Agenda 04/25/2023 Item #12A (To approve a Mediated Settlement Agreement concering a Bert Harris Claim filed pursuant to Florida Statutes 70.001 with La Minnesota Riviera LLC)04/25/2023
EXECUTIVE SUMMARY
Recommendation to approve and authorize the Chairman to execute a Mediated Settlement Agreement with
La Minnesota Riviera, LLC, and the Riviera Golf Estates Homeowners Association, Inc., for settlement of a
Bert Harris Claim filed pursuant to Florida Statutes §70.001, related to application of the County’s Golf
Course Conversion Ordinance on the Riviera Golf Course.
_____________________________________________________________________________________
OBJECTIVE: To approve a Mediated Settlement Agreement concerning a Bert Harris Claim filed pursuant to
Florida Statutes §70.001 with La Minnesota Riviera, LLC, and the Riviera Golf Estates Homeowners Association,
related to application of the County’s Golf Course Conversion Ordinance on the Riviera Golf Course.
CONSIDERATIONS: On February 3, 2023, La Minnesota Riviera, LLC, (“Claimant”) filed a Bert Harris claim
pursuant to Florida Statutes §70.001 against the County. Claimant is the owner of the Riviera Golf Course, located
at 164 Estelle Drive, as shown below (the “Property”), and alleges that the Property has been inordinately burdened
by the adoption of Ordinance No. 2017-10, as amended, the County’s Golf Course Conversion Ordinance.
At its April 11, 2023, meeting, the Board authorized the County to participate in a voluntary pre-suit mediation and
to retain mediator Derek Rooney to conduct the mediation in order to attempt to resolve the Claim during the 90 -
day notice period. The Bert Harris Act allows for the 90-day notice period before the filing of a lawsuit primarily as
12.A
Packet Pg. 395
04/25/2023
an opportunity for parties to attempt to amicably resolve a claim before proceeding to litigation. The parties, along
with the Riviera HOA and their counsel who were invited to attend, participated in a successful mediation on April
17, 2023, and reached a settlement, the terms of which are outlined herein and more particularly in the attached
Mediated Settlement Agreement:
• The County will pay to La Minnesota the sum of $5,800,000 and will create an Independent Special
District (or alternatively, an MSBU or Dependent Special District should the Independent Special District
prove problematic), to both own and ultimately finance the acquisition of the Property.
• While the County will finance the initial acquisition, including closing costs and current year property
taxes, the Special District or alternative entity will ultimately reimburse the County for all of the costs of
acquiring the Property by assessing owners within the boundaries of the Special District or alternative
entity until the County is made whole.
• Creation of the Special District or alternative entity will effectuate public benefits related to stormwater,
water quality, passive recreation, and preservation of open space and wildlife habitat.
• The boundaries of the Special District shall initially include the Property as well as the Riviera subdivision,
but may be expanded by the County to include surrounding properties by determining any shared public
benefit derived from the Property or its improvements. These benefits will be determined by conducting a
future benefit/assessment report.
• The County agrees to maintain the Property until the Special District or alternative entity is implemented.
However, the Special District, not the County, will ultimately be responsible for maintenance and
improvement of the Property.
• The County reserves the right to seek additional funding and partnerships to reduce the ultimate costs of
acquisition or improvement of the Property. This would in turn reduce the costs of assessments by the
Special District on the Riviera Golf Estates community and applicable surrounding properties.
• Claimant shall withdraw its Bert Harris Claim upon payment and release the County from future causes of
action related to the Claim.
It is important to note that this Mediated Settlement Agreement provides the framework for the parties to amicably
settle this Claim. An Ordinance creating the Special District or alternative entity will be drafted, advertised, and
presented to the Board within the next sixty (60) days for consideration. Should the Special District or alternative
entity fail to be created, then the Settlement Agreement is null and void regardless of the Board’s approval of the
Agreement.
This settlement is significant because the Riviera HOA, who heavily participated in the mediation and is the
primary affected party, is satisfied with this result and has agreed to the terms of the Mediated Settlement
Agreement. Approval of the Mediated Settlement Agreement and creation of the Special District provides certainty
to Riviera residents regarding the future of the golf course and eliminates future causes of action related to this
Claim. Opportunities for the Riviera HOA to meaningfully participate in resolution of this claim in the future
should this case proceed to litigation are limited. Therefore, the settlement protects the public’s interest while also
preventing the golf course conversion regulations from inordinately burdening the property. Accordingly, the
County Manager and County Attorney recommend that the Board approve this Mediated Settlement Agreement.
As a reminder, the Board at its February 14, 2023 and April 11, 2023, meetings, directed Staff to prepare an LDC
amendment to Section 5.05.15, Conversion of Golf Courses to minimize future litigation in connection with the
County’s golf course conversion process. Clarification and amendment to the language of the Ordinance will help
to minimize future Bert Harris claims.
FISCAL IMPACT: The County will initially pay $5,800,000 plus closing costs and current year taxes for
acquisition of the property, all of which will be repaid to the County through creation of the Independent Special
District or alternative entity.
12.A
Packet Pg. 396
04/25/2023
GROWTH MANAGEMENT IMPACT: None.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for
approval. -JAK
RECOMMENDATION: To approve and authorize the Chairman to execute a Mediated Settlement Agreement
with La Minnesota Riviera, LLC, and Riviera Golf Estates Homeowners Association, Inc., for settlement of a Bert
Harris Claim filed pursuant to Florida Statutes §70.001, related to application of the County’s Golf Course
Conversion Ordinance on the Riviera Golf Course.
PREPARED BY: Amy Patterson, County Manager and Jeffrey A. Klatzkow, County Attorney
ATTACHMENT(S)
1. Mediated Settlement Agreement FINAL (2) (PDF)
2. Letter to County re Bert Harris Claim.Final (PDF)
12.A
Packet Pg. 397
04/25/2023
COLLIER COUNTY
Board of County Commissioners
Item Number: 12.A
Doc ID: 24842
Item Summary: Recommendation to approve and authorize the Chairman to execute a Mediated Settlement
Agreement with La Minnesota Riviera, LLC, and the Riviera Golf Estates Homeowners Association, Inc., for
settlement of a Bert Harris Claim filed pursuant to Florida Statutes §70.001, related to application of the County’s
Golf Course Conversion Ordinance on the Riviera Golf Course.
Meeting Date: 04/25/2023
Prepared by:
Title: Legal Assistant – County Attorney's Office
Name: Wanda Rodriguez
03/02/2023 3:53 PM
Submitted by:
Title: County Attorney – County Attorney's Office
Name: Jeffrey A. Klatzkow
03/02/2023 3:53 PM
Approved By:
Review:
Office of Management and Budget Wanda Rodriguez Level 3 OMB Gatekeeper Review Skipped 04/19/2023 4:19 PM
County Attorney's Office Sally Ashkar Additional Reviewer Completed 04/19/2023 4:42 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/19/2023 4:55 PM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 04/19/2023 5:21 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 04/25/2023 9:00 AM
12.A
Packet Pg. 398
Page 1 of 7
Mediated Settlement Agreement
This Settlement Agreement (“Agreement”) is made between Collier County, a political
subdivision of the State of Florida ("Collier County"), La Minnesota Riviera, LLC, a foreign
limited liability company (“La Minnesota"), and Riviera Golf Estates Homeowners Association,
Inc. ("Riviera") executed by all parties hereto on this day of May 2023.
WHEREAS, La Minnesota is the owner of ±94 acres which is zoned Golf Course (“GC”) and
consists of a former golf course located at 164 Estelle Drive in Collier County, Florida (the
“Property”); and
WHEREAS, La Minnesota objects to the potential impact of Ordinance 17-10, concerning golf
course conversions, and delivered a written notice of claim (“Claim”) pursuant to Section 70.001,
Florida Statutes, the Bert J. Harris Jr., Private Property Rights Act (the “Bert Harris Act”), to
Collier County alleging that the Property has been inordinately burdened by the adoption of said
ordinance; and
WHEREAS, the Bert Harris Act authorizes Collier County to enter into a settlement agreement
to provide relief while protecting the public interest served by the regulations at issue. Riviera
represents area homeowners who rely on portions of the Property which has historically served a
stormwater, recreational, and preservation role to the surrounding community; and
WHEREAS, Riviera is an interested party who has filed a complaint for declaratory judgement
and for injunctive relief against La Minnesota to determine and protect their respective rights in
the Property identified as Case No. 22-CA-1330 (the “Case”), filed in the Circuit Court, Twentieth
Judicial Circuit, in and for Collier County, Florida (the “Court”); and
WHEREAS, the parties hereby desire to avoid the expense, delay, risk, and uncertainty of
litigation, and agree that it is in their respective mutual interests to resolve the Claim in accordance
with the terms set forth herein following mediation proceedings pursuant to the Bert Harris Act.
NOW THEREFORE, in consideration of the promises, covenants and conditions contained
herein, the parties hereto agree as follows:
1. Recitals. The foregoing recitals are true and correct and by this reference are incorporated
as material parts of this Agreement.
2. Settlement Amount. Collier County will pay to La Minnesota the full and final settlement
amount of $5,800,000.00 in one lump sum. The aforesaid payment shall be paid within
sixty (60) days of the approval of this Agreement by the Board of County Commissioners
of Collier County (which approval process is described below), which time may be
extended by the parties. Each party shall bear their own attorneys’ fees and costs.
3. Settlement Payment(s). The aforesaid payment will each be made by check payable to "La
Minnesota Riviera, LLC" which shall be delivered to Richard D. Yovanovich, counsel for
La Minnesota, by or before the date indicated in Paragraph 2 above. The payment shall be
12.A.a
Packet Pg. 399 Attachment: Mediated Settlement Agreement FINAL (2) (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Page 2 of 7
subject to clearing in the ordinary course and held in escrow in the recipient’s trust account
on behalf of La Minnesota until the conveyance of the Property as described in Paragraph
4 below. Collier County will be responsible for all closing costs including any current year
ad valorem and non-ad valorem taxes as may be due. This notwithstanding, La Minnesota
shall be responsible for documentary stamp taxes due. Collier County will stay all pending
code enforcement actions on the Property until closing. Closing shall be conditioned upon
creation of the ISD or alternative entity as described in Paragraph 5 below.
4. Conveyance. Within 14 days of Mr. Yovanovich’ s receipt and clearance of the settlement
check described in Paragraph 2 above, La Minnesota will execute a general warranty deed
to Collier County, or if requested by Collier County, to the as yet to be named Independent
Special District (“ISD”) or alternative entity as provided herein free and clear of all
mortgages, liens, or other monetary encumbrances.
5. Independent Special District. It is the intent of Collier County to establish, as provided by
Florida law, an ISD to finance both the initial acquisition of the Property and effectuate the
public benefits derived from its public ownership, including, but not limited to: stormwater
management, floodplain maintenance, water quality, passive and active recreation, and the
preservation of open space and wildlife habitat, and such uses as may be incorporated into
an eventual enabling ordinance. Collier County shall establish the ISD by local ordinance
prior to the payment of the settlement amount in Paragraph 2 above. The ISD boundaries
shall initially include the Property as well as the Riviera subdivision but may be expanded
by Collier County in relationship to any shared public benefit derived from the Property or
its improvements by surrounding properties. Collier County reserves the right to utilize a
different mechanism, such as an MSBU or a Dependent Special District, should the ISD
model prove problematic, or as an interim vehicle, as the boundaries of the contemplated
ISD will be unknown until a Benefit/Assessment Report is completed by Collier County.
6. County Relationship to the ISD. It is understood by the parties that Collier County will
finance the initial acquisition, studies, and maintenance of the Property. The unnamed ISD
or alternative entity will ultimately reimburse Collier County for the cost of acquiring the
Property, including incurred closing costs and current year ad valorem and non-ad valorem
taxes fronted by the County. The ISD shall ultimately be responsible for future
maintenance and improvement of the Property. It is further understood that Collier County
will reserve the right to seek additional funding and partnerships in furtherance of the goals
of the ISD to reduce the ultimate costs of the acquisition or improvement of the Property.
7. County License. Upon execution of this Agreement by all parties, La Minnesota hereby
grants a license to Collier County to enter upon the Property for the purposes of conducting
preliminary grounds and stormwater maintenance, at Collier County’s sole cost, to address
the present condition of the Property heading into the local rainy season. Collier County
will indemnify and defend La Minnesota from any claims arising from Collier County’s
use under the license. Notwithstanding the foregoing, nothing in this Agreement shall be
deemed a waiver of sovereign immunity or limit of liability of Collier County, including
their respective supervisors, commissioners, officers, agents, or employees, beyond any
12.A.a
Packet Pg. 400 Attachment: Mediated Settlement Agreement FINAL (2) (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Page 3 of 7
statutory limited waiver of immunity or limits of liability in Section 768.28, Florida
Statutes.
8. Tolling and Release of Claim. Upon acceptance of this Agreement by Collier County, La
Minnesota and Collier County agree that further action under the Bert Harris Act will be
abated and any time periods tolled until the payment of settlement amount and conveyance
of the Property as provided in Paragraphs 2, 3, and 4 above. Upon Mr. Yovanovich’s
receipt of the aforementioned payment, La Minnesota will withdraw the Claim and agrees
that it will not seek further administrative or judicial review of the Claim. The parties shall
bear their own attorneys’ fees and costs associated with the Claim.
9. Stipulation for Dismissal by Riviera. Counsel for Riviera shall prepare and deliver to Mr.
Yovanovich a stipulation for dismissal with prejudice of the Case with a proposed order on
the stipulation, which shall provide that any existing actions against La Minnesota or the
Property are dismissed with prejudice, with all parties to bear their own attorneys' fees and
costs. Within 14 days of Mr. Yovanovich’ s receipt of the settlement check and conveyance
of the Property described in Paragraphs 2 and 4 above, Riviera and La Minnesota shall
execute the stipulation of dismissal with prejudice and file the same with the Court with
the request that the Court enter the order of dismissal with prejudice.
10. Nullification. Should the ISD or alternative entity fail to be created within sixty (60) days,
or as otherwise extended by the Parties, this Agreement shall become null and void. Should
the Collier County Board of County Commissioners fail to approve this Agreement and/or
creation of the ISD or alternative entity, this Agreement shall become null and void.
11. Additional Releases. Except for the obligations of this Agreement, which are not hereby
released and which shall survive the execution hereof, Collier County, La Minnesota, and
Riviera, for themselves and for their respective successors and assigns, hereby remise,
release, acquit, waive, satisfy, and forever discharge one another and one another's
respective officers, directors, shareholders, members, employees, agents, representatives
and insurers, and the respective personal representatives, heirs, successors and assigns of
all of them, of and from all, and all manner of action and actions, cause and causes of
action, suits, covenants, contracts, controversies, agreements, promises, guarantees,
warranties (whether express or implied, and whether based on statute, common law or
otherwise), third-party claims, bad faith claims, variances, trespasses, damages, judgments,
executions, claims and demands whatsoever, which either has or may have against the
other, whether arising in tort, by contract, by virtue of statute, or otherwise, and whether in
law or in equity, regardless of whether the same are known or unknown, suspected or
unsuspected, patent or latent defects, or have yet accrued or not accrued, having to do with
or otherwise relating to the Property having arisen prior to the date of this Agreement.
12. Due Dates Falling on Weekends or Holidays. In the event that the date of any act required
to be performed by this Agreement (including, but not limited to, the payment of any
money) falls on a weekend or a federal holiday, then the same shall not be required to be
performed until the next business day thereafter.
12.A.a
Packet Pg. 401 Attachment: Mediated Settlement Agreement FINAL (2) (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Page 4 of 7
13. Entire Agreement. This Agreement sets forth the entire understanding of the parties and no
verbal or written warranties or representations have been made or have been relied upon
which do not appear in writing within this Agreement. Any reliance on verbal or other
representations which do not appear within this Agreement shall be deemed unjustifiable
reliance. Each party hereto is represented by that party's own counsel (or has had the
opportunity to confer with counsel of their own choosing) and has had the benefit of (or
the opportunity to have the benefit of) such counsel's advice in reviewing, commenting
upon, and modifying this Agreement.
14. Modification of Agreement. This Agreement may not be amended or modified except by
written instrument signed by all of the parties hereto, and the parties agree that this
provision may not be waived except in writing.
15. Waiver. The rights of the parties under this Agreement are to be considered cumulative,
and the failure on the part of any party to exercise or enforce properly or promptly any
rights arising out of this Agreement shall not operate to forfeit or serve as a waiver of any
of those or other rights. The waiver by one party of the performance of any covenant or
condition herein shall not invalidate this Agreement, nor shall it be considered to be a
waiver by such party of any other covenant or condition herein. The waiver by any party
of the time for performing any act shall not constitute a waiver of the time for performing
any other act or an identical act required to be performed at a later time.
16. Mediator As Scrivener; Interpretation. The mediator has provided the initial draft of this
Agreement to the parties and their counsel as a draft for their consideration. The mediator
has done so as an accommodation to assist the parties in memorializing their agreement
and has not done so in order to render any legal advice. The parties and their counsel have
been free to add to, delete from, and to otherwise change the initial draft as they have seen
fit. Any changes made to the initial draft of this Agreement have been at the request of one
or more of the parties to this Agreement (or their counsel) and represent the
memorialization of their intent. The parties hereto acknowledge and agree that the mediator
has not provided them with any legal advice (either during the course of the mediation or
in connection with the negotiation and preparation of this Agreement), and that they have
obtained (or have had the opportunity to obtain) their own independent legal advice prior
to executing this Agreement. The parties hereto agree that in the event of any dispute as to
the precise meaning of any term or provision contained herein, the principle of construction
and interpretation that written documents are to be construed against the party preparing
the same shall not be applicable. Wherever used herein, the singular shall include the plural,
the plural shall include the singular, and pronouns shall be read as masculine, feminine or
neuter, all as the context requires.
17. Confidentiality. Pursuant to Mediation Confidentiality and Privilege Act contained in
Chapter 44, Florida Statutes, all parties to the mediation and mediation participants as
described therein shall maintain the confidentiality of the mediation proceedings and all
settlement communications derived therefrom except as necessary to effectuate the terms
of this Agreement or as provided by the aforementioned Act.
12.A.a
Packet Pg. 402 Attachment: Mediated Settlement Agreement FINAL (2) (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Page 5 of 7
18. Conversion-Donation. The parties hereto acknowledge that the agreed upon settlement
payment is not the result of an arms-length transaction nor does it necessarily reflect the
fair market value of the Property, but was reached in effort to resolve the Claim. La
Minnesota has an appraised valuation of $20,760,000.00 for the Property. Part of the
consideration for the settlement payment is a partial bargain sale to a charitable
organization under 26 U.S.C. §170 and 26 U.S.C. §1011, and additionally reflects the
potential involuntary conversion of portions of the Property and an exchange pursuant to
26 U.S.C. §1033, which is hereby acknowledged by the parties.
19. Cooperation. The parties hereto agree to cooperate fully in the execution of any documents
or performance in any way which may be reasonably necessary to carry out the purposes
of this Agreement and to effectuate the intent of the parties hereto.
20. No Admission of Liability. By this settlement, no party admits any liability, but rather the
parties have agreed to this settlement as a compromise of disputed claims in the interests
of avoiding the costs and uncertainty of continued litigation.
21. Time is of the Essence. Time is of the essence of this Agreement.
22. Headings. The headings used in this Agreement are for convenience and reference only
and in no way define, describe, extend, or limit the scope or intent of this Agreement or the
intent of any provision in it.
23. Severability. If any provision of this Agreement shall be held by a court of competent
jurisdiction to be illegal, invalid or unenforceable for any reason, whether on its face or as
applied, the remaining provisions shall remain in full force and effect.
24. Benefit and Binding Effect. This Agreement shall inure to the benefit of and be binding
upon the parties, their heirs, successors, and assigns. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. The individuals signing below on
behalf of entities represent and warrant that they have the full authority to bind their
respective entities to all of the provisions hereof. Signatures by facsimile transmission or
other electronic transmission of this Agreement shall be acceptable and binding upon the
parties. A copy hereof shall be as binding as the executed original.
25. Governing Law, Venue, Jurisdiction. This Agreement shall be governed by, construed, and
interpreted under the laws of the State of Florida. The venue and jurisdiction of any dispute
relating to this Agreement shall be construed in accordance with the laws of the State of
Florida, and for purposes of this Agreement, venue and jurisdiction for any litigation shall
lie exclusively in the Circuit Court in and for Collier County, Florida, and the parties waive
any objection to said venue or jurisdiction, and any trial shall be a bench trial and not a jury
trial.
26. Attorneys’ Fees. In any litigation arising out of or relating to this Agreement, or to the
interpretation or enforcement hereof, the prevailing party(ies) shall be entitled to recover
12.A.a
Packet Pg. 403 Attachment: Mediated Settlement Agreement FINAL (2) (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Page 6 of 7
the prevailing party's(ies') reasonable attorneys' fees and costs from the non-prevailing
party(ies) at the trial and at all appellate levels.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date first stated
above.
ATTEST: BOARD OF COUNTY COMMISSIONERS
CRYSTAL KINSEL, Clerk COLLIER COUNTY, FLORIDA
By:_____________________________ By:_____________________________
, Deputy Clerk Rick LoCastro, CHAIRMAN
Approved as to form and legality:
___________________________
Jeffrey A. Klatzkow
County Attorney
LA MINNESOTA RIVIERA, LLC
BY: _______________________________
PRINT: ____________________________
TITLE: ____________________________
STATE OF FLORIDA
COUNTY OF _______________
The foregoing agreement was acknowledged before me by means of [ ] physical presence
or [ ] online notarization this ____ day of _____________, 2023 by ___________________, as
____________________ of La Minnesota Riviera, LLC, a Minnesota limited liability company,
who is [ ] personally known to me or who has [ ] produced __________________ as identification.
______________________________________
(Signature of Notary Public)
______________________________________
(Print Name of Notary Public)
23333805v.4
12.A.a
Packet Pg. 404 Attachment: Mediated Settlement Agreement FINAL (2) (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Page 7 of 7
RIVIERA GOLF ESTATES HOMEOWNERS
ASSOCIATION, INC.
BY: _______________________________
PRINT: ____________________________
TITLE: ____________________________
STATE OF FLORIDA
COUNTY OF _______________
The foregoing agreement was acknowledged before me by means of [ ] physical presence
or [ ] online notarization this ____ day of _____________, 2023 by ___________________, as
____________________ of Riviera Golf Estates Homeowners Association, Inc., a Florida not-for-
profit corporation, who is [ ] personally known to me or who has [ ] produced
__________________ as identification.
______________________________________
(Signature of Notary Public)
______________________________________
(Print Name of Notary Public)
12.A.a
Packet Pg. 405 Attachment: Mediated Settlement Agreement FINAL (2) (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.bPacket Pg. 406Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.bPacket Pg. 407Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
CYI<.
COLEMAN I YOVA�JOVICH I KOESTER
4001 Tarniarni Trail North, Suite 300
Naples, Florida 34103
T: 239.435.3535 I F: 239.435.1218
Via E-mail and Certified Mail
Collier County Zoning Department
Michael Bosi
2800 North Horseshoe Drive
Naples, Florida 34104
Re: Riviera Golf Estates
Dear Mr. Bosi,
Email: ryovanovich@cvklawflrm.com
March 25, 2022
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
12.A.b
Packet Pg. 408 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.bPacket Pg. 409Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
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
12.A.b
Packet Pg. 410 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Subject Photographs
Former Riviera Golf Course Land
164 Estelle Dr.
Naples, Florida
12.A.b
Packet Pg. 411 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Aerial Photograph
12.A.b
Packet Pg. 412 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Integra Realty Resources In Miami/Caribbean In Orlando In Naples/Sarasota
Miami/Caribbean
Orlando
Southwest Florida
Dadeland Centre
9155 South Dadeland Blvd.
Suite 1208
The Magnolia Building
326 N. Magnolia Ave.
Horseshoe Professional Park
2770 Horseshoe Drive S.
Suite 3
Miami, FL 33156 Orlando, FL 32801 Naples, FL 34104
www.irr.com (305) 670-0001 (407) 843-3377 (239)-643-6888
February 3, 2023
La Minnesota Riviera, LLCMr. Richard Yovanovich
Attorney at Law
Coleman, Yovanovich & Koester
4001 Tamiami Trail North Suite 300
Naples, FL 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:
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
12.A.b
Packet Pg. 413 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
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
• 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.
12.A.b
Packet Pg. 414 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
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
Parcel Interest Appraised Date of Value Value Conclusion
As if developable with 346 residential units Fee Simple April 25, 2022 $20,760,000
As if developable with 104 residential units Fee Simple 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
Dimunition In Value As Of April 26, 2022 $14,520,000
Extraordinary Assumptions and Hypothetical Conditions
1.None
1.The before scenario is subject to 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 subject to 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 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, but is used for the purpose of analysis.
The value conclusions are subject to the following 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 be false, could alter the appraiser’s opinions or conclusions.
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.
12.A.b
Packet Pg. 415 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
La Minnesota Riviera, LLCMr. Richard Yovanovich
Coleman, Yovanovich & Koester
February 3, 2023
Page 4
Respectfully submitted,
Integra Realty Resources - Southwest Florida
Carlton Lloyd, MAI
Florida State Certified General RE Appraiser
#RZ2618
Telephone: 239.687.5801
Email: clloyd@irr.com
– – #–
Telephone: –
Email: –
12.A.b
Packet Pg. 416 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Table of Contents
Former Riviera Golf Course Land
Quality Assurance 1
Executive Summary 2
Identification of the Appraisal Problem 3
Subject Description 3
Sale History 3
Pending Transactions 3
Appraisal Purpose 4
Value Type Definitions 4
Appraisal Premise Definitions 4
Property Rights Definitions 5
Client and Intended User(s) 5
Intended Use 5
Applicable Requirements 5
Report Format 5
Prior Services 5
Appraiser Competency 5
Scope of Work 7
Economic Analysis 9
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
As if developable with 104 residential units
(93.34 Acres; 4,065,890 SF) 42
Summary of Land Values 49
Reconciliation and Conclusion of Value 50
Exposure Time 51
Marketing Period 51
Certification 52
Assumptions and Limiting Conditions 54
Addenda
A. Appraiser Qualifications
B. IRR Quality Assurance Survey
C. Property Information
D. Comparable Data
Land Sales - As if developable with 346
residential units
Land Sales - As if developable with 104
residential units
E. Engagement Letter
12.A.b
Packet Pg. 417 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Quality Assurance 1
Former Riviera Golf Course Land
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.
12.A.b
Packet Pg. 418 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Executive Summary 2
Former Riviera Golf Course Land
Executive Summary
Property Name
Address
Property Type
Owner of Record
Tax ID
Legal Description
Land Area 93.34 acres; 4,065,890 SF
Zoning Designation
Highest and Best Use
Exposure Time; Marketing Period 12 months; 12 months
Date of the Report February 3, 2023
Value Conclusions
Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion
Market Value as if developable with 346 units Fee Simple April 25, 2022 $20,760,000
Market Value as if developable with 104 units Fee Simple April 26, 2022 $6,240,000
Diminution In Value April 26, 2022 $14,520,000
LA Minnesota Riviera, LLC
70170160004
RIVIERA COLONY GOLF EST TR MAP TRACTS A, B, C & D, LESS
Former Riviera Golf Course Land
164 Estelle Dr.
Naples, Collier County, Florida 34112
Land - Other
The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No
party other than Coleman, Yovanovich & Koester may use or rely on the information, opinions, and conclusions contained in the report. It is assumed that the users of
the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained therein.
Golf Course and Recreational Use District (GC)
Residential use
Extraordinary Assumptions and Hypothetical Conditions
1.None
1.The before scenario is subject to 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 subject to 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 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, but is used for the purpose of analysis.
The value conclusions are subject to the following 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 be false, could alter the appraiser’s opinions or conclusions.
12.A.b
Packet Pg. 419 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Identification of the Appraisal Problem 3
Former Riviera Golf Course Land
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 Estelle Dr.
Naples, Florida 34112
Tax ID 70170160004
Owner of Record LA Minnesota Riviera, LLC
Legal Description RIVIERA COLONY GOLF EST TR MAP TRACTS A, B, C & D, LESS THAT
PORTION OF TRACT A DESC IN OR 1548 PG 337, LESS THAT
PORTION OF TRACT B DESC IN OR 2021 PG 741
Sale History
The most recent closed sale of the subject is summarized as follows:
Sale Date March 4, 2005
Seller 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.
12.A.b
Packet Pg. 420 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Identification of the Appraisal Problem 4
Former Riviera Golf Course Land
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. 1
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
of the appraisal date.2
1 Code of Federal Regulations, Title 12, Chapter I, Part 34.42[h]; also Interagency Appraisal and Evaluation
Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472
2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
12.A.b
Packet Pg. 421 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Identification of the Appraisal Problem 5
Former Riviera Golf Course Land
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.3
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:
• Uniform Standards of Professional Appraisal Practice (USPAP);
• Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute;
• 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
3 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
12.A.b
Packet Pg. 422 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Identification of the Appraisal Problem 6
Former Riviera Golf Course Land
competency provisions are satisfied for this assignment. Appraiser qualifications and state credentials
are included in the addenda of this report.
12.A.b
Packet Pg. 423 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Scope of Work 7
Former Riviera Golf Course Land
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
Party Inspection 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 Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
12.A.b
Packet Pg. 424 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Scope of Work 8
Former Riviera Golf Course Land
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.
12.A.b
Packet Pg. 425 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 9
Former Riviera Golf Course Land
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%.
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.
Population Compound Ann. % Chng
2010 Census 2022 Estimate 2027 Projection 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: Claritas
Population Trends
12.A.b
Packet Pg. 426 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 10
Former Riviera Golf Course Land
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 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%
Source: U.S. Bureau of Labor Statistics and Moody's Analytics. Employment figures are from the Quarterly Census of Employment and Wages (QCEW).
Unemployment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted.
*Total employment data is as of June 2021; unemployment rate data reflects the average of 12 months of 2021.
Employment Sectors - 2021
19.1%
18.6%
15.7%
12.3%
12.0%
6.1%
6.1%
4.3%
3.4%
1.5%
0.7%
20.8%
13.0%
15.1%
6.6%
16.5%
11.0%
7.0%
3.0%
4.5%
0.8%
1.6%
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
Collier County Florida
Source: U.S. Bureau of Labor Statistics and Moody's Analytics
12.A.b
Packet Pg. 427 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 11
Former Riviera Golf Course Land
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.
12.A.b
Packet Pg. 428 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 12
Former Riviera Golf Course Land
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 $43,765. This
means that Collier County industries and employers are adding relatively more value to the economy
than their counterparts in Florida.
Name Number of Employees
1 NCH Healthcare System 7,017
2 Collier County School District 5,604
3 Collier County Local Government 5,119
4 Publix Super Market 3,083
5 Arthrex, Inc 2,500
6 Walmart 1,480
7 Ritz Carlton-Naples 1,450
8 City of Naples 1,169
9 Physicians Regional 950
10 Moorings Park 888
Major Employers - Collier County
Source: Southwest Florida Economic Dvelopment Alliance
Gross Domestic Product
Year
($,000s)
Collier County % Change
($,000s)
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 Analysis and Moody's Analytics; data released December 2021. The release of state and local GDP
data has a longer lag time than national data. The data represents inflation-adjusted ""real"" GDP stated in 2012 dollars.
12.A.b
Packet Pg. 429 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 13
Former Riviera Golf Course Land
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.
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.
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
Median
Collier County $81,946
Florida $65,445
Comparison of Collier County to Florida + 25.2%
Source: Claritas
Median Household Income - 2022
Household Income Distribution - 2022
9.0%
8.1%
8.6%
12.8%
17.7%
12.7%
9.4%
6.4%
6.4%
3.3%
3.5%
2.0%
7.0%
5.5%
7.2%
10.7%
16.0%
11.8%
10.2%
7.6%
8.2%
4.6%
6.2%
5.0%
0.0%5.0%10.0%15.0%20.0%
Less than $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - 499,999
$500,000 and more
Collier County Florida
Source: Claritas
12.A.b
Packet Pg. 430 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 14
Former Riviera Golf Course Land
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.
Conclusion
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.
Education & Age - 2022
Source: Claritas
10%
20%
30%
40%
50%
60%
70%
80%
Collier County Florida
36%
30%
Percent College Graduate
10
15
20
25
30
35
40
45
50
Collier County Florida
53
43
Median Age
12.A.b
Packet Pg. 431 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 15
Former Riviera Golf Course Land
Area Map
12.A.b
Packet Pg. 432 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 16
Former Riviera Golf Course Land
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
Boundaries
Market Area Collier County
Submarket East Naples
Area Type Suburban
Delineation
North Davis Boulevard
South Rattlesnake Hammock Road
East County Barn Road
West E Tamiami 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.
12.A.b
Packet Pg. 433 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 17
Former Riviera Golf Course Land
Access & Linkages
Vehicular Access
Major Highways Interstate 75
Primary Corridors Tamiami Trail, Davis Boulevard, Rattlesnake Hammock
Vehicular Access Rating Average
Public Transit
Providers Collier Area Transit
Transit Access Rating Average
Airport(s)
Name Naples Airport
Distance <6
Driving Time 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.
12.A.b
Packet Pg. 434 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 18
Former Riviera Golf Course Land
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
Service Name/Station
Driving
Distance
(Miles)Direction
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
Surrounding Area Demographics
2022 Estimates 1-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
12.A.b
Packet Pg. 435 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Area Analysis 19
Former Riviera Golf Course Land
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 Pandemic, inflation, and geopolitical tension.
Surrounding Area Map
12.A.b
Packet Pg. 436 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Description and Analysis 20
Former Riviera Golf Course Land
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 Estelle
Shape Irregular
Corner No
Topography Rolling
Drainage No problems reported or observed
Environmental Hazards None reported or observed
Ground Stability No problems reported or observed
Flood Area Panel Number 12021C0601H
Date May 16, 2012
Zone AH
Description Within 100-year floodplain
Insurance Required?Yes
Zoning; Other Regulations
Zoning Jurisdiction Collier 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?Appears to be legally conforming
Zoning Change Likely?Yes
Permitted Uses Golf courses, hiking trails, walkways, multi-use paths and observation
decks, passive recreation areas and disc golf.
Other Land Use Regulations Collier County FLU: Urban Residential Subdistrict
Utilities
Service Provider
Water Collier County
Sewer Collier County
Electricity 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
12.A.b
Packet Pg. 437 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Description and Analysis 21
Former Riviera Golf Course Land
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.
12.A.b
Packet Pg. 438 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Description and Analysis 22
Former Riviera Golf Course Land
Aerial Photograph
12.A.b
Packet Pg. 439 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Description and Analysis 23
Former Riviera Golf Course Land
Zoning Map
Subject
12.A.b
Packet Pg. 440 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Description and Analysis 24
Former Riviera Golf Course Land
Future Land Use Map
12.A.b
Packet Pg. 441 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Description and Analysis 25
Former Riviera Golf Course Land
Flood Hazard Map
12.A.b
Packet Pg. 442 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Description and Analysis 26
Former Riviera Golf Course Land
(Photo Taken on January 24, 2023) (Photo Taken on January 24, 2023)
(Photo Taken on January 24, 2023) (Photo Taken on January 24, 2023)
(Photo Taken on January 24, 2023) (Photo Taken on January 24, 2023)
12.A.b
Packet Pg. 443 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Real Estate Taxes 27
Former Riviera Golf Course Land
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 31st of the following year. If the taxes are paid prior to November 30th,
the State of Florida allows a 4% discount for early payment. The discount then becomes 3% if paid by
December 31st, 2% if paid by January 31st, and 1% if paid by February 28th. After March 31st, 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 Value Taxes and Assessments
Tax ID Land Improvements Total Tax Rate
Ad Valorem
Taxes Direct Assessments Total
70170160004 $1,039,227 $234,346 $1,273,573 1.096320%$13,962 $0 $13,962
12.A.b
Packet Pg. 444 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Highest and Best Use 28
Former Riviera Golf Course Land
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.
12.A.b
Packet Pg. 445 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Highest and Best Use 29
Former Riviera Golf Course Land
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.
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.
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.
12.A.b
Packet Pg. 446 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Highest and Best Use 30
Former Riviera Golf Course Land
Most Probable Buyer
Taking into account the characteristics of the site, as well as area development trends, the probable
buyer is a developer.
12.A.b
Packet Pg. 447 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Valuation Methodology 31
Former Riviera Golf Course Land
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 Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
12.A.b
Packet Pg. 448 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 32
Former Riviera Golf Course Land
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:
12.A.b
Packet Pg. 449 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 33
Former Riviera Golf Course Land
Summary of Comparable Land Sales - As if developable with 346 residential units
No.Name/Address
Sale Date;
Status
Effective Sale
Price
SF;
Acres
Units;
Density
(Units/Ac.)Zoning $/Unit $/Acre
1 The Isle of Collier 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
2 Oil Well Road Land Dec-21 $35,000,000 14,650,099 685 MUPD $51,095 $104,068
123 Oil Well Rd. Closed 336.32 2.0
Naples
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
4 Tamarindo Sep-20 $13,025,000 4,636,526 266 PUD $48,966 $122,369
North Of Sabal Drive Closed 106.44 2.5
Naples
Subject 4,065,890 346 Residential
Former Riviera Golf Course Land 93.34 3.7
Naples, FL
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, 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 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 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.
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-family homes.
Comments: On September 17th, 2020, RJH II, LLC sold 37.22 acres of land located at Immokalee Rd and Richards Street to Pulte Home Company. This
slated to be the future site of Ventana Pointe, a 77 unit single family home development. This was a cash sale.
Comments: On September 18, 2020 DR Horton purchased the Tamarindo project from Watermen at Rockedge LLC. Tamiarindo is located at the northeast
quadrant of Collier Boulevard and Sabal Palm Drive. DR Horton plans a 266 unit single family residential community.
12.A.b
Packet Pg. 450 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 34
Former Riviera Golf Course Land
Comparable Land Sales Map – As if developable with 346 residential units
12.A.b
Packet Pg. 451 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 35
Former Riviera Golf Course Land
Sale 1
The Isle of Collier Preserve Phase 3
Sale 2
Oil Well Road Land
Sale 3
Ventana Pointe
Sale 4
Tamarindo
12.A.b
Packet Pg. 452 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 36
Former Riviera Golf Course Land
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
12.A.b
Packet Pg. 453 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 37
Former Riviera Golf Course Land
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.
None 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 1st quarter of 2022.
MLS Sales Trends
Year Average Sale Price % Change Median Sale Price % 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.
12.A.b
Packet Pg. 454 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 38
Former Riviera Golf Course Land
Market Conditions Survey
Name 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
Site
333 8th St S Naples Mixed Use Dec-21 $6,500,000 May-22 $12,000,000 84.62%
Treeline Land 12171 Treeline Ave Fort Myers Mixed Use Sep-19 $5,050,000 Jan-21 $7,500,000 48.51%
Jetport Commerce Land 13770 Jetport Commerce Fort Myers Industrial 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.
Access/Exposure
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
12.A.b
Packet Pg. 455 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 39
Former Riviera Golf Course Land
allowable density or floor area ratio, structure height, setbacks, parking requirements, landscaping,
and other development standards.
An upward adjustment was applied to comparable 1 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.
12.A.b
Packet Pg. 456 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 40
Former Riviera Golf Course Land
Land Sales Adjustment Grid - As if developable with 346 residential units
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4
Name Former Riviera
Golf Course Land
The Isle of Collier
Preserve Phase 3
Oil Well Road Land Ventana Pointe Tamarindo
Address 164 Estelle Dr. 8000 Bayshore Dr. 123 Oil Well Rd. 10334 Immokalee
Rd.
North Of Sabal
Drive
City Naples Naples Naples Naples Naples
County Collier Collier Collier Collier Collier
State Florida FL FL FL FL
Sale Date Feb-22 Dec-21 Sep-20 Sep-20
Sale Status 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 3.71 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 Simple Fee Simple
% Adjustment ––––
Financing Terms All cash Cash to seller - buyer
obtained financing
Cash to seller Cash/Equivalent
% Adjustment ––––
Conditions of Sale
% Adjustment ––––
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 $60,718
Property Adjustments
Location –10%-10%–
Access/Exposure ––––
Size ––––
Shape and Topography ––––
Zoning 15%–––
Density ––––
Net Property Adjustments ($)$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 $51,500 - $66,960
Average $59,689
Indicated Value $60,000
12.A.b
Packet Pg. 457 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 41
Former Riviera Golf Course Land
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
Indicated Value $20,760,000
Rounded $20,760,000
12.A.b
Packet Pg. 458 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 42
Former Riviera Golf Course Land
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
No.Name/Address
Sale Date;
Status Effective Sale Price
SF;
Acres Zoning $/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
2 Oil Well Road Land Dec-21 $35,000,000 14,650,099 MPUD $51,095 $104,068
123 Oil Well Rd. Closed 336.32
Naples
3 Ventana Pointe Sep-20 $4,620,000 1,621,303 RPUD $60,000 $124,127
10334 Immokalee Rd. Closed 37.22
Naples
4 Tamarindo Sep-20 $13,025,000 4,636,526 RPUD $48,966 $122,369
North Of Sabal Drive Closed 106.44
Naples
Subject 4,065,890 Residential
Former Riviera Golf Course 93.34
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, 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 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 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.
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-family homes
Comments: On September 17th, 2020, RJH II, LLC sold 37.22 acres of land located at Immokalee Rd and Richards Street to Pulte Home
Company. This slated to be the future site of Ventana Pointe, a 77 unit single family home development. This was a cash sale.
Comments: On September 18, 2020 DR Horton purchased the Tamarindo project from Watermen at Rockedge LLC. Tamiarindo is located
at the northeast quadrant of Collier Boulevard and Sabal Palm Drive.
DR Horton plans a 266 unit single family residential community.
12.A.b
Packet Pg. 459 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 43
Former Riviera Golf Course Land
Comparable Land Sales Map – As if developable with 104 residential units
12.A.b
Packet Pg. 460 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 44
Former Riviera Golf Course Land
Sale 1
The Isle of Collier Preserve Phase 3
Sale 2
Oil Well Road Land
Sale 3
Ventana Pointe
Sale 4
Tamarindo
12.A.b
Packet Pg. 461 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 45
Former Riviera Golf Course Land
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.
None 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,
12.A.b
Packet Pg. 462 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 46
Former Riviera Golf Course Land
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 1st quarter of 2022.
MLS Sales Trends
Year Average Sale Price % Change Median Sale Price % 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
Name 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
Site
333 8th St S Naples Mixed Use Dec-21 $6,500,000 May-22 $12,000,000 84.62%
Treeline Land 12171 Treeline Ave Fort Myers Mixed Use Sep-19 $5,050,000 Jan-21 $7,500,000 48.51%
Jetport Commerce Land 13770 Jetport Commerce Fort Myers Industrial 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
Access/Exposure
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
12.A.b
Packet Pg. 463 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 47
Former Riviera Golf Course Land
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 1 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.
12.A.b
Packet Pg. 464 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 48
Former Riviera Golf Course Land
Land Sales Adjustment Grid - As if developable with 104 residential units
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4
Name Former Riviera
Golf Course Land
The Isle of Collier
Preserve Phase 3
Oil Well Road Land Ventana Pointe Tamarindo
Address 164 Estelle Dr. 8000 Bayshore Dr. 123 Oil Well Rd. 10334 Immokalee Rd. North Of Sabal Drive
City Naples Naples Naples Naples Naples
County Collier Collier Collier Collier Collier
State Florida FL FL FL FL
Sale Date Feb-22 Dec-21 Sep-20 Sep-20
Sale Status 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 104 230 685 77 266
Units Per Acre 1.11 2.25 2.04 2.00 2.50
Price per Unit $43,478 $51,095 $60,000 $48,966
Transactional Adjustments
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple
% Adjustment ––––
Financing Terms All cash Cash to seller - buyer
obtained financing
Cash to seller Cash/Equivalent
% Adjustment ––––
Conditions of Sale
% Adjustment ––––
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 $60,718
Property Adjustments
Location –10%-10%–
Access/Exposure ––––
Size ––––
Shape and Topography ––––
Zoning 15%–––
Density ––––
Net Property Adjustments ($)$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 $51,500 - $66,960
Average $59,689
Indicated Value $60,000
12.A.b
Packet Pg. 465 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Sales Comparison Approach 49
Former Riviera Golf Course Land
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
Parcel
Unit of
Comparison Units
Indicated
Value per
Unit
Indicated
Value 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
12.A.b
Packet Pg. 466 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Reconciliation and Conclusion of Value 50
Former Riviera Golf Course Land
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 Value Value Conclusion
As if developable with 346 residential units Fee Simple April 25, 2022 $20,760,000
As if developable with 104 residential units Fee Simple 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
Dimunition In Value As Of April 26, 2022 $14,520,000
Extraordinary Assumptions and Hypothetical Conditions
1.None
1.The before scenario is subject to 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 subject to 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 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, but is used for the purpose of analysis.
The value conclusions are subject to the following 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 be false, could alter the appraiser’s opinions or conclusions.
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
12.A.b
Packet Pg. 467 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Reconciliation and Conclusion of Value 51
Former Riviera Golf Course Land
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.
12.A.b
Packet Pg. 468 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Certification 52
Former Riviera Golf Course Land
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.
12.A.b
Packet Pg. 469 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Certification 53
Former Riviera Golf Course Land
14. As of the date of this report, Carlton Lloyd, MAI has completed the continuing education
program for Designated Members of the Appraisal Institute.
Carlton Lloyd, MAI
Florida State Certified General RE Appraiser
#RZ2618
– – #–
– – #–
12.A.b
Packet Pg. 470 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Assumptions and Limiting Conditions 54
Former Riviera Golf Course Land
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
12.A.b
Packet Pg. 471 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Assumptions and Limiting Conditions 55
Former Riviera Golf Course Land
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
12.A.b
Packet Pg. 472 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Assumptions and Limiting Conditions 56
Former Riviera Golf Course Land
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
12.A.b
Packet Pg. 473 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Assumptions and Limiting Conditions 57
Former Riviera Golf Course Land
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:
12.A.b
Packet Pg. 474 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Assumptions and Limiting Conditions 58
Former Riviera Golf Course Land
Extraordinary Assumptions and Hypothetical Conditions
1.None
1.The before scenario is subject to 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 subject to 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 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, but is used for the purpose of analysis.
The value conclusions are subject to the following 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 be false, could alter the appraiser’s opinions or conclusions.
12.A.b
Packet Pg. 475 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Addenda
Former Riviera Golf Course Land
Addendum A
Appraiser Qualifications
12.A.b
Packet Pg. 476 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Carlton J. Lloyd, MAI Integra Realty
Resources - Southwest Florida
irr.com
T 239.643.6888
F 239.643.6871
2770 Horseshoe Drive S
Suite 3
Naples, FL 34104
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
clloyd@irr.com - 239.687.5801
12.A.b
Packet Pg. 477 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Carlton J. Lloyd, MAI Integra Realty
Resources - Southwest Florida
irr.com
T 239.643.6888
F 239.643.6871
2770 Horseshoe Drive S
Suite 3
Naples, FL 34104
Education (Cont'd)
Assets 02/29‐03/01/2012
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
Online Analyzing Distressed Real Estate 10/15‐11/14/2008
Online Condominiums, Co‐ops and PUDs 10/15‐11/14/2008
Online Appraising From Blueprints and Specifications 09/15‐10/15/2006
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
clloyd@irr.com - 239.687.5801
12.A.b
Packet Pg. 478 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 479 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
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!
irr.com
12.A.b
Packet Pg. 480 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Addenda
Former Riviera Golf Course Land
Addendum B
IRR Quality Assurance Survey
12.A.b
Packet Pg. 481 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Addenda
Former Riviera Golf Course Land
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 c licking 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
12.A.b
Packet Pg. 482 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Addenda
Former Riviera Golf Course Land
Addendum C
Property Information
12.A.b
Packet Pg. 483 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
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 II - Exceptions
1 of 7
C165C09 ALTA Commitment (8/1/2016) (with FL Modifications)
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
12.A.b
Packet Pg. 484 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Order Number: 9932911
16583.001
SCHEDULE B SECTION I
REQUIREMENTS
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
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 II - Exceptions
2 of 7
C156C09 ALTA Commitment (8/1/2016) (with FL Modifications)
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.
6. Proof of payment of service charges for water, sewer, waste and gas, if any, through the date of
closing. NOTE: If this requirement is not met the following exception will appear on Schedule B:
12.A.b
Packet Pg. 485 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Order Number: 9932911
16583.001
SCHEDULE B SECTION I
Requirements continued
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 II - Exceptions
3 of 7
C165C09 ALTA Commitment (8/1/2016) (with FL Modifications)
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.
7. Satisfaction of that certain Mortgage given by LA Minnesota Riviera, LLC, a Minnesota limited liability
company in favor of Minnwest Bank Ortonville dated February 28, 2005, recorded March 15, 2005, in
Official Records Book 3753, Page 1458, securing a Note in the principal amount of $3,840,000.00.
8. Satisfaction of that certain Mortgage given by LA Minnesota Riviera, LLC, in favor of John F. Poepl,
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.
Note: The original promissory note secured by the above described mortgage (being held by a non-
institutional mortgagee) must be produced and cancelled.
9. The insured amount(s) under the Proposed Policy(ies) must be furnished in order for this Commitment
to become effective. This Commitment is subject to further requirements and/or exceptions that may
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
collected and paid at closing.
NOTE: 2020 Real Property Taxes in the gross amount of $14,607.14 are paid. Homestead Exemption:
No. Tax I.D. 70170160004.
END OF SCHEDULE B SECTION I
12.A.b
Packet Pg. 486 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Order No.: 9932911
16583.001
SCHEDULE B SECTION II
EXCEPTIONS
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
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 II - Exceptions
4 of 7
C165C09 ALTA Commitment (8/1/2016) (with FL Modifications)
THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION
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
ORIGIN.
The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or
easement identified in Schedule A, and will include the following Exceptions unless cleared to the
satisfaction of the Company:
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.
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.
5. 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
12.A.b
Packet Pg. 487 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Order No.: 9932911
16583.001
SCHEDULE B SECTION II
EXCEPTIONS
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
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 II - Exceptions
5 of 7
C165C09 ALTA Commitment (8/1/2016) (with FL Modifications)
exist other than the record owner(s); (ii) no improvements have been made to the Land within 90
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.
Exception will be made for matters disclosed in the affidavit.
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
by Resolution No. 2000-461, recorded in Official Records Book 2754, Page 2453, of the Public Records of
Collier County, Florida.
7. Easements in favor of Collier County for the Construction, Operation and Maintenance of Utility Facilities
recorded in Official Records Book 1641, Page 690 and Official Records Book 1544, Page 2193, of the
Public Records of Collier County, Florida.
8. Easement in favor of Collier County for the installation operation and maintenance of water and sewer
utility facilities recorded in Official Records Book 1552, Page 609 and appurtenant easement rights set
forth in Utilities Deed conveying utilities and providing easements as recorded in Official Records Book
1552, Page 612 and in Warranty Deed recorded in Official Records Book 1552, Page 616, all of the Public
Records of Collier County, Florida.
9. Agreement for the Delivery and Use of Treated Waste Water recorded in Official Records Book 1314,
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
recorded in Official Records Book 56, Page 84, of the Public Records of Collier County, Florida. No
determination has been made as to the current record owner for the interest excepted herein. Note: In
the event a Florida Endorsement Form 9 is issued with the policy(ies), the Form 9 Endorsement will not
afford coverage of this exception.
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
County, Florida.
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.
12.A.b
Packet Pg. 488 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Order No.: 9932911
16583.001
SCHEDULE B SECTION II
EXCEPTIONS
AMERICAN LAND TITLE ASSOCIATION COMMITMENT
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 II - Exceptions
6 of 7
C165C09 ALTA Commitment (8/1/2016) (with FL Modifications)
Searched By: Dale Hunt
END OF SCHEDULE B SECTION II
12.A.b
Packet Pg. 489 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Order No.: 9932911
16583.001
EXHIBIT “A”
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 II - Exceptions
7 of 7
C165C09 ALTA Commitment (8/1/2016) (with FL Modifications)
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.
12.A.b
Packet Pg. 490 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758
POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED
Visit our website: www.colliertaxcollector.com
Legal Description
Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information
Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount
Parcel Number Legal Description Mill Code Escrow Code
PleaseRetainthisportionfor yourrecords
Exemptions
Millage Total Total Ad Valorem
Non-Ad Valorem District Type of Assessment Amount
Non-Ad Valorem Total
(Detach and Return with your Payment)
Parcel Number Mill Code Escrow Code
Rob Stoneburner
Amount Paid to Date:
LA MINNESOTA RIVIERA LLC
930 LYN WAY #104
HASTINGS, MN 55033
LA MINNESOTA RIVIERA LLC
930 LYN WAY #104
HASTINGS, MN 55033
1,273,573
1,273,573
1,273,573
1,273,573
1,273,573
1,273,573
1,273,573
1,273,573
1,273,573
1,273,5731,273,573
$13,962.44
GENERAL FUND
WATER MANAGEMENT FUND-SOUTH FL
1,273,573
BIG CYPRESS BASIN
1,273,573
SCHOOL BOARD - STATE LAW
1,273,573
SCHOOL BOARD - LOCAL BOARD
1,273,573
COLLIER MOSQUITO CONTROL
1,273,573
GREATER NAPLES FIRE RESCUE DIS
1,273,573
UNINCORP GEN - MSTD
0.2500
1,273,573
C.C. WATER POLLUTION CTRL PGM 0.0293
1,273,573
CONSERVATION COLLIER
0.8069
1,273,573
1.5000
1,273,573
0.1609
2.2480
2.2110
0.0978
0.0948
3.5645
$0.00
Pay your current taxes online at:
http://www.colliertaxcollector.com/
106
106
$13,962.4410.9632
Paid By
Receipt #
70170160004
70170160004
13683.19
On File
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)
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)
TAX HSP 1-23-00455083
0
0
0
01/30/2023
If Paid By
If Paid By
0
Jan 31, 2023
Jan 31, 2023
0
0
0
0
4,539.65
0
120.73
0
2022 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments
2022 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments
Please Pay
Please Pay
124.56
$0.00
$0.00
2,815.87
2,862.99
204.92
1,910.36
1,027.65
37.32
318.39
12.A.b
Packet Pg. 491 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 492 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 493 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 494 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
$ 4,800,000
$ 2,250,000
$ 0
$ 0
$ 0
$ 1,039,227
$ 234,346
$ 1,273,573
$ 1,273,573
$ 1,273,573
$ 1,273,573
Collier County Property AppraiserProperty Summary
Parcel No 70170160004 SiteAddress*Disclaimer
164ESTELLEDR Site City NAPLES Site Zone*Note 34112
Name / Address LA MINNESOTA RIVIERA LLC
930 LYN WAY #104
City HASTINGS State MN Zip 55033
Map No.Strap No.Section Township Range Acres *Estimated
5B18 597100 C 35B18 18 50 26 93.34
Legal RIVIERA COLONY GOLF EST TR MAP TRACTS A, B, C & D, LESS THAT PORTIONOF TRACT A DESC IN OR 1548 PG 337, LESS THAT PORTION OF TRACT B DESC INOR 2021 PG 741
Millage Area 106 Millage Rates *Calculations
Sub./Condo 597100 - RIVIERA COLONY GOLF EST TRMAP School Other Total
Use Code 38 - GOLF COURSES, DRIVING RANGES 4.459 6.5042 10.9632
Latest Sales History
(Not all Sales are listed due to Confidentiality)
Date Book-Page Amount
03/15/05 3753-1455
08/17/00 2711-2860
08/01/90 1548-337
07/01/90 1544-2181
07/01/73 538-902
2022 Certified Tax Roll
(Subject to Change)
Land Value
(+) Improved Value
(=) Market Value
(=) Assessed Value
(=) School Taxable Value
(=) Taxable Value
If all Values shown above equal 0 this parcel was created after theFinal Tax Roll
12.A.b
Packet Pg. 495 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Collier County Property AppraiserProperty Detail
Parcel No 70170160004 SiteAddress*Disclaimer
164ESTELLEDR Site City NAPLES Site Zone*Note 34112
Name / Address LA MINNESOTA RIVIERA LLC
930 LYN WAY #104
City HASTINGS State MN Zip 55033
Permits (Provided for reference purposes only. *Full Disclaimer. )
TaxYr Issuer Permit #CO Date Tmp CO Final Bldg Type
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
2001 COUNTY 200007-1124 07/20/00 SHED, NO PICKUP
2001 COUNTY 200009-0922 10/09/00 NO PICKUP
2001 COUNTY 200009-0927 09/13/00 NO PICKUP
2012 COUNTY 2011041867 ROOF
Land
#Calc Code Units
10 ACREAGE 78.27
20 ACREAGE 15.26
30 PUD UNITS BUILDABLE 18
Building/Extra Features
#YearBuilt Description Area AdjArea
12.A.b
Packet Pg. 496 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
10 1974 RESIDENTIAL 2698 3152
20 1972 METAL-STEELFRAME 1568 1568
30 1972 METAL-STEELFRAME 1320 1320
40 1975 CARPORT 1560 1560
50 1982 METAL-STEELFRAME 960 960
60 1983 ALUM CARPORT 500 500
70 1987 GARAGE 288 288
80 1987 ALUM SCREENENC 1832 1832
90 1987 SWIMMING POOL 512 512
100 1987 ALUM SCREENENC 460 460
110 1998 GARAGE 780 780
120 1998 CONC P 950 950
130 1987 KEYSTONE DECK 448 448
140 1987 BRICK DECK 196 196
12.A.b
Packet Pg. 497 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Addenda
Former Riviera Golf Course Land
Addendum D
Comparable Data
12.A.b
Packet Pg. 498 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Addenda
Former Riviera Golf Course Land
Land Sales - As if developable with 346 residential units
12.A.b
Packet Pg. 499 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 1
Location & Property Identification
The Isle of Collier Preserve
Phase 3
Property Name:
Sub‐Property Type: Residential
8000 Bayshore Dr. Address:
Naples, FL 34112 City/State/Zip:
Collier County:
Submarket: East Naples
Suburban Market Orientation:
IRR Event ID: 2900332
Sale Information
$10,000,000 Sale Price:
$10,000,000 Effective Sale Price:
02/02/2022 Sale Date:
Sale Status: Closed
$/Acre(Gross): $97,637
$/Land SF(Gross): $2.24
$/Acre(Usable): $97,637
$/Land SF(Usable): $2.24
$43,478 /Approved Lot $/Unit:
Grantor/Seller: Bayshore Parcel, LLC.
Grantee/Buyer: Minto Sabal Bay, LLC.
Portfolio Sale: No
Property Rights: Fee Simple
% of Interest Conveyed: 100.00
Financing: All cash
Document Type: Warranty Deed
Recording No.: 6200299
Verified By: Jocelynn Collins
Verification Date: 07/31/2022
Confirmation Source: CoStar Prop App
Verification Type: Confirmed‐Other
Improvement and Site Data
61838080008, 61838120007,
61838160009, 61838200008,
61838201007
Legal/Tax/Parcel ID:
102.42/102.42 Acres(Usable/Gross):
4,461,415/4,461,415 Land‐SF(Usable/Gross):
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.: 12021C0584H
Date: 05/16/2012
Source of Land Info.: Public Records
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, 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
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
The Isle of Collier Preserve Phase 3
12.A.b
Packet Pg. 500 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
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
12.A.b
Packet Pg. 501 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 2
Location & Property Identification
Oil Well Road Land Property Name:
Sub‐Property Type: Residential
123 Oil Well Rd. Address:
Naples, FL 34120 City/State/Zip:
Collier County:
Submarket: Outlying Collier
County/Wagon Wheel
Suburban Market Orientation:
IRR Event ID: 2900339
Sale Information
$35,000,000 Sale Price:
$35,000,000 Effective Sale Price:
12/03/2021 Sale Date:
Sale Status: Closed
$/Acre(Gross): $104,068
$/Land SF(Gross): $2.39
$/Acre(Usable): $104,068
$/Land SF(Usable): $2.39
$51,095 /Unit $/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
00210440007 Legal/Tax/Parcel ID:
336.32/336.32 Acres(Usable/Gross):
14,650,099/14,650,099 Land‐SF(Usable/Gross):
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.: 12021C0240H
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‐family
homes
Oil Well Road Land
12.A.b
Packet Pg. 502 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 3
Location & Property Identification
Ventana Pointe Property Name:
Sub‐Property Type: Residential
10334 Immokalee Rd. Address:
Naples, FL 34120 City/State/Zip:
Collier County:
Submarket: Outlying Collier
County/Wagon Wheel
Suburban Market Orientation:
IRR Event ID: 2728189
Sale Information
$4,620,000 Sale Price:
$4,620,000 Effective Sale Price:
09/17/2020 Sale Date:
Sale Status: Closed
$/Acre(Gross): $124,127
$/Land SF(Gross): $2.85
$60,000 /Approved Unit $/Unit:
Grantor/Seller: RJH II, 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, II, MAI
Verification Date: 11/08/2021
Confirmation Source: Broker
Verification Type: Confirmed‐Seller
Improvement and Site Data
MSA: Naples‐Immokalee‐Marco
Island, FL
37.22 Acres(Gross):
1,621,303 Land‐SF(Gross):
No. of Units (Potential): 77
Zoning Code: RPUD
Zoning Desc.: RPUD
Source of Land Info.: Public Records
Comments
On September 17th, 2020, RJH II, LLC sold 37.22 acres of land
located at Immokalee Rd and Richards Street to Pulte Home
Company. This slated to be the future site of Ventana Pointe, a
77 unit single family home development. This was a cash sale.
Ventana Pointe
12.A.b
Packet Pg. 503 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 4
Location & Property Identification
Tamarindo Property Name:
Sub‐Property Type: Residential, Planned Unit
Development
North Of Sabal Drive Address:
Naples, FL 34114 City/State/Zip:
Collier County:
Submarket: Outlying Collier
County/Wagon Wheel
Suburban Market Orientation:
IRR Event ID: 2512551
Sale Information
$13,025,000 Sale Price:
$13,025,000 Effective Sale Price:
09/28/2020 Sale Date:
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
$48,966 /Unit $/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
00433040006, 00433120007,
00433160009, 00433480006,
00433800000, 00434840001,
00435400000, 00436360000,
00436440001, 00436520002,
00436600003, 00436760008,
00436800104, 00436800201
and 00436800308
Legal/Tax/Parcel ID:
106.44/106.44 Acres(Usable/Gross):
4,636,526/4,636,526 Land‐SF(Usable/Gross):
Usable/Gross Ratio: 1.00
No. of Units (Potential): 266
Shape: Irregular
Topography: Level
Corner Lot: Yes
Frontage Desc.: North Of Sabal Drive
Zoning Code: PUD
Zoning Desc.: Rockedge Residential Planned
Development
Flood Plain: Yes
Flood Zone Designation: AH
Comm. Panel No.: 12021C0606H
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.
Tamarindo
12.A.b
Packet Pg. 504 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 4
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
12.A.b
Packet Pg. 505 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Addenda
Former Riviera Golf Course Land
Land Sales - As if developable with 104 residential units
12.A.b
Packet Pg. 506 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 1
Location & Property Identification
The Isle of Collier Preserve
Phase 3
Property Name:
Sub‐Property Type: Residential
8000 Bayshore Dr. Address:
Naples, FL 34112 City/State/Zip:
Collier County:
Submarket: East Naples
Suburban Market Orientation:
IRR Event ID: 2900332
Sale Information
$10,000,000 Sale Price:
$10,000,000 Effective Sale Price:
02/02/2022 Sale Date:
Sale Status: Closed
$/Acre(Gross): $97,637
$/Land SF(Gross): $2.24
$/Acre(Usable): $97,637
$/Land SF(Usable): $2.24
$43,478 /Approved Lot $/Unit:
Grantor/Seller: Bayshore Parcel, LLC.
Grantee/Buyer: Minto Sabal Bay, LLC.
Portfolio Sale: No
Property Rights: Fee Simple
% of Interest Conveyed: 100.00
Financing: All cash
Document Type: Warranty Deed
Recording No.: 6200299
Verified By: Jocelynn Collins
Verification Date: 07/31/2022
Confirmation Source: CoStar Prop App
Verification Type: Confirmed‐Other
Improvement and Site Data
61838080008, 61838120007,
61838160009, 61838200008,
61838201007
Legal/Tax/Parcel ID:
102.42/102.42 Acres(Usable/Gross):
4,461,415/4,461,415 Land‐SF(Usable/Gross):
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.: 12021C0584H
Date: 05/16/2012
Source of Land Info.: Public Records
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, 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
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
The Isle of Collier Preserve Phase 3
12.A.b
Packet Pg. 507 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
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
12.A.b
Packet Pg. 508 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 2
Location & Property Identification
Oil Well Road Land Property Name:
Sub‐Property Type: Residential
123 Oil Well Rd. Address:
Naples, FL 34120 City/State/Zip:
Collier County:
Submarket: Outlying Collier
County/Wagon Wheel
Suburban Market Orientation:
IRR Event ID: 2900339
Sale Information
$35,000,000 Sale Price:
$35,000,000 Effective Sale Price:
12/03/2021 Sale Date:
Sale Status: Closed
$/Acre(Gross): $104,068
$/Land SF(Gross): $2.39
$/Acre(Usable): $104,068
$/Land SF(Usable): $2.39
$51,095 /Unit $/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
00210440007 Legal/Tax/Parcel ID:
336.32/336.32 Acres(Usable/Gross):
14,650,099/14,650,099 Land‐SF(Usable/Gross):
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.: 12021C0240H
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‐family
homes
Oil Well Road Land
12.A.b
Packet Pg. 509 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 3
Location & Property Identification
Ventana Pointe Property Name:
Sub‐Property Type: Residential
10334 Immokalee Rd. Address:
Naples, FL 34120 City/State/Zip:
Collier County:
Submarket: Outlying Collier
County/Wagon Wheel
Suburban Market Orientation:
IRR Event ID: 2728189
Sale Information
$4,620,000 Sale Price:
$4,620,000 Effective Sale Price:
09/17/2020 Sale Date:
Sale Status: Closed
$/Acre(Gross): $124,127
$/Land SF(Gross): $2.85
$60,000 /Approved Unit $/Unit:
Grantor/Seller: RJH II, 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, II, MAI
Verification Date: 11/08/2021
Confirmation Source: Broker
Verification Type: Confirmed‐Seller
Improvement and Site Data
MSA: Naples‐Immokalee‐Marco
Island, FL
37.22 Acres(Gross):
1,621,303 Land‐SF(Gross):
No. of Units (Potential): 77
Zoning Code: RPUD
Zoning Desc.: RPUD
Source of Land Info.: Public Records
Comments
On September 17th, 2020, RJH II, LLC sold 37.22 acres of land
located at Immokalee Rd and Richards Street to Pulte Home
Company. This slated to be the future site of Ventana Pointe, a
77 unit single family home development. This was a cash sale.
Ventana Pointe
12.A.b
Packet Pg. 510 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 4
Location & Property Identification
Tamarindo Property Name:
Sub‐Property Type: Residential, Planned Unit
Development
North Of Sabal Drive Address:
Naples, FL 34114 City/State/Zip:
Collier County:
Submarket: Outlying Collier
County/Wagon Wheel
Suburban Market Orientation:
IRR Event ID: 2512551
Sale Information
$13,025,000 Sale Price:
$13,025,000 Effective Sale Price:
09/28/2020 Sale Date:
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
$48,966 /Unit $/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
00433040006, 00433120007,
00433160009, 00433480006,
00433800000, 00434840001,
00435400000, 00436360000,
00436440001, 00436520002,
00436600003, 00436760008,
00436800104, 00436800201
and 00436800308
Legal/Tax/Parcel ID:
106.44/106.44 Acres(Usable/Gross):
4,636,526/4,636,526 Land‐SF(Usable/Gross):
Usable/Gross Ratio: 1.00
No. of Units (Potential): 266
Shape: Irregular
Topography: Level
Corner Lot: Yes
Frontage Desc.: North Of Sabal Drive
Zoning Code: PUD
Zoning Desc.: Rockedge Residential Planned
Development
Flood Plain: Yes
Flood Zone Designation: AH
Comm. Panel No.: 12021C0606H
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.
Tamarindo
12.A.b
Packet Pg. 511 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Land Sale Profile Sale No. 4
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
12.A.b
Packet Pg. 512 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
Addenda
Former Riviera Golf Course Land
Addendum E
Engagement Letter
12.A.b
Packet Pg. 513 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 514 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 515 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 516 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 517 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 518 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 519 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)
12.A.b
Packet Pg. 520 Attachment: Letter to County re Bert Harris Claim.Final (24842 : Settlement Agreement - Riviera Golf Course Bert Harris claim)