acres within Golden Gates Estates Units 91 and 92. The per acre values reported in this market study will be developed for parcels 1.14 acres to 2.73 acres, 2.74 acres to 4.0 acres and 4.1 acres to 6.0 acres. The market area has a mixture of wetland designations and varying degrees of depressional and slough soils with uplands on the FDEP Informal Wetland Determinations map and are located within the Estates zoning designation which allows for low density residential development with limited agricultural use. Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations were especially noted in Section 7 of this report. Your attention is directed to these General Assumptions and Limiting Conditions which are part of this report. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and Title XI Regulations. 1919 Courtney Drive I Fort Myers, FL 339011 Phone 239.936.1991 1 www.carlsonnorris.com COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES August 23, 2022 Page 2 Carlson, Norris and Associates, Inc. does not authorize the out -of -context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraiser signing this report. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted the following value conclusion(s) as of August 1, 2022 of: Value Conclusions Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple August 1, 2021 Area Within Golden Gate Estates Units 91 and 92 Parcel size 1.14-2.73 acres 2.74-4.00 acres 4.01-6.00 acres Indicated Value Per Acre 0-25% wetlands $50,000 $41,000 $36,000 26-50% wetlands $35,000 $25,000 $26,000 51-75% wetlands $30,000 $19,000 $19,000 76-100% wetlands $22,000 $19,000 $19,000 PLEASE NOTE: The Novel Coronavirus (COVID-19) outbreak, declared by the World Health Organization as a global health emergency on 1-30-2020, is causing heightening uncertainty in local, national and global markets. This outbreak was identified as a pandemic on 3-11-2020 and further classified as a National Emergency on 3-13-2020. Worldwide cases of COVID-19 have been identified and the scope of this crisis has expanded. Travel and "shelter in place" restrictions have been implemented to "blunt the curve" of infections and stem the scale and longevity of this outbreak. A prolonged medical and economic crisis may have a significant, yet unquantifiable impact on real estate markets. The information provided within this appraisal is based on market data available at this juncture (date of value and date of the report). However, due to the significant uncertainty in property and capital markets, as well as the rapid unfolding of this event, it is indeterminable for the appraiser to quantify and assess the impact that this outbreak has had/or will have on real estate property values. Values and incomes may change more quickly and significantly than during more typical market conditions. August 23, 2022 Page 3 It should be emphasized that the results of this appraisal analysis and the value conclusions reported herein are based on the effective date of the appraisal and the appraiser makes no representation as to the effect on the subject property of any unforeseen event subsequent to the effective date. Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact us. Respectfully submitted, Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 1919 Courtney Drive I Fort Myers, FL 33901 1 Phone 239.936.1991 1 www.carlsonnorris.com SoM 77-77 will COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES TABLE OF CONTENTS SUBJECT AERIAL PHOTOGRAPH............................................................................................................1 SECTION 1 - SUMMARY OF SALIENT FACTS........................................................................3 �yX��C�7�f���:7=1►�ilE,'�=1;Y�7��:1�_1»:7_16'% � INTENDED USE AND USER OF APPRAISAL........................................................................................................ 5 SCOPEOF WORK.............................................................................................................................................. 5 SALESHISTORY................................................................................................................................................8 VALUATIONHISTORY........................................................................................................................................8 APPRAISAL ANALYSIS AND REPORT TYPE........................................................................................................9 EXPOSURETIME...............................................................................................................................................9 MARKETINGTIME............................................................................................................................................10 SECTION 3 - DESCRIPTION OF REAL ESTATE APPRAISED................................................11 COLLIER COUNTY AREA ANALYSIS................................................................................................................11 LOCATIONMAP...............................................................................................................................................26 MARKET AREA DESCRIPTION.........................................................................................................................27 LEGALDESCRIPTION......................................................................................................................................30 OWNEROF RECORD.......................................................................................................................................30 SITEDESCRIPTION..........................................................................................................................................31 SUBJECT PROPERTY PHOTOGRAPHS.............................................................................................................36 SECTION 4 - HIGHEST AND BEST USE ANALYSIS.............................................................38 HIGHEST AND BEST USE AS THOUGH VACANT...............................................................................................38 SECTION 5 - VALUATION OF THE SUBJECT......................................................................40 VALUE ESTIMATE BY THE COST APPROACH..................................................................................................40 VALUE ESTIMATE BY THE INCOME APPROACH..............................................................................................40 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH.........................................................................40 SECTION 6 - RECONCILIATION OF VALUE.........................................................................72 SUMMARY OF VALUE CONCLUSIONS..............................................................................................................72 SECTION 7 - CERTIFICATION AND LIMITING CONDITIONS..................................................74 CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM...........................................................................74 GENERAL ASSUMPTIONS & LIMITING CONDITIONS.........................................................................................76 SECTION 8 -ADDENDA ....................................................................................................81 FDEPMAP....................................................................................................................82 WETLANDSMAP.............................................................................................................................................83 FLOODMAP....................................................................................................................................................84 APPRAISERLICENSE......................................................................................................................................85 QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM.........................................................................86 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Section 1 -Summary of Salient Facts Property Reference: Multiple Parcels; Located Within Golden Gate Estates Units 91 and 92 Property Type: Vacant Land Property Address: Multiple Parcels; Located Within Golden Gate Estates Units 91 and 92 Naples, Florida 34117 Report Format: Date Of Inspection: Date Of Value: Date Of Report: Real Estate Interest Appraised: Appraisal Report August 1, 2022 August 1, 2022 August 23, 2022 Fee Simple Purpose Of Appraisal: The purpose of this appraisal is to estimate the market value on a price per acre basis for areas identified as parcels within the Golden Gates Estates Units 91 and 92 in Naples, Florida for our client according to the reporting standards of the Uniform Standards of Professional Appraisal Practice (USPAP), and subject to the extraordinary assumptions stated herein. Use of the Appraisal: The intended use of the appraisal is to assist the user, the Collier County Board of County Commissioners, in the potential acquisition of the subject property(s). Intended Users: The intended user of this appraisal is the Collier County Board of County Commissioners. Appraisal Client: The client for this appraisal assignment is the Collier County Board of County Commissioners. Location: The Dr. Robert H. Gore project area boundaries encompass 51 parcels totaling approximately 119.13 acres within Golden Gates Estates Units 91 and 92 in Collier County, Florida. Site Description: The project area parcels are vacant, unimproved and fully wooded, with the majority having paved road access. Wetland determinations range from 0%-100% with varying amounts of depressional and hydric slough soils present. Comprehensive Land Use Plan Designation: Estates Designation Zoning Classification: E-Estates 3 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Highest And Best Use As The highest and best use for the identified site areas would be Vacant: for low density residential or limited agriculture use consistent with the comprehensive land use plan classification and zoning classification affecting the property(s). Highest And Best Use As The subject property(s) are vacant unimproved parcels and as Improved: such an analysis of the areas as improved is not appropriate in this analysis. Appraisal Firm: Carlson, Norris and Associates, Inc. Appraisers Completing Michael Jonas, MAI, AI-GRS, CCIM Report: State -certified general real estate appraiser RZ2623 • I, Michael Jonas, the supervisory appraiser of a registered trainee appraiser who contributed to the development or communication of this appraisal, hereby accept complete responsibility for any work performed by the registered trainee appraiser named in this report as if it were my own work. • Hannah Dwyer, State -Registered Appraiser Trainee R125089, contributed to the development of the appraisal report in the form of 45 hours. She assisted on the property inspection, compiled property information, assisted in the highest and best use, researched and analyzed comparable sale and contributed in the writing of the appraisal report. • As of the date of this report, Michael Jonas has completed the requirements of the continuing education program if the State of Florida, and for the Designated Members of the Appraisal Institute. As of the date of this report, Hannah Dwyer has completed the requirements of the continuing education program of the State of Florida. 4 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Section 2 -Premise of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate the market value on a price per acre basis for areas identified as parcels within the Golden Gates Estates Units 91 and 92 in Naples, Florida for our client according to the reporting standards of the Uniform Standards of Professional Appraisal Practice (USPAP), and subject to the extraordinary assumptions stated herein. Use of the Appraisal: The intended use of this appraisal is the user, the Collier County Board of County Commissioners, in the potential acquisition of the subject property(s). Intended User of Appraisal: The intended user of the appraisal is the Collier County Board of County Commissioners. Client: The client for this report is the Collier County Board of County Commissioners. Competency of Appraiser: The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment based on the following: • Professional experience Educational background and training • Business, professional, academic affiliations and activities The appraiser has previously provided consultation and value estimates for vacant parcels located throughout Southwest Florida. Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the scope of work as: "the type and extent of research and analyses in an assignment". "The scope of work includes, but is not limited to: the extent to which the property is identified, the extent to which 5 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES tangible property is inspected, the type and extent of market research and the type and extent of analysis applied to arrive at opinions or conclusions." The scope of this appraisal has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given the property's zoning and surrounding improvements and neighborhood. The work performed for this assignment included but is not limited to the following: • Extent to which the property was identified o The subject areas are identified as 51 parcels located within the Golden Gates Estates Units 91 and 92 in Naples. An aerial shows the approximate borders for the parcels. • Extent to which the property was inspected o An inspection of the subject areas being appraised as well as the neighborhood in which they are located was done on August 1, 2022. Please note, the appraiser relied primarily on aerial visuals from the Collier County Property Appraisers website. • Type and extent of analysis applied o The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property value, including land values and sales data for similar properties. o Three approaches were considered to be utilized in determining value. 1) Cost Approach — either replacement or reproduction cost is used to develop a value indication for the subject property. 2) Income Approach — valued on the ability of a property generating a cash stream. 3) Sales Comparison Approach — value indication is derived by comparing sales of similar properties. It is the most common and preferred method of land valuation when an appropriate supply of comparable sales is available. o As the subject areas contain no improvements, the Cost Approach is not considered to be an applicable appraisal tool. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES o Vacant land is not generally purchased for its ability to generate a cash stream; therefore, the Income Approach is not utilized. o The analyst will utilize the Sales Comparison Approach exclusively in estimating the price per acre market values for the subject property areas. o Collection and analysis of comparable land sales in order to perform an opinion of value for the underlying land. ■ An investigation of comparable land sales and of similar unimproved properties were utilized in order to make a comparative analysis which would lead to the completion of the Sales Comparison Approach. o The value opinion presented in this report is based upon review and analysis of the market conditions affecting real property value, including land values, the attributes of competitive properties, and sales data for similar properties. o Reconciling the value indications from the appropriate approaches to value into final value opinion(s) for the subject property(s); all as of the effective date of this report. o Preparation of a written report. To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop a reliable value indication. Furthermore, the value conclusion(s) reflect information about the subject areas and market conditions. The appraisal of the subject parcel has been presented in the form of an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the USPAP. Property Rights Appraised: The property ownership rights appraised in this appraisal are those known as fee simple. r COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Fee Simple Estate is defined 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."' Market Value Definition is defined in the Agencies' appraisal regulations as: "The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their own best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75, Number 237, Page 77472) Date of Property Inspection: August 1, 2022 Date of Value Estimate "As Is": August 1, 2022 Date of the Report: August 23, 2022 Sales History: Multiple parcels and ownership. Valuation History: The Uniform Standards of Professional Appraisal Practice requires the appraiser to divulge any services provided on the subject property(s) during the preceding three years. Carlson, Norris and Associates has not previously appraised the subject(s) in the past 1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Sixth Edition, the Appraisal Institute, Chicago, Illinois (U.S., 2015) 8 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES three years, nor have we provided additional services related to the subject property(s) during this time period. Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all appraisals and resulting reports are made. The process of administration of those rules and guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal Standards Board issues the rules and guidelines in the form of a document update published each year by The Appraisal Foundation. That document is entitled "The Uniform Standards of Professional Appraisal Practice" (USPAP). As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted Appraisal Report. The following definitions have been adopted for each type of report: • An Appraisal Report: A written report prepared under Standards Rule 2-2(a). • Restricted Appraisal Report: A written report prepared under Standards Rule 2- 2(b) This appraisal is reported in an Appraisal Report format. Exposure Time: Exposure time is the estimated length of time the property would have been offered prior to a hypothetical market value sale on the effective date of appraisal. It is a retrospective estimate based on an analysis of recent past events, assuming a competitive and open market. It assumes not only adequate, sufficient, and reasonable time but also adequate, sufficient, and reasonable marketing effort. Exposure time is therefore interrelated with appraisal conclusion of value. An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one - line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the following: • statistical information about days on the market • information gathered through sales verification • interviews of market participants. T COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of time alone. Exposure time is different for various types of real estate and under various market conditions. In consideration of these factors, we may have analyzed the following: • Exposure periods of comparable sales revealed during the course of this appraisal; • Macroeconomic exposure times for the subject property type across the Subject MSA and the entire United States as published in multiple articles and websites. • Knowledgeable real estate professionals. We have also had numerous discussions with brokers active in the Collier County - Southwest Florida area. All of these persons have indicated the land market has had varying degrees of activity dependent on type and location. We have also had discussions with multiple persons having active listings within the market area. These properties have been on the market from a few months to a few years. The realtors indicated that they have received mixed levels of interest in the properties at the list prices. Based on this information it is our opinion an exposure time of twelve months or less appears to be reasonable and appropriate. This exposure time assumes the subject parcel(s) would have been competitively priced and aggressively promoted within the market area. Marketing Time is defined as: "An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. " Marketing time is the period a prospective investor would forecast to sell the subject property immediately after the date of value, at the value estimated. The marketing time is an estimate of the number of months it will require to sell the subject from the date of value, into the future. The anticipated marketing time is essentially a measure of the perceived level of risk associated with the marketability, or liquidity, of the subject property. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated 10 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES changes in market conditions following the date of appraisal. The future price for the subject (at the end of the marketing time) may or may not equal the appraisal estimate. The future price depends on unpredictable changes in the physical real estate, demographic and economic trends, real estate markets in general, supply/demand characteristics for the property type, and many other factors. Based on the premise that present market conditions are the best indicators of future performance, a prudent investor will forecast that, under the conditions described above, the subject(s) will require a marketing time of twelve months or less. Section 3 - Description of Real Estate Appraised COLLIER COUNTY AREA ANALYSIS CS .�� la We -dk Poe, }k S oC1Y be nd '--` la Martin to Greve unla Gorda S U,wes4 Can arlo a Maar 'dLll Boca arch s atli k a UI ,Ig a saribe len�Gon des wallnw Jr dy pr KI nt nrookalee r toil Bam1t �8 De 4'I, 5 �. ........, k0 Brow rd M N •. d Tar ao'd • lvergia4ltti „ ims I. Ever eS es ` I EYer des aY ["ekes , IheBay i A,. / P Florida'+C`ily [slaudia 1� I The subject property is located within Collier County, Florida, some 150 miles south of Tampa and some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion of the state of Florida. Collier County was created in 1923 and was separated out from what was a larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who had moved to southwest Florida and established himself as 11 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES prominent business man and land owner. By the end of the decade railroads and Tamiami Trail were in -place which opened the area to agricultural and resort development. Florida's first commercial oil well was drilled in 1943, and the county's pine and cypress logging industry flourished into the 1950s. The county's economy boomed along with its population shortly after World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in the country. PHYSICAL FACTORS It is the largest county in the state in terms of land area with 1,998 square miles which includes 821,600 acres of preserves, parks, and refuges. Along with the land area Collier County also has 307 square miles of water to give Collier County a total size of 2,305 square miles. The most highly developed areas within the county are west of Interstate 75 and along the coastline of the Gulf of Mexico. Development becomes increasingly sparse the more easterly the location in the county; and these easterly areas of the county contain a considerable amount of preserved land. There are three incorporated cities within the county; namely City of Naples, City of Marco Island, and Everglades City. The county is famous for its subtropical climate with average high temperatures ranging from 780 F. in January to 920 Fahrenheit in August. The average annual precipitation for the county is 56 inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs from June through November. 12 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES January 65.67` 78.67` 52.63` January February 66.63` 79.03` 54X February March 67.23` 811 53.45` March April 74.8Y 97.2` 62.38` April May 78.6- 90.15` 67: May June 81.98` 91.481 72.54' June July 83 90.47: 75.48- July August 83.87` 92.43` 75.33` August September 82.93` 91.33` 74.53` September October 77.3` 86.33` 68.2` October November 70.77` 81.83` 59.77` November December 65.98` 77.48` 54.45` December ECONOMIC -FINANCIAL FACTORS 0.52Inches 0lnches 1.91 Inches 0Inches 2.62Inches 0lnches 4.32Inches 0lnches 4.18Inches Olnches 9.82Inches 0Inches 5.74Inches 0lnches 8.91 Inches 0lnches 9.04Inches 0Inches 5.24lnches 0lnches 0.82Inches 0lnches 2.9Inches 0lnches There are numerous economic factors that impact the supply and demand for all types of real estate and housing in any given area. These factors will be considered and discussed in the following paragraphs. Although these factors are considered individually, they do not act as independent agents in the marketplace. They interact and effect, one another. Therefore, the economic -financial factors considered, should be considered in totality, as a part of the economic framework. Population: Collier County has 390,774 people living there according to recent 2020 Census data. making Collier County Florida's 171h most populous county. Collier County had a population of 322,595 in 2010 and they have experienced a 68,179 person increase over 10 years or 19.37% growth. 13 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Year . Population Growth Growth Rate 2020 390,774 6,143 1.60% 2019 384,631 6,143 1.62% 2018 378,488 6,143 1.65% 2017 372,345 7,000 1.92% 2016 365,345 9,238 2.59% 2015 356,107 8,781 2.53% 2014 347,326 8,261 2.44% 2013 339,065 6,788 2.04% 2012 332,277 4,645 1.42% 2011 327,632 5,037 1.56% 2010 322,595 170,496 112.10% Additional population estimates reflect population projections from 2018 to the year 2045 and compare the three coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee. The population estimate for the year 2018 for Collier County was 367,000 (actual was 378,488) and is predicted to increase to around 516,000 in year 2045. This would represent a 1.064% per year or 26.6% increase in population over the entire period. Historic and Projected Population 12pp Charlot#a, Call ior, and Lou Countin 1DDQ c 2M5 Demographics within Collier County are predominately White at 89.3%, followed by Black or African American at 7.4%, Asian at 1.6%, American Indian and Alaska Native at 0.5%, Native Hawaiian and Other Pacific Islander at 0.1 %and then two or more races filling out the remaining 1.2%. 14 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES 0LVhite alone, percent & 89.3% Q Black OF African American alone, percent ;a:: d 7.4% 0Amerfcan Indian and Alaska Native alone, percent ia: d 0.5% 0 Asian alone, percent ;a; 8 1.6% 0 Native Hawaiian and Other Pacific Islander alone, percent ;a.: 8 0.1 % Q Two or More Races, percent 8 1.2% 0 Hispanic or Latino; percent : L. C?s 28.2% White alone, not Hispanic or Latina, percent p 62.5% Tourism: Tourism is important business for Naples, Marco Island and the Everglades. As the leading employer and the primary economic engine for the region, the tourism industry is responsible for over 38,500 jobs in Collier County. About 2 million visitors in 2019 spent over $1.5 billion dollars, resulting in a total economic impact of over $2.1 billion to Collier County. Collier County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months. The distribution of tourist development tax dollars is set according to Collier County ordinance. The funds are dispersed as follows; beach related projects with 42.56% of the total Tourist Tax, tourism promotion with 47.85%, and museums with 9.59. Of the 42.56% for beach related projects, 3.58% is allocated for beach park facilities and the remaining 39.98% is used for nourishment, pass & inlet management. Of the 47.85% for tourism promotion, 33.57% is used for destination promotion and administration and the remaining 14.28% is used for amateur sports complex/debt. Lastly, of the 9.59% allocated for museums, 7.68% is used for county museum operations, and the remaining 1.91 % is used for non -county museum grants. New Development: A relatively new town is developing in the eastern part of Collier County known as Ave Maria. The town is located on what was once largely agricultural land is centered around Ave Maria University, the country's newest Catholic University. The university opened its doors in 2007 and currently has about 1,120 students, including 35 in graduate programs. The school has plans to keep growing and ultimately incorporate around 5,500 more undergraduate and graduate students. The town is designed to be a compact, walk -able, self-sustaining town that reflects the community's rural roots while offering a full range of residential options and commercial services to its residents. The Ave Maria community totals about 5,000 acres, of which nearly 20% has designated as the University Campus. A Town Core anchored by the landmark oratory that also incorporates retail, commercial, and residential living space provides a central connection between the town and the university. Business is expanding in Collier County as evidenced by a surgical device company that recently opened its doors on a site near Ave Maria 15 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES University in the form of a $25 million manufacturing plant. This construction brought 500 construction jobs to the area and currently employs around 350 workers, with more being added all the time. Ave Maria has experienced a sever mosquito problem and as a result they have been sprayed more than 30 times by very safe pesticides in 2015 making it the most sprayed area in southwest Florida. A new town has also been proposed in Eastern Collier County. Collier Enterprises got the Rivergrass project through the Collier County Commission on January 28t", allowing them to begin planning to develop a 1,000-acre township in Eastern Collier County. The plans are currently being stalled as the project's impact on approximately 700 acres of primary panther habitat is being heavily opposed by wildlife organizations such as the Conservancy among many others. Employment & Income: The most recently reported median household income for Collier County is at $70,600. From January 2010 until March 2020, Collier County had experienced downward trends in unemployment getting as low as almost 3%. Then in April 2020 we began to feel the effects of COVID-19, and Unemployment jumped to 13.4% from 4% the month prior. Unemployment continued to hang around 10% for the next few months. Collier County's unemployment rate rose from 3.0 percent in October 2019 to 5.0 percent in September 2020 and to 5.1 percent in October 2020. The overall trend of unemployment has been trending downward. Collier County's largest employment concentrations continue to be in industries that are fueled by population growth. The Real Estate and Rental and Leasing Industry leads the pack with 25,200 industry jobs. Retail trade is in second with 25,071. Accommodation and Food Services is just behind with 24,833. The rest of the top ten, in descending order are as follows: 24,318 / 22,261 / 16,044 / 14,710 / 14,636 / 13,049 / 12,934. 16 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Below is a breakdDwn of the iargest industries in Collier County. Deal Estate aid Rental and t eN5i1 I[4 PoelM rr;ade Amwnrnodalion and Food Sarvioor. HNIM Care ana 50dal Assistonce Administrativo and 5uppairt a... trtherSerwes[except Public A cbrniF"ralian} Government Professional, $ici31 5 IC. and T!!d'Inicei 4?rYfOk:4 � rinenca and Insurar - - W Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier County School District with 5,604 employees, and Collier County Local Government with 5,119 employees. As the Collier County population matures, employment in the healthcare industry will continue to make up a larger part of overall employment. Collier's top employers are listed below. Rank Company Name Employment 1 NCH Healthcare System** 7,017 2 Collier County School District 5,604 3 Collier County Local Government* 5,119 4 Publix Super Market 3,083 5 Arthrex, Inc.** 2,500 6 Walmart 1,480 7 Ritz Carlton -Naples 1,450 3 City of Naples 1,169 9 Physicians Regional 950 ld Mooring Park 888 Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of 17 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES low corporate income taxes. The Florida's tax rate of 6% is one of the lowest in the U.S. and far below the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in property taxes. The Florida statutes provide for the annual assessment and collection of property taxes on real and personal property. Property taxes are assessed and collected at the county level as revenue for counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate property types in Collier County for 2018 was $112,272,221,732. Prices: A price index is a tool that simplifies the measurement of price movements in a numerical series. Movements are measured with respect to the base period, when the index is set to 100. Our current cost of living index in Collier County is 113.4 meaning that generally speaking the cost of living is more expensive in Collier County than the average cost of living throughout the United States. Furthermore, Groceries are at 107.7, Housing is at 143 which is high, but down from 175 in December of 2016, and Health is at 101 and below you can see the rest of the table and how it compares to the United States. Overall 113.4 102.8 100 G-ee 107.7 102,8 10o Health 101 98 100 Housing 143 1026 100 Median Home Cost 330600 J237,130 5231.200 Utilities 98.6 101,3 100 Transportation 88.6 112,6 100 Miscellaneous 108.3 96.9 100 Banking/Interest Rates/Financing: As of December 21, 2021 the prime rate was reported at 3.25%. Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently reported to be 0.25%; a year ago was 0.25%. The federal funds rate is 0.25 %, while a year ago it was 0.25%. The 15-year refinance fixed-rate mortgage increased to 2.45% down 2 base points over the last week. The benchmark 30-year fixed-rate loans in this week's survey 18 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES included an average of 3.20% down 5 base points over the last week. The five-year adjustable arm rate was at 2.69%. Please see table below. Prime rate, federal funds rate, COFI UPDATEDc 1212112 021 THIS WEEK MONTH AGO YEAR AGO WSJ Prime Rate 3.25 3.25 3.25 Federal Discount Rate 0.25 0.25 0.25 Fed Funds Rate (Current target rate 0.00-025) 0.25 0.25 0.25 11th District Cast of Funds 0.23 0.23 0.50 Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. Real Estate and Housing: Collier County was spared from the national economic downturn (2007-2009). Collier County experienced a significant increase in residential and commercial property values from 2004 through 2006. Several news publications rated Naples as the most over -valued area of the country with respect to residential housing values. The decline in residential property values began in 2006. Inventory levels began to rise as investors and owners positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any property with a sense that the economy as a whole was headed for trouble. Many investors were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida became the epicenter for residential property foreclosures with communities such as Golden Gate at the forefront of the crisis in Collier County. Residential construction projects in various stages of development were stopped as housing inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the residential construction industry; and with no homes to build, this industry was quickly decimated. Contractors that supplied this industry typically ran their businesses from various industrial locations in Collier and Lee Counties. This type of property was the first commercial property to be adversely affected with retail and office properties following. 19 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier County's zoning allows the flexibility of properties of 19 acres or more to be zoned as Research and Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract technology -based businesses. Real estate indicators continued to be a bright spot for the region. Single-family building permits for the coastal counties improved 64 percent from August 2020 to August 2021. Single-family home sales slipped 5 percent in August 2021 over August 2020, but median prices for all three counties rose between 21 to 28 percent during the same period. Realtor® Active listings for the coastal counties were down in August 2021, falling 67 percent from August 2020. Steady increase in discretionary spending associated with supply -chain disruptions have create some inflationary pressure across the country and the region. Single family permits identify houses under construction and therefore reflect jobs in the construction industry. The data continue to show that, while the COVID-19 pandemic has had deleterious effects on the economy of Southwest Florida, there appears to be some optimism for the future based upon the single-family building permit data of the last few months. In Collier County, 330 permits were issued in October 2021, a decrease of 22 permits (6 percent) from October 2020, but up 112 permits (51 percent) from September 2021 (see Chart 15) unart. 15: single-Farnay Huaiiing Permits tar comer unun Single Family Permits Issued -Collier County 500 r - 2011.2020 Monthly Averages-, Most Recent 13 Months Data and Trend 450 400 350 � aoo � 250 0 200 150 100 50 0 * Permits — — — Linear Trend 0 0 0 �N N N 0 0 �0 N �1 ^1 �W �1 ^1 J_ Q T2 ' d S17 Source: Collier County Growth Management Department, includes unintarporated Callier County permits only 20 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Collier County single-family home sales registered 475 units in October 2021, a decrease of 192 units (29 percent) compared to October 2020. The median price in Collier County rose substantially by $90 thousand from $560,000 in October 2020 to $650,000 in October 2021 (see Chart 18). Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has worked diligently to develop an efficient road system that will accommodate future growth; and it is likely to continue to develop the necessary road infrastructure in the years to come. Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic needs for the fast-growing population of Southwest Florida. RSW is the eighth fastest growing airport in the nation, servicing more than 8 million passengers a year. More than two dozen commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more than 27 domestic and two international destinations. The Southwest Florida International Airport also maintains customs clearing facilities for international cargo. RSW is located off 21 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Interstate-75 in South Lee County, an approximate 30-minute drive from most areas of Naples. In 2005 the airport was completely updated and expanded to meet the growing demand of area businesses and visitors. The $386 million ultra -modern complex includes a two-story terminal with 28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a three-story parking structure. The facility will allow for incremental expansion up to 65 gates. Construction was recently completed on a direct access connection between 1-75 and the airport. Peak seasonal activity usually occurs in February, March, and April, with significantly lower activity in the summer months. While all three airports continue to improve from the dip in passenger activity experienced in April 2020, a complete recovery to pre -pandemic levels is not anticipated in the short-term. After the large decrease in activity observed in March and April 2020, the charts better reflect the historic seasonal pattern, albeit at a reduced level. Passenger traffic at RSW was 769,524 in October 2021, up 40 percent from September 2021 and 84 percent greater than October 2020 (see Chart 1). Chart 1: 5W Florida International Passenger Activity SW Florida International Airport {RSYO Passenger Activity t,fiOQ yr 1.d40 2019 4 00 1.200 202-0 8 G ~ 1.040 2111$ 4 dao- za?+ a a 400 aoo a 0 Jan Feb Mar .Apr May hm itil Aug Sep Oct Nov Dec Source- Loral Airport Authorities The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO services for general aviation including fueling and catering. It is the home to charter airlines, aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the Collier County Sheriffs Aviation Unit, flight schools, the Humane Society, and over 40 additional aviation and non -aviation businesses. The airport encompasses approximately 732 acres of land, approximately two miles northeast of Old Naples with convenient access to major roads and Interstate-75. 22 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES POLITICAL -GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. The county is currently experiencing a decline in revenues which will result in future capital improvement plans being significantly cut back. Additionally, operating expenses are under increasing pressures due to legislative mandates from the state, escalating costs of property insurance and health benefits, and the overall economic downturn. Collier County has experienced an increase of 1.09% in budget between FY 2019 and FY 2020. The FY 2020 total net county budget is now $26,249,500. C —.1 Fund Supported Cnpit l ['a FY IS Budget FY 17 B dV[ FY IO Budgt FY 19 Budget FY 29 Bgftel Sherili0_ re Tree Suh-Staban $9W,11W $0 So $u SU EMS Station and Ambulance so Su S2,wo UOO S2100-1'100 SO Hr]ic cr 52,OW.WO $'0W,000 51w50.W0 $0 $11 Jail&other Shenff P—li $664IM $1,[159.5W "'100.ow $1,W0.W0 $I.WO.WO Shcsi6', Accounting S tem lacemem SI 000 SO SO SO 5u Vann • hlach�nes 5a SO $345.OW S350.UW WO,000 KW MBz Puh he Ssfely Communication S lem S6.200S W $3152%ow $NSW,Wu SU 5U Uames6c Paumal CantM Sheba S[) 50 $5W-UW so $11 Store & R ritual Em 07 1 mrnt $475 OM $5W 400 SO SU so L3hra Ca itaLBooks S350.0U11 $450.00U S550AW Sbio_Lm S410.0W Ca net al Bud ding and A-C Resin m1I Saba Tut Eunded SI,500,0W S4,090,5W $52500)0 S6,WU,uur1 sntmiu.WU Other General cm—ncntal 5498.3W S1.072.500 S411 S1.077-000 S?127.000• \luaeum Ca ital S2W,o00 52W.UW $313�W $2W.W0 S'_Ull.Ur111 Ar ! ital Grant Mat<•hl $313,100 $300.000 $I,uou $445.OW SI.Jh6.'rlll Genend Ciovettunental Whillr R laceenrnt Sn lrmem SISW,0011 51,5W,000 $1,750,000 5U So PsrkC ita] $1.070.0(IU S2.495.700 SI, IW,WO $I, 100.OW 5'—i W,000 iruna onanon Ca if 1 514=54.lIW 5w.9355W 511,650,4W SIi�55.f9W 59.5i0,IW S[urni-ualcr Ca � 1 51.549.HAI 5'_.5'_i.uW SE,637.Ik1[I $2,SW'DW S3.5Wtx* '1'o111 132,770,000 1 S29,03JW 1 $32,696.900 $26,234,506 3L, t i r.0 = Slot 3AY. 56IX1[ n'Plenu[1 mef4I. Gal— u r[WnH mLn1r9an Y 53 i llt far -Ul nrr 1 U. Education: The Collier County public school system currently contains a total of 58 schools with 48,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. The below chart shows more detail with regards to the public -school system. �13ao =. L - 1P1G ON[k 1�hiYfler •7+3;;3r4t� r MIF t.aoar Ar3:1CT1M W SGiR^r+�E^Wln rbn4x 11uo 9w U.ir i i 1 3Bb BuFea ��� I + as ow aap4 anlaae+ Mw ai,-� wr1K 7,206,598IA5eaYeaAy ' 40,500 $ 1 1 l�It B1YGIdiL1 kMGu Osh tTrrpulere I sgnlo t,w hbels O[Iy 1st pyo [ up.rnn 2 1 + 6,1 R1 9h,danh in Adi118 er>.nmur+iy 6d— ibn — �1 N#rFNrtv'bcnWe'KQrrtar 149c.r Mtf Eou 4�l-.cvaes 7 23 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts -oriented baccalaureate degrees as well as some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida and compared. Collier County has 32% of their people attain a bachelor's degree of higher compared to 27% in Florida and 29% in the United States. Only 14% of those within Collier County have less than a high school education. Figure 7: Collier Co Vnty, FL Education Attainment by Level Comparison (Age 25+) �Wschooling = Lessthan Hgh School = Hgh School.,GE❑ So--kge of Associates Degree E3achehrs Cegree or higher i% 75■ . _ % 5D% — 25% ° °may i _p °e ychi �ai,e,est� cplf" 'Pom COE" y ia- U'`l� q3{0 SOCIOLOGICAL FACTORS Recreation: Collier County offers a vast variety of natural and historical attractions. Places to visit include the 52-acre Naples Zoo, Collier County Museum, Big Cypress National Preserve, Museum of the Everglades, Naples Botanical Gardens and many other reserves, museums, zoos, etc. Healthcare: Within Collier County there is the Naples Community Hospital, North Collier Hospital, Regional Heart Institute, NCH Wellness Centers and other various clinics. Being the largest county in Florida with a total area of 2,305 square miles its medical facilities manage to cover it all. Helicopter usage cuts critical minutes from transport time. 83.5% of those within Collier County have health insurance compared to 86.5% throughout Florida and 90.6% throughout the United States. The highest percentage of those without healthcare coverage from people making $25,000 and less at 25.6% not covered by insurance. 24 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Figure 1: Percent of People with Health ❑rsurance 14, Hendry County Glades County Monroe County Collier County Broward County Lee County Compare' Florida Compare: Orlando -De Itcn a - Daytona Beach Charlotte Count rey Compa. United States 0% 5045 1C0'o Figure 8: Percent of People with No Insurance by Income Group 3C°n 2C°5 co" 0% Under S25k $50k $75k Over S25k to to to $10Ck S50k $75k $100k SUMMARY Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is sub -tropical with mild winters that allow for year-round enjoyment of the many attractions this area offers. Collier County is a desirable destination for residents and non-residents alike. In spite of the many positives, portions of Collier County were greatly affected by the past housing debacle which resulted in a significant number of residential foreclosures, trends have been positive in most recent years though. While the current "improving" economic climate will keep commercial and residential development at bay in the short term, the availability of commercial vacant land, the county's numerous natural attractions, and the anticipated future population growth will bode well for this area over the long term. Collier County is considered to be a wonderful place to live. There are tremendous opportunities as far as employment is concerned in many different industries. The diversity of job opportunities spans a significant range from low-income persons to jobs of very high -income people as well. There are tremendous recreational facilities with numerous golf course, beaches and recreational parks, not to mention the significant amount of land that is federally held in conservation in the eastern portions of the county. The public -school system is good and provides for a well-rounded public education for the students that reside within the county. We invite your attention to the location map, which shows the relative location of the subject property in Naples. 25 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Location Map �s so WEST Palm Beach Belle Glade Fort Myers Lehigh Acres z9 Montura Cape Coral s 0- Boynton Beach F Fart Myers Delray Beach Beach Estero Immokalee C� Boca Ratona,o Bonita Springs Ave Maria 7.9 North Naples �� ., �. Pompano SUBJECT AREA Beach Naples ® Fort q3 Lauderdale z7 Hollywood as Marco Island ax6 " 997 Everglades Hialeah City 41 sas Miami R7d m c m u Homestead .h 9335 North Key Largo Key Largo s 26 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Market Area Map 1f �■l Parker Ave Maria #a M1 Ora t 8 SUBJECT Golden ate FTC � -•: P.f :]IBC L':i 'k•r,e = :. i�,i: Sd W L 'Lely Lgly R9 rt ti F 40 • 1 �M Cope and h1t rco Island # ,� u, y Gcod'and W Market Area Description: Market area is defined as "The geographic or locational delineation of the market for a specific category of real estate, i.e., the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users." 27 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Market Area: Boundaries: Northern Immokalee Road Southern US 41 Eastern SR 29 Western Interstate Highway 75 Life Stage: "Because market areas are perceived, organized, constructed, and used by people, each has a dynamic quality. Appraisers describe this quality as a market area's life cycle. The complimentary land uses that make up neighborhoods and homogeneous land uses within districts typically evolve through four stages: • 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" 2 It is our opinion that the subject market area is currently in the growth cycle. Recently the market has shown increased activity. Sales and permit activity for commercial and residential construction have been increasing. Public Transportation: Public transportation is provided by Collier Transit Maintenance/Condition: The majority of improvements are well maintained and in good condition. Property Compatibility: There is an established retail, commercial, retail and office area along Airport Pulling Road, Immokalee Road, Pine Ridge Road, Vanderbilt Beach Road, and Tamiami Trail (US-41). Due to the high traffic counts in this area, retail uses include shopping centers, restaurants, and various other single -tenant retailers. Supporting residential abounds along secondary roadways and land uses are primarily single-family residential or multifamily. Generally speaking, agricultural and rural residential use is located east of Interstate Highway 75. Appeal/Appearance: This area has strong appeal. Appearance ranges from mostly newer construction and some older structures with generally good to average appearance. Neighborhood Access: Good access exists from major north -south corridors including Collier Boulevard, Goodlette Frank Road, Livingstone Road, Airport Pulling Road, US-41 (Tamiami Trail), and 1-75. The major east -west corridors include Golden Gate Boulevard, Vanderbilt Beach Road, Pine Ridge Road, and Immokalee Road. Police/Fire: Police: Collier County Sheriff / Fire -rescue: Collier County 2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014) 28 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Development Potential: There is residential, agricultural, and commercial zoned vacant land available in the market area. Most exists is to the east portion of the market area. Future commercial development will be seen mainly along US-41, Airport -Pulling Road, Vanderbilt Beach Road, Immokalee Road and Collier Boulevard. Agricultural properties being subdivided into smaller rural residential parcels. Development Trend: Residential and commercial properties have had decreasing vacancies and increasing lease rates. Brokers estimate continued improvement in this area that could lead to new development in the near future. Characteristics of Land Immediate properties in the subject market are mostly agricultural and Usage: residential uses. Supply of Vacant Tracts: Vacant land is available in the market. Demand for Vacant Tracts: The supply appears to be in balance with demand at this time. Neighboring Property Uses: Residential, both single and multi -family, general business, office, retail and agricultural uses. Allowable Uses in the Residential both single and multi -family, general business, office, retail, District: agricultural and governmental uses. Vacancy rates: Commercial/Agricultural: 2% - 5% Single Family: 3% - 8% Naples Economy Q3-2021 (Costar Summary) While the pandemic caused significant economic disruption in Naples, the market saw employment rebound sharply beginning in late 2020. While the pace of rehiring has slowed in 2021, the total workforce has improved to nearly 96% of pre -pandemic levels. Prior to the coronavirus outbreak, Naples had strong economic momentum and appears poised to quickly recapture that prior momentum once the virus is contained. Tourism drives much of the Naples metropolitan area's economy, with leisure and hospitality composing almost 20% of the workforce. This sector, along with retail trade, has been more exposed to impacts from the ongoing crisis. Naples has nearly 35% of its entire workforce in these high -risk sectors, the third -highest proportion in Florida. Prior to the pandemic, the market enjoyed accelerating tourism. In 2019, the Naples metropolitan region's visitor count was up nearly 6% annually, while 2018 saw tourism grow by nearly 3% over the prior year. While 2020 saw tourism ultimately downshift, 2021 should enjoy numbers more in line with the prior trend. The Naples metropolitan area includes the entirety of Collier County with significant population nodes in Naples, Immokalee, and Marco Island. The market has experienced among the nation's 29 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES strongest population and job growth rates over the past five years. While the overall rate of jobs added over the year prior to the pandemic had slowed to under 3%, Naples still posted growth rates of roughly double the national average. The employment slowdown was divided across most sectors, though the overall losses were also weighed down by somewhat deeper job losses than the national average in information, finance and insurance, and management. Naples has also seen significant cooling growth rates, though still net positive job additions, in both sectors of transportation and warehousing, and construction. These two industries were among the two strongest employment sectors for the market over the prior year. Office -using employment had also slowed to under 2% annual growth, though remained one of Naples' better -performing areas. In particular, real estate hiring posted an exceptionally strong prior year, growing over 10%. The real estate sector, by itself, was strong enough to offset the losses in information, finance, and management. The unemployment rate had slightly risen in the months leading up to the coronavirus pandemic. However, unemployment was still tight from a national perspective and had remained well below the national average, which before the crisis sat at a 50-year-low. The slightly loosening market was likely more a reflection of the limited available jobs to meet labor force growth. Naples is one of the older markets in the nation, reflecting its status as a premier retiree destination. This skews demand for senior housing, assisted living, and medical office space much higher than a typical U.S. market. The older demographic also drives up the region's affluence and median incomes, both of which are among the highest in Florida. Interview with market participants: The appraiser was able to speak via phone conversations with real estate brokers who are knowledgeable of the market area. These individuals were contacted to verify sales prices and asking prices of surrounding properties similar to the subject. Specific names and phone numbers of the individuals contacted were found by using the services of LoopNet and CoStar and MLS. Legal Description: Multiple legal descriptions Owner of Record: Multiple owners of record. 30 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Description: We invite your attention to the following boundary aerial map which shows the relative size, configuration and location of the subject property(s). This will be followed by general site information and data as well as information on the physical characteristics and economic factors that affect the subject areas. Boundary Aerial Map General Site Information Address: Multiple Parcels; Located Within Golden Gate Estates Units 91 and 92 Naples, Florida 34117 Parcel Number: Multiple Parcels 31 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Physical Characteristics of the Site Total Site Area: The Dr. Robert H. Gore project boundary encompasses 51 parcels totaling approximately 119.13 acres or 5,189,302.8 square feet per the Collier County Property Appraiser records. We were not provided with a site surveys. Shape of Tract(s): Generally Rectangular. Access: The subject site has varying access points from Desoto Blvd S, 36' Ave SE, 38' Ave SE and 40' Ave SE. There are 3 parcels within the subject boundary that do not have road access. Utilities to Site: No utilities were observed at the time of inspection. Flood Designation: Flood Zone Code AH, Flood Zone Panel 120067-12021 C0445H, Dated May 16, 2012. See Flood Map in addenda. Easements: Typical utility easements are assumed to exist as well as road access easements along those parcels with road frontage. Site Improvements: The subject site areas have no improvements. Topography: The subject site areas are fully wooded with brush ground covering. According to the National Wetlands Inventory Map the site area is 100% Forested/Shrub Wetlands. Additionally, an FDEP informal wetland determination map that was provided by the client indicates the site has varying degrees of wetland determinations from 0% to 100%. The portions indicated as wetlands will require an Environmental Resource Permit from the Florida Department of Environmental Protection would be required for any activities involving the altercation of surface water flows. Economic Factors Affecting the Site Supply of Vacant Tracts: There is an adequate number of vacant residential/agricultural zoned and residential/agricultural permissible sites located within the immediate and general vicinity of the subject area. Demand for Vacant Tracts: Supply and demand appear to be in -line with each other, although demand has been improving recently. Neighboring Property Uses: Properties located in the immediate area consist of limited semi - rural residential uses. Zoning allows for a maximum of one development unit per 2.25 gross acres. Land Use Designation: Estates Zoning Classification: E-Estates Allowable Uses in the Allowable uses in the district will be discussed in detail in the District: following comprehensive land use plan classification discussion 32 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES and zoning discussion. In addition, they will be considered in the highest and best use analysis for the property. National Wetlands Inventory: The subject is located in a Freshwater Forested/Shrub Wetland habitat classified as PF01 Cd and PF02/1 CD. Map is displayed below. System Palustrine (P): The Palustrine System includes all nontidal wetlands dominated by trees, shrubs, persistent emergents, emergent mosses or lichens, and all such wetlands that occur in tidal areas where salinity due to ocean -derived salts is below 0.5 ppt. It also includes wetlands lacking such vegetation, but with all of the following four characteristics: (1) area less than 8 ha (20 acres); (2) active wave -formed or bedrock shoreline features lacking; (3) water depth in the deepest part of basin less than 2.5 m (8.2 ft) at low water; and (4) salinity due to ocean -derived salts less than 0.5 ppt. Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller. Subclass Needle -Leaved Deciduous (2) : This subclass, consisting of wetlands where trees or shrubs are predominantly deciduous and needle -leaved, is represented by young or stunted trees such as tamarack or bald cypress. Split Subclass Broad -Leaved Deciduous (1) : Woody angiosperms (trees or shrubs) with relatively wide, flat leaves that are shed during the cold or dry season; e.g., black ash (Fraxinus nigra). 33 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Water Regime Seasonally Flooded (C) : Surface water is present for extended periods especially early in the growing season, but is absent by the end of the growing season in most years. The water table after flooding ceases is variable, extending from saturated to the surface to a water table well below the ground surface. Special Modifier Partially Drained/Ditched (d) : A partly drained wetland has been altered hydrologically, but soil moisture is still sufficient to support hydrophytes. Drained areas that can no longer support hydrophytes are not considered wetland. This Modifier is also used to identify wetlands containing, or connected to, ditches. The Partly Drained/Ditched Modifier can be applied even if the ditches are too small to delineate. The Excavated Modifier should be used to identify ditches that are large enough to delineate as separate features; however, the Partly Drained/Ditched Modifier also should be applied to the wetland area affected by the ditching. Comprehensive Land Use Plan Classification: According to information obtained from the Collier County Planning Development department, the subject site area has a comprehensive land use plan classification known as Estates. ESTATES DESIGNATION The Estates Land Use Designation is characterized by low density semi -rural residential lots with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some legal non -conforming lots as small as 1.14 acres. Residential density is limited to a maximum of one unit per 2.25 gross acres, or one unit per legal non -conforming lot of record, exclusive of guesthouses. Multiple family dwelling units, duplexes, and other structures containing two or more principal dwellings, are prohibited in all Districts and Subdistricts in this Designation. Generally, the Estates Designation also accommodates future non-residential uses, including: • Conditional uses and essential services as defined in the Land Development Code, except as prohibited in the Neighborhood Center Subdistrict. Also, refer to the Conditional Uses Subdistrict. . Parks, open space and recreational uses. • Group Housing shall be permitted subject to the definitions and regulations as outlined in the Collier County Land Development Code (Ordinance No. 04-41, adopted June 22, 2004, effective October 18, 2004) and consistent with locational requirements in Florida Statutes (Chapter 419.001 F.S.). 34 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES • Schools and school facilities in the Estates Designation north of 1-75, and where feasible and mutually acceptable, co -locate schools with other public facilities, such as parks, libraries and community centers to the extent possible. Group Housing includes the following type facilities: • Family Care Facility if occupied by not more than six (6) persons shall be permitted in residential areas. • Group Care Facility, • Care Units, • Adult Congregate Living Facilities, and • Nursing Homes. All of the above uses shall be consistent with all of the Goals, Objectives and Policies of the Golden Gate Area Master Plan. Zoning Classification: Estates District (E). The purpose and intent of the Estates Zoning District (E)* is to provide lands for low density residential development in a semi -rural to rural environment, with limited agricultural activities. In addition to low density residential density with limited agricultural activities, the E district is also designed to accommodate as Conditional Uses, Development that provides services for and is compatible with the low density residential, semi -rural and rural character of the E district. The E district corresponds to and implements the estate land use designation on the future land use map of the Collier County GMP, although, in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the E district shall be consistent with and not exceed the density permissible or permitted under the estates district of the future land use element of the Collier County GMP or as provided under the Golden Gate Master Plan. Permitted uses include: 1.Single-family dwelling. 2.Family care facilities, subject to section 5.05.04. 3.Essential services, as set forth in section 2.01.03. 4.Educational plants, as an essential service. 35 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Subject Property Photographs View: General topography, Units 91 and 92 Photograph date: August 1, 2022 Taken by: Hannah Dwyer View: General topography, Units 91 and 92 Photograph date: August 1, 2022 Taken by: Hannah Dwyer 36 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Subject Property Photographs w 1im �41 37 View: General topography, Units 91 and 92 Photograph date: August 1, 2022 Taken by: Hannah Dwyer View: General topography, Units 91 and 92 Photograph date: August 1, 2022 Taken by: Hannah Dwyer COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Section 4 -Highest and Best Use Analysis The principal of highest and best use is defined 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." The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth? HIGHEST AND BEST USE AS VACANT Legally Permissible Use: Factors that impact the legally permissible uses for the subject site include such things as the comprehensive land use plan classification, zoning classification, deed restrictions and government regulations. No specific deed restrictions are known relating to the property. The subject area has a comprehensive land use plan classification of Estates and is zoned (E) Estates. Some of the uses permitted include; Low -density residential with limited agriculture, including, but not limited to: single-family dwelling; fruit and vegetable growth for personal consumption; keeping fowl or poultry (max 25); educational plants as an essential service; keeping horses and livestock (2/acre); recreational facilities that are an integral part of residential development. Residential use is not to exceed 1-DU per/2.25-acres. The portions indicated as wetlands will require an Environmental Resource Permit from the Florida Department of Environmental Protection would be required for any activities involving the altercation of surface water flows. Physically Possible Uses: The physical aspects of the subject area impact legally permissible development. The sites are generally rectangular in configuration containing a range in size of 1.14 acres to 5.68 acres for a combined total of 119.3 acres. The property has no frontage of along any roadways with no visible access. There are wetlands present on portions of the 38 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES subject area and the property(s) are fully wooded with brush covering. This impacts developability and value for properties of this nature. Currently, no utilities were present. The size of the parcels is sufficient to support low density residential use or limited agriculture activities. Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a process to eliminate potential uses. In other words, once the uses that are legally permissible have been determined, consideration of uses which are physically possible will tend to reduce the legally permissible uses or reinforce them. Likewise, consideration of the economical and financial aspects of a given property will tend to further refine the uses which have been previously described as legally permissible and physically possible. The physical characteristics of this property area include vacant low density residential and agriculture in the immediate area. There is an abundance of Estate zoned vacant land surrounding the property. The most economic and financially feasible uses of the property(s) would be for low density residential development of the site or for limited agriculture activities under the permitted uses. Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has considered which uses are reasonably considered to be legal, physically possible as well as economically and financially supported. The zoning and land use allow for a range of uses including agricultural such as fruit and vegetable growth for personal consumption and low density horse and livestock as well as low density residential. Considering the near -by low density properties, it is our opinion that low density residential or limited agriculture use has the most development potential for the site areas. 39 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Section 5 - Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: "A set of procedures through which a value indication is derived for the fee simple estate by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive or profit; deducting depreciation from the total cost, and adding the estimated land value. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property interest being appraised." Since there are no improvements to consider, the cost approach will not be used in this appraisal. VALUE ESTIMATE BY THE INCOME APPROACH The Income Approach is defined as "A set of procedures through which an appraiser derives a value indication for an income producing property by converting its anticipated benefits (cash flows and reversion) into property value. This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market -derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate." The Income Approach is widely applied in appraising income -producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. Since vacant land is typically not purchased for its ability to generate a positive cash stream, the income approach is not used in this appraisal. VALUE ESTIMATE BY THE SALES COMPARISON APPROACH Sales Comparison Approach is defined as: `A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, then applying appropriate units of comparison and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is 40 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES the most common and preferred method of land valuation when an adequate supply of comparable sales are available." The Sales Comparison Approach involves the direct comparison of sales of similar properties, adjustments for variances, and correlation of the results into a property value indication. Adjustments to the sale prices of competitive properties selected for comparison are considered as they relate to the subject property and to the various dissimilar investment features. The application of this approach produces an estimate of value for a property by comparing it with similar properties which have been sold or are currently offered for sale in the same or competing areas. The valuation of the subject site involves research, analysis, and comparison of sales of similar properties to the subject. There are several units of comparison applicable for appraisal purposes. As previously noted, the purpose of this appraisal is to estimate the market value on a price per acre basis within the areas identified as the Dr. Robert H. Gore project for parcels 1.14 acres to 2.73 acres, 2.74 acres to 4.0 acres and 4.1 acres to 6.0 acres. This unit is calculated by dividing the sale price of the comparable sales by the number of acres contained within the sale. The subject site area is being valued on a tier basis consisting of up to 25% wetlands; 26%-50% wetlands; 51 %-75% wetlands; and 76%-100% wetlands. Only the most similar to the subject in terms of physical and locational characteristics were selected. The appraiser's research uncovered multiple sales of sites considered appropriate for comparison purposes. These transactions were included in the analysis process. In the analysis process, the analyst will utilize a quantitative procedure. In the initial step the appraiser will utilize a cumulative adjustment for each of the sale properties considering property rights, financing, conditions of sale, expenditures immediately after the sale and market conditions (commonly known as time). As the adjustments are cumulative in nature, they must be performed in the order in which they occur. Next the analyst will utilize a quantitative procedure by considering physical characteristics including location, site size, land use/zoning classification, utilities, access and site condition/topography. After completion of the analysis and adjustment process, the appraiser will estimate an appropriate value per acre. This value estimate will then be rounded to an appropriate figure for appraisal purposes. 41 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Sales Comparison Approach-1.14 acres to 2.73 acres- 0% to 50% Wetlands Nine comparable sales were chosen for this analysis. The comparable sales map is displayed below. LAND SALES MAP 0%-50% WETLANDS 42 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Comp Address Parcel Date Price City Instr.# Acres Price Per Acre Comments Subject Generally within Golden Gate Multiple 8/1/2022 Estates Units 91 and 92 0%-50% Wetlands Naples 1.14-2.73 1 16th Ave SE 41110240007 8/11/2022 $65,000 This is a vacant, wooded land parcel located near the end of 16th Ave going Naples Not Filed Yet 1.14 $57,018 2 32nd Ave SE 41342640006 6/23/2022 $80,000 Naples #6274773 1.14 $70,175 3 26th Ave SE 41396120006 6/17/2022 $115,000 Naples #6277182 2.50 $46,000 4 356136th Ave SE 41613080007 4/22/2022 $95,000 Naples #6239301 2.27 $41,850 5 4659 22nd Ave SE 41167800005 4/6/2022 $100,000 Naples #6234888 2.73 $36,630 6 36th Ave SE 41720040008 3/28/2022 $120,000 Naples #6231036 2.73 $43,956 7 273130th Ave SE 41342160007 2/18/2022 $63,500 Naples #6208258 2.28 $27,851 8 4320 30th Ave SE 41442680005 1/10/2022 $65,000 Naples #6191938 2.23 $29,148 9 3588 36th Ave SE 41612920003 11/3/2021 $72,000 Naples #6154488 2.73 $26,374 Please note the following sales adjustment grid. 43 east. According to a TEC report (Tropical Environmental Consultants), the site is 19% wetlands or .21 acres. The parcel was previously sold for $45,000 in May of 2022. This site is 100% uplands per a DEP wetland determination report. The site is fully wooded and vacant. This was an arm's length transaction verified through the listing agent, Bill Duffy Jr. This is a vacant, fully wooded site that is 100% uplands according to an informal wetlands determination report. The property was listed for $125,000 before selling at $115,000 in June of 2022. This site is vacant and fully wooded. According to an FDEP informal wetlands determination map this parcel is 100% Uplands. This site is vacant and wooded and contains 15% wetlands according to a DEP report. The transaction was arm's length. This is vacant site, fully wooded with partial underbrush cleared out according the listing agent, Amanda Borro. A wetlands determination report indicates this site as 100% uplands. This sale was recoded through a corporate warranty deed. The parcel last sold for $40,000 on 11/30/21. This is a vacant unimproved wooded lot with an indicated 30% wetlands present on site through a DEP report. This parcel contains 31% wetlands per a wetlands determination report. The site is vacant and fully wooded. This was an arm's lenth transaction verified through the listing agent Shannon Hubbell. This is a fully wooded vacant site with 37% wetlands present per a DEP report. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Upland Land Sales Adjustment Analysis - Quantitative-1.14 to 2.73 Acres Criteria Subject Sale 1 (Prospective) Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Sale 7 Sale 8 Sale 9 0%-25% Wetlands 26-50% Wetlands Location Golden Gate Estates Area Naples 16th Ave SE Naples 32nd Ave SE Naples 26th Ave SE Naples 3561 36th Ave SE Naples 4659 22nd Ave SE Naples 36th Ave SE Naples 2731 30th Ave SE Naples 4320 30th Ave SE Naples 3588 36th Ave SE Naples Sale/Appraisal Date August 1, 2022 August 11, 2022 June 23, 2022 June 17, 2022 April 22, 2022 April 6, 2022 March 28, 2022 February 18, 2022 January10, 2022 November 3, 2021 Parcel Size (Acres) 1.14 to 2.73 1.14 1.14 2.50 2.27 2.73 2.73 2.28 2.23 2.73 Sale Price - $65,000 $80,000 $115,000 $95,000 $100,000 $120,000 $63,500 $65,000 $72,000 Sale Price per Acre - $57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $26,374 Transactional Adjustments Property Rights - Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing - Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conditions of Sale - Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Market Conditions - $0 $0 $0 $0 $0 $0 $0 $0 $3,240 Adjusted Sale Price - $65,000 $80,000 $115,000 $95,000 $100,000 $120,0D0 $63,500 $65,000 $75,240 Adjusted Sale Price per Acre - $57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $27,560 Physical Properties Location Naples Naples Naples Naples Naples Naples Naples Naples Naples Naples Parcel Size (acres) 1.14 to 2.73 1.14 1.14 2.50 2.27 2.73 2.73 2.28 2.23 2.73 Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Zoning E E E E E E E E E E Access Generally Paved Road Paved Paved Paved Paved Paved Paved Paved Paved Paved Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Wetlands 0%-50% 19% 0% 0% 0% 15% 0% 30% 31% 37% Physical Property Adjustments Location 0% 0% 0% 0% 0% 0% 0% 0% 0% Parcel Size 0% 0% 0% 0% 0% 0% 0% 0% 0% Land Use 0% 0% 0% 0% 0% 0% 0% 0% 0% Zoning 0% 0% 0% 0% 0% 0% 0% 0% 0% Access 0% 0% 0% 0% 0% 0% 0% 0% 0% Topography 0% 0% 0% 0% 0% 0% 0% 0% 0% Wetlands 0% 0% 0% 0% 0% 0% 0% 0% 0% Overall Percentage of Adjustments 0% 0% 0% 0% 0% 0% 0% 0% 0% Final Adjusted Sale Price per Sq. Ft. $57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $27,560 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared." In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: 'An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the sales selected are all "arm's length" transactions including no conditions of sale. Expenditures Immediately After Sale: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued." None of the comparables required expenditures immediately after sale; no adjustment for this factor was required. Market Conditions: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time." The sales transactions occurred between November 2021 (Sale 9) and August 2022 (Sale One), with Sale One being a prospective sale occurring just after the date of value which provides a good indication of what similar properties would sell for. Realtors familiar with this market area confirmed that both land and improved property values had been increasing, especially in the subject area immediate neighborhood towards the end of 2021 and early 2022, but have leveled off in recent months. Sales One through Eight occurred within the last eight months from the date M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES of value and therefore did not require a market conditions adjustment. Sale Nine occurred over 8 months ago and therefore a market conditions adjustment of 6% was applied to this sale Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, access and site topography. The analyst will utilize a quantitative procedure by considering percentage adjustments for physical differences in the sales properties when compared to the subject. These adjustments will be made on a percentage basis with a net adjustment being calculated and this being multiplied by the value per square foot to arrive at an adjusted value per square foot. Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates neighborhood as the subject areas and in close proximity. None of the sales required an adjustment in this category. Size: For this section of analysis, we are appraising property within the subject areas that are between 1.14 acres and 2.73 acres. All of the comparable sales fall within this range and did not require adjustments. Land Use Classification: The subject property has a land use classification of Estates Designation. All of the sales have the same land use designation as the subject and did not require an adjustment. Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have the same zoning as the subject and did not require an adjustment. Access: The subject property areas generally have paved road access. All of the comparables have paved road access and therefore no adjustments were made. Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are considered similar to the subject in this category. Wetlands: The subject areas of 1.14 acres to 2.73 acres contain wetland determinations ranging from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0%-50%. All of the comparables fall within this range. 46 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Final Analysis: All of the value indications have been considered. The following table summarizes the final reconciled value per the final reconciled per acre for parcels 1.14 to 2.73 acres in size with 0%-50% wetlands. Area Within Units 91 and 92 Size 1.14-2.73 Acres Indicated Value Per Acre 0%-25% Wetlands $50,000 26%-50% Wetlands $35,000 Next, we will value a price per acre for parcels within the 1.14 acre to 2.73 acre range for 51 %- 100% wetlands. Sales Comparison Approach-1.14 acres to 2.73 acres- 51 % to 100% Wetlands Seven comparable sales were chosen for this analysis. The comparable sales map is displayed below. LAND SALES MAP 51%-100% WETLANDS CarihbB3r1 Lawn & Garden ilk • ` � •' ,ham y � Cypress Cave � Landkeepers w. ■ r- 47 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Comp Address Parcel Date Price City Instr.# Acres Price Per Acre Comments Subject Generally within Golden Gate Multiple 8/1/2022 Estates Units 91 and 92 51%-100% Wetlands Naples 1.14-2.73 1 32nd Ave SE 41349400003 2/19/2022 $59,000 This is a vacant, fully wooded land parcel with ground brush covering. The site is 51% wetlands per an informal wetlands determination map and confirmation Naples #6212641 1.14 $51,754 from the listing agent, Bill Duffy Jr. This was an arm's length transaction. 2 32nd Ave SE 41398720006 12/30/2021 $30,000 This is a vacant and unimproved parcel, fully wooded. A DEP report indicates the site has 58% wetlands present. The listing agent, Ralph Harvey confirmed this as Naples 1.14 $26,316 accurate. This was an arm's length transaction. 3 38th Ave SE 41613720008 12/3/2021 $25,000 This is the sale of a vacant wooded parcel that is 100% wetlands per a DEP report and confirmation from the listing agent, David De La Noval. This transaction was Naples #6172819 1.14 $21,930 arm's length. 4 3445 Desoto Blvd S 41505360000 11/22/2021 $40,000 This is a vacant, wooded site located off Desoto Blvd S. An FDEP informal wetlands determination map indicates this site is 100% wetlands and would Naples #6171558 2.27 $17,621 require a permit to develop on. 5 40th Ave SE 41660440001 11/16/2021 $33,000 This is a vacant fully wooded parcel. The parcel was originally listed for $45,000 before selling at $39,500, however, a corrective deed dated the same day was recorded to reflect a sale price change to $33,000. An FDEP wetlands map indictaed this parcel will need a site plan to determine impacts. The soils are Naples #6166927 1.59 $20,755 100% hydric slough. 6 32nd Ave SE 41443080002 10/13/2021 $28,000 This is a fully wooded, vacant and unimproved parcel. The selling agent, Magdevys Abreu stated that this parcel is 100% wetlands. Additionally, the National Wetlands Inventory Map indicates 100%forested/shrub wetlands Naples #6150809 1.14 $24,561 present. The parcel sold together with another parcel on 3/23/2021 for $30,000. 7 40th Ave SE 41616360009 9/17/2021 $56,000 This vacant, fully wooded site is almost entirley wetlands, with a DEP report indicating 99% wetlands present. The property sold for slightly higher than the Naples #6131306 2.73 $20,513 listing price of $50,000 at $56,000. Please note the following sales adjustment grid. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Wetland Land Sales Adjustment Analysis - Quantitative- 1.14 to 2.73 Acres Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Sale 7 51 %-75 % Wetlands 76%-100 % Wetlands Location Golden Gate Estates Area Naples 32nd Ave SE Naples 32nd Ave SE Naples 38th Ave SE Naples 3445 Desoto Blvd S Naples 40th Ave SE Naples 32nd Ave SE Naples 40th Ave SE Naples Sale/Appraisal Date August 1, 2022 February 19, 2022 December 30, 2021 December 3, 2021 November 22, 2021 November 16, 2021 October 13, 2021 September 17, 2021 Parcel Size (Acres) 1.14 to 2.73 1.14 1.14 1.14 2.27 1.59 1.14 2.73 Sale Price $59,000 $30,000 $25,000 $40,000 $33,000 $28,000 $56,000 Sale Price per Acre $51,754 $26,316 $21,930 $17,621 $20,755 $24,561 $20,513 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Market Conditions $0 $0 $0 $1,600 $1,320 $1,400 $2,800 Adjusted Sale Price $59,000 $30,000 $25,000 $41,600 $34,320 $29,400 $58,800 Adjusted Sale Price per Acre $51,754 $26,316 $21,930 $18,326 $21,585 $25,789 $21,538 Physical Properties Location Naples Naples Naples Naples Naples Naples Naples Naples Parcel Size (acres) 1.14 to 2.73 1.14 1.14 1.14 2.27 1.59 1.14 2.73 Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Zoning E E E E E E E E Access Generally Paved Road Paved Paved Paved Paved Paved Paved Paved Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Wetlands 51%-100% 51% 58% 96% 100% 100% Slough 100% 99% Physical Property Adjustments Location 0% 0% 0% 0% 0% 0% 0% Parcel Size 0% 0% 0% 0% 0% 0% 0% Land Use 0% 0% 0% 0% 0% 0% 0% Zoning 0% 0% 0% 0% 0% 0% 0% Access 0% 0% 0% 0% 0% 0% 0% Topography 0% 0% 0% 0% 0% 0% 0% Wetlands 0% 0% 0% 0% 0% 0% 0% Overall Percentage of Adjustments 0% 0% 0% 0% 0% 0% 0% Final Adjusted Sale Price per Sq. Ft. $51,754 $26,316 $21,930 $18,326 $21,585 $25,789 $21,538 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared. " In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: `An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the sales selected are all "arm's length" transactions including no conditions of sale. Expenditures Immediately After Sale: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued." None of the comparables required expenditures immediately after sale; no adjustment for this factor was required. Market Conditions: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time." The sales transactions occurred between September 2021 (Sale 7) and February 2022 (Sale One). Realtors familiar with this market area confirmed that both land and improved property values had been increasing, especially in the subject area immediate neighborhood towards the end of 2021 and early 2022, but have leveled off in recent months. Sales One through Three occurred within the last eight months from the date of value and therefore did not require a market M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES conditions adjustment. Sales Four through Seven occurred over 8 months ago and therefore a market conditions adjustment of 6% was applied to these sales Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, access and site topography. The analyst will utilize a quantitative procedure by considering percentage adjustments for physical differences in the sales properties when compared to the subject. These adjustments will be made on a percentage basis with a net adjustment being calculated and this being multiplied by the value per square foot to arrive at an adjusted value per square foot. Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates neighborhood as the subject areas and in close proximity. None of the sales required an adjustment in this category. Size: For this section of analysis, we are appraising property within the subject areas that are between 1.14 acres and 2.73 acres. All of the comparable sales fall within this range and did not require adjustments. Land Use Classification: The subject property has a land use classification of Estates Designation. All of the sales have the same land use designation as the subject and did not require an adjustment. Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have the same zoning as the subject and did not require an adjustment. Access: The subject property areas generally have paved road access. All of the comparables have paved road access and therefore no adjustments were made. Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are considered similar to the subject in this category. Wetlands: The subject areas of 1.14 acres to 2.73 acres contain wetland determinations ranging from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51 %-100%. All of the comparables fall within this range. 51 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Final Analysis: All of the value indications have been considered. The following table summarizes the final reconciled value per the final reconciled per acre for parcels 1.14 to 2.73 acres in size with 51 %-100% wetlands. Area Within Units 91 and 92 Size 1.14-2.73 Acres Indicated Value Per Acre 51%-75% Wetlands $30,000 76%-100% Wetlands $22,000 Next, we will value a price per acre for parcels within the 2.74 acre to 4.00 acre range for 0%-50% wetlands. Sales Comparison Approach- 2.74 acres to 4.00 acres- 0% to 50% Wetlands Six comparable sales were chosen for this analysis. The comparable sales map is displayed below. LAND SALES MAP 0%-50% WETLANDS 52 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Comp Address Parcel Date Price City Instr.# Acres Price Per Acre Comments Subject Generally within Golden Gate Multiple 8/1/2022 Estates Units 91 and 92 0%-50% Wetlands Naples 2.74-4.00 1 40th Ave SE 41720360005 6/30/2022 $120,000 This is a vacant, wooded land parcel. The site is 100% uplands according to a DEP report as well as through Collier County's wetland determination report. This was an arm's length transaction confirmed through Kim Ellis, Naples #6277639 2.74 $43,796 listing agent. 2 1475 Everglades Blvd S 40988320008 5/13/2022 $135,000 This site is 87% uplands per a DEP wetland determination report. The site is Naples #6268170 2.81 $48,043 fully wooded and vacant. 3 39216th Ave SE 40869480106 9/16/2021 $125,000 This is a 3.41 acre vacant lot. A wetlands determination report states that this site is 100% uplands. The property sold for the list price of $125,000 in Naples #6219134 3.41 $36,657 an arm's length transaction. 4 2560 16th Ave SE 40980080003 8/20/2021 $130,000 This 4.00 acre, fully wooded vacant lot is 100% uplands according to an FDEP informal wetlands determination map. The listing agent, Victoria Hines Naples #6117169 4.00 $32,500 confirmed this as true. 5 3080 Desoto Blvd S 41447160009 4/1/2022 $100,000 This site is vacant and wooded and contains 62% uplands according to a Naples #6233381 2.81 $35,587 wetlands determination report. The transaction was arm's length. 6 36th Ave SE 41504760009 5/1/2021 $35,000 This is vacant site, fully wooded site on the corner of Desoto Blvd S and 38th Ave SE. The site is 50% Depressional soils on the western portion of the Naples #6010876 2.81 $12,456 property according to an FDEP wetlands determination map. Please note the following sales adjustment grid. M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Upland Land Sales Adjustment Analysis - Quantitative- 2.74 to 4.00 Acres Criteria Subject Sale 1 Sale 2 1 Sale 3 Sale 4 Sale 5 Sale 6 0%-25% Wetlands 26%-50% Wetlands Location Golden Gate Estates Area Naples 40th Ave SE Naples 1475 Everglades Blvd S Naples 3921 6th Ave SE Naples 2560 16th Ave SE Naples 3080 Desoto Blvd S Naples 36th Ave SE Naples Sale/Appraisal Date August 1, 2022 June 30, 2022 May 13, 2022 September 16, 2021 August 20, 2021 April 1, 2022 March 1, 2021 Parcel Size (Acres) 2.74-4.00 2.74 2.81 3.41 4.00 2.81 2.81 Sale Price $120,000 $135,000 $125,000 $130,000 $100,000 $35,000 Sale Price per Acre $43,796 $48,043 $36,657 $32,500 $35,587 $12,456 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Market Conditions $0 $0 $6,250 $7,150 $0 $2,975 Adjusted Sale Price $120,000 $135,000 $131,250 $137,150 $100,000 $37,975 Adjusted Sale Price per Acre $43,796 $48,043 $38,490 $34,288 $35,587 $13,514 Physical Properties Location Naples Naples Naples Naples Naples Naples Naples Parcel Size (acres) 2.74 to 4.00 2.74 2.81 3.41 4.00 2.81 2.81 Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Zoning E E E E E E E Access Generally Paved Road Paved Paved Paved Paved Paved Paved Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Wetlands 0%-50% 0% 13% 10% 10% 38% 1 50% Depressional Physical Property Adjustments Location 0% 0% 0% 0% 0% 0% Parcel Size 0% 0% 0% 0% 0% 0% Land Use 0% 0% 0% 0% 0% 0% Zoning 0% 0% 0% 0% 0% 0% Access 0% 0% 0% 0% 0% 0% Topography 0% 0% 0% 0% 0% 0% Wetlands 0% 10% 0% 1 0% 0% 0% Overall Percentage of Adjustments 0% 0% 0% 0% 0% 0% Final Adjusted Sale Price per Sq. Ft. $43,796 $48,043 $38,490 $34,288 1 $35,587 $13,514 54 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared." In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: 'An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the sales selected are all "arm's length" transactions including no conditions of sale. Expenditures Immediately After Sale: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued." None of the comparables required expenditures immediately after sale; no adjustment for this factor was required. Market Conditions: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time." The sales transactions occurred between March 2021 (Sale Six) and June 2022 (Sale One). Realtors familiar with this market area confirmed that both land and improved property values had been increasing, especially in the subject area immediate neighborhood towards the end of 2021 and early 2022, but have leveled off in recent months. Sales One, Two and Five occurred within the last eight months from the date of value and therefore did not require a market conditions M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES adjustment. Sales Three, Four and Six occurred over 8 months ago and therefore a market conditions adjustment of 6% was applied to these sales Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, access and site topography. The analyst will utilize a quantitative procedure by considering percentage adjustments for physical differences in the sales properties when compared to the subject. These adjustments will be made on a percentage basis with a net adjustment being calculated and this being multiplied by the value per square foot to arrive at an adjusted value per square foot. Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates neighborhood as the subject areas and in close proximity. None of the sales required an adjustment in this category. Size: For this section of analysis, we are appraising property within the subject areas that are between 2.74 acres and 4.00 acres. All of the comparable sales fall within this range and did not require adjustments. Land Use Classification: The subject property has a land use classification of Estates Designation. All of the sales have the same land use designation as the subject and did not require an adjustment. Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have the same zoning as the subject and did not require an adjustment. Access: The subject property areas generally have paved road access. All of the comparables have paved road access and therefore no adjustments were made. Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are considered similar to the subject in this category. Wetlands: The subject areas of 2.74 acres to 4.00 acres contain wetland determinations ranging from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0%-50%. All of the comparables fall within this range. 56 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Final Analysis: All of the value indications have been considered. The following table summarizes the final reconciled value per the final reconciled per acre for parcels 2.74 to 4.00 acres in size with 0%-50% wetlands. Area Within Units 91 and 92 Size 2.74-4.00 Acres Indicated Value Per Acre 0%-25% Wetlands $41,000 26%-50% Wetlands $25,000 Next, we will value a price per acre for parcels within the 2.74 acre to 4.00 acre range for 51 %- 100% wetlands. Sales Comparison Approach- 2.74 acres to 4.00 acres- 51 % to 100% Wetlands Four comparable sales were chosen for this analysis. The comparable sales map is displayed below. LAND SALES MAP 51%-100% WETLANDS 57 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Comp Address Parcel Date Price City Instr.# Acres Price Per Acre Comments Subject Generally within Golden Gate Multiple 8/1/2022 Estates Units 91 and 92 51%-100% Wetlands Naples 2.74-4.00 1 4765 28th Ave SE 41449840000 6/14/2021 $49,000 This is a 2.78 vacant land parcel, fully wooded. A TEC report indicates that this property is 64% wetlands. The parcel previously sold in 2019 for $18,600. Naples #6078408 2.78 $17,626 2 22nd Ave SE 41171480000 1/8/2021 $56,000 This is a vacant, wooded parcel located at the end of dead end road, 22nd Ave SE. A DEP report indicates this parcel is 54% wetlands, with the uplands being located on the front half of the property according to the listing agent, Denisse Naples #5982816 3.64 $15,385 Viera and DEP report map. This parcel sold for $45,000 in 2020. 3 8th Ave SE 40811800006 4/8/2022 $59,900 According to an informal wetlands determinations map, this fully wooded vacant site is 95%wetlands, although an official report has not been done. The listing Naples #6235728 2.74 $21,861 agent stated the price was set to reflect a mostly wetland property. 4 3535 42nd Ave SE 41660520109 2/12/2021 $49,000 Collier county wetland map determines this site as 100% wetlands with a permit being required. An official wetlands determination report has not been done. The Naples #6003666 3.35 $14,627 site is fully wooded. The parcel prevviously sold for $22,000 in 2020. Please note the following sales adjustment grid. M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Wetland Land Sales Adjustment Analysis - Quantitative- 2.74 to 4.00 Acres Criteria Subject Sale 1 1 Sale 2 Sale 3 Sale 4 51%-75% Wetlands 76%-100% Wetlands Location Golden Gate Estates Area Naples 4765 28th Ave SE Naples 22nd Ave SE Naples 8th Ave SE Naples 3535 42nd Ave SE Naples Sale/Appraisal Date August 1, 2022 June 14, 2021 January 8, 2021 April 8, 2022 February 12, 2021 Parcel Size (Acres) 2.74 to 4.00 2.78 3.64 2.74 3.35 Sale Price $49,000 $56,000 $59,900 $49,000 Sale Price per Acre $17,626 $15,385 $21,861 $14,627 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Financing Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length Market Conditions $3,430 $5,320 $0 $4,410 Adjusted Sale Price $52,430 $61,320 $59,900 $53,410 Adjusted Sale Price per Acre $18,860 $16,846 $21,861 1 $15,943 Physical Properties Location Naples Naples Naples Naples Naples Parcel Size (acres) 2.74 to 4.00 2.78 3.64 2.74 3.35 Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Zoning E E E E E Access Generally Paved Road Paved Paved Paved Paved Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Wetlands 51 %-100% 64% 54% 95% 100% Physical Property Adjustments Location 0% 0% 0% 0% Parcel Size 0% 0% 0% 0% Land Use 0% 0% 0% 0% Zoning 0% 0% 0% 0% Access 0% 0% 0% 0% Topography 0% 0% 0% 0% Wetlands 0% 0% 0% 0% Overall Percentage of Adjustments 0% 0% 0% 0% Final Adjusted Sale Price per Sq. Ft. $18,860 1 $16,846 1 $21,861 1 $15,943 59 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared." In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: 'An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the sales selected are all "arm's length" transactions including no conditions of sale. Expenditures Immediately After Sale: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued." None of the comparables required expenditures immediately after sale; no adjustment for this factor was required. Market Conditions: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time." The sales transactions occurred between January 2021 (Sale Two) and April 2022 (Sale Three). Realtors familiar with this market area confirmed that both land and improved property values had been increasing, especially in the subject area immediate neighborhood towards the end of 2021 and early 2022, but have leveled off in recent months. Sale Three occurred within the last eight months from the date of value and therefore did not require a market conditions adjustment. Sales M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES One, Two and Four occurred over 8 months ago and therefore a market conditions adjustment of 6% was applied to these sales Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, access and site topography. The analyst will utilize a quantitative procedure by considering percentage adjustments for physical differences in the sales properties when compared to the subject. These adjustments will be made on a percentage basis with a net adjustment being calculated and this being multiplied by the value per square foot to arrive at an adjusted value per square foot. Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates neighborhood as the subject areas and in close proximity. None of the sales required an adjustment in this category. Size: For this section of analysis, we are appraising property within the subject areas that are between 2.74 acres and 4.00 acres. All of the comparable sales fall within this range and did not require adjustments. Land Use Classification: The subject property has a land use classification of Estates Designation. All of the sales have the same land use designation as the subject and did not require an adjustment. Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have the same zoning as the subject and did not require an adjustment. Access: The subject property areas generally have paved road access. All of the comparables have paved road access and therefore no adjustments were made. Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are considered similar to the subject in this category. Wetlands: The subject areas of 2.74 acres to 4.00 acres contain wetland determinations ranging from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51 %-100%. All of the comparables fall within this range. 61 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Final Analysis: All of the value indications have been considered. The following table summarizes the final reconciled value per the final reconciled per acre for parcels 2.74 to 4.00 acres in size with 51 %-100% wetlands. Area Within Units 91 and 92 Size 2.74-4.00 Acres Indicated Value Per Acre 51%-75% Wetlands $19,000 76%-100% Wetlands $19,000 Next, we will value a price per acre for parcels within the 4.01 acre to 6.00 acre range for 0%-50% wetlands. Sales Comparison Approach- 4.01 acres to 6.00 acres- 0% to 50% Wetlands Six comparable sales were chosen for this analysis. The comparable sales map is displayed below. LAND SALES MAP 0%-50% WETLANDS DAK Horticultural' e FL es 11 f r�' *ill=1r?"rida0M...—)[I LrlILQF l ' I,. J Cypress Cove Project Area L -epersUnits 91 and 92 11!! EvergladeoLpkWy---- Alligator2Alley 62 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Comp Address Parcel Date Price City Instr.# Acres Price Per Acre Comments Subject Generally within Golden Gate Multiple 8/1/2022 Estates Units 91 and 92 0%-50% Wetlands Naples 4.01-6.00 1 40th Ave SE 41719360003 12/27/2021 $180,000 This is a vacant, wooded land parcel. According to an FDEP informal wetlands determination map, the site is 100% Uplands. This was confirmed Naples #6184699 5.00 $36,000 by listing agent, Mike Miller. The site consists of mostly pine trees. 2 26th Ave SE 41348000006 9/21/2021 $190,000 This site is 100% uplands per a DEP wetland determination report. The site is fully wooded and vacant. This was an arm's length transaction verified Naples #6134689 5.00 $38,000 through the listing agent, Lupe Morera. 3 18th Ave SE 41227480006 8/5/2021 $185,000 This is a vacant, fully wooded site that is 91% uplands according to a DEP wetlands determination report. The property was listed for $200,000 before selling at $185,000 in August of 2022 after a little under 7 months on the Naples #6113018 5.68 $32,570 market. 4 16th Ave SE 41110880001 4/8/2021 $150,000 This is a vacant land parcel located at the end of the dead end street. 16th Ave SE. According to the listing agent, Angelo Sottosanti, the site is 100% uplands. Furthermore, a DEP report also indicates the site is fully uplands. Naples #6048128 4.48 $33,482 The parcel previously sold for 70,000 in 2020. 5 Desoto Blvd S and 28th Ave SE 41445640000 11/23/2021 $100,000 This is 5.15 acres of vacant land located on the corner od Desoto Blvd S and 28th Ave SE. The site is 65% uplands, indicated on an environmental Naples #6168220 5.15 $19,417 disclosure TEC report. The property is fully wooded with no improvements. 6 28th Ave SE 41344960001 6/11/2021 $155,000 This is a vacant, wooded 5 acre lot consisting of 71% uplands through a DEP Naples #6078183 5.00 $31,000 report. The parcel was sold in an arm's length transaction. Please note the following sales adjustment grid. M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Upland Land Sales Adjustment Analysis - Quantitative- 4.01 to 6.00 Acres Criteria Subject Sale 1 Sale 2 1 Sale 3 Sale 4 Sale 5 Sale 6 0%-25 % Wetlands 26%-50 % Wetlands Location Golden Gate Estates Area Naples 40th Ave SE Naples 26th Ave SE Naples 18th Ave SE Naples 16th Ave SE Naples Desoto Blvd S and 28th Ave SE Naples 28th Ave SE Naples Sale/Appraisal Date August 1, 2022 December 27, 2021 September 21, 2021 August 5, 2021 April 8, 2021 November 23, 2021 June 11, 2021 Parcel Size (Acres) 4.01 to 6.00 5.00 5.00 5.68 4.48 5.15 5.00 Sale Price $180,000 $190,000 $185,000 $150,000 $100,000 $155,000 Sale Price per Acre $36,000 $38,000 $32,570 $33,482 $19,417 1 $31,000 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Market Conditions $0 $9,500 $11,100 $12,000 $4,000 $10,850 Adjusted Sale Price $180,000 $199,500 $196,100 $162,000 $104,000 $165,850 Adjusted Sale Price per Acre $36,000 $39,900 1 $34,525 1 $36,161 $20,194 1 $33,170 Physical Properties Location Naples Naples Naples Naples Naples Naples Naples Parcel Size (acres) 4.01 to 6.00 5.00 5.00 5.68 4.48 5.15 5.00 Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Zoning E E E E E E E Access Generally Paved Road Paved Paved Paved Paved Paved Paved Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Wetlands 0%-50% 0% 0% 9% 0% 35% 29% Physical Property Adjustments Location 0% 0% 0% 0% 0% 0% Parcel Size 0% 0% 0% 0% 0% 0% Land Use 0% 0% 0% 0% 0% 0% Zoning 0% 0% 0% 0% 0% 0% Access 0% 0% 0% 0% 0% 0% Topography 0% 0% 0% 0% 0% 0% Wetlands 0% 0% 0% 0% 0% 0% Overall Percentage of Adjustments 0% 0% 0% 0% 0% 0% Final Adjusted Sale Price per Sq. Ft. $36,000 $39,900 $34,525 $36,161 $20,194 $33,170 64 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared." In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: 'An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the sales selected are all "arm's length" transactions including no conditions of sale. Expenditures Immediately After Sale: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued." None of the comparables required expenditures immediately after sale; no adjustment for this factor was required. Market Conditions: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time." The sales transactions occurred between April 2021 (Sale Four) and December 2021 (Sale One). Realtors familiar with this market area confirmed that both land and improved property values had been increasing, especially in the subject area immediate neighborhood towards the end of 2021 and early 2022, but have leveled off in recent months. Sale One occurred within the last eight months from the date of value and therefore did not require a market conditions adjustment. Sales M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Two through Six occurred over 8 months ago and therefore a market conditions adjustment of 6% was applied to these sales Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, access and site topography. The analyst will utilize a quantitative procedure by considering percentage adjustments for physical differences in the sales properties when compared to the subject. These adjustments will be made on a percentage basis with a net adjustment being calculated and this being multiplied by the value per square foot to arrive at an adjusted value per square foot. Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates neighborhood as the subject areas and in close proximity. None of the sales required an adjustment in this category. Size: For this section of analysis, we are appraising property within the subject areas that are between 4.01 to 6.00 acres. All of the comparable sales fall within this range and did not require adjustments. Land Use Classification: The subject property has a land use classification of Estates Designation. All of the sales have the same land use designation as the subject and did not require an adjustment. Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have the same zoning as the subject and did not require an adjustment. Access: The subject property areas generally have paved road access. All of the comparables have paved road access and therefore no adjustments were made. Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are considered similar to the subject in this category. Wetlands: The subject areas of 4.01 to 6.00 acres contain wetland determinations ranging from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0% to 50%. All of the comparables fall within this range. 66 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Final Analysis: All of the value indications have been considered. The following table summarizes the final reconciled value per the final reconciled per acre for parcels 4.01 to 6.00 acres in size with 0%-50% wetlands. Area Within Units 91 and 92 Size 4.01-6.00 Acres Indicated Value Per Acre 0%-25% Wetlands $36,000 26%-50% Wetlands $26,000 Next, we will value a price per acre for parcels within the 4.01 acre to 6.00 acre range for 51 %- 100% wetlands. Sales Comparison Approach- 4.01 acres to 6.00 acres- 51 % to 100% Wetlands Four comparable sales were chosen for this analysis. The comparable sales map is displayed below. LAND SALES MAP 51%-100% WETLANDS 67 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Comp Address Date Price City Parcel Instr.# Acres Price Per Acre Comments Subject Generally within Golden Gate Multiple 8/1/2022 Estates Units 91 and 92 51%-100% Wetlands Naples 4.01-6.00 1 2nd Ave SE 40808920009/0106 6/17/2021 $83,000 This is the sale of two 2.5 acre adjacent parcels sold together. The parcels 2 4 Naples #6087571 5.00 18th Ave SE 41162280002/41160960007 4/7/2021 Naples 26th Ave SE Naples Everglades Blvd S #6035170 41440600003 #6293131 41287320009 #6072943 Please note the following sales adjustment grid. 5.46 7/27/2022 5.00 6/1/2021 5.18 combined consist of 70% wetlands per a DEP report.The parcels were previously $16,600 sold together in 2020 for $70,000. $84,000 This is a 4.32 acre parcel and adjacent 1.14 acre parcel for a combined 5.46 acres sold together. The wetlands determination report indicates the property consists $15,385 of 58% wetlands. This was an arm's length transaction. $95,000 This is a vacant, wooded parcel that is 96% hydric slough soils according to an $19,000 informal wetlands determination map. $92,000 This is a vacant unimproved wetlands parcel located off Everglades Blvd S. The parcel is 100% wetlands, indicated pon an FDEP wetlands determination map and $17,954 confirmed through listing agent, Sharon Cohan. M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Wetland Land Sales Adjustment Analysis - Quantitative- 4.01 to 6.00 Acres Criteria Subject Sale 1 1 Sale 2 Sale 3 Sale 4 51%-75% Wetlands 76%-100% Wetlands Location Golden Gate Estates Area Naples 2nd Ave SE Naples 18th Ave SE Naples 26th Ave SE Naples Everglades Blvd S Naples Sale/Appraisal Date August 1, 2022 June 17, 2021 April 7, 2021 July 27, 2022 June 2, 2021 Parcel Size (Acres) 4.01 to 6.00 5.00 5.46 5.00 5.18 Sale Price $83,000 $84,000 $95,000 $92,000 Sale Price per Acre $16,600 $15,385 $19,000 $17,761 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Financing Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length Market Conditions $5,395 $6,720 $0 $6,440 Adjusted Sale Price $88,395 $90,720 $95,000 $98,440 Adjusted Sale Price per Acre $17,679 $16,615 $19,000 1 $19,004 Physical Properties Location Naples Naples Naples Naples Naples Parcel Size (acres) 4.01 to 6.00 5.00 5.46 5.00 5.18 Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Zoning E E E E E Access Generally Paved Road Paved Paved Paved Paved Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Wetlands 51 %-100% 70% 58% 96% Slough 100% Physical Property Adjustments Location 0% 0% 0% 0% Parcel Size 0% 0% 0% 0% Land Use 0% 0% 0% 0% Zoning 0% 0% 0% 0% Access 0% 0% 0% 0% Topography 0% 0% 0% 0% Wetlands 0% 0% 0% 0% Overall Percentage of Adjustments 0% 0% 0% 0% Final Adjusted Sale Price per Sq. Ft. 17,679 1 16,615 1 19,000 1 19,004 69 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared." In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: 'An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the sales selected are all "arm's length" transactions including no conditions of sale. Expenditures Immediately After Sale: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued." None of the comparables required expenditures immediately after sale; no adjustment for this factor was required. Market Conditions: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time." The sales transactions occurred between June 2021 (Sale Four) and July 2022 (Sale Three). Realtors familiar with this market area confirmed that both land and improved property values had been increasing, especially in the subject area immediate neighborhood towards the end of 2021 and early 2022, but have leveled off in recent months. Sale Three occurred within the last eight months from the date of value and therefore did not require a market conditions adjustment. Sales M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES One, Two and Four occurred over 8 months ago and therefore a market conditions adjustment of 6% was applied to these sales Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, access and site topography. The analyst will utilize a quantitative procedure by considering percentage adjustments for physical differences in the sales properties when compared to the subject. These adjustments will be made on a percentage basis with a net adjustment being calculated and this being multiplied by the value per square foot to arrive at an adjusted value per square foot. Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates neighborhood as the subject areas and in close proximity. None of the sales required an adjustment in this category. Size: For this section of analysis, we are appraising property within the subject areas that are between 4.01 to 6.00 acres. All of the comparable sales fall within this range and did not require adjustments. Land Use Classification: The subject property has a land use classification of Estates Designation. All of the sales have the same land use designation as the subject and did not require an adjustment. Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have the same zoning as the subject and did not require an adjustment. Access: The subject property areas generally have paved road access. All of the comparables have paved road access and therefore no adjustments were made. Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are considered similar to the subject in this category. Wetlands: The subject areas of 4.01 to 6.00 acres contain wetland determinations ranging from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51 % to 100%. All of the comparables fall within this range. 71 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Final Analysis: All of the value indications have been considered. The following table summarizes the final reconciled value per the final reconciled per acre for parcels 4.01 to 6.00 acres in size with 51 %-100% wetlands. Area Within Units 91 and 92 Size 4.01-6.00 Acres Indicated Value Per Acre 51%-75% Wetlands $19,000 76%-100% Wetlands $19,000 Section 6 - Reconciliation of Value Summary of Value Conclusions "As -is" Cost Approach Not Applied Income Approach Not Applied Sales Comparison Approach See Below Value Conclusions Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple August 1, 2021 Area Within Golden Gate Estates Units 91 and 92 Parcel size 1.14-2.73 acres 2.74-4.00 acres 4.01-6.00 acres Indicated Value Per Acre 0-25% wetlands $50,000 $41,000 $36,000 26-50% wetlands $35,000 $25,000 $26,000 51-75% wetlands $30,000 $19,000 $19,000 76-100%wetlands $22,000 $19,000 $19,000 The Sales Comparison Approach references sales of similar properties located in competitive areas in the market area as researched. The sales analyzed provide a range of value indications which support the final value conclusions. The sales utilized in this analysis provide a range of actual purchase prices for properties considered to be similar to the subject areas. The appraiser 72 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES properly considered each of the sales studied and analyzed each of these properties in relationship to the subject areas in order to arrive at the value estimates on a price per acre basis. Respectfully submitted, Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 73 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Section 7 - Certification and Limiting Conditions Certification of Michael Jonas, MAI, AI-GRS, CCIM I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • 1 have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to 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. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • Michael Jonas has completed the requirements of the continuing education program of the Appraisal Institute. • Michael Jonas has made an inspection of the property that is the subject of this report. • Hannah Dwyer, State -Registered Appraiser Trainee R125089, contributed to the development of the appraisal report in the form of 45 hours. No additional persons contributed significant real property appraisal assistance to the signors of this report. • Michael Jonas has extensive experience in the appraisal/review of similar property types. 74 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES • Michael Jonas is currently certified in the state where the subject is located and has completed the continuing education requirements set forth with the State of Florida. Certification is current until November 30, 2022. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. • Michael Jonas has not previously appraised the subject property; nor has he performed any other services related to the subject property in the past three years. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted a market value in its "as is" condition in fee simple ownership on August 1, 2022 of: Value Conclusions Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple August 1, 2021 Area Within Golden Gate Estates Units 91 and 92 Parcel size 1.14-2.73 acres 2.74-4.00 acres 4.01-6.00 acres Indicated Value Per Acre 0-25% wetlands $50,000 $41,000 $36,000 26-50% wetlands $35,000 $25,000 $26,000 51-75% wetlands $30,000 $19,000 $19,000 76-100% wetlands $22,000 $19,000 $19,000 Respectfully submitted, CARLSON, NORRIS & ASSOCIATES Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 75 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal, and are invalid if so used. 76 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES A report related to an estate that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest, plus the value of all other fractional interests, may or may not equal the value of the entire fee simple estate considered as a whole. A report relating to the geographic portion of a larger property applies only to such geographic portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographic portions, plus the value of all other geographic portions, may or may not equal the value of the entire property or tract considered as a single entity. All valuations in the report are applicable only under the estimated program of the highest and best use and are not necessarily appropriate under other programs of use. Auxiliary and Related Studies: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or conclusions upon any subsequent study or analysis or previous study or analysis that subsequently becomes available to us. Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as of the date of value estimate. Inclusions: Furnishings and equipment or business operations, except as otherwise specifically indicated, have been disregarded, with only the real estate being considered. Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off -site improvements proposed, if any, as well as any repairs required, are considered to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. The estimate of value, as proposed, is as of the date shown, as if completed and operating at levels shown and projected. Value Change, Dynamic Market Influences: The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property both physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretation of income and yields and other factors which were derived from general and specific market information. Such estimates are made as of the date of the estimate of value. As a result, they are subject to change, as the market is dynamic and may naturally change over time. The date upon which the value estimate applies is only as of the date of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein. An appraisal is the product of a professionally trained person, but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based 77 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best estimate as of the date of valuation. There are no guaranties, either written or implied, that the property would sell for the expressed estimate of value. Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to the subject property. No title search has been made, and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any information given by the appraiser as to a sales history is information that the appraiser has researched; to the best of my knowledge, this information is accurate, but not warranted. Management of the Property: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised. Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this report and analytical findings or conclusions, or give a copy of this report to anyone other than the client or his designee, as specified in writing, except as may be required by the Appraisal Institute, as they may request in confidence for ethic enforcement, or by a court of law with the power of subpoena. All conclusions and opinions concerning the analyses as set forth herein are prepared by the appraisers whose signatures appear. No change of any item in the report shall be made by anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is made. Whenever our opinion herein with respect to the existence or absence of fact is qualified by the phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate that, during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use whatsoever. Neither our name nor this report may be used in connection with any financing plans which would be classified as a public offering under State or Federal Security Laws. Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof, does not carry with it the right of publication, nor may it be used for other than its intended use. The physical report remains the property of the firm for the use of the client, with the fee being for the analytical services only. This report may not be used for any purpose by any person or corporation other than the client or the party to whom the report is addressed. Additional copies may not be made without the written consent of an officer of the firm, and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations effort, news, sales or other media without my prior written consent and approval of the client. It has been assumed that the client or representative thereof, if soliciting funds for his project, has furnished to the user of this report complete plans, specifications, surveys and photographs of land and improvements, along with all other information which might be deemed necessary to correctly analyze and appraise the subject property. 78 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized and may have been altered and, therefore, is considered invalid. Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of the report. The appraisers or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part, nor will they be asked or required to engage in post appraisal consultation with client or third parties except under separate and special arrangement and at an additional fee. Any subsequent copies of this appraisal report will be furnished on a cost-plus expenses' basis, to be negotiated at the time of request. Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the physical report. The acceptance of the report by the client takes with it the agreement and acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or written. The fee is in no way contingent on the value estimated. Special Limiting Conditions: The Americans with Disabilities Act became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable barrier removable construction items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the A.D.A. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance with one or more of the requirements of the A.D.A.; If so, this fact could have a negative effect on the value estimated herein. Since Carlson, Norris and Associates has no specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of any possible noncompliance with the requirements of the A.D.A. was not considered in estimating the value of the subject property. This analysis is made in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute. Extraordinary Assumption is defined as: "An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property, or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis." An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions. • The appraiser has a reasonable basis for the extraordinary assumption. • Use of the extraordinary assumption results in a credible analysis; and 79 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Please note the following extraordinary assumptions: • A soil analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils, and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions, and would recommend that an expert be consulted. • It is assumed that there are no hazardous materials either at ground level or subsurface. None were noted during the property inspection. The analyst is not an expert in the evaluation of site contamination, and would recommend that an expert be consulted. • The appraisers were not provided with a survey of the subject parcel. We relied on the information found on the Collier County Property Appraiser's website. 80 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Section 8 - Addenda 81 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES FDEP Informal Wetland Determination Map 167 1: $ $0 111 4 i iol 93 1 EE :, '4 -$ 6 7 H 9 11 12 1y Id 15' 16 1 17 1 , Fed. ff4 IJ � I 1 9 41 31 .SE 1 ; � i � � � 44 {{ I +�rh Legend FOEP IMe-81 v4etland zf I 45 mod D. end! w Fbld Condltbn. Ind1c,% Uplands lyyt nl /�y{ Gala and r or FIVIE Cnnaitlon. mdcate Sim Plan Is Needed to Debrm lne Im Pecla 16 j 7 - 2 �33! � � ca ® peM and forFgld Cond{ilonslndlmNwetlanda alM Pennl[Neceasary l - �'•' - Gala arM 1 or FIaIa Condltlona IIWICNe [1Hclee antl PermN Nec.aw ry �j ,• ,. - { h � •"' _1 9 3 1 3 f- I ylw -DM min Va ' on lhle figure Ma I— Informal Pre-aPPI-11ch i S 3 26 120- f �7 J -IksM dNannlnagwla Purau.nl w $ec ,373.4211B1. F3-aad ( �•r•- `fi 92312.0401i]. F.A.C. l d—t hind the oepaN -L iM -" n C � A I , v mployee., nw does It convey a..y Iegel rlghl eapmaeed ec .S 48 Sa 51 LV Implied. - - E - { NRCS Hyd,k A. Model _ `•t_ peprew­1 yoga 0 0.25 0.5 Miles CON E,;viallOry COLLIER Dr. Robert H. Gore Market Study Parcels Gil�ierCnunr}' �s 82 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES NATIONAL WETLANDS MAP U.S. Fish and Wildlife Semce National Wetlands Inventory Wetlands lus Au t J, 2022 Th,. rtap is fm 9-1refe ante o Iy. The US Fist, and Wildufe g Service is not resp—Ne forthe a—cy nrcam mess of the weaanas base data shown on tN& map. PJI wsffinds related data should Freshwater Emergent Wetl and Lake be used in accordance with the layer mandate found m the Nletlends Mapper web at.. Estuarine and Marine Deepwater . Freshwater ForestedlShrub Wetland Dther ❑ Estuarine and Marine Wetland � Freshwater Pond Riverine NNro l WMIs de Ie�MIuT4NWp iris pe¢wa pr &-dbyheNWImgp- 83 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES FLOOD MAP National Flood Hazard Layer FIRMette & FEMA � WlmpulHase Fiord tlece[Ion HRFE)m SPECIAL FlA00 WlSneeFE or pepm=meua.uo aa. vE.0 HA2AROAREA5 Reguramry FlpotlMay 0 2%A—ICM1dnre F— HezeM_lreas dr ix annual ena-10 wrtn arerage deem less iMn one rml a mxn dMve auras pl 1e55 man grre square mile ��-.: a �` HAdra c-111 a1.-1 LM1an[e Alppd Hazard :oec t Area RIm Redueed Hrrod iLkk d. m OTTER AREAS OF , levee. See FL0004A 10 Y Ared Mm flpad Hl. tlaab LeY'Ce: �cC x Aree m mwmel Hggd Hamm .:. FYfec[Ise l➢MRs OTHER AREAS Area IR IHleelermlAed Hood Ha:dro REIERA1 '--- C.—.Lunert,m5Wrm 3nrrer STRUCTURES! III!! lessee, olbe,a FamEwell a roans Plans wln xx Annuerrnanre water 5,0—Eleea11an - - Cpasral manuM —fiese Flood Elereagn WIe SaFEI — uaxl of curry rurbdl[rlgn Raauarr --- Cmwel nanaece aaseune OFFER _ ppppb aastllne FEAIVR6 Iladm(Jap1Y[ FeaWre blgttel Orde Avaltlde N` ilo q�bf Dab AVallanle MAPPATIEIS unmapped g mepm eeplayee on memep kan appsdtlmate pdn[ selnte0 nY me user a[M tlpe. npl an aulnpdtatlte pFpperly Ip[a91pn TMs maq [pmpliea wIIM1 fl"A1A^s 5 W ntlaNs br IM1e use ql tllgltal Ilppdmaps HIlis no!vpdtl as rfnebw. TM nasemap mown compiles a'1!M1 FEMA'1111s nasemap e[cura[} slanaams Tne Hood M1aeartl Inlgrmalkn Is dedt•etl tlirec[ly form me autngHfalire NFHL xen eenM.es pmNded by FEMA. — map relle[t [nanges or amendment wnsequent tq this dale entl ume. me nrn L and exxu,e Inforrnetlgn mey change a oe[pme supereedetl ny new oars wer lane. n" map Imam 6 mid II me one pr more 4IM I—I'g map elements do - appear naumap Imagery. flood zone la nNs. FIR..,. spate Der. map FIR. dale.pourmuWiry Ise n4llers. GIRM panel nvmner_ and FIRM etttt[Ise Date. Map images hir J 250 5J0 1.000 1.500 2,000 [. V Has—p. I1SGS K N—f Map: 04hdr—ftry Data refreshed OdnbaF. 2020 84 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES APPRAISER LICENSE License of Michael P. Jonas, MAI, AI-GRS, CCIM RC-1 13-5;Mt:. CU.xm3r Halsrf BnNnmus`_eartaey dbizr STATE OF F LDRI DA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL MATE APPRAISAL BD THEC.ERTIFIEa GENERALAPFRAI 1-EERSNISCERTIFIEDUNDER THE PROVISIONSOFCHAPTER 475, FLOMDA STATUTES JONAS, MI HAEL PA L� - 66-1 1919 COURTNEY DRIVE STE 14 .:FORT MYERSL, FL 341119 . r EXPIRATION DAM fENEIER 3D, 2(22 Nways verify licenses online at MyFloridal-icense.com Do not alter this document in any form. This is your license_ It is unlxvrfuI far anyone other than the licensee to use this document. 85 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES QUALIFICATIONS OF MICHAEL P. JOHAS, MAI. AI-GRS. CCIM STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623 EDUCATION: University of Central Florida - 1999 BSBA — Finance PROFESSIONAL EDUCATION: Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020 Appraisal Institute: 2018 Legislative VALUEvent , 2018 Appraisal Institute: Advanced Income Capitalization, 2003 Appraisal Institute: Advancing the Appraisal Profession, 2019 Appraisal Institute: Analyzing Distressed Real Estate, 2007 Appraisal Institute: Appraisal Laws and Rules, 2004, 2002, 2004, 2020 Appraisal Institute: Appraisal Report Writing, 2005 Appraisal Institute: Artificial Intelligence, AVMS, 2019 Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2420 Appraisal Institute: Desktop Appraisals 2024 Appraisal Institute: FL State Law for Real Estate Appraisers, 2004 Appraisal Institute: Florida Appraisal Laws and Rules, 2012, 2014, 2016 Appraisal Institute: Florida Real Estate Valuation, 2011 Appraisal Institute= Florida State Law for Real Estate Appraisers, 2006 Appraisal Institute= Fun darnental s of Separating Real Estate, 2012 Appraisal Institute: Insurance Appraisal, 2011 Appraisal Institute: National US PAP Update Course, 2000, 2002, 20Q4, 20G6. 2008, 201C, 2012 Appraisal Institute: Real Estate Damages, 2011 Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007 Appraisal Institute: Review Theory— General, 2014 Appraisal Institute: Roles]Responsi bil ities SupervisorfTrainee, 2006, 20G8 Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008, 2012, 2014, 2016 Appraisal Institute: State Law for Real Estate Appraisers, 20D8, 2010, 2012 Appraisal Institute: The Appraiser as an Expert Witness, 2C16 Appraisal Institute: Trial Components, 2018 Appraisal Institute: Uniform Appraisal Standards for Federal, 2007 Bert Rodgers: Continuing Education, 2004 Bert Rogers: Real Estate CE, 2006 Bob Hogue: CE for Florida Real Estate Professionals, 2016 CCIM Institute: Financial Analysis Commercial Investment, 2008 CCIM Institute: Financial Analysis for Commercial, 20H CCIM Institute: Investment Analysis Commercial Investment, 2049 CCIM Institute: Investment Analysis Commercial, M09 CCIM Institute: Market Analysis Commercial Investment, 2008 CCIM Institute: User Decision Analysis Cornmercial Industrial, 2009 CLE International: Eminent Domain, 2006 Cooke: CE for Real Estate Professionals, 2015 DPBR: FRE4B Board Meeting, 2007 FREB Board Meeting, 2007 Larson Educational Services: Core Law, 2014 M cKi ssock: S upervi sor —Tra inee Course for Florida, 2019 86 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES NABOR Ethics Training: 2004, 2008, 2012, 2016 Southern Real Estate Academy: Broker License, 2DD7 Trans Equity Inc: Care Law, 2012 EXPERIENCE: 1999-200D Clayton, Roper 8, Marshall Orlando, FL 2000 —2001 Chapman 8, Associates Sarasota, FL 2001 —2008 Coast Engineering Consultants, Inc Naples, FL 2008 — 2009 Orion Bank. Naples, FL 20D9-2D11 Iberia Bank Naples, FL 2011 —2014 Integra Realty Resources Naples, FL 2014 — 2016 Capstone Valuation Advisors, LLC Naples, FL 2016-2D19 MPJ Real Estate Services, Inc_ Naples, FL 2019 — Present Carlson, Norris 8, Associates Fort Myers 8. Naples, FL PROFESSIONAL MEMBERSHIP: Appraisal Institute, Member (MAI f AI-GRB) No_ 124H Certified Commercial Investment Member, CCIM No. 18275 Certification, State Certified General Appraiser RZ2623 Member, Naples Area Board of Realtors State of Florida, Registered Real Estate Broker BK700992 Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial buildings, warehouses. mobile home parks, professional offioes, medical offices, ofFceANarehouse condominiums, single family homes, duplexes, apartment projects, individual condominium projects, residential lots, acreage, wetlands, special use properties, ranches, conservation easements hotels, marinas, mixed -use subdivisions, regional malls, gas stations, self --storage facilities and eminent domain eases_ Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders, developers, mortgage companies, insurance companies, home transfer companies, private individuals, and local, state and federal government agencies_ Qualified as an expertwitness in Monroe and Collier County Circuit Court_ 87