Agenda 04/11/2023 Item #16K 5 (Retention of Derek P. Rooney to serve as mediator for a voluntary mediation related to a Bert Harris Notice of Claim filed pursuant to Florida Stautes by La Minnesota Riveria LLC)04/11/2023
EXECUTIVE SUMMARY
Recommendation to approve retention of Derek P. Rooney to serve as mediator for a voluntary mediation
related to a Bert Harris Notice of Claim filed pursuant to Florida Statutes 70.001(4)(a) by La Minnesota
Riviera LLC, regarding the Riviera Golf Course.
OBJECTIVE: To retain a mediator to conduct a voluntary mediation related to a Bert Harris Notice of Claim
filed pursuant to Florida Statutes 70.001(4)(a) by La Minnesota Riviera LLC, regarding the Riviera Golf Course.
CONSIDERATIONS: On February 3, 2023, the County received a Bert Harris Notice of Claim (the "Claim")
from La Minnesota Riviera LLC, ("Owner") pursuant to Florida Statutes 70.001(4)(a), the Bert J. Harris Private
Property Rights Act (the "Act"), with respect to the approximately 93-acre parcel of land located at 164 Estelle
Drive, otherwise known as the Riviera Golf Course (the "Property"). The Claim alleges that the County's Golf
Course Conversion Ordinance inordinately burdens the Property.
On February 14, 2023, the Board authorized the County to participate in a voluntary mediation with the Claimant in
order to comply with Section 70.001(4)(c), which requires the County to make a written settlement offer to the
Claimant. Both the Claimant and the County have agreed to use Derek P. Rooney of Gray Robinson to mediate this
Claim. Mr. Rooney practices in the areas of land use law and local government law and is a Board Certified
Attorney in City, County and Local Goverm-nent law. Being able to retain a mediator with his reputation and
specific background is both rare and fortunate, especially in light of the controversy that this matter has generated in
the Riviera Golf Estates community.
Mr. Rooney represents both private and government clients. It should be noted that Mr. Rooney is a partner at Gray
Robinson, whom Commissioner Burt Saunders is also associated with. It is the opinion of the County Attorney that
as a matter of law, under both the State Ethics statutes and our local ethics ordinance, the retention of Mr. Rooney
does not present a conflict of interest as the Commissioner has no pecuniary interest or special private gain or loss in
this matter.
As an aside, the County Attorney has invited counsel to the Riviera Golf Estates HOA to attend the mediation, who
has indicated her intent to be present.
FISCAL IMPACT: The cost of the mediation is estimated to be approximately $4,000 and is dependent upon the
mediator's time. This cost will be borne equally between the Claimant and the County. No cost will be assessed
against the Riviera Golf Estates HOA.
GROWTH MANAGEMENT IMPACT: None.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for
Board approval. - JAK
RIECOMMENDATION: To approve retention of Derek P. Rooney to serve as mediator for a voluntary mediation
related to a Bert Harris Notice of Claim filed pursuant to Florida Statutes 70.001(4)(a) by La Minnesota Riviera
LLC, regarding the Riviera Golf Course.
PREPARED BY: Jeffrey A. Klatzkow, County Attorney
ATTACHMENT(S)
1. Letter to County re Bert Harris Claim.Final (PDF)
I Packet Pg. 1335
04/11/2023
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.K.5
Doe ID: 25068
Item Summary: Recommendation to approve retention of Derek P. Rooney to serve as mediator for a voluntary
mediation related to a Bert Harris Notice of Claim filed pursuant to Florida Statutes 70.001(4)(a) by La Minnesota
Riviera LLC, regarding the Riviera Golf Course.
Meeting Date: 04/11/2023
Prepared by:
Title: — County Attorney's Office
Name: Madison Bird
03/28/2023 8:43 AM
Submitted by:
Title: County Attorney — County Attorney's Office
Name: Jeffrey A. Klatzkow
03/28/2023 8:43 AM
Approved By:
Review:
County Attorney's Office Sally Ashkar Level 2 Attorney Review
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review
Office of Management and Budget Christopher Johnson Additional Reviewer
Corporate Compliance and Continuous Improvement Megan Gaillard
County Manager's Office Amy Patterson Level 4 County Manager Review
Board of County Commissioners Geoffrey Willig Meeting Pending
Completed 03/28/2023 11:26 AM
Completed 03/28/2023 11:40 AM
Completed 03/29/2023 9:30 AM
Completed 03/30/2023 8:23 AM
Additional Reviewer Completed
04/01/2023 8:31 PM
Completed 04/05/2023 12:59 PM
04/11/2023 9:00 AM
I Packet Pg. 1336 1
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February 3, 2023
VIA CERTIFIED MAIL AND ELECTRONIC MAIL
Commissioner Rich LoCastro
Arny Patterson, County Manager
Collier County Board of County Commissioners
Collier County Government Center
3299 Tamiarni Trail East, Suite 303
3299 Tarniami Trail East
Naples, Florida 34112
Naples, Florida 34112
Rick. LoQastro(��)col I icr��
A solA)col I icrcQ_u11tN
Dear Chairman Rick LoCastro and County Manager Ms. Arny Patterson:
This office represents La Minnesota Riviera LLC ("Owner"). This letter is to serve notice of a clairn
pursuant to Florida Statutes Section 70.001(4)(a), the Bert J. Harris Private Property Rights Act (the "Act"),
with respect to the 93 acre, more or less, parcel of land situated in Collier County, Florida, with a site
address of 164 Estelle Drive ("Subject Property") arising frorn the clear and unequivocal impact of
Ordinance 17-10 (tile "Golf Course Conversion Ordinance") oil tile Subject Property, and the County's
subsequent dismissal of the Owner's March 25, 2022 notice for a staternent of limitations imposed oil the
Subject Property as a result of the Golf Course Conversion Ordinance, to which the Owner is entitled
pursuant to Section 70.00 1 (1 1)(a) l.b of the Act. This letter is also a request that the County engage in the
settlement process called for in Section 70.001(4)(c) of the Act, and, if settlenfient fails, that the County
issue a statement of allowable uses for the Subject Property as required by Section 70.001(5)(a) of tile Act.
OPPORTUNITY TO RESOLVE CLAIM BEFORE LITIGATION PROCEEDS
Prior to filing a claim under the Bert Harris Act, the Act affords tile Board of County Commissioners tile
opportunity to resolve tile claim through many different approaches, which might include a modification to
use of areas of development to eliminate a "greenway" requirement and instead require the standard type
buffer required Linder the Land Development Code, or other forai of relief to enable redevelopment
consistent with the Growth Management Plan designation for the Subject Property and the Surrounding
residential uses and densities.
In addition, though not required by the Act, the Owner invites the County to participate in a pre -suit
mediation conference to discuss a resolution, as communication is typically essential to resolve a dispute
of this nature. If mediation is pursued, one (1) member of tile Board of County Commissioners is requested
to attend. Please contact the undersigned if tile County desires to discuss a resolution in a mediation setting.
THE CLAIM
Incorporated by reference is the Owner's March 25, 2022 notice ("Notice") for a statement of limitations
imposed oil the Subject Property as a result Of the Golf Course Conversion Ordinance. The County was
required to respond in writing within 45 days of receipt of the March 25, 2022 notice, but failed to do so.
The Owner is not required to formally pursue ail application for development order, as such is deerned a
waste of resources.
M�gyw
I Packet Pg. 1337
The Subject Property is zoned "GC" Open Space and designated Urban Residential on the Future Land Use
Map. The zoning designation does not permit residential use, though residential use is consistent with the
Urban Residential designation ascribed to the Subject Property. All properties surrounding the Subject
Property lie within the Urban Residential designation and are permitted and developed with residential use.
Accordingly, for all surrounding properties, the Future Land Use Designation and the permitted uses are
consistent. The Subject Property is a veritable island of "Open Space" inconsistent with the development
patterns of the community.
Uses permitted in the Open Space district are not economically realistic. A conversion to residential use is
logical and foreseeable due to several factors, not the least of which is the development pattern in the
surrounding community, the current Future Land Use Designation, and the very enactment of the Golf
Course Conversion Ordinance itself.
The impact of the Golf Course Conversion Ordinance on the Subject Property is clear and unequivocal. In
addition to the supplemental time and processes imposed that exceeds the requirements for any other
conversion to residential use in Collier County, the Golf Course Conversion Ordinance mandates a
dedicated "greenway" of undevelopable land equal to no less than 75 feet in width and an average 100 feet
in width, and, pursuant to Section 5.05.15.G.2.b, the width of the greenway cannot be waived. A simple
site study demonstrates that the mandated greenway results in a loss in developable area that equates to 242
dwelling units.
The Golf Course Conversion Ordinance inordinately burdens the Subject Property because it restricts or
I imits the use thereof, such that the Owner is unable to attain its investment -backed expectation to redevelop
the Subject Property and/or vested right to redevelop the Subject Property.
A bona -fide, valid appraisal showing the diminution in value of the Subject Property is enclosed. The
diminution in value and the amount of the claim is:
"Before Value" $20,760,000
"After Value" $ 6,240,000
Total Claim $14,520,000
For the foregoing reason and corresponding enclosures, the Owner requests that tile County comply with
the provisions of Florida Statutes Section 70.001(4)(c) to make a written settlement offer and, if settlement
fails, to issue a statement of allowable uses for the Subject Property as required under Florida Statutes
Section 70.001(5)(a).
Sincerely,
4-
Richard D. Yovanovich, Esq.
Enclosures
cc: Crystal K. Kinzel, County Clerk
Jeffrey A. Klatzkow, County Attorney
Francesca Passidomo, Esq,
I Packet Pg. 1338
4001 Tarniami Trail North, Suite 300
CYK Naples, Florida 34103
COLEMAN 1 YOVANOVICH 1 KOESTER T: 239.435.3535 1 F: 239.435.1218
March 25, 2022
Via E-mail and Certified Mail
Collier County Zoning Departi-nent
Michael Bosi
2800 North Horseshoe Drive
Naples, Florida 34104
Re: Riviera Golf Estates
Dear Mr. Bosi,
Email: rvovai?ovichLa--),ci�klaii,firtii. com
As you know, my client is currently pursuing a change in use from Golf Course and Recreation to
Residential Planned Development. The Golf Course and Recreation designation imposes uses that
are simply not economically viable. On the other hand, the proposed residential use is the highest
and best use of the property. Residential is consistent with the Growth Management Plan and is
plainly consistent with the existing land use pattern. The property is completely surrounded by
single and multi -family residential developments and a mobile home park. Finally, the proposed
residential use is suitable for the area. The Buffer Requirements under the Land Development
Code anticipate residential will abut residential and find this scheme of development wholly
suitable.
My client has owned the property since March 15, 2005. Prior to adoption of Section 5.05.15
("Golf Course Conversion Ordinance") on March 28, 2017, my client could have achieved the
proposed residential land use through a rezone to PUD. A rezone is accomplished through a very
specific process and is based on the application of very specific criteria.
By adopting the new law, the impact of the Golf Course Conversion Ordinance on my client's
property is clear and unequivocal. My client is now forced through a new process that is both a
significant financial burden and a delay that is not a mere temporary impact. More importantly,
the Golf Course Conversion Ordinance imposes new and additional development standards that
cause an inordinate burden on use of their property. The burden includes, without limitation, a
requirement that my client to forfeit significant portion of its lands for an undevelopable greenway
with a minimum average width of 100 feet and no less than 75 feet in any location (LDC Sec.
5.15.G.2.a) resulting in a maximum 104 SFA residential lots that can actually fit within the balance
of the developable area. But for the Golf Course Conversion Ordinance, the applicable buffer
between residential and residential under the Land Development Code is a 15 feet Type "B" Buffer
(LDC Sec. 4.06.02.B) and my client could have constructed up to 346 residential lots. This buffer
cyklawfirm.com
I Packet Pg. 1339
Appeal 20180002049
March 25, 2022
Page 2 of 2
standard in the Land Development Code is evidence that residential uses are compatible so long
as a 15 feet Type "B" Buffer is provided.
The Golf Course Conversion Ordinance attempts to vest in adjacent owners a right they previously
did not possesses, that is "to retain an open space view". (LDC See. 5.15.G.2). When my client
purchased the property, it was not encumbered by this purported public right- Indeed, my client
purchased the property with the understanding that residential development could be accomplished
through the rezone process and approved based on the rezone criteria, including the long-
established buffer requirement between residential developments. Instead, by creating an after -
the -fact right in favor of the public without my client's consent, my client's property is forced to
act as uncompensated green space for the neighborhood. Simply put, due to the Golf Course
Conversion Ordinance, my client is forced to carry a disproportionate and permanent burden for
the good of the public, when in fairness, it should be bome by the public at large through County
macro -level planning.
Because it is general knowledge that golf courses are a failed business and the existing Growth
management plan designation for the property, the County knew that a conver6on of the golf
course to residential was reasonably probable. This is clear from the very adoption of the Golf
Course Conversion Ordinance itself. Refusing to allow my client to pursue the standard PUD
rezone process for residential use and requiring that my client use his private property as a source
of open space-, water management and recreation for the surrounding community, is an inordinate
burden to a reasonably foreseeable use.
In light of these facts, we ask that You please consider this letter as a notification by the property
owner that we deem the impact of the Golf Course Conversion Ordinance on the property as clear
and unequivocal in its terms and, as such, restrictive of the property before the enactment. We
respectfully request a response that describes the limitations imposed on the property by the 001f
Course Conversion Ordinance in accordance with Section 70,01 (1 1)(a)l.b., Florida Statutes.
Respectfully,
Richard D. Yovanovich, Esq.
cc: Jeff-rey Klatzkow, via email
Client, via email
Francesca Passidomo, Esq., via email
cyklawfirm.com
I Packet Pg. ��071
Integra Realty Resources
Southwest Florida
Appraisal of Real Property
Former Riviera Golf Course Land
Vacant Land
164 Estelle Dr.
Naples, Collier County, Florida 34112
Prepared For:
Coleman, Yovanovich & Koester
Date of the Report:
February 3, 2023
Report Format:
Appraisal Report
IRR - Southwest Florida
File Number: 152-2023-0023
I Packet Pg. 1341
Subject Photographs
Former Riviera Golf Course Land
164 Estelle Dr.
Naples, Florida
I Packet Pg. 1342
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Integra Realty Resources
Miami/Caribbean
Orlando
Southwest Florida
www.irr.com
February 3, 2023
In Miami/Caribbean
Dadeland Centre
9155 South Dadeland Blvd.
Suite 1208
Miami, FL 33156
(305) 670-0001
In Orlando
The Magnolia Building
326 N. Magnolia Ave.
Orlando, FL 32801
(407) 843-3377
La Minnesota Riviera, LLCMr. Richard Yovanovich
Attorney at Law
Coleman, Yovanovich & Koester
4001 Tamiami Trail North Suite 300
Naples, FIL 34103
SUBJECT: Market Value Appraisal
Former Riviera Golf Course Land
164 Estelle Dr.
Naples, Collier County, Florida 34112
IRR - Southwest Florida File No. 152-2023-0023
Dear Mr. Yovanovich:
In Naples/Sarasota
Horseshoe Professional Park
2770 Horseshoe Drive S.
Suite 3
Naples, FL 34104
(239)-643-6888
Integra Realty Resources — Southwest Florida is pleased to submit the accompanying
appraisal of the referenced property. The subject of this appraisal is the former Riviera Golf
Club. The 18-hole public course closed in 2022. The course was developed on +/-93.34
acres within the Riviera Golf Estates neighborhood. Riviera Golf Estates is a 55-plus
community consisting of nearly 700 single-family homes, manufactured homes and
condominiums. The subject is zoned Golf Course and Recreational Use District (GC) by
Collier County. The subject has a future land use designation of Urban Residential.
The subject property has been under the same ownership since March 2005. Prior to
adoption of Section 5.05.15 ("Golf Course Conversion Ordinance") on March 28, 2017,
ownership could have attempted to rezone the property to a residential land use through a
rezone to a planned unit development. Your attention is directed to the "General
Assumptions", "General Limiting Conditions", and "Certificate of Appraisal", which are
considered usual for this type of assignment and have been included in the addendum of
this report.
The term 'inordinate burden' means action of one or more governmental entities has
directly restricted or limited the use of real property such that the property owner is
I Packet Pg. 1344 1
La Minnesota Riviera, LLCMr. Richard Yovanovich
Coleman, Yovanovich & Koester
February 3, 2023
Page 2
permanently unable to attain the reasonable, investment -backed expectation for the
existing use of the real property or a vested right to a specific use of the real property with
respect to the real property as a whole, or that the property owner is left with existing or
vested uses that are unreasonable such that the property owner bears permanently a
disproportionate share of a burden imposed for the good of the public, which in fairness
should be borne by the public at large." (2010 Florida Statutes 70.001 Private Property
Rights Protection, the Bert Harris Jr. Private Property Rights Act.)
At the request of the client, the purpose of the appraisal is to develop the following opinions
of value:
The market value of the fee simple interest in the subject property as of the
effective date of the appraisal, April 25, 2022, subject to the hypothetical condition
that the property is developable with 346 residential units
0 The market value of the fee simple interest in the subject property as of the
effective date of the appraisal, April 26, 2022, subject to the hypothetical condition
that the property is developable with 104 residential units
The diminution in value for the subject property as of the effective date of the
appraisal, April 26, 2022
The client for the assignment is Coleman, Yovanovich & Koester. The intended user of this
report is the client. The intended use of the appraisal is to assist the client with a potential
Bert Harris Act claim. No other party or parties may use or rely on the information, opinions,
and conclusions contained in this report.
The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP),
the Code of Professional Ethics and Standards of Professional Practice of the Appraisal
Institute, applicable state appraisal regulations.
Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform
Standards of Professional Appraisal Practice (USPAP) requires each written real property
appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal
Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards
Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis that
were used to develop the opinion of value.
irr
Packet Pg. 1345
La Minnesota Riviera, LLCMr. Richard Yovanovich
Coleman, Yovanovich & Koester
February 3, 2023
Page 3
Based on the valuation analysis in the accompanying report, and subject to the definitions,
assumptions, and limiting conditions expressed in the report, the concluded opinions of
value are as follows:
Value Conclusions
Pa rcel I nterest Appra i s ed Date of Va I ue Va I ue Concl us i on
As if clevelopablewith 346 residential units Fee Si mpl e April 25, 2022 $20,760,000
As if developablewith 104 residential units Fee Si mpl e April 26, 2022 $6,240,000
Given these values, and the assumptions contained herein, the diminution in value is
estimated as follows.
Dimunition In Value
As if developable with 346 residential units $20,760,000
As if developable with 104 residential units $6,240,000
Dinnunition In Value As Of April 26, 2022 $14,520,000
Extraordinary Assumptions and Hypothetical Conditions
Thevalue conclusions aresubjectto thefollowing extraordinary assumptions. An extraordinary assumption is an
assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which,
if found to befalse, could alter the appraiser's opinions or conclusions.
1. None
The value conclusions arebased on thefollowing hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to existonthe
effective date of the assignment results, but is used for the purpose of analysis.
1. The before scenario is subjectto the hypothetical condition that the property has been rezoned for 346
residential units prior to the County's adoption of the Golf Course Conversion Ordinance mandating an
undevelopable buffer area between 75 - 100 feet in width.
2. The after scenario is subjectto the hypothetical condition that the property has been rezoned for 104 residential
units after the County's adoption of the Golf Course Conversion Ordinance mandating an undevelopable buffer
area between 75 - 100 feet in width.
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The opinions of value expressed in this report are based on estimates and forecasts which
are prospective in nature and subject to considerable risk and uncertainty. Events may occur
which could cause the performance of the property to differ materially from the estimates
contained herein, such as changes in the economy, interest rates, capitalization rates,
financial strength of tenants, and behavior of investors, lenders, and consumers.
Additionally, the concluded opinions and forecasts are based partly on data obtained from
interviews and third -party sources, which are not always completely reliable. Although the
findings are considered reasonable based on available evidence, IRR is not responsible for
the effects of future, unforeseen occurrences.
If you have any questions or comments, please contact the undersigned. Thank you for the
opportunity to be of service.
irr
Packet Pg. 1346
La Minnesota Riviera, LLCMr. Richard Yovanovich
Coleman, Yovanovich & Koester
February 3, 2023
Page 4
Respectfully submitted,
Integra Realty Resources - Southwest Florida
n Lloyd, MAI
Florida State Certified General RE Appraiser
#RZ2618
Telephone: 239.687.5801
Email: clloyd@irr.com
i I'm - ;;,-
Packet Pg. 1347
Table of Contents
Quality Assurance
1
As if developable with 104 residential units
Executive Summary
2
(93.34 Acres; 4,065,890 SF) 42
Summary of Land Values 49
Identification of the Appraisal Problem
3
Reconciliation and Conclusion of Value 50
Subject Description
3
Exposure Time 51
Sale History
3
Marketing Period 51
Pending Transactions
3
Appraisal Purpose
4
Certification 52
Value Type Definitions
4
Assumptions and Limiting Conditions 54
Appraisal Premise Definitions
4
Addenda
Property Rights Definitions
5
A. Appraiser Qualifications
Client and Intended User(s)
5
B. IRR Quality Assurance Survey
Intended Use
5
C. Property Information
Applicable Requirements
5
D. Comparable Data
Report Format
5
Land Sales - As if developable with 346
Prior Services
5
residential units
Appraiser Competency
5
Land Sales - As if developable with 104
Scope of Work
7
residential units
Economic Analysis
9
E. Engagement Letter
Collier County Area Analysis
9
Surrounding Area Analysis
16
Property Analysis
20
Land Description and Analysis
20
Real Estate Taxes
27
Highest and Best Use
28
Valuation 31
Valuation Methodology 31
Sales Comparison Approach 32
As if developable with 346 residential units
(93.34 Acres; 4,065,890 SF) 32
Former Riviera Golf Course Land
. Jrr
Packet Pg. 1348
Quality Assurance
Quality Assurance
IRR Quality Assurance Program
At IRR, delivering a quality report is a top priority. Integra has an internal Quality Assurance Program
in which managers review material and pass an exam in order to attain IRR Certified Reviewer status
By policy, every Integra valuation assignment is assessed by an IRR Certified Reviewer who holds the
MAI designation, or is, at a minimum, a named Director with at least ten years of valuation
experience.
This quality assurance assessment consists of reading the report and providing feedback on its quality
and consistency. All feedback from the IRR Certified Reviewer is then addressed internally prior to
delivery. The intent of this internal assessment process is to maintain report quality.
Designated IRR Certified Reviewer
An internal quality assurance assessment was conducted by an IRR Certified Reviewer prior to delivery
of this appraisal report. This assessment should not be construed as an appraisal review as defined by
USPAP.
Former Riviera Golf Course Land
1 Irr
Packet Pg. 1349
Executive Summary
2
Executive Summary
Property Name
Former Riviera Golf Course Land
Address
164 Estel I e Dr.
Naples, Collier County, Florida 34112
Property Type
Land - Other
Owner of Record
LA Minnesota Riviera, LLC
Tax ID
70170160004
Legal Description
RIVIERA COLONY GOLF ESTTR MAPTRACTSA, B,C& D, LESS
Land Area
93.34 acres; 4,065,890 SIF
Zoning Designation
Golf Course and Recreational Use District (GC)
Highest and Best Use
Residential use
ExposureTime; MarketingPeriod
12 months; 12 months
Date of the Report
February 3, 2023
Value Conclusions
Value Type& Appraisal Premise
Interest Appraised DateofValue
ValueConclusion
MarketValueas if developable with 346 units
Fee Si rnpl e Apri 1 25, 2022
$20,760,000
Ma rket Va I ue a s if devel opa bl e with 104 units
Fee Si mpl e Apri 1 26, 2022
$6,240,000
Diminution In Value
Apri 1 26, 2022
$14,520,000
The values reported above a re subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report ofwhich this
summa ry is a part. No
pa rty other than Colema n, Yovanovich & Koester may use or rely on the
information, opinions, and conclusions conta ined in the report. It is assumed
that the users of
the report have read the entire report, including a 11 ofthe definitions,
assumptions, a nd limiting conditions conta ined therein.
Extraordinary Assumptions and Hypothetical Conditions
The va I ue concl us ions are subject to the fol I owing extraordinary assumptions. An extraordinary ass umpti on is an
ass ignment-specific ass umpti on as of the effective date regarding uncertain information used in an a na I ysis which,
if found to be fa Ise, cou I d a I ter the appraiser's opinions or concl us ions.
1. None
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, butis used for the purpose of analysis.
1. The before scenario is subject to the hypothetical condition that the property has been rezonedfor346
residential units prior to the County's adoption of the Golf Course Conversion Ordinance manclatingan
undevelopable buffer area between 75 - 100feetin width.
2. The after scenario is subject to the hypothetical condition that the property has been rezonedfor 104 residential
units after the County's adoption oftheGolf Course Conversion Ordinance manclatingan undevelopable buffer
area between 75- 100feetinwidth.
The use of any extraordinary assumption orhypothetical condition may have affected the assignment results.
Former Riviera Golf Course Land o . Jrr
I Packet Pg. 1350 1
Identification of the Appraisal Problem
3
Identification of the Appraisal Problem
Subject Description
The subject of this appraisal is the former Riviera Golf Club. The 18-hole public course closed in 2022.
The course was developed on +/-93.34 acres within the Riviera Golf Estates neighborhood. Riviera Golf
Estates is a 55-plus community consisting of nearly 700 single-family homes, manufactured homes and
condominiums. The subject is zoned Golf Course and Recreational Use District (GC) by Collier County.
The subject has a future land use designation of Urban Residential. A legal description of the property
is provided below.
Property Identification
Property Name Former Riviera Golf Course Land
Address 164 Estel I e Dr.
Naples, Florida 34112
TaxID 70170160004
Owner of Record LA Minnesota Riviera, LLC
Legal Description RIVIERA COLONY GOLF ESTTR MAPTRACTSA, B,C& D, LESSTHAT
PORTION OF TRACT A DESC IN OR 1548 PG 337, LESSTHAT
PORTIONOFTRACT13 DESCIN OR2021 PG 741
Sale History
The most recent closed sale of the subject is summarized as follows:
Sa I e Date
March 4, 2005
Sel I er
RGC, LLC
Buyer
LA Minnesota Riviera, LLC
Sale Price
$4,800,000
Recording Instrument Number
3753-1455
No known sales or transfers of ownership have taken place within a three-year period prior to the
effective appraisal date.
Pending Transactions
Based on discussions with the appropriate contacts, the property is not subject to an agreement of
sale or an option to buy, nor is it listed for sale, as of the effective appraisal date.
Former Riviera Golf Course Land
1 Irr
Packet Pg. 1351
Identification of the Appraisal Problem
4
Appraisal Purpose
The purpose of the appraisal is to develop the following opinion(s) of value:
The market value of the fee simple interest in the subject property as of the effective date of
the appraisal, April 25, 2022, subject to the hypothetical condition that the property is
developable with 346 residential units
The market value of the fee simple interest in the subject property as of the effective date of
the appraisal, April 26, 2022, subject to the hypothetical condition that the property is
developable with 104 residential units
The diminution in value for the subject property as of the effective date of the appraisal, April
26,2022
The date of the report is February 3, 2023. The appraisal is valid only as of the stated effective date or
dates.
Value Type Definitions
The definitions of the value types applicable to this assignment are summarized below.
Market Value
The most probable price which 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:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own
best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
5. 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.
Appraisal Premise Definitions
The definitions of the appraisal premises applicable to this assignment are specified as follows.
As Is Market Value
The estimate of the market value of real property in its current physical condition, use, and zoning as
2
of the appraisal date.
1 Code of Federal Regulations, Title 12, Chapter 1, Part 34.42[h]; also Interagency Appraisal and Evaluation
Guidelines, Federal Register, 75 FIR 77449, December 10, 2010, page 77472
2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
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Identification of the Appraisal Problem
Property Rights Definitions
The property rights appraised which are applicable to this assignment are defined as follows.
Fee Simple Estate
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.'
Client and Intended User(s)
The client and intended user is La Minnesota Riviera, LLC. No other party or parties may use or rely on
the information, opinions, and conclusions contained in this report.
Intended Use
The intended use of the appraisal is for The intended use of the appraisal is to assist the client with a
potential Bert Harris Act claim. The appraisal is not intended for any other use.
Applicable Requirements
This appraisal report conforms to the following requirements and regulations:
0 Uniform Standards of Professional Appraisal Practice (USPAP);
0 Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute;
0 Applicable state appraisal regulations.
Report Format
Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards
of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be
prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an
Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical
explanation of the data, reasoning, and analysis used to develop the opinion of value.
Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in
connection with the subject property in the prior three years, including valuation, consulting, property
management, brokerage, or any other services. We have performed no 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 the agreement to perform this assignment.
Appraiser Competency
No steps were necessary to meet the competency provisions established under USPAP. The
assignment participants have appraised several properties similar to the subject in physical, locational,
and economic characteristics, and are familiar with market conditions and trends; therefore, appraiser
I Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
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Identification of the Appraisal Problem
competency provisions are satisfied for this assignment. Appraiser qualifications and state credentials
are included in the addenda of this report.
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Scope of Work
Scope of Work
Introduction
The appraisal development and reporting processes require gathering and analyzing information
about the assignment elements necessary to properly identify the appraisal problem. The scope of
work decision includes the research and analyses necessary to develop credible assignment results,
given the intended use of the appraisal. Sufficient information includes disclosure of research and
analyses performed and might also include disclosure of research and analyses not performed.
To determine the appropriate scope of work for the assignment, the intended use of the appraisal, the
needs of the user, the complexity of the property, and other pertinent factors were considered. The
concluded scope of work is described below.
Research and Analysis
The type and extent of the research and analysis conducted are detailed in individual sections of the
report. The steps taken to verify comparable data are disclosed in the addenda of this report.
Although effort has been made to confirm the arms -length nature of each sale with a party to the
transaction, it is sometimes necessary to rely on secondary verification from sources deemed reliable
Inspection
Details regarding the property inspection conducted as part of this appraisal assignment are
summarized as follows:
Property Inspection
Pa rty Ins pecti on Type Inspection Date
Carlton Lloyd, MAI On -site January 24, 2023
Valuation Methodology
Three approaches to value are typically considered when developing a market value opinion for real
property. These are the cost approach, the sales comparison approach, and the income capitalization
approach. Use of the approaches in this assignment is summarized as follows:
Approaches to Value
Approach Applicabi I ity to Subject Use in Assignment
Cost Approach Not Applicable Not Uti I i zed
Sales Comparison Approach Applicable Uti I i zed
Income Capitalization Approach Not Appl icable Not Uti I i zed
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Scope of Work
8
in developing an opinion of value for the subject, only the sales comparison approach is used. This
approach is applicable to the subject because there is an active market for similar properties, and
sufficient sales data is available for analysis.
The cost approach is not applicable because there are no improvements that contribute value to the
property, and the income approach is not applicable because the subject is not likely to generate
rental income in its current state.
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Collier County Area Analysis 9
Economic Analysis
Collier County Area Analysis
Collier County is located in southwestern Florida approximately 90 miles west of Miami. It is 1,998
square miles in size and has a population density of 200 persons per square mile.
Population
Collier County has an estimated 2022 population of 399,007, which represents an average annual 1.8%
increase over the 2010 census of 321,520. Collier County added an average of 6,457 residents per year
over the 2010-2022 period, and its annual growth rate exceeded the State of Florida rate of 1.3%.
Looking forward, Collier County's population is projected to increase at a 1.1% annual rate from 2022-
2027, equivalent to the addition of an average of 4,554 residents per year. Collier County's growth
rate is expected to exceed that of Florida, which is projected to be 0.9%.
Population Trends
Population Compound Ann. % Chng
2010 Census 2022 Estimate 2027 Proiection 2010-2022 2022-2027
Collier County 321,520 399,007 421,777 1.8% 1.1%
Florida 18,801,310 21,976,313 22,982,383 1.3% 0.9%
Source: C1 a ritas
Employment
Total employment in Collier County was estimated at 143,535 jobs as of June 2021. Between year-end
2011 and 2021, employment rose by 20,575 jobs, equivalent to a 16.7% increase over the entire
period. There were gains in employment in eight out of the past ten years, with losses in 2020 and
2021 influenced by the COVID-19 pandemic. Although Collier County's employment rose over the last
decade, it underperformed Florida, which experienced an increase in employment of 17.5% or
1,286,010 jobs over this period.
A comparison of unemployment rates is another way of gauging an area's economic health. Over the
past decade, the Collier County unemployment rate has been generally lower than that of Florida,
with an average unemployment rate of 5.8% in comparison to a 6.1% rate for Florida. A lower
unemployment rate is a positive indicator.
Recent data shows that the Collier County unemployment rate is 13.5% in comparison to a 13.2% rate
for Florida, a negative sign that is consistent with the fact that Collier County has underperformed
Florida in the rate of job growth over the past two years.
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Collier County Area Analysis
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Employment Trends
Total Employment (Year End)
Unemployment
Rate (Ann. Avg.)
Year
Collier County
Change
Florida
Change
Collier County
Florida
2011
122,960
7,368,030
10.1%
10.0%
2012
125,704
2.2%
7,538,166
2.3%
8.7%
8.6%
2013
131,115
4.3%
7,741,539
2.7%
7.4%
7.5%
2014
137,819
5.1%
8,012,496
3.5%
6.1%
6.5%
2015
143,261
3.9%
8,314,343
3.8%
5.3%
5.5%
2016
150,204
4.8%
8,542,086
2.7%
4.7%
4.9%
2017
150,670
0.3%
8,718,087
2.1%
4.2%
4.3%
2018
155,804
3.4%
8,907,904
2.2%
3.5%
3.6%
2019
158,943
2.0%
9,094,742
2.1%
3.3%
3.3%
2020
149,994
-5.6%
8,664,195
-4.7%
7.0%
7.8%
2021*
143,535
-4.3%
8,654,040
-0.1%
3.7%
4.7%
Overall Change 2011-2021 20,575 16.7% 1,286,010 17.5%
Avg Unemp. Rate 2011-2021 5.8% 6.1%
Unemployment Rate -April 2022 13.5% 13.2%
*Total employment data is as of June 2021; unemployment rate data reflects the average of 12 months of 2021.
Source: U.S. Bureau of Labor Statistics and Moody's Ana I ytics. Employment figures are from the Quarterly Census of Employment and Wages (QCEW).
Unemployment rates are from the Current Popu I a ti on Survey (CPS). The figures are not season a I I y adjusted.
Employment Sectors
The composition of the Collier County job market is depicted in the following chart, along with that of
Florida. Total employment for both areas is broken down by major employment sector, and the
sectors are ranked from largest to smallest based on the percentage of Collier County jobs in each
category.
Employment Sectors - 2021
0% 5% 10% 15% 20% 25%
Trade; Transportation; and Utilities
Leisure and Hospitality
Education and Health Services
Construction
Professional and Business Services
Government
Financial Activities
Other Services
Manufacturing
Natural Resources & Mining
Information
Source: U.S. Bureau of Labor Statistics and Moody's Ana I ytics
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Collier County Area Analysis
Collier County has greater concentrations than Florida in the following employment sectors:
1. Leisure and Hospitality, representing 18.6% of Collier County payroll employment compared to
13.0% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation
facilities, and arts and cultural institutions.
2. Education and Health Services, representing 15.7% of Collier County payroll employment
compared to 15.1% for Florida as a whole. This sector includes employment in public and private
schools, colleges, hospitals, and social service agencies.
3. Construction, representing 12.3% of Collier County payroll employment compared to 6.6% for
Florida as a whole. This sector includes construction of buildings, roads, and utility systems.
4. Other Services, representing 4.3% of Collier County payroll employment compared to 3.0% for
Florida as a whole. This sector includes establishments that do not fall within other defined
categories, such as private households, churches, and laundry and dry cleaning establishments.
Collier County is underrepresented in the following sectors:
1. Trade; Transportation; and Utilities, representing 19.1% of Collier County payroll employment
compared to 20.8% for Florida as a whole. This sector includes jobs in retail trade, wholesale
trade, trucking, warehousing, and electric, gas, and water utilities.
2. Professional and Business Services, representing 12.0% of Collier County payroll employment
compared to 16.5% for Florida as a whole. This sector includes legal, accounting, and
engineering firms, as well as management of holding companies.
3. Government, representing 6.1% of Collier County payroll employment compared to 11.0% for
Florida as a whole. This sector includes employment in local, state, and federal government
agencies.
4. Financial Activities, representing 6.1% of Collier County payroll employment compared to 7.0%
for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as
are real estate owners, managers, and brokers.
Major Employers
Major employers in Collier County are shown in the following table.
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Collier County Area Analysis
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Major Employers - Collier County
Name
Number of Employees
I
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
8
City of Naples
1,169
9
Physicians Regional
950
10
Moorings Park
888
Source: Southwest Florida Economic DvelopmentAl I i an ce
Gross Domestic Product
Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and
services produced in a defined geographic area, and annual changes in Gross Domestic Product (GDP)
are a gauge of economic growth.
Economic growth, as measured by annual changes in GDP, has been considerably higher in Collier
County than Florida overall during the past ten years. Collier County has grown at a 3.2% average
annual rate while Florida has grown at a 2.3% rate. Collier County experienced a decline in GDP in the
recent downturn but fared better than Florida. The area's GDP dropped by 2.0% in 2020 while
Florida's GDP dropped by 2.8%. GDP figures for 2021 are not yet available at the local level, but GDP
on a national level increased 5.7% in 2021, in contrast to the pandemic -related decrease of 3.4% in
2020.
Collier County has a per capita GDP of $44,675, which is 2% greater than Florida's GDP of $43,765. This
means that Collier County industries and employers are adding relatively more value to the economy
than their counterparts in Florida.
Gross Domestic Product
Yea r
($,0005)
Collier County
% Change
($,0005)
Florida
% Change
2011
13,234,254
772,021,300
2012
13,416,369
1.4%
778,545,000
0.8%
2013
13,859,448
3.3%
794,842,100
2.1%
2014
14,600,582
5.3%
817,233,500
2.8%
2015
15,509,481
6.2%
852,242,400
4.3%
2016
16,477,877
6.2%
881,539,200
3.4%
2017
16,698,069
1.3%
912,966,200
3.6%
2018
17,643,609
5.7%
943,463,400
3.3%
2019
17,915,539
1.5%
971,619,200
3.0%
2020
17,555,943
-2.0%
944,000,800
-2.8%
Compound % Chg (2011-2020)
3.2%
2.3%
GDP Per Capita 2020
$44,675
$43,765
Source: U.S. Bureau of Economic Ana I ysis and Moody's Ana I ytics; d a ta released December 2021. The release of state and I oca I GDP
d a ta has a I onger I a g time than nationa I data. The d a ta represents inflation-adj us ted real GDP stated in 2012 dollars.
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Collier County Area Analysis
13
Household Income
Collier County is more affluent than Florida. Median household income for Collier County is $81,946,
which is 25.2% greater than the corresponding figure for Florida.
Median Household Income - 2022
Median
Collier County $81,946
Florida $65,445
Comparison of Collier County to Florida +25.2%
Source: C1 a ri ta s
The following chart shows the distribution of households across twelve income levels. Collier County
has a greater concentration of households in the higher income levels than Florida. Specifically, 54% of
Collier County households are at the $75,000 or greater levels in household income as compared to
44% of Florida households. A lesser concentration of households is apparent in the lower income
levels, as 20% of Collier County households are below the $35,000 level in household income versus
26% of Florida households.
Household Income Distribution - 2022
$500,000 and more
$250,000 - 499,999
$200,000 - $249,999
$150,000 - $199,999 NEEL— 6.4% 1_2 Y,
$125,000 - $149,999 6.4% 7. _1
$100,000 - $124,999
$75,000 - $99,999
$50,000 - $74,999
$35,000 - $49,999
$25,000 - $34,999
$15,000 - $24,999
Less than $15,000
0.0% 5.0% 10.0% 15.0%
0 Collier County 0 Fl.rid�
Source: Claritas
20.0%
Education and Age
Residents of Collier County have a higher level of educational attainment than those of Florida. An
estimated 36% of Collier County residents are college graduates with four-year degrees, versus 30% of
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Collier County Area Analysis
14
Florida residents. People in Collier County are older than their Florida counterparts. The median age
for Collier County is 53 years, while the median age for Florida is 43 years.
Education & Age - 2022
Percent College Graduate
80%
70%
60%
50%
40%
30%
20%
10%
Collier County Florida
Source: Claritas
Conclusion
50
45
40
35
30
25
20
15
10
Median Age
Collier County Florida
The Collier County economy will benefit from a growing population base and higher income and
education levels. Collier County experienced growth in the number of jobs and has maintained a
generally lower unemployment rate than Florida over the past decade. It is anticipated that the
Collier County economy will improve and employment will grow, strengthening the demand for real
estate.
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Collier County Area Analysis
15
Area Map
w
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Pelican Bay
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Collier County Area Analysis
16
Surrounding Area Analysis
The subject is located along Estelle Drive, just north of Rattlesnake Hammock Road and east of
Tamiami Trail East within the East Naples submarket in Collier County. Area boundaries and
delineation are indicated in the following table. A map identifying the location of the property follows
this section.
Boundaries & Delineation
Bound a ri es
Ma rket Area
Col I i er Cou nty
Su bma rket
Ea st Na pl es
Area Type
Suburban
Del ineation
North
Davis Boulevard
South
Rattlesnake Hammock Road
East
County Barn Road
West
ETamiami Trail
Riviera Golf Estates
The subject is within the Riviera Golf Estates development. Riviera Golf Estates is a 55-plus community
consisting of nearly 700 single-family homes, manufactured homes and condominiums. Based on the
MLS, pricing for single family homes generally range from $400,000 to $600,000. Pricing for
manufactured homes range from $150,000 to $299,000. Condo pricing range from $205,000 to
$265,000.
Access and Linkages
Primary access and linkages to the subject area, including highways, roadways, public transit, traffic
counts, and airports, are summarized in the following table.
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Collier County Area Analysis
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Access & Linkages
Vehicular Access
Major Highways
Primary Corridors
Vehicular Access Rating
Interstate 75
Tamiami Trail, Davis Boulevard, Rattlesnake Hammock
Average
Public Transit
Providers
TransitAccess Rating
Collier Area Transit
Average
Ai rport(s)
Na me
Distance
Dri vi ng Ti me
Naples Airport
<6
15 minutes
Primary Transportation Mode
Demand Generators
The typical generators of demand affecting the subject property and its market are discussed and
analyzed below.
Nearby Retail Uses
The nearest shopping facilities serving the area are Naples Towne Center located west of the subject
and The Shops at Hammock Cove, located west of the subject. They offer basic convenience goods and
personal services. The closest regional mall is Coastland Center Mall located about 6.2 miles from the
property. Restaurants, principally along major arterials, such as Davis Boulevard, Rattlesnake
Hammock Road and E Tamiami Trail, are within a 5-15-minute travel time of the property. The closest
lodging facilities are located within a 15-minute drive of the subject and include WoodSpring Suites
Naples West.
Demographic Factors
A demographic profile of the surrounding area, including population, households, and income data, is
presented in the following table.
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Collier County Area Analysis
18
Surrounding Area Demographics
2022 Estimates
I -Mile Radius
3-Mile Radius
5-Mile Radius
Collier County
Florida
Population 2010
7,153
57,507
100,503
321,520
18,801,310
Population 2022
7,620
65,845
120,104
399,007
21,976,313
Population 2027
7,861
68,961
125,798
421,777
22,982,383
Compound % Change 2010-2022
0.5%
1.1%
1.5%
1.8%
1.3%
Compound % Change 2022-2027
0.6%
0.9%
0.9%
1.1%
0.9%
Households 2010
3,834
25,199
42,524
133,179
7,420,802
Households 2022
4,143
29,184
51,430
166,516
8,659,093
Households 2027
4,289
30,659
54,039
176,416
9,056,800
Compound % Change 2010-2022
0.6%
1.2%
1.6%
1.9%
1.3%
Compound % Change 2022-2027
0.7%
1.0%
1.0%
1.2%
0.9%
Median Household Income 2022
$69,833
$66,134
$70,067
$81,946
$65,445
Average Household Size
1.8
2.2
2.3
2.4
2.5
College Graduate %
32%
31%
32%
36%
30%
Median Age
69
56
53
53
43
Owner Occupied %
85%
71%
69%
72%
67%
Renter Occupied %
15%
29%
31%
28%
33%
Median Owner Occupied Housing Value
$279,242
$307,386
$350,783
$433,069
$290,276
Median Year Structure Built
1988
1991
1993
1996
1988
Average Travel Time to Work in Minutes
23
24
25
28
31
Source: Claritas
As shown above, the current population within a 3-mile radius of the subject is 65,845, and the
average household size is 2.2. Population in the area has grown since the 2010 census, and this trend
is projected to continue over the next five years. Compared to Collier County overall, the population
within a 3-mile radius is projected to grow at a slower rate.
Median household income is $66,134, which is lower than the household income for Collier County
Residents within a 3-mile radius have a lower level of educational attainment than those of Collier
County, while median owner -occupied home values are considerably lower.
Services and Amenities
The subject is served by the Collier County school district. The nearest public services, including police
and fire departments, as well as public schools are summarized in the following table.
Public Services
Driving
Distance
Servi ce
Name/Station
(Mi I es)
Di recti on
Police Department
Collier Sheriff's Department
<5
West
Fire Department
Greater Naples Fire Station 21
<5
South
Hospital
Physician's Regional
<5
East
Elementary School
Calusa Park Elementary
<5
NE
Middle/Junior High School
East Naples Middle
<5
NW
High School
Lely High
<5
South
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Collier County Area Analysis
19
The closest colleges and universities are FGCU, Rasmussen College, Hodges University and Keiser
University. They offer various continuing education programs. Proximity to parks, golf courses, and
other recreational activities is average.
Outlook and Conclusions
Given the economic and demographic profile of this segment of the market the outlook for this area is
expected to remain positive over the long term, with some uncertainty in the near term due to the
impact of the COVID-19 Pandernic, inflation, and geopolitical tension.
Surrounding Area Map
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Land Description and Analysis
20
Property Analysis
Land Description and Analysis
Land Description
Land Area
93.34 acres; 4,065,890 SF
Source of Land Area
Public Records
Primary Street Frontage
Estel I e
Shape
Irregular
Corner
No
Topogra phy
Rolling
Drainage
No problems reported or observed
Environmental Hazards
None reported or observed
Ground Stability
No problems reported or observed
Flood Area Panel Number
12021CO601H
Date
May 16, 2012
Zone
AH
Description
Withi n 100-yea r fl oodpl a i n
Insurance Required?
Yes
Zoning; Other Regulations
Zoning Jurisdiction
Col I i er County
Zoning Designation
Golf Course and Recreational Use District (GC)
Description
The purpose and intent of "GC" district is to provide lands for golf
Legally Conforming?
Appea rs to be I ega I ly conformi ng
Zoni ng Cha nge Li kel y?
Yes
Permitted Uses
Golf courses, hikingtrails, walkways, multi -use paths and observation
decks, passive recreation areas and disc golf.
Other Land Use Regulations
Collier County FLU: Urban Residential Subdistrict
Utilities
Servi ce
Provider
Water
Col I i er Cou nty
Sewer
Col I i er County
El ectri c i ty
FPL
Local Phone
Multiple Carriers
We are not experts in the interpretation of zoning ordinances. An appropriately qualified land use
attorney should be engaged if a determination of compliance with zoning is required.
Future Land Use
The subject is designated as Urban Residential Subdistrict by Collier County Future Land Use Element.
The purpose of this Subdistrict is to provide for higher densities in an area with fewer natural resource
4 1 Irr
Former Riviera Golf Course Land
I Packet Pg. 1368 1
Land Description and Analysis
21
constraints and where existing and planned public facilities are concentrated. This Subdistrict
comprises approximately 93,000 acres and 80% of the Urban Mixed Use District. Maximum eligible
residential density shall be determined through the Density Rating System but shall not exceed 16
dwelling units per acre except in accordance with the Transfer of Development Rights Section of the
Land Development Code.
Easements, Encroachments and Restrictions
A preliminary title report/ title policy prepared by Chicago Title Insurance Company dated October 07,
2021 was provided. The report identifies exceptions to title, which include various utility and access
easements that are typical for a property of this type. Such exceptions would not appear to have an
adverse effect on value. This valuation assumes no adverse impacts from easements, encroachments
or restrictions and further assumes that the subject has clear and marketable title.
Conclusion of Site Analysis
Overall the physical characteristics and the availability of utilities result in a functional site, suitable
for a variety of uses including those permitted by zoning and the future land use. Uses permitted by
the current zoning include golf courses, hiking trails, walkways, multi -use paths and observation decks,
passive recreation areas and disc golf. Uses permitted by the requested rezoning include residential
development in accordance with the Future Land Use element of the Collier County Growth
Management Plan. No other restrictions on development are apparent.
Former Riviera Golf Course Land
1 Irr-
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Land Description and Analysis
23
Zoning Map
BaseZoning
ZonIng General OUT
DISTRICT
Agricultural
Civic and
InstItutional
Commercial
Incorporated
Area
0 IndustrIal
IF open space
Planned Unit
Development
M Residential
Former Riviera Golf Course Land
C, ®r
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Packet Pg. 1371
Land Description and Analysis
24
Future Land Use Map
Former Riviera Golf Course Land 1 Irr
I Packet Pg. 1372
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Land Description and Analysis
26
. " I M LV 0
(Photo Taken on January 24, 2023)
(Photo Taken on January 24, 2023)
(Photo Taken on January 24, 2023)
Former Riviera Golf Course Land
(Photo Taken on January 24, 2023)
(Photo Taken on January 24, 2023)
(Photo Taken on January 24, 2023)
I Packet Pg. 1374
Real Estate Taxes 27
Real Estate Taxes
Real estate tax assessments are administered by Collier County and are estimated by jurisdiction on a
countywide basis. Real estate taxes in this state and this jurisdiction represent ad valorem taxes,
meaning a tax applied in proportion to value. The real estate taxes for an individual property may be
determined by dividing the assessed value by 1,000 and then multiplying the estimate by a composite
rate. The composite rate is based on a consistent tax rate throughout the state in addition to one or
more local taxing district rates. The assessed values are based upon the current conversion
assessment of the Collier County Property Appraiser's market value.
State law requires that all real property be re -valued each year. The millage rate is generally finalized
in October of each year, and tax bills are generally received in late October or early November. The
gross taxes are due by March 31" of the following year. If the taxes are paid prior to November 301h,
the State of Florida allows a 4% discount for early payment. The discount then becomes 3% if paid by
December 31s', 2% if paid by January 31s', and 1% if paid by February 28 th . After March 31s', the taxes
are subject to late penalties and interest.
Real estate taxes and assessments for the current tax year are shown in the following table.
Taxes and Assessments - 2022
Assessed Va I ue Taxes and Assessments
Ad Va I orem
Tax ID Land Improvements Tota I Tax Rate Taxes Direct Assessments Tota I
70170160004 $1,039,227 $234,346 $1,273,573 1.096320% $13,962 $0 $13,962
Former Riviera Golf Course Land 1 Irr
I Packet Pg. 1375 1
Highest and Best Use 28
Highest and Best Use
The highest and best use of a property is the reasonably probable use resulting in the highest value,
and represents the use of an asset that maximizes its productivity.
Process
Before a property can be valued, an opinion of highest and best use must be developed for the subject
site, both as though vacant, and as improved or proposed. By definition, the highest and best use
must be:
• Physically possible.
• Legally permissible under the zoning regulations and other restrictions that apply to the site
• Financially feasible.
• Maximally productive, i.e., capable of producing the highest value from among the
permissible, possible, and financially feasible uses.
As Though Vacant
First, the property is evaluated as though vacant, with no improvements.
Physically Possible
The physical characteristics of the site do not appear to impose any unusual restrictions on
development. Overall, the physical characteristics of the site and the availability of utilities result in
functional utility suitable for a variety of uses.
Legally Permissible
The site is zoned Golf Course and Recreational Use District (GC). The purpose and intent of "GC"
district is to provide lands for golf courses, recreational uses, and normal accessory uses, including
certain uses of a commercial nature. Recreational uses should be compatible in scale and manner with
residential land uses. The GC district shall be in accordance with the urban mixed use district and the
agricultural/rural mixed use district of the future land use element of the Collier County GMP. Uses
permitted by the current zoning include golf courses, hiking trails, walkways, multi -use paths and
observation decks, passive recreation areas and disc golf. Uses permitted by the requested rezoning
include residential development in accordance with the Future Land Use element of the Collier County
Growth Management Plan. There are no apparent legal restrictions, such as easements or deed
restrictions, effectively limiting the use of the property. Given prevailing land use patterns in the area,
only residential use is given further consideration in determining highest and best use of the site as
rezoned, as though vacant.
Financially Feasible
Based on the accompanying analysis of the market, there is currently adequate demand for residential
use in the subject's area. It appears a newly developed residential use on the site would have a value
commensurate with its cost. Therefore, residential use is considered to be financially feasible.
Former Riviera Golf Course Land 1 Irr
I Packet Pg. 1376 1
Highest and Best Use
29
Maximally Productive
There does not appear to be any reasonably probable use of the site that would generate a higher
residual land value than residential use. Accordingly, residential use, developed to the normal market
density level permitted by zoning, is the maximally productive use of the property.
Conclusion
Development of the site for residential use is the only use which meets the four tests of highest and
best use. Therefore, it is concluded to be the highest and best use of the property as though vacant.
As Improved
Riviera Golf Club is a defunct 18-hole public course. The course closed in 2022. Typical improvements
include a clubhouse, maintenance building, etc. The improvements are in below average condition.
We have examined 10 sales of similar golf courses throughout Florida since January 2020. The
following table summarizes each sale.
liniormed Sales Adjustment Grid
S. �tct
Cmp,,blel
Comparable 2
Cornpnable3
Cornparable 4
Connparable5
Cmpalable6
C—parable 7
Cornioarableg
Comparabl@9
romprable10
Property Nam
No Z �era
".. B"c" Golf
Oet. ry Golf B
Royal 03kGolf
TheClub at
Hunter's Creek Golf
Nor daleGolf&
Chwal Golf and
TatumR4geGolf
Victoria Hills Golf
Na mmock Creek
Golf Course Land
Club
Coo," Club
Club
Venetian Say
Cl Lib
Tennis CW1b
Coo." Club
links
Club
C .if Club
Add—s
164 Rtel 1. Dr.
3969 NW. Roya 1
300 Plartad an
2150 Ccuntry Cl ub
63 N. A rport Rd.
14401 sports Cl,b
4417 Northdale
4312 Chwal BIW.
421 Taturn Rd.
300 Spalding Way
2400SW.Goidw
Oak D,
Club Dr.
0'.
Way
BIW.
Mar Way
City
Naples
)a.. Beach
Datory
TituWile
NmSmyrna Beach
Orlando
Tarnpa
UAt
Sarasota
Deland
P.I.City
County
C.1liar
Martin
Fl-
Br—d
Vd.ia
0 .. Be
Hillsbce-0
Flillsbrough
Srasta
volosi.
Martin
sub,
Florida
Fl.
H.
Fl-
FL
H.
Fl.
H.
FL
FL
H.
I
Jun-22
�g-21
Jun-22
Aug-22
Aug 20
Feb-20
Apr-20
D.- 0
Feb-20
Feb-20
s: SZ-,
Closed
C.sed
Closed
Closed
C3..d
Closed
Closed
Cl.ed
Closed
Cosed
1,leP c,
$3.750,000
$2,900,000
$4,500�00()
$4,500,000
$2,625,000
$2,520,000
$3,900,000
$2$44�00()
$1,910,000
$3,300,DOD
�ffectiwSalePrice
$3,750,000
$2,900,000
$4,500�00()
$4,500d)OO
$2,625400
$2,520,00D
$3,900,0DO
$2,941,DOD
$2,910,000
$3,60DWD
Gross ildingk.
21,542
17,803
22,305
22,524
19,968
19,580
46,158
19,492
26,700
23A83
Renta eFloorArea
21,542
17,803
22,305
22,524
18,170
1%024
31,567
16,025
26,700
22ASS
Nurn erfuits
is
is
18
is
is
is
is
is
is
is
is
Y—Buill
1999
-
1966
2OD9
1996
1978
1996, '88, 11, &
1988
2OD1
1996
.93--
Price per Unit
$208,333
1$161,111
!S250,000
s2so.000
1$145.833
1$140,000
1j216,667
1$163,556
1$100,556
1$200,00)
I=f Adusted Prices $100IS :-$250,000
S183.6:
hidicidedif.l. $Z50,1100
The sales reflect a range of $100,556 - $250,000 per hole. As a test of Highest and best use we will
apply the upper end of the range.
Highest And Best Use Test
Indicated Value per Unit $250,000
Subject Units 18
1 ndi cated Va I ue $4,500,000
Rounded $4,500,000
As we will discuss in this report the value indication as developable for residential use indicated a
significantly higher land value. Accordingly, the highest and best use is to redevelop the site for
residential use.
Former Riviera Golf Course Land
1 Irr
Packet Pg. 1377
Highest and Best Use
30
Most Probable Buyer
Taking into account the characteristics of the site, as well as area development trends, the probable
buyer is a developer.
Former Riviera Golf Course Land
I irr
Packet Pg. 1378
Valuation Methodology 31
Valuation
Valuation Methodology
Appraisers usually consider three approaches to estimating the market value of real property. These
are the cost approach, sales comparison approach and the income capitalization approach.
The cost approach assumes that the informed purchaser would pay no more than the cost of
producing a substitute property with the same utility. This approach is particularly applicable when
the improvements being appraised are relatively new and represent the highest and best use of the
land or when the property has unique or specialized improvements for which there is little or no sales
data from comparable properties.
The sales comparison approach assumes that an informed purchaser would pay no more for a
property than the cost of acquiring another existing property with the same utility. This approach is
especially appropriate when an active market provides sufficient reliable data. The sales comparison
approach is less reliable in an inactive market or when estimating the value of properties for which no
directly comparable sales data is available. The sales comparison approach is often relied upon for
owner -user properties.
The income capitalization approach reflects the market's perception of a relationship between a
property's potential income and its market value. This approach converts the anticipated net income
from ownership of a property into a value indication through capitalization. The primary methods are
direct capitalization and discounted cash flow analysis, with one or both methods applied, as
appropriate. This approach is widely used in appraising income -producing properties.
Reconciliation of the various indications into a conclusion of value is based on an evaluation of the
quantity and quality of available data in each approach and the applicability of each approach to the
property type.
The methodology employed in this assignment is summarized as follows:
Approaches to Value
Approach Applicabi I ity to Subject Use in Assignment
Cost Approach Not Applicable Not Uti I i zed
Sales Comparison Approach Applicable Uti I i zed
Income Capitalization Approach Not Appl icable Not Uti I i zed
Former Riviera Golf Course Land 1 Irr
I Packet Pg. 1379 1
Sales Comparison Approach
32
Sales Comparison Approach
To develop an opinion of the subject's land value, as though vacant and available to be developed to
its highest and best use, the sales comparison approach is used. This approach develops an indication
of value by researching, verifying, and analyzing sales of similar properties. We will first analyze the
property as if developable with 346 residential units under the proposed rezoning. We will then
analyze the property as if developable with 104 residential units under the current rezoning
restrictions. The difference in the two values is the diminution in value.
As if developable with 346 residential units (93.34 Acres; 4,065,890 SF)
To apply the sales comparison approach, the research focused on transactions within the following
parameters:
• Location: Collier County.
• Size: Most similar comparables available.
• Use: Low density residential (Apartment land sales were excluded).
• Transaction Date: 2020 — through effective date.
For this analysis, price per unit is used as the appropriate unit of comparison because market
participants typically compare sale prices and property values on this basis. The most relevant sales
are summarized in the following table:
Former Riviera Golf Course Land
1 Irr
Packet Pg. 1380
Sales Comparison Approach 33
Summary of Comparable Land Sales - As if developable with 346 residential units
Units;
Sa I e Date; Effective Sa I e SF; Density
No. Name/Address Status Price Acres (Units/Ac.) Zoning $/Unit $/Acre
1 The Is I e of Col I ier Preserve Phase 3 Feb-22 $10,000,000 4,461,415 230 PUD $43,478 $97,637
8000 Bayshore Dr. Closed 102.42 2.2
Naples
Comments: This is the sale of 5 parcels totaling 102.42-acres located along Bayshore Drive in East Naples. These parcels sold to Minto Sabal Bay, ILLC. in
February of 2022 for $10,000,000. This acquisition is part of the thi rd phase of The Isles of Col I ier Preserve. It is reported that more than half of the land
wi I I remain as lakes and nature preserves with pla nned development of approximately 230 homesites. I n January 2021, Coll ier County commissioners
approved Minto's plan to build 230 more housi ng units i n The Isles, which stretches west from U.S. 41 East to Bayshore Drive. Commissioners voted 4-1
on an ordinance to a mend the county's land development code to al low the development of the new homes a long Bayshore Drive south of Thomasson
Drive i n the Sabal Bay mixed -use planned unit development. Acquisition of the property was conti ngent upon acqui ri ng entitlements for the property,
which includes the rezoning, South Florida Water Management District, Army Corps of Engineers. Rezoned from agricultural and RSF3 to PUD.
2 Oil Well Road Land Dec-21 $35,000,000 14,650,099 685 MUPD $51,095 $104,068
123 Oi I Wei I Rd. Closed 336.32 2.0
Naples
Comments:This is the sale of 336.32-acres ofvacant residential Land located along Oil Well Road in Naples, Floricla.This property sold to Pulte Home
Company, U-C. in December of 2021 for $35,000,000. Purchased for development of 685 single-family homes.
3 Ventana Pointe Sep-20 $4,620,000 1,621,303 77 RPUD $60,000 $124,127
10334 Immokalee Rd. Closed 37.22 2.1
Naples
Comments: On September 17th, 2020, RJH 11, ULC sold 37.22 acres of land located at Immokalee Rd and Richards Streetto Pulte Home Company. This
slated to be the future site of Ventana Pointe, a 77 unit singlefamily home development. This was a cash sale.
4 Tamarindo Sep-20 $13,025,000 4,636,526 266 PUD $48,966 $122,369
North Of Saba I Drive Closed 106.44 2.5
Naples
Comments: On September 18, 2020 DR Horton purchased theTamarinclo projectfrom Watermen at Rockedge U-C.Tamiarinclo is located atthe northeast
quadrant of Collier Boulevard and Sabal Palm Drive. DR Horton plans a 266 unit single family residential community.
Subject 4,065,890 346 Residential
Former Riviera Golf Course Land 93.34 3.7
Naples, FIL
Former Riviera Golf Course Land 1 Irr
I Packet Pg. 1381
Sales Comparison Approach
34
Comparable Land Sales Map — As if developable with 346 residential units
Springs Ave N
DULA ft
Oraregevz.-e�
Herita&Bay
Naples Park
Pelican Marsb �Island Walk
Pelican Bay
Vineyards
I
-Naples
Golden Gate
.0.
Y;ATERI-O5FtD
ES7 FTE
4D 4D Plcayune Strand
I Wildlife Management
Lely 0 AFea
Naples Manor Verona Walk
Lely Resort
Former Riviera Golf Course Land
14
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0
2
0
E
E
0
0
W
a:
0
r_
0
0
00
(D
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I irr
Packet Pg. 1382
Sales Comparison Approach
35
Sale 1
The Isle of Collier Preserve Phase 3
Sale 3
Ventana Pointe
Former Riviera Golf Course Land
Sale 2
Oil Well Road Land
Sale 4
Tarnarindo
I irr
Packet Pg. 1383
Sales Comparison Approach 36
Analysis and Adjustment of Sales
Adjustments are based on a rating of each comparable sale in relation to the subject. The adjustment
process is typically applied through either quantitative or qualitative analysis, or a combination of
both analyses. Quantitative adjustments are often developed as dollar or percentage amounts, and
are most credible when there is sufficient data to perform a paired sales analysis.
While percentage adjustments are presented in the adjustment grid, they are based on qualitative
judgment rather than empirical research, as there is not sufficient data to develop a sound
quantitative estimate. Although the adjustments appear to be mathematically precise, they are
merely intended to illustrate an opinion of typical market activity and perception. With the exception
of market conditions, the adjustments are based on a scale, with a minor adjustment in the range of 1-
5% and a substantial adjustment considered to be 20% or greater.
The rating of each comparable sale in relation to the subject is the basis for the adjustments. If the
comparable is superior to the subject, its sale price is adjusted downward to reflect the subject's
relative attributes; if the comparable is inferior, its price is adjusted upward.
Transactional adjustments are applied for property rights conveyed, financing, conditions of sale,
expenditures made immediately after purchase, and market conditions. In addition, property
adjustments include — but are not limited to — location, access/exposure, size, quality, effective age,
economic and legal characteristics, and non -realty components of value. Adjustments are considered
for the following factors, in the sequence shown below.
Transactional Adjustments
Real Property Rights Conveyed
The opinion of value in this report is based on a fee simple estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power and escheat, as well
as non -detrimental easements, community facility districts, and conditions, covenants and restrictions
(CC&Rs). All the comparables represent fee simple estate transactions. Therefore, adjustments for
property rights are not necessary.
Financing Terms
In analyzing the comparables, it is necessary to adjust for financing terms that differ from market
terms. Typically, if the buyer retained third -party financing (other than the seller) for the purpose of
purchasing the property, a cash price is presumed and no adjustment is required. However, in
instances where the seller provides financing as a debt instrument, a premium may have been paid by
the buyer for below -market financing terms, or a discount may have been demanded by the buyer if
the financing terms were above market. The premium or discounted price must then be adjusted to a
cash equivalent basis. The comparable sales represented cash -to -seller transactions and, therefore, do
not require adjustment.
Conditions of Sale
Adverse conditions of sale can account for a significant discrepancy from the sale price actually paid,
compared to that of the market. This discrepancy in price is generally attributed to the motivations of
Former Riviera Golf Course Land
I irr
Packet Pg. 1384
Sales Comparison Approach
37
the buyer and the seller. Certain conditions of sale are considered non -market and may include the
following:
• a seller acting under duress (e.g., eminent domain, foreclosure);
• buyer motivation (e.g., premium paid for assemblage, certain 1031 exchanges);
• a lack of exposure to the open market;
• an unusual tax consideration;
a sale at legal auction.
Non of the comparable sales had atypical or unusual conditions of sale. Thus, adjustments are not
necessary.
Expenditures Made Immediately After Purchase
This category considers expenditures incurred immediately after the purchase of a property. There
were no issues of deferred maintenance reported for any of the properties. No adjustments are
required for expenditures after sale.
Market Conditions
A market conditions adjustment is applied when market conditions at the time of sale differ from
market conditions as of the effective date of value. Adjustments can be positive when prices are rising,
or negative when markets are challenged by factors such as a deterioration of the economy or adverse
changes in supply and/or demand in the market area. Consideration must also be given to when the
property was placed under contract, versus when the sale actually closed.
In evaluating market conditions, changes between the comparable sale date and the effective date of
this appraisal may warrant adjustment; however, if market conditions have not changed, then no
adjustment is required.
The sales took place from September 2020 to February 2022. Real estate fundamentals have been
improving over this period through the effective date. Below we have summarized the average and
median single family home sale price in Collier County from 2018 to 2021. Both the average and
median sales prices have increased during that period. Residential trends continued to improve
during the I't quarter of 2022.
MILS Sales Trends
Yea r
Average Sale Price
%Change
MedianSalePrice
%Change
2018
$805,840
$435,000
2019
$783,731
-3%
$422,000
-3%
2020
$902,621
15%
$480,000
14%
2021
$1,144,771
27%
$615,000
28%
We have also surveyed sale and resales of various land parcels throughout Southwest Florida.
Former Riviera Golf Course Land 1 Irr
I Packet Pg. 1385 1
Sales Comparison Approach 38
Market Conditions Survey
Na me
Address
city
Land Type
Sale Date 1
Price
Sale Date 2
Price
Total % Change
Shire CPD
13461 Shire LN
Fort Myers
Commercial
Feb-21
$1,700,000
Apr-22
$2,275,000
33,82%
Downtown Naples Mixed Use
333 8th St S
Naples
Mixed Use
Dec-21
$6,500,000
May-22
$12,000,000
84.62%
Site
Treeline Land
12171 TreelineAve
Fort Myers
Mixed Use
Sep-19
$5,050,000
Jan-21
$7,500,000
48.51%
Jetport Commerce La nd
13770 Jetport Commerce
Fort Myers
I ndustrial
Oct-20
$1,100,000
Mar-21
$1,300,000
18.18%
This data indicates market conditions adjustments of up to 84% since 2021. We have applied a
conservative upward adjustment of 15% per year.
Property Adjustments
Location
Factors considered in evaluating location include, but are not limited to, demographics, growth rates,
surrounding uses and property values.
Sales 1 and 4 are similar to the subject. No adjustments are necessary. Sale 3 is adjusted downward
for its superior North Naples location. Sale 2 is adjusted upward for inferior location in Eastern Collier
County distant from demand centers.
AccesslExposure
Convenience to transportation facilities, ease of site access, and overall visibility of a property can
have a direct impact on property value. High visibility, however, may not translate into higher value if
it is not accompanied by good access. In general, high visibility and convenient access, including
proximity to major linkages, are considered positive amenities when compared to properties with
inferior attributes.
All of the comparables are similar to the subject. No adjustments are necessary.
Size
Due to economies of scale, the market exhibits an inverse relationship between land area and price
per square foot, such that larger sites generally sell for a lower price per square foot than smaller lots,
all else being equal. To account for this relationship, applicable adjustments are applied for
differences in land area. The comparables that are larger than the subject are adjusted upward, and
vice versa.
No adjustments are evident from the comparable set.
Shape and Topography
This category accounts for the shape of the site influencing its overall utility and/or development
potential, as well as the grade of the land.
All of the comparables are similar to the subject. No adjustments are necessary.
Zoning
This element of comparison accounts for government regulations that can affect the types and
intensities of uses allowable on a site. Moreover, this category includes considerations such as
Former Riviera Golf Course Land
eo irr
I
Packet Pg. 1386
Sales Comparison Approach
39
allowable density or floor area ratio, structure height, setbacks, parking requirements, landscaping,
and other development standards.
An upward adjustment was applied to comparable I as the buyer was responsible for rezoning costs
The remaining comparables are like the subject. No adjustments are necessary.
Density
Typically, lower density sites sell for a higher price per unit, while higher density sites sell for a lower
price per unit. The comparable are generally similar and no adjustment was applied.
Adjustments Summary
The sales are compared to the subject and adjusted to account for material differences that affect
value. The following table summarizes the adjustments applied to each sale.
Former Riviera Golf Course Land
1 Irr
Packet Pg. 1387
Sales Comparison Approach
40
Land Sales Adjustment Grid - As if developable with 346 residential units
Su bj ect
Comparable 1
Comparable 2
Comparable 3
Compa rabl e 4
Name
Former Riviera
The Isle of Collier
Oil Well Road Land
Ventana Pointe
Ta ma ri ndo
Golf Course Land
Preserve Phase 3
Address
164 Estel I e Dr.
8000 Bayshore Dr.
123 Oi I Wel I Rd.
10334 Immokalee
North Of Saba I
Rd.
Drive
City
Naples
Naples
Naples
Naples
Naples
County
Collier
Collier
Collier
Collier
Collier
Sta te
Florida
F L
F L
F L
F L
Sa I e Date
Feb-22
Dec-21
Sep-20
Sep-20
Sa I e Sta tu s
Closed
Closed
Closed
Closed
Sale Price
$10,000,000
$35,000,000
$4,620,000
$13,025,000
Price Adjustment
Description of Adjustment
Effective Sale Price
$10,000,000
$35,000,000
$4,620,000
$13,025,000
Square Feet
4,065,890
4,461,415
14,650,099
1,621,303
4,636,526
Acres
93.34
102.42
336.32
37.22
106.44
Number of Units
346
230
685
77
266
Units Per Acre
13.71
2.25
2.04
2.00
2.50
Price per Unit
$43,478
$51,095
$60,000
$48,966
Transactional Adjustments
Property Rights
Fee Simple
Fee Simple
Fee Si mpl e
Fee Simple
% Adj ustment
Fi na nci ng Terms
All cash
Cashto seller- buyer
Cash to seller
Cash/Equivalent
obta i ned fi na nci ng
% Adj ustment
Conditions of Sale
% Adj ustment
Expenditures Made Immediately After Purchase
$ Adjustment
Market Conditions 4/25/2022
Feb-22
Dec-21
Sep-20
Sep-20
Annual %Adjustment 15%
3%
6%
24%
24%
Cumulative Adjusted Price
$44,783
$54,161
$74,400
$60,718
Property Adjustments
Location
—
10%
-10%
—
Access/Expos ure
—
—
—
—
Size
—
—
—
—
Sha pe a nd Topogra phy
—
—
—
—
Zoning
15%
—
—
—
Density
I-
I-
I-
I -
Net Property Adjustments ($)
$6,717
$5,416
-$7,440
$0
Net Property Adjustments (%)
15%
10%
-10%
0%
Final Adjusted Price
$51,500
$59,577
$66,960
$60,718
Range of Adjusted Prices
Indicated Value
Former Riviera Golf Course Land
$51,500 - $66,960
$60,000
I irr
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Sales Comparison Approach
41
Land Value Conclusion — As if developable with 346 residential units
Prior to adjustments, the sales reflect a range of $43,478 - $60,000 per unit. After adjustment, the
range is narrowed to $51,500 - $66,960 per unit, with an average of $59,689 per unit. Based on the
subject's location a unit value near the average is indicated. Based on the preceding analysis, the land
value conclusion for the subject is presented as follows:
Land Value Conclusion
Indicated Value per Unit $60,000
Subject Units 346
1 ndi cated Va I ue $20,760,000
Rounded $20,760,000
Former Riviera Golf Course Land
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Sales Comparison Approach
42
As if developable with 104 residential units (93.34 Acres; 4,065,890 SF)
To apply the sales comparison approach, the research focused on transactions within the following
parameters:
• Location: Collier County.
• Size: Most similar comparables available.
• Use: Residential (Multifamily sales were excluded).
• Transaction Date: 2020 — through effective date.
For this analysis, price per unit is used as the appropriate unit of comparison. The most relevant sales
are summarized in the following table.
Summary of Comparable Land Sales - As if developable with 104 residential units
Sale Date; SF;
No. Name/Address Status Effective Sale Price Acres Zoni ng $/Unit $/Acre
1 The Isle of Collier Preserve Feb-22 $10,000,000 4,461,415 PUD $43,478 $97,637
8000 Bayshore Dr. Closed 102.42
Naples
Comments: This is the sale of 5 parcels totaling 102.42-acres located along Boyshore Drive in East Naples. These parcels sold to Minto
Sabal Bay, LLC. in February of 2022 for $10,000,000. This acquisition is part of the third phase of The Isles of Collier Preserve. It is
reported that more than half of the land will remain as lakes and nature preserves with planned development of approximately 230
homesites. In January 2021, Collier County commissioners approved Minto's plan to build 230 more housing units in The Isles, which
stretches westfrom U.S. 41 East to Bayshore Drive. Commissioners voted 4-1 on an ordinance to amend the county's land development
code to allow the development of the new homes along Bayshore Drive south of Thomasson Drive in the Sabal Bay mixed -use planned
unit development. Acquisition of the property was contingent upon acquiring entitlementsfor the property, which includes the rezoning,
South Florida Water Management District, Army Corps of Engineers. Rezonedfrom agricultural and RSF3 to PLID.
2 Oil Well Road Land Dec-21 $35,000,000 14,650,099 VIPLID $51,095 $104,068
123 Oil Well Rd. Closed 336.32
Naples
Comments: This is the sale of336.32-ocres of vacant residential Land located along Oil Well Road in Naples, Florida. This property sold to
Pulte Home Company, LLC. in December of2021 for $35,000,000. Purchosedfor development of 685 single-family homes
3 Ventana Pointe Sep-20 $4,620,000 1,621,303 RPLID $60,000 $124,127
10334 1 mmoka I ee Rd. Closed 37.22
Na pl es
Comments: On September 1 7th, 2020, RJH 11, LLC sold 37.22 acres ofland located at Immokalee Rd and Richards Street to Pulte Home
Company. This slated to be thefuture site of Ventona Pointe, a 77 unit singlefamily home development. This was a cash sale.
4 Ta ma ri ndo Sep-20 $13,025,000 4,636,526 RPLID $48,966 $122,369
North OfSabal Drive Closed 106.44
Naples
Comments: On September 18, 2020 DR Horton purchased the Tamarindo projectfrom Watermen at Rockedge LLC. Tamiarindo is located
at the northeast quadrant ofCollier Boulevard and Sabal Palm Drive.
DR Horton plans a 266 unit singlefamily residential community.
Subject 4,065,890 Residential
Former Riviera GolfCourse 93.34
Former Riviera Golf Course Land 1 Irr
I Packet Pg. 1390 1
Sales Comparison Approach
43
0
Comparable Land Sales Map — As if developable with 104 residential units 2
-A— Springs Ave N
DULA ft
Oraregevz.-e�
HeritaepBay
NaplesPark 0
Pelican Marsh Isiand Walk
Pelican Bay
E
V�reyards
North Naples
Golden Gate 0
0
Berkshire Lakes
a.
he
Naples
_'I
R �.O r( D
0
Picayune Strand
r_
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Lely
.0
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Former Riviera Golf Course Land
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Sales Comparison Approach
44
Sale 1
The Isle of Collier Preserve Phase 3
Sale 3
Ventana Pointe
Former Riviera Golf Course Land
Sale 2
Oil Well Road Land
Sale 4
Tarnarindo
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Sales Comparison Approach 4S
Analysis and Adjustment of Sales
Transactional Adjustments
Real Property Rights Conveyed
The opinion of value in this report is based on a fee simple estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power and escheat, as well
as non -detrimental easements, community facility districts, and conditions, covenants and restrictions
(CC&Rs). All the comparables represent fee simple estate transactions. Therefore, adjustments for
property rights are not necessary.
Financing Terms
In analyzing the comparables, it is necessary to adjust for financing terms that differ from market
terms. Typically, if the buyer retained third -party financing (other than the seller) for the purpose of
purchasing the property, a cash price is presumed and no adjustment is required. However, in
instances where the seller provides financing as a debt instrument, a premium may have been paid by
the buyer for below -market financing terms, or a discount may have been demanded by the buyer if
the financing terms were above market. The premium or discounted price must then be adjusted to a
cash equivalent basis. The comparable sales represented cash -to -seller transactions and, therefore, do
not require adjustment.
Conditions of Sale
Adverse conditions of sale can account for a significant discrepancy from the sale price actually paid,
compared to that of the market. This discrepancy in price is generally attributed to the motivations of
the buyer and the seller. Certain conditions of sale are considered non -market and may include the
following:
• a seller acting under duress (e.g., eminent domain, foreclosure);
• buyer motivation (e.g., premium paid for assemblage, certain 1031 exchanges);
• a lack of exposure to the open market;
• an unusual tax consideration;
a sale at legal auction.
Non of the comparable sales had atypical or unusual conditions of sale. Thus, adjustments are not
necessary.
Expenditures Made Immediately After Purchase
This category considers expenditures incurred immediately after the purchase of a property. There
were no issues of deferred maintenance reported for any of the properties. No adjustments are
required for expenditures after sale.
Market Conditions
A market conditions adjustment is applied when market conditions at the time of sale differ from
market conditions as of the effective date of value. Adjustments can be positive when prices are rising,
Former Riviera Golf Course Land . 1 Irr
I Packet Pg. 1393 1
Sales Comparison Approach 46
or negative when markets are challenged by factors such as a deterioration of the economy or adverse
changes in supply and/or demand in the market area. Consideration must also be given to when the
property was placed under contract, versus when the sale actually closed.
in evaluating market conditions, changes between the comparable sale date and the effective date of
this appraisal may warrant adjustment; however, if market conditions have not changed, then no
adjustment is required.
The sales took place from September 2020 to February 2022. Real estate fundamentals have been
improving over this period through the effective date. Below we have summarized the average and
median single family home sale price in Collier County from 2018 to 2021. Both the average and
median sales prices have increased during that period. Residential trends continued to improve
during the l't quarter of 2022.
IMILS Sales Trends
Yea r
Average Sale Price
%Change
MedianSalePrice %Change
2018
$805,840
$435,000
2019
$783,731
-3%
$422,000
-3%
2020
$902,621
15%
$480,000
14%
2021
$1,144,771
27%
$615,000
28%
We have also surveyed
sale and resales of various land parcels
throughout Southwest Florida.
Market Conditions Survey
Na me
Address
city
Land Type Sale Date 1
Price Sale Date 2
Price
Total % Change
Shire CPD
13461 Shire LN
Fort Myers
Commercial Feb-21
$1,700,000 Apr-22
$2,275,000
33,82%
Downtown Naples Mixed Use
333 8th St S
Naples
Mixed Use Dec-21
$6,500,000 May-22
$12,000,000
84.62%
Site
Treeline Land
12171 TreelineAve
Fort Myers
Mixed Use Sep-19
$5,050,000 Jan-21
$7,500,000
48.51%
Jetport Commerce La nd
13770 Jetport Commerce
Fort Myers
I ndustrial Oct-20
$1,100,000 Mar-21
$1,300,000
18.18%
Based on the forgoing, an upward adjustment of 15% per year was applied.
Property Adjustments
Location
Factors considered in evaluating location include, but are not limited to, demographics, growth rates,
surrounding uses and property values.
Sales 1 and 4 are similar to the subject. No adjustments are necessary. Sale 3 is adjusted downward
for its superior North Naples location. Sale 2 is adjusted upward for inferior location in Eastern Collier
County distant from demand centers
AccesslExposure
Convenience to transportation facilities, ease of site access, and overall visibility of a property can
have a direct impact on property value. High visibility, however, may not translate into higher value if
it is not accompanied by good access. In general, high visibility and convenient access, including
Former Riviera Golf Course Land
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Sales Comparison Approach
47
proximity to major linkages, are considered positive amenities when compared to properties with
inferior attributes.
All of the comparables are similar to the subject. No adjustments are necessary.
Size
Due to economies of scale, the market exhibits an inverse relationship between land area and price
per square foot, such that larger sites generally sell for a lower price per square foot than smaller lots,
all else being equal. To account for this relationship, applicable adjustments are applied for
differences in land area. The comparables that are larger than the subject are adjusted upward, and
vice versa.
No adjustments are evident from the comparable set
Shape and Topography
This category accounts for the shape of the site influencing its overall utility and/or development
potential, as well as the grade of the land.
All of the comparables are similar to the subject. No adjustments are necessary.
Zoning
This element of comparison accounts for government regulations that can affect the types and
intensities of uses allowable on a site. Moreover, this category includes considerations such as
allowable density or floor area ratio, structure height, setbacks, parking requirements, landscaping,
and other development standards.
An upward adjustment was applied to comparable I as the buyer was responsible for rezoning costs
The remaining comparables are like the subject. No adjustments are necessary.
Density
Typically, lower density sites sell for a higher price per unit, while higher density sites sell for a lower
price per unit. The comparable are generally similar and no adjustment was applied
Adjustments Summary
The sales are compared to the subject and adjusted to account for material differences that affect
value. The following table summarizes the adjustments applied to each sale.
Former Riviera Golf Course Land
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Sales Comparison Approach
48
Land Sales Adjustment Grid - As if developable with 104 residential units
Subject
Comparable 1
Comparable 2
Comparable 3
Comparable 4
Name
Former Riviera
The Isle ofCollier
Oil Well Road Land
Ventana Pointe
Tamarindo
Golf Course Land
Preserve Phase 3
Address
164 Estel I e Dr.
8000 Bayshore Dr.
123 Oil Well Rd.
10334 1 mmoka I ee Rd.
North OfSabal Drive
city
Naples
Naples
Naples
Naples
Naples
County
Collier
Collier
Collier
Collier
Collier
Sta te
Florida
F L
F L
F L
F L
Sale Date
Feb-22
Dec-21
Sep-20
Sep-20
Sa I e Sta tu s
Closed
Closed
Closed
Closed
Sale Price
$10,000,000
$35,000,000
$4,620,000
$13,025,000
PriceAdjustment
Description ofAdjustment
EffectiveSale Price
$10,000,000
$3S,000,000
$4,620,000
$13,025,000
Sq u a re Feet
4,06S,890
4,461,415
14,650,099
1,621,303
4,636,526
Acres
93.34
102.42
336.32
37.22
106.44
Number of Units
104
230
685
77
266
Units Per Acre
11.11
2.25
2.04
2.00
2.50
Price per Unit
$43,478
$51,095
$60,000
$48,966
Transactional Adjustments
Property Rights
Fee Si mple
Fee Simple
Fee Simple
Fee Si mple
% Adj ustment
Fi na nci ng Terms
All cash
Cash to seller - buyer
Cash to seller
Cash/Equivalent
obtained financing
% Adj ustment
Conditions ofSale
% Adj ustment
Expenditures Made Immediately After Purchase
$ Adjustment
Market Conditions 4/25/2022
Feb-22
Dec-21
Sep-20
Sep-20
Annual %Adjustment 15%
3%
6%
24%
24%
Cumulative Adjusted Price
$44,783
$54,161
$74,400
$60,718
Property Adjustments
Location
—
10%
-10%
—
Access/Exposure
—
—
—
—
Si ze
—
—
—
—
Shape and Topography
—
—
—
—
Zoning
15%
—
—
—
Density
—
—
—
—
Net Property Adjustments ($)
$6,717
$5,416
-$7,440
$0
Net Property Adjustments (%)
15%
110%
-10%
10%
Final Adjusted Price
$51,500
1$59,577
$66,960
J$60,718
Range of Adjusted Prices
Indicated Value
Former Riviera Golf Course Land
$51,500 - $66,960
$60,000
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Packet Pg. 1396
Sales Comparison Approach
49
Land Value Conclusion — As if developable with 104 residential units
Prior to adjustments, the sales reflect a range of $43,478 - $60,000 per unit. After adjustment, the
range is narrowed to $51,500 - $66,960 per unit, with an average of $59,689 per unit. Based on the
subject's location a unit value near the average is indicated. Based on the preceding analysis, the land
value conclusion for the subject is presented as follows:
Land Value Conclusion
Indicated Value per Unit
$60,000
Subject Units
104
Indicated Value
$6,240,000
Rounded
$6,240,000
Summary of Land Values
Based on this analysis, the individual values as follows:
Summary of Land Values
Indicated
Unit of
Va I ue per
Indicated
Parcel
Comparison Units
Unit
Val ue Rounded
As if developable with 346 residential units
Units 346
$60,000
$20,760,000 $20,760,000
As if developable with 104 residential units
Units 104
$60,000
$6,240,000 $6,240,000
Former Riviera Golf Course Land
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Reconciliation and Conclusion of Value 50
Reconciliation and Conclusion of Value
As discussed previously, only the sales comparison approach is used to develop an opinion of value for
the subject. The cost and income approaches are not applicable, and are not used.
Based on the preceding valuation analysis and subject to the definitions, assumptions, and limiting
conditions expressed in the report, the concluded value opinion follows:
Value Conclusions
Parcel Interest Appraised Date of Va I ue Value Conclusion
As if developable with 346 residential units Fee Si mpI e Apri 1 25, 2022 $20,760,000
As if developable with 104 residential units Fee Si mpI e Apri 1 26, 2022 $6,240,000
Given these values, and the assumptions contained herein, the diminution in value is estimated as
follows.
Dimunition In Value
As if developable with 346 residential units $20,760,000
As if developable with 104 residential units $6,240,000
Dimunition In Value As Of April 26, 2022 $14,520,000
Extraordinary Assumptions and Hypothetical Conditions
The va I ue concl us ions are subject to the fol I owing extraordinary assumptions. An extraordinary ass umpti on is an
ass ignment-specific ass umpti on as of the effective date regarding uncertain information used in an a na I ysis which,
if found to befalse, could alter the appraiser's opinions or conclusions.
1. None
The value conclusions arebased on the following hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
1. The before scenario is subject to the hypothetical condition that the property has been rezonedfor346
residential units prior to the County's adoption of the Golf Course Conversion Ordinance manclatingan
undevelopable buffer area between 75 - 100feetin width.
2. The after scenario is subject to the hypothetical condition that the property has been rezonedfor 104 residential
units after the County's adoption of the Golf Course Conversion Ordinance manclatingan undevelopable buffer
area between 75 - 100 feet in width.
Theuseof any extraordinary assumption orhypothetical condition may have affected the assignment results
The value conclusion(s) in this report consider the impact of COVID-19 on the subject property.
The opinions of value expressed in this report are based on estimates and forecasts that are
prospective in nature and subject to considerable risk and uncertainty. Events may occur that could
cause the performance of the property to differ materially from the stated estimates, such as changes
in the economy, interest rates, capitalization rates, financial strength of tenants, and behavior of
Former Riviera Golf Course Land
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Reconciliation and Conclusion of Value
51
investors, lenders, and consumers. Additionally, these opinions and forecasts are based partly on data
obtained from interviews and third -party sources, which are not always completely reliable. Although
the findings are considered reasonable based on available evidence, the assignment participants are
not responsible for the effects of future occurrences that cannot reasonably be foreseen at this time.
Exposure Time
Exposure time 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. Based on the
concluded market values stated previously, the probable exposure time is 12 months.
Marketing Period
Marketing time is an estimate of the amount of time it might take to sell a property at the concluded
market value immediately following the effective date of value. The subject's marketing period is
estimated at 12 months.
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Certification
52
Certification
We certify that, to the best of our 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 our personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
4. We have performed no 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
the agreement to perform this assignment.
5. We have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. 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.
8. Our analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice as well as
applicable state appraisal regulations.
9. 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 and
Standards of Professional Appraisal Practice of the Appraisal Institute.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
11. Carlton Lloyd, MAI has made a personal inspection of the property that is the subject of this
report.
12. No one provided significant real property appraisal assistance to the person signing this
certification.
13. We have experience in appraising properties similar to the subject and are in compliance with
the Competency Rule of USPAP.
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Certification
53
14. As of the date of this report, Carlton Lloyd, MAI has completed the continuing education
program for Designated Members of the Appraisal Institute.
C;44
Carlton Lloyd, MAI
Florida State Certified General RE Appraiser
#RZ2618
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Assumptions and Limiting Conditions
54
Assumptions and Limiting Conditions
This appraisal and any other work product related to this engagement are limited by the following
standard 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 and any other work product related to this engagement are 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 scaled accurately for size. The appraisal
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Assumptions and Limiting Conditions
55
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. Such considerations
may also include determinations of compliance with zoning and other federal, state, and local
laws, regulations and codes.
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 persons signing the report.
11. Information, estimates and opinions contained in the report and 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. Unless otherwise stated in the report, 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 values stated in the appraisal;
we have assumed that no extreme fluctuations in economic cycles will occur.
16. The values found herein are 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.
17. The analyses contained in the report necessarily incorporate numerous estimates and
assumptions regarding property performance, general and local business and economic
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Assumptions and Limiting Conditions
56
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 the property to determine whether the physical aspects
of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA
issues, and render no opinion regarding compliance of the subject with ADA regulations.
Inasmuch as compliance matches each owner's financial ability with the cost to cure the non-
conforming physical characteristics of a property, 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 you, your 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. IRR - Southwest Florida, Integra Realty Resources, Inc., and their respective officers,
owners, managers, directors, agents, subcontractors or employees (the "Integra Parties"),
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 persons 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. However, 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. We are not a building or environmental inspector. The Integra Parties do 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.
23. The appraisal report and value conclusions for an appraisal assume the satisfactory
completion of construction, repairs or alterations in a workmanlike manner.
24. IRR - Southwest Florida is an independently owned and operated company. The parties
hereto agree that Integra shall not be liable for any claim arising out of or relating to any
appraisal report or any information or opinions contained therein as such appraisal report is
the sole and exclusive responsibility of IRR - Southwest Florida. In addition, it is expressly
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Assumptions and Limiting Conditions
57
agreed that in any action which may be brought against the Integra Parties arising out of,
relating to, or in any way pertaining to the engagement letter, the appraisal reports or any
related work product, the Integra Parties shall not be responsible or liable for any incidental
or consequential damages or losses, unless the appraisal was fraudulent or prepared with
intentional misconduct. It is further expressly agreed that the collective liability of the
Integra Parties in any such action shall not exceed the fees paid for the preparation of the
assignment (unless the appraisal was fraudulent or prepared with intentional misconduct).
It is expressly agreed that the fees charged herein are in reliance upon the foregoing
limitations of liability.
25. IRR - Southwest Florida is an independently owned and operated company, which has
prepared the appraisal for the specific intended use stated elsewhere in 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
other work product related to the engagement (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).
26. The conclusions of this report are estimates based on known current trends and reasonably
foreseeable future occurrences. These estimates are based partly on property information,
data obtained in public records, interviews, existing trends, buyer -seller decision criteria in the
current market, and research conducted by third parties, and such data are not always
completely reliable. The Integra Parties are not responsible for these and other future
occurrences that could not have reasonably been foreseen on the effective date of this
assignment. Furthermore, it is inevitable that some assumptions will not materialize and that
unanticipated events may occur that will likely affect actual performance. While we are of the
opinion that our findings are reasonable based on current market conditions, we do not
represent that these estimates will actually be achieved, as they are subject to considerable
risk and uncertainty. Moreover, we assume competent and effective management and
marketing for the duration of the projected holding period of this property.
27. All prospective value opinions 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.
28. The appraisal is also subject to the following:
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Assumptions and Limiting Conditions
58
Extraordinary Assumptions and Hypothetical Conditions
The va I ue concl us ions are subject to the fol I owing extraordinary assumptions. An extraordinary ass umpti on is an
ass ignment-specific ass umpti on as of the effective date regarding uncertain information used in an a na I ysis which,
if found to befalse, could alter theappraiser's opinions or conclusions.
1. None
The value conclusions arebased on the following hypothetical conditions. A hypothetical condition is a condition,
directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the
effective date of the assignment results, but is used for the purpose of analysis.
1. The before scenario is subject to the hypothetical condition that the property has been rezonedfor346
residential units prior to the County's adoption of the Golf Course Conversion Ordinance manclatingan
undevelopable buffer area between 75 - 100feetin width.
2. The after scenario is subject to the hypothetical condition that the property has been rezonedfor 104 residential
units after the County's adoption of the Golf Course Conversion Ordinance manclatingan undevelopable buffer
area between 75 - 100 feet in width.
Theuseof any extraordinary assumption orhypothetical condition may have affected the assignment results
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Addenda
Addendum A
Appraiser Qualifications
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Carlton J. Lloyd, MAI
Experience
Senior Managing Director of Integra Realty Resources Southwest Florida
Actively engaged in real estate valuation since 1995. Territories include Collier, Lee, Charlotte,
Sarasota, Manatee, Broward, Palm Beach, Miami -Dade, Monroe, Desoto and Hendry Counties.
Experienced in Residential Developments (PUDs & Condominiums), Multifamily apartments,
Low Income Housing, (LIHTC), office buildings, restaurants, commercial retail centers, industrial
warehouse properties, self storage, hotels, net leased properties and subdivisions.
Specialty experience includes marina, golf courses and country clubs, and orange groves.
Clients include, but are not limited to: federally insured lenders, developers, investors, law
firms, mortgage banking firms, local, state, and federal agencies, and individuals.
Valuations have been performed for condemnation purposes, estates, financing, equity
participation and due diligence and litigation support. Valuations and market studies have
been done on proposed, partially completed, renovated and existing structures.
Professional Activities &Affiliations
Appraisal Institute, Member (MAI) Appraisal Institute, Member (#406018), August 2008
Licenses
Florida, State Certified General RE Appraiser, RZ2618, Expires November 2024
Colorado, Certified General Appraiser, CG.200002335, Expires December 2024
North Carolina, State Certified RE Appraiser, A8292, Expires June 2023
New York, State Certified RE Appraiser, 46000053058, Expires October 2024
Education
Carlton graduated with a Bachelor Of Arts Degree from the State University of N.Y. at Albany in 1989.
Recent real estate courses include :
Introduction to Green Buildings: Principles & Concepts, September 7, 2022
Valuation of Donated Real Estate, Including Conservation Easements, June 25, 2020
Transferred Value, June 10, 2020
7-Hour National USPAP Update Course, June 8, 2020
Florida Law Update 2020, June 2, 2020
Appraising Automobile Dealerships Sept 1, 2018
Managing Unusual Appraisal & Litigation Assignments 06/12/2018
Online Business Practices and Ethics 06/08/2018
7-Hour National USPAP Update Course 04/12/2018
Online Real Estate Finance Statistics and Valuation Modeling 06/15-07/15/2016
Reviewing Residential Appraisals and Using Fannie Mae Form 2000 06/01-07/01/2016
Residential Sales Comparison and Income Approach 08/15-09/29/2014
Feasibility, Market Value, Investment Timing: Option Value 08/15-09/14/2012
Fundamentals of Separating Real Property, Personal Property, and Intangible Business
ciloyd@irr.com - 239.687.5801
Integra Realty
Resources - Southwest Florida
2770 Horseshoe Drive S
Suite 3
Naples, FL 34104
T 239.643.6888
F 239.643.6871
irr.com
I Packet Pg. 1408 1
Carlton J. Lloyd, MAI
Integra Realty
Resources - Southwest Florida
Education (Cont'd)
2770 Horseshoe Drive S
Assets 02/29-03/01/2012
Suite 3
Naples, FL 34104
The Appraiser as an Expert Witness: Preparation & Testimony 06/04-05/2009
Condemnation Appraising: Principles & Applications 05/06-08/2009
Online Small Hotel/Motel Valuation 11/01-12/01/2008
T 239.643.6888
Online Analyzing Distressed Real Estate 10/15-11/14/2008
F 239.643.6871
Online Condominiums, Co-ops and PUDs 10/15-11/14/2008
Online Appraising From Blueprints and Specifications 09/15-10/15/2006
irr.com
Online Analyzing Operating Expenses 08/15-09/14/2006
Online Small Hotel/Motel Valuation 08/15-09/14/2006
Report Writing and Valuation Analysis 07/11-17/2004
Advanced Applications 03/08-13/2004
Highest & Best Use and Market Analysis 10/06-11/2003
Advanced Sales Comparison & Cost Approaches 10/28-11/02/2002
Advanced Income Capitalization 02/07-13/2002
General Applications 03/19-25/2001
Standards of Professional Practice, Part B 08/30/2000
Standards of Professional Practice, Part A (USPAP) 08/28-29/2000
Basic Income Capitalization 08/15-21/1999
Qualified Before Courts & Administrative Bodies
State Certified General Real Estate Appraiser in Florida, Colorado, New York and North Carolina.
Qualified as an expert witness in U.S. Federal Bankruptcy Court, US District Court -Tampa, Collier
County Circuit Court, Lee County Circuit Court and the Tax Appeals Board of Lee County
'A ir
ciloyd@irr.com - 239.687.5801
I Packet Pg. 1409 1
STATE OF FLO R IDA
PARTMENT OF BUSINE5S AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL 13D
'I HE CERT'RED GENERAL APPRAISER HEREIN IS CER TIFIED UIMFR THE
PROVISIONS OF CHAP7ER 475. FLORIDASTATUTES
YZ
LLOYD, CARLTON J
27�OFIORSESHOI DRIVES
SUITZ 3
NAPLES FL34104
-LICIENISF N-UMAM MM8
EXPIRATION DATE: P40VE M 13 E R a-0, 2024
Alw.y, Y-irvikenin onlinw. -it MvFlurklaLIccnmCuM
ULD not alwr this documcnt in any form.
-1 "is is YOLW llom". it is uaiawwl tor any-oot other than the liegnsee to u-,e tMt docua-enc.
I Packet Pg. 1410
About IRR
Integra Realty Resources, Inc. (IRR) provides world -class commercial real estate valuation, counseling,
and advisory services. Routinely ranked among leading property valuation and consulting firms, we are
now the largest independent firm in our industry in the United States, with local offices coast to coast
and in the Caribbean.
IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25
years, on average, of commercial real estate experience in their local markets. This experience, coupled
with our understanding of how national trends affect the local markets, empowers our clients with the
unique knowledge, access, and historical perspective they need to make the most informed decisions.
Many of the nation's top financial institutions, developers, corporations, law firms, and government
agencies rely on our professional real estate opinions to best understand the value, use, and feasibility
of real estate in their market.
Local Expertise ... Nationally!
a
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I Packet Pg. 1411 1
Addenda
Addendum B
IRR Quality Assurance Survey
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Addenda
IRR Quality Assurance Survey
We welcome your feedback!
At IRR, providing a quality work product and delivering on time is what we strive to accomplish. Our
local offices are determined to meet your expectations. Please reach out to your local office contact so
they can resolve any issues.
Integra Quality Control Team
Integra does have a Quality Control Team that responds to escalated concerns related to a specific
assignment as well as general concerns that are unrelated to any specific assignment. We also enjoy
hearing from you when we exceed expectations! You can communicate with this team by clicking on
the link below. If you would like a follow up call, please provide your contact information and a member
of this Quality Control Team will call contact you.
Link to the IRR Quality Assurance Survey: quality.irr.com
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Addenda
Addendum C
Property Information
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*Chicago Title Insurance Company
Transaction Identification Data for reference only:
Coleman, Yovanovich & Koester, P.A.
4001 Tamiami Trail North, Suite 300,
Naples, FL 34103
ALTA Universal ID:
LOAN ID Number:
Issuing Office File Number: 16583.001
(Use for AgentTRAX documents)
Property Address: 164 Estelle Dr.
Naples, FL 34112
Order No.: 9932911
Revision Number:
Chicago Title Insurance Company
SCHEDULE A
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
1. Commitment Date: 10/07/2021 at: 8:00 AM
2. Policy or Policies to be issued:
A. ALTA Owners 2006 with Florida Modifications
Proposed Insured: Collier County, a political subdivision of the State of Florida
Proposed Amount of Insurance: $1,000.00
3. The estate or interest in the Land described or referred to in this Commitment is (Identify
estate covered, i.e., fee, leasehold, etc.):
Fee Simple and Easement
4. Title to the Fee Simple and Easement estate or interest in the land is at the Commitment
Date vested in:
La Minnesota Riviera, LLC, a Minnesota limited liability company
5. The Land is described as follows in Exhibit "A" attached hereto and made part hereof
Countersigned:
BY:
Authorized Officer or Agent
This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the
Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I -
Requirements; and Schedule B, Part 11 - Exceptions
C165CO9 ALTA Commitment (8/1/2016) (with FL Modifications)
1 of 7
I Packet Pg. 1415 1
*Chicago Title Insurance Company
Order Number: 9932911
16583.001
SCHEDULE B SECTION I
REQUIREMENTS
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
The following requirements must be met:
1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in
this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The
Company may then make additional Requirements or Exceptions.
2. Pay the agreed amount for the estate or interest to be insured.
3. Pay the premiums, fees, and charges for the Policy to the Company.
4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or
both, must be properly authorized, executed, delivered, and recorded in the Public Records.
A. Duly executed Warranty Deed from La Minnesota Riviera, LLC, a Minnesota limited liability
company, Grantor, to Collier County, a political subdivision of the State of Florida, Grantee,
conveying the land described on Exhibit A hereof.
The Company will require the following as to La Minnesota Riviera, LLC, a Minnesota limited liability
company: ("LLC"):
i. Proof that the LLC was in existence in its state of organization at the time it acquired title and
that the LLC is currently in good standing.
ii. Present for review a true and complete copy of the articles of organization and operating
agreement of the LLC and any amendments thereto.
iii. Record an affidavit from the person executing the proposed deed on behalf of the LLC certifying:
(a) the name and state of organization of the LLC; (b) whether the LLC is member -managed or
manager -managed; (c) the identity of the member or manager and the person authorized to
execute the deed; and (d) neither the LLC nor any member signing the deed have filed bankruptcy
since the LLC acquired title.
iv. If the member or manager of the LLC is also a business entity, present proof of the entity's
good standing and the appropriate entity documents to establish signing authority.
If the proposed deed will be executed by anyone other than a member or manager, those portions
of the operating agreement or other documentation evidencing the authority of the signatory must
be attached as an exhibit to the affidavit.
5. Proof of payment of any outstanding assessments in favor of Collier County, Florida, any special taxing
district and any municipality. NOTE: If this requirement is not satisfied the following exception will
appear on Schedule B:
Any outstanding assessments in favor of Collier County, Florida, any special taxing district and any
municipality.
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6. Proof of payment of service charges for water, sewer, waste and gas, if any, through the date of W
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closing. NOTE: If this requirement is not met the following exception will appear on Schedule B: 4.;
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This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice;
the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and 2 of 7
Schedule B, Part 11 - Exceptions
C156CO9 ALTA Commitment (8/1/2016) (with FL Modifications) Packet Pg. 1416
*Chicago Title Insurance Company
Order Number: QQ��E]
SCHEDULE B SECTION I
0
Requirements continued
Any lien provided for by Florida Statutes in favor of any city, town, village or port authority for unpaid
service charges for service by any water, sewer, waste or gas system supplying the insured land or
service facilities.
0
7. Satisfaction of that certain Mortgage given by LA Minnesota Riviera, LLC, a Minnesota limited liability
4�
company in favor of Minnwest Bank Ortonville dated February 28, 2005, recorded March 15, 2005, in
M
Official Records Book 3753, Page 1458, securing a Note in the principal amount of $3,840,000.00.
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8. Satisfaction of that certain Mortgage given by LA Minnesota Riviera, LLC, in favor of John F. Poepl,
0
dated August 4, 2016, recorded August 16, 2016, in Official Records Book 5304, Page 2853, securing a
Note in the principal amount of $1,300,000.00.
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Note: The original promissory note secured by the above described mortgage (being held by a non -
0
institutional mortgagee) must be produced and cancelled.
0
9. The insured amount(s) under the Proposed Policy(ies) must be furnished in order for this Commitment
0
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to become effective. This Commitment is subject to further requirements and/or exceptions that may
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be deemed necessary.
Note: Real property taxes for year 2021 are not yet payable until November 1, 2021. If the agent closes
the transaction contemplated herein on or after November 1, 2021 then the real property taxes should be
0
collected and paid at closing.
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NOTE: 2020 Real Property Taxes in the gross amount of $14,607.14 are paid. Homestead Exemption:
No. Tax I.D. 70170160004.
0
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END OF SCHEDULE B SECTION I
This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice;
the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and
Schedule B, Part 11 - Exceptions
C165CO9 ALTA Commitment (8/1/2016) (with FL Modifications)
3 of 7
I Packet Pg. 1417 1
*Chicago Title Insurance Company Order No.: 9932911
16583.001
SCHEDULE B SECTION 11
0
EXCEPTIONS
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION 41
CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC
COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE,
COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL LM
ORIGIN.
The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or -
0
easement identified in Schedule A, and will include the following Exceptions unless cleared to the
2
satisfaction of the Company:
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1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the
public records or attaching subsequent to the effective date hereof but prior to the date the proposed
insured acquires for value of record the estate or interest or mortgage thereon covered by this form.
0
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2. Taxes and assessments for the year 2021 and subsequent years, which are not yet due and payable.
3. Standard Exceptions:
A. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title
that would be disclosed by an accurate and complete land survey of the Land.
B. Rights or claims of parties in possession not shown by the public records.
C. Any lien, or right to a lien, for services, labor, or materials heretofore or hereafter furnished,
imposed by law and not shown by the public records.
D. Taxes or assessments which are not shown as existing liens in the public records.
4. Any claim that any portion of the insured land is sovereign lands of the State of Florida, including
submerged, filled or artificially exposed lands accreted to such land.
Any lien provided by County Ordinance or by Chapter 159, Florida Statutes, in favor of any city, town,
village or port authority for unpaid service charges for service by any water, sewer or gas system
supplying the insured land.
NOTE: Exception 1 above shall be deemed deleted as of the time the settlement funds or proceeds of the
loan to be secured by the insured mortgage, as applicable, are disbursed by the Company or its authorized
agent. Neither the Company nor its agent shall, however, be under any duty to disburse any sum except
upon a determination that no such adverse intervening matters have appeared of record or occurred.
NOTES ON STANDARD EXCEPTIONS:
Item 3A will be deleted from the policy(ies) upon receipt of an accurate survey of the Land
acceptable to the Company. Exception will be made for any encroachment, setback line violation,
overlap, boundary line dispute or other adverse matter disclosed by the survey.
Items 3B, 3C, and 3D will be deleted from the policy(ies) upon receipt of an affidavit acceptable to
the Company, affirming that, except as disclosed therein (i) no parties in possession of the Land
This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice;
the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and 4 of 7
Schedule B, Part 11 - Exceptions
C165CO9 ALTA Commitment (8/1/2016) (with FL Modifications)
I Packet Pg. 1418 1
*Chicago Title Insurance Company Order No.: 9932911
16583.001
SCHEDULE B SECTION 11
0
EXCEPTIONS 0
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
exist other than the record owner(s); (ii) no improvements have been made to the Land within 90 W
days prior to closing which have not have been paid for in full; and (iii) no unpaid taxes or
assessments are against the Land which are not shown as existing liens in the public records. 0
Exception will be made for matters disclosed in the affidavit. 'a
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6. Restrictions, conditions, reservations, easements and other matters as shown on the Plat of Riviera
Colony Golf Estates Tract Map, as recorded in Plat Book 10, Page 104 through 108, inclusive, as affected S
by Resolution No. 2000-461, recorded in Official Records Book 2754, Page 2453, of the Public Records of
Lo
Collier County, Florida.
7. Easements in favor of Collier County for the Construction, Operation and Maintenance of Utility Facilities
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recorded in Official Records Book 1641, Page 690 and Official Records Book 1544, Page 2193, of the
0
Public Records of Collier County, Florida.
0
8. Easement in favor of Collier County for the installation operation and maintenance of water and sewer
0
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utility facilities recorded in Official Records Book 1552, Page 609 and appurtenant easement rights set
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forth in Utilities Deed conveying utilities and providing easements as recorded in Official Records Book
he
1552, Page 612 and in Warranty Deed recorded in Official Records Book 1552, Page 616, all of the Public
Records of Collier County, Florida.
0
9. Agreement for the Delivery and Use of Treated Waste Water recorded in Official Records Book 1314,
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Page 323, as modified by Addendum recorded in Official Records Book 1736, Page 2127, of the Public
Records of Collier County, Florida.
10. Any right, title or interest in those certain oil, gas, and mineral interests referenced in that certain Deed
>0
recorded in Official Records Book 56, Page 84, of the Public Records of Collier County, Florida. No
L-
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determination has been made as to the current record owner for the interest excepted herein. Note: In
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the event a Florida Endorsement Form 9 is issued with the policy(ies), the Form 9 Endorsement will not
afford coverage of this exception.
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11. Terms, conditions and easement rights set forth in Major Use Agreement for the Delivery and Reuse of
Irrigation Quality (IQ) Water recorded in Official Records Book 5228, Page 2513, as modified by
Amendment No. 1, recorded in Official Records Book 5827, Page 658, of the Public Records of Collier
ILL:
County, Florida.
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12. Rights of the lessees under unrecorded leases.
13. This commitment/policy does not insure the insured over the consequences of claims and allegations
that may be raised by owners of interests in lands surrounding the lands described on Schedule A (the
"Subject Property") that they hold rights of any kind that would prevent the Insured herein from
operating the Subject Property in any manner other than as a golf course.
NOTE: In accordance with Florida Statutes section 627.4131, please be advised that the insured hereunder
may present inquiries, obtain information about coverage, or receive assistance in resolving complaints, by
contacting Chicago Title Insurance Company, 4210 Metro Parkway Suite 220, Ft. Myers, FL 33916;
Telephone 239-275-8212.
This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice;
the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and 5 of 7
Schedule B, Part 11 - Exceptions
C165CO9 ALTA Commitment (8/1/2016) (with FL Modifications)
I Packet Pg. 1419 1
*Chicago Title Insurance Company
Order No.: 9932911
16583.001
Searched By: Dale Hunt
SCHEDULE B SECTION 11
EXCEPTIONS
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
END OF SCHEDULE B SECTION 11
This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice;
the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I - Requirements; and 6 of 7
Schedule B, Part 11 - Exceptions
C165CO9 ALTA Commitment (8/1/2016) (with FL Modifications)
I Packet Pg. 1420 1
*Chicago Title Insurance Company
EXHIBIT "A"
Order No.:
1
Parcel One
All of Tracts A, B, C, and D, Riviera Colony Golf Estates Tract Map, as recorded in Plat Book 10,
pages 104, 105, 106, 107 and 108, Public Records of Collier County, Florida.
LESS AND EXCEPTING THEREFROM THE EASTERLY TEN (10) FEET OF SAID TRACT A BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
From the most Northerly corner of Lot 136, Riviera Colony Golf Estates Unit One, as recorded in
Plat Book 10, pages 109, 110, 111, 112, and 113, Public Records of Collier County, Florida, run
30.00 feet along the arc of a curve, concave to the Northeast, having a radius of 440.00 feet and
subtended by a chord having a length of 29.99 feet and bearing N. 46 degrees 58 minutes 34
seconds W.; thence S. 44 degrees 58 minutes 38 seconds W., for 90.00 feet to the Point of
Beginning of said exception; thence continue S. 44 degrees 58 minutes 38 seconds W., for 10.00
feet; thence running parallel with and 10.00 feet from the East line of said Tract A, 533.70 feet
along the arc of a curve, concave to the Northeast, having a radius of 540.00 feet and subtended
by a chord having a length of 512.24 feet and bearing N. 16 degrees 42 minutes 32.5 seconds W.,
to a point of tangency; thence N. 11 degrees 36 minutes 17 seconds E., for 262.42 feet to a point
of curvature; thence 843.40 feet along the arc of a curve, concave to the Southwest having a
radius of 710.00 feet and subtended by a chord having a length of 794.68 feet and bearing N. 22
degrees 25 minutes 33 seconds W., to a point of tangency; thence N. 56 degrees 27 minutes 23
seconds W., for 139.96 feet; thence N. 26 degrees 04 minutes 51 seconds E., for 10.09 feet to the
East line of Tract A; thence along said East line; S. 56 degrees 27 minutes 23 seconds E., for
141.27 feet to a point of curvature; thence 855.28 feet along the arc of a curve, concave to the
Southwest, having a radius of 720.00 feet and subtended by a chord having a length of 805.87 feet
and bearing S. 22 degrees 25 minutes 33 seconds E., to a point of tangency; thence S. 11 degrees
36 minutes 17 seconds W., for 262.42 feet to a point of curvature; thence 523.82 feet along the
arc of a curve, concave to the Northeast, having a radius of 530.00 feet and subtended by a chord
having a length of 502.76 feet and bearing S. 16 degrees 42 minutes 32.5 seconds E., to the Point
of Beginning of said exception.
Parcel Two
That certain perpetual, non-exclusive easement in favor of Riviera Golf Club of Naples, Inc., a
Florida corporation, recorded in Official Records Book 2021, page 743 and as more particularly
described as follows:
Commencing at the Point of Beginning which is the Northeast corner of Lot 42, Riviera Colony Golf
Estates, Unit IV, as recorded in Plat Book 17, pages 88 and 89, of Public Records of Collier County,
Florida; thence Southerly 62.79 feet along the arc of a curve concave to the East having a radius of
210.00 feet and subtended by a chord which bears South 20 degrees 56 minutes 57 seconds West,
62.55 feet said curve being the East line of said Lot 42; thence North 20 degrees 56 minutes 57
seconds East, 62.55 feet to the Point of Beginning.
This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid
without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule 7 of 7
B, Part I - Requirements; and Schedule B, Part 11 - Exceptions
C165CO9 ALTA Commitment (8/1/2016) (with FL Modifications)
I Packet Pg. 1421 1
16.K.
2022 Paid Collier County Notice of Ad Valorem Taxes and Non -Ad Valorem Assessments
If Paid By
Jan 31, 2023
Please Pay
$0.00
Parcel Number Legal Description Mill Code Escrow Code
70170160004
RIVIERA COLONY GOLF EST TR
106
MAP TRACTS A, B, C & D, LESS
THAT PORTION OF TRACT A DESC
IN OR 1548 PG 3
Continued (See Tax Roll)
LA MINNESOTA RIVIERA LLC
930 LYN WAY #104
HASTINGS, MN 55033
Pay in U.S. Funds Drawn on a U.S. Bank To:
Collier County Tax Collector
3291 E. Tarniami Trail
Naples, FL 34112-5758
POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED
Visit our website: www.colliertaxcollector.com
Assessed Value
-L
District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount
GENERALFUND 3.5645 1,273,573 0 1,273,573 4,539.65
1,273,573
WATER MANAGEMENT FUND-SOUTF 0.0948 1,273,573 0 1,273,573 120.73
BIG CYPRESS BASIN 0.0978 1,273,573 0 1,273,573 124.56
SCHOOL BOARD - STATE LAW 2.2110 1,273,573 0 1,273,573 2,815.87
SCHOOLBOARD-LOCALBOARD 2.2480 1,273,573 0 1,273,573 2,862.99
Exemptions
COLLIER MOSQUITO CONTROL 0.1609 1,273,573 0 1,273,573 204.92
GREATER NAPLES FIRE RESCUE DI,1: 1.5000 1,273,573 0 1,273,573 1,910.36
UNINCORP GEN - MSTD 0.8069 1,273,573 0 1,273,573 1,027.65
C.C. WATER POLLUTION CTRL PGM 0.0293 1,273,573 0 1,273,573 37.32
CONSERVATION COLLIER 0.2500 1,273,573 0 1,273,573 318.39
Millage Total 10.9632 Total Ad Valorem $13,962.44
Pay your current taxes online at:
M
Non -Ad Valorem District Type of Assessment Amount
http://www.coiliertaxcollector.com/
Non -Ad Valorem Total $0.00
See reverse side for important information
Combined Ad Valorem and Non -Ad Valorem Total $13,962.44
(Detach and Return with your Payment)
2022 Paid Collier County Notice of Ad Valorem Taxes and Non -Ad Valorem Assessments
If Paid By
Please Pay
Jan 31, 2023
$0.00
Parcel Number Mill Code Escrow Code
70170160004
106
Legal Description
RIVIERA COLONY GOLF EST TR
MAP TRACTS A, B, C & D, LESS
THAT PORTION OF TRACT A DESC
IN OR 1548 PG 3
Continued (See Tax Roll)
LA MINNESOTA RIVIERA LLC
930 LYN WAY # 104
HASTINGS, MN 55033
01/30/2023
Amount Paid to Date: 13683.19
Receipt # TAX HSP 1-23-00455083
,<C*
Paid By On File
5.a
k-�r <
Packet P9_ 1422
3576522 OR: 3753 PG:
RECORDED in OFFICIAL RECORDS of COLLIER COUITY , F1
03/15/2005 at 03:11PX DWIGHT 1. BROCK, CLERK
COIS 1800000,
THIS INSTRUMENT PREPARED BY RIC FBI 27.
AND RETURN TO: DOC-.70 33600.
Thomas M Little, Esquire Retn:
Foley & Lardner LLP FOLEY & LARDKIR
100 N. Tampa Street, Suite 2 700 P 0 BOX 3391
Tampa, Florida 33602 TAMPA FL 33601 3391
Tax Parcelfolio #:. 70 170160004
Grantee's Tax Ilb.,A-
SPECIAL WARRANTY DEED
THIS SPECIAL WARRANTY DEED is made this
J�-Iday of March, 2005, between
RGC, LLC, a Florida limited liability company, (hereinafter called the "Grantor"), and LA
MINNESOTA RIVIERA, LL1C,,aMinnesota limited liability company, whose address is One
Shannon Drive, Hastings, Minn6ola. $$0�3 (hereinafter called the "Grantee").
That the Grantor, for and in consid6rat
good and valuable consideration, to it in h4i)�
by these presents does grant, bargain, sell, alie
Grantee, its successors and assigns forever, all
is" condition without any representations regai
Collier, State of Florida, as more particularly
this reference made a part hereof
TOGETHER WITH all the tenements,
belonging or in anywise appertaining.
SSETH:
the sum of Ten Dollars ($10.00) and other
he receipt whereof is hereby acknowledged,
45e, release, convey and confirm unto the
ertain parcel of land, in its "as -is" "where-
;;�me;jying and being in the Count'y of
14,1jji4t6 Exhibit A annexed hereto and by
SUBJECT TO real estate taxes for 2005 and all st
conditions, easements and restrictions listed in the Public
appurtenances thereto
TO HAVE AND TO HOLD the above described premises,
the said Grantee, its successors and assigns, in fee simple forever.
, and all covenants,
lipr County, Florida.
And the Grantor does specially warrant the title to said land subject to
referred to above and will defend the same against the lawful claims of all pei
through or under the Grantor, but not otherwise.
unto
claiming by,
.S
0
E
0
0
W
005.367637.1
Packet Pg. 1423
OR: 3753 PG: 14
IN WITNESS WHEREOF, the Grantor has caused these presents to be duly authorized in
its name and by those thereunto duly authorized, the day and year first above written.
Witnesses:
STATE OF 0
COUNTY OF
On Minh Igr, 2005, before me per
known to me (or proved to me on the basis" of
name is subscribed to the within instrument and
in his authorized capacity, and that by his signati
upon behalf of which the person acted, executed
4� JENNIFER A.
A4ESSER
"Co"'SSIONI ,D019107
EXPIRES, M
--�-60�NOTAFW FL &Y 8- 2005
"" S— a a-.,,, '..
RGC, LLC, a Florida limited liability
company
By:
Print Name: Charles K. -9taples
Title: Manager
Address: 48 Marseilles Drive
Naples, Florida 34112
-d Charles K. Staples, personall
evidence) to be the person whose
iged to me that he executed the same
instrument the person, or the entity
Name: VzW.,�
Serial No.—.e9li
My Commission
0
ap 9—
005.367637.1
Packet Pg. 1424
F16.K.5.a I
OR: 3753 PG: 14,ji --
EXHIBIT "A"
All of Tracts A, B, C, and D, Riviera Colony Golf Estates Tract Map, as recorded in Plat Book 10, pages 104, 105,
106, 107 and 108, Public Records of Collier County, Florida.
LESS AND EXCEPTING THEREFROM THE EASTERLY TEN (10) FEET OF SAID TRACT A BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
From the most Northerly comer of Lot 136, Riviera Colony Golf Estates Unit One, as recorded in Plat Book 10,
pages 109, 110, 111, "11 and 113, Public Records of Collier County, Florida, run 30.00 feet along the arc of a
curve, concave t6,t>eN I 62east, having a radius of 440.00 feet and subtended by a chord having a length of 29.99
feet and bearing N. ' 46 de&eek 58 minutes 34 seconds W.; thence S. 44 degrees 58 minutes 38 seconds W., for 90.00
feet to the Point of 86giiiianifing 6 said exception; thence continue S. 44 degrees 58 minutes 38 seconds W., for 10.00
feet; thence running par., ind 10.00 feet from the East line of said Tract A, 5 3 3.70 feet along the arc of a
curve, concave to the Northeast, �6`ving a radius of 540.00 feet and subtended by a chord having a length of 5 12.24
feet and bearing N. 16 degree�s* �]-` utes 32.5 seconds W., to a point of tangency; thence N. I I degrees 36 minutes
17 seconds E., for 262.42 feet to a point of curvature; thence 843.40 feet along the arc of a curve, concave to the
Southwest having a radius of 710.00'feet)trid subtended by a chord having a length of 794.68 feet and bearing N. 22
degrees 25 minutes 33 seconds to"'a " point of tangency; thence N. 56 degrees 27 minutes 23 seconds W., for
nutes-51 seconds E., for 10.09 feet to the East line of Tract A; thence along
139.96 feet; thence N. 26 degrees 04 �Z`j
said East line; S. 56 degrees 27 minutes 2'3�Aecouds E., for 141.27 feet to a point of curvature; thence 855.28 feet
along the arc of a curve, concave to the Sduthwo,t�,,Ihaving a radius of 720.00 feet and subtended by a chord having a
length of 805.87 feet and bearing S. 22 degrees 2�5, minutes 33 seconds E., to a point of tangency; thence S. I I
degrees 36 minutes 17 seconds W., for 262.421�etiq�ipoint of curvature; thence 523.82 feet along the arc of a
curve, concave to the Northeast, having a radiui,0630.00 feet and subtended by a chord having a length of 502.76
feet and bearing S. 16 degrees 42 minutes 32.5 '1-,
sec E' to the Point of Beginning of said exception.
,on& '4,
Parcel Two
That certain perpetual, non-exclusive easement in favor
recorded in Official Records Book 2021, page 743 and �
Commencing at the Point of Beginning which is the Northeastc�
, 11
IV, as recorded in Plat Book 17, pages 88 and 89, of Public Recor(
62.79 feet along the arc of a curve concave to the East having a ra(
which bears South 20 degrees 56 minutes 57 seconds West, 62.55
thence North 20 degrees 56 minutes 57 seconds East, 62.55 feet to
Club of Naples, Inc., a Florida corporation,
irly described as follows:
42, Riviera Colony Golf Estates, Unit
ier County, Florida; thence Southerly
0,00 feet and subtended by a chord
e being the East line of said Lot 42;
Beginning.
005.367637.1
Packet Pg. 1425
Collier County Property Appraiser
Property Summary
!L-
Site 164 Site Zone 0
Parcel No 70170160004 Address ESTELLE Site City NAPLES 341' 0
*Note
*Disclaimer DR
Name / Address i A RAim ccn-m Dimm i i r
ap No.
51318
0
930 LYN WAY #104
M
0
City, HASTINGS State I MN I Zip 155033
E
Strap No. Section Township Range Acres *Estimated 0
M
597100 C 3SB18 18 so 26 93.34
0
RIVIERA COLON GOLF EST TR MAP TRACTS A, B, C & D, LESS THAT PORTION 0
Legal OF TRACT A DESC IN OR 1548 PG 337, LESS THAT PORTION OF TRACT B DESC I
,OR 2 21 PG 741
MillageArea 0 106 Millage Rates 0 *Calculations
S97100 -RIVIERA COLON GOLFESTTR 0
Sub./Condo School Other Total a
MAP .0
Use Code a 38 - GOLF COURSES, DRIVING RANGES 4.4 S042 10.9632
Latest Sales History 2022 Certified Tax Roll >
(Not all Sales are listed due to Confidentiality) (Su ect to Change) 0
Date
Book -Page
Amount
03/15/05
3753-1455
$4,800,000
08/17/00
2711-2860
$2,250,000
08/01/90
1548-337
$0
07/01/90
1544-2181
$0
07/01/73
538-902
$0
Land Value
$ 1,039,2,'
Improved Value
$ 234,3A
Market Value
$ 1,273.5,
Assessed Value
$ 1,273,5',
School Taxable Value
$ 1,273,5",
Taxable Value
$ 1,273,5',
It all Values shown above equal 0 this parcel was created atter the
Final Tax Roll
0.
CD
Packet Pg. 1426
Collier County Property Appraiser
Property Detail
!L-
Site 164 Site Zone 0
Parcel No 70170160004 Address ESTELLE Site City NAPLES 341' 0
*Note 2
*Disclaimer DR
Name / Address I LA MINNESOTA RIVIERA LLC
930 LYN WAY #104
I City I HASTINGS
State I MN
0
M
r_
Zip 155033
2
'a
Permi
s (Provided tor reterence purposes only, *Full
Permit # CO Date Tmp CO Final Bldg
DiscLa:imer. )
Type
Tax
Yr
Issuer
1975
COUNTY
75-668
07/09/75
1983
COUNTY
82-2124
05/14/82
1984
COUNTY
83-269
01/21/83
1987.
COUNTY
86-2759
DECKING
1987
COUNTY
86-3885
DECKING
1993
COUNTY
91-12014
03/17/92
1996
COUNTY
95-8240
07/20/95
NO PICKUP
1999
COUNTY
97100147
05/18/98
2001
COUNTY
200007-
1123
07/14/00
SHED, NO PICKUP
SHED, NO PICKUP
NO PICKUP
NO PICKUP
2001
COUNTY
COUNTY
200007-
1124
07/20/00
10/09/00
2001
200009-
0922
2001
COUNTY
200009-
0927
09/13/00
120121
COUNTY
2011041867
ROOF
Land
#
Calc Code
Units
10
ACREAGE
78.27
20
ACREAGE
15.26
30
PUD UNITS BUILDABLE
18
Building/Extra Features
Year I I Adj
RIM+ Description Area A rgs!
w
E
0
0
0
a
.2
W
0
0.
00
to
Q
Packet Pg. 1427
10
1974
RESIDENTIAL
2698— 16.K.5.a
20
1972
METAL -STEEL
'IS68
'IS68
FRAME
30
1972
METAL -STEEL
1320
1320 0
FRAME
0
40
1975
CARPORT
1560
1560
50
1982
METAL -STEEL
960
960
FRAME
60
1983
ALUM CARPORT
Soo
Soo W
70
1987
GARAGE
288
288 .10.
80
1987
ALUM SCREEN
1832
'a
1832
ENC
512
512
90
1987
SWIMMING POOL
100
1987
ALUM SCREEN
460
460 Lo
ENC
-W
I
110
1998
GARAGE
780
780 'um
120
1998
CONCIP
950
9SO E
130
1987
KEYSTONE DECK
448
U)
448
140
1987
BRICK DECK
196
196
0
0
0
0
0.
0.
El
00
to
Q
S
LL:
E
-W
0
0
0
I Packet Pg. 1428
Addenda
Addendum D
Comparable Data
Former Riviera Golf Course Land
I irr
Packet Pg. 1429
Addenda
Land Sales - As if developable with 346 residential units
Former Riviera Golf Course Land
I irr
Packet Pg. 1430
Land Sale Profile
Sale No. I
Location & Property Identification
Property Name: The Isle of Collier Preserve
Phase 3
Sub -Property Type:
Residential
Address:
8000 Bayshore Dr.
City/State/Zip:
Naples, FIL 34112
County:
Collier
Submarket:
East Naples
Market Orientation:
Suburban
IRR Event ID: 2900332
Sale Information
Sale Price:
Effective Sale Price:
Sale Date:
Sale Status:
$/Acre(Gross):
$/Land SF(Gross):
$/Acre(Usable):
$/Land SF(Usable):
$/Unit:
Grantor/Seller:
Grantee/Buyer:
Portfolio Sale:
Property Rights:
% of Interest Conveyed
Financing:
Document Type:
Recording No.:
Verified By:
Verification Date:
Confirmation Source:
Verification Type:
$10,000,000
$10,000,000
02/02/2022
Closed
$97,637
$2.24
$97,637
$2.24
$43,478 /Approved Lot
Bayshore Parcel, LLC.
Minto Sabal Bay, LLC.
No
Fee Simple
100.00
All cash
Warranty Deed
6200299
Jocelynn Collins
07/31/2022
CoStar Prop App
Confirmed -Other
Improvement and Site Data
Legal/Tax/Parcel ID: 61838080008,61838120007
61838160009,61838200008:
61838201007
The Isle of Collier Preserve Phase 3
Acres(Usable/Gross):
102.42/102.42
Land-SF(Usable/Gross):
4,461,415/4,461,415
Usable/Gross Ratio:
1.00
No. of Units (Potential):
230
Shape:
Irregular
Topography:
Level
Corner Lot:
No
Zoning Code:
Planned Unit Development
Zoning Desc.:
Planned Unit Development
Flood Plain:
Yes
Flood Zone Designation:
AE
Comm. Panel No.:
12021CO584H
Date:
05/16/2012
Source of Land Info.:
Public Records
Comments
This is the sale of 5 parcels totaling 102.42-acres located alon
Bayshore Drive in East Naples. These parcels sold to Minto
Sabal Bay, LLC. in February of 2022 for $10,000,000. This
acquisition is part of the third phase of The Isles of Collier
Preserve. It is reported that more than half of the land will
remain as lakes and nature preserves with planned
development of approximately 230 homesites. In January
2021, Collier County commissioners approved Minto's plan tc
build 230 more housing units in The Isles, which stretches
west from U.S. 41 East to Bayshore Drive. Commissioners
voted 4-1 on an ordinance to amend the county's land
development code to allow the development of the new
homes along Bayshore Drive
�t:
0
0
0
W
a:
0
r_
0
0
CL
Go
LO
F4�
1 Irr.
Packet Pg. 1431
Land Sale Profile
Sale No. 1
Comments (Cont'd)
south of Thomasson Drive in the Sabal Bay mixed -use planned
unit development. Acquisition of the property was contingent
upon acquiring entitlements for the property, which includes
the rezoning, South Florida Water Management District, Army
Corps of Engineers. Rezoned from agricultural and RSF3 to
PUD.
The Isle of Collier Preserve Phase 3
®r <
Fpacket Pg. 1432
Land Sale Profile
Sale No.1
Location & Property Identification
Property Name: Oil Well Road Land
Sub -Property Type:
Residential
Address:
123 Oil Well Rd.
City/State/Zip:
Naples, FL 34120
County:
Collier
Submarket:
Outlying Collier
County/Wagon Wheel
Market Orientation:
Suburban
IRR Event ID: 2900339
Sale Information
Sale Price:
$35,000,000
Effective Sale Price:
$35,000,000
Sale Date:
12/03/2021
Sale Status:
Closed
$/Acre(Gross):
$104,068
$/Land SF(Gross):
$2.39
$/Acre(Usable):
$104,068
$/Land SF(Usable):
$2.39
$/Unit:
$51,095 /Unit
Grantor/Seller:
Roberto Bollt
Grantee/Buyer:
Pulte Home Company, LLC
Portfolio Sale:
No
Property Rights:
Fee Simple
% of Interest Conveyed:
100.00
Financing:
Cash to seller - buyer obtained
financing
Document Type:
Warranty Deed
Recording No.:
6052-2136
Verified By:
Jocelynn Collins
Verification Date:
07/31/2022
Confirmation Source:
CoStar, Prop App
Verification Type:
Confirmed -Other
Improvement and Site Data
Legal/Tax/Parcel ID:
00210440007
Acres(Usable/Gross):
336.32/336.32
Oil Well Road Land
La nd-S F(Usa b I e/G ross):
14,650,099/14,650,099
Usable/Gross Ratio:
1.00
No. of Units (Potential):
685
Shape:
Irregular
Topography:
Level
Corner Lot:
No
Zoning Code:
Mixed Use Planned Unit
Development
Zoning Desc.:
Mixed Use Planned Unit
Development
Flood Zone Designation:
X
Comm. Panel No.:
12021CO240H
Date:
05/16/2012
Source of Land Info.:
Public Records
Comments
This is the sale of 336.32-acres of vacant residential Land
located along Oil Well Road in Naples, Florida. This property
sold to Pulte Home Company, LLC. in December of 2021 for
$35,000,000. Purchased for development of 685 single-famil)
homes
0
0
2
0
(D
2
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(D
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0
0
4-
0
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0
00
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Fpacket Pg. 1433
Land Sale Profile
Sale No. 2
Location & Property Identification
Property Name: Ventana Pointe
Sub -Property Type:
Residential
Address:
10334 Immokalee Rd.
City/State/Zip:
Naples, FIL 34120
County:
Collier
Submarket:
Outlying Collier
County/Wagon Wheel
Market Orientation:
Suburban
IRR Event ID: 2728189
Sale Information
Sale Price:
$4,620,000
Effective Sale Price:
$4,620,000
Sale Date:
09/17/2020
Sale Status:
Closed
$/Acre(Gross):
$124,127
$/Land SF(Gross):
$2.85
$/Unit:
$60,000 /Approved Unit
Grantor/Seller:
RJH 11, LLC
Grantee/Buyer:
Pulte Home Company LLC
Assets Sold:
Real estate only
Property Rights:
Fee Simple
% of Interest Conveyed:
100.00
Financing:
Cash to seller
Document Type:
Warranty Deed
Verified By:
Mr. Julian L. Stokes, 11, MAI
Verification Date:
11/08/2021
Confirmation Source:
Broker
Verification Type:
Confirmed -Seller
Improvement and Site Data
MSA:
Naples-Immokalee-Marco
Island, FIL
Acres(Gross):
37.22
Land-SF(Gross):
1,621,303
No. of Units (Potential):
77
Zoning Code:
RPUD
Ventana Pointe
�t:
0
0
0
0
Zoning Desc.: RPUD
Source of Land Info.: Public Records
0
Comments
r_
0
On September 17th, 2020, RJH 11, LLC sold 37.22 acres of land
located at Immokalee Rd and Richards Street to Pulte Home
T)
Company. This slated to be the future site of Ventana Pointe,
77 unit single family home development. This was a cash sale
0
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F4�
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Packet Pg. 1434
Land Sale Profile
Sale No. A
Location & Property Identification
Property Name: Tamarindo
Sub -Property Type:
Residential, Planned Unit
Development
Address:
North Of Sabal Drive
City/State/Zip:
Naples, FL 34114
County:
Collier
Submarket:
Outlying Collier
County/Wagon Wheel
Market Orientation:
Suburban
IRR Event ID: 2512551
Sale Information
Sale Price:
$13,025,000
Effective Sale Price:
$13,025,000
Sale Date:
09/28/2020
Recording Date:
09/29/2020
Sale Status:
Closed
$/Acre(Gross):
$122,369
$/Land SF(Gross):
$2.81
$/Acre(Usable):
$122,369
$/Land SF(Usable):
$2.81
$/Unit:
$48,966 /Unit
Grantor/Seller:
Watermen at Rockedge
Naples LLC
Grantee/Buyer:
Forestar USA Real Estate
Group (DR Horton)
Property Rights:
Fee Simple
% of Interest Conveyed:
100.00
Document Type:
Deed
Recording No.:
5930097
Rent Controlled:
No
Verified By:
Carlton J. Lloyd, MAI
Verification Date:
10/12/2020
Confirmation Source:
Buyers Attorney
Verification Type:
Confirmed -Buyer Attorney
Improvement and Site Data
Tamarindo
Legal/Tax/Parcel ID:
Acres(Usable/Gross):
Land-SF(Usable/Gross)
Usable/Gross Ratio:
No. of Units (Potential)
Shape:
Topography:
Corner Lot:
Frontage Desc.:
Zoning Code:
Zoning Desc.:
�t:
0
AL
0
two
E
0
0
.he
a)
00433040006,00433120007, (LD
a
00433160009,00433480006, w-
0
00433800000,00434840001, r
00435400000,00436360000, .2
00436440001,00436520002,
00436600003,00436760008, 'T
00436800104,00436800201 w>
and 00436800308 0
D_
EL
106.44/106.44 <
4,636,526/4,636,526 Go
w
1.00 Q
LO
Flood Plain: Yes
Flood Zone Designation: AH
Comm. Panel No.: 12021CO606H
Date: 05/26/2012
Source of Land Info.: Engineering Report
Comments
On September 18, 2020 DR Horton purchased the Tamarindo
project from Watermen at Rockedge LLC.
1 Irr.
Packet Pg. 1435
Land Sale Profile
Sale No. A
Comments (Cont'd)
Tamiarindo is located at the northeast quadrant of Collier
Boulevard and Sabal Palm Drive.
DR Horton plans a 266 unit single family residential
community.
Tamarindo
1 Irr.
Packet Pg. 1436
Addenda
Land Sales - As if developable with 104 residential units
Former Riviera Golf Course Land
I irr
Packet Pg. 1437
Land Sale Profile
Sale No. I
Location & Property Identification
Property Name: The Isle of Collier Preserve
Phase 3
Sub -Property Type:
Residential
Address:
8000 Bayshore Dr.
City/State/Zip:
Naples, FIL 34112
County:
Collier
Submarket:
East Naples
Market Orientation:
Suburban
IRR Event ID: 2900332
Sale Information
Sale Price:
Effective Sale Price:
Sale Date:
Sale Status:
$/Acre(Gross):
$/Land SF(Gross):
$/Acre(Usable):
$/Land SF(Usable):
$/Unit:
Grantor/Seller:
Grantee/Buyer:
Portfolio Sale:
Property Rights:
% of Interest Conveyed
Financing:
Document Type:
Recording No.:
Verified By:
Verification Date:
Confirmation Source:
Verification Type:
$10,000,000
$10,000,000
02/02/2022
Closed
$97,637
$2.24
$97,637
$2.24
$43,478 /Approved Lot
Bayshore Parcel, LLC.
Minto Sabal Bay, LLC.
No
Fee Simple
100.00
All cash
Warranty Deed
6200299
Jocelynn Collins
07/31/2022
CoStar Prop App
Confirmed -Other
Improvement and Site Data
Legal/Tax/Parcel ID: 61838080008,61838120007
61838160009,61838200008:
61838201007
The Isle of Collier Preserve Phase 3
Acres(Usable/Gross):
102.42/102.42
Land-SF(Usable/Gross):
4,461,415/4,461,415
Usable/Gross Ratio:
1.00
No. of Units (Potential):
230
Shape:
Irregular
Topography:
Level
Corner Lot:
No
Zoning Code:
Planned Unit Development
Zoning Desc.:
Planned Unit Development
Flood Plain:
Yes
Flood Zone Designation:
AE
Comm. Panel No.:
12021CO584H
Date:
05/16/2012
Source of Land Info.:
Public Records
Comments
This is the sale of 5 parcels totaling 102.42-acres located alon
Bayshore Drive in East Naples. These parcels sold to Minto
Sabal Bay, LLC. in February of 2022 for $10,000,000. This
acquisition is part of the third phase of The Isles of Collier
Preserve. It is reported that more than half of the land will
remain as lakes and nature preserves with planned
development of approximately 230 homesites. In January
2021, Collier County commissioners approved Minto's plan tc
build 230 more housing units in The Isles, which stretches
west from U.S. 41 East to Bayshore Drive. Commissioners
voted 4-1 on an ordinance to amend the county's land
development code to allow the development of the new
homes along Bayshore Drive
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Packet Pg. 1438
Land Sale Profile
Sale No. 1
Comments (Cont'd)
south of Thomasson Drive in the Sabal Bay mixed -use planned
unit development. Acquisition of the property was contingent
upon acquiring entitlements for the property, which includes
the rezoning, South Florida Water Management District, Army
Corps of Engineers. Rezoned from agricultural and RSF3 to
PUD.
The Isle of Collier Preserve Phase 3
®r <
FPacket Pg. 1439
Land Sale Profile
Sale No. 03
Location & Property Identification
Property Name: Oil Well Road Land
Sub -Property Type:
Residential
Address:
123 Oil Well Rd.
City/State/Zip:
Naples, FL 34120
County:
Collier
Submarket:
Outlying Collier
County/Wagon Wheel
Market Orientation:
Suburban
IRR Event ID: 2900339
Sale Information
Sale Price:
$35,000,000
Effective Sale Price:
$35,000,000
Sale Date:
12/03/2021
Sale Status:
Closed
$/Acre(Gross):
$104,068
$/Land SF(Gross):
$2.39
$/Acre(Usable):
$104,068
$/Land SF(Usable):
$2.39
$/Unit:
$51,095 /Unit
Grantor/Seller:
Roberto Bollt
Grantee/Buyer:
Pulte Home Company, LLC
Portfolio Sale:
No
Property Rights:
Fee Simple
% of Interest Conveyed:
100.00
Financing:
Cash to seller - buyer obtained
financing
Document Type:
Warranty Deed
Recording No.:
6052-2136
Verified By:
Jocelynn Collins
Verification Date:
07/31/2022
Confirmation Source:
CoStar, Prop App
Verification Type:
Confirmed -Other
Improvement and Site Data
Legal/Tax/Parcel ID:
00210440007
Acres(Usable/Gross):
336.32/336.32
Oil Well Road Land
Land-SF(Usable/Gross):
14,650,099/14,650,099
Usable/Gross Ratio:
1.00
No. of Units (Potential):
685
Shape:
Irregular
Topography:
Level
Corner Lot:
No
Zoning Code:
Mixed Use Planned Unit
Development
Zoning Desc.:
Mixed Use Planned Unit
Development
Flood Zone Designation:
X
Comm. Panel No.:
12021CO240H
Date:
05/16/2012
Source of Land Info.:
Public Records
Comments
This is the sale of 336.32-acres of vacant residential Land
located along Oil Well Road in Naples, Florida. This property
sold to Pulte Home Company, LLC. in December of 2021 for
$35,000,000. Purchased for development of 685 single-famil�
homes
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Packet Pg. 1440
Land Sale Profile
Sale No. 2
Location & Property Identification
Property Name: Ventana Pointe
Sub -Property Type:
Residential
Address:
10334 Immokalee Rd.
City/State/Zip:
Naples, FIL 34120
County:
Collier
Submarket:
Outlying Collier
County/Wagon Wheel
Market Orientation:
Suburban
IRR Event ID: 2728189
Sale Information
Sale Price:
$4,620,000
Effective Sale Price:
$4,620,000
Sale Date:
09/17/2020
Sale Status:
Closed
$/Acre(Gross):
$124,127
$/Land SF(Gross):
$2.85
$/Unit:
$60,000 /Approved Unit
Grantor/Seller:
RJH 11, LLC
Grantee/Buyer:
Pulte Home Company LLC
Assets Sold:
Real estate only
Property Rights:
Fee Simple
% of Interest Conveyed:
100.00
Financing:
Cash to seller
Document Type:
Warranty Deed
Verified By:
Mr. Julian L. Stokes, 11, MAI
Verification Date:
11/08/2021
Confirmation Source:
Broker
Verification Type:
Confirmed -Seller
Improvement and Site Data
MSA:
Naples-Immokalee-Marco
Island, FIL
Acres(Gross):
37.22
Land-SF(Gross):
1,621,303
No. of Units (Potential):
77
Zoning Code:
RPUD
Ventana Pointe
�t:
0
0
0
0
Zoning Desc.: RPUD
Source of Land Info.: Public Records
0
Comments
r_
0
On September 17th, 2020, RJH 11, LLC sold 37.22 acres of land
located at Immokalee Rd and Richards Street to Pulte Home
T)
Company. This slated to be the future site of Ventana Pointe,
77 unit single family home development. This was a cash sale
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Packet Pg. 1441
Land Sale Profile
Sale No. A
Location & Property Identification
Property Name: Tamarindo
Sub -Property Type:
Residential, Planned Unit
Development
Address:
North Of Sabal Drive
City/State/Zip:
Naples, FL 34114
County:
Collier
Submarket:
Outlying Collier
County/Wagon Wheel
Market Orientation:
Suburban
IRR Event ID: 2512551
Sale Information
Sale Price:
$13,025,000
Effective Sale Price:
$13,025,000
Sale Date:
09/28/2020
Recording Date:
09/29/2020
Sale Status:
Closed
$/Acre(Gross):
$122,369
$/Land SF(Gross):
$2.81
$/Acre(Usable):
$122,369
$/Land SF(Usable):
$2.81
$/Unit:
$48,966 /Unit
Grantor/Seller:
Watermen at Rockedge
Naples LLC
Grantee/Buyer:
Forestar USA Real Estate
Group (DR Horton)
Property Rights:
Fee Simple
% of Interest Conveyed:
100.00
Document Type:
Deed
Recording No.:
5930097
Rent Controlled:
No
Verified By:
Carlton J. Lloyd, MAI
Verification Date:
10/12/2020
Confirmation Source:
Buyers Attorney
Verification Type:
Confirmed -Buyer Attorney
Improvement and Site Data
Tamarindo
Legal/Tax/Parcel ID:
Acres(Usable/Gross):
Land-SF(Usable/Gross)
Usable/Gross Ratio:
No. of Units (Potential)
Shape:
Topography:
Corner Lot:
Frontage Desc.:
Zoning Code:
Zoning Desc.:
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0
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00433040006,00433120007, (LD
a
00433160009,00433480006, w-
0
00433800000,00434840001, r
00435400000,00436360000, .2
00436440001,00436520002,
00436600003,00436760008, 'T
00436800104,00436800201 w>
and 00436800308 0
D_
EL
106.44/106.44 <
4,636,526/4,636,526 Go
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1.00 Q
LO
Flood Plain: Yes
Flood Zone Designation: AH
Comm. Panel No.: 12021CO606H
Date: 05/26/2012
Source of Land Info.: Engineering Report
Comments
On September 18, 2020 DR Horton purchased the Tamarindo
project from Watermen at Rockedge LLC.
0
Fpacket Pg. 1442
Land Sale Profile
Sale No. A
Comments (Cont'd)
Tamiarindo is located at the northeast quadrant of Collier
Boulevard and Sabal Palm Drive.
DR Horton plans a 266 unit single family residential
community.
Tamarindo
llrr
Packet Pg. 1443
Addenda
Addendum E
Engagement Letter
Former Riviera Golf Course Land
I irr
Packet Pg. 1444
Llirr-
Integra Realty R@�ourres ; 7 70 H w5mtloe 1) F I V e S a at 0 T 2 39,64 16 88 9
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PROP OSALYENGAGE MENT LETTER
January 24, 2023
Richard Yovanovich
Coleman, Yovanovich & Koester, P.A.
The Northern Trust Bu4cling
4001 Tarniami Trail North, Suite 300
Napies, Florida 34103
239.435.3535 (telephone)
239.435-1218 (fax)
SUBJECT: Proposal/Authorization for Valuation and Consulting Services
Former Riviera Golf Course Land
164 Estelle Drive
Naples, FL 34112
Property ;D 70170160()04 (the Subje" Property)
Mr. Ycivanoviclh�
Upon your acceptance of this letter agreement, Integra Realty Resources -Southwest Florida ("IRR
- Southwest Florida"), will prepare an appraisal and consulting report for the Subject Property.
The purpose of this assignment 6 to estimate the diminution in vatue of the fee interest in the
subject property due to a reduction in the developable density on the subject property. The
valuation will assume that the property was developable with 346 units in the before scenario
and 104 units in the after scenario. The client and intended user for this assignment is Richard
Yovanovich of Coleman, Yovanovich & Koester, P.A. The report rnay not be utilized by any other
users. The intended use of the appraisal is toassist the client with a potential Burt Harris Act
claim. The report may not be used for any other purpose.
The appraisal will be prepared in conformance with and subject to, the Code of Professional Ethics
and Standards of Profe5sional Appraisal Practice of the Appraisal Institute and the Uniform
Standards of Professional Appraisal Practice (USPAIP) developed by the Appraisai Standards Board
of the Appraisal Foundation. The Ethics Rule of USPAP requires us to disclose to you any prior
services we have performed regarding the Subject Property within a three year period
I Packet Pg. 1445 1
Richard Yovanovich
January 24, 2023
Page 2
immediately preceding the acceptance of this assignment, either as an appraiser or in any other
capacity, We represent that we have analyzed the properties within the past three years for
multiple clients.
in accordance with our correspond ence, the scope of this assignment will require IRR — Southwest
Florida consider all relevant and applicable approaches to value, including the land residual
approach.
The appraisal will be communicated in a standard narrative report. All work will be performed
under the direct supervision of the undersigned, together with other staff members. The
appraisal and this letter agreement will be subject to our standard assumptions and limiting
conditions a copy of which is attached as Attachment 1.
The fee for this assignment will be $8,000 total with delivery By February 3, 2023. We require a
50% retainer ($4,000) to begin work with the balance due upon delivery. if the assignment is
cancelled by either party prior to completion, you agree to pay us for all our expenses and our
time to date based upon the percentage of work completed.
It required, post analysis services which include testimony at any arbitration or court hearings,
additional valuation scenarios, review of the opposition expert's report(s), additional research
a nd conference ca Ils o r meetings wit h any pa rty w h ich exceed the ti m e allotted for an ass ign ment
of this nature. Court appearances, expert witness testimony, etc., will be billed at an hourly rate
of $275.00/hour plus travel expenses for MAI's and principal appraisers and $go-$22S/hour for
associate appraisers depending on their background and experience.
Please be advised that we are not experts in the areas of building inspection (including mold),
environmental hazards, ADA compliance or wetlands. Therefore, unless we have been provided
with appropriate third party expert reports, the appraisals will assume that there are no
environmental, wetlands, or ADA compliance problems, The agreed upon fees for our services
assume the absence of such issues inasmuch as additional research and analysis may be required.
If an expert is required, you are responsible for their selection, payment and actions,
in the event that we receive a subpoena or are called to testify in any litigation, arbitration or
administrative hearing of any nature whatsoever or as a result of this engagement or the related
report, to which we are not a party, you agree to pay our then current hourly rates for such
preparation and presentation of testimony. You agree that. (i) the data collected by us in this
assignment will remain our property-, and (ii) with respect to any data provided by you, Integra
Southwest Florida and its partner companies may utilize, sell and include such data (either in the
aggregate or individually), in out marketing materials, database and derivative products so long
as your identity is kept confidential- You agree that all data already in the public domain may be
utilized on an unrestricted basis -
I Packet Pg. 1446 1
Richard Yovanovich
January 24, 2023
Page 3
If you are in agreement with the terms set forth in this letter and wish us to proceed w4h tile
engagement, please sign below and return one copy to us. Thank you for this opportunity to be
of service and we look forward to working with you.
Sincerely,
INTEGRA REALTY RESOURCES— SOUTHWEST FLORIDA
CariWh J Lloyd, M At
Florida State-Cer6fied General Real Estate Appraiser RZ42618
Senior Managing Director
Attachments
� j I,-� -r-
AGREED & ACCEPTED THIS DAY OF 2023.
BY:
—'I �UTHOI�UZED Si �ATURE
A - #+ 116111) R"
NAME (PRINT)
I Packet Pg. 1447 1
Richard Yovanovich
January 24, 2023
Page 4
ATrACHMENT I
AssuPAPTIONS & LimaiNG CONDITIOM
This appraisal is based on the following assumptions, except as otherwise noted in the report.
I The title is marketable and free and ctear 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 orthreatened litigation that could affect thevalue
of the property.
'i. There are no hidden or undisclosed conditions of the land or of the improvements that woutd
render the property move or tess 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, =ing, 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.
Th is appraisal is Subject to the following limiting conditions, except as otherwise noted in the
report,
I. An appraisal is inherently subjective and represents our opinion as to the value of the
pro-perty appraised.
2 The conclusions stated in ou( appraisal apply only as of t�e 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 of made in conjunction with this
3PPraiSal, 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, governmentdl 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 connectlon 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 scaled accurately for size. The appraisal
covers the property as described m this report, and the areas and dimensions set forth are
assumed to be correct.
I Packet Pg. 1448 1
Richard Yovanovich
Januairy 24, 2023
Page 5
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if ally, and we
have assumed that the Property is not Subject to surface entry for the exploration or remova�
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 app(ai5ers, or any reference to the ApprdiSal 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 and obtained from third -party
sources areassumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained �n the appraisal report are used only for the
purpose of estimating value and do not constitute predictions of future operating results.
13. tf 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 isidustry, or of the appraised property at the time these leases
expi re o r ot herw ise t erm ina te.
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 beert 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 eConOrnic 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 ornitted from this list of AssumpOons
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 otise;
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
I Packet Pg. 1449 1
Richard Yovanowch
January 24, 2023
Page 6
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992, We have not
made a specific survey or analysis of the property to determine whether the physical aspects
of the improvements meet the ADA acces5ibility guidelines. We claim no expertise in ADA
issues, and render no opinion regarding compliance of the subject with ADA regulations.
Inasmuch as compliance matches each owner's financial ability with the cost to cure the non-
conforming physical characteristics of a properLy, 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 riot be responsible for any such
environmental conditions that do exist or for any engineering or testing that might be
required to discover whether such conciftions exist. Because we are riot 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. Integra — Southwest Florida is not a building or environmental inspector. Integra - Southwest
Florida 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.
23. The appraisal report and value conclusion for an appraisal assumes the satisfactory
completion of constructiort, repairs or alterations in a workmanlike manner.
24. It is expressly acknowledged that in any action which may be brought against Integra Realty
Resources — Southwest Florida, Integra Realty Resources, Inc. OF their respective officers,
owners, managers, directors, agents, subcontractors or employees ithe "Integra Parties"),
a ris i ng o u t of, re lati ng to, of i n a ny way pe rta ining to th is e ngage me nt, the a ppra is a I repo rts,
or a ny es t irn ates or i nfo rmation LO 11 td ined the rein, the In tegra Pa rties sh al I not be res ponsi ble
or liable for any incidental or consequential damages or losses, unless the appraisal was
fraudulent or prepared with gross negligence. It is further acknowledged that the collective
liability of the Integra Parties in any such action shall not exceed the fees paid for the
preparation of the appraisal report unless the appraisal was fraudulent or prepared with gross
I Packet Pg. 1450 1
Richard Yovanovich
January 24, 2023
Page 7
negligence. Finally, it is acknowledged that the fees charged herein are in reliance upoll the
foregoing limitations of liability.
25. Integra — Southwest Florida, an independently owned and operated company, has prepared
the appraisal for the specific purpose stated elsewhere in the report. The intended use of the
appraisal is stated in the General Information sect -ion 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 you r 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).
26. The conclusions of this report are estimates based on known current trends and reasonably
foreseeable future occurrences, These estimates are based partly on Property information,
data obtained in public records, interviews, existing trends, buyer -seller decision criteria in
the current market, and research conducted by third parties, and such data are not always
completely reliable. Integra Realty Resources, Inc. and the undersigned are not responsible
for these and other future orcurrences that could not have reasonably been foreseen on the
effective date of this assignment. Furthermore, it is inevitable that some assumptions will not
materialize and that unanticipated events may occur that will likely affect actual performance.
While we are of the opinion that our findings are reasonable based on current Market
conditions, we do not represent that these estimates will actually be achieved, as they are
subject to considerable risk and uncertainty. Moreover, we assume competent and effective
management and marketing for the duration of the projected holding period of this property.
27. All prospective value estimates presented in this report are estimates and forecasts which are
prospective in nature and are subject to considerable ri5k and uncertainty. in addition to the
contingencies rioted 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 de5truction, 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. As will be determined during the course of the
assignment, additional extraordinary or hypothetical conclitions may be required in order to
complete the assignment. The appraisal shall also be subject to those assumptions.
As will be determined during the course of the assignment, additional extraordinary or
hypothetical conditions may be required in order to complete the assignment. The appraisal shall
also be subject to those assumptions.
I Packet Pg. 1451 1