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Agenda 06/27/2023 Item #16A17 (Agreement for Sale and Purchase three properties for the Conservation Collier Program)06/27/2023 EXECUTIVE SUMMARY Recommendation to approve an Agreement for Sale and Purchase with: (1) Stephen Craparo, (2) Albert N. and Linda M. Fleming, and (3) Ivan and Ann O. Fesser under the Conservation Collier Land Acquisition Program, at a cost not to exceed $134,265. OBJECTIVE: To purchase three properties for the Conservation Collier Program ("Program"), two within the Gore Preserve multi -parcel project and one within the Winchester Head Preserve multi -parcel project. CONSIDERATIONS: On January 25, 2022, Agenda Item #11A, the Board of County Commissioners (Board) approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommending Cycle 10 Active Acquisition List (AAL), with changes, and directed staff to actively pursue acquisitions for the Program. Dr. Robert H. Gore III Preserve Multi -Parcel Project. Staff contracted with one independent, state -certified, general real estate appraisal firm to appraise all parcels within the Project. The total cost to obtain appraisals for the parcels was $3,900. Stephen Craparo - Parcel 41506760007 - Corner of 38" Ave. SE and Desoto Blvd. S, north of I-75 1.64-acre (71,438 square feet) vacant and unimproved land - rectangular in shape, fully wooded and made up of 100% forested/shrub wetlands with the east 2/3 of the property being hydric slough soils. Offer was accepted on December 11, 2022. The revised offer was made and accepted on February 16, 2023. The purchase price of $39,600 is ninety percent (90%) of appraised value. The CCLAAC voted unanimously to recommend Board approval of the original offer purchase agreement on January 4, 2023. The updated purchase price was presented to the CCLAAC on April 5, 2023. Albert N. and Linda M. Fleming - Parcel 41507000009 - east side of DeSoto Blvd. S, north of I-75 1.64-acre (71,438 square feet) vacant and unimproved land - rectangular in shape, fully wooded and is 100% forested/shrub wetlands, 100% hydric depressional and slough soils with the majority being slough. Offer was accepted on October 11, 2022. The revised offer was made and accepted on February 22, 2023. The purchase price of $37,500 is ninety six percent (96%) of appraised value. The CCLAAC voted unanimously to recommend Board approval of the original offer purchase agreement on January 4, 2023. The updated purchase price was presented to the CCLAAC on April 5, 2023. Winchester Head Multi -Parcel Project. Staff contracted with one independent, state -certified, general real estate appraisal firm to appraise all parcels within the Project. The appraisal dated August 2022 provided an averaged appraised value for wetland parcels within the Project at $25,000 an acre. The cost to obtain the appraisal was $2,800. On September 22, 2022, offer letters were sent to thirty-seven (37) property owners based on the project - wide appraisal. Ivan and Ann O. Fesser - Parcel 39957520002 - east of Everglades Blvd N. and south of 39' Ave. NE 2.27-acre vacant property consists of forested wetlands with 100% hydric depressional soils present. Offer was accepted on October 12, 2022. The revised offer was made on February 21, 2023 and accepted on February 22, 2023. The purchase price of $53,960 is 90% of appraised value. The CCLAAC voted unanimously to recommend Board approval of the original offer purchase agreement on December 7, 2022. The updated purchase price was presented to the CCLAAC on April 5, 2023. Sellers executed the agreements prior to the Board's adoption of the revised Conservation Collier Purchasing Packet Pg. 712 16.A.17 06/27/2023 Policy, Resolution No. 2023-10, which allows the offer amount to be determined by staff but shall be no more than the appraised value. Staff renegotiated as indicated for each property. Pursuant to Ordinance 2007-65, Section 13(8), a Project Design Report ("PDR") for each of the properties is provided herewith. FISCAL IMPACT: The funds for these multi -parcel land acquisitions will be withdrawn from the Conservation Collier Trust Fund (172). The properties identified herein are comprised of a not to exceed acquisition cost of $134,265 as follows: Seller Acres Purchase Appraised Appraisal Title Title Closing Recording Total Initial Long-term Name Price Value Cost Commit Policy Fee Fee Purchase 5 Yr. Annual Cost Cost Price Maint Maint Costs Costs Craparo 11.64 I $39,600 I $44,000 I -- I $400 I $178 I $400 I $100 I $40,678 I $3,398 I $246 Fleming 1.64 I $37,500 I $39,000 I -- $400 I $166 I $400 I $100 I $38,566 I $3,398 $246 Fesser 12.27 I $53,960 $56,800 I I $400 $311 $250 $100 $55,021 I $2,584 I $341 TOTAL 5.55 $131,060 $139.800 $1,200 $655 $1,050 $300 $134.265 $9,380 $833 As of June 27, 2023, estimated property costs for Conservation Collier properties, including this property and those under contract, total $113,349,002. Estimated costs of maintenance in perpetuity for these and all Cycle 10 A -list properties have been considered by the CCLAAC and have been incorporated into the Conservation Collier Long Term Financial Management Plan. The funds for management of these three (3) parcels will be expended from the Conservation Collier Maintenance Fund (174). The initial costs of maintenance are provided in the PDRs attached. The total maintenance costs for the first five (5) years (initial maintenance costs) for these parcels is estimated at $9,380. After initial restoration, the estimated maintenance costs for these parcels will be approximately $833 annually. GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and supports Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth Management Plan. LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote for approval. - RTT RECOMMENDATION: That the Board: 1) Approves the attached Agreements and accepts the Warranty Deeds once approved by the County Attorney's Office; 2) Authorizes the Chairman to execute the Agreements and any and all other County Attorney's Office approved documents related to this transaction; 3) Authorizes the County Manager or his designee to prepare related vouchers and Warrants for payments and to take all reasonable steps necessary to ensure performance under the Agreement. 4) Authorizes all Budget Amendments associated with accepting and recognizing monetary donations. Prepared By: Vivian Rodriguez, Property Acquisition Specialist, Real Property Management ATTACHMENT(S) 1. Agreement for Sale and Purchase - Craparo (PDF) 2. [Linked] Appraisal - Craparo (PDF) 3. Project Design Project - Craparo(PDF) 4. Agreement for Sale and Purchase - Fleming (PDF) Packet Pg. 713 06/27/2023 5. [Linked] Appraisal - Fleming (PDF) 6. Project Design Report - Fleming(PDF) 7. Agreement for Sale and Purchase - Fesser (PDF) 8. [Linked] Winchester market study 2022 - Fesser (PDF) 9. Project Design Project - Fesser (PDF) Packet Pg. 714 16.A.17 06/27/2023 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.17 Doc ID: 25738 Item Summary: Recommendation to approve an Agreement for Sale and Purchase with: (1) Stephen Craparo, (2) Albert N. and Linda M. Fleming, and (3) Ivan and Ann O. Fesser under the Conservation Collier Land Acquisition Program, at a cost not to exceed $134,265. Meeting Date: 06/27/2023 Prepared by: Title: — Facilities Management Name: Vivian Rodriguez 06/06/2023 11:41 AM Submitted by: Title: — Facilities Management Name: John McCormick 06/06/2023 11:41 AM Approved By: Review: Public Services Department Melissa Hennig Additional Reviewer Completed 06/06/2023 12:14 PM Facilities Management John McCormick Director - Facilities Completed 06/06/2023 12:36 PM Facilities Management Jennifer Belpedio Manager - Real Property Completed 06/06/2023 3:44 PM Growth Management and Community Development Department Summer BrownAraque Additional Reviewer Completed 06/06/2023 3:59 PM Growth Management and Community Development Department Jaime Cook Additional Reviewer Completed 06/07/2023 1:28 PM County Attorney's Office Ronald Tomasko Level 2 Attorney of Record Review Completed 06/07/2023 2:07 PM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 06/07/2023 2:12 PM Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 06/07/2023 2:32 PM Office of Management and Budget Blanca Aquino Luque Additional Reviewer Completed 06/12/2023 8:56 AM County Manager's Office Ed Finn Additional Reviewer Completed 06/21/2023 2:59 PM Growth Management and Community Development Department Jaime Cook Additional Reviewer Completed 06/21/2023 4:00 PM Growth Management and Community Development Department James C French Additional Reviewer Completed 06/21/2023 4:12 PM County Manager's Office Amy Patterson Level 4 County Manager Review Completed 06/21/2023 4:14 PM Board of County Commissioners Geoffrey Willig Meeting Pending 06/27/2023 9:00 AM Packet Pg. 715 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:415067600C7 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between STEPHEN CRAPARO, whose mailing address is 3451 7th Ave NW, Naples, FL 34120, (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112, (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A," attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A II PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Thirty — Nine Thousand Six Hundred Dollars and 001100 dollars (39,600.00), (U.S, Currency) payable at time of closing. Ill. CLOSING 3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of the transaction shall be held on or before one hundred and eighty (180) days following execution of this Agreement by the Purchaser, or within thirty 30 days of Purchaser's receipt of all cio.sincL documents whichever is the later. The Closing shall be held at the Collier County Attorney's Office, Administration Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows- 6AA 0 U y 0 U 00 F14- ti Packet Pg. 716 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41506760007 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal Revenue Code and as required L) by the title insurance underwriter in order to insure the "gap" and issue c the policy contemplated by the title insurance commitment. U vi c 3.0114 A W-9 Form, "Request for Taxpayer Identification and C Certification" as required by the Internal Revenue Service. co M 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to N the Seller the following: 3.0121 A wire transfer or negotiable instrument in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued 41, Packet Pg. 717 16.A.17. a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41506760001 pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy = (ALTA Form B-1970) covering the Property, together with hard copies of all 0 exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any 0 U objection to title other than liens evidencing monetary obligations, if any, 00 which obligations shall be paid at closing. If the title commitment contains ti exceptions that make the title unmarketable, Purchaser shall deliver to the N Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. 4.012 If Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seller shall have thirty (30) days to remedy any defects in order to convey good and marketable title, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 10 (ten) days of the effective date of this Agreement. Purchaser shall have the option, at its own expense, to obtain a 3 �A Packet Pg. 718 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41506760007 current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred and twenty (120) days from the date of this Agreement, [NOTE: CHECK ALL INSPECTION DURATIONS WITH CLOSING DATE] ("Inspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal environmental laws and the Property is free from any pollution or contamination. 4. The Property can be utilized for its intended use and purpose in the Conservation Collier program. 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In 0 U N 0 U M N Packet Pg. 719 16.A.17.a CONSERVATION COI:LIER TAX IDENTIFICATION NUMBER:41506760007 the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and Its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care and shall indemnify Seller on account of any loss or damages occasioned thereby and against any claim made against Seller as a result of Purchaser's entry. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. VI_ INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VII. POSSESSION 7.01 Purchaser shall be entitled to full possession of the Property at Closing. VIII. PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of the current year's taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller, Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right tc seek specific performance of this Agreement. 9.02 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. Packet Pg. 720 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41506760007 X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 10.01 Seller and Purchaser represent and warrant the following: 10.011 Seller and Purchaser have full right and authority to enter into and to ii execute this Agreement and to undertake all actions and to perform all tasks U required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the c Property, and to execute, deliver, and perform its obligations under this c� Agreement and the instruments executed in connection herewith, and to c consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. U At Closing, certified copies of such approvals shall be delivered to Purchaser o and/or Seller, if necessary. L) c 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and co discharge of every agreement and obligation on the part of the Seller to be N performed pursuant to the provisions of this Agreement. o 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seiler, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10,015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. Packet Pg. 721 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41506760007 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. 10.017 Seller represents that there are no incinerators, septic tanks, or cesspools on the Property; all waste, if any, is discharged into a public sanitary sewer system; Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents the Property has not been used for the production, handling, storage, transportation, manufacture or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents no storage tanks for gasoline, or any other substances are or were located on the Property at any time during or prior to Seller's ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. 10.018 Seller has no knowledge that the Property and Seller's operations concerning the Property are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. 10.019 There are no unrecorded restrictions, easements or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Property. 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay -back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental 7 Packet Pg. 722 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41506760007 investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.021 Seller acknowledges and agrees that Purchaser is entering into this 0- Agreement based upon Seller's representations stated above and on the C understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the Date of Closing. Therefore, Seller agrees = not to enter into any contracts or agreements pertaining to or affecting the �s Property and not to do any act or omit to perform any act which would change c the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser o promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any U governmental authorities having jurisdiction of the development of the property c which may restrict or change any other condition of the Property, U N C 10.022 At the Closing, Seller shall deliver to Purchaser a statement ° U (hereinafter called the "Closing Representative Statement") reasserting the foregoing representations as of the Date of Closing, which provisions shallLn M survive the Closing. N 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 10.024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. XI. NOTICES Packet Pg. 723 16.A.17. a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:91506760007 11.01 Any notice, request. demand, instruction or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Vivian Rodriguez, Property Acquisition Specialist Collier County Real Property Management 3335 Tamiami Trail East, Suite 102 Naples, Florida 34112 Telephone number: 239-252- 8402 Fax number: 239-252-8876 If to Seller: Stephen Craparo 3451 7th Ave NW Naples, FL 34120 Telephone number: 239-692-9264 Fax Number: NIA 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving written notice of such change to the other party in the manner provided herein, For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shail be deemed to continue in effect for all purposes. Xil. REAL. ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seiler agrees to y Packet Pg. 724 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER;41506760007 pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. U- 06 XIII. MISCELLANEOUS 0 c d 13.01 This Agreement may be executed in any manner of counterparts which LL together shall constitute the agreement of the parties. a 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit = of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees �s whenever the context so requires or admits. o 0 13.03 Any amendment to this Agreement shall not bind any of the parties hereof c unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. v 13.04 Captions and section headings contained in this Agreement are for 0 convenience and reference only; in no way do they define, describe, extend or c limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and 00 ti gender in which used, shall be deemed to include any other gender or number as LO FIL the context or the use thereof may require. o 13.06 No waiver of any provision of this Agreement shall be effective unless it is in CL T. writing signed by the party against whore it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to y which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 3 a 13.07 If any date specified in this Agreement falls on a Saturday, Sunday or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. 13.08 Seller is aware of and understands that the 'offer" to purchase represented L O by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. This Agreement is subject to fund E availability and future appropriation. Should the funds not be available or able to be used prior to closing the Purchaser or Seller may immediately terminate this a agreement without any payment of any kind to Seller. a� E 13.09 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever 2 10 Packet Pg. 725 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41506760007 for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty or o covenant not included in this Agreement or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and U dated by both Purchaser and Seller. Time is of the essence of this Agreement. c U N C IN WITNESS WHEREOF, the parties hereto have signed below. 0 Dated Project/Acquisition Approved by co BCC: LO N AS TO PURCHASER: DATED: ATTEST: CRYSTAL K. KINZEL, Clerk Of the Circuit Court and Comptroller BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA Alm , Deputy Clerk RICK LOCASTRO., Chairman 11 Packet Pg. 726 16.A.17. a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41506760007 AS TO SELLER: l DATED: WITNESSES: (Signature) �(�-- (Printed Name) (Signature) (Printed Name) Lw- STEPHEN CRAPARO 12 0 U N C O U 00 M ti Lo N Packet Pg. 727 16.A.17.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER;41506760007 EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 41506760007 LEGAL DESCRIPTION: THE NORTH 105 FEET OF THE NORTH 180 FEET OF TRACT 75, GOLDEN GATE ESTATES, UNIT NO. 91, ACCORDING TO THE MAP OR PLAT THEREOF, AS RECORDED IN PLAT BOOK 5, PAGE 30, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. 1.64 acres Packet Pg. 728 16.A.17.c Conservation Collier Land Acquisition Program Project Design Report Craparo Property Date: May 2023 Property Owner: Stephen Craparo Folios : 41506760007 Location: GOLDEN GATE EST UNIT 91 N 105FT OF TR 75 Size: 1.64 acres Purchase Price: $39,600 History of Proiect: Selected for the Selected for Original Original Updated Updated Offer "A" category, the "A" Purchase Offer Offer Made Accepted #1 priority, on category, #1 offer Accepted the Active priority, on made to Acquisition AAL by owners List (AAL) by BCC CCLAAC 12/9/22 1/25/2022 9/22/2022 10/11/2022 2/16/2023 2/16/2023 Purpose of Proiect: Environmental Conservation - Conservation Collier Program Program Oualifications: This parcel is adjacent to the Dr. Robert H. Gore III Preserve. The Craparo parcel was considered due to its proximity to an existing Conservation Collier preserve. The Craparo project met 5 out of 6 Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat, potential for nature -based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity, and restoration potential. Potential access for nature -based recreation, and enhancement of the aesthetic setting of Collier County This parcel offers access from 38t' Ave. SE and Desoto Blvd. S. - a paved public road. This property could accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III Preserve. Opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control The parcel has many wetland dependent plant species and contains karst topography, which is a wetland indicator, despite soils that indicate that wetlands may also be seasonal. The parcel N C O c.� 00 M 1- to PC Packet Pg. 729 16.A.17.c provides minimal water quality enhancement beyond accommodating sheet flow into the I-75 canal. Property enhances and/or protect the environmental value of current conservation lands through function as a buffer, ecological link, or habitat corridor The Craparo parcel expands the Dr. Robert H. Gore III Preserve. This parcel, joined with many others, could also permanently protect a corridor between North Belle Meade and the Florida Panther National Wildlife Refuge. Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Projected Management Activities: Projected management activities include the removal of invasive plants, the development of a Land Management Plan, and continued development of public access to selected portions of the preserve. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $820 $656 $656 $656 $410 Signage $200 Total $1,020 $656 $656 $656 $410 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 Packet Pg. 730 16.A.17.c CRAPARO, STEPHEN Dr. Robert Gore III Preserve Property Owner Accepted Offer to C O C) 00 Cl) 1` In N CONSuC ATION LLIER Colt ar County 4 Packet Pg. 731 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between ALBERT N. AND LINDA M. FLEMING, whose mailing address is 478 Shubuta — Eu Cutta Rd, Shubuta, MS 39360, (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112, (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A," attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Thirty — Seven Thousand Five Hundred Dollars and 00/100 dollars (37,500.00), (U.S. Currency) payable at time of closing. III. CLOSING 3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of the transaction shall be held on or before one hundred and eighty (180) days following execution of this Agreement by the Purchaser, or within thirty (30) days of Purchaser's receipt of all closing documents whichever is the later. The Closing shall be held at the Collier County Attorney's Office, Administration Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows- 1 Packet Pg. 733 CONSERVATION COLLIER 16.A.17.d TAX IDENTIFICATION NUMBER:41507000009 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and issue the policy contemplated by the title insurance commitment. N C 3.0114 A W-9 Form, "Request for Taxpayer Identification and C U Certification" as required by the Internal Revenue Service. Ln ti 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to N the Seller the following: 9 3.0121 A wire transfer or negotiable instrument in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued Packet Pg. 734 CONSERVATION COLLIER 16.A.17.d TAX IDENTIFICATION NUMBER:41507000009 pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as 2 evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all _ exceptions shown thereon. Purchaser shall have thirty (30) days, following U receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, 0 U which obligations shall be paid at closing. If the title commitment contains 00 exceptions that make the title unmarketable, Purchaser shall deliver to the LO Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. a, 4.012 If Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seller shall have thirty (30) days to remedy any defects in order to convey good and marketable title, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 10 (ten) days of the effective date of this Agreement. Purchaser shall have the option, at its own expense, to obtain a 3 Packet Pg. 735 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property, or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred and twenty (120) days from the date of this Agreement, ("Inspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal environmental laws and the Property is free from any pollution or contamination. 4. The Property can be utilized for its intended use and purpose in the Conservation Collier program. 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In 4 Packet Pg. 736 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care and shall indemnify Seller on account of any loss or damages occasioned thereby and against any claim made against Seller as a result of Purchaser's entry. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. VI. INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VII. POSSESSION 7.01 Purchaser shall be entitled to full possession of the Property at Closing. Vill. PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of the current year's taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. 9.02 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. Packet Pg. 737 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 10.01 Seller and Purchaser represent and warrant the following: 10.011 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. Packet Pg. 738 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. 10.017 Seller represents that there are no incinerators, septic tanks or cesspools on the Property; all waste, if any, is discharged into a public sanitary sewer system; Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents the Property has not been used for the production, handling, storage, transportation, manufacture or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents no storage tanks for gasoline or any other substances are or were located on the Property at any time during or prior to Seller's ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. 10.018 Seller has no knowledge that the Property and Seller's operations concerning the Property are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. 10.019 There are no unrecorded restrictions, easements or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Property. 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay -back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental 7 Packet Pg. 739 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.021 Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the Date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. 10.022 At the Closing, Seller shall deliver to Purchaser a statement (hereinafter called the "Closing Representative Statement") reasserting the foregoing representations as of the Date of Closing, which provisions shall survive the Closing. 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 10.024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. XI. NOTICES 0 U vi 0 U co M LO N 0 Packet Pg. 740 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d 11.01 Any notice, request, demand, instruction or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Vivian Rodriguez, Property Acquisition Specialist Collier County Real Property Management 3335 Tamiami Trail East, Suite 102 Naples, Florida 34112 Telephone number: 239-252- 8402 Fax number: 239-252-8876 If to Seller: Albert N. & Linda M. Fleming 478 Shubuta — EU Cutta Shubuta, MS 39360 Telephone number: 601-687-1171 Fax Number: N/A 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to 0 Packet Pg. 741 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 If any date specified in this Agreement falls on a Saturday, Sunday or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. 13.08 Seller is aware of and understands that the 'offer" to purchase represented by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. This Agreement is subject to fund availability and future appropriation. Should the funds not be available or able to be used prior to closing the Purchaser or Seller may immediately terminate this agreement without any payment of any kind to Seller. 13.09 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever 10 Packet Pg. 742 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty or covenant not included in this Agreement, or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: DATED: ATTEST: CRYSTAL K. KINZEL, Clerk Of the Circuit Court and Comptroller , Deputy Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA RICK LOCASTRO, Chairman 11 Packet Pg. 743 T CONSERVATION COLLIER TAX IDENTIFICATION NUMBER:41507000009 16.A.17.d AS TO SELLER: DATED: S a 3 TNESSES: nature) ALBERT N. FLEMING I \1 (Printed Name) I (Sigrfature) _ ANn/c� (Printed Name) Approved as to form and legality: Ronald T. Tomasko, Assistant County Attorney v L DA M FLEMING 12 0 U to C O U w M r— N r a Packet Pg. 744 16.A.17.d EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 41507000009 LEGAL DESCRIPTION: THE NORTH 105 FEET OF THE NORTH 180 FEET OF TRACT 77, GOLDEN GATE ESTATES, UNIT NO. 91, ACCORDING TO THE MAP OR PLAT THEREOF, AS RECORDED IN PLAT BOOK 5, PAGE 30, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. 1.64 acres Packet Pg. 745 16.A.17.d EXECUTIVE SUMMARY Recommendation to approve an Agreement for Sale and Purchase with Albert N. Fleming and Linda M. Fleming, his wife, for a 1.64-acre parcel under the Conservation Collier Land Acquisition Program, at a cost not to exceed $38,200. OBJECTIVE: To purchase a 1.64-acre parcel from Albert N. Fleming and Linda M. Fleming (Seller) near the Conservation Collier Dr. Robert H. Gore III Preserve. CONSIDERATIONS: On January 25, 2022, Agenda Item #I IA, the Board of County Commissioners (Board) approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 10 C Active Acquisition List (AAL), with changes, and directed staff to actively pursue acquisition of the properties 0 under the Conservation Collier Program. _ The Seller's property contains 1.64 acres and is located near the Dr. Robert H. Gore III Preserve located off Desoto 06 Blvd. The property is within Golden Gate Estates, Unit 91. The Seller's property site is vacant, freshwater o forested/shrub wetlands with one hundred percent (100%) hydric slough and depressional soils present. c9 0 The recently approved Conservation Collier Purchasing Policy (Resolution No. 2023-10) requires if the estimated m value of the property is less than $500,000, one appraisal report will be obtained, and the Offer Amount will be up 0, to the appraised value. In accordance with the new Purchasing Policy, the purchase price of $37,500 was based v upon one (1) independent, state -certified general real estate appraisal firm. The purchase price is 96% of appraised o value. The total cost to obtain appraisals for the parcels in this area was $3,900. v N C The CCLAAC approved this transaction on January 4, 2023 and voted to recommend Board approval. O v Pursuant to Ordinance #2007-65, Section 13(8), a Project Design Report for the property is provided herewith. w M LO N FISCAL IMPACT: The total cost of acquisition will not exceed $38,200 ($37,500 for the property, and co approximately $700 for the title commitment, title policy, and recording of documents). The funds will be E withdrawn from the Conservation Collier Trust Fund (172). As of March 23, 2023, property costs for Conservation 2 Collier properties, including this property and those under contract, total $113,088,247. Estimated costs of maintenance in perpetuity for this and all Cycle 10 A -list properties have been considered by the CCLAAC and have been incorporated into the Conservation Collier Long Term Financial Management Plan that will ensure management of all Conservation Collier Preserves in perpetuity. The initial costs of maintenance have been provided in the Project Design Report (PDR) attached. The average annual per acre maintenance cost for the first a. five (5) years (initial maintenance costs) is $414/acre including exotic vegetation removal. The FY23 maintenance r_ costs for the subject property are estimated at $1,020 and include exotic vegetation removal and signage. After 0 initial restoration, the average maintenance costs by Conservation Collier are approximately $150 per acre. CO GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and L O supports Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth Management Plan. a, m L LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote for Q approval. - RTT m E RECOMMENDATION: That the Board of County Commissioners: 1) Approves the attached Agreement and accepts the Warranty Deed once it has been received and approved by the Z County Attorney's Office; 2) Authorizes the Chairman to execute the Agreement and any and all other County a Attorney's Office approved documents related to this transaction; 3) Authorizes the County Manager or her designee to prepare related vouchers and Warrants for payment; and 4) Directs the County Manager or her designee Packet Pg. 746 16.A.17.d to proceed to acquire this parcel, to follow all appropriate closing procedures, to record the deed and any and all necessary documents to obtain clear title to this parcel, and to take all reasonable steps necessary to ensure performance under the Agreement. Prepared By: Jennifer A. Belpedio, Real Property Manager ATTACHMENT(S) 1. Signed Agreement 12-16-2023 - Fleming (PDF) 2. Project Design Report - Fleming(PDF) 3. [linked] Appraisal Report - FLEMING (PDF) Packet Pg. 747 16.A.17.f Conservation Collier Land Acquisition Program Project Design Report Fleming Property Date: May 2023 Property Owner: Albert N and Linda M Fleming Folios : 41507000009 Location: GOLDEN GATE EST UNIT 91 N 105FT OF TR 77 Size: 1.64 acres Purchase Price: $37,500 History of Proiect: Selected for the "A" Selected for Original Original Date of Updated category, #1 the "A" Purchase Offer Updated Offer priority, on the category, # 1 offer Accepted Offer Accepted Active Acquisition priority, on made to List (AAL) by AAL by BCC owners CCLAAC 12/9/2022 1/25/2022 9/22/2022 10/11/2022 2/17/2023 2/17/2023 c Purpose of Proiect: Environmental Conservation — Conservation Collier Program v 00 Program Oualifications: ti Ln This parcel is adjacent to the Dr. Robert H. Gore III Preserve. The Fleming parcel was considered due to its proximity to an existing Conservation Collier preserve. The Fleming project met 5 out of 6 Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as E amended, including presence of native habitat, potential for nature -based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity, a and restoration potential. Potential access for nature -based recreation, and enhancement of the aesthetic setting of Collier County This parcel offers access from Desoto Blvd. S. — a paved public road. This property could accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III Preserve. Opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control The parcel has many wetland dependent plant species and contains karst topography, which is a wetland indicator, despite soils that indicate that wetlands may also be seasonal. The parcel Packet Pg. 748 16.A.17.f provides minimal water quality enhancement beyond accommodating sheet flow into the I-75 canal. Property enhances and/or protect the environmental value of current conservation lands through function as a buffer, ecological link, or habitat corridor The Fleming parcel expands the Dr. Robert H. Gore III Preserve. This parcel, joined with many others, could also permanently protect a corridor between North Belle Meade and the Florida Panther National Wildlife Refuge. Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Projected Management Activities: Projected management activities include the removal of invasive plants, the development of a Land Management Plan, and continued development of public access to selected portions of the preserve. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $820 $656 $656 $656 $410 Signage $200 Total $1,020 $656 $656 $656 $410 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 c 0 c) 00 M ti U) N. Packet Pg. 749 16.A.17.f FLEMING, ALBERT N & LINDA M Dr. Robert Gore III Preserve Property Owner Accepted Offer rn c 0 c� eo M ti Ln N CON5UH- ATION � C LLIER Coffer County Packet Pg. 750 •..,��^� -:ry .i 7� :� �-� `1 mot: �� l - +� .�'y, t� '�`A+,,ry� ..� r ` 'w �` � 'ice•. �'�� ''.� �.' ,� ' cSC �, � M� RL ` f k 'il., \c 16.A.17.g AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between IVAN FESSER AND ANN O. FESSER, whose mailing address is 450 Swan Ave, Miami Springs, FL 33166. (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112, (hereinafter referred to as "Purchaser"), W I T N E S S E T H WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida. and being more particularly described ire Exhibit "A", attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows. - AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". 11. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Fifty — Three Thousand Nine Hundred Sixty Dollars and 001100 dollars (53,960.00), (U.S. Currency) payable at time of closing. Ill. CLOSING �undr�� "'5�4/ 3.01 The Closing (THE "CLOSING DATE", "DATE rOFor"C9 LOSING", OR CLOSING") of the transaction shall be held on or before �24 days following execution of this Agreement by the Purchaser, or within thirty (30) days of Purchaser's receipt of all closing documents whichever is the later. 64X1 The Closing shall be held at the Collier County Attorney's Office, Administration Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows; 0 U N c 0 U 0o M ti LO Packet Pg. 752 CONSERVATION COLLIER TAX IDENTIFICATION NL ,R:39957520002 16.A.17.g 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions. or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property.. free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements. restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3,0114 A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A wire transfer or negotiable instrument in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto. and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes. and the cost of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued 0 U vi c 0 U 00 M LO N Packet Pg. 753 CONSERVATION COLLIER 16.A.17.g TAX IDENTIFICATION NU�.R:39953520002 ..r pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Warranty Deed, Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all L) exceptions shown thereon. Purchaser shall have thirty (30) days, following = receipt of the title insurance commitment, to notify Seller in writing of any U objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the co Seller written notice of its intention to waive the applicable contingencies or to 1- terminate this Agreement. F 4.012 If Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seller shall have thirty (30) days to remedy any defects in order to convey good and marketable title, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 10 (ten) days of the effective date of this Agreement. Purchaser shall have the option, at its own expense, to obtain a 3 Packet Pg. 754 16.A.17.g current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows. (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred and twenty (120) days from the date of this Agreement, [NO-TE-:----CHECK AFL-INSPECTIONLOSING- �f" sAT ] ("Inspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal environmental laws and the Property is free from any pollution or contamination. 4. The Property can be utilized for its intended use and purpose in the Conservation Collier program. 5,02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In 0 U vi c 0 U 00 M r- LO N Packet Pg. 755 ♦„i 16.A.17.g the event Purchaser elects to terminate this Agreement because of the right of inspection. Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care and shall indemnify Seller on account of any loss or damages occasioned thereby and against any claim made against Seller as a result of Purchaser's entry. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. VI. INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VI1. POSSESSION 7.01 Purchaser shall be entitled to full possession of the Property at Closing. VIII_ PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of 2023 taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. 9. n- # +.r+1,- user h2 g motet-#e provisions authorizing such termination, and Purchaser fails�of �"�he /�j� �-,,• transaction contemplated hereby or otherwise fails to ane terms, L l�` .�_ covenants and conditions of this Agreem as required on the part of Purchaser A7 Z F to be performed, provided not in default, then as Seller's sole remedy, Seller shall ha g t to terminate and cancel this Agreement by giving written 0 U N C 0 U 00 M LO Packet Pg. 756 16.A.17.g price-.shall_be_.pa ick)-shall.he SelleE�s-sole-arid exe�u`3'ive-+eale-dy,�and neither party shall have any further liability or obligation to the other except as` aragraph 12.01, (Real Estate Brokers). hereof. The parties acknowledge and agree s actual damages in the event of Purchaser's default are uncertain in amount and di Rcu ain, and that said amount of liquidated damages was reasonably determined by mutua t _bOUNG-0-M 1110 padies, apd said sum -was Qnt intended to be a penalty On nature Q.G 2 9-&3 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 10.01 Seller and Purchaser represent and warrant the following: 10.011 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10 015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 0 0 N C 0 00 M LO N. Packet Pg. 757 CONSERVATION COLLIER 16.A.17.g TAX IDENTIFICATION NU]�:39957520002 -� 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. 10.017 Seiler represents that there are no incinerators, septic tanks or o cesspools on the Property; all waste, if any, is discharged into a public sanitary sewer system; Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly = into any body of water. Seller represents the Property has not been used for the production, handling, storage, transportation, manufacture or disposal of 06 hazardous or toxic substances or wastes, as such terms are defined in W o applicable laws and regulations, or any other activity that would have toxic results. and no such hazardous or toxic substances are currently used in connection with the operation of the Property.. and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have U (it has) no knowledge that there is ground water contamination on the Property = or potential of ground water contamination from neighboring properties. Seller U represents no storage tanks for gasoline or any other substances are or were located on the Property at any time during or prior to Seller's ownership U thereof. Seller represents none of the Property has been used as a sanitary co landfill. LO N 10.018 Seller has no knowledge that the Property and Seller's operations concerning the Property are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs. construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. 10.019 There are no unrecorded restrictions, easements or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising. management, leasing, employment, service or other contracts affecting the Property. 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay -back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental Packet Pg. 758 CONSERVATION COLLIER TAX IDENTIFICATION NU�R:39957520002 16.A.17.g investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.021 Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the Date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. 10.022 At the Closing, Seller shall deliver to Purchaser a statement (hereinafter called the "Closing Representative Statement") reasserting the foregoing representations as of the Date of Closing, which provisions shall survive the Closing. 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 10.024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. XI. NOTICES 0 U N C 0 U 00 M r- W) Packet Pg. 759 CONSERVATION COLLIER 16.A.17.g TAX IDENTIFICATION NU'' R:39957520002 11.01 Any notice, request, demand, instruction or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Nurth Jacobo, Property Acquisition Specialist Collier County Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 Telephone number; 239-252- 7609 Fax number: 239-252-8876 If to Seller: Ivan Fesser — Ann O. Fesser 450 Swan Ave Miami Springs, FL 33166 Telephone number: 786-227-4284 0o Fax Number: NIA ti LO N 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, it Packet Pg. 760 CONSERVATION COLLIER 16.A.17.g TAX IDENTIFICATION NUJ R:39957520002 salesman or representative, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for — convenience and reference only; in no way do they define, describe, extend or 0 limit the scope or intent of this Agreement or any provisions hereof. 6 0 U 13.05 All terms and words used in this Agreement, regardless of the number and 00 gender in which used, shall be deemed to include any other gender or number as ti the context or the use thereof may require.LO N 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 If any date specified in this Agreement falls on a Saturday, Sunday or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. 13.08 Seller is aware of and understands that the "offer" to purchase represented by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. This Agreement is subject to fund availability and future appropriation. Should the funds not be available or able to be used prior to closing the Purchaser or Seller may immediately terminate this agreement without any payment of any kind to Seller. Packet Pg. 761 CONSERVATION COLLIER TAX IDENTIFICATION NU' R:39957520002 16.A.17.g 13.09 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire o agreement between the parties, and no promise, representation, warranty or covenant not included in this Agreement, or any such referenced agreements hasCD been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. = 5 U N C IN WITNESS WHEREOF, the parties hereto have signed below. 0 00 Dated Project/Acquisition Approved by LO BCC: N. L N N AS TO PURCHASER: LL N DATED: ATTEST: BOARD OF COUNTY COMMISSIONERS CRYSTAL K. KINZEL, Clerk COLLIER COUNTY, FLORIDA Of the Circuit Court and Comptroller BY: Deputy Clerk Rick LoCastro., Chairman Approved as to form and legality: Ronald T. Tomasko, Assistant County Attorney �� a C71 Packet Pg. 7672 CONSERVATION COLLIER --- TAX IDENTIFICATION NUMBER:41504040004 iM 16.A.17.g AS TO SELLER: DATED: 7 % Z 11 Z,' 3 WITNESSES: (Signature) SIt,QiA &A-LO-z (Printed Name) rPcLr (Signaturvr�va. (Printed Name) 12 BY: Ann Q. Fesser BY: Ivan esser �,1 Jpbfic uState ofFlooda phRodriguez •Comm,ss'on GG 955749 o; �d�rots U 05,2024 0 U y C O U Co M r- Lo N Packet Pg. 763 16.A.17.g CONSERVATION COLLIER," Property Identification No. 39957520002 EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER; 39957520002 LEGAL DESCRIPTION: THE WEST 150 FEET OF TRACT 63, UNIT 65, GOLDEN GATE ESTATES, ACCORDING TO PLAT THEREOF RECORDED IN PLAT BOOK 5, PAGE 88 IN THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. 2.27 acres 0 U N C O U 00 M W) N Packet Pg. 764 16.A.17.i Conservation Collier Land Acquisition Program Project Design Report Fesser Property Date: May 2023 Property Owner(s): Ivan and Ann O. Fesser Folio: 39957520002 Location: GOLDEN GATE EST UNIT 65 W 150FT OF TR 63 Size: 2.27 acres Purchase Price: $53,960 History of Proiect: Selected for the AAL most Letter sent to Original Date of Updated "A" category, #1 recently Winchester Offer Updated Offer priority, on the approved Head owners Accepted Offer Accepted Active Acquisition by BCC List (AAL) by CCLAAC 12/15/04 1/25/22 9/20/22 10/12/22 2/21/23 2/22/23 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Oualifications: The Fesser parcel is within the Winchester Head multi -parcel project. Winchester Head is an undeveloped depressional cypress head and marsh wetland located in NGGE in Units 62 and 65. Using aerial photographs, elevation data, soil maps and public input, a total of 115 parcels (158.67 acres) were identified as being important for acquisition. Selected parcels include wetlands and small areas of upland buffers on parcels which are more than half wetland. The entire project site is within North Golden Gate Estates, identified within the Conservation Collier Ordinance (Ord. No. 2002-63, as amended) as a Target Protection Area. One important reason for the selection of Winchester Head as a conservation target is that this area functions to provide floodplain storage for surrounding home sites during high rainy season. These types of depressional storage areas were included in the water management models for the Golden Gate canal system done by the Big Cypress Basin, South Florida Water Management District and are a component of flood control for the area. Winchester Head has also been targeted for future watershed improvement projects (North Golden Gate Flowway Restoration Project) in the County's Watershed 0 U ui c 0 c� 00 M ti LO N Packet Pg. 765 16.A.17.i Management Plan. At this time, Conservation Collier owns 95.84 acres out of a total of 158.67 acres, or 60% of the project area. Additional program criteria that would be satisfied by this acquisition include protection of surface and ground water resources, protection of wetland dependent species habitat, and good potential for restoration. This parcel is primarily cypress forest with a sparse canopy of large trees, an understory of swamp fern, royal fern, and saw grass, with a low midstory of coastal plain willow, dahoon holly, and button bush. There is a low infestation of Brazilian pepper and old-world climbing fern. A paved public road (39th Ave NE) provides access to the parcel and allows the property to be readily viewed. Zoning, Growth Management and Land Use Overlays: The Winchester Head project parcels are entirely within the Northern Golden Gate Estates. The zoning classification for all the parcels is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Projected Management Activities: Active management of the entire project area is not feasible until a significant contiguous area can be acquired. While Winchester Head as a whole is relatively free of exotic plants, ongoing control is done annually or as needed. Exotic maintenance should be minimal and will be included in the management budget for the overall Winchester Head project. Most of the project area for Winchester Head is wetlands, and trails are not feasible. A raised boardwalk would be the best public access opportunity; however, this will not be considered until sometime well into the future of the project when more parcels are acquired. Nature photography and bird watching from roadways are two activities that can occur at present. Currently, the three roads (371h, 39th, and 41s' Streets NE) provide paved access to the project area but the only parking is the road right-of-way. At present, a visitor parking area is not available but could be constructed in the future. An educational kiosk can be placed along one of the roads through the project containing information on wetlands and on the preservation of the area. Signs can be placed at boundaries along the roadways. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $681 $454 $454 $454 $341 Signage $200 Total $881 $454 $454 $454 $341 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 Packet Pg. 766 16.A.17.i Miles FESSER, IVAN Property Owner Accepted Offer Winchester Head Preserve 0 U N c O U 00 M ti LO N CO N 5f-R VAT I 0 N \C LLIER Co Lien County Packet Pg. 767 1.64 ACRES OF VACANT LAND UNASSIGNED Corner of 38t' Ave SE and Desoto Blvd NAPLE , FLORIDA 34117 Prepared For: Colliei- County Board of Commissioners Attention: Roosevelt Leonard, R/ - AC, Senior Review Appraiser Real Property Management 3335 Tami:ami Trail East, Suite 101 Naples, Florida .34112 Prepared By: 11 1919 Courtney Drive, Suit-. 1-4 Fort Myers, FL 33901 (239) 936-1991 www. ca rl so n norris. coM I August 12, 2022 Collier County Board of Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 Re: 1.64 Acres of Vacant Land Corner of 38'h Ave SE and Desoto Blvd S Naples, Florida 34117 Our File Number: 22-179-4A PO #4500217055 Dear Mr. Leonard, At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal presented in an Appraisal Report of the market value for the above referenced real property. Per the request of the client, we have provided the market value of the subject on an As -Is basis. The interest appraised includes the fee simple estate of the subject property. The subject property is vacant land located on the corner of Desoto Blvd S and 38'h Ave SE, north of I-75 in Naples, Florida. The site is rectangular in shape and contains 1.64 acres or 71,438 square feet. The site is vacant, fully wooded and 100% forested/shrub wetlands with the east 2/3 of the property being hydric slough soils. There are no building improvements. The site will be more fully described within the body of the attached report. Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations were especially noted in Section 7 of this report. Your attention is directed to these General Assumptions and Limiting Conditions which are part of this report. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and Title XI Regulations 1919 Courtney Drive I Fort Myers, FL 339011 Phone 239.936.1991 1 www.carlsonnorris.com COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES August 12, 2022 Page 2 Carlson, Norris and Associates, Inc. does not authorize the out -of -context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraiser signing this report. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted a market value in its "as is" condition in fee simple ownership on August 1, 2022 of: FORTY-FOUR THOUSAND DOLLARS...................................................................... ($44,000.00). PLEASE NOTE: The Novel Coronavirus (COVID-19) outbreak, declared by the World Health Organization as a global health emergency on 1-30-2020, is causing heightening uncertainty in local, national and global markets. This outbreak was identified as a pandemic on 3-11-2020 and further classified as a National Emergency on 3-13-2020. Worldwide cases of COVID-19 have been identified and the scope of this crisis has expanded. Travel and "shelter in place" restrictions have been implemented to "blunt the curve" of infections and stem the scale and longevity of this outbreak. A prolonged medical and economic crisis may have a significant, yet unquantifiable impact on real estate markets. The information provided within this appraisal is based on market data available at this juncture (date of value and date of the report). However, due to the significant uncertainty in property and capital markets, as well as the rapid unfolding of this event, it is indeterminable for the appraiser to quantify and assess the impact that this outbreak has had/or will have on real estate property values. Values and incomes may change more quickly and significantly than during more typical market conditions. It should be emphasized that the results of this appraisal analysis and the value conclusions reported herein are based on the effective date of the appraisal and the appraiser makes no representation as to the effect on the subject property of any unforeseen event subsequent to the effective date. Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact us. Respectfully submitted, Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES SUBJECT AERIAL PHOTOGRAPH 1.64 ACRES OF VACANT LAND CORNER OF38t" AVE SE AND DESOTO BLVD S NAPLES, FLORIDA 34117 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES TABLE OF CONTENTS SUBJECT AERIAL PHOTOGRAPH............................................................................................................1 SECTION 1 - SUMMARY OF SALIENT FACTS........................................................................3 SECTION 2 - PREMISES OF THE APPRAISAL.......................................................................5 INTENDED USE AND USER OF APPRAISAL........................................................................................................ 5 SCOPEOF WORK.............................................................................................................................................. 5 SALESHISTORY................................................................................................................................................8 VALUATIONHISTORY........................................................................................................................................9 APPRAISAL ANALYSIS AND REPORT TYPE........................................................................................................9 EXPOSURETIME...............................................................................................................................................9 MARKETINGTIME............................................................................................................................................10 SECTION 3 - DESCRIPTION OF REAL ESTATE APPRAISED................................................12 COLLIER COUNTY AREA ANALYSIS................................................................................................................12 LOCATIONMAP...............................................................................................................................................26 MARKET AREA DESCRIPTION.........................................................................................................................27 LEGALDESCRIPTION......................................................................................................................................30 OWNEROF RECORD.......................................................................................................................................31 ASSESSEDVALUE AND TAXES.......................................................................................................................31 SITEDESCRIPTION..........................................................................................................................................31 SUBJECT PROPERTY PHOTOGRAPHS.............................................................................................................37 SECTION 4 - HIGHEST AND BEST USE ANALYSIS.............................................................39 HIGHEST AND BEST USE AS THOUGH VACANT...............................................................................................39 SECTION 5 - VALUATION OF THE SUBJECT......................................................................41 VALUE ESTIMATE BY THE COST APPROACH..................................................................................................41 VALUE ESTIMATE BY THE INCOME APPROACH..............................................................................................41 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH.........................................................................41 SECTION 6 - RECONCILIATION OF VALUE.........................................................................57 SUMMARY OF VALUE CONCLUSIONS..............................................................................................................57 SECTION 7 - CERTIFICATION AND LIMITING CONDITIONS..................................................58 CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM...........................................................................58 GENERAL ASSUMPTIONS & LIMITING CONDITIONS.........................................................................................60 SECTION 8 -ADDENDA ....................................................................................................65 SUBJECT SPECIAL WARRANTY DEED.....................................................................................66 FDEPMAP....................................................................................................................68 WETLANDSMAP.............................................................................................................................................69 SOILMAP.......................................................................................................................................................70 FLOODMAP....................................................................................................................................................71 APPRAISERLICENSE......................................................................................................................................72 QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM.........................................................................73 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Section 1 - Summary of Salient Facts Property Reference: 41506760007 Property Type: Vacant Land Property Address: Unassigned, Corner of 3811 Ave SE and Desoto Blvd S Naples, Florida 34117 Report Format: Appraisal Report Date Of Inspection: August 1, 2022 Date Of Value: August 1, 2022 Date Of Report: August 12, 2022 Real Estate Interest Appraised: Fee Simple Purpose Of Appraisal: The purpose of this appraisal is to provide our estimate of the "as is" market value of the fee simple interest of the subject property for our client according to the reporting standards of the Uniform Standards of Professional Appraisal Practice (USPAP), and subject to the extraordinary assumptions stated herein. Use of the Appraisal: The intended use of the appraisal is to assist the user, the Collier County Board of County Commissioners, in the potential acquisition of the subject property. Intended Users: The intended user of this appraisal is the Collier County Board of County Commissioners. Appraisal Client: The client for this appraisal assignment is the Collier County Board of County Commissioners. Location: The property is located on the corner of 381h Ave SE and Desoto Blvd S, north of 1-75 in Naples, Florida. The subject property can be found in Section 33, Township 49, Range 28, in Collier County, Florida. Site Description: The site is rectangular in shape, contains 71,438 square feet or 1.64 acres. The site is fully wooded and is made up of 100% Freshwater Forested/Shrub Wetlands according to the National Wetlands Inventory map. In addition, the USDA Web Soil Survey Map shows 42% Brynwood fine sand -urban complex and 58% Brynwood Cypress Lake fine sands present for the subject. The FDEP informal wetland determination map provided by the client indicates the east 2/3 portion of the property or 67% is hydric slough soils. The property is currently vacant and unimproved. The site will be more fully described within the body of the attached report. K COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Comprehensive Land Use Plan Designation: Estates Designation Zoning Classification: E-Estates Highest And Best Use As The highest and best use for the site would be for low density Vacant: residential development consistent with the comprehensive land use plan classification and zoning classification affecting the property. Highest And Best Use As The subject property is a vacant unimproved parcel and as such Improved: an analysis of the site as improved is not appropriate in this analysis. Market Value Indications Cost Approach: Not Applicable "As Is": Income Capitalization Approach: Not Applicable Sales Comparison Approach: $44,000 Market Value Estimate as of August 1, 2022: Appraisal Firm: Appraisers Completing Report: $44,000 Carlson, Norris and Associates, Inc. Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 • I, Michael Jonas, the supervisory appraiser of a registered trainee appraiser who contributed to the development or communication of this appraisal, hereby accept complete responsibility for any work performed by the registered trainee appraiser named in this report as if it were my own work. • Hannah Dwyer, State -Registered Appraiser Trainee R125089, contributed to the development of the appraisal report in the form of 45 hours. She assisted on the property inspection, compiled property information, assisted in the highest and best use, researched and analyzed comparable sale and contributed in the writing of the appraisal report. • As of the date of this report, Michael Jonas has completed the requirements of the continuing education program if the State of Florida, and for the Designated Members of the Appraisal Institute. As of the date of this report, Hannah Dwyer has completed the requirements of the continuing education program of the State of Florida. 4 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Section 2 - Premise of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate the market value of the fee simple interest of the subject property described on an "as is" basis, under the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal Foundation. Use of the Appraisal: The intended use of this appraisal is the user, the Collier County Board of County Commissioners, in the potential acquisition of the subject property. Intended User of Appraisal: The intended user of the appraisal is the Collier County Board of County Commissioners. Client: The client for this report is the Collier County Board of County Commissioners. Competency of Appraiser: The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment based on the following: • Professional experience • Educational background and training • Business, professional, academic affiliations and activities The appraiser has previously provided consultation and value estimates for vacant parcels located throughout Southwest Florida. Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the scope of work as: "the type and extent of research and analyses in an assignment". "The scope of work includes, but is not limited to: the extent to which the property is identified, the extent to which 5 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES tangible property is inspected, the type and extent of market research and the type and extent of analysis applied to arrive at opinions or conclusions." The scope of this appraisal has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given the property's zoning and surrounding improvements and neighborhood. The work performed for this assignment included but is not limited to the following: • Extent to which the property was identified o The property was identified by its STRAP Number, address and legal description. • Extent to which the property was inspected o An inspection of the property being appraised as well as the neighborhood in which it is located was done on August 1, 2022. During the inspection, an inventory of the property attributes was collected based on visual observation. Please note, the appraiser was not able to gain full access to the interior portions of the site and therefore also relied on aerial visuals from the Collier County Property Appraisers website. • Type and extent of analysis applied o The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property value, including land values and sales data for similar properties. o Three approaches were considered to be utilized in determining value. 1) Cost Approach — either replacement or reproduction cost is used to develop a value indication for the subject property. 2) Income Approach — valued on the ability of a property generating a cash stream. 3) Sales Comparison Approach — value indication is derived by comparing sales of similar properties. It is the most common and preferred method of land valuation when an appropriate supply of comparable sales is available. o As the subject property contains no improvements, the Cost Approach is not considered to be an applicable appraisal tool. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES o Vacant land is not generally purchased for its ability to generate a cash stream; therefore, the Income Approach is not utilized. o The analyst will utilize the Sales Comparison Approach exclusively in estimating the market value for the subject property. o Collection and analysis of comparable land sales in order to perform an opinion of value for the underlying land. ■ An investigation of comparable land sales and active listings of similar unimproved properties were utilized. Four sales were considered in order to make a comparative analysis which would lead to the completion of the Sales Comparison Approach. o The value opinion presented in this report is based upon review and analysis of the market conditions affecting real property value, including land values, the attributes of competitive properties, and sales data for similar properties. o Reconciling the value indications from the appropriate approaches to value into a final value opinion for the subject property; all as of the effective date of this report. o Preparation of a written report. To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop a reliable value indication. Furthermore, the value conclusion reflects information about the subject and market conditions. The appraisal of the subject parcel has been presented in the form of an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the USPAP. Property Rights Appraised: The property ownership rights appraised in this appraisal are those known as fee simple. r COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Fee Simple Estate is defined as: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat."' Market Value Definition is defined in the Agencies' appraisal regulations as: "The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their own best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75, Number 237, Page 77472) Date of Property Inspection: August 1, 2022 Date of Value Estimate "As Is": August 1, 2022 Date of the Report: August 12, 2022 Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of the listings, purchase contracts and sales history of the subject property for the three years prior to the appraisal date. The subject property has not been sold or transferred within the past 5 years. The most recent qualified transaction occurred on October 21, 2010 (OR 4620-751) and is 1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Sixth Edition, the Appraisal Institute, Chicago, Illinois (U.S., 2015) 8 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES recorded as a Special Warranty Deed. A copy of the deed can be found in the addenda of this report. Active Listing/Purchase Agreement: The subject is not currently under a purchase agreement or listed for sale. Valuation History: The Uniform Standards of Professional Appraisal Practice requires the appraiser to divulge any services provided on the subject property during the preceding three years. Carlson, Norris and Associates has not previously appraised the subject in the past three years, nor have we provided additional services related to the subject property during this time period. Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all appraisals and resulting reports are made. The process of administration of those rules and guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal Standards Board issues the rules and guidelines in the form of a document update published each year by The Appraisal Foundation. That document is entitled "The Uniform Standards of Professional Appraisal Practice" (USPAP). As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted Appraisal Report. The following definitions have been adopted for each type of report: • An Appraisal Report: A written report prepared under Standards Rule 2-2(a). • Restricted Appraisal Report: A written report prepared under Standards Rule 2- 2(b) This appraisal is reported in an Appraisal Report format. Exposure Time: Exposure time is the estimated length of time the property would have been offered prior to a hypothetical market value sale on the effective date of appraisal. It is a retrospective estimate based on an analysis of recent past events, assuming a competitive and open market. It assumes not only adequate, sufficient, and reasonable time but also adequate, sufficient, and reasonable marketing effort. Exposure time is therefore interrelated with appraisal conclusion of value. T COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one - line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the following: • statistical information about days on the market • information gathered through sales verification • interviews of market participants. The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of time alone. Exposure time is different for various types of real estate and under various market conditions. In consideration of these factors, we may have analyzed the following: • Exposure periods of comparable sales revealed during the course of this appraisal; • Macroeconomic exposure times for the subject property type across the Subject MSA and the entire United States as published in multiple articles and websites. • Knowledgeable real estate professionals. We have also had numerous discussions with brokers active in the Collier County - Southwest Florida area. All of these persons have indicated the land market has had varying degrees of activity dependent on type and location. We have also had discussions with multiple persons having active listings within the market area. These properties have been on the market from a few months to a few years. The realtors indicated that they have received mixed levels of interest in the properties at the list prices. Based on this information it is our opinion an exposure time of twelve months or less appears to be reasonable and appropriate. This exposure time assumes the subject parcel would have been competitively priced and aggressively promoted within the market area. Marketing Time is defined as: "An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after 10 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. Marketing time is the period a prospective investor would forecast to sell the subject property immediately after the date of value, at the value estimated. The marketing time is an estimate of the number of months it will require to sell the subject from the date of value, into the future. The anticipated marketing time is essentially a measure of the perceived level of risk associated with the marketability, or liquidity, of the subject property. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated changes in market conditions following the date of appraisal. The future price for the subject (at the end of the marketing time) may or may not equal the appraisal estimate. The future price depends on unpredictable changes in the physical real estate, demographic and economic trends, real estate markets in general, supply/demand characteristics for the property type, and many other factors. Based on the premise that present market conditions are the best indicators of future performance, a prudent investor will forecast that, under the conditions described above, the subject will require a marketing time of twelve months or less. 11 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Section 3 - Description of Real Estate Appraised COLLIER COUNTY AREA ANALYSIS j�90001 C _ ._ _ _ Ihea G la Hoye LIM Gorda S U7we5� arlokte Mir [rota arch c d s ueki, Qee Jolla k w i51Oi Sanibel — FI �rAkak�e t� BUIYil II g5 ........,, ...........:........x...�r::::::::::........... ary � „z�fades 77 �1ar �lan'il...••.,..... { r uralinx \ Kl Brow r(J helrpuod 1F qucsla i� �4 F�l*I Ekach _al1�rtaua L' VOi�II Ii it 1 lips ertdcs ' RQr'lV4.1 lakess/ ti I Ile Ba, -- Floridb-c4il Islaudi., Miami=[]adr ■ o- The subject property is located within Collier County, Florida, some 150 miles south of Tampa and some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion of the state of Florida. Collier County was created in 1923 and was separated out from what was a larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who had moved to southwest Florida and established himself as prominent business man and land owner. By the end of the decade railroads and Tamiami Trail were in -place which opened the area to agricultural and resort development. Florida's first commercial oil well was drilled in 1943, and the county's pine and cypress logging industry flourished into the 1950s. The county's economy boomed along with its population shortly after World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in the country. 12 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES PHYSICAL FACTORS It is the largest county in the state in terms of land area with 1,998 square miles which includes 821,600 acres of preserves, parks, and refuges. Along with the land area Collier County also has 307 square miles of water to give Collier County a total size of 2,305 square miles. The most highly developed areas within the county are west of Interstate 75 and along the coastline of the Gulf of Mexico. Development becomes increasingly sparse the more easterly the location in the county; and these easterly areas of the county contain a considerable amount of preserved land. There are three incorporated cities within the county; namely City of Naples, City of Marco Island, and Everglades City. The county is famous for its subtropical climate with average high temperatures ranging from 780 F. in January to 920 Fahrenheit in August. The average annual precipitation for the county is 56 inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs from June through November. January 65.67: 78.67: 52.63- February 66.63 79.03- 54.2- March 67.23 81 53.45- April 74.63` 87.2` 62.38` May 76.6` 90.15` 67` June 81.98: 91.48: 72.EW July BY 90.47- 75.48- August 83.87: 92.43- 75.33- September- 92.93 91.33: 74.53: October 77.3- 66.33- 68.2- November 70.77` 81.63` 59.77` December 65.98; 77.48; 54.45` January 0.52Inches Olnches February 1.91 Inches Olnches March 2.62Inches Olnches April 4.32Inches Olnches May 4.18Inches 0Inches June 9.92Inches Olnches July 5.74Inches 0Inches August 6.91 Inches Olnches September- 9.04 Inches 0 Inches October 5.24Inches OInches Hoeember- 0.82Inches Olnches December- 2.9Inches Olnches ECONO C-FINANCIAL FACTORS There are numerous economic factors that impact the supply and demand for all types of real estate and housing in any given area. These factors will be considered and discussed in the following paragraphs. Although these factors are considered individually, they do not act as independent agents in the marketplace. They interact and effect, one another. Therefore, the economic -financial factors considered, should be considered in totality, as a part of the economic framework. 13 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Population: Collier County has 390,774 people living there according to recent 2020 Census data. making Collier County Florida's 17th most populous county. Collier County had a population of 322,595 in 2010 and they have experienced a 68,179 person increase over 10 years or 19.37% growth. Year . Population Growth Growth Rate 2020 390,774 6,143 1.60% 2019 384,631 6,143 1.62% 2018 378,488 6.143 1.65% 2017 372,345 7.000 1.92% 2016 365,345 9,238 2.59% 2015 356,107 8.781 2.53% 2014 347,326 8,261 2.44% 2013 339,065 6,788 2.04% 2012 332,277 4,645 1.42% 2011 327,632 5.037 1.56% 2010 322,595 170,496 112.10% Additional population estimates reflect population projections from 2018 to the year 2045 and compare the three coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee. The population estimate for the year 2018 for Collier County was 367,000 (actual was 378,488) and is predicted to increase to around 516,000 in year 2045. This would represent a 1.064% per year or 26.6% increase in population over the entire period. Hip.torie and Prujected Pnpulation Charlotte, Colder, and Lou Counties 12DD 10DO tW C R 3 O F IDW fl16 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Demographics within Collier County are predominately White at 89.3%, followed by Black or African American at 7.4%, Asian at 1.6%, American Indian and Alaska Native at 0.5%, Native Hawaiian and Other Pacific Islander at 0.1 % and then two or more races filling out the remaining 1.2%. e White alone, percent d 89.3% Q Black OF African American alone, percent ;a:: d 7.4% QAmerfcan Indian and Alaska Native alone, percent ra: d 0.5% Asian alone, percent ;a; 8 1.6% Q Native Hawaiian and Other Pacific Islander alone, percent ;a.: 8 0.1 % 0 Two or More Races, percent Q 12% Q Hispanic or Latina; percent : L. C?s 28.2% White alone, not Hispanic or Latina, percent p 62.5% Tourism: Tourism is important business for Naples, Marco Island and the Everglades. As the leading employer and the primary economic engine for the region, the tourism industry is responsible for over 38,500 jobs in Collier County. About 2 million visitors in 2019 spent over $1.5 billion dollars, resulting in a total economic impact of over $2.1 billion to Collier County. Collier County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months. The distribution of tourist development tax dollars is set according to Collier County ordinance. The funds are dispersed as follows; beach related projects with 42.56% of the total Tourist Tax, tourism promotion with 47.85%, and museums with 9.59. Of the 42.56% for beach related projects, 3.58% is allocated for beach park facilities and the remaining 39.98% is used for nourishment, pass & inlet management. Of the 47.85% for tourism promotion, 33.57% is used for destination promotion and administration and the remaining 14.28% is used for amateur sports complex/debt. Lastly, of the 9.59% allocated for museums, 7.68% is used for county museum operations, and the remaining 1.91 % is used for non -county museum grants. New Development: A relatively new town is developing in the eastern part of Collier County known as Ave Maria. The town is located on what was once largely agricultural land is centered around Ave Maria University, the country's newest Catholic University. The university opened its doors in 2007 and currently has about 1,120 students, including 35 in graduate programs. The school has plans to keep growing and ultimately incorporate around 5,500 more undergraduate and graduate students. The town is designed to be a compact, walk -able, self-sustaining town that reflects the community's rural roots while offering a full range of residential options and commercial services to its residents. The Ave Maria community totals about 5,000 acres, of which 15 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES nearly 20% has designated as the University Campus. A Town Core anchored by the landmark oratory that also incorporates retail, commercial, and residential living space provides a central connection between the town and the university. Business is expanding in Collier County as evidenced by a surgical device company that recently opened its doors on a site near Ave Maria University in the form of a $25 million manufacturing plant. This construction brought 500 construction jobs to the area and currently employs around 350 workers, with more being added all the time. Ave Maria has experienced a sever mosquito problem and as a result they have been sprayed more than 30 times by very safe pesticides in 2015 making it the most sprayed area in southwest Florida. A new town has also been proposed in Eastern Collier County. Collier Enterprises got the Rivergrass project through the Collier County Commission on January 28t", allowing them to begin planning to develop a 1,000-acre township in Eastern Collier County. The plans are currently being stalled as the project's impact on approximately 700 acres of primary panther habitat is being heavily opposed by wildlife organizations such as the Conservancy among many others. Employment & Income: The most recently reported median household income for Collier County is at $70,600. From January 2010 until March 2020, Collier County had experienced downward trends in unemployment getting as low as almost 3%. Then in April 2020 we began to feel the effects of COVID-19, and Unemployment jumped to 13.4% from 4% the month prior. Unemployment continued to hang around 10% for the next few months. Collier County's unemployment rate rose from 3.0 percent in October 2019 to 5.0 percent in September 2020 and to 5.1 percent in October 2020. The overall trend of unemployment has been trending downward. Collier County's largest employment concentrations continue to be in industries that are fueled by population growth. The Real Estate and Rental and Leasing Industry leads the pack with 25,200 industry jobs. Retail trade is in second with 25,071. Accommodation and Food Services is just behind with 24,833. The rest of the top ten, in descending order are as follows: 24,318 / 22,261 / 16,044 / 14,710 / 14,636 / 13,049 / 12,934. 16 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Below is a breakdDwn of the iargest industries in Collier County. Deal Estate aid Rental and t eN5i1 I[4 PoelM rr;ade Amwnrnodalion and Food Sarvioor. HNIM Care ana 50dal Assistonce Administrativo and 5uppairt a... trtherSerwes[except Public A cbrniF"ralian} Government Professional, $ici31 5 IC. and T!!d'Inicei 4?rYfOk:4 � rinenca and Insurar - - W Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier County School District with 5,604 employees, and Collier County Local Government with 5,119 employees. As the Collier County population matures, employment in the healthcare industry will continue to make up a larger part of overall employment. Collier's top employers are listed below. Rank Company Name Employment 1 NCH Healthcare System** 7,017 2 Collier County School District 5,604 3 Collier County Local Government* 5,119 4 Publix Super Market 3,083 5 Arthrex, Inc.** 2,500 6 Walmart 1,480 7 Ritz Carlton -Naples 1,450 3 City of Naples 1,169 9 Physicians Regional 950 ld Mooring Park 888 Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of 17 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES low corporate income taxes. The Florida's tax rate of 6% is one of the lowest in the U.S. and far below the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in property taxes. The Florida statutes provide for the annual assessment and collection of property taxes on real and personal property. Property taxes are assessed and collected at the county level as revenue for counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate property types in Collier County for 2018 was $112,272,221,732. Prices: A price index is a tool that simplifies the measurement of price movements in a numerical series. Movements are measured with respect to the base period, when the index is set to 100. Our current cost of living index in Collier County is 113.4 meaning that generally speaking the cost of living is more expensive in Collier County than the average cost of living throughout the United States. Furthermore, Groceries are at 107.7, Housing is at 143 which is high, but down from 175 in December of 2016, and Health is at 101 and below you can see the rest of the table and how it compares to the United States. Overall 113.4 102.8 10D G-ee 107.7 102,8 10D Health 101 98 100 Housing 143 102,6 100 Median Home Cost 330600 $237,100 $231,20D Utilities 98.6 1013 100 Transportation 88.6 112,6 100 Miscellaneous 108.3 96 9 100 Banking/Interest Rates/Financing: As of December 21, 2021 the prime rate was reported at 3.25%. Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently reported to be 0.25%; a year ago was 0.25%. The federal funds rate is 0.25 %, while a year ago it was 0.25%. The 15-year refinance fixed-rate mortgage increased to 2.45% down 2 base points over the last week. The benchmark 30-year fixed-rate loans in this week's survey 18 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES included an average of 3.20% down 5 base points over the last week. The five-year adjustable arm rate was at 2.69%. Please see table below. Prime rate, federal funds rate, COFI UPDATEDc 1212112 021 THIS WEEK MONTH AGO YEAR AGO WSJ Prime Rate 3.25 3.25 3.25 Federal Discount Rate 0.25 0.25 0.25 Fed Funds Rate (Current target rate 0.00-025) 0.25 0.25 0.25 11th District Cast of Funds 0.23 0.23 0.50 Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. Real Estate and Housing: Collier County was spared from the national economic downturn (2007-2009). Collier County experienced a significant increase in residential and commercial property values from 2004 through 2006. Several news publications rated Naples as the most over -valued area of the country with respect to residential housing values. The decline in residential property values began in 2006. Inventory levels began to rise as investors and owners positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any property with a sense that the economy as a whole was headed for trouble. Many investors were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida became the epicenter for residential property foreclosures with communities such as Golden Gate at the forefront of the crisis in Collier County. Residential construction projects in various stages of development were stopped as housing inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the residential construction industry; and with no homes to build, this industry was quickly decimated. Contractors that supplied this industry typically ran their businesses from various industrial locations in Collier and Lee Counties. This type of property was the first commercial property to be adversely affected with retail and office properties following. 19 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier County's zoning allows the flexibility of properties of 19 acres or more to be zoned as Research and Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract technology -based businesses. Real estate indicators continued to be a bright spot for the region. Single-family building permits for the coastal counties improved 64 percent from August 2020 to August 2021. Single-family home sales slipped 5 percent in August 2021 over August 2020, but median prices for all three counties rose between 21 to 28 percent during the same period. Realtor® Active listings for the coastal counties were down in August 2021, falling 67 percent from August 2020. Steady increase in discretionary spending associated with supply -chain disruptions have create some inflationary pressure across the country and the region. Single family permits identify houses under construction and therefore reflect jobs in the construction industry. The data continue to show that, while the COVID-19 pandemic has had deleterious effects on the economy of Southwest Florida, there appears to be some optimism for the future based upon the single-family building permit data of the last few months. In Collier County, 330 permits were issued in October 2021, a decrease of 22 permits (6 percent) from October 2020, but up 112 permits (51 percent) from September 2021 (see Chart 15) chart 15: sinoe-FaFnav Bu>Ilttine Permits tar confer u 50o - 450 400 350 � aoo � 25a 0 200 150 100 50 0 Single Family Permits Issued -Collier County 2011.2020 Monthly Averages_ Lost Recent 13 Months Data and Trend ---------- ,/*--\ A * Permits — — — Linear Trend 0 0 0 �N N N 0 0 �0 N �1 ^1 �W �1 ^1 J_ Q T2 ' d S17 Source: Collier County Grm%th Management Department, indudes unintarporated Collier County permits only 20 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Collier County single-family home sales registered 475 units in October 2021, a decrease of 192 units (29 percent) compared to October 2020. The median price in Collier County rose substantially by $90 thousand from $560,000 in October 2020 to $650,000 in October 2021 (see Chart 18). Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has worked diligently to develop an efficient road system that will accommodate future growth; and it is likely to continue to develop the necessary road infrastructure in the years to come. Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic needs for the fast-growing population of Southwest Florida. RSW is the eighth fastest growing airport in the nation, servicing more than 8 million passengers a year. More than two dozen commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more than 27 domestic and two international destinations. The Southwest Florida International Airport also maintains customs clearing facilities for international cargo. RSW is located off 21 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Interstate-75 in South Lee County, an approximate 30-minute drive from most areas of Naples. In 2005 the airport was completely updated and expanded to meet the growing demand of area businesses and visitors. The $386 million ultra -modern complex includes a two-story terminal with 28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a three-story parking structure. The facility will allow for incremental expansion up to 65 gates. Construction was recently completed on a direct access connection between 1-75 and the airport. Peak seasonal activity usually occurs in February, March, and April, with significantly lower activity in the summer months. While all three airports continue to improve from the dip in passenger activity experienced in April 2020, a complete recovery to pre -pandemic levels is not anticipated in the short-term. After the large decrease in activity observed in March and April 2020, the charts better reflect the historic seasonal pattern, albeit at a reduced level. Passenger traffic at RSW was 769,524 in October 2021, up 40 percent from September 2021 and 84 percent greater than October 2020 (see Chart 1). Chart 1: SW Florida International Passenger Activity SW Florida International Airport [RSM Passenger Activity 1,fi0D y, 1.4t10 2019 a a +.zoo zoz 9 ~ 1.090 G 2d18 m Sao- 707+ e WF aaa aoo a 0 Jan Feb Mar .Apr May hm J0 Aug Sep Oct Nov Dec Source- Loral Airport Authorities The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO services for general aviation including fueling and catering. It is the home to charter airlines, aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the Collier County Sheriff's Aviation Unit, flight schools, the Humane Society, and over 40 additional aviation and non -aviation businesses. The airport encompasses approximately 732 acres of land, approximately two miles northeast of Old Naples with convenient access to major roads and Interstate-75. 22 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES POLITICAL -GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. The county is currently experiencing a decline in revenues which will result in future capital improvement plans being significantly cut back. Additionally, operating expenses are under increasing pressures due to legislative mandates from the state, escalating costs of property insurance and health benefits, and the overall economic downturn. Collier County has experienced an increase of 1.09% in budget between FY 2019 and FY 2020. The FY 2020 total net county budget is now $26,249,500. General Fund Suppurled Capital Category F. l6 Budget Fl17 Budget FlM Budget FV 19 Budget F1 20 Budget Sheriff Grange Tree Sub -Station 5900,000 SD So SO 5o EMS Station and Amlrulance So 50 S2 000J000 52.100MO 50 Hehc cr S2.000,000 S' a00,000 S 1250JOW Sa $li Jail& other Shen$' Facility R $663?W $1.059,500 S4,100J(]W SUICOA00 S1,000,If00 Sheri6's AL=unting S Yem Replacanent SIM0,000 SO $a SO $a Votin • Machines So 50 5345JOW $350.O0f1 S350,9W 900 MHz Puhhc Safely Cotumumcatioe System SON." $353.000 S11500M $a SD Domestic Animal Contwl'Sheher SO $0 $500im 50 $0 State & R 'onal Eco De el ent $475.0W SSW -Ott) $a S0 5a Library Ca ital.'Boaks S350,0W $450-(M $550JIM 573wuou S95414= C,enarel Budding Maintence and A`C R airs not anSales Tax Funded $1-`w,OW $ 4,090,5W $5J501M %6 WO.000 S5,000AM lGovemmentai 45,a $1,072,500 S411 51,077.W0 127Cwmn i'w0wMuce A.rpolCV ital Grant M.whl 5313,100 53W.000 s 1,00opm $445.t]W SI.466,700 (;ane.nd C]aV'a en[aI Vehula R laceenen[ Supplement SISOO,uW $15W OW S1,750pW so w Park C ital $1.070,(KW S3.495.700 51,1000W $1,1 ROW S2100,000 Tans ❑nanon Ca i[al $14559)M 59.435.500 $11,650,400 58,555'tM $9-550'aw Stor %%Wer Ca i[a 51a49-6W 5'.5_5,01M) S1,627JOW S2,500,ow 53_1WA3W ']!bW $32,770,01W S29,6s'3,700 $3216%49N S24,177,91W 526,259,309 '1,1, I21,111111 =Sim SAP; WLVL replen h rt'ser M 6nla e ri mmur nraml,++nn V 3327k IM fOIIWerc [ tL Education: The Collier County public school system currently contains a total of 58 schools with 48,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. The below chart shows more detail with regards to the public -school system. _. I millionL 2,300 .�-. is 1151h 111 fuw i:n_ w.. o, ,....� »nn.6. _ 33cae�, w 'mnw±!eo ' ., 111 364 a—xQQ{'%, QQ 58 I 41044 7,206.598 vv"'i Y.fly , 4uW Wir}-i M,u. WM 96.Df0 LwMIWGCYI' 40.500 1 1 t 8,181 saws new a C-4y ed—non OIF N,101PotlrSem�bTGanea HO CnmwY/[Oialan Coveee 1 23 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts -oriented baccalaureate degrees as well as some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida and compared. Collier County has 32% of their people attain a bachelor's degree of higher compared to 27% in Florida and 29% in the United States. Only 14% of those within Collier County have less than a high school education. Figure 7: Collier County, FL Education Attainment by Level Comparison [Age 25+] U Ho schooling = Less than High Sohoo. .9 High School orGEO Some oo liege or Associates Deg ree Bachelors Oeg ree orhgher i75% ■ � . I5% — 50% — — — ■ 25% G Ge�cO- G �tO c0 �acN CP' CA � SOCIOLOGICAL FACTORS Recreation: Collier County offers a vast variety of natural and historical attractions. Places to visit include the 52-acre Naples Zoo, Collier County Museum, Big Cypress National Preserve, Museum of the Everglades, Naples Botanical Gardens and many other reserves, museums, zoos, etc. Healthcare: Within Collier County there is the Naples Community Hospital, North Collier Hospital, Regional Heart Institute, NCH Wellness Centers and other various clinics. Being the largest county in Florida with a total area of 2,305 square miles its medical facilities manage to cover it all. Helicopter usage cuts critical minutes from transport time. 83.5% of those within Collier County have health insurance compared to 86.5% throughout Florida and 90.6% throughout the United States. The highest percentage of those without healthcare coverage from people making $25,000 and less at 25.6% not covered by insurance. 24 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Figure 1: Percent of People with Health Insurance O Hendry County Glades County Morroe County Collier County Brow,ard County Lee County Compare: Florida Compare: Orlando -Dell Daytona Beach Charlotte County Compare: United States 0% 50% 100% Figure S: Percent of People with No Insurance by Income Group 30 % 2C9 10% 0% Under $25k $50k $75k Over S25k to to to $100k $50k $75k $100k SUMMARY Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is sub -tropical with mild winters that allow for year-round enjoyment of the many attractions this area offers. Collier County is a desirable destination for residents and non-residents alike. In spite of the many positives, portions of Collier County were greatly affected by the past housing debacle which resulted in a significant number of residential foreclosures, trends have been positive in most recent years though. While the current "improving" economic climate will keep commercial and residential development at bay in the short term, the availability of commercial vacant land, the county's numerous natural attractions, and the anticipated future population growth will bode well for this area over the long term. Collier County is considered to be a wonderful place to live. There are tremendous opportunities as far as employment is concerned in many different industries. The diversity of job opportunities spans a significant range from low-income persons to jobs of very high -income people as well. There are tremendous recreational facilities with numerous golf course, beaches and recreational parks, not to mention the significant amount of land that is federally held in conservation in the eastern portions of the county. The public -school system is good and provides for a well-rounded public education for the students that reside within the county. We invite your attention to the location map, which shows the relative location of the subject property in Naples. 25 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Location Map Por', Charlotte (ED Punta Gorda Babcock Ranch Preserve Boca Grande La Bellt t" Lt� Fort Myers Lehigh Acres O Cape Coral CV Captiva, (!sr Felda Fort Myers Beach Estero Indiantown a Lakeport P•:. r: P.Aayaca Palmdale iS JW Corbett r Jupiter WrWVe Canal Point Mar7agefrrenf Palm Seach Moore Haven ]a Pahokee Area Gardens C Clewiston West Palm Montura _ 071 Belle Glade Beach Imnnokaiee Bonita Springs Ave Maria 2 North Naples Y Maples SUBJECT V CID Big Cypress Naliorlal Preserve Marco Island Everglades City 26 cl; Everglades and Trarrci s S. Taylor Wildlife... Yn�n �yy� Beach Delray Beach Boca Raton C Pompano Beach Fort iV Lauderdale Hialeah Miami c m Biscayne Homestead Na€ional Park COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Market Area Map �3RKSCRL'A' f Harker Ave Maria i Ira _ eyards SUBJECT Golden ate V. Lely Lely Re rt Copeland Marco Island �-� Gaadland S. J: f: wr Market Area Description: Market area is defined as "The geographic or locational delineation of the market for a specific category of real estate, i.e., the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users." 27 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Market Area: Boundaries: Northern Immokalee Road Southern US 41 Eastern SR 29 Western Interstate Highway 75 Life Stage: "Because market areas are perceived, organized, constructed, and used by people, each has a dynamic quality. Appraisers describe this quality as a market area's life cycle. The complimentary land uses that make up neighborhoods and homogeneous land uses within districts typically evolve through four stages: • Growth — a period during which the market area gains public favor and acceptance • Stability — a period of equilibrium without marked gains or losses • Decline — a period of diminishing demand • Revitalization — a period of renewal, redevelopment, modernization and increasing demand" 2 It is our opinion that the subject market area is currently in the growth cycle. Recently the market has shown increased activity. Sales and permit activity for commercial and residential construction have been increasing. Public Transportation: Public transportation is provided by Collier Transit Maintenance/Condition: The majority of improvements are well maintained and in good condition. Property Compatibility: There is an established retail, commercial, retail and office area along Airport Pulling Road, Immokalee Road, Pine Ridge Road, Vanderbilt Beach Road, and Tamiami Trail (US-41). Due to the high traffic counts in this area, retail uses include shopping centers, restaurants, and various other single -tenant retailers. Supporting residential abounds along secondary roadways and land uses are primarily single-family residential or multifamily. Generally speaking, agricultural and rural residential use is located east of Interstate Highway 75. Appeal/Appearance: This area has strong appeal. Appearance ranges from mostly newer construction and some older structures with generally good to average appearance. Neighborhood Access: Good access exists from major north -south corridors including Collier Boulevard, Goodlette Frank Road, Livingstone Road, Airport Pulling Road, US-41 (Tamiami Trail), and 1-75. The major east -west corridors include Golden Gate Boulevard, Vanderbilt Beach Road, Pine Ridge Road, and Immokalee Road. Police/Fire: Police: Collier County Sheriff / Fire -rescue: Collier County 2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014) 28 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Development Potential: There is residential, agricultural, and commercial zoned vacant land available in the market area. Most exists is to the east portion of the market area. Future commercial development will be seen mainly along US-41, Airport -Pulling Road, Vanderbilt Beach Road, Immokalee Road and Collier Boulevard. Agricultural properties being subdivided into smaller rural residential parcels. Development Trend: Residential and commercial properties have had decreasing vacancies and increasing lease rates. Brokers estimate continued improvement in this area that could lead to new development in the near future. Characteristics of Land Immediate properties in the subject market are mostly agricultural and Usage: residential uses. Supply of Vacant Tracts: Vacant land is available in the market. Demand for Vacant Tracts: The supply appears to be in balance with demand at this time. Neighboring Property Uses: Residential, both single and multi -family, general business, office, retail and agricultural uses. Allowable Uses in the Residential both single and multi -family, general business, office, retail, District: agricultural and governmental uses. Vacancy rates: Commercial/Agricultural: 2% - 5% Single Family: 3% - 8% Naples Economy Q3-2021 (Costar Summary) While the pandemic caused significant economic disruption in Naples, the market saw employment rebound sharply beginning in late 2020. While the pace of rehiring has slowed in 2021, the total workforce has improved to nearly 96% of pre -pandemic levels. Prior to the coronavirus outbreak, Naples had strong economic momentum and appears poised to quickly recapture that prior momentum once the virus is contained. Tourism drives much of the Naples metropolitan area's economy, with leisure and hospitality composing almost 20% of the workforce. This sector, along with retail trade, has been more exposed to impacts from the ongoing crisis. Naples has nearly 35% of its entire workforce in these high -risk sectors, the third -highest proportion in Florida. Prior to the pandemic, the market enjoyed accelerating tourism. In 2019, the Naples metropolitan region's visitor count was up nearly 6% annually, while 2018 saw tourism grow by nearly 3% over the prior year. While 2020 saw tourism ultimately downshift, 2021 should enjoy numbers more in line with the prior trend. The Naples metropolitan area includes the entirety of Collier County with significant population nodes in Naples, Immokalee, and Marco Island. The market has experienced among the nation's 29 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES strongest population and job growth rates over the past five years. While the overall rate of jobs added over the year prior to the pandemic had slowed to under 3%, Naples still posted growth rates of roughly double the national average. The employment slowdown was divided across most sectors, though the overall losses were also weighed down by somewhat deeper job losses than the national average in information, finance and insurance, and management. Naples has also seen significant cooling growth rates, though still net positive job additions, in both sectors of transportation and warehousing, and construction. These two industries were among the two strongest employment sectors for the market over the prior year. Office -using employment had also slowed to under 2% annual growth, though remained one of Naples' better -performing areas. In particular, real estate hiring posted an exceptionally strong prior year, growing over 10%. The real estate sector, by itself, was strong enough to offset the losses in information, finance, and management. The unemployment rate had slightly risen in the months leading up to the coronavirus pandemic. However, unemployment was still tight from a national perspective and had remained well below the national average, which before the crisis sat at a 50-year-low. The slightly loosening market was likely more a reflection of the limited available jobs to meet labor force growth. Naples is one of the older markets in the nation, reflecting its status as a premier retiree destination. This skews demand for senior housing, assisted living, and medical office space much higher than a typical U.S. market. The older demographic also drives up the region's affluence and median incomes, both of which are among the highest in Florida. Interview with market participants: The appraiser was able to speak via phone conversations with real estate brokers who are knowledgeable of the market area. These individuals were contacted to verify sales prices and asking prices of surrounding properties similar to the subject. Specific names and phone numbers of the individuals contacted were found by using the services of LoopNet and CoStar and MLS. For the benefit of the reader, we have listed the names, contact information on the sales exhibits found later in this report. Legal Description: The legal description of the subject was obtained from the most recent deed on file with Collier County Property Appraiser's Office (OR 6006-2072) and displayed as follows: The West 105 feet of Track 94, Unit 91, Golden Cate Estates, according W the plat thereof recorded in Plat Book 5, Page 30, of the Public Records of Collier County, Florida 30 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Owner of Record: According to information obtained from the Collier County Property Appraiser's office and the Collier County Tax Collector's office, the current owner of record for the subject property is listed as follows: Craparo, Stephen 3451 7th Ave NW Naples, Florida 34120-1605 Assessed Value and Taxes: According to the Collier County Tax Collector's Office the subject property is identified by its Parcel Number 41506760007. For the tax year of 2021 the subject property had combined assessed values of $8,261 at a millage rate of 11.4183 resulting in an annual tax burden of $128.11. Please note the 2019-2021 tax analysis in tabular form that follows. The tax summary chart represents resents a summary of the assessed values, taxable values, ad valorem taxes, non -ad valorem taxes and millage rates. Assessed Value and Tax Summary 41506760007 Market Year Taxable Value Millage Rate Tax Liability Total Assessed Value Ad Valorem Non -Ad Valorem Tax Liability 2021 $8,261 $8,261 11.4183 $128.11 $0.00 $128.11 2020 $7,510 $7,510 11.3084 $117.20 $0.00 $117.20 2019 $6,827 $6,827 11.3901 $107.65 $0.00 $107.65 Delinquent Taxes: According to information obtained from the Collier County Tax Collector's office there are no delinquent or outstanding taxes on the subject property. Site Description: We invite your attention to the following aerial plat map which shows the relative size, configuration and location of the subject property. This will be followed by a plat map which also shows the same information. This will be followed by general site information and data as well as information on the physical characteristics and economic factors that affect this property. 31 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Subject Aerial Map Plat Map I - i I � I i 4.f I I 74 P- I I _ - -� I 1 __- -- - - -------- - - - - -- 1 0 I , ---�-- I I 8 , 75 I " I j 1 � I I 1 32 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES General Site Information Address: Unassigned, corner of 3811 Ave SE and Desoto Blvd S, Naples, Parcel Number: Florida 34117 41506760007 Physical Characteristics of the Site Frontage: The subject has 680 feet along 38' Ave SE and 105 feet along Desoto Blvd S (per County). Total Site Area: 1.64 acres or 71,438 square feet per the Collier County Property Appraiser records. We were not provided with a site survey. Shape of Tract: Rectangular Access: The subject has access from 38' Ave SE and Desoto Blvd S, both are two-lane paved roads. Desoto Blvd S is a dead end going south of the subject and 381" Ave SE is a dead end going east and west of the subject. Corner Influence: This property is on the corner of 38' Ave SE and Desoto Blvd S. Utilities to Site: No utilities were observed at the time of inspection. Flood Designation: Flood Zone Code AH, Flood Zone Panel 120067-12021 C0445H, Dated May 16, 2012. See Flood Map in addenda. Easements: Typical utility easements are assumed to exist. Road easements along Desoto Blvd S and 381" Ave SE. Site Improvements: The site has no improvements. Topography: The subject parcel is fully wooded with brush ground covering. According to the National Wetlands Inventory Map the site is 100% Forested/Shrub Wetlands. Additionally, an FDEP informal wetland determination map that was provided by the client indicates the east 2/3 of the site or 67% is slough soils. The USDA Web Soil Survey Map shows 42% Brynwood fine sand -urban land complex and 58% Brynwood Cypress Lake fine sands present for the subject. It is assumed there are no unusual conditions existing on the site which would adversely affect the value of the property. Economic Factors Affecting the Site Supply of Vacant Tracts: There is an adequate number of vacant residential/agricultural zoned and residential/agricultural permissible sites located within the immediate and general vicinity of the subject property. Demand for Vacant Tracts: Supply and demand appear to be in -line with each other, although demand has been improving recently. 33 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Neighboring Property Uses: Properties located along 38' Ave SE and Desoto Blvd S generally consist of limited semi- rural residential uses. Zoning allows for a maximum of one development unit per 2.25 gross acres Land Use Designation: Estates Zoning Classification: E-Estates Allowable Uses in the Allowable uses in the district will be discussed in detail in the District: following comprehensive land use plan classification discussion and zoning discussion. In addition, they will be considered in the highest and best use analysis for the property. National Wetlands Inventory: The subject is located in a Freshwater Forested/Shrub Wetland habitat classified as PF01 Cd. Map is displayed below. System Palustrine (P): The Palustrine System includes all nontidal wetlands dominated by trees, shrubs, persistent emergents, emergent mosses or lichens, and all such wetlands that occur in tidal areas where salinity due to ocean -derived salts is below 0.5 ppt. It also includes wetlands lacking such vegetation, but with all of the following four characteristics: (1) area less than 8 ha (20 acres); (2) active wave -formed or bedrock shoreline features lacking; (3) water depth in the deepest part of basin less than 2.5 m (8.2 ft) at low water; and (4) salinity due to ocean -derived salts less than 0.5 ppt. Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller. Split Subclass Broad -Leaved Deciduous (1) : Woody angiosperms (trees or shrubs) with relatively wide, flat leaves that are shed during the cold or dry season; e.g., black ash (Fraxinus nigra). 34 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Water Regime Seasonally Flooded (C) : Surface water is present for extended periods especially early in the growing season, but is absent by the end of the growing season in most years. The water table after flooding ceases is variable, extending from saturated to the surface to a water table well below the ground surface. Special Modifier Partially Drained/Ditched (d) : A partly drained wetland has been altered hydrologically, but soil moisture is still sufficient to support hydrophytes. Drained areas that can no longer support hydrophytes are not considered wetland. This Modifier is also used to identify wetlands containing, or connected to, ditches. The Partly Drained/Ditched Modifier can be applied even if the ditches are too small to delineate. The Excavated Modifier should be used to identify ditches that are large enough to delineate as separate features; however, the Partly Drained/Ditched Modifier also should be applied to the wetland area affected by the ditching. Comprehensive Land Use Plan Classification: According to information obtained from the Collier County Planning Development department, the subject site has a comprehensive land use plan classification known as Estates. ESTATES DESIGNATION The Estates Land Use Designation is characterized by low density semi -rural residential lots with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some legal non -conforming lots as small as 1.14 acres. Residential density is limited to a maximum of one unit per 2.25 gross acres, or one unit per legal non -conforming lot of record, exclusive of guesthouses. Multiple family dwelling units, duplexes, and other structures containing two or more principal dwellings, are prohibited in all Districts and Subdistricts in this Designation. Generally, the Estates Designation also accommodates future non-residential uses, including: • Conditional uses and essential services as defined in the Land Development Code, except as prohibited in the Neighborhood Center Subdistrict. Also, refer to the Conditional Uses Subdistrict. • Parks, open space and recreational uses. • Group Housing shall be permitted subject to the definitions and regulations as outlined in the Collier County Land Development Code (Ordinance No. 04-41, adopted June 22, 2004, effective October 18, 2004) and consistent with locational requirements in Florida Statutes (Chapter 419.001 F.S.). 35 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES • Schools and school facilities in the Estates Designation north of 1-75, and where feasible and mutually acceptable, co -locate schools with other public facilities, such as parks, libraries and community centers to the extent possible. Group Housing includes the following type facilities: • Family Care Facility if occupied by not more than six (6) persons shall be permitted in residential areas. • Group Care Facility, • Care Units, • Adult Congregate Living Facilities, and • Nursing Homes. All of the above uses shall be consistent with all of the Goals, Objectives and Policies of the Golden Gate Area Master Plan. Zoning Classification: Estates District (E). The purpose and intent of the Estates Zoning District (E)* is to provide lands for low density residential development in a semi -rural to rural environment, with limited agricultural activities. In addition to low density residential density with limited agricultural activities, the E district is also designed to accommodate as Conditional Uses, Development that provides services for and is compatible with the low density residential, semi -rural and rural character of the E district. The E district corresponds to and implements the estate land use designation on the future land use map of the Collier County GMP, although, in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the E district shall be consistent with and not exceed the density permissible or permitted under the estates district of the future land use element of the Collier County GMP or as provided under the Golden Gate Master Plan. Permitted uses include: 1.Single-family dwelling. 2.Family care facilities, subject to section 5.05.04. 3.Essential services, as set forth in section 2.01.03. 4.Educational plants, as an essential service. 36 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Subject Property Photographs View: Looking west along 38th Ave SE. Subject to the right. Photograph date: August 1, 2022 Taken by: Hannah Dwyer View: Looking south at Desoto Blvd S. Subject on the left. Photograph date: August 1, 2022 Taken by: Hannah Dwyer 37 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Subject Property Photographs Y: F � Y'� 38 View: Looking southeast at the corner of the subject property from 38th Ave SE and Desoto Blvd S Photograph date: August 1, 2022 Taken by: Hannah Dwyer View: Looking southeast at the subject property frontage on 38th Ave SE. Photograph date: August 1, 2022 Taken by: Hannah Dwyer COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Section 4 -Highest and Best Use Analysis The principal of highest and best use is defined as: "The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth? HIGHEST AND BEST USE AS VACANT Legally Permissible Use: Factors that impact the legally permissible uses for the subject property include such things as the comprehensive land use plan classification, zoning classification, deed restrictions and government regulations. No specific deed restrictions are known relating to the property. The subject has a comprehensive land use plan classification of Estates and is zoned (E) Estates. Some of the uses permitted include; Low -density residential with limited agriculture, including, but not limited to: single-family dwelling; fruit and vegetable growth for personal consumption ; keeping fowl or poultry (max 25); educational plants as an essential service; keeping horses and livestock (2/acre); recreational facilities that are an integral part of residential development. Residential use is not to exceed 1-DU per/2.25-acres. Physically Possible Uses: The physical aspects of the subject impact legally permissible development. The site has a rectangular configuration containing a total of 71,438 square feet or 1.64 acres of site area, more or less. The property has good frontage of 680 feet along 38tn Ave SE and 105 feet along Desoto Blvd S. There are wetlands present on site and the property is fully wooded with brush covering. This impacts developability and value for properties of this nature. Currently, no utilities were present on site. The size of the parcel is sufficient to support low density residential use. 39 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a process to eliminate potential uses. In other words, once the uses that are legally permissible have been determined, consideration of uses which are physically possible will tend to reduce the legally permissible uses or reinforce them. Likewise, consideration of the economical and financial aspects of a given property will tend to further refine the uses which have been previously described as legally permissible and physically possible. The physical characteristics of this property include vacant low density residential along 38t" Ave SE and Desoto Blvd S. There is an abundance of Estate zoned vacant land in the immediate area. The most economic and financially feasible uses of the property would be for development of the site as limited agriculture under the permitted uses or low density residential development. Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has considered which uses are reasonably considered to be legal, physically possible as well as economically and financially supported. The zoning and land use allow for a range of uses including agricultural such as fruit and vegetable growth for personal consumption and low density horse and livestock as well as low density residential. Considering the near -by low density properties, it is our opinion that low density residential use has the most development potential given the location of the property. 40 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Section 5 - Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: "A set of procedures through which a value indication is derived for the fee simple estate by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive or profit; deducting depreciation from the total cost; and adding the estimated land value. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property interest being appraised." Since there are no improvements to consider, the cost approach will not be used in this appraisal. VALUE ESTIMATE BY THE INCOME APPROACH The Income Approach is defined as "A set of procedures through which an appraiser derives a value indication for an income -producing property by converting its anticipated benefits (cash flows and reversion) into property value. This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market -derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate." The Income Approach is widely applied in appraising income -producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. Since vacant agricultural zoned land is typically not purchased for its ability to generate a positive cash stream, the income approach is not used in this appraisal. VALUE ESTIMATE BY THE SALES COMPARISON APPROACH Sales Comparison Approach is defined as: 'A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, then applying appropriate units of comparison and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is 41 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES the most common and preferred method of land valuation when an adequate supply of comparable sales are available." The Sales Comparison Approach involves the direct comparison of sales of similar properties, adjustments for variances, and correlation of the results into a property value indication. Adjustments to the sale prices of competitive properties selected for comparison are considered as they relate to the subject property and to the various dissimilar investment features. The application of this approach produces an estimate of value for a property by comparing it with similar properties which have been sold or are currently offered for sale in the same or competing areas. The valuation of the subject site involves research, analysis, and comparison of sales of similar properties to the subject. There are several units of comparison applicable for appraisal purposes. Due to the nature of the subject property and comparable sales, it is our opinion the sales price per square foot would be the most appropriate for utilization. This unit is calculated by dividing the sale price of the comparable sales by the number of the square feet contained within the sale. The subject site is being valued based on highest and best use; and as such, data selection begins by limiting the sales considered to include only those sites with a highest and best use similar to that of the subject. From these sales, only the most similar to the subject in terms of physical and locational characteristics were selected. The appraiser's research uncovered multiple sales of sites considered appropriate for comparison purposes. These transactions were included in the analysis process. In the analysis process, the analyst will utilize a quantitative procedure. In the initial step the appraiser will utilize a cumulative adjustment for each of the sale properties considering property rights, financing, conditions of sale, expenditures immediately after the sale and market conditions (commonly known as time). As the adjustments are cumulative in nature, they must be performed in the order in which they occur. Next the analyst will utilize a quantitative procedure by considering physical characteristics including location, site size, land use/zoning classification, utilities, access and site condition/topography. After completion of the analysis and adjustment process, the appraiser will estimate an appropriate value per square foot and multiply this by the number of square feet 42 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES contained within the property in order to estimate the market value for the site. This value estimate will then be rounded to an appropriate figure for appraisal purposes We now invite your attention to a land sales location map which follows. This map shows the relative location of each of the comparables to that of the subject property. Following this will be a land sales exhibit which will contain land sales data sheets for each transaction utilized in the analysis process showing the relative size, configuration and location of the site as well as the relative information for each individual sales transaction. Following the land sales exhibit will be a summary chart showing the relevant information for the subject and each of the comparable sales as well as the adjustments and factors which were considered in providing an overall rating for each of the comparable properties. The comparable sales map is displayed below. COMPARABLE SALES MAP 43 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES COMPARABLE 1 Property Reference: Property Type: Residential Acreage Vacant Land Address: 26th Ave SE Naples, FL 34117 County: Collier Location: North side of 26th Ave SE STRAP/ID: 41443640002 Grantor: Charles Maldonado Grantee: Buchy Investments LLC Legal Data: Sale Date: November 22, 2021 Sale Price: $40,000 Sale Price per Sq. Ft.: $0.58 Sale Price per Acre: $25,157 Recording: I nstr.#6165401 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2511 44 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 658' x 103' 69,260 square feet, 1.590 acres Rectangular Appears Level and fully wooded No None From 26th Ave SE Wetlands 100% None Adverse Apparent $40,000 Cash to Seller $0.58 $25,157 David Huff, 239-649-1990 Hannah Dwyer, August 08, 2022 No sales in prior 3 years. Comments: This is the sale of a 1.59 acre vacant land parcel located off 26th Ave SE in Naples. The parcel is fully wooded and contains no improvements. There are no utilities to the site. An FDEP wetlands map indicated this parcel is 100% wetlands and would require a ERP permit in order to develop the land. Zoning allows for low density residential and agricultural uses. The listing agent stated that this was an arm's length transaction. CNA Data # 2511 45 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES COMPARABLE 2 Property Reference: Property Type: Residential Acreage Vacant Land Address: 40th Ave SE Naples, FL 34117 County: Collier Location: South side of 40`h Ave SE STRAP/ID: 41660440001 Grantor: Richard M Pedigo Grantee: Coastland Homes LLC Legal Data: Sale Date: November 09, 2021 Sale Price: $33,000 Sale Price per Sq. Ft.: $0.48 Sale Price per Acre: $20,755 Recording: Instr.#6166927 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2512 46 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 105' x 659' 69,260 square feet, 1.590 acres Rectangular Appears Level and Fully Wooded No None From 40th Ave SE 100% Slough None Adverse Apparent $33,000 Cash to Seller $0.48 $20,755 Rob Goldsmith -Listing Agent, 239-292-1368 Hannah Dwyer, August 07, 2022 No sales in prior 3 years. Comments: This is the sale of a vacant land parcel located off 40th Ave SE in Naples. The parcel was originally listed for $45,000 before selling at $39,500, however, a corrected deed the dated the same day was recorded to reflect a sale price change to $33,000. An FDEP wetlands map indicated that this parcel will need a site plan to determine impacts. The soils are 100% hydric slough. Attempts to verify this transaction with the buyer or seller parties were unsuccessful and therefore we have relied on public record. CNA Data # 2512 47 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES COMPARABLE 3 Property Reference: Property Type: Residential Acreage Vacant Land Address: 3790 Desoto Blvd S Naples, FL 34117 County: Collier Location: Corner of Desoto Blvd S and 38' Ave SE STRAP/ID: 41506560003 Grantor: Daniel Brunet Grantee: Brangus Cattle LLC Legal Data: Sale Date: April 15, 2021 Sale Price: $45,000 Sale Price per Sq. Ft.: $0.63 Sale Price per Acre: $27,439 Recording: Instr.#6071731 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture use CNA Data # 2516 48 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 105' x 680' Site Size: 71,438 square feet, 1.640 acres Shape: Rectangular Topography: Appears Level and Fully Wooded Corner/Visibility Influence: Yes Utilities: None Access: Corner of Desoto Blvd S and 38th Ave SE Wetlands/Uplands: Wetlands 45% Uplands 55% Soils: None Adverse Apparent Sale Analvsis: Sale Price: $45,000 Financing: Cash to Seller Price per SF: $0.63 Price per Acre: $27,439 Sale Confirmation: Verification: Ayli Medina- Listing Agent, 239-919-9932 Verifying Appraiser: Hannah Dwyer, August 08, 2022 Sale History: No sales in prior 3 years. Comments: This is the sale of a vacant land parcel located on the corner of Desoto Blvd S and 38th Ave SE in Naples. The site was part of multi -parcel purchase of for $110,000 of which $45,000 was attributed to this parcel. A wetlands determination report indicated wetlands on about 45% of the property, which will need an ERP permit to develop on. The listing agent stated that this was an arm's length transaction. CNA Data # 2516 49 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES COMPARABLE 4 PrODerty Reference: Property Type: Residential Acreage Vacant Land Address: 38th Ave SE Desoto Blvd S Naples, FL 34117 County: Collier Location: Corner of 381h Ave SE and Desoto Blvd S STRAP/ID: 41504760009 Grantor: Sai Yu Wang Grantee: Kenneth Cedeno Legal Data: Sale Date: March 01, 2021 Sale Price: $35,000 Sale Price per Sq. Ft.: $0.29 Sale Price per Acre: $12,456 Recording: I nstr.#6010876 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2515 50 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Site Data: Site Dimensions: 181' x 679' Site Size: 122,404 square feet, 2.810 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: Yes Utilities: None Access: Corner of 38th Ave SE and Desoto Blvd S Wetlands/Uplands: 50% Depressional Soil Soils: None Adverse Apparent Sale Analvsis: Sale Price: $35,000 Financing: Cash to Seller Price per SF: $0.29 Price per Acre: $12,456 Sale Confirmation: Verification: Ilens Sanchez -Listing Agent, 239-825-6487 Verifying Appraiser: Hannah Dwyer, August 08, 2022 Sale History: 12/13/17-$35,000 Comments: This is a 2.25 acre vacant land parcel located on the corner of 38th Ave SE and Desoto Blvd S in Naples. The property has no utilities available and is completely wooded. The zoning allows for ldu/2.25ac. There is o formal wetlands determination but an informal FDEP wetlands determination map indicates that this parcel is made up of about 50% depressional soils on the western portion with the rest being uplands. The sales was arm's length. CNA Data # 2515 Please note the land sale adjustment grid that follows. 51 Ld Z 0 W 0d U- U i' 0 F- N Z N �d 0 U� LL U) 0� �0 dZ 0 m Z 0 ~J Z� �d 0u U N LL LJ .J .J 0 U m U ° C N a Q a 0 a) N C aCo NOO aC) O 'OD ONL N a mN O aN C Wa! 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N a s L E a o o O U R y L a) E C U p N c U Q 0 U p) h Q p Ur ¢ w N E o a` a` m .T v c y '' d d a y .3 ° N 0 a C G Ol a O N y a p �a U) �p N O O_ N L P O 1 N j� L S N ,w 7 C C a V U T O C « U a a — R C V) a) H O. R= tl! a7 K C a) O. N d a G T a Q a) m a` a` N a) p :: a c N .O. .0.. U O y 7 W N W H OI R U O d 7 N N 0) R C t7 V W a) a) 0 0 C O. (a c W W T ` N oQ � N 10 L A xa O d N M O R R O— p O d N > C J D! U) U) a s U) U) H O. IL U LL� Q Q O. J a J N Q H 3 a a J a J N O Q H 3 a Q ii N N COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Adjustment Analysis: The sales and active listings were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared." In this analysis all property rights conveyed were fee simple and leased fee, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: 'An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the four sales are all "arm's length" transactions including no conditions of sale. Expenditures Immediately After Sale: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued." None of the four comparables required expenditures immediately after sale; no adjustment for this factor was required. Market Conditions: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time." The sales transactions occurred between March 2021 (Sale Four) and November 2021 (Sale One). Realtors familiar with this market area confirmed that both land and improved property values had been increasing, especially in the subjects immediate neighborhood towards the end of M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES 2021 through early 2022, but have leveled off in recent months. All of the sales occurred 8 months to a year and 5 months ago and therefore a market conditions adjustment of 8% was applied to each of the sales Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, utilities, access and site condition. The analyst will utilize a quantitative procedure by considering percentage adjustments for physical differences in the sales properties when compared to the subject. These adjustments will be made on a percentage basis with a net adjustment being calculated and this being multiplied by the value per square foot to arrive at an adjusted value per square foot. Location Adjustment: The subject property is located on the corner of 38' Ave SE and Desoto Blvd S in Naples. All of the sales are located within the same immediate neighborhood as the subject and in close proximity. None of the sales required an adjustment in this category. Size: The subject property contains 1.64 acres or 71,438 square feet. Sale Three is the same size as the subject and did not require any adjustments in this category. Sale One and Two are slightly smaller than the subject at 1.59 acres, which tend to sell for more per square foot in the subjects immediate neighborhood and therefore a downward adjustment of 5% was applied to these sales. Sale Four is larger than the subject at 2.81 acres which tend to sell for less per square foot and therefore an upwards adjustment of 25% was applied to this sale. Land Use Classification: The subject property has a land use classification of Estates Designation. All of the sales have the same land use designation as the subject and did not require an adjustment. Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have the same zoning as the subject and did not require an adjustment. Utilities: The subject site currently has no utilities. This is the same for all of the comparables and therefore no adjustments were made in this category. Access: The subject property is accessible from frontage along 38' Ave SE and Desoto Blvd S. Sales One and Two do not benefit from corner access and were adjusted upwards 5%. The remaining sales both have corner access similar to the subject and were not adjusted. 54 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Topography/Site Condition: The subject is vacant, fully wooded with ground brush covering. All of the sales are considered similar to the subject in this category Wetlands: The subject is 64% Hydric Slough soils according to an FDEP informal wetlands determination map. Sales One is 100% wetlands and therefore required an upwards adjustment of 10%. Sale Two is determined to be 100% slough soils and received an upward adjustment of 5%. Sale Three has 45% wetlands present and received a downward adjustment of 5%. Sale Four is 50% depressional soils and was considered similar to the subject. Permit Required: The subject is 67% slough soils although an official determination of whether a permit is needed to develop on the land has not been done. The remaining portion of the subject site is uplands which would not require a permit. Sale One will need a permit to develop due to being 100% wetlands and was adjusted upwards 5%. Sale Three was adjusted downwards 5% for only needing a permit to develop on the wetlands portion of 45%. The remaining sales are considered similar to the subject and required no adjustments. Land Sales Discussion: Following will be a brief discussion of each of the four sales utilized in this analysis to estimate the market value for the subject property. Land Sale One is the November 22, 2021 purchase of the vacant site located off 26nd Ave SE in Naples, Florida. The site contains 1.59 acres and was acquired for $40,000 or $0.58 per square foot. Overall, this sale is rated slightly inferior to the subject due to having the wetland determination and not being located on a corner. After adjustments the final price per square foot is $0.70 per square foot. Land Sale Two is the November 2, 2021 purchase of the vacant site located off 40th Ave SE in Naples, Florida. The site contains 1.59 acres and was acquired for $33,000 or $0.48 per square foot. Overall, this sale is rated slightly inferior to the subject due to being 100% slough soils as well as not having corner access. The final adjusted price for this sale is $0.53 per square foot. Land Sale Three is the April 15, 2021 purchase of the vacant site located at 3970 Desoto Blvd S in Naples, Florida. The site contains 1.64 acres and was acquired for $45,000 or $0.63 per square foot. Overall, this sale is rated as slightly superior to the subject in the wetlands category and required permit. The final adjusted price for this sale is $0.63 per square foot. Land Sale Four is the March 1, 2021 purchase of the vacant site located on the corner of 38th Ave SE and Desoto Blvd S in Naples, Florida. The site contains 2.81 acres and was acquired for 55 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES $35,000 or $0.29 per square foot. Overall, this sale is rated inferior to the subject for its size. The final adjusted price after market conditions is $0.40 per square foot. Reconciliation of Sales Comparison Approach Range of Values Adj. Sales Price Per SF Maximum $0.70 Minimum $0.40 Mean $0.56 Median $0.58 Final Per Sq. Ft. Estimate $0.61 Please note the statistical data for the final adjusted sale prices. Final Analysis: Four sales were utilized in the analysis process. The value indicators show an adjusted range from a low of $0.40 per square foot (Sale Four) to a high of $0.70 per square foot (Sale One). The mean and median value indications are $0.56 and $0.58 per square foot, respectively. Although no one sale is considered most similar to the subject and as such all of the sales are good representations of vacant land in the subject market. Sales One and Two are the most recent, and Sales Three and Four are the oldest. All sales are similar in size, with the exception of Sale Four being bigger -inferior. Sales Three and Four have corner accessibility while Sales One and Two have access from frontage along one roadway. The four sales utilized in this report were considered the best available for comparison purposes. Based on all the preceding information it is our opinion the subject property warrants a value of $0.61 per square foot, which is slightly above the mean -median values indicated above. Multiplying this by the 71,438 square feet contained within the subject site provides a value indication of $43,577 or $44,000, rounded. 56 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Section 6 - Reconciliation of Value Summary of Value Conclusions "As -Is" Cost Approach Income Approach Sales Comparison Approach Not Applied Not Applied $44,000 The Cost Approach is based upon the principle of substitution, which states that a prudent purchaser would not pay more for a property than the amount required to purchase a similar site and construct similar improvements without undue delay, producing a property of equal desirability and utility. Since there are no improvements to consider, the cost approach was not used in this appraisal. The Income Approach compares rentals of similar properties to the subject. The derived market rental rates are capitalized at a rate which considers available market financing and investor equity return requirements. Vacant land is typically not purchased for its ability to generate a positive cash stream. Therefore, the income approach was not used in this appraisal. The Sales Comparison Approach references sales of similar properties located in competitive areas in the market area as researched. The four sales analyzed provide a range of value indications which supports the final value conclusion. The sales utilized in this analysis provide a range of actual purchase prices for properties considered to be similar to the subject. The appraiser properly considered each of the sales studied and analyzed each of these properties in relationship to the subject in order to arrive at a value estimate for the subject property. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted a market value in its "as is" condition in fee simple ownership on August 1, 2022 of: FORTY-FOUR THOUSAND DOLLARS...................................................................... ($44,000.00). Respectfully submitted, �&rA__9_ Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 57 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Section 7 - Certification and Limiting Conditions Certification of Michael Jonas, MAI, AI-GRS, CCIM I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • 1 have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • Michael Jonas has completed the requirements of the continuing education program of the Appraisal Institute. • Michael Jonas has made an inspection of the property that is the subject of this report. • Hannah Dwyer, State -Registered Appraiser Trainee R125089, contributed to the development of the appraisal report in the form of 45 hours. No additional persons contributed significant real property appraisal assistance to the signors of this report. • Michael Jonas has extensive experience in the appraisal/review of similar property types. 58 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES • Michael Jonas is currently certified in the state where the subject is located and has completed the continuing education requirements set forth with the State of Florida. Certification is current until November 30, 2022. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. • Michael Jonas has not previously appraised the subject property; nor has he performed any other services related to the subject property in the past three years. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted a market value in its "as is" condition in fee simple ownership on August 1, 2022 of: FORTY-FOUR THOUSAND DOLLARS...................................................................... ($44,000.00). Respectfully submitted, CARLSON, NORRIS & ASSOCIATES Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 59 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal, and are invalid if so used. 60 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES A report related to an estate that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest, plus the value of all other fractional interests, may or may not equal the value of the entire fee simple estate considered as a whole. A report relating to the geographic portion of a larger property applies only to such geographic portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographic portions, plus the value of all other geographic portions, may or may not equal the value of the entire property or tract considered as a single entity. All valuations in the report are applicable only under the estimated program of the highest and best use and are not necessarily appropriate under other programs of use. Auxiliary and Related Studies: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or conclusions upon any subsequent study or analysis or previous study or analysis that subsequently becomes available to us. Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as of the date of value estimate. Inclusions: Furnishings and equipment or business operations, except as otherwise specifically indicated, have been disregarded, with only the real estate being considered. Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off -site improvements proposed, if any, as well as any repairs required, are considered to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. The estimate of value, as proposed, is as of the date shown, as if completed and operating at levels shown and projected. Value Change, Dynamic Market Influences: The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property both physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretation of income and yields and other factors which were derived from general and specific market information. Such estimates are made as of the date of the estimate of value. As a result, they are subject to change, as the market is dynamic and may naturally change over time. The date upon which the value estimate applies is only as of the date of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein. An appraisal is the product of a professionally trained person, but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based 61 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best estimate as of the date of valuation. There are no guaranties, either written or implied, that the property would sell for the expressed estimate of value. Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to the subject property. No title search has been made, and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any information given by the appraiser as to a sales history is information that the appraiser has researched; to the best of my knowledge, this information is accurate, but not warranted. Management of the Property: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised. Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this report and analytical findings or conclusions, or give a copy of this report to anyone other than the client or his designee, as specified in writing, except as may be required by the Appraisal Institute, as they may request in confidence for ethic enforcement, or by a court of law with the power of subpoena. All conclusions and opinions concerning the analyses as set forth herein are prepared by the appraisers whose signatures appear. No change of any item in the report shall be made by anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is made. Whenever our opinion herein with respect to the existence or absence of fact is qualified by the phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate that, during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use whatsoever. Neither our name nor this report may be used in connection with any financing plans which would be classified as a public offering under State or Federal Security Laws. Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof, does not carry with it the right of publication, nor may it be used for other than its intended use. The physical report remains the property of the firm for the use of the client, with the fee being for the analytical services only. This report may not be used for any purpose by any person or corporation other than the client or the party to whom the report is addressed. Additional copies may not be made without the written consent of an officer of the firm, and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations effort, news, sales or other media without my prior written consent and approval of the client. It has been assumed that the client or representative thereof, if soliciting funds for his project, has furnished to the user of this report complete plans, specifications, surveys and photographs of land and improvements, along with all other information which might be deemed necessary to correctly analyze and appraise the subject property. 62 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized and may have been altered and, therefore, is considered invalid. Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of the report. The appraisers or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part, nor will they be asked or required to engage in post appraisal consultation with client or third parties except under separate and special arrangement and at an additional fee. Any subsequent copies of this appraisal report will be furnished on a cost-plus expenses' basis, to be negotiated at the time of request. Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the physical report. The acceptance of the report by the client takes with it the agreement and acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or written. The fee is in no way contingent on the value estimated. Special Limiting Conditions: The Americans with Disabilities Act became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable barrier removable construction items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the A.D.A. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance with one or more of the requirements of the A.D.A.; If so, this fact could have a negative effect on the value estimated herein. Since Carlson, Norris and Associates has no specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of any possible noncompliance with the requirements of the A.D.A. was not considered in estimating the value of the subject property. This analysis is made in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute. Extraordinary Assumption is defined as: "An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property, or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis." An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions. • The appraiser has a reasonable basis for the extraordinary assumption. • Use of the extraordinary assumption results in a credible analysis; and 63 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Please note the following extraordinary assumptions: • A soil analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils, and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions, and would recommend that an expert be consulted. • It is assumed that there are no hazardous materials either at ground level or subsurface. None were noted during the property inspection. The analyst is not an expert in the evaluation of site contamination, and would recommend that an expert be consulted. • The appraisers were not provided with a survey of the subject parcel. We relied on the information found on the Collier County Property Appraiser's website. It is assumed the subject's land size noted is accurate. 64 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Section 8 - Addenda 65 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES SUBJECT SPECIAL WARRANTY DEED IHSTR 44919T9 OR 4620 PG 751 RECORDED 11/3/2010 12;13 PN PAGES 2 DWIGHT E. &ROCK, COLLIER COUNTY CLERK OF THE CIRCUIT COURT ooCG.70 541,30 REC 51R.50 CONS C5,900.00 Prepmd by Keren'k'vuner an emp1uywv1 Beals S"[cFwnl Soviets 5700 Rmelma Tiri+r:, Suire 961E Minn wda, Miiuwwu 55343 $77413-73L6 Fax floci AA .k kM$B70t437a F Rlnlrli 16: Rals Title 1541 fdayley Lame Suhe 161 Fast lysra, FL 33%7 ' + SPF.CIAX, WARRANTY DEED 5tatc of Florida County nF{'AANCT THIS SPECIAL WARRANTY 1}E]Eb is elude this 1(�J -2, fD . bcthvuen Wells Fargo Bank N.A. as successor by merger to Utchovia Bank, N.A. }laving a business address an 8480 Swgecoach Ircie, Frederick, MD 217W'` raritor' ), and Stephen Craparo, a �� having a man ling address af_ , 3rR4 f t it, +tlL[!, Ajat3�, FL VIWITMESSETH, that the said Grantor, for and inpmv deration of the sum of TEN AND 1N01100 DOLLARS ($10,00) and other valuable considergiions, receipt and sufficiency of which is hereby acknowledged, has gramcd, bargained, re leased, conveyed and confirmed unto said "Grantee", its succcasors acid assigns, forever, the following demriioed land, situate, lyilig and being in the County of Collier, Slate offlod&. The North 103 fact of the North 180 feet of Tract 75, GOLDEN GATE ESTATES [SNIT NO. 91. according to the map or plat then -of, as recotdcd in Plat Booklf Pave 30, of the Public Records of Collier Colimy, Florida. Commonly known as- 3820 3$TFI AVE SE, NAPLES, FL 14117 � Tax Parcel Identification Number. 41506160007 f' SUR.1FC1', however, to all rewrvatiuns, covenants, conditions, restrictions Sited casements of record end to al applicable zoning ordinances arWor restrictions or requirements imposed by govemmentul authorities, if any. TOGETHER with all Mr; [encmr:nts, hpreditumnts and appurtenances thereto belonging or in anywise appertaining. TO HAVE AND TO HOLD the same in fee simple foremr, 66 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES AND Grantor bueby oavoa,an;a with said Guam= i1w Granwr is lawfully s67e4 of s.?id land in Ire simple:;hat 3t his gaud right u.J lawfu l w0mity 0 sell and convey said land-, and that Said land i,, frre Of fill enoumbran".1,cmept taxes accruing subSequenl to 2010. That it hvrvby fully wurann the title to said land end wil l -drfmd the sarna ugarns;;he laWNI claims ofali perwrls claiming by,;hmugh or under Crpnlur, bu; ppinst none other. Lu Witacm Whcreol.j* grantor has hereunto rsGt their head(s) and scal{S}the day and ycir Iirsi above written. Wells F Bank as ces.Wby mcrgcr W WKIII(Yvia Bank, lti.A. IF By --T — S��mssr�, se+pfed�rnd der'n+erefd ire oarP'pr�serrat:: f. irreaa Signa;ur* � - 4gnaturo Print Nampa Print frmc State or " County of ) I( u T c Foreg 'ng lnatrerRVP1 Vl M AFkh0felAged hefaro mo an io by the VF of wells Forger Balk 14.Nas 9uc.aessorby rnerger to Waohovia Beads, N.A. whu irate perwmlly Iumvmto roe or who l5is4.Ave produced a valid driver's li"nse as id ailicetlon- — MYMK,tCH CamJ— Baal— %Tall N T'ARY PUBLIC M11carr"am BE Notary Prim Name My Commission Expirw 1�1 l A7F6 de P1F:uf2 + �M 67 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES FDEP Informal Wetland Determination Map ia 37' III P1 pilaf. 101, '1 II 93 100 109 i i.. 1A 54 53 99 'I B 'i' SUBJECT ' 5 78 Im _ V Legend _ r i4- i 4 I . - ; • . !1 A 7 3/y I33 ,' y /ti Ftl EP informal WeSlend tletem+inatlona 6J 7. a R fJw "lT�Tii7 uem end I or Flold LocdkNaca Indicate Uplands 1 •� .r f• f - uaW old I or Field Condit laha Indic ate Site Plan 4 Headed to Dst@rmin Impec is - t � Data and r ar Fiakd Candktlana Indicate Wetlands and Po rmlt Necrssary 111111 Oats rod f yr Field CondlSl pns lndlcale nitcnes and Permit Necessary The-Ua[eftnlnaslons" m 1his Sigum are lmm Informal pm,appllcadm T r¢ 6A I A f, i A wetland d.trrmfnufons pursuant to Section 373 4210). Fs., and I V 62a12-04N?p, F.A-C. It does not bind the Departmenl, ita agents 12 of araployces, ow does it convey any IogaI rig Ms. e:preaaed or ImPlled. 42NV ES-E- Hydric Solh Modek a I1 l{I 1 � - . SInLpM1 „� vaeur a.eew+• 11 68 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES NATIONAL WETLANDS MAP _ L' "U.S. Fish and Wildlife Service National Wetlands Inventorywetlands Au list J, 2022 This rtap is for gene 1 reference �Iy. The US Fim and Mldufe g Service is not respmswle fmthe at—Gey orun mess of the w�aanas base data shown on [his map. PJI weffinds related data shadd Freshwater Emerge nt Wetl and Lake be used in aecondance with the layer meradaw found m the 44eHends Mapper ..bit.. Estuarine and Marine Deepwater . Freshwater ForestedlShrub Wetland ❑ Other ❑ Estuarine and Marine Wetland Freshwater Pond ® Riverine Hari —I WelI—I-1,y4 Wl] TAis pe¢was prod,-d by d,e NWI Wper 69 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES USDA SOIL MAP Soil Wp--Coder county Area. F1mW8 Map Unit Legend Usp Unit Symbd Yap Unit Mama Acres In AOI Percem of AOI 110 Bryrnwood fine sand-Lkhen Q-B 41-7% Im)d complex, 0 to 2 percent slopes 111 Bryrnwood-Cypress Lake fine 1-0 5&3% sends -Urban land aswcros on, 0 la 2 percent elopes Totals for Area of Interest 1-9 100-0% 70 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES FLOOD MAP National Flood Hazard Layer FIRMette UH]_.h1:'r. Legend SEE FIE REEOaI FOP OETrvriP cEGE]1PM� CGEa MY FOR FlRM PAH4 �51VLT W� Bmp: Flood Ekrabon LBFEI SPECIAL FL9[111 W kh BFE « Ge'pth rr,. u. m Ay u. a• HAZARDAREAS Re$do"le—dwaT Q2%Anyway Chance Flood Itazatl. Areas of 1% annual emnce hood wa —age deptll Ieaa Clan one trot or win drail areas W nbs i nan one sauarr roft v,. Future C—dffi a I%Annual dunce "I"" ]lased les . Awdh Reduced Floyd Rek due to OTHER AREAS GF I.—Sce Hotel. _.::. "OO HAZARD Area with Flood RI>tr due m Leree:. . xpaaun Area of Minimal Fltnd named . Eff,e vve LOMRs 6iMERAREA3 AH tlndetermined Flood Namrd: GENERAL rea • • dlanrleL Lulven. ee S"" Serer STRUCT1RRES t I- r I i r L.— Ikkr. or {fiwQnall s Cp— Seebans wM 1% A —I donee — Water Surface Etenallon — — — Coastal Transrct __--- Base FF Eleralron Lne (BFEI — Limrc of Study Turlsdielson 63unda -�-._ taastal Tralrsect Basebne UiY�7F Profile 9aseline FFXi1�F5 nvdropwoncFeaeure Rlpta oa>s.wanane 1 noaiptal flat,, Arallable '•1AI' PyP,: LLS Lnmapped The pm dispt" m RIenalrpsan appaaumaie poly selYM by Cu usrr and does not repteSerM1 an authonta4re p rttI fin. This ma campbes worn FEMAs.=ndaras for one use of III&aF flood maps If r is rat rnd as deacnbed below. the basernap slum enmPlies nnn FEIAaS basemap accuracy slanaalds The hood namrd IHosrnalim usderraa nnecW fmon tnr aultron6be AFHL web se mess pnrnJ b)FOAAA Thus map s etpo m S - 10_22 u'. 5.21 PM and does rut re flem ena nit- or a mend menu futlseni uent: I lea do to and byre. The RrP. any effenlre rdi—um maf change a become superseded by new data —time. Tbu map image Is wild d the one w —e od the folmil map eternenKdorootappeap 6asennapalsa"Jllw .—labels, le*rld_-__k bar. map creaiirnda�_oommunrtFlden[ibers. FIRM panetnurrber. and FIRM wHerthe dal. Map Imags for wwnatPed and onmeeem aed areas raadurw be fined for rqu latomr mmio- &esemap: uses fvatkuxw MAy_ ormofmagery: aata relresned dctnnx 2020 71 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES APPRAISER LICENSE License of Michael P. Jonas, MAI, AI-GRS, CCIM Ran Gesartis, Gwerrw dbiar STATE OF F LORI DA # r. DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Halsey 9e4xxs S.eortry FLORIDA REAL MATE APPRAISAL BD THE CERTIFIED GENERALAPPRAkSER HERE] N15 CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLOTUDA STATUTES 1919 COURTNEY DRIVE STE 14 , fin' l -:FORT MYERS --- — FL 34109 i * r* EXPIRATION DATE P1`DVENE ER 30, 2022 Nwa}T verify licenses online at MyFloridal-icense.corn Do not alter this document in any form. This is your license_ lit is unlawful for anyon-e other than the licensee to use this document. 72 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES QUALIFICATIONS OF MICHAEL P. JOHAS, MAI. AI-GRS. CCIM STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623 EDUCATION: University of Central Florida - 1999 BSBA — Finance PROFESSIONAL EDUCATION: Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020 Appraisal Institute: 2018 Legislative VALUEvent , 2C16 Appraisal Institute: Advanced Income Capitalization, 2003 Appraisal Institute: Advancing the Appraisal Profession, 2019 Appraisal Institute: Analyzing Distressed Real Estate, 2007 Appraisal Institute: Appraisal Laws and Rules, 2000, 2002, 2004, 2020 Appraisal Institute: Appraisal Report Writing, 2005 Appraisal Institute: Artificial Intelligence, AVMS, 2019 Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020 Appraisal Institute: Desktop Appraisals 2020 Appraisal Institute: FL State Lawfor Real Estate Appraisers, 2004 Appraisal Institute: Florida Appraisal Laws and Rules, 2012, 2014, 2016 Appraisal Institute: Florida Real Estate Valuation, 2011 Appraisal Institute= Florida State Law for Real Estate Appraisers, 2006 Appraisal Institute= Fundamentals of Separating Real Estate, 2012 Appraisal Institute: Insurance Appraisal, 2011 Appraisal Institute: National US PAP Update Course, 2000, 2002, 2004, 2008, 2008, 201C, 2012 Appraisal Institute: Real Estate Damages, 2011 Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007 Appraisal Institute: Review Theory— General, 2014 Appraisal Institute: Roles]ResponsibilitiesSupervisor/Trainee. 2006, 2009 Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008, 2012, 2014, 2016 Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012 Appraisal Institute: The Appraiser as an Expert Witness, 2C16 Appraisal Institute: Trial Components, 2018 Appraisal Institute: Uniform Appraisal Standards for Federal, 2007 Bert Rodgers: Continuing Education, 2004 Bert Rogers: Real Estate CE, 2006 Bob Hogue: GE for Florida Real Estate Professionals, 2016 CCIM Institute: Financial Analysis Commercial Investment, 2008 CCIM Institute: Financial Analysis for Commercial, 2008 CCIM Institute: Investment Analysis Commercial Investment, 2009 CCIM Institute: Investment Analysis Commercial, 2009 CCIM Institute: Market Analysis Commercial Investment, 2008 CCIM Institute: User Decision Analysis Commercial Industrial, 2009 CLE International: Eminent Domain, 2006 Cooke: CE for Real Estate Professionals, 2015 DPBR: FREAB Board Meeting, 2007 FREE Board Meeting, 2007 Larson Educational Services: Core Law, 2010 M cKi ssock: S upervi sor —Tra inee Course for Florida, 2019 73 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES NABOR Ethics Training: 2004, 2008, 2012, 2016 Southern Real Estate Academy: Broker License, 2DD7 Trans Equity Inc: Care Law, 2012 EXPERIENCE: 1999-200D Clayton, Roper 8, Marshall Orlando, FL 2000 —2001 Chapman 8, Associates Sarasota, FL 2001 —2008 Coast Engineering Consultants, Inc Naples, FL 2008 — 2009 Orion Bank. Naples, FL 20D9-2D11 Iberia Bank Naples, FL 2011 —2014 Integra Realty Resources Naples, FL 2014 — 2016 Capstone Valuation Advisors, LLC Naples, FL 2016-2D19 MPJ Real Estate Services, Inc_ Naples, FL 2019 — Present Carlson, Norris 8, Associates Fort Myers 8. Naples, FL PROFESSIONAL MEMBERSHIP: Appraisal Institute, Member (MAI f AI-GRB) No_ 124H Certified Commercial Investment Member, CCIM No. 18275 Certification, State Certified General Appraiser RZ2623 Member, Naples Area Board of Realtors State of Florida, Registered Real Estate Broker BK700992 Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial buildings, warehouses. mobile home parks, professional offioes, medical offices, ofFceANarehouse condominiums, single family homes, duplexes, apartment projects, individual condominium projects, residential lots, acreage, wetlands, special use properties, ranches, conservation easements hotels, marinas, mixed -use subdivisions, regional malls, gas stations, self --storage facilities and eminent domain eases_ Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders, developers, mortgage companies, insurance companies, home transfer companies, private individuals, and local, state and federal government agencies_ Qualified as an expertwitness in Monroe and Collier County Circuit Court_ 74 orris 1_64 ACRES OF VACANT LAND UNASSIGNED Desoto Blvd S Prepared Far: Collier County Board of Commissioners Attention: Ro-osevelt Leonard, R/VV- AC, Senior Review Appraiser Real Property Man a q ement 3335 Tamiam! Trail East, Suite 101 Naples, Florida 34112 Prepared By: 1919 Courtney Drive. Suite 14 Fort Myers, FL 33901 (239) 936-1991 ww.carisonnoms.com August 12, 2022 Collier County Board of Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 Re: 1.64 Acres of Vacant Land Desoto Blvd S Naples, Florida 34117 Our File Number: 22-179-5A PO #4500217055 Dear Mr. Leonard, At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal presented in an Appraisal Report of the market value for the above referenced real property. Per the request of the client, we have provided the market value of the subject on an As -Is basis. The interest appraised includes the fee simple estate of the subject property. The subject property is vacant land located east side of Desoto Blvd S, north of 1-75 in Naples, Florida. The site is rectangular in shape and contains 1.64 acres or 71,438 square feet. The site is vacant, fully wooded and 100% forested/shrub wetlands. The property contains 100% hydric slough and depressional soils with the majority being hydric slough. There are no building improvements. The site will be more fully described within the body of the attached report. Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations were especially noted in Section 7 of this report. Your attention is directed to these General Assumptions and Limiting Conditions which are part of this report. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and Title XI Regulations 1919 Courtney Drive I Fort Myers, FL 339011 Phone 239.936.1991 1 www.carlsonnorris.com COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES August 12, 2022 Page 2 Carlson, Norris and Associates, Inc. does not authorize the out -of -context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraiser signing this report. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted a market value in its "as is" condition in fee simple ownership on August 1, 2022 of: THIRTY-NINE THOUSAND DOLLARS....................................................................... ($39,000.00). PLEASE NOTE: The Novel Coronavirus (COVID-19) outbreak, declared by the World Health Organization as a global health emergency on 1-30-2020, is causing heightening uncertainty in local, national and global markets. This outbreak was identified as a pandemic on 3-11-2020 and further classified as a National Emergency on 3-13-2020. Worldwide cases of COVID-19 have been identified and the scope of this crisis has expanded. Travel and "shelter in place" restrictions have been implemented to "blunt the curve" of infections and stem the scale and longevity of this outbreak. A prolonged medical and economic crisis may have a significant, yet unquantifiable impact on real estate markets. The information provided within this appraisal is based on market data available at this juncture (date of value and date of the report). However, due to the significant uncertainty in property and capital markets, as well as the rapid unfolding of this event, it is indeterminable for the appraiser to quantify and assess the impact that this outbreak has had/or will have on real estate property values. Values and incomes may change more quickly and significantly than during more typical market conditions. It should be emphasized that the results of this appraisal analysis and the value conclusions reported herein are based on the effective date of the appraisal and the appraiser makes no representation as to the effect on the subject property of any unforeseen event subsequent to the effective date. Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact us. Respectfully submitted, Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 ` _may' i°5 - ,fi ,+ t �c _ - `•. +3w�� e. ., +*'. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES TABLE OF CONTENTS SUBJECT AERIAL PHOTOGRAPH............................................................................................................1 SECTION 1 - SUMMARY OF SALIENT FACTS........................................................................3 SECTION 2 - PREMISES OF THE APPRAISAL.......................................................................5 INTENDED USE AND USER OF APPRAISAL........................................................................................................ 5 SCOPEOF WORK.............................................................................................................................................. 5 SALESHISTORY................................................................................................................................................8 VALUATIONHISTORY........................................................................................................................................9 APPRAISAL ANALYSIS AND REPORT TYPE........................................................................................................9 EXPOSURETIME...............................................................................................................................................9 MARKETINGTIME............................................................................................................................................10 SECTION 3 - DESCRIPTION OF REAL ESTATE APPRAISED................................................12 COLLIER COUNTY AREA ANALYSIS................................................................................................................12 LOCATIONMAP...............................................................................................................................................26 MARKET AREA DESCRIPTION.........................................................................................................................27 LEGALDESCRIPTION......................................................................................................................................30 OWNEROF RECORD.......................................................................................................................................31 ASSESSEDVALUE AND TAXES.......................................................................................................................31 SITEDESCRIPTION..........................................................................................................................................31 SUBJECT PROPERTY PHOTOGRAPHS.............................................................................................................37 SECTION 4 - HIGHEST AND BEST USE ANALYSIS.............................................................39 HIGHEST AND BEST USE AS THOUGH VACANT...............................................................................................39 SECTION 5 - VALUATION OF THE SUBJECT......................................................................41 VALUE ESTIMATE BY THE COST APPROACH..................................................................................................41 VALUE ESTIMATE BY THE INCOME APPROACH..............................................................................................41 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH.........................................................................41 SECTION 6 - RECONCILIATION OF VALUE.........................................................................59 SUMMARY OF VALUE CONCLUSIONS..............................................................................................................59 SECTION 7 - CERTIFICATION AND LIMITING CONDITIONS..................................................60 CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM...........................................................................60 GENERAL ASSUMPTIONS & LIMITING CONDITIONS.........................................................................................62 SECTION 8 -ADDENDA ....................................................................................................67 SUBJECT QUIT CLAIM DEED.................................................................................................68 FDEPMAP....................................................................................................................69 WETLANDSMAP.............................................................................................................................................70 SOILMAP.......................................................................................................................................................71 FLOODMAP....................................................................................................................................................72 APPRAISERLICENSE......................................................................................................................................73 QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM.........................................................................74 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Section 1 -Summary of Salient Facts Property Reference: 41507000009 Property Type: Vacant Land Property Address: Unassigned, Desoto Blvd S Naples, Florida 34117 Report Format: Appraisal Report Date Of Inspection: August 1, 2022 Date Of Value: August 1, 2022 Date Of Report: August 12, 2022 Real Estate Interest Appraised: Fee Simple Purpose Of Appraisal: The purpose of this appraisal is to provide our estimate of the "as is" market value of the fee simple interest of the subject property for our client according to the reporting standards of the Uniform Standards of Professional Appraisal Practice (USPAP), and subject to the extraordinary assumptions stated herein. Use of the Appraisal: The intended use of the appraisal is to assist the user, the Collier County Board of County Commissioners, in the potential acquisition of the subject property. Intended Users: The intended user of this appraisal is the Collier County Board of County Commissioners. Appraisal Client: The client for this appraisal assignment is the Collier County Board of County Commissioners. Location: The property is located off Desoto Blvd S, north of 1-75 in Naples, Florida. The subject property can be found in Section 33, Township 49, Range 28, in Collier County, Florida. Site Description: The site is rectangular in shape, contains 71,438 square feet or 1.64 acres. The site is fully wooded and is made up of 100% Freshwater Forested/Shrub Wetlands according to the National Wetlands Inventory map. In addition, the USDA Web Soil Survey Map shows 71 % Brynwood Cypress Lake fine sand and 29% Cypress Lake Riviera Copeland fine sands present for the subject. The FDEP informal wetland determination map provided by the client indicates the site is 100% hydric depressional and slough soils with the majority being slough. The property is currently vacant and unimproved. The site will be more fully described within the body of the attached report. 3 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Comprehensive Land Use Plan Designation: Estates Designation Zoning Classification: E-Estates Highest And Best Use As The highest and best use for the site would be for low density Vacant: residential development consistent with the comprehensive land use plan classification and zoning classification affecting the property. Highest And Best Use As The subject property is a vacant unimproved parcel and as such Improved: an analysis of the site as improved is not appropriate in this analysis. Market Value Indications "As Is": Market Value Estimate as of August 1, 2022: Appraisal Firm: Appraisers Completing Report: Cost Approach: Not Applicable Income Capitalization Approach: Not Applicable Sales Comparison Approach: $39,000 $39,000 Carlson, Norris and Associates, Inc. Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 • I, Michael Jonas, the supervisory appraiser of a registered trainee appraiser who contributed to the development or communication of this appraisal, hereby accept complete responsibility for any work performed by the registered trainee appraiser named in this report as if it were my own work. • Hannah Dwyer, State -Registered Appraiser Trainee R125089, contributed to the development of the appraisal report in the form of 45 hours. She assisted on the property inspection, compiled property information, assisted in the highest and best use, researched and analyzed comparable sale and contributed in the writing of the appraisal report. • As of the date of this report, Michael Jonas has completed the requirements of the continuing education program if the State of Florida, and for the Designated Members of the Appraisal Institute. As of the date of this report, Hannah Dwyer has completed the requirements of the continuing education program of the State of Florida. 4 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Section 2 -Premise of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate the market value of the fee simple interest of the subject property described on an "as is" basis, under the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal Foundation. Use of the Appraisal: The intended use of this appraisal is the user, the Collier County Board of County Commissioners, in the potential acquisition of the subject property. Intended User of Appraisal: The intended user of the appraisal is the Collier County Board of County Commissioners. Client: The client for this report is the Collier County Board of County Commissioners. Competency of Appraiser: The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment based on the following: • Professional experience • Educational background and training Business, professional, academic affiliations and activities The appraiser has previously provided consultation and value estimates for vacant parcels located throughout Southwest Florida. Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the scope of work as: "the type and extent of research and analyses in an assignment". "The scope of work includes, but is not limited to: the extent to which the property is identified, the extent to which 5 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES tangible property is inspected, the type and extent of market research and the type and extent of analysis applied to arrive at opinions or conclusions." The scope of this appraisal has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given the property's zoning and surrounding improvements and neighborhood. The work performed for this assignment included but is not limited to the following: • Extent to which the property was identified o The property was identified by its STRAP Number, address and legal description. • Extent to which the property was inspected o An inspection of the property being appraised as well as the neighborhood in which it is located was done on August 1, 2022. During the inspection, an inventory of the property attributes was collected based on visual observation. Please note, the appraiser was not able to gain full access to the interior portions of the site and therefore also relied on aerial visuals from the Collier County Property Appraisers website. • Type and extent of analysis applied o The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property value, including land values and sales data for similar properties. o Three approaches were considered to be utilized in determining value. 1) Cost Approach — either replacement or reproduction cost is used to develop a value indication for the subject property. 2) Income Approach — valued on the ability of a property generating a cash stream. 3) Sales Comparison Approach — value indication is derived by comparing sales of similar properties. It is the most common and preferred method of land valuation when an appropriate supply of comparable sales is available. o As the subject property contains no improvements, the Cost Approach is not considered to be an applicable appraisal tool. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES o Vacant land is not generally purchased for its ability to generate a cash stream; therefore, the Income Approach is not utilized. o The analyst will utilize the Sales Comparison Approach exclusively in estimating the market value for the subject property. o Collection and analysis of comparable land sales in order to perform an opinion of value for the underlying land. ■ An investigation of comparable land sales and active listings of similar unimproved properties were utilized. Five sales were considered in order to make a comparative analysis which would lead to the completion of the Sales Comparison Approach. o The value opinion presented in this report is based upon review and analysis of the market conditions affecting real property value, including land values, the attributes of competitive properties, and sales data for similar properties. o Reconciling the value indications from the appropriate approaches to value into a final value opinion for the subject property; all as of the effective date of this report. o Preparation of a written report. To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop a reliable value indication. Furthermore, the value conclusion reflects information about the subject and market conditions. The appraisal of the subject parcel has been presented in the form of an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the USPAP. Property Rights Appraised: The property ownership rights appraised in this appraisal are those known as fee simple. r COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Fee Simple Estate is defined as: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.", Market Value Definition is defined in the Agencies' appraisal regulations as: "The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their own best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75, Number 237, Page 77472) Date of Property Inspection: August 1, 2022 Date of Value Estimate "As Is": August 1, 2022 Date of the Report: August 12, 2022 Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of the listings, purchase contracts and sales history of the subject property for the three years prior to the appraisal date. The subject property has not been sold or transferred within the past 5 years. The most recent transfer of the property occurred on June 27, 2014 (OR 5056-481) and was recorded as a Quit Claim Deed. The Grantor is shown as Jewel B. Passed and the Grantee is 1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Sixth Edition, the Appraisal Institute, Chicago, Illinois (U.S., 2015) 8 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES shown as Albert N. Fleming and Linda M. Fleming. A copy of the quit claim deed can be found in the addenda of this report. Active Listing/Purchase Agreement: The subject is not currently under a purchase agreement or listed for sale. Valuation History: The Uniform Standards of Professional Appraisal Practice requires the appraiser to divulge any services provided on the subject property during the preceding three years. Carlson, Norris and Associates has not previously appraised the subject in the past three years, nor have we provided additional services related to the subject property during this time period. Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all appraisals and resulting reports are made. The process of administration of those rules and guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal Standards Board issues the rules and guidelines in the form of a document update published each year by The Appraisal Foundation. That document is entitled "The Uniform Standards of Professional Appraisal Practice" (USPAP). As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted Appraisal Report. The following definitions have been adopted for each type of report: • An Appraisal Report: A written report prepared under Standards Rule 2-2(a). • Restricted Appraisal Report: A written report prepared under Standards Rule 2- 2(b) This appraisal is reported in an Appraisal Report format. Exposure Time: Exposure time is the estimated length of time the property would have been offered prior to a hypothetical market value sale on the effective date of appraisal. It is a retrospective estimate based on an analysis of recent past events, assuming a competitive and open market. It assumes not only adequate, sufficient, and reasonable time but also adequate, sufficient, and reasonable marketing effort. Exposure time is therefore interrelated with appraisal conclusion of value. T COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one - line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the following: • statistical information about days on the market • information gathered through sales verification • interviews of market participants. The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of time alone. Exposure time is different for various types of real estate and under various market conditions. In consideration of these factors, we may have analyzed the following: • Exposure periods of comparable sales revealed during the course of this appraisal; • Macroeconomic exposure times for the subject property type across the Subject MSA and the entire United States as published in multiple articles and websites. • Knowledgeable real estate professionals. We have also had numerous discussions with brokers active in the Collier County - Southwest Florida area. All of these persons have indicated the land market has had varying degrees of activity dependent on type and location. We have also had discussions with multiple persons having active listings within the market area. These properties have been on the market from a few months to a few years. The realtors indicated that they have received mixed levels of interest in the properties at the list prices. Based on this information it is our opinion an exposure time of twelve months or less appears to be reasonable and appropriate. This exposure time assumes the subject parcel would have been competitively priced and aggressively promoted within the market area. Marketing Time is defined as: "An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after 10 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. " Marketing time is the period a prospective investor would forecast to sell the subject property immediately after the date of value, at the value estimated. The marketing time is an estimate of the number of months it will require to sell the subject from the date of value, into the future. The anticipated marketing time is essentially a measure of the perceived level of risk associated with the marketability, or liquidity, of the subject property. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated changes in market conditions following the date of appraisal. The future price for the subject (at the end of the marketing time) may or may not equal the appraisal estimate. The future price depends on unpredictable changes in the physical real estate, demographic and economic trends, real estate markets in general, supply/demand characteristics for the property type, and many other factors. Based on the premise that present market conditions are the best indicators of future performance, a prudent investor will forecast that, under the conditions described above, the subject will require a marketing time of twelve months or less. 11 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Section 3 - Description of Real Estate Appraised COLLIER COUNTY AREA ANALYSIS j�90001 C _ ._ _ _ Ihea G la Hoye LIM Gorda S U7we5� arlokte Mir [rota arch c d s ueki, Qee Jolla k w i51Oi Sanibel — FI �rAkak�e t� BUIYil II g5 ........,, ...........:........x...�r::::::::::........... ary � „z�fades 77 �1ar �lan'il...••.,..... { r uralinx \ Kl Brow r(J helrpuod 1F qucsla i� �4 F�l*I Ekach _al1�rtaua L' VOi�II Ii it 1 lips ertdcs ' RQr'lV4.1 lakess/ ti I Ile Ba, -- Floridb-c4il Islaudi., Miami=[]adr ■ o- The subject property is located within Collier County, Florida, some 150 miles south of Tampa and some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion of the state of Florida. Collier County was created in 1923 and was separated out from what was a larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who had moved to southwest Florida and established himself as prominent business man and land owner. By the end of the decade railroads and Tamiami Trail were in -place which opened the area to agricultural and resort development. Florida's first commercial oil well was drilled in 1943, and the county's pine and cypress logging industry flourished into the 1950s. The county's economy boomed along with its population shortly after World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in the country. PHYSICAL FACTORS 12 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES It is the largest county in the state in terms of land area with 1,998 square miles which includes 821,600 acres of preserves, parks, and refuges. Along with the land area Collier County also has 307 square miles of water to give Collier County a total size of 2,305 square miles. The most highly developed areas within the county are west of Interstate 75 and along the coastline of the Gulf of Mexico. Development becomes increasingly sparse the more easterly the location in the county; and these easterly areas of the county contain a considerable amount of preserved land. There are three incorporated cities within the county; namely City of Naples, City of Marco Island, and Everglades City. The county is famous for its subtropical climate with average high temperatures ranging from 780 F. in January to 920 Fahrenheit in August. The average annual precipitation for the county is 56 inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs from June through November. January 65.67: 78.67` 52.6Y February 66.63 79.03` 54.2- March 67.23 61 53.45: April 74.63 67.2- 62.36- May 76.6` 90.15` 67` June 81.98: 91.48` 72.54: July BY 90.47- 75.48: August 63.67- 92.43- 75.33- September- 62.93 91.33- 74.53- October 77.3- 66.33- 66.2- November 70.TT 81.63` 59.77` December 65.98` 77.48` 54.45` Collier County, January FL Rainfall and Srxywfall 0.52Inches Average 0Inches February 1.91 Inches Olnches March 2.62Inches Olnches April 4.32Inches Olnches May 4.18Inches Olnches June 9.92Inches Olnches July 5.74Inches 0Inches August 6.91 Inches 0Inches September- 9.04Inches 0Inches October 5.24Inches 0Inches 11overnber- 0.82Inches 0Inches December- 2.9Inches Olnches ECONOMIC -FINANCIAL FACTORS There are numerous economic factors that impact the supply and demand for all types of real estate and housing in any given area. These factors will be considered and discussed in the following paragraphs. Although these factors are considered individually, they do not act as independent agents in the marketplace. They interact and effect, one another. Therefore, the economic -financial factors considered, should be considered in totality, as a part of the economic framework. 13 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Population: Collier County has 390,774 people living there according to recent 2020 Census data. making Collier County Florida's 17th most populous county. Collier County had a population of 322,595 in 2010 and they have experienced a 68,179 person increase over 10 years or 19.37% growth. Year . Population Growth Growth Rate 2020 390,774 6,143 1.60% 2019 384,631 6,143 1.62% 2018 378,488 6,143 1.65% 2017 372,345 7,000 1.92% 2016 365,345 9,238 2.59% 2015 356,107 8,781 2.53% 2014 347,326 8,261 2.44% 2013 339,065 6,788 2.04% 2012 332,277 4,645 1.42% 2011 327,632 5,037 1.56% 2010 322,595 170,496 112.10% Additional population estimates reflect population projections from 2018 to the year 2045 and compare the three coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee. The population estimate for the year 2018 for Collier County was 367,000 (actual was 378,488) and is predicted to increase to around 516,000 in year 2045. This would represent a 1.064% per year or 26.6% increase in population over the entire period. Hlatorle and Prujected Pnpulation Charlotte, Colder, and Lou Counties 12DD 1444 tW C R 3 O F fiA10 G Q 3 rL 0 20V 0 mo 10G" mo 2005 201U 2016 2u30 2025 2030 2035 0 2615 $4 .! OMloe Of ECGno ryiC 8nd 0e.C&,VhiC Resea,!h H13torit: 14 Rroj�t3ed 1 2016 714 ��$ 7,6-0d Lei �A6 34i8 — J16 33s Collie ,�� sxe i�sa 152 2C16 77� — 1�50 � Charlotte i11 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Demographics within Collier County are predominately White at 89.3%, followed by Black or African American at 7.4%, Asian at 1.6%, American Indian and Alaska Native at 0.5%, Native Hawaiian and Other Pacific Islander at 0.1 % and then two or more races filling out the remaining 1.2%. e White alone, percent d 89.3% Q Black OF African American alone, percent ;a:: d 7.4% QAmerfcan Indian and Alaska Native alone, percent ra: d 0.5% Asian alone, percent ;a; 8 1.6% Q Native Hawaiian and Other Pacific Islander alone, percent ;a.: 8 0.1 % 0 Two or More Races, percent Q 12% Q Hispanic or Latina; percent : L. C?s 28.2% White alone, not Hispanic or Latina, percent p 62.5% Tourism: Tourism is important business for Naples, Marco Island and the Everglades. As the leading employer and the primary economic engine for the region, the tourism industry is responsible for over 38,500 jobs in Collier County. About 2 million visitors in 2019 spent over $1.5 billion dollars, resulting in a total economic impact of over $2.1 billion to Collier County. Collier County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months. The distribution of tourist development tax dollars is set according to Collier County ordinance. The funds are dispersed as follows; beach related projects with 42.56% of the total Tourist Tax, tourism promotion with 47.85%, and museums with 9.59. Of the 42.56% for beach related projects, 3.58% is allocated for beach park facilities and the remaining 39.98% is used for nourishment, pass & inlet management. Of the 47.85% for tourism promotion, 33.57% is used for destination promotion and administration and the remaining 14.28% is used for amateur sports complex/debt. Lastly, of the 9.59% allocated for museums, 7.68% is used for county museum operations, and the remaining 1.91 % is used for non -county museum grants. New Development: A relatively new town is developing in the eastern part of Collier County known as Ave Maria. The town is located on what was once largely agricultural land is centered around Ave Maria University, the country's newest Catholic University. The university opened its doors in 2007 and currently has about 1,120 students, including 35 in graduate programs. The school has plans to keep growing and ultimately incorporate around 5,500 more undergraduate and graduate students. The town is designed to be a compact, walk -able, self-sustaining town that reflects the community's rural roots while offering a full range of residential options and commercial services to its residents. The Ave Maria community totals about 5,000 acres, of which 15 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES nearly 20% has designated as the University Campus. A Town Core anchored by the landmark oratory that also incorporates retail, commercial, and residential living space provides a central connection between the town and the university. Business is expanding in Collier County as evidenced by a surgical device company that recently opened its doors on a site near Ave Maria University in the form of a $25 million manufacturing plant. This construction brought 500 construction jobs to the area and currently employs around 350 workers, with more being added all the time. Ave Maria has experienced a sever mosquito problem and as a result they have been sprayed more than 30 times by very safe pesticides in 2015 making it the most sprayed area in southwest Florida. A new town has also been proposed in Eastern Collier County. Collier Enterprises got the Rivergrass project through the Collier County Commission on January 28t", allowing them to begin planning to develop a 1,000-acre township in Eastern Collier County. The plans are currently being stalled as the project's impact on approximately 700 acres of primary panther habitat is being heavily opposed by wildlife organizations such as the Conservancy among many others. Employment & Income: The most recently reported median household income for Collier County is at $70,600. From January 2010 until March 2020, Collier County had experienced downward trends in unemployment getting as low as almost 3%. Then in April 2020 we began to feel the effects of COVID-19, and Unemployment jumped to 13.4% from 4% the month prior. Unemployment continued to hang around 10% for the next few months. Collier County's unemployment rate rose from 3.0 percent in October 2019 to 5.0 percent in September 2020 and to 5.1 percent in October 2020. The overall trend of unemployment has been trending downward. Collier County's largest employment concentrations continue to be in industries that are fueled by population growth. The Real Estate and Rental and Leasing Industry leads the pack with 25,200 industry jobs. Retail trade is in second with 25,071. Accommodation and Food Services is just behind with 24,833. The rest of the top ten, in descending order are as follows: 24,318 / 22,261 / 16,044 / 14,710 / 14,636 / 13,049 / 12,934. 16 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Below is a breakdDwn of the iargest industries in Collier County. Deal Estate aid Rental and t eN5i1 I[4 PoelM rr;ade Amwnrnodalion and Food Sarvioor. HNIM Care ana 50dal Assistonce Administrativo and 5uppairt a... trtherSerwes[except Public A cbrniF"ralian} Government Professional, $ici31 5 IC. and T!!d'Inicei 4?rYfOk:4 � rinenca and Insurar - - W Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier County School District with 5,604 employees, and Collier County Local Government with 5,119 employees. As the Collier County population matures, employment in the healthcare industry will continue to make up a larger part of overall employment. Collier's top employers are listed below. Rank Company Name Employment 1 NCH Healthcare System** 7,017 2 Collier County School District 5,604 3 Collier County Local Government* 5,119 4 Publix Super Market 3,083 5 Arthrex, Inc.** 2,500 6 Walmart 1,480 7 Ritz Carlton -Naples 1,450 3 City of Naples 1,169 9 Physicians Regional 950 ld Mooring Park 888 Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of 17 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES low corporate income taxes. The Florida's tax rate of 6% is one of the lowest in the U.S. and far below the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in property taxes. The Florida statutes provide for the annual assessment and collection of property taxes on real and personal property. Property taxes are assessed and collected at the county level as revenue for counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate property types in Collier County for 2018 was $112,272,221,732. Prices: A price index is a tool that simplifies the measurement of price movements in a numerical series. Movements are measured with respect to the base period, when the index is set to 100. Our current cost of living index in Collier County is 113.4 meaning that generally speaking the cost of living is more expensive in Collier County than the average cost of living throughout the United States. Furthermore, Groceries are at 107.7, Housing is at 143 which is high, but down from 175 in December of 2016, and Health is at 101 and below you can see the rest of the table and how it compares to the United States. Overall 113.4 102.8 10D G-ee 107.7 102,8 10D Health 101 98 100 Housing 143 102,6 100 Median Home Cost 330600 $237,100 $231,20D Utilities 98.6 1013 100 Transportation 88.6 112,6 100 Miscellaneous 108.3 96 9 100 Banking/Interest Rates/Financing: As of December 21, 2021 the prime rate was reported at 3.25%. Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently reported to be 0.25%; a year ago was 0.25%. The federal funds rate is 0.25 %, while a year ago it was 0.25%. The 15-year refinance fixed-rate mortgage increased to 2.45% down 2 base points over the last week. The benchmark 30-year fixed-rate loans in this week's survey 18 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES included an average of 3.20% down 5 base points over the last week. The five-year adjustable arm rate was at 2.69%. Please see table below. Prime rate, federal funds rate, COFI UPDATEDc 1212112 021 THIS WEEK MONTH AGO YEAR AGO WSJ Prime Rate 3.25 3.25 3.25 Federal Discount Rate 0.25 0.25 0.25 Fed Funds Rate (Current target rate 0.00-025) 0.25 0.25 0.25 11th District Cast of Funds 0.23 0.23 0.50 Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. Real Estate and Housing: Collier County was spared from the national economic downturn (2007-2009). Collier County experienced a significant increase in residential and commercial property values from 2004 through 2006. Several news publications rated Naples as the most over -valued area of the country with respect to residential housing values. The decline in residential property values began in 2006. Inventory levels began to rise as investors and owners positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any property with a sense that the economy as a whole was headed for trouble. Many investors were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida became the epicenter for residential property foreclosures with communities such as Golden Gate at the forefront of the crisis in Collier County. Residential construction projects in various stages of development were stopped as housing inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the residential construction industry; and with no homes to build, this industry was quickly decimated. Contractors that supplied this industry typically ran their businesses from various industrial locations in Collier and Lee Counties. This type of property was the first commercial property to be adversely affected with retail and office properties following. 19 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier County's zoning allows the flexibility of properties of 19 acres or more to be zoned as Research and Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract technology -based businesses. Real estate indicators continued to be a bright spot for the region. Single-family building permits for the coastal counties improved 64 percent from August 2020 to August 2021. Single-family home sales slipped 5 percent in August 2021 over August 2020, but median prices for all three counties rose between 21 to 28 percent during the same period. Realtor® Active listings for the coastal counties were down in August 2021, falling 67 percent from August 2020. Steady increase in discretionary spending associated with supply -chain disruptions have create some inflationary pressure across the country and the region. Single family permits identify houses under construction and therefore reflect jobs in the construction industry. The data continue to show that, while the COVID-19 pandemic has had deleterious effects on the economy of Southwest Florida, there appears to be some optimism for the future based upon the single-family building permit data of the last few months. In Collier County, 330 permits were issued in October 2021, a decrease of 22 permits (6 percent) from October 2020, but up 112 permits (51 percent) from September 2021 (see Chart 15) chart 15: sinoe-FaFnav Bu>Iltline Permits tar confer u 50o - 450 400 350 � aoo � 250 0 200 150 100 50 0 Single Family Permits Issued -Collier County 2011.2020 Monthly Averages_ Lost Recent 13 Months Data and Trend ---------- * Permits — — — Linear Trend 0 0 0 �N N N 0 0 �0 N �1 ^1 �W �1 ^1 J_ Q T2 ' d S17 Source: Collier County Grm%th Management Department, indudes unintarporated Collier County permits only 20 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Collier County single-family home sales registered 475 units in October 2021, a decrease of 192 units (29 percent) compared to October 2020. The median price in Collier County rose substantially by $90 thousand from $560,000 in October 2020 to $650,000 in October 2021 (see Chart 18). Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has worked diligently to develop an efficient road system that will accommodate future growth; and it is likely to continue to develop the necessary road infrastructure in the years to come. Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic needs for the fast-growing population of Southwest Florida. RSW is the eighth fastest growing airport in the nation, servicing more than 8 million passengers a year. More than two dozen commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more than 27 domestic and two international destinations. The Southwest Florida International Airport also maintains customs clearing facilities for international cargo. RSW is located off 21 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Interstate-75 in South Lee County, an approximate 30-minute drive from most areas of Naples. In 2005 the airport was completely updated and expanded to meet the growing demand of area businesses and visitors. The $386 million ultra -modern complex includes a two-story terminal with 28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a three-story parking structure. The facility will allow for incremental expansion up to 65 gates. Construction was recently completed on a direct access connection between 1-75 and the airport. Peak seasonal activity usually occurs in February, March, and April, with significantly lower activity in the summer months. While all three airports continue to improve from the dip in passenger activity experienced in April 2020, a complete recovery to pre -pandemic levels is not anticipated in the short-term. After the large decrease in activity observed in March and April 2020, the charts better reflect the historic seasonal pattern, albeit at a reduced level. Passenger traffic at RSW was 769,524 in October 2021, up 40 percent from September 2021 and 84 percent greater than October 2020 (see Chart 1). Chart 1: SW Florida International Passenger Activity SW Florida International Airport [RSM Passenger Activity 1,fi0D y, 1.4t10 2019 a a +.zoo zoz 9 ~ 1.090 G 2d18 m Sao- 707+ e WF aaa aoo a 0 Jan Feb Mar .Apr May hm J0 Aug Sep Oct Nov Dec Source- Loral Airport Authorities The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO services for general aviation including fueling and catering. It is the home to charter airlines, aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the Collier County Sheriff's Aviation Unit, flight schools, the Humane Society, and over 40 additional aviation and non -aviation businesses. The airport encompasses approximately 732 acres of land, approximately two miles northeast of Old Naples with convenient access to major roads and Interstate-75. 22 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES POLITICAL -GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. The county is currently experiencing a decline in revenues which will result in future capital improvement plans being significantly cut back. Additionally, operating expenses are under increasing pressures due to legislative mandates from the state, escalating costs of property insurance and health benefits, and the overall economic downturn. Collier County has experienced an increase of 1.09% in budget between FY 2019 and FY 2020. The FY 2020 total net county budget is now $26,249,500. General Fund Supported Capical C'a F1 l6 Budget F) l7 Budget F► 18 Budget FY 19 Budges FY 20 Budgel Sheriffomn •e Tree Suh-Statmon $900'" % SO S0 SD EMS Station and Amt)(Am x 50 SO S2 0WJM 52.1 00_000 W Helic er $2AW,OW S'0IX1,0W S1250A00 so SO Jail& other Sheriff Facdi 5664_7W 51.059.5W S4.1 W_W0 S1.0WAW S1 B00Ao6 SherifPs A,", ­tinS temR lacemenm $I OW UW SO $0 so $u votin • Machines Sa S0 S345AW 5350.000 5350.000 SW MHz Puhhc SaFety Commuriration S stem Soon.0W $-5-75. 111 S85nm S0 Sn Domestic Animal Control Shehee SO W $500lm Sn Sn State & R 'anal Ecn Deeelupinent 5475.UW SSW.OW SO SO 59 Lihmn Ca ital.'Books S35OSM $450.OW $554nOn SX50000 1950.0n0 Ciencral Budding Mainsermaaee and &C R airs nor Sales Tax F—ded $I�W,OW S4,(M.5W $5a50_W0 $6,000A)0 55.000,000 Wh General Ciavmmxte W SAX,3W $1,072,500 $411 51,077.000V�IVAW Museum Ca ital S300.OW j7w I1n0 5313_sW 52WpW MAW Am oit C i[al Grant Mauhl 5313,1W 5300.000 $1,OOO S-W5 (011 SEAW-M General Goti��rnmental Wh'.'kl R Laceenmt Su lemenm $ISW,OW S1,5W,0I111 51,75wW SO $0 Park C ita] 51,070AW S'.495,700 S I, I W.WO $1, 100,ON $? 1 W,WO Tramp—- Co imat 514559.lt0U 59,935,500 $11,650,400 $9,555,8011 59_�50,1S110 Storm-wa[er Ca mcal $1,549140 51,627,4M $2'i00.000 $3 SW.011ti 7-oral $32,770.0W 1 329.fi53'7W $32ANON 52 177�M 526,2l4 SW ye, me r,— = arm anr; sauur Eepmemsa resr:Y __ n mmnar mawaeaamre aae ra — xo r mark Education: The Collier County public school system currently contains a total of 58 schools with 48,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. The below chart shows more detail with regards to the public -school system. 2,300 sai'mlmoE, 115" off w i ab En. nep,n�. an+rm to E1nA .eonn 33ca,— — 11 wEs.rorvt,haar arsa­ WAlmn narvEn�rN lewref E,IaY Ws�•m. 1 / 1 384 A rcc Q�QQQ 58 m .«E mmy vme 7,206.598 MPa16 veany 40 500 F F m4WO WY!•ui lnYf t>Vh Cn�'M166R F 46.DI0lwrT abrC OaY 1 1 6,161 snawmr in AOm11 a canmmnay Education r0 /dR eaklswabRCawmw g00Crnrrri4EQFYbr��arrees �_ 23 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts -oriented baccalaureate degrees as well as some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida and compared. Collier County has 32% of their people attain a bachelor's degree of higher compared to 27% in Florida and 29% in the United States. Only 14% of those within Collier County have less than a high school education. Figure 7: Collier County, FL Education Attainment by Level Comparison [Age 25+] U Ho schooling = Less than High Sohoo. .9 High School orGEO Some oo liege or Associates Deg ree Bachelors Oeg ree orhgher i75% ■ � . I5% — 50% — — — ■ 25% G Ge�cO- G �tO c0 �acN CP' CA � SOCIOLOGICAL FACTORS Recreation: Collier County offers a vast variety of natural and historical attractions. Places to visit include the 52-acre Naples Zoo, Collier County Museum, Big Cypress National Preserve, Museum of the Everglades, Naples Botanical Gardens and many other reserves, museums, zoos, etc. Healthcare: Within Collier County there is the Naples Community Hospital, North Collier Hospital, Regional Heart Institute, NCH Wellness Centers and other various clinics. Being the largest county in Florida with a total area of 2,305 square miles its medical facilities manage to cover it all. Helicopter usage cuts critical minutes from transport time. 83.5% of those within Collier County have health insurance compared to 86.5% throughout Florida and 90.6% throughout the United States. The highest percentage of those without healthcare coverage from people making $25,000 and less at 25.6% not covered by insurance. 24 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Figure 1: Percent of People with Health Insurance 14, Hendry County Glades County Morroe County Collier County Brow,ard County Lee County Compare: Florida Compare: Orlando -Dell Daytona Beach Charlotte County Compare: United States 1l o% 50% icolo Figure S: Percent of People with No Insurance by Income Group 2C% iC% 0% Under $25k $50k $75k Over S25k to to to $100k $50k $75k $100k SUMMARY Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is sub -tropical with mild winters that allow for year-round enjoyment of the many attractions this area offers. Collier County is a desirable destination for residents and non-residents alike. In spite of the many positives, portions of Collier County were greatly affected by the past housing debacle which resulted in a significant number of residential foreclosures, trends have been positive in most recent years though. While the current "improving" economic climate will keep commercial and residential development at bay in the short term, the availability of commercial vacant land, the county's numerous natural attractions, and the anticipated future population growth will bode well for this area over the long term. Collier County is considered to be a wonderful place to live. There are tremendous opportunities as far as employment is concerned in many different industries. The diversity of job opportunities spans a significant range from low-income persons to jobs of very high -income people as well. There are tremendous recreational facilities with numerous golf course, beaches and recreational parks, not to mention the significant amount of land that is federally held in conservation in the eastern portions of the county. The public -school system is good and provides for a well-rounded public education for the students that reside within the county. We invite your attention to the location map, which shows the relative location of the subject property in Naples. 25 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Location Map Por', Charlotte (ED Punta Gorda Babcock Ranch Preserve Boca Grande La Bellt t" Lt� Fort Myers Lehigh Acres O Cape Coral CV Captiva, (!sr Felda Fort Myers Beach Estero Indiantown a Lakeport P•:. r: P.Aayaca Palmdale iS JW Corbett r Jupiter WrWVe Canal Point Mar7agefrrenf Palm Seach Moore Haven ]a Pahokee Area Gardens C Clewiston West Palm Montura _ 071 Belle Glade Beach Imnnokaiee Bonita Springs Ave Maria 2 North Naples Y Maples SUBJECT V CID Big Cypress Naliorlal Preserve Marco Island Everglades City 26 cl; Everglades and Trarrci s S. Taylor Wildlife... Yn�n �yy� Beach Delray Beach Boca Raton C Pompano Beach Fort iV Lauderdale Hialeah Miami c m Biscayne Homestead Na€ional Park COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Market Area Map C 3RKSCR[IV f Harker Ave Maria eyards 5 U E J E CT Golden ate V. &Ergladm Pkwy - ;J Lely Lely Re rt Copeland Marco Island �-� Goodland {� Market Area Description: Market area is defined as "The geographic or locational delineation of the market for a specific category of real estate, i.e., the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users." 27 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Market Area: Boundaries: Northern Immokalee Road Southern US 41 Eastern SR 29 Western Interstate Highway 75 Life Stage: "Because market areas are perceived, organized, constructed, and used by people, each has a dynamic quality. Appraisers describe this quality as a market area's life cycle. The complimentary land uses that make up neighborhoods and homogeneous land uses within districts typically evolve through four stages: • Growth — a period during which the market area gains public favor and acceptance • Stability — a period of equilibrium without marked gains or losses • Decline — a period of diminishing demand • Revitalization — a period of renewal, redevelopment, modernization and increasing demand" 2 It is our opinion that the subject market area is currently in the growth cycle. Recently the market has shown increased activity. Sales and permit activity for commercial and residential construction have been increasing. Public Transportation: Public transportation is provided by Collier Transit Maintenance/Condition: The majority of improvements are well maintained and in good condition. Property Compatibility: There is an established retail, commercial, retail and office area along Airport Pulling Road, Immokalee Road, Pine Ridge Road, Vanderbilt Beach Road, and Tamiami Trail (US-41). Due to the high traffic counts in this area, retail uses include shopping centers, restaurants, and various other single -tenant retailers. Supporting residential abounds along secondary roadways and land uses are primarily single-family residential or multifamily. Generally speaking, agricultural and rural residential use is located east of Interstate Highway 75. Appeal/Appearance: This area has strong appeal. Appearance ranges from mostly newer construction and some older structures with generally good to average appearance. Neighborhood Access: Good access exists from major north -south corridors including Collier Boulevard, Goodlette Frank Road, Livingstone Road, Airport Pulling Road, US-41 (Tamiami Trail), and 1-75. The major east -west corridors include Golden Gate Boulevard, Vanderbilt Beach Road, Pine Ridge Road, and Immokalee Road. Police/Fire: Police: Collier County Sheriff / Fire -rescue: Collier County 2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014) 28 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Development Potential: There is residential, agricultural, and commercial zoned vacant land available in the market area. Most exists is to the east portion of the market area. Future commercial development will be seen mainly along US-41, Airport -Pulling Road, Vanderbilt Beach Road, Immokalee Road and Collier Boulevard. Agricultural properties being subdivided into smaller rural residential parcels. Development Trend: Residential and commercial properties have had decreasing vacancies and increasing lease rates. Brokers estimate continued improvement in this area that could lead to new development in the near future. Characteristics of Land Immediate properties in the subject market are mostly agricultural and Usage: residential uses. Supply of Vacant Tracts: Vacant land is available in the market. Demand for Vacant Tracts: The supply appears to be in balance with demand at this time. Neighboring Property Uses: Residential, both single and multi -family, general business, office, retail and agricultural uses. Allowable Uses in the Residential both single and multi -family, general business, office, retail, District: agricultural and governmental uses. Vacancy rates: Commercial/Agricultural: 2% - 5% Single Family: 3% - 8% Naples Economy Q3-2021 (Costar Summary) While the pandemic caused significant economic disruption in Naples, the market saw employment rebound sharply beginning in late 2020. While the pace of rehiring has slowed in 2021, the total workforce has improved to nearly 96% of pre -pandemic levels. Prior to the coronavirus outbreak, Naples had strong economic momentum and appears poised to quickly recapture that prior momentum once the virus is contained. Tourism drives much of the Naples metropolitan area's economy, with leisure and hospitality composing almost 20% of the workforce. This sector, along with retail trade, has been more exposed to impacts from the ongoing crisis. Naples has nearly 35% of its entire workforce in these high -risk sectors, the third -highest proportion in Florida. Prior to the pandemic, the market enjoyed accelerating tourism. In 2019, the Naples metropolitan region's visitor count was up nearly 6% annually, while 2018 saw tourism grow by nearly 3% over the prior year. While 2020 saw tourism ultimately downshift, 2021 should enjoy numbers more in line with the prior trend. The Naples metropolitan area includes the entirety of Collier County with significant population nodes in Naples, Immokalee, and Marco Island. The market has experienced among the nation's 29 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES strongest population and job growth rates over the past five years. While the overall rate of jobs added over the year prior to the pandemic had slowed to under 3%, Naples still posted growth rates of roughly double the national average. The employment slowdown was divided across most sectors, though the overall losses were also weighed down by somewhat deeper job losses than the national average in information, finance and insurance, and management. Naples has also seen significant cooling growth rates, though still net positive job additions, in both sectors of transportation and warehousing, and construction. These two industries were among the two strongest employment sectors for the market over the prior year. Office -using employment had also slowed to under 2% annual growth, though remained one of Naples' better -performing areas. In particular, real estate hiring posted an exceptionally strong prior year, growing over 10%. The real estate sector, by itself, was strong enough to offset the losses in information, finance, and management. The unemployment rate had slightly risen in the months leading up to the coronavirus pandemic. However, unemployment was still tight from a national perspective and had remained well below the national average, which before the crisis sat at a 50-year-low. The slightly loosening market was likely more a reflection of the limited available jobs to meet labor force growth. Naples is one of the older markets in the nation, reflecting its status as a premier retiree destination. This skews demand for senior housing, assisted living, and medical office space much higher than a typical U.S. market. The older demographic also drives up the region's affluence and median incomes, both of which are among the highest in Florida. Interview with market participants: The appraiser was able to speak via phone conversations with real estate brokers who are knowledgeable of the market area. These individuals were contacted to verify sales prices and asking prices of surrounding properties similar to the subject. Specific names and phone numbers of the individuals contacted were found by using the services of LoopNet and CoStar and MLS. For the benefit of the reader, we have listed the names, contact information on the sales exhibits found later in this report. Legal Description: The legal description of the subject was obtained from the most recent deed on file with Collier County Property Appraiser's Office (OR 5056-481) and displayed as follows: 30 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES 1A 1e,--- Owner of Record: According to information obtained from the Collier County Property Appraiser's office and the Collier County Tax Collector's office, the current owner of record for the subject property is listed as follows: Fleming, Albert N=& Linda M 478 Shubutta-EU Cutta Rd. Shubuta, Mississippi 39360 Assessed Value and Taxes: According to the Collier County Tax Collector's Office the subject property is identified by its Parcel Number 41507000009. For the tax year of 2021 the subject property had combined assessed values of $11,688 at a millage rate of 11.4183 resulting in an annual tax burden of $150.46. Please note the 2019-2021 tax analysis in tabular form that follows. The tax summary chart represents resents a summary of the assessed values, taxable values, ad valorem taxes, non -ad valorem taxes and millage rates. Assessed Value and Tax Summary 41507000009 Market Year Taxable Value Millage Rate Tax Liability Total Assessed Value Ad Valorem Non -Ad Valorem Tax Liability 2021 $11, 688 $11, 688 11.4183 $150.46 $0.00 $150.46 2020 $10,625 $10,625 11.3084 $136.78 $0.00 $136.78 2019 $9,659 $9,659 11.3901 $125.51 $0.00 $125.51 Delinquent Taxes: According to information obtained from the Collier County Tax Collector's office there are no delinquent or outstanding taxes on the subject property. Site Description: We invite your attention to the following aerial plat map which shows the relative size, configuration and location of the subject property. This will be followed by a plat map which also shows the same information. This will be followed by general site information and data as well as information on the physical characteristics and economic factors that affect this property. 31 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Subject Aerial Map Plat Map I I I I I , 7 I IL ' - I I I `o B.1 4 P I 161 I I I I Lf} I r I I I ' I � I 77., � I I I I I I I I I � � I 1 I rin � 4i] 32 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES General Site Information Address: Unassigned, Desoto Blvd S, Naples, Florida 34117 Parcel Number: 41507000009 Physical Characteristics of the Site Frontage: The subject has 105 feet along Desoto Blvd S (per County). Total Site Area: 1.59 acres or 69,260 square feet per the Collier County Property Appraiser records. We were not provided with a site survey. Shape of Tract: Rectangular Access: The subject has access from Desoto Blvd S, a two-lane paved road. Desoto Blvd S is a dead end going south of the subject. Corner Influence: This property not located on a corner. Utilities to Site: No utilities were observed at the time of inspection. Flood Designation: Flood Zone Code AH, Flood Zone Panel 120067-12021 C0445H, Dated May 16, 2012. See Flood Map in addenda. Easements: Typical utility easements are assumed to exist. Road easement along Desoto Blvd S. Site Improvements: The site has no improvements. Topography: The subject parcel is fully wooded with brush ground covering. According to the National Wetlands Inventory Map the site is 100% Forested/Shrub Wetlands. Additionally, an FDEP informal wetland determination map that was provided by the client indicates the property is 100% hydric depressional and slough soils with the majority being slough. The USDA Web Soil Survey Map shows 71 % Brynwood Cypress Lake fine sands and 29% Cypress Lake Riviera Copeland fine sands present for the subject. Due to the wetlands indicated on the subject property, an Environmental Resource Permit from the Florida Department of Environmental Protection would be required for any activities involving the altercation of surface water flows, however, an official determination has not been made. Economic Factors Affecting the Site Supply of Vacant Tracts: There is an adequate number of vacant residential/agricultural zoned and residential/agricultural permissible sites located within the immediate and general vicinity of the subject property. Demand for Vacant Tracts: Supply and demand appear to be in -line with each other, although demand has been improving recently. 33 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Neighboring Property Uses: Properties located along Desoto Blvd S generally consist of limited semi- rural residential uses. Zoning allows for a maximum of one development unit per 2.25 gross acres Land Use Designation: Estates Zoning Classification: E-Estates Allowable Uses in the Allowable uses in the district will be discussed in detail in the District: following comprehensive land use plan classification discussion and zoning discussion. In addition, they will be considered in the highest and best use analysis for the property. National Wetlands Inventory: The subject is located in a Freshwater Forested/Shrub Wetland habitat classified as PF01 Cd. Map is displayed below. System Palustrine (P): The Palustrine System includes all nontidal wetlands dominated by trees, shrubs, persistent emergents, emergent mosses or lichens, and all such wetlands that occur in tidal areas where salinity due to ocean -derived salts is below 0.5 ppt. It also includes wetlands lacking such vegetation, but with all of the following four characteristics: (1) area less than 8 ha (20 acres); (2) active wave -formed or bedrock shoreline features lacking; (3) water depth in the deepest part of basin less than 2.5 m (8.2 ft) at low water; and (4) salinity due to ocean -derived salts less than 0.5 ppt. Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller. Split Subclass Broad -Leaved Deciduous (1) : Woody angiosperms (trees or shrubs) with relatively wide, flat leaves that are shed during the cold or dry season; e.g., black ash (Fraxinus nigra). 34 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Water Regime Seasonally Flooded (C) : Surface water is present for extended periods especially early in the growing season, but is absent by the end of the growing season in most years. The water table after flooding ceases is variable, extending from saturated to the surface to a water table well below the ground surface. Special Modifier Partially Drained/Ditched (d) : A partly drained wetland has been altered hydrologically, but soil moisture is still sufficient to support hydrophytes. Drained areas that can no longer support hydrophytes are not considered wetland. This Modifier is also used to identify wetlands containing, or connected to, ditches. The Partly Drained/Ditched Modifier can be applied even if the ditches are too small to delineate. The Excavated Modifier should be used to identify ditches that are large enough to delineate as separate features; however, the Partly Drained/Ditched Modifier also should be applied to the wetland area affected by the ditching. Comprehensive Land Use Plan Classification: According to information obtained from the Collier County Planning Development department, the subject site has a comprehensive land use plan classification known as Estates. ESTATES DESIGNATION The Estates Land Use Designation is characterized by low density semi -rural residential lots with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some legal non -conforming lots as small as 1.14 acres. Residential density is limited to a maximum of one unit per 2.25 gross acres, or one unit per legal non -conforming lot of record, exclusive of guesthouses. Multiple family dwelling units, duplexes, and other structures containing two or more principal dwellings, are prohibited in all Districts and Subdistricts in this Designation. Generally, the Estates Designation also accommodates future non-residential uses, including: • Conditional uses and essential services as defined in the Land Development Code, except as prohibited in the Neighborhood Center Subdistrict. Also, refer to the Conditional Uses Subdistrict. • Parks, open space and recreational uses. • Group Housing shall be permitted subject to the definitions and regulations as outlined in the Collier County Land Development Code (Ordinance No. 04-41, adopted June 22, 2004, effective October 18, 2004) and consistent with locational requirements in Florida Statutes (Chapter 419.001 F.S.). 35 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES • Schools and school facilities in the Estates Designation north of 1-75, and where feasible and mutually acceptable, co -locate schools with other public facilities, such as parks, libraries and community centers to the extent possible. Group Housing includes the following type facilities: • Family Care Facility if occupied by not more than six (6) persons shall be permitted in residential areas. • Group Care Facility, • Care Units, • Adult Congregate Living Facilities, and • Nursing Homes. All of the above uses shall be consistent with all of the Goals, Objectives and Policies of the Golden Gate Area Master Plan. Zoning Classification: Estates District (E). The purpose and intent of the Estates Zoning District (E)* is to provide lands for low density residential development in a semi -rural to rural environment, with limited agricultural activities. In addition to low density residential density with limited agricultural activities, the E district is also designed to accommodate as Conditional Uses, Development that provides services for and is compatible with the low density residential, semi -rural and rural character of the E district. The E district corresponds to and implements the estate land use designation on the future land use map of the Collier County GMP, although, in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the E district shall be consistent with and not exceed the density permissible or permitted under the estates district of the future land use element of the Collier County GMP or as provided under the Golden Gate Master Plan. Permitted uses include: 1.Single-family dwelling. 2.Family care facilities, subject to section 5.05.04. 3.Essential services, as set forth in section 2.01.03. 4.Educational plants, as an essential service. 36 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Subject Property Photographs View: Looking north along Desoto Blvd S. Subject to the right. Photograph date: August 1, 2022 Taken by: Hannah Dwyer View: Looking south at Desoto Blvd S. Subject on the left. Photograph date: August 1, 2022 Taken by: Hannah Dwyer 37 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Subject Property Photographs View: Looking east at property frontage along Desoto Blvd S. Photograph date: August 1, 2022 Taken by: Hannah Dwyer 38 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Section 4 -Highest and Best Use Analysis The principal of highest and best use is defined as: "The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth? HIGHEST AND BEST USE AS VACANT Legally Permissible Use: Factors that impact the legally permissible uses for the subject property include such things as the comprehensive land use plan classification, zoning classification, deed restrictions and government regulations. No specific deed restrictions are known relating to the property. The subject has a comprehensive land use plan classification of Estates and is zoned (E) Estates. Some of the uses permitted include; Low -density residential with limited agriculture, including, but not limited to: single-family dwelling; fruit and vegetable growth for personal consumption ; keeping fowl or poultry (max 25); educational plants as an essential service; keeping horses and livestock (2/acre); recreational facilities that are an integral part of residential development. Residential use is not to exceed 1-DU per/2.25-acres. Due to the wetlands indicated on the subject property, an Environmental Resource Permit from the Florida Department of Environmental Protection would be required for any activities involving the altercation of surface water flows, however, an official determination has not been made. Physically Possible Uses: The physical aspects of the subject impact legally permissible development. The site has a rectangular configuration containing a total of 71,438 square feet or 1.59 acres of site area, more or less. The property has good frontage of 105 feet on 38t" Ave SE. There are wetlands present on site and the property is fully wooded with brush covering. 39 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES This impacts developability and value for properties of this nature. Currently, no utilities were present on site. The size of the parcel is sufficient to support low density residential use Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a process to eliminate potential uses. In other words, once the uses that are legally permissible have been determined, consideration of uses which are physically possible will tend to reduce the legally permissible uses or reinforce them. Likewise, consideration of the economical and financial aspects of a given property will tend to further refine the uses which have been previously described as legally permissible and physically possible. The physical characteristics of this property include vacant low density residential along 38t" Ave SE. There is an abundance of Estate zoned vacant land in the immediate area. The most economic and financially feasible uses of the property would be for development of the site as limited agriculture under the permitted uses or low density residential development. Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has considered which uses are reasonably considered to be legal, physically possible as well as economically and financially supported. The zoning and land use allow for a range of uses including agricultural such as fruit and vegetable growth for personal consumption and low density horse and livestock as well as low density residential. Considering the near -by low density properties, it is our opinion that low density residential use has the most development potential given the location of the property. 40 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Section 5 - Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: "A set of procedures through which a value indication is derived for the fee simple estate by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive or profit; deducting depreciation from the total cost; and adding the estimated land value. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property interest being appraised." Since there are no improvements to consider, the cost approach will not be used in this appraisal. VALUE ESTIMATE BY THE INCOME APPROACH The Income Approach is defined as "A set of procedures through which an appraiser derives a value indication for an income -producing property by converting its anticipated benefits (cash flows and reversion) into property value. This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market -derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate." The Income Approach is widely applied in appraising income -producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. Since vacant agricultural zoned land is typically not purchased for its ability to generate a positive cash stream, the income approach is not used in this appraisal. VALUE ESTIMATE BY THE SALES COMPARISON APPROACH Sales Comparison Approach is defined as: 'A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, then applying appropriate units of comparison and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is 41 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES the most common and preferred method of land valuation when an adequate supply of comparable sales are available." The Sales Comparison Approach involves the direct comparison of sales of similar properties, adjustments for variances, and correlation of the results into a property value indication. Adjustments to the sale prices of competitive properties selected for comparison are considered as they relate to the subject property and to the various dissimilar investment features. The application of this approach produces an estimate of value for a property by comparing it with similar properties which have been sold or are currently offered for sale in the same or competing areas. The valuation of the subject site involves research, analysis, and comparison of sales of similar properties to the subject. There are several units of comparison applicable for appraisal purposes. Due to the nature of the subject property and comparable sales, it is our opinion the sales price per square foot would be the most appropriate for utilization. This unit is calculated by dividing the sale price of the comparable sales by the number of the square feet contained within the sale. The subject site is being valued based on highest and best use; and as such, data selection begins by limiting the sales considered to include only those sites with a highest and best use similar to that of the subject. From these sales, only the most similar to the subject in terms of physical and locational characteristics were selected. The appraiser's research uncovered multiple sales of sites considered appropriate for comparison purposes. These transactions were included in the analysis process. In the analysis process, the analyst will utilize a quantitative procedure. In the initial step the appraiser will utilize a cumulative adjustment for each of the sale properties considering property rights, financing, conditions of sale, expenditures immediately after the sale and market conditions (commonly known as time). As the adjustments are cumulative in nature, they must be performed in the order in which they occur. Next the analyst will utilize a quantitative procedure by considering physical characteristics including location, site size, land use/zoning classification, utilities, access and site condition/topography. After completion of the analysis and adjustment process, the appraiser will estimate an appropriate value per square foot and multiply this by the number of square feet 42 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES contained within the property in order to estimate the market value for the site. This value estimate will then be rounded to an appropriate figure for appraisal purposes We now invite your attention to a land sales location map which follows. This map shows the relative location of each of the comparables to that of the subject property. Following this will be a land sales exhibit which will contain land sales data sheets for each transaction utilized in the analysis process showing the relative size, configuration and location of the site as well as the relative information for each individual sales transaction. Following the land sales exhibit will be a summary chart showing the relevant information for the subject and each of the comparable sales as well as the adjustments and factors which were considered in providing an overall rating for each of the comparable properties. The comparable sales map is displayed below. COMPARABLE SALES MAP 43 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES COMPARABLE1 PrODerty Reference: Property Type: Residential Acreage Vacant Land Address: 38th Ave SE Naples, FL 34117 County: Collier Location: South side of 38th Ave SE STRAP/ID: 41508800004 Grantor: Albert Vazquez -Fonseca Grantee: Calisha Vaughn Legal Data: Sale Date: February 03, 2022 Sale Price: $45,000 Sale Price per Sq. Ft.: $0.46 Sale Price per Acre: $19,824 Recording: I nstr.#6204925 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2517 44 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 147' x 660' 98,881 square feet, 2.270 acres Rectangular Appears level and fully wooded No None From 38th Ave SE 100% Wetlands None Adverse Apparent $45,000 Cash to Seller $0.46 $19,824 Nina Llorca-Listing Agent, 239-287-7819 Hannah Dwyer, August 09, 2022 No sales in prior 3 years. Comments: This is the sale of vacant land parcel located off the southern side of 38th Ave SE in Naples. The parcel is fully wooded with no improvements or utilities. The property was listed originally for $50,000 before selling for $45,000 after about 7 months on the market. A FDEP wetlands determination indicates this site is 100% wetlands and hydric slough soils. The property will need an ERP permit in order to develop. The listing agent stated that this was an arm's length transaction. CNA Data # 2517 45 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES COMPARABLE 2 Property Reference: Property Type: Residential Acreage Vacant Land Address: 26th Ave SE Naples, FL 34117 County: Collier Location: North side of 26t" Ave SE STRAP/ID: 41443640002 Grantor: Charles Maldonado Grantee: Buchy Investments LLC Legal Data: Sale Date: November 22, 2021 Sale Price: $40,000 Sale Price per Sq. Ft.: $0.58 Sale Price per Acre: $25,157 Recording: I nstr.#6165401 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2511 46 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 658' x 103' 69,260 square feet, 1.590 acres Rectangular Appears Level and fully wooded No None From 26th Ave SE Wetlands 100% None Adverse Apparent $40,000 Cash to Seller $0.58 $25,157 David Huff, 239-649-1990 Hannah Dwyer, August 08, 2022 No sales in prior 3 years. Comments: This is the sale of a 1.59 acre vacant land parcel located off 26th Ave SE in Naples. The parcel is fully wooded and contains no improvements. There are no utilities to the site. An FDEP wetlands map indicated this parcel is 100% wetlands and would require a ERP permit in order to develop the land. Zoning allows for low density residential and agricultural uses. The listing agent stated that this was an arm's length transaction. CNA Data # 2511 47 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES COMPARABLE 3 - v, Property Reference: Property Type: Residential Acreage Vacant Land Address: 40th Ave SE Naples, FL 34117 County: Collier Location: South side of 401" Ave SE STRAP/ID: 41660440001 Grantor: Richard M Pedigo Grantee: Coastland Homes LLC Legal Data: Sale Date: November 09, 2021 Sale Price: $33,000 Sale Price per Sq. Ft.: $0.48 Sale Price per Acre: $20,755 Recording: Instr.#6166927 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2512 48 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 105' x 659' 69,260 square feet, 1.590 acres Rectangular Appears Level and Fully Wooded No None From 40th Ave SE 100% Slough None Adverse Apparent $33,000 Cash to Seller $0.48 $20,755 Rob Goldsmith -Listing Agent, 239-292-1368 Hannah Dwyer, August 07, 2022 No sales in prior 3 years. Comments: This is the sale of a vacant land parcel located off 40th Ave SE in Naples. The parcel was originally listed for $45,000 before selling at $39,500, however, a corrected deed the dated the same day was recorded to reflect a sale price change to $33,000. An FDEP wetlands map indicated that this parcel will need a site plan to determine impacts. The soils are 100% hydric slough. Attempts to verify this transaction with the buyer or seller parties were unsuccessful and therefore we have relied on public record. CNA Data # 2512 49 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES COMPARABLE 4 Property Reference: Property Type: Residential Acreage Vacant Land Address: 38th Ave SE Naples, FL 34117 County: Collier Location: North side of 38' Ave SE STRAP/ID: 41508760005 Grantor: Norman Lee Fleet, Indv. and Trustee Grantee: Martin and Angela Rosario Legal Data: Sale Date: October 12, 2021 Sale Price: $31,900 Sale Price per Sq. Ft.: $0.46 Sale Price per Acre: $20,063 Recording: I nstr.#6144468 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2513 50 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 105' x 660' 69,260 square feet, 1.590 acres Rectangular Appears Level and Fully wooded No Cable, Phone From 38th Ave SE 100% Slough None Adverse Apparent $31,900 Cash to Seller $0.46 $20,063 David Huff -Listing Agent, 239-649-1990 Hannah Dwyer, August 08, 2022 No qualified sales in prior 3 years Comments: This is a fully wooded vacant land parcel located off 38th Ave SE in Naples. The lot of fully wooded and unimproved. There is cable and phone line available to the site. An FDEP informal wetlands determination map indicates that this parcel is 100% hydric slough soils. This was an arm's length transaction. CNA Data # 2513 51 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES COMPARABLE 5 Property Reference: Property Type: Residential Acreage Vacant Land Address: 3890 Desoto Blvd S Naples, FL 34117 County: Collier Location: East side of Desoto Blvd S STRAP/ID: 41506840008 Grantor: Juan Carlos Perez Grantee: Alejandro and Rosa Vargas, Omar De Jesus Zamora Legal Data: Sale Date: August 09, 2021 Sale Price: $30,000 Sale Price per Sq. Ft.: $0.43 Sale Price per Acre: $18,868 Recording: Instr.#6111278 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2514 52 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 105' x 679' 69,260 square feet, 1.590 acres Rectangular Appears level and fully wooded No None From Desoto Blvd S 95% Slough None Adverse apparent $30,000 Cash to Seller $0.43 $18,868 Yulian Gonzalez -Listing Agent, 239-682-6657 Hannah Dwyer, August 08, 2022 No sales in prior 3 years Comments: This is a vacant land parcel located on the east side of Desoto Blvd S in Naples. The parcel is fully wooded with ground brush covering. An FDEP wetlands map indicates this parcel is 95% hydric slough soils and 5% uplands. Zoning will allow for low density residential or agricultural use. There are no utilities available to the site. This was an arm's length transaction. CNA Data # 2514 Please note the land sale adjustment grid that follows. 53 �C L W Od U- U >O (n Z (n �d O U LL O� 0 � �O dZ O m Z >- 0 ZJ Dd OV U m W J J O U U) c U) m N L_ O 'O m 01 c N 0) y O N O a �_ O O O q m O O N O) N O O O M V O. E N (n O C J O O 7 O O V r V y O p_ O O N 0) .y N W m C O >>O O p OE o o 0 0 0 0 0 o c i6 y Co O :k O N O O O co y N 0 Cc O ❑ O> Z 0 Y O O O O O O O O N O N ❑m Z i co 3 O O EA 0) m L y E co� Efl Z �p Y T c m -� V4 rn c LL U m LL rn ❑ CC) y o M W LL c O W W co (D N ON N L 0 -0 L m O. 0) 0) N In O 7 E O J O O 7 Q N N W d L (n E o o 0 0 0 0 0 0 0 O. m _� O y N o m O Q m >>O > 0 O O O O O O O O N N L W Z 6- L O M EH N L 0 E Efl c+7 EH Z O y 1] �' O a co N c o u LL m U : m m U 0 LL E o o c ❑ O N U- W N c O W W r N 0) N c 0) O NN O 3 O 'O 3 E M p_ - O N N O O_ E 0) O Y O O O N N O) N W C L (n E o o 0 0 0 0 0 0 0 m Q m O M L O M O (n m Ef3 OW M O� Q p Z >O d O � O O O O O O O N N O� Z 6- E O EH O m L y C EA EA Z O y = O -p m o LL m U 0 Z : m 0 LL E o o c ❑ Z W L R C c c0 p N O w 0 y� v N W y In O N O O N O. O) 0) L co y O m 01 ) -p Q O O y > m O N N N O E J O M _ O O N N W c y y o o 0 0 0 0 0 0 0 ID •� (n L m �# 7 L O 7 EA L N N V Efl m O Q Z >O > aL. N } O O O O O O O O (o Z Ui E O H3 0) m y E fA Hi Z O y — N > LL LL {� Q C Z U .m-. y 0 LL >m > r W C N c O W q W o m N y c O Q m rn O O M O E mm O O 7 O W C OO Q O y E3N O CL m W Q W 0>>-0 } O N O O O O O 0 O N fH007 Nm Z W 3 N N E Z y M mZ UOLn i N Cl)m LL m 2 3 E G c U m w> LL pLL LL >� W J mu C U O m �_ 0 N c m a) m m Q Q a Q Q Q Q Q Q Q Q Q 0" OD .y W � o 0 m a 3 o p Z Z Z Z Z Z Z Z Z Z r p 0 oZ a }y N y Z Z y _T ❑ Q O Q @ m 7 LL EO L 0 y W LL O � 0) m fA y C W LL V�1 � V � L Q m y m 07 y c « £ N 0 O 3 O N u ' lL a ii +O y 7 7 N y G G 2 V Q V M O O y Q y m y E Q a` a` « .m. '6 m N N Q a C L o 0 N, 10 @ a O N fA >� 7 fl O fA T 7 d N N of W U 07 N fn 07 N fn 0) o 07 it _OI r 01 C C r C O V y d v a LO N_ N N a m y 0) a R CO N_ fN a m y 4! 0l d O 'R ;6 a a Q 07 07 a s @ 0) C1 O '• :6 C N m V d y y N OI y y C m `� V 0 y 7 O> y y y y OI C Q y Gl Gl 2 N N y p C C. y 7 y 7 T i C Q. T " C C. 0 w m m m m m m @ m c o m `o `o s O o m m E o _ o V u y d s O o m m C o _ C1 o d v> Ol C o y w a a F a IL a u� Q Q a � a � N Q a a J a J N 7 Q F a 0 ii In COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared." In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: 'An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the five sales are all "arm's length" transactions including no conditions of sale. Expenditures Immediately After Sale: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued." None of the five comparables required expenditures immediately after sale; no adjustment for this factor was required. Market Conditions: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time." The sales transactions occurred between August 2021 (Sale 5) and February 2022 (Sale One). Realtors familiar with this market area confirmed that both land and improved property values had been increasing, especially in the subjects immediate neighborhood, but have leveled off in recent months. Sales Two through Five occurred 6 months or longer ago from the date of value and M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES therefore a market conditions adjustment of 8% was applied to these sales. Sale One occurred 6 months ago and did not require an adjustment in this category. Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, utilities, access and site condition. The analyst will utilize a quantitative procedure by considering percentage adjustments for physical differences in the sales properties when compared to the subject. These adjustments will be made on a percentage basis with a net adjustment being calculated and this being multiplied by the value per square foot to arrive at an adjusted value per square foot. Location Adjustment: The subject property is located along the east side of Desoto Blvd S in Naples. All of the sales are located within the same immediate neighborhood as the subject and in close proximity. None of the sales required an adjustment in this category. Size: The subject property contains 1.64 acres or 71,438 square feet. Sale One required an upward adjustment for being bigger (inferior) at 2.27 acres, as bigger properties tend to sell for less per square foot. Sales Two through Five received a downward adjustment of 5% for being slightly smaller than the subject at 1.59 acres each. Land Use Classification: The subject property has a land use classification of Estates Designation. All of the sales have the same land use designation as the subject and did not require an adjustment. Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have the same zoning as the subject and did not require an adjustment. Utilities: The subject site currently has no utilities. This is the same for all of the comparables aside from Sale Four which has cable and phone available. However, this does not warrant an adjustment and therefore none of the comparable sales were adjusted for this factor. Access: The subject property is accessible from frontage along Desoto Blvd S. All of the sales are considered similar to the subject with access through frontage along nearby roadways. Topography/Site Condition: The subject is vacant, fully wooded with ground brush covering. All of the sales are considered similar to the subject in this category. 56 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Wetlands: The subject is 100% Hydric Slough and Depressional soils. Sales Three, Four and Five are considered similar to the subject in this category. Sales One and Two have been designated 100% wetlands and received an upwards adjustment of 5% Permit Required: The subject is 100% freshwater forested wetlands with an FDEP wetlands determination map also indicating the site is 100% slough and depressional soils. Sales One and Two are required to obtain a permit and the remaining sales are undetermined. No adjustments were made in this category due to the subject not having any indicated upland soils to develop on which is the same for the comparables. Land Sales Discussion: Following will be a brief discussion of each of the five sales utilized in this analysis to estimate the market value for the subject property. Land Sale One is the February 3, 2022 purchase of the vacant site located off 38nd Ave SE, Naples, Florida. The site contains 2.27 acres and was acquired for $45,000 or $0.46 per square foot. Overall, this sale is rated slightly inferior to the subject due to its larger size. The final adjusted price for this sale is $0.57 per square foot. Land Sale Two is the November22, 2021 purchase of the vacant site located off 261h Ave SE in Naples, Florida. The site contains 1.59 acres and was acquired for $40,000 or $0.58 per square foot. Overall, this sale is rated similar to the subject. The final adjusted price for this sale is $0.61 per square foot Land Sale Three is the November 9, 2021 purchase of the vacant site located off 40th Ave SE in Naples, Florida. The site contains 1.59 acres and was acquired for $33,000 or $0.48 per square foot. Overall, this sale is rated as similar to the subject. The final adjusted price for this sale is $0.48 per square foot. Land Sale Four is the October 12, 2021 purchase of the vacant site located off 38th Ave SE in Naples, Florida. The site contains 1.59 acres and was acquired for $31,900 or $0.46 per square foot. Overall, this sale is rated similar to the subject. The final adjusted price for this sale is $0.47 per square foot. Land Sale Five is the August 9, 2021 purchase of the vacant site located at 3890 Desoto Blvd S in Naples, Florida. The site contains 1.59 acres and was acquired for $30,000 or $0.43 per square foot. Overall, this sale is rated as similar to the subject. The final adjusted price for this sale is $0.44 per square foot. 57 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Please note the statistical data from the final adjusted sale prices presented below. Reconciliation of Sales Comparison Approach Range of Values Adj. Sales Price Per SF Maximum $0.61 Minimum $0.44 Mean $0.51 Median $0.48 Final Per Sq. Ft. Estimate $0.55 Final Analysis: Five sales were utilized in the analysis process. The value indicators show an adjusted range from a low of $0.44 per square foot (Sale Five) to a high of $0.61 per square foot (Sale Two). The mean and median value indications are $0.51 and $0.48 per square foot, respectively. No one sale is considered most similar to the subject and as such all of the sales are good representations of vacant land in the subject market. Sale One is the most recent sale, and Sale Five is the oldest. All five sales are of the same, topography, zoning and land use classification. Sale One was adjusted upward for inferior size (bigger) and wetlands determination while Sale Two was adjusted downwards for superior size (smaller) and adjusted upwards for wetlands determination. The remaining sales were adjusted downward for smaller size. All of the comparable sales are in close proximity to the subject. The five sales utilized in this report were considered the best available for comparison purposes. Based on all the preceding information it is our opinion the subject property warrants a value of $0.55 per square foot which slightly above the mean -median values indicated above. Multiplying this by the 71,438 square feet contained within the subject site provides a value indication of $39,291 or $39,000 rounded. 58 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Section 6 - Reconciliation of Value Summary of Value Conclusions "As -Is" Cost Approach Income Approach Sales Comparison Approach Not Applied Not Applied $39,000 The Cost Approach is based upon the principle of substitution, which states that a prudent purchaser would not pay more for a property than the amount required to purchase a similar site and construct similar improvements without undue delay, producing a property of equal desirability and utility. Since there are no improvements to consider, the cost approach was not used in this appraisal. The Income Approach compares rentals of similar properties to the subject. The derived market rental rates are capitalized at a rate which considers available market financing and investor equity return requirements. Vacant land is typically not purchased for its ability to generate a positive cash stream. Therefore, the income approach was not used in this appraisal. The Sales Comparison Approach references sales of similar properties located in competitive areas in the market area as researched. The five sales analyzed provide a range of value indications which supports the final value conclusion. The sales utilized in this analysis provide a range of actual purchase prices for properties considered to be similar to the subject. The appraiser properly considered each of the sales studied and analyzed each of these properties in relationship to the subject in order to arrive at a value estimate for the subject property. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted a market value in its "as is" condition in fee simple ownership on August 1, 2022 of: THIRTY-NINE THOUSAND DOLLARS....................................................................... ($39,000.00). Respectfully submitted, ;��r)71� Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 59 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Section 7 - Certification and Limiting Conditions Certification of Michael Jonas, MAI, AI-GRS, CCIM I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • 1 have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • Michael Jonas has completed the requirements of the continuing education program of the Appraisal Institute. • Michael Jonas has made an inspection of the property that is the subject of this report. • Hannah Dwyer, State -Registered Appraiser Trainee R125089, contributed to the development of the appraisal report in the form of 45 hours. No additional persons contributed significant real property appraisal assistance to the signors of this report. • Michael Jonas has extensive experience in the appraisal/review of similar property types. 60 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES • Michael Jonas is currently certified in the state where the subject is located and has completed the continuing education requirements set forth with the State of Florida. Certification is current until November 30, 2022. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. • Michael Jonas has not previously appraised the subject property; nor has he performed any other services related to the subject property in the past three years. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted a market value in its "as is" condition in fee simple ownership on August 1, 2022 of: THIRTY-NINE THOUSAND DOLLARS....................................................................... ($39,000.00). Respectfully submitted, CARLSON, NORRIS & ASSOCIATES Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 61 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal, and are invalid if so used. 62 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES A report related to an estate that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest, plus the value of all other fractional interests, may or may not equal the value of the entire fee simple estate considered as a whole. A report relating to the geographic portion of a larger property applies only to such geographic portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographic portions, plus the value of all other geographic portions, may or may not equal the value of the entire property or tract considered as a single entity. All valuations in the report are applicable only under the estimated program of the highest and best use and are not necessarily appropriate under other programs of use. Auxiliary and Related Studies: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or conclusions upon any subsequent study or analysis or previous study or analysis that subsequently becomes available to us. Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as of the date of value estimate. Inclusions: Furnishings and equipment or business operations, except as otherwise specifically indicated, have been disregarded, with only the real estate being considered. Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off -site improvements proposed, if any, as well as any repairs required, are considered to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. The estimate of value, as proposed, is as of the date shown, as if completed and operating at levels shown and projected. Value Change, Dynamic Market Influences: The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property both physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretation of income and yields and other factors which were derived from general and specific market information. Such estimates are made as of the date of the estimate of value. As a result, they are subject to change, as the market is dynamic and may naturally change over time. The date upon which the value estimate applies is only as of the date of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein. An appraisal is the product of a professionally trained person, but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based 63 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best estimate as of the date of valuation. There are no guaranties, either written or implied, that the property would sell for the expressed estimate of value. Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to the subject property. No title search has been made, and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any information given by the appraiser as to a sales history is information that the appraiser has researched; to the best of my knowledge, this information is accurate, but not warranted. Management of the Property: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised. Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this report and analytical findings or conclusions, or give a copy of this report to anyone other than the client or his designee, as specified in writing, except as may be required by the Appraisal Institute, as they may request in confidence for ethic enforcement, or by a court of law with the power of subpoena. All conclusions and opinions concerning the analyses as set forth herein are prepared by the appraisers whose signatures appear. No change of any item in the report shall be made by anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is made. Whenever our opinion herein with respect to the existence or absence of fact is qualified by the phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate that, during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use whatsoever. Neither our name nor this report may be used in connection with any financing plans which would be classified as a public offering under State or Federal Security Laws. Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof, does not carry with it the right of publication, nor may it be used for other than its intended use. The physical report remains the property of the firm for the use of the client, with the fee being for the analytical services only. This report may not be used for any purpose by any person or corporation other than the client or the party to whom the report is addressed. Additional copies may not be made without the written consent of an officer of the firm, and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations effort, news, sales or other media without my prior written consent and approval of the client. It has been assumed that the client or representative thereof, if soliciting funds for his project, has furnished to the user of this report complete plans, specifications, surveys and photographs of land and improvements, along with all other information which might be deemed necessary to correctly analyze and appraise the subject property. 64 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized and may have been altered and, therefore, is considered invalid. Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of the report. The appraisers or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part, nor will they be asked or required to engage in post appraisal consultation with client or third parties except under separate and special arrangement and at an additional fee. Any subsequent copies of this appraisal report will be furnished on a cost-plus expenses' basis, to be negotiated at the time of request. Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the physical report. The acceptance of the report by the client takes with it the agreement and acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or written. The fee is in no way contingent on the value estimated. Special Limiting Conditions: The Americans with Disabilities Act became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable barrier removable construction items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the A.D.A. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance with one or more of the requirements of the A.D.A.; If so, this fact could have a negative effect on the value estimated herein. Since Carlson, Norris and Associates has no specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of any possible noncompliance with the requirements of the A.D.A. was not considered in estimating the value of the subject property. This analysis is made in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute. Extraordinary Assumption is defined as: "An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property, or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis." An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions. • The appraiser has a reasonable basis for the extraordinary assumption. • Use of the extraordinary assumption results in a credible analysis; and 65 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Please note the following extraordinary assumptions: • A soil analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils, and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions, and would recommend that an expert be consulted. • It is assumed that there are no hazardous materials either at ground level or subsurface. None were noted during the property inspection. The analyst is not an expert in the evaluation of site contamination, and would recommend that an expert be consulted. • The appraisers were not provided with a survey of the subject parcel. We relied on the information found on the Collier County Property Appraiser's website. It is assumed the subject's land size noted is accurate. 66 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES Section 8 - Addenda 67 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES SUBJECT QUIT CLAIM DEED **� INSTR SW5315 OR 5016 FG 481 RECORQEU 7f912014 2:GA Pm FAGEs I *r<a CWX[i r E- RROCK, ec 3CLERK 4F THE CIRCUIT COURT, COLLIER COUNTY FLORI OA ac@, o70 f0-%6 +s14-U4 cans 114.40 611RGW ■ nrra 1r5�}I'Vlelf�f'�I�IrC— Crt� 1 ra¢A■ W ilxls LIJE hh rr.006f IXG nxTa '04iy; QWt gla4m RU4, ERttarrdrkr-2'i �p flnrpdrry,m L 1 w,}bre port �n edff xg to — serandparry � jfJI �J �76cai mr.,....ra ar.a,r�n..: r..�r.,5 waw r•rrw .�,�. n,�..,�..a�w.r..w w. .an..i.i-r..a .d ,.. r.rcwq„ynri•rNmpa'+na+r w,■�rL monndnuorap.r�i ^a'••9Y rr rrwvlrm rW �i1nr►srll�,TS�rlhrfIrs,{//�,ar{y, fPfmidlR eoRrjderprfoR Of tlrc sum afS �•�L� do hold paid by the read sedO-dl-540e rmfpr wbrreof it hereby wk...4dzM. dote hereby rrm+u, ref um, end gnir elaiaa unen rhr "`rind pMyy Jnreva+. a!f rht rrglr, rirfe, d iensr, e,'W gad dgmatd `rhrrk nor raid flew F—ty rant !a deed ra rile f.ffv W dig dhrribed dot. pf ftV or pdrrt! of f nd rifmrr, tyfoq geed bring 0 the Cdwoey yf r .Srarrof ea•Wtr; 7—R, f+/srx%iti Itr',c' T- tr f~ -77 rd.T.iJfra�1rt/x�f�5�'rs} Y'O �7^^ s ! -re e — f )A3ovY. �c3 i1J<& R�ea�S r +� JF . i�iO ��afft nysL 3v �aia 7hr {aloe {vXerhtr xrerh at! artd a�rt�gtdr rhr apparer,relnrrr rhrrraara h+lvnPtng or !a anrr'!re app{rrdjrytltg, deed at! eAe trWrt, rlbh{ eir2r, inr'rrd( t! rgriry geed f.;Pfra 4rtmlrarvrr of flit laid freer pixy, rithrrire I... or ep"ry fa eke gory Freperise, hrarff and$d gfPf ehr raid'c4w d pdrry farrrrr- ,�rl �M#news 3V1ltrt8f, rhr Rad frrar parry hpa Tagged mod Ieand){htre pmi—rr rhr doy and lrar fen ab.- Wiwi[ R. S 5ipiord, e[aftd gird drfirrndrnr Ienrr oj.. nl.re h.r , rY.enlr naN 9Yvleri r wynrrled. i..rca,e.� ■.b ph _ t2 ��7147R rla� rfps7Q� .y.,Lrlpew ix�■C.o,..r.lr.v7 fauaR.. apr,a, STAIM OF to GIP, [ee tr[kaolr+halmnHary,Minnwr-■■arGnrdlyawha.laed to arhkfeernuhr {rid tide arLnarlhb,,.snls. perwntlly apteanrd F yr i kno.nio.e.ekic }S'AgntlesMl■ed ie and.ho rexwed tit F a+aClerni inar,enenr, �estsPr4etlyttl rtra,c nr Ihar th—,,f the rag- rd as �,Ih was nw akin. gcma peeauraa idan peasorally Laaan Iv me. a said pera -bP P—ldm iNr Fy calla -in{ bye of lmnllnoiian: 3a rwrxlrr rltee,cu a.urteni Yldl— ay hrn0y�ad afhclelseu in Lk. C—.4 and s,,k h3�l ak�n/r�w a � WM7tlK}�L9011 nfir '� Lr di �;I. re ll ,1 NY{TME559XrFFPr�: rye Ifllf -J E%a%�e€F+rn+r!'7F>N'e r w • ErdU ra.Nl6r, a/�{a..rn rw.T sla°■`. F. 68 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES FDEP Informal Wetland Determination Map luo 5 12, 21 3. _77, .. -1 Fl , - r @ 1121 ' 2 " -18 1' 52 � 78 SUBJECT Ik J ■ 2 ■ 4 /� . I . A ' ' !16 :A , 331' �y ! - r A/• - FdEP Informal Wetland oeeaminotlona Gr�7 1'II7. 4• 3 F 4 i•8 eels end 1 or Fbld C—fi ane Indicate Uplands 1 Oa W aed + or Field Condillah& ntliE ata 5{[e plan Is Needed to DaIBI mine ImpBCL9 ' �J t Oat, and!or Field G-11 lane Indicale Welland& and Nrmlt Mecessary 144 Data and t yr Fiem CandHlons Indlcale nitchea and Parma Necessary •� � � � i ]-he "Dale rminatlons" on lhia Tigure era Nam Inlarmat pra ppllmtlon v¢ = 6A 7A t wetl,nddetennini tlans pureua nt to 5ectioa 373.@1te). F 3-, ade - 61-111.00017},F.A-t:.Itdo—not ai nd the Dep.hmeal, its Y.M.a qw.1 or amployees, not does it coney sw bpgal riglhu. expnrssed or I i implied. Sf�-- i Hoes N d is Soil, Modal {{ 42N Ej,- i I nnj{ slough sio-el ao�r Ar aa+wn �e.rE�� sa 1 1 4� slough ryepwe rr..s & �w.re w�i•,q...�,i 1 I _ ..�. .-.- _ ._ ... _ f... 1 9 .n.m�nvCmir py�lelpq.rluecnrei roev ores!�eees _J....�_...., ..,. .,,. at aasP+o..rw m...w,.r wkccm 69 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES NATIONAL WETLANDS MAP _ L' "U.S. Fish and Wildlife Service National Wetlands Inventorywetlands Au list J, 2022 This —p is for gene 1 reference orgy. TT,e US Fish and Mica fe g Service is not respmswle fwthe at—acy or —lees of the w�aanas base data ahown on [his map-Adl wetlands related data shcWd Freshwater Emergent Wetl and Lake be used in &—dance with the layer n Leda i found an the 44eflends Mapper web site. Estuarine and Marine Deepwater . Freshwater ForestedlShrub Wetland ❑ 0ther ❑ Estuarine and Marine Wetland Freshwater Pond Riverine 4126 � I WM ISMS M—Iay INWI] TTis pe¢wa M.&-d by he NYVI mapper 70 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES USDA SOIL MAP rr9�n W ere�r 4iL�7 XN93N � � �L :aXtl: Map Unit Legend Sail Map --Collier County Area, Florida C wl]P .49W 4mm Ww s R 44M 448M 4am P80 4.M x� sin R 3P T3ZN wLla] x.�w m�'C efBsi• bfPHw Map Unit Symbol Map Unli Nam@ Acres In AOI Parcani of A01 143 Cypress Lake -Riviera- 0.5 29.0% Copeland fine sands, frequently paneled -Urban land association, 0 to i percent slopes 111 Brynwood-Cypress Lake fine 1.1 71_0% sands -Urban land association, 0 to 2 percent slopes Totals for Area of Iritarest f .6 j 100.0% 71 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES FLOOD MAP National Flood Hazard Layer FIRMette FEMA 0 250 S00 1,000 1500 2000 I,u,uuu 8asamapf GSGS Na7dnal Map: Orfhdlmagary.• Data Wfi ashdd Gc&fb it 2020 Legend ��W Ilbwd base F7ooA Flet®uen (9FE] Zw�rR 4. A39 SPECIAL FLOOD Willi EWE er Depm mne ale Alf.�ua re. ae HAZARD AREAS RegutatAty Roedlray 0.2% Annuat Chance Flood Heaerd. Vass of 1%annual chanoe flood with average Oeptn less [hen oFle foot W loth square areas of less than one square mile 2, Nture Condlhons 1%Alwtal `� Chance Flood Hazard —� Area Win Reduced Flees Risk due to OTHER AREAS OF Lem' See HeI-' - - FLOOD HAZARD Area wI,h Flood Rls tl- 0 Levee-- � H Aea of MI ltlmal Rood Hazard =. . Eitfive WMAa OTHER AREAS Area of undelnmwed Flood Harare GENERAL — --' Channel. Mu - or Slom n Sewer STRUCTURES i t l l t t Levee. Dike. or Flootlwalt 2 Crass Seellols myth 1%Annual Chanoe Watem 5umface Elevaitun — — Coealal Transect ^-- H—e flood Elerallon Ule 18FE1 umtt m Stud' jM15"'41- B.lndk rg —••— Coaslal Trans baseline OTHER _ Phni le baseline FEATURE` H]Orpgfa9lMc Mail— wgrcal Data Arallabie K. Ro Dlgllal Calla Avalt e MAP PANELS unmapped The pin Olsp]ayed pn the mep Ic an apprexlmate print selected by t.e-er and does nni represent art euM.tlaLve property I..13oeL TIYs map epmplles with FEMAs standards for toe lse of dlgyfal Hood maps H n is nptww as desn♦De6 below. Tie basentap shown camplles loth FEMAs Lasm eep attuecy standards The flood hazard informelbn M dedvetl dHe Tlyr Me aumprllative NFHIL wgs e"i-lopmpNded by FEMA m"s map exponetl an 8'3 2622 at 5.25 PM and [Imdoes not en tebangeaoe r;;ndmenlssubsequeni foals date and e. The NFHL and etteclhre Information may dwtge or become superseded by new data over I. — TM map Image Is veld II tin one or mote Mthe loilowing imp element ido not appear- basemap Imagery, flood zone la . legend. scale"' cale Let_ map creation community idewle- FIRM panel -,I,,and FIRM ett Ive date Map Images for mapped m add unpdemzed area ls canhet be HH used egulatory purposes. 72 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES APPRAISER LICENSE License of Michael P. Jonas, MAI, AI-GRS, CCIM Ran Gesartis, Gwerrw dbiar STATE OF F LORI DA # r. DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Halsey 9e4xxs S.eortry FLORIDA REAL MATE APPRAISAL BD THE CERTIFIED GENERALAPPRAkSER HERE] N15 CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLOTUDA STATUTES 1919 COURTNEY DRIVE STE 14 , fin' l -:FORT MYERS --- — FL 34109 i * r* EXPIRATION DATE P1`DVENE ER 30, 2022 Nwa}T verify licenses online at MyFloridal-icense.corn Do not alter this document in any form. This is your license_ lit is unlawful for anyon-e other than the licensee to use this document. 73 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES QUALIFICATIONS OF MICHAEL P. JOHAS, MAI. AI-GRS. CCIM STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623 EDUCATION: University of Central Florida - 1999 BSBA — Finance PROFESSIONAL EDUCATION: Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020 Appraisal Institute: 2018 Legislative VALUEvent , 2C16 Appraisal Institute: Advanced Income Capitalization, 2003 Appraisal Institute: Advancing the Appraisal Profession, 2019 Appraisal Institute: Analyzing Distressed Real Estate, 2007 Appraisal Institute: Appraisal Laws and Rules, 2000, 2002, 2004, 2020 Appraisal Institute: Appraisal Report Writing, 2005 Appraisal Institute: Artificial Intelligence, AVMS, 2019 Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020 Appraisal Institute: Desktop Appraisals 2020 Appraisal Institute: FL State Lawfor Real Estate Appraisers, 2004 Appraisal Institute: Florida Appraisal Laws and Rules, 2012, 2014, 2016 Appraisal Institute: Florida Real Estate Valuation, 2011 Appraisal Institute= Florida State Law for Real Estate Appraisers, 2006 Appraisal Institute= Fundamentals of Separating Real Estate, 2012 Appraisal Institute: Insurance Appraisal, 2011 Appraisal Institute: National US PAP Update Course, 2000, 2002, 2004, 2008, 2008, 201C, 2012 Appraisal Institute: Real Estate Damages, 2011 Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007 Appraisal Institute: Review Theory— General, 2014 Appraisal Institute: Roles]ResponsibilitiesSupervisor/Trainee. 2006, 2009 Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008, 2012, 2014, 2016 Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012 Appraisal Institute: The Appraiser as an Expert Witness, 2C16 Appraisal Institute: Trial Components, 2018 Appraisal Institute: Uniform Appraisal Standards for Federal, 2007 Bert Rodgers: Continuing Education, 2004 Bert Rogers: Real Estate CE, 2006 Bob Hogue: GE for Florida Real Estate Professionals, 2016 CCIM Institute: Financial Analysis Commercial Investment, 2008 CCIM Institute: Financial Analysis for Commercial, 2008 CCIM Institute: Investment Analysis Commercial Investment, 2009 CCIM Institute: Investment Analysis Commercial, 2009 CCIM Institute: Market Analysis Commercial Investment, 2008 CCIM Institute: User Decision Analysis Commercial Industrial, 2009 CLE International: Eminent Domain, 2006 Cooke: CE for Real Estate Professionals, 2015 DPBR: FREAB Board Meeting, 2007 FREE Board Meeting, 2007 Larson Educational Services: Core Law, 2010 M cKi ssock: S upervi sor —Tra inee Course for Florida, 2019 74 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES NABOR Ethics Training: 2004, 2008, 2012, 2016 Southern Real Estate Academy: Broker License, 2DD7 Trans Equity Inc: Care Law, 2012 EXPERIENCE: 1999-200D Clayton, Roper 8, Marshall Orlando, FL 2000 —2001 Chapman 8, Associates Sarasota, FL 2001 —2008 Coast Engineering Consultants, Inc Naples, FL 2008 — 2009 Orion Bank. Naples, FL 20D9-2D11 Iberia Bank Naples, FL 2011 —2014 Integra Realty Resources Naples, FL 2014 — 2016 Capstone Valuation Advisors, LLC Naples, FL 2016-2D19 MPJ Real Estate Services, Inc_ Naples, FL 2019 — Present Carlson, Norris 8, Associates Fort Myers 8. Naples, FL PROFESSIONAL MEMBERSHIP: Appraisal Institute, Member (MAI f AI-GRB) No_ 124H Certified Commercial Investment Member, CCIM No. 18275 Certification, State Certified General Appraiser RZ2623 Member, Naples Area Board of Realtors State of Florida, Registered Real Estate Broker BK700992 Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial buildings, warehouses. mobile home parks, professional offioes, medical offices, ofFceANarehouse condominiums, single family homes, duplexes, apartment projects, individual condominium projects, residential lots, acreage, wetlands, special use properties, ranches, conservation easements hotels, marinas, mixed -use subdivisions, regional malls, gas stations, self --storage facilities and eminent domain eases_ Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders, developers, mortgage companies, insurance companies, home transfer companies, private individuals, and local, state and federal government agencies_ Qualified as an expertwitness in Monroe and Collier County Circuit Court_ 75 RKL APPRAISAL AND CON SUITING REAL ESTATE APPRAISAL REPORT WINCHESTER HEAD Residential Land Generally within Golden Gate Estates Unit 65 Naples, Collier County, Florida, 34120 ACHEL M. ZUCCH1, MAI, CCIM C. LOWRY, MAI, CPA OUIS C. BOBBITT, MAI PREPARED FOR: Mr. Roosevelt Leonard, RAV-AC Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Client File: PO Number 4500216604 EFFECTIVE DATE OF THE APPRAISAL: August 13, 2022 DATE OF THE REPORT: August 20, 2022 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2022-196 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com 0.5 Miles Subject Parcels Winchester Head Generally within Golden Gate Estates Unit 65 Naples, Florida RKL APPRAISAL AND CONSUMNG August 20, 2022 Mr. Roosevelt Leonard, R/W-AC Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Winchester Head Generally within Golden Gate Estates Unit 65, Naples, Collier County, Florida, 34120 Client File: PO Number 4500216604 RKL File Number: 2022-196 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value on a price per acre basis within the area identified as Winchester Head. Tier values are developed consisting of. up to 25% wetlands; 26-50% wetlands; 51-75% wetlands; and 76-100% wetlands. The intended users for the assignment are Collier County Real Property Management (Conservation Collier Program), and the intended use of the appraisal is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject market area is identified by Conservation Collier as Winchester Head. The Winchester Head targeted area contains 45 parcels totaling 62.14 acres within Golden Gate Estates Unit 65. The per acre values reported in this market study will be offered to property owners with 1.0 to 3.0 acre parcels. The market area is designated as wetlands on the FDEP Informal Wetland Determinations March 2016 map and is located within the Estates zoning designation which allows for low density residential development with limited aizricultural uses. kCH.ELM. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 LowRY, MAI, CPA Phone: 239-596-0800 OUIS C. BOBBITT, MAI www.rklac.com Mr. Roosevelt Leonard, R/W-AC Collier County August 20, 2022 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): Appraisal Premise Market Value, As Is VALUE CONCLUSIONS Interest Appraised Fee Simple Date of Value August 13, 2022 Area Winchester Head Typical Parcel Size Indicated Value per Acre 0 - 25% wetlands 1.0-3.0acres $55,000 26 - 50% wetlands $42,500 51 - 75% wetlands $30,000 76 - 100% wetlands $25,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Ass um tions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI. CPA Phone: 239-596-0800 OUIS C. BOBBITT, MAI www.rklac.com WINCHESTER HEAD TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... 1 Introduction Information..................................................................................................... 2 Subject Identification...................................................................................................... 2 Current Ownership and Property History....................................................................... 2 AppraisalScope.............................................................................................................. 2 Client, Intended User, and Intended Use........................................................................ 3 Definition of Market Value............................................................................................. 3 Definition of Property Rights Appraised........................................................................ 3 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 3 Scopeof Work................................................................................................................ 4 EconomicAnalysis............................................................................................................. 5 National Economic Analysis........................................................................................... 5 Florida Economic Analysis............................................................................................. 8 Collier County Area Analysis......................................................................................... 9 Property Description and Analysis................................................................................... 25 SiteAnalysis................................................................................................................. 25 Highestand Best Use.................................................................................................... 36 ValuationMethodology.................................................................................................... 38 AnalysesApplied.......................................................................................................... 39 Sales Comparison Approach — Winchester Head Wetlands ......................................... 40 Sales Comparison Approach — Winchester Head Uplands ........................................... 47 Reconciliation............................................................................................................... 52 Final Value Conclusion................................................................................................. 52 Certification...................................................................................................................... 53 Assumptions and Limiting Conditions............................................................................. 55 Addenda Appraiser Qualifications.......................................................................................Addendum A Property Information............................................................................................ Addendum B Comparable Data.................................................................................................. Addendum C WINCHESTER HEAD SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Winchester Head Generally within Golden Gate Estates Unit 65, Naples, Collier County, Florida, 34120 Owner: Multiple Legal Description: Multiple parcels generally located within Golden Gate Estate Unit 65 Tax Identification: Multiple parcels generally located within Golden Gate Estates Unit 65 Intended Use: The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. Intended User(s): Collier County Real Property Management (Conservation Collier Program) PROPERTY Market Areas Parcel ID Gross Land Area Typical Parcel Size Zoning FDEP Informal Wetland (Acres) (Acres) Determination Winchester Head 62.14 1.14 - 2.73 E - Estates 0% to 100% Wetlands Highest and Best Use As Vacant Conservation and/or single-family development Exposure Time 12 months Marketing Period 12 months VALUE INDICATIONS Effective Date(s) August 13, 2022 Property Rights Fee Simple Area Winchester Head Typical Parcel Size 1.0 - 3.0 acres Indicated Value per Acre 0 - 25% wetlands $55,000 26 - 50% wetlands $42,500 51 - 75% wetlands $30,000 76 - 100% wetlands $25,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Ass um tions: None. Page 1 WINCHESTER HEAD INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Winchester Head Generally within Golden Gate Estates Unit 65, Naples, Collier County, Florida, 34120 Legal Description: Multiple parcels generally located within Golden Gate Estate Unit 65 Tax Identification: Multiple parcels generally located within Golden Gate Estates Unit 65 The subject market area is identified by Conservation Collier as Winchester Head. The Winchester Head targeted area contains 45 parcels totaling 62.14 acres within Golden Gate Estates Unit 65. The per acre values reported in this market study will be offered to property owners with 1.0 to 3.0 acre parcels. The market area is designated as wetlands on the FDEP Informal Wetland Determinations March 2016 map and is located within the Estates zoning designation which allows for low density residential development with limited agricultural uses. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner There are multiple owners. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. Page 2 WINCHESTER HEAD INTRODUCTION INFORMATION CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Real Property Management (Conservation Collier Program). The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value on a price per acre basis within the area identified as Winchester Head. Tier values are developed consisting of: up to 25% wetlands; 26-50% wetlands; 51-75% wetlands; and 76-100% wetlands. The effective date of the subject appraisal is August 13, 2022. The date of inspection was August 13, 2022. The date of the report is August 20, 2022. Page 3 WINCHESTER HEAD INTRODUCTION INFORMATION SCOPE OF WORK The problem to be solved is to estimate the market value on a price per acre basis within the area identified as Winchester Head. Tier values are developed consisting of. up to 25% wetlands; 26-50% wetlands; 51-75% wetlands; and 76-100% wetlands. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject area is identified generally as the wetland parcels within Winchester Head. An aerial shows the approximate border of Winchester Head. Inspection: A limited on site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Anal Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 4 WINCHESTER HEAD NATIONAL ECONOMIC ANALYSIS ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on July 27, 2022. Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. Russia's war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage -backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of June 2022. Real GDP is projected to grow at a rate of 1.7% in 2022, a decline from the previous March projection of 2.8%. The unemployment projection for 2022 increased from 3.5% to 3.7%. The Core PCE inflation projection was increased to 4.3% in 2022. Page 5 WINCHESTER HEAD NATIONAL ECONOMIC ANALYSIS Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, under their individual assumptions of projected appropriate monetary policy, June 2022 P-t. Median' Central Tendency= Rx ,6 3 Variable 2022 202:3 2024 Longer 21Yd2 1 2023 2024 Longer 2022 2023 2024 Lori r run nm Mn Change. in mal GDP 1.7 1-7 1-9 1-8 15-1.9 1-3-2.0 1-5-2-0 1&-2-0 10-2.0 0-8-2-5 10-22 1-6-22 March projection 2.8 2.2 2.0 1.8 2.5-3.0 2.1-2.5 1.8-2.0 ' 1.8-2.0 2.13.3 2.0-2.9 1.5-2.5 1.6-2.2 unewpluyr-A rate 3.7 3.9 4.1 4.0 3.6 3.8 3.8 4.1 3.9 4.1 3.5 4.2 3.2 4.0 3.2 4.5 3.2 4.3 3.5 4.3 March projrction 3-5 3-5 3-6 4.0 3-4-3-6 3-" 6 3 2-3-7 3-5-42 3-" 0 3-1-4 0 3-1-4 0 3-54 3 PCP, inti ti- 5.2 2.6 2.2 2.0 5.05.3 2-4-3-0 2.0-2.5 2.0 4-"-2 23-4.0 2.0-3.0 2.0 March projection 4.3 2.7 3.3 2.0 4.1-4.7 2.3-3.0 2.1-2.4 3.0 3.7 5.5 2.".5 2A"A 2.0 Core PCE lullatia 4 4.3 2.7 2.3 4.2 4.5 2.5 12 2.1 2.5 4.1 5.0 2.5 3.5 2.0 2.8 March prnjrloon 4.1 2.6 2.3 3_9--4.4 2.43.0 2.12.4 3.6-4-5 2.1-3.5 2.0-3.0 Menu: P iecied appropriate policy path R,icral funds rate 34 3-8 34 2.5 3-13_B 3-B-41 29-3-6 � 2-3-2.5 3-1-3-9 2.9-4-4 2.1-41 2.0-3-0 March projection 1.9 2.8 2.8 2.4 1.12.4 2.4-3.1 2.4-3.4 P 2.3-2.5 1.4 3.1 2.13.6 2.13.6 2.0-3.0 According to Freddie Mac Chief Economist Sam Khater, despite some obvious headwinds, the housing market remains strong as the economy grows. "Even as mortgage rates are expected to increase and home prices continue to rise, homebuyer demand remains steady as inventory issues have slightly improved. According to a January Washington Post article, the story of 2021 was how quickly home prices accelerated. The national median home price hit $362,800 in June, an all-time high, according to the National Association of Realtors. The Case-Shiller home price index peaked in August, when prices rose 19.8 percent year -over -year that month. The housing market was doing well at the turn of the year and may normalize, said Lawrence Yun, chief economist at the National Association of Realtors, a trade association for real estate agents. "All markets are seeing strong conditions, and home sales are the best they have been in 15 years," Yun said. "The housing sector's success will continue, but I don't expect 2022's performance to exceed 2021's." He said sales may decline this year but predicts that they will exceed pre -pandemic levels. His forecast is based on an expectation of more inventory in the coming months. The increased supply will be generated, in part, from new housing construction as well as from the end of forbearance for struggling mortgage payers, a situation that will cause some homeowners to sell. According to the National Association of Real Estate Investment Trusts' (NAREIT) 2022 Outlook, 2022 is likely to see significant further improvement in overall economic conditions, with rising GDP, job growth, and higher incomes, in a supportive financial market environment where inflation pressures gradually subside and long-term interest rates remain well below their historical norms. The emergence of the new Omicron variant of COVID-19 in late November 2021 serves as a reminder that the threat of new waves of infection looms over all aspects of the global economy. Increasing vaccination rates and natural immunity due to prior infection may help contain these risks. Some sectors remain below pre -pandemic levels, including lodging/resorts, office, diversified, and health care REITs. Other sectors, however, have had double-digit returns. Some sectors have delivered exceptional returns, including industrial REITs, with total returns of 57% through November 2021, and self -storage REITs-which have had a surge of demand due to strong housing markets and home sales, plus additional need for space during the pandemic -with investment returns exceeding 70%. Macroeconomic fundamentals are sound, and except for a few significant obstacles in the near term, Page 6 WINCHESTER HEAD NATIONAL ECONOMIC ANALYSIS growth is likely to continue at above -trend pace in 2022. Job growth has been impressive, averaging 555,000 per month in 2021 through November, reducing the unemployment rate to 4.2%. With total payroll employment still 7 million below the pre -pandemic trend, the job market and the overall economy have considerable running room ahead. The 2022 CBRE U.S. Real Estate Market Outlook projects a positive outlook for the economy and commercial real estate in 2022, despite uncertainty over potential impacts of the COVID omicron variant and other risks. There may be other bumps along the way, notably from the ripple effects of an economic slowdown in China and rising oil prices, but the factors that held back growth in 2021—labor shortages, supply disruptions, inflation and other COVID variants —will ease. Monetary policy will tighten to keep longer -term inflation pressures in check, which may trigger some short -run volatility in the stock market, but it will not be enough to dampen investor demand for real estate. CBRE projects a record year for commercial real estate investment, enabled by high levels of low-cost debt availability and new players drawn to real estate debt's attractive risk -adjusted returns. Commercial real estate values will rise, particularly for sought-after industrial and multifamily assets. Investors will sharpen their focus on emerging opportunities in the office and retail sectors in search of better returns. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2022, Eighty percent of respondents expect their institution's revenues in 2022 to be slightly or significantly better than 2021 levels. In 2022, many real estate companies are not expected to be out of the woods yet, but the solid fundamentals that buoyed the sector pre -pandemic could help in the short term. The tight labor market is bringing workforce issues to the forefront, such as well-being, ESG, and adopting a more individualized approach to where work gets done (remote/office/hybrid). Our survey indicates CRE employees want their firms to be more purpose -driven. According to the PwC Emerging Trends in Real Estate 2022, confounding initial expectations of a protracted recession and then recovery spanning several years, the economy began to bounce back almost as quickly as it shut down. The recession ended up lasting only two months —the shortest on record —according to the official arbiters of business cycles. Economic output is already back above pre-COVID levels, and jobs may recover to previous levels by early 2022. The economic outlook certainly looked much better in mid-2021 than could reasonably have been hoped for a year earlier. Not only has economic output already recovered to pre-COVID levels, but growth is forecast to be at its highest rate in decades during 2021 and 2022. According to J.P. Morgan Chase 2022 commercial real estate outlook, the commercial real estate industry has a positive outlook heading into 2022. Although there were some surprises and overly negative forecasts surrounding retail and office commercial real estate markets, industrial continues to perform well. Overall, the future of multifamily looks bright, with a couple notable exceptions. The year ahead looks positive, with retail and multifamily asset classes rebounding and industrial continuing to thrive. Commercial real estate has also found innovative ways to increase the affordable and workforce Page 7 WINCHESTER HEAD FLORIDA ECONOMIC ANALYSIS housing supply. The public and private sectors must work together to prioritize infrastructure to help the economy grow. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, Florida trailed only Texas in population increases from 2020 to 2021, while the nation had the slowest growth rate in its history. Florida's grew by 211,196 residents from July 1, 2020, to July 1, 2021, to a population of 21,781,128, the census estimates show. Texas grew by an estimated 310,288 residents to a population of 29,527,941. The Bureau of Economic and Business Research at the University of Florida projects the state's population, which surpassed 20 million in mid 2015, to rise to 24.42 million by 2030 and 26.36 million by 2040. According to the Fall 2021 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida's economy, as measured by real Gross State Product, will expand at an average annual rate of 2.4% from 2021 to 2024. After contracting by 2.8% in 2020, real Gross State Product will rise by 5.1 % in 2021. Payroll job growth in Florida will continue to outpace national job growth as the labor market climbs out of a deep hole. Average job growth over the 2021-2024 period will be 0.1 percentage points faster than the national economy. Housing starts will pick up going forward, but not nearly fast enough to offset the large shortage of single-family housing in the short run. House price appreciation will decelerate over this period as supply catches up with strong demand and as affordability gets further out of reach for many. Page 8 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Labor force growth in Florida is projected to average 2.2% from 2021-2024. After a sharp contraction of 2.1% in 2020, strong payroll job creation will boost Florida's labor market recovery. The prospects of finding a job and higher wages will bring more Floridians back to the hunt for employment, particularly those who dropped out of the labor market as a result of the lockdowns and recession. 7able 1. Annual Summary of the University of Central Florida's Forecast for Florida 2016 2017 2018 2019 2020 2021 2022 2023 2024 Personal Income and GSP Personal Income (Bil. S) 954.1 1023.1 1087.2 1139.8 1210.0 1297.3 1297.0 1349.1 1410.1 Florida.(%Ch Year ago) 3.7 7.2 6.3 4.8 6.2 7.2 0.0 4.0 4.5 U.S.(%Ch Year ago) 2.6 4.7 5.1 4.1 6.5 6.5 1.0 5.0 5.3 Personal Income (Bil. 2012$) 919.1 966.1 1001.0 1031.5 1082.6 1121.0 10B9.8 1113.2 1140.6 Florida.(%Ch Year ago) 2.3 5.1 3.6 3.0 5.0 3.5 -2.8 2.1 2.5 U.S.(%Ch Year ago) 1.6 2.8 2.9 2.5 5.3 2.8 -2.0 3.0 3.1 Disp. Income (1311. 2012$) 825.7 852.0 896.2 922.3 976.1 1006.4 975.5 996.0 1020.7 Florida.(%ChYear ago) 3.5 3.2 5.2 3.0 5.8 3.1 -3.1 2.1 2.5 U.S.(%Ch Year ago) 1.8 2.8 3.4 2.3 6.2 1.7 -3.0 2.9 3.1 GSP (Bil. $) 953.4 1002.6 1057.9 1116.4 1106.0 1204.5 1265.5 1313.3 1372.1 (%Ch Year ago) 4.9 5.2 5.5 5.5 -0.9 8.9 5.1 3.8 4.5 GSP (1311. 2012$) 881.5 913.0 943.5 971.6 944.0 992.5 1006.6 1020.5 1039.2 (%Ch Year ago) 3.4 3.6 3.3 3.0 -2.8 5.1 1.4 1.4 1.8 Employment and Labor Force (Household Survey % Change Year Ago) Employment 3.4 2.2 2.5 2.1 -5.2 2.5 4.3 2.1 1.2 Labor Force 2.1 1.9 1.3 1.6 -2.1 3.0 4.1 1.1 0.7 FL Unemployment Rate (%) 4.9 4.3 3.6 3.3 7.9 5.0 4.6 4.1 4.0 U.S. Unemployment Rate (%) 4.9 4.4 3.9 3.7 9.1 5.4 3.8 3.5 3.6 COVID-19 Governor Ron DeSantis issued a "safer -at-home" order on April 3, 2020 in an effort to limit the spread of coronavirus. Governor DeSantis announced on April 29, 2020 that he would lift the "safer -at-home" order on May 4, 2020. Retailers and restaurants are allowed to reopen in limited capacities while movie theaters, gyms, bars, and face-to-face personal service providers (such as barbers and nail salons) will remain closed. Phase One of the three-phase "Safe. Smart. Step -by -Step" plan excludes Miami -Dade, Broward, and Palm Beach counties. As of September 25, 2020 Governor DeSantis announced Florida would be entering Phase 3 in reopening the state, meaning restaurants, bars, salons and other businesses will be allowed to reopen under full capacity. On May 3, 2021, Governor DeSantis signed an executive order that immediately suspended the state's remaining COVID-19 public health restrictions. As of November 29, 2021, Governor DeSantis again announced the state will not be issuing any lockdowns or restrictions. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County's population increases up to 25% between November and April due to seasonal residents and short-term Page 9 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County's economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Distance to Other Major Markets Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in five of the six Southwest Florida counties with the greatest growth (2010- 2020) in Lee County and the second highest in Collier County. Lee County maintained the highest growth rate of the six counties from 2020 to 2021. Table 3. Population and Population Change for Counties in Florida, 2000 to 2021 Percent Change State and Population 2020 2010 2000 County 2021 2020 2010 2000 to 2021 to 2020 to 2010 FLORIDA 21,898,945 21,538,187 18,801,332 15,982,824 1.7 14.6 17.6 Charlotte 190,570 186,847 159,978 141,627 2.0 16.8 13.0 Collier 382,680 375,752 321,520 251,377 1.8 16.9 27.9 Glades 12,130 12,126 12,884 10,576 0.0 -5.9 21.8 Hendry 40,540 39,619 39,140 36,210 2.3 1.2 8.1 Lee 782,579 760,822 618,754 440,888 2.9 23.0 40.3 Sarasota 441,508 434,006 379,448 325,961 1.7 14.4 16.4 Sources: US Census Bureau (2020, 2010, and 2000 Census) and Universityof Florida, Bureau of Economic and Business Research (2021 Estimates). Page 10 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS The following table shows the projected population through 2045. As shown, Lee County also has the highest projected growth rates with Collier County as a close second. Projections of Florida Population by County, 2020-2045, with Estimates for 2020 Percent Change Population 2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 2045 to 2025 to 2030 to 2035 to 2040 to 2045 Southwest Florida 1,819,225 1,985,168 2,120,232 2,233,319 2,332,233 2,420,791 9.12% 6.80% 5.33% 4.43% 3.80% Charlotte 187,904 203,016 215,478 225,562 234,391 242,460 8.04% 6.14% 4.68% 3.91% 3.44% Collier 387,450 423,564 452,806 477,771 499,729 518,956 9.32% 6.90% 5.51% 4.60% 3.85% Glades 13,609 14,272 14,811 15,222 15,560 15,851 4.87% 3.78% 2.77% 2.22% 1.87% Hendry 40,953 42,898 44,380 45,554 46,570 47,468 4.75% 3.45% 2.65% 2.23% 1.93% Lee 750,493 829,303 894,597 948,834 996,0861,038,511 10.50% 7.875fo 6.06% 4.985fo 4.26% Sarasota 438,816 472,115 498,160 520,376 539,897 557,545 7.59% 5.52% 4.46% 3.75% 3.27% Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 190,June 2021 U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country's 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2020-2021 25 Best Places to Retire is dominated by Florida metro areas, largely due to affordable homes, low taxes and high ratings for happiness and desirability. Increases in Desirability and Job Market scores lifted Sarasota from No. 2 last year to overtake Fort Myers for the No. 1 spot for 2020-2021. Naples was No. 4 on the list behind Port St. Lucie. However, Naples dropped to 12th overall in the 2022-2023 Best Places to Live report released by U.S. News & World Report in May 2022. Cape Coral -Fort Myers fell from No. 43 to No. 100 while Sarasota -Bradenton maintained its No. 9 ranking. Collier County has become the most expensive place to buy a home in the eastern U.S. according to data released by the National Association of Realtors in May 2022. Employment The local economy is largely dependent on the real estate market. Covid-19 negatively impacted overall employment and the service and leisure and hospitality sectors in particular; however, jobs continue to return as the market improves. Tourism drives much of the Collier County area's economy, with leisure and hospitality composing almost 20% of the workforce. When lumped in with retail trade, Collier County has nearly 35% of its entire workforce in these sectors, the third -highest proportion in Florida. Collier County has experienced among the nation's strongest population and job growth rates over the past five years. While the overall rate of jobs added over the year prior to the pandemic had slowed to under 3%, Collier County still posted growth rates of roughly double the national average. Page 11 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS NAPLE5 EMPLOYMENT BY INDUSTRY IN THOUSANDS 2Q 2022 CURRENTJOBS CURRENT GRCWTH I YR HISTORICAL 5YR FORECAST Industry Jabs LQ Market us Market us Market us Manufacturing 5 0.4 I 6.37% 3.97% 7.32% 0.69% 0.68% 0.19% Trade, Transportation and Utilities 30 1.0 2.17% 3.81% 2.B2% 1.23% 0.92% 0.14% Retail Trade 22 1.3 2.67% 2.72% 2.09% 0.63% 1.11% 0.11% Financial Activities 10 1.0 1.83% 224% 1 3.68% 1.41% 0.69% 024% Government 13 1 0.6 0.15% 1.21% ' -0.04% 0.15% 1.96% 055% Natural Resources, Mining and Construction 19 2.2 7.49% 424% 7.44% 2.50% 1 1.42% 0.40% Education and Health Services 24 0.9 1.10% 2.70% 2.95% 1.5B% 122% 0.72% Professional and Business Services 20 0.8 6.91% 3.95% 2.15% 1.40% 0.45%_ Information 1 _5.42% OA 9.17% 5.41% -0.67% 1.03% 0.07% 0.51% Leisure and Hospitality 30 1.8 7.12% 112.56% 2.46% 1.37% 1.62% L 1.71 % Other Services 9 1.5 -0.66% 5.25% 1.87% 0.52°2, 0.76% I 0.77% Total Employment ��14.34% 3.16% 1.26% 1.26% 0.569E Source: Oxford Economics LQ = Location Quotient JOB GROWTH (YOY) Forecast 1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ■ Naples t United States Source- Oxford Economics Page 12 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS The following table shows employment projections through 2029 by the Florida Department of Economic Opportunity. As shown, agricultural employment is projected to decline while the leisure and hospitality industry has the largest projected growth rate of 19.1% followed by Professional and Business Services (16.4%). JOBS BY INDUSTRY CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES Employment Percent NAICS Title 2021 2029 Growth Growth Total, All Industries 538,465 611,699 73,234 13.6 Agriculture, Forestry, Fishing & Hunting 8,270 7,193 -1,077 -13.0 Mining 399 434 35 8.8 Construction 56,144 63,917 7,773 13.8 Manufacturing 12,859 13,736 877 6.8 Trade, Transportation and Utilities 95,808 106,868 11,060 11.5 Information 4,357 4,641 284 6.5 Financial Activities 25,107 28,402 3,295 13.1 Professional and Business Services 62,254 72,464 10,210 16.4 Education and Health Services 107,269 123,960 16,691 15.6 Leisure and Hospitality 78,490 93,510 15,020 19.1 Other Services, Ex. Public Admin 20,192 22,669 2,477 12.3 Government 65,398 72,624 7,226 11.0 Self Employed and Unpaid Family Workers, All Jobs 40,799 44,548 3,749 9.2 Florida Department of Economic Opportunity Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 13.5% in April 2020. The preliminary reported unemployment rate in February 2022 was only 2.6%. The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. The 2020 annual rate was 7.5% and the 2021 annual rate declined to 3.7%. Page 13 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Series Id: LAUCN120210000000003 Not Seasonally Adjusted Area: Collier County, FL Area Type: Countiesand equivalents State/Region/Division: Florida Measure: u nemployment rate 12. 2. 41I12 01/13 01114 01/15 01/16 01117 01/18 01/19 01/20 01121 01/22 M0 nt 1) As of February 2022, the unemployment rate for the State of Florida was 3.1 %, down from the peak in May 2020 of 13.9%. On a national level, the unemployment rate in February 2022 was 3.8%, a decrease from the peak in April 2020 of 14.7%. Collier County currently has a lower February rate, at 2.6%, than state and national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2012 through March 2022. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. Both the leisure and hospitality and service sectors have regained all lost jobs and have exceeded 2019 levels. Naples - Immokalee - Marco Island service- % Goods % Mining, Logging, & % Leisure and % All Employees, % Year Providing Change Producing Change Const. Change Hospitality Change Total Nonfarm Change 2012 106,600 3.1% 12,100 5.2% 9,400 4.49/o 23,600 4.4% 118,700 3.3% 2013 109,700 2.9% 13,500 11.6% 10,500 11.7% 24,400 3.49/o 123,300 3.9% 2014 114,500 4.49/o 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,900 5.49/o 2015 119,100 4.0% 17,000 10.4% 13,600 12.49/o 26,500 3.9% 136,100 4.8% 2016 124,000 4.1% 18,700 10.0% 14,900 9.6% 27,500 3.8% 142,600 4.8% 2017 126,300 1.9% 19,400 3.7% 15,400 3.49/o 28,300 2.9% 145,600 2.1% 2018 129,600 2.69% 21,500 10.8% 17,200 11.7% 29,100 2.8% 151,000 3.7% 2019 133,200 2.8% 22,400 4.2% 17,700 2.9% 30,000 3.1% 155,600 3.0% 2020 126,300 -5.2% 22,100 -1.3% 17,200 -2.8% 25,600 -14.7% 148,400 -4.69/o 2021 132,400 4.89/o 23,100 4.5% 18,000 4.7% 28,000 9.4% 155,500 4.8% 2022* 138,200 4.5% 24,000 6.49/o 18,700 6.9% 31,300 11.0% 162,200 4.8% "Through March 2022; percentage increase in comparison to March 2021 YTD Source: U.S. Department of Labor Page 14 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region's success. The table below provides a few examples of some key employers in Southwest Florida. • Industrial Biotechnology, Algenol Biofuels — Global Headquarters ■ Medical Devices, Arthrex Inc. — Global Headquarters • Women's Specialty Apparel Retailer, Chicds FAS — Global Headquarters • Specialty Electronics Manufacturer, Fox Electronics — Global Corporate Headquarters • Global IT Research and Advising, Gartner, Inc. • Vehicle Rentals and Sales, Hertz Inc. — Global Headquarters • Subsidiary Pittsburgh Glass Works, Lynx Services LLC — Customers Service Center • Manufacturing Fluid Management, Shaw Development — Global Headquarters • Agricultural and Food Manufacturer, U.S. Sugar Ccrporation — Headquarters • Healthcare, 21stCentury Oncology— Global Headquarters The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Rank Company SWFL Employees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc. 3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn -Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc. 1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc. 1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp. 1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yum! Brands, Inc. 1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Page 15 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators March 2022 report prepared by Florida Gulf Coast University shows Collier County's tourist tax revenues. As shown, after an 123% increase in July 2021 compared to July 2020, seasonally adjusted tourist tax revenues continued to drop for the fourth consecutive month. Despite the month -to -month decline, revenues remained 75% above November 2020. Chart 5: Coastal County Tourist Tax Revenues County Tourist Tax Revenue - 2016 to present 7.0 - ----------------------- 6.5 N 0 6.0 5.5 60- 5.0 4.5 C a 4.0 m 3.5 M F- 3.0 N 2.5 H 2.0 a 1.5 C 1.0 0.5 --- All Data Seasonally Adjusted V) --- -r-- ---- i --------------------------,---- --- Lee - T - - - - - - - - - -' , - - - - - - - - - - r - - - - - - ` Collier----T--- ------ ---- Charlotte 0.0 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Source: Local County Tourism, Tax, and Economic Development Reports and seasonal adjustment by RERI Development Growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County and was recently ranked as one of the Top 25 Selling Master -Planned Communities in the United States. It has maintained the top ranking in the Naples -Fort Myers market for the past seven years and reported a record breaking 646 new home sales in 2021, a 28% increase from 2020. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The Page 16 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS village is the first of three planned 1,000-acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for civic government, and institutional buildings. In a near unanimous decision, the Collier County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. There are more than $1 billion in new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 is expected to be open in October 2022) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 1st Quarter 2022 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 34.19% increase in home prices (all -transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 29.78% over the past year (1Q 2021 - 1 Q 2022) which was 1 st in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square -foot, six -story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. Page 17 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed -use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development is anchored by The Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building leased by Physicians Regional Medical Healthcare; and StorQuest a 110,000 square foot self -storage facility. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit-down dining, a full -service bar, three bars for beer and wine, wine room with samples on tap, a wood - fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor -outdoor seating. Paradise Coast Sports Complex, is Collier County's partially completed $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man- made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres of land along City Gate Boulevard North and will feature a 100,000 square foot indoor water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The resort is expected to open in the summer of 2024. It will bring in more than 200 construction jobs, plus an additional 600 full-time and part-time jobs once open. Investment Trends The following CoStar data shows Collier County trends in the Multi -Family, Retail, Office, and Industrial sectors as of second quarter 2022. Collier County may not see many trades, but investor sentiment remains evident in price appreciation that continues well into 2022. Confirmed cap rates average 4.5% over the past 12 months. The market cap rate has fallen over the past year, and the rate in the metro is structurally lower than those across the country. Annual sales volume has averaged $198 million over the past five years, and the 12-month high in investment Page 18 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS volume hit $359 million over that stretch. In the past 12 months specifically, $356 million worth of multifamily assets sold. Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PricelUnit Chg (YOY) $4.9B $359.3M 4.1% 17.4% EL CEIMMEEIr ■ Market Sale Price/Unit Market Cap Rate $350,000 $300,000 $250,000 $200,000 $10,000 $100,000 $50, 000 $0 12 13 14 15 16 17 18 19 20 21 22 Sales Volume $400 M $350M $300M $250 M $200 M $150M $100M $50M $0M 12 13 14 15 16 17 18 19 20 21 22 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 1 12 13 14 15 16 17 18 19 20 21 22 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% 100% 0% �■- -100% -200% 12 13 14 15 16 17 18 19 20 21 22 Retail demand surged in Collier County over the past 12 months. Annual sales volume has averaged $254 million over the past five years, and the 12-month high in investment volume hit $532 million over that stretch. In the past 12 months specifically, $514 million worth of retail assets sold. The market cap rate has fallen over the past year to 5.7%, and the rate in the metro is structurally lower than those across the country. Page 19 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Prlce)SF Chg (YOY) $7.2B $527.7M 5.7% Retail IL Market Sale Price/SF $350 $300 $250 $200 $150 $100 $50 $0 12 13 14 15 16 17 18 19 20 21 22 8.3% 7.0% Market Cap Rate 6.8% 6.6% 6.4% 6.2% 6.0% 5.8% 5.6% 5.4% 5.2% 5.0% 1--ii 12 13 14 15 16 17 18 19 20 21 22 $600M Sales Volume 200% 12 Mo Sales Vol Growth $500 M 150% $400 M — ■ 100% $300 M $200 M 50% $10o M 0% $OM -50% 12 13 14 15 16 17 18 19 20 21 22 12 13 14 15 16 17 18 19 20 21 22 Annual office sales volume averaged $116 million over the past five years in Collier County, and the 12-month high in investment volume hit $237 million over that stretch. In the past 12 months specifically, $203 million worth of office assets sold. The market cap rate has fallen over the past year to 6.9% and is close to the country's average. The current rate is the lowest cap rate seen in Collier County during the past five years. Page 20 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Asset Value 12 Mo Sales Volume $2.6B $201 M Market Sale Price/SF $300 $250 $200 $150 $100 $50 $0 , 12 13 14 15 16 17 18 19 20 21 22 $250 M $200 M $150M $100M $50M $0M Sales Volume 12 13 14 15 16 17 18 19 20 21 22 Market Cap Rate Mkt Sale Price1SF Chg IYOY] 6.9% 8.9% 8.0% Market Cap Rate 7.8% 7.6% 7.4% 7.2% 7.0% 6.8% 6.6% 6.4% 6.2% 1i 12 13 14 15 16 17 18 19 20 21 22 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% 100% ■ .■ -100% 12 13 14 15 16 17 18 19 20 21 22 Collier County had an unusually large number of deals close over the past 12 months, which was among the best of its peers, with 110 transactions. That was comfortably above average transaction volume here over the past five years. Annual sales volume has averaged $80.2 million over the past five years, and the 12-month high in investment volume hit $164 million over that stretch. In the past 12 months specifically, $115 million worth of industrial assets sold. Logistics facilities drove recent sales volume, accounting for $68.7 million in confirmed transactions Market prices rose by more than 10% and is above the country's average. The market cap rate has dropped since last year. It is the lowest cap rate, at 6.5%, that has been seen in Naples during the past five years, but it's still higher than the country's average yield. Page 21 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price/SF Chg (YOY) $2.3B $113.8M 6.5% 17.0% I� I ■ Market Sale PricerSF Market Cap Rate $100 9.0% $160 3.0% $140 7.0% 3120 6.0% $100 5.0% $86 4.0% $ 60 3.0% $ 40 2.0% $ 20 1.0% $0 0.0% 12 13 14 15 16 17 18 19 20 21 22 12 13 14 15 16 17 18 19 20 21 22 Sales Volume s 160M S140M S120M S100M $80M $60M $40M $20 M $OM 12 13 14 15 16 17 18 19 20 21 22 Income 12 Mo Sales Vol Growth 200% 150% 100% 50% 0% ■� -50% 12 13 14 15 16 17 18 19 20 21 22 Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $127,724 and a per capita income of $53,839. 2022 2027 Households by Income Number Percent Number Percent <$15,000 11,127 6.8 % 7,976 4.7 % $15,000 - $24,999 7,648 4.7 % 5,439 3.2 % $25,000 - $34,999 12,047 7.4 % 9,389 5.5 % $35,000 - $49,999 15,640 9.6 % 13,416 7.8 9% $50,000 - $74,999 24,586 15.1 % 23,755 13.9 % $75,000 - $99,999 22,121 13. 6% 23,445 13.7 % $100,000 - $149,999 31,277 19.2 % 37,671 22.0 $150,000 - $199,999 14,206 8.7 % 19,735 11.5 % $200,000+ 24,489 15.0 % 30,079 17.6 % Median Household Income $85,162 $101,707 Average Household Income $127,724 $148,920 Per Capita Income $53,839 $63,006 Page 22 WINCHESTER HEAD COLLIER COUNTY AREA ANALYSIS Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021. Inventory shortages are expected to continue in 2022 with no surplus expected. New home builders are facing similar obstacles with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the extended shortages and surging construction prices may begin to temper demand. According to Porch.com, a home services platform, Naples -Marco Island had the most home sales per 10,000 residents in the nation in 2021. According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021 with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed price (year over year). The February 2022 Market Report released by NABOR shows overall closed sales have declined by 33.8% in February 2022 YTD. Overall median closed price for single family and condominium units increased 37.6% in 2022 Year-to-date as compared to 2021 Year-to- date. According to Inspection Support Network, an organization that provides industry software and other resources, Collier County was fourth in the nation in rising home prices for midsized counties (population of 350,000-749,999) with a 31% increase in median prices. Lee County was third in the nation for large counties (750,000+) with an increase of 32%. Generally, the commercial market lags the residential market. Aside from some signs of an upcoming decline, characterized by positive but falling demand with increasing vacancy, the overall commercial market was projected to continue to increase at a stabilized rate prior to the coronavirus outbreak. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Page 23 WINCHESTER HEAD Collier County Area Map I San Carlos fart Estero sro Ray CGE W N n[ Pen S[rand :a dl I Bon ITa :iprings I North Naples pelican gay u Winchester Corks. cre. u%- Head Vineyards Rural Emotes Florida Pan[her Na[ronaJ r WoMi fe Refuge dl Golden Gate i. Naples #; Picayune S[rand 'South Naples Slate Forest gar l4� dl SS � F, Fakaha[chee Strand -., Preserve State Park +� n L '�141R�un. �• `• S S d1 i I I I as I I` i I I I I I I 1 I I I I �, ikery:e9ytirf I + I alEstuanne7'M1i+; lBig Cypress dl ` National Preserve GOMvaRJ3ay I a. ti v ti�,;F;F• c�i+sk+re,{Tay,+ ----------------- - - - - -- ---- Page 24 WINCHESTER HEAD SITE ANALYSIS PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. Market Areas Parcel ID Gross Land Area Typical Parcel Size Zoning FDEP Informal Wetland (Acres) (Acres) Determination Wmchester Head 62.14 1.14 - 2.73 E - Estates 0% to 100% Wetlands The Winchester Head targeted area contains 45 parcels totaling 62.14 acres within Golden Gate Estates Unit 65. According to Collier County, the typical parcel sizes to be acquired range from 1.14 to 2.73 acres in size. MARKET AREA Location: Winchester Head is located east of Everglades Boulevard North between 35th Avenue NE and 41st Avenue NE. It is surrounded by single-family residential sites and homes. Current Use of the Property: Vacant wetlands with some single-family development. Road Frontage/Access: Access to parcels within the Winchester Head is provided by: • 37th Avenue NE (paved road): runs east/west along northern border. • 39th Avenue NE (paved road): runs north/south along eastern border. • 41 st Avenue NE (paved road): runs east/west through market area. Topography: According to the Initial Criteria Screening Report prepared in March 2018 by Collier County's Conservation Collier Program, the area is wetlands with a mix of Wetland Hardwoods, Cypress, Pine, Cabbage Palm, and Freshwater Marsh. Brazilian pepper, melaleuca, and old world climbing fern were also observed. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: None; Private septic systems service surrounding homes Water: None; Private wells service surrounding homes Environmental Issues: According to the Initial Criteria Screening Report prepared in March 2018 by Collier County's Conservation Collier Program Winchester Head is comprised entirely of depressional cypress and marsh wetlands and therefore, provides habitat for wetland dependent species. It is designated on the FDEP Informal Wetland Determinations March 2016 map as Wetlands. Permits from FDEP are required prior to development. Encumbrance / Easements: There are sixty -foot (60') platted right-of-way and utility easements along 37th Ave NE, 39th Ave NE, and 41st Ave NE. A current title Page 25 WINCHESTER HEAD SITE ANALYSIS report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. ZONING Zoning Code E Zoning Authority Collier County Zoning Description Estates Permitted Uses Includes single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Minimum Lot Area (SF) 2.25 acres Minimum Floor Area (SF) 1,000 Minimum Street Frontage (Feet) 150 Front Set Back Distance (Feet) 75 Rear Set Back Distance (Feet) 75 Side Yard Distance (Feet) 30 feet; 37.5 feet for corner lots along longest side Maximum Density/FAR One dwelling units per 2.25 acres Maximum Building Height (Feet) 30 Page 26 WINCHESTER HEAD SITE ANALYSIS Winchester Head Market Study Parcels Aerial os Miles Page 27 WINCHESTER HEAD SITE ANALYSIS Winchester Head Market Study Parcels — FDEP Informal Wetland Determinations MEP I lormal Wetland perm lutl0n a �'��• ��o "T� 1 Cola and for Fleld COnditlanOlndiub Cpdantla - � a •,� bauantllor Fleltl COntlidans Indicate Slle Plan la Neadetl to CNermine lmpacb � � -� � .ti ' � 1 Oah aiM lOr FleM conditions Indices Wetlands and P—It Nemssery I • 1 E _ Cafe a Id 1 or FW1O CandNions Indicate Cgehea and Permd Necessary E r TM10"C-1-10ne' 01 this figure IN 1" lnl—W PmaPPIMaNen • 0 E —ndd-wl-1—pursuantt09¢NOnSTSA21(6),M.,and - 3 11 2 : 3 4 , 62412Dag(7), F&C. It deea naf bind the Caparlmant, Ifs agmte 1 employees, ner dam it mmly any Ngal 11914, expressed w 1 °mplmd � 6 N RCS Hydric Solt, Model �� cwu0 net °w"i.$ �°`� ,�' � p�^� '�'�' MS � � � - • 'iY - e49 6'� 5 6 7 8 9 10 11 12 13 14 15 U Li 1.....4-j F! NE ' T139•a f 26 27 �28 i T �39 j "! L • of E A 77 CON ATlolu LEIER Q Market Study Parcels 0 0.075 0.15 Co eY CourEty Miles Page 28 I; is J WINCHESTER HEAD SITE ANALYSIS Flood Map National Flood Hazard Layer FIRMette FERIA 0 250 50(1 ],QQO f 500 2,0QQ l :6,UUU 8asemap.-115G5 Naopnal Map. -Orthoimage7Dam rehesheD Ocmber,2O2O Legend wirhmr e®se Flora Ekaam iBFE� SREC IAL A—R=1 HAZARD ARE0.5 WIIfi BF£or De Pa�3:�.ws. ro, ur. rE nx Regulemry Flmawey of 1%annval]cM1ance flootl whn arereges coinage areas of less than one squre mile:oaaA OTH ERAR OF Fmure Condniom 1%Mnuel �` r�bance FlmtlHaueN iww% Area whn Reaurctl Flood RaN due m Levee. See Xo[es. zaav ROOD HAZARD OTHER ARFJS GENERAL STRHf:IIlRFS Area wi[nFlmd HnN duets Laree£m.G XPFF.a Aread MlnimalFlmd Hazard Lwx EHectire LOMAs Area dVndekrminedFlmtl Hamrd Lwrc9 ---- 4bennel. UukeR yr Smrm Sewer i i i i i i Lwee. piNe, or FbodwaX ss Sectkns whb lX Mnuel f.Tanre Wale Surface Elevation -- [oesml Trertzect — —Base Fkotl Ekradon L'me(BFE) m a 5[ual ludstlic[ivn Bvuntlery OTHER FFATIIRFS f:ansml Trensect ea:elke _ prcfae Resebne HydregraPbic Feature Di�[e] Dale Available NO Digital pem Aredahle MAR FAN- Unmapped The pin dispkyetl on the meP lean appm r— pvin[ selected bytne uur antl does nu[ repmse n[ nn anmaraatne prapem IxaYon. Tnis map mm plks — FI dig tbnd maps it h isn seapvrted vn 8;-t9/]922 el t0:1£ AM entl does not reflect cnenges or ammdmenmzvbsequent m this date e. The NFHL aM elkc[ive inbrma[bn meycM1ange or hemme supersetlM by new dam overtime. Tnis map image iswid if Me one or more u[ me (ulbrvingmep ekmmn tlo not appear. baumap Imagery, flootl cone kbek, legend swk bar. map credbn date. mmmaniq itledrtiers. FWM panel number,aM FlRM e� N. dam. Map imegesfm me ppetl antl unmotlemittd areas cannot he used br regumwry purposes Page 30 WINCHESTER HEAD SITE ANALYSIS Site Photographs 37th Avenue NE (paved road) - Easterly 37th Avenue NE (paved road) — Westerly (Photo Taken on August 13, 2022) Page 31 WINCHESTER HEAD SITE ANALYSIS Site Photographs 39th Avenue NE (paved road) — Easterly (Photo Taken on August 13, 2022) 39th Avenue NE (paved road) — Westerly (Photo Taken on August 13, 2022) Page 32 WINCHESTER HEAD SITE ANALYSIS Site Photographs Typical Parcel view from 37th Avenue NE (paved road) — Northerly Typical Parcel view from 37th Avenue NE (paved road) — Northwesterly (Photo Taken on August 13, 2022) Page 33 WINCHESTER HEAD SITE ANALYSIS Site Photographs Typical Parcel view from 39th Avenue NE (paved road) — Southerly Typical Parcel view from 39th Avenue NE (paved road) — Southeasterly (Photo Taken on August 13, 2022) Page 34 WINCHESTER HEAD SITE ANALYSIS Site Photographs Typical Parcel view from 39th Avenue NE (paved road) — Northerly Typical Parcel view from 39th Avenue NE (paved road) — Northwesterly (Photo Taken on August 13, 2022) Page 35 WINCHESTER HEAD HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject consists of parcels ranging in size from 1.14 to 2.73 acres located within the previously defined Winchester Head areas. Access through Winchester Head is provided by paved roads. The physical characteristics of the parcels should reasonably accommodate any use that is not restricted by its size. However, development on the parcels may be limited due to wetland coverage. Legally Permissible The subject sites are zoned Estates (E), which permits uses including low density residential with limited agricultural uses. The FDEP Informal Wetland Determinations March 2016 map designates the parcels as Wetlands. Permits from FDEP are required prior to development. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021. Inventory shortages are expected to continue in 2022 with no surplus expected. New home builders are facing similar obstacles with a lack of building supplies creating a 1 The Dictionary of Real Estate Appraisal 7' ed. (Chicago: Appraisal Institute, 2022) Page 36 WINCHESTER HEAD HIGHEST AND BEST USE backlog of newly constructed homes. Prices continue to increase; however, the extended shortages and surging construction prices may begin to temper demand. A well -designed single-family home that is appropriately marketed and priced, should be received favorably by the market. The substantial costs associated with permitting and fill typically results in a lower price per acre than upland parcels in order to make development financially feasible. If the costs make development financially unfeasible or permitting is not achievable; conservation use becomes the only financially feasible use. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Conservation and/or single-family development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. The permitting process for parcels with significant coverage of active wetlands will likely be very difficult, if not impossible. Therefore, conservation and/or single-family development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size and location of the property, the most probable buyer of an individual parcel is an owner -user or builder for single-family development or wetland mitigation. Conservation Collier is also a probable buyer as a multi -parcel conservation project. Page 37 WINCHESTER HEAD VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 38 WINCHESTER HEAD VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 3 , WINCHESTER HEAD SALES COMPARISON APPROACH - WINCHESTER HEAD WETLANDS SALES COMPARISON APPROACH — WINCHESTER HEAD WETLANDS The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Comp Address Date Price City Acres Price Per Acre Comments Subject Generally within Golden Gate Estates 8/13/2022 Winchester Head Wetlands Unit 65 Naples 1.0 - 3.0 acres 1 37th Ave NE 7/14/2022 $35,000 75' x660' heavily treed lot located along north side of 37th Avenue NE Informal wetland determination dated November 2021 shows 1.12 acres ofwetlands with a small Naples 1.14 $30,702 portion ofuplands along 37th Ave NE Listed in May 2022 for $35,000. 2 332066th Ave NE 7/14/2022 $52,000 189 x660'heavily treed lot located along south side of66th Avenue NE Informal wetland determination dated November 2021 shows 2.65 acres ofwetlands with a small Naples 2.73 $19,067 portion ofuplands along 66th Ave NE Listed in May 2022 for $52,000. 3 50th Ave NE 6/16/2022 $37,000 75' x660' heavily treed lot located along north side of 50th Avenue NE. Wetland detemmination dated 3/17/22 shows 0.73 acres of jurisdictional wetlands located in the Naples 1.14 $32,456 center ofthe site. listed in April 2022 for $75,000 and decreased to $40,000 in May 2022. Lot was purchased in April 2022 with 5 other lots. 4 54th Ave NE 5/31/2022 $74,000 159 x660'treed lot located along south side of 54th Avenue NE Informal wetland determination dated 4/18/2022 shows 1.93 acres ofwetiands with uplands located in Naples 2.27 $32,560 the front ofthe site near 54th Ave NE Listed in April 2022 for $79,900. g 70th Ave NE 6/28/2022 $147,900 33Y x660' heavily treed lot located along south side of 70th Avenue NE Informal wetland determination dated 11/2021 shows 2.95 acres ofwetlands with uplands Naples 5.00 $29,580 located in the rear southwest portion ofthe site. listed 6/7/2022 for $149,900. Page 40 WINCHESTER HEAD SALES COMPARISON APPROACH — WINCHESTER HEAD WETLANDS Comparables Map Audubon Corkscrew Swamp SanclOiy-C N LIME TICKETS. -- Big Corkscrew Island Rc-gional Park T� Subject �rang�tre�_ Page 41 Efl Ma p data @2022 -Goggle WINCHESTER HEAD SALES COMPARISON APPROACH - WINCHESTER HEAD WETLANDS Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 42 WINCHESTER HEAD SALES COMPARISON APPROACH - WINCHESTER HEAD WETLANDS Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Winchester Head Wetlands NS 37th Ave NE 3320 66th Ave NE NS 50th Ave NE 3230 54th Ave NE SS 70th Ave NE Address Generally within Golden Cate 37th Ave NE 332066th Ave NE 50th Ave NE 54th Ave NE 70th Ave NE Estates Unit 65 City Naples Naples Naples Naples Naples Naples Date 8/13/2022 7/14/2022 7/14/2022 6/16/2022 5/31/2022 6/28/2022 Price $35,000 $52,000 $37,000 $74,000 $147,900 Acres 1.0-3.0 acres 1.14 2.73 1.14 2.27 5.00 Acre Unit Price $30,702 $19,067 $32,456 $32,560 $29,580 Transaction Adjustments Property Rights Fee Simple Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.00/6 Fee Simple 0.00/. Fee Simple 0.01/. Financing Cash to seller 0.00/o Cash to seller 0.0% Cash to seller 0.0% Cash to seller 0.0% Cash to seller 0.0% Conditions of Sale Antis Length 0.0% Anns Length 0.0% Ands Length 0.00/ Atm's Length 0.00/ Atm's Length 0.00% Adjusted Acre Unit Price $30,702 $19,067 $32,456 $32,560 $29,580 Market Trends Through 8/13/2022 20.01/. 1.5% 1.5% 2.90/ 3.81/. 2.3% Adjusted Acre Unit Price $31,165 $19,355 $33,410 $33,786 $30,268 Location Average Similar Similar Sitnilar Sinular Similar %Adjustment 00/ 00/ 00/ 00/ 00/ $Adjustment 1.0 - 3.0 acres $0 1.14 $o 2.73 $0 1.14 $0 2.27 $0 5.00 Acres %Adjustment 0% 5% 0% 5% 5% $Adjustment 51%-1000/ Wetlands $0 98%wetlands $968 97%wetlands $0 64% wetlands (Center) $1,689 85%wetlands (Rear) $1,513 590/wetlands (Front) Environmental Issues %Adjustment 0% 01/. -100/ -200/ -10% $Adjustment $0 $o -$3,341 -$6,757 -$3,027 Shape Rectangular Rectangular Rectangular Rectangular Rectangular Rectangular Adjustment 0% 00/0 01/. 01/. 0% $Adjustment Residential $0 Residential $0 Residential $0 Residential $0 Residential $0 Residential Zoning Adjustment 00/ 00/ 0% 0% 00/ $Adjustment $0 $o $0 $0 $0 Adjusted Acre Unit Price $31,165 $20,323 $30,069 $28,718 $28,754 Net Adjustments 0.0% 5.0"/0 -10.0% -15.001. -5.001. Gross Adjustments 0.00/ 5.00/ 10.0% 25.00/ 15.00/ Page 43 WINCHESTER HEAD SALES COMPARISON APPROACH — WINCHESTER HEAD WETLANDS Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All the comparable sales were arm's length transactions; therefore, no adjustment for conditions of sale is required. Economic Trends The following graph shows comparable residential land sales within the surrounding market area over the past year. Residential Land Sales Trend Analysis $120,000 $100,000 • $80,000 • • • • $w,000 • • • • • • • • • • • • • • • •• ........... . w...! ......................... $40,000 .A•.......A ��....,.j.. •� •I •• • • • • • • • • • • • • •• $20,000 • • • • • 69• • • • • • �• • • $0 7/23/2021 9/11/2021 10/31/2021 12/20/2021 2/8/2022 3/30/2022 5/19/2022 7/8/2022 8/27/2022 10/16/2022 The graph indicates an upward trend in sales prices from mid 2021 through the current date. However, it is noted this is unadjusted raw data and does not relate directly to the subject. Page 44 WINCHESTER HEAD SALES COMPARISON APPROACH - WINCHESTER HEAD WETLANDS The analyses and value opinion in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value. Based on the previous analysis and considering the increased demand for residential property in Southwest Florida, as well as the recent interest rate increases by the federal reserve, we have applied a 20.0% annual adjustment. Location The comparable sales are located within the immediate vicinity of Winchester Head and Horsepen Strand. No adjustments for location could be supported; therefore, none are applied. Size For this analysis, Comparables 1 and 3 are smaller parcels. No adjustments could be supported; therefore, none are made. Comparables 2, 4 and 5 are larger parcels and are adjusted upward accordingly as size and price per acre are typically inversely related. Environmental Issues The subject parcels are located within Winchester Head which is comprised entirely of depressional cypress and marsh wetlands and therefore, provides habitat for wetland dependent species. It is designated on the FDEP Informal Wetland Determinations March 2016 as Wetlands. Permits from FDEP are required prior to development. The comparable properties are all impacted by wetlands. Comparables 1 and 2 are effectively 100% wetlands with the only upland areas located near the road right of way. Therefore, no adjustments are required for Comparables 1 and 2. An Informal Wetland Determination of Comparable 3 indicates 64% wetlands generally located in the middle of the site. An Informal Wetland Determination of Comparable 4 indicates 85% wetlands generally located in the rear of the site. An Informal Wetland Determination of Comparable 5 indicates 59% wetlands generally located in the front of the site. All three comparables are adjusted downward accordingly. Configuration All of the comparables are relatively similar in terms of configuration; therefore, no adjustments are required. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Page 45 WINCHESTER HEAD SALES COMPARISON APPROACH — WINCHESTER HEAD WETLANDS Sales Comparison Approach Conclusion All of the value indications have been considered. Based on the preceding analysis, and considering the significant wetland coverage in Winchester Head, I conclude toward the low end of the range and arrive at my final reconciled per acre values as follows. Area Winchester Head Typical Parcel Size 1.0 - 3.0 acres Indicated Value per Acre 51 - 75% wetlands $30,000 76 - 100% wetlands. $25,000 Page 46 WINCHESTER HEAD SALES COMPARISON APPROACH - WINCHESTER HEAD UPLANDS SALES COMPARISON APPROACH — WINCHESTER HEAD UPLANDS Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Comp Address Date Price City Acres Price Per Acre Comments Subject Generally within Golden Cate 8/13/2022 Winchester Head Uplands Estates Unit 65 Naples 1.0 - 3.0 acres 1 3361 45th Ave NE 8/16/2022 $56,000 75' x 660' heavily treed lot located along north side of 45th Avenue NE. Informal wetland detemilnation dated 7/2022 shows 0.46 acres ofwetlands generally in the Naples 1.14 $49,123 middle to rear ofthe site with some wetlands in the front. Listed in 7/2022 for $60,000. 2 45th Ave NE 8/12/2022 $75,000 105' x 660' heavily treed lot located along north side of 45th Avenue NE Informal wetland detemination dated 4/2022 shows 0.3 acres ofwetlands located in the front of Naples 1.59 $47,170 the site along 45th Ave NE. Lot was purchased in April 2022 for $20,000 and listed in May 2022 for $115,0M. Price was reduced to $99,900 and then $79,000 on 7/30/22. 3 3515 47th Ave NE 6/22/2022 $95,000 105' x 669 heavily treed lot located along north side of 47th Avenue NE listing agent reported as 1000/,uplands. Property was originally purchased in 4/2022 for $24,200. Naples 1.59 $59,748 Listed in 5/2022 for $125,000 and decreased to $115,000 on 5/22/22. 4 54th Ave NE 6/9/2022 $110,000 105' x 680' partially treed lot located along south side of 54th Avenue NE Wetlands detemilnation reports the site has no jurisdictional wetlands. Property was originally Naples 1.64 $67,073 purchased in 5/2022 for $6Q000. Listed in 5/2022 for $114,900. 5 3487 66th Ave NE 7/7/2022 $150,000 18Y x 66Y heavily treed lot located along north side of 66th Avenue NE. Wetlands determination reports the site has no jurisdictional wetlands. Listed in 4/2022 for Naples 2.73 $55,006 $165,500. Page 47 WINCHESTER HEAD SALES COMPARISON APPROACH — WINCHESTER HEAD UPLANDS Comparables Map Audubon Corkscrevv Swamp ancEu(�ry-ONLINE TICKETS. - Big Corkscrew Island Regional Parklq - aq Orangetree. ,-. — ... - Page 48 Efl Map data @2022-Googly WINCHESTER HEAD SALES COMPARISON APPROACH - WINCHESTER HEAD UPLANDS Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Winchester Head Uplands 336145th Ave NE NS 45th Ave NE 3515 45th Ave NE 54th Ave NE 3487 66th Ave NE Address Generally within Golden Cate 336145th Ave NE 45th Ave NE 3515 47th Ave NE 54th Ave NE 3487 66th Ave NE Estates Unit 65 City Naples Naples Naples Naples Naples Naples Date 8/13/2022 8/16/2022 9/12/2022 6/22/2022 6/9/2022 7/7/2022 Price $56,000 $75,000 $95,000 $110,000 $150,000 Acres 1.0 - 3.0 acres 1.14 1.59 1.59 1.64 2.73 Acre Unit Price $49,123 $47,170 $59,748 $67,073 $55,006 Transaction Adjustments Property Rights Fee Sin ple Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.00/6 Fee Simple 0.00/. Fee Simple 0.0"/0 Financing Cash to seller 0.0"/o Cash to seller 0.0% Cash to seller 0.0% Cash to seller 0.0% Cash to seller 0.0% Conditions of Sale Antis Length 0.0% Arms Length 0.0% Ands Length 0.00/. Ands Length 0.00/. Ands Length 0.00% Adjusted Acre Unit Price $49,123 $47,170 $59,748 $67,073 $55,006 Market Trends Through 8/13/2022 20.01/. 0.0% 0.0% 2.61/. 3.3% 1.9% Adjusted Acre Unit Price $49,123 $47,193 $61,321 $69,287 $56,032 Location Average Similar Similar Similar Similar Similar %Adjustment 0% 01/ 01/. 01/. 01/ $Adjustment 1.0 - 3.0 acres $0 1.14 $0 1.59 $0 1.59 $0 1.64 $0 2.73 Acres %Adjustment o% 0% 0"/0 01/. 5% $Adjustment 0°/-50%Wetlands $0 40% wetlands $o 19%wetlands (Front) $0 0°/ wetlands $0 0%wetlands $2,802 0% wetlands Environmental Issues (Generally middle) %Adjustment -5% -10% 0% 0% 01/. $Adjustment -$2,456 -54,719 $0 $0 $0 Shape Rectangular Rectangular Rectangular Rectangular Rectangular Rectangular Adjustment 0"/0 0"/0 0"/0 0"/0 00/6 $Adjustment Residential $0 Residential $0 Residential $0 Residential $0 Residential $0 Residential Zoning %Adjustment 0% 00/ 0% 0% 00/ $Adjustment $0 $o $0 $0 $0 Adjusted Acre Unit Price $46,667 $42,474 $61,321 $69,287 $58,833 Net Adjustments -5.0% -10.0% 0.0% 0.0% 5.001. Gross Adjustments 5.0°/ 10.0% 0.0% 0.0% 5.011. Page 49 WINCHESTER HEAD SALES COMPARISON APPROACH - WINCHESTER HEAD UPLANDS Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All the comparable sales were arm's length transactions; therefore, no adjustment for conditions of sale is required. Economic Trends Based on the analysis in the previous section and considering the increased demand for residential property in Southwest Florida, as well as the recent interest rate increases by the federal reserve, we have applied a 20.0% annual adjustment. Location The comparable sales are located within the immediate vicinity of Winchester Head and Horsepen Strand. No adjustments for location could be supported; therefore, none are applied. Size For this analysis, Comparables 1, 2, 3, and 4 are smaller parcels. No adjustments could be supported; therefore, none are made. Comparable 5 is a larger parcel and is adjusted upward accordingly as size and price per acre are typically inversely related. Environmental Issues The subject parcels are located within Winchester Head which is comprised almost entirely of depressional cypress and marsh wetlands and therefore, provides habitat for wetland dependent species. It is designated on the FDEP Informal Wetland Determinations March 2016 as Wetlands. Permits from FDEP are required prior to development. An Informal Wetland Determination of Comparable 1 indicates 40% wetlands generally located in the middle of the site. An Informal Wetland Determination of Comparable 2 indicates 19% wetlands generally located in the front of the site. Both comparables are adjusted downward accordingly. Comparables 3, 4, and 5 are all 100% uplands with no wetlands. Overall, no adjustments are made in the grid; however, the 100% uplands is considered in the final reconciliation. Page 50 WINCHESTER HEAD SALES COMPARISON APPROACH — WINCHESTER HEAD UPLANDS Configuration All of the comparables are relatively similar in terms of configuration; therefore, no adjustments are required. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Sales Comparison Approach Conclusion All of the value indications have been considered. Based on the preceding analysis, and considering the significant wetland coverage in Winchester Head, I conclude toward the low and of the range and arrive at my final reconciled per acre values as follows. Area nchester Head Typical Parcel Size 1.0 - 3.0 acres Indicated Value per Acre 0 - 25% wetlands $55,000 26 - 50% wetlands $42,500 Page 51 WINCHESTER HEAD RECONCILIATION RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of August 13, 2022, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple August 13, 2022 Area Winchester Head Typical Parcel Size 1.0 - 3.0 acres Indicated Value per Acre 0 - 25% wetlands $55,000 26 - 50% wetlands $42,500 51 - 75% wetlands $30,000 76 - 100% wetlands $25,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12 months. Page 52 WINCHESTER HEAD CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 53 WINCHESTER HEAD 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has appraised this property in the three years prior to accepting this assignment. I appraised the property on June 12, 2021 for Collier County. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 54 WINCHESTER HEAD ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 55 WINCHESTER HEAD ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 56 WINCHESTER HEAD ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 57 WINCHESTER HEAD ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 58 WINCHESTER HEAD ADDENDA - APPRAISER QUALIFICATIONS ADDENDA *Rn WINCHESTER HEAD ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS *Rn WINCHESTER HEAD ADDENDUM A - APPRAISER QUALIFICATIONS APPRAISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. %ACHCIL M,ZUCCH1, nw, CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 LOWRY, MAI, CPA Phone: 239-596-0800 UIS C. BOBBITT, MAI www.rklac.com WINCHESTER HEAD ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2021) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Gov. Relations Committee: Appraisal Institute National (2022) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. *Rn WINCHESTER HEAD ADDENDUM A - APPRAISER QUALIFICATIONS Ron DeSantis, Governor db'pr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Julie I. Brown, Secretary FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES ,. ZUCCHI, RACHEL M 4500 EXECUTIVE DRIVE SUITE 2: %vo NAPLES FL 34119 LICENSE NUMBER: RZ2984 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. WINCHESTER HEAD ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION *Rn 0 c o 0 0 0 0 0 � Q VI V1 In V1 N N (6 (6 aJ L a1 L aJ L a1 L a1 L aJ L Q Q Q Q Q 0- 0 C) 0 C) 0 0 L O O O O O 0 0 i_ oa LIO LIO LIO an D_ W In a) V1 a) N V1 4% Vl to >W L, >W >W >W >W >W >w >W >W >W >w >W >w >W >w >W >w >W W >W >w >w >W W >W >w >W 0 Z 0 Z 0 Z 0 Z c>c G 0 Z O Z c> G c> G c> G c>c G c>c G c> G c> G G G G G G G G G G G G G G G G G G G G G C Y � a) Q C E L U Y a) a) a) aJ a! aJ a! aJ a) a! a) a! a) %CC Q1 a! a) a! a) aJ a1 a) a! aJ a! a) aJ a) v 0 Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C Cc_ C CC_ C Cc_ C C C C C C O U a) L a) L a) L a) L a) L a1 L a) L a) a) L a) L aJ a) L a) L a) L a) a) L a1 a) a) L a) L a) L a) L a) L aJ a) L (1 L a) Y a) Y a) Y aJ Y a) Y a) Y a1 Y aJ Q J Q J Y a1 Y a) Y a1 Y aJ Y a! 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N aJ c-I N M m O Ln lD � 00 m N c-I m O O r-I 00 N c-I N't LO O r-I N m't lD M � m E c C G M �--I c-I M M M N c-I �--I �--I N N M M -ZT -ZT -ZT M N N -i 7 Z H H H H H H H F- w w w w w w w w w w C C C C C C C L L L L L L L 0 o 0) a) w a) a) a) a� Lfl c-I r-I ri r-I V1 r-I ri c-I ci c-I c-I c-I ri r-I ri r-I ri c-I ci I, ri O -�T V1 N r-I Ln V1 I- O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 00 op O DD lD l0 O O 00 � lD w O O r-I Vl l0 w O N I- n w w w m m m O O Ln m Ln u1 Ln m V1 m lD lD m Q1 Q1 Ql Ol dl Ol Ql Ol Ol T O1 Ol Ql Ql Ol Ql Ol Ol Q1 m m m m m cn m m m m w w w co w o LnD Ln Z w co � 2 v) a a a = m w J J U cc Q Z w w a N J LU J a K II = o m U3:� O 0 N Q w=> w' I Q w w z z a 2E ce w Z o Q > - o z > a 0 �, = = w a v In r- w In r-1�0 In w m v C O a) v 7 O- at 0 c t v C O O v Q FLN Name 5tra Number Acres NNEher FLU Name Sira Number Acres Number 397769SM04 39775920003 ARNDT, LINDAL GOMEZ, MARINA [ 144"57 13D17 14,1800 57 23D17 1.14 1.59 1 2 3995690'17r12 005 KRINCE LIVING TRUST HIGDON TR GAREY D 3457005013D17 1.14 22 345700 51 131117 159 34 39778920001 AVIDANO, STEPHANIE 344800 72 13D17 1.14 4 0006 ZHUANG,JOSEPH 3AS700 51 33D17 1.14 35 N77SWO001 PENA, MARCIA 344800 72 23D17 1.14 3 008 FELIX SR, GERALD D 3457W 52 3D17 L59 40 39951520008 THOMPSON, MARIA V U5700 1E 13D17 1.14 17 0000 FELIX SR, GERALD D 345700 52 13D17 1.14 41 39951600009 ROTAS, RAULA=&ELVIA 345700 18 33D17 1.14 15 r3�99%�4XO8 0009 VICTOR. NADIA IEAN 345700 52 23D17 2.27 42 3995315W00 BRUNA, JUAN M=& BLANCA 345700 30 3017 1.14 29 0W9 PHRAK, AILEEN K 345700 61 13D17 1.14 43 39953240001 GORMAN JR, HERNIAN F=&ALICEM 3457003023D17 1.14 30 0W0 PERONA, MICHAEL=&BARBARAE 3457006133D17 1.59 44 39953480007 THOMPSON, MARIA V 345700 32 03D17 1.14 5 O09 GARCIA, ROGERIOI 345700 62 03D17 IS9 36 3995372000D MOON EY, ISOBEL H MOON EY 34570033 23D17 1.59 6 0002 TESSER. WAN 34570063 3D11 7.77 23 3995375WO2 CASASIERRA REALTY LLC 345700 33 33D17 1.14 7 39957560004 ZENAIDA GATTANrtOTA REV TRUSJ 345700 63 13017 2.73 24 3MSZ880005 SILVA JR, RICHARD 345700 34 23D17 1.14 18 3995764000S MC DERMOTT, ROBERT L 3457005413V17 1.14 13 39953920004 THREE BROTHERS PROPERTY LLC 145700 34 33017 1.14 19 399575�07 FORTILUS, CHARLES=&COLETTE 345700 64 23017 1.59 14 39954000004 CALVO, JORGEA 34570039 13D17 1.14 32 39957880001 TALAVERA. JOSEL 34570066 3D17 1.14 25 39954C80008 M& P TORO REV IOINTTRUST 24570035 23D17 1.59 31 399580OX00 1&D INVEST LLC 34570067 03D17 1.14 37 3995536W02 FERNANDEZ, ERIK C 3457004803D17 159 33 39958080004 WILSON, REBECCA A 3457006723D17 1.14 38 1111111OW01 39955640007 3995568W09 39955720008 3995575W00 A l& N L RUBEN REV TRUST BERRY, CHRISTOPHER W AuST, MARGARET EDMONDS, WILLIAM=& GERTRLIOE TREMBLAY, SERGE 34170/41 M1111 14570049 OID17 345700 48 13D17 345700 4& 23D17 4457W 48 RID11 1,11 1.14 1.14 1.59 1.14 20 9 10 11 8 39958160W5 39959560002 39959607001 3995980M05 399E008Wo5 FARINAS, VICTOR W E & M E WILSONTRUST EST KRAMER. ELWANDA H MARVIN ANDRE HANKS & POftCO, TROY=&CHRISTINE 3411116803D11 1,14 45 34570079 03D17 1.59 27 345700 79 13D17 1.. 26 345700 80 23D17 1.14 15 3457006223017 1.14 28 0.5 Miles Legend FDEP Informal Wetland Determinations Data and I or Field Conditions Indicate Uplands i a Data and I or Field Conditions Indicate Site Plan is Needed to Determine Impacts a _ Data and I or Field Conditions Indicate Wetlands and Permit Necessary _ Data and I or Field Conditions Indicate Ditches and Permit Necessary The "Determinations" on this figure are from informal pre -application wetland determinations pursuant to Section 373.421(6), F.S., and 1 1 2 62-312.040(7), F.A.C. It does not bind the Department, its agents or employees, nor does it convey any legal rights, expressed or implied. NRCS Hydric Soils Model, II Depressional Soioie scarce: M1am , NR CS. 0 Sa" G OliO iroW e� Slough EyN NYen,irakl Nbll eUrmirritbn1 parcel Libels GSO 0 pryer ewtl by co "erC Wby FDEP ire NGGE G DGIS Se 1l Tred Nu.W. P%I a I A113114 121 F •18 19 20 21 22 23 24 7 A , 46 1,151- 2 31,321 33 34 35 36 M 41 W42 1431 144 T I I I I I CON ATION LLIER Q Market Study Parcels 0 0.075 0.15�: CoiLier County Miles WINCHESTER HEAD ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA *Rn WINCHESTER HEAD ADDENDUM C - COMPARABLE DATA Land Comparable 1 - Winchester Head Wetland Comps Transaction ID 6440 Date 7/14/2022 Address 37th Ave NE Price $35,000 City Naples Price per Acre $30,702 State Florida Financing Cash to seller Tax ID 39960280009 Property Rights Fee Simple Grantor SRS05 LLC Days on Market 1-2 Months Grantee Walna Jeannot Verification Source Carol Sabatino; Keller Williams Realty Legal Description Golden Crate Estates Unit No. 65, E 75' of Tract 83 Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Heavily Treed Road Frontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues 98% wetlands Comments 75' x660' heavily treed lot located along north side of 37th Avenue NE. Informal wetland determination dated November 2021 shows 1.12 acres of wetlands with a small portion of uplands along 37th Ave NE. Listed in May 2022 for $35,000. *Rn WINCHESTER HEAD ADDENDUM C - COMPARABLE DATA Transaction ID 6439 Date 7/14/2022 Address 3320 66th Ave NE Price $52,000 City Naples Price per Acre $19,067 State Florida Financing Cash to seller Tax ID 39084360009 Property Rights Fee Simple Grantor SRS05 LLC Days on Market 1 Month Grantee Brian and Kimchi Nguyen Verification Source Carol Sabatino; Keller Williams Realtv Legal Description Golden Crate Estates Unit No. 46, W 180' ofTract 40 Site Acres 2.73 Utilities Well, Septic Land SF 118,800 Topography Heavily Treed Road Prontage 180 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues 97% wetlands Comments 180' x660' heavily treed lot located along south side of 66th Avenue NE. hiformal wetland detemvnation dated November 2021 shows 2.65 acres of wetlands with a small portion of uplands along 66th Ave NE. Listed in May 2022 for $52,000. *Rn WINCHESTER HEAD ADDENDUM C - COMPARABLE DATA Transaction ID 6441 Date 6/ 16/2022 Address 50th Ave NE Price $37,000 City Naples Price per Acre $32,456 State Florida Financing Cash to seller Tax ID 38663360007 Property Rights Fee Simple Grantor B&GLandholdings, LLC Days on Market 1-2 Months Grantee William Escobar Verification Source Lisa Ann Lagergren; Caine Luxury Team Legal Description Golden Gate Estates Unit No. 39, E 75' of W 180' Tract 39 Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Heavily Treed Road Prontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues 64% wetlands (Center) Comments 75' x 660' heavily treed lot located along north side of 50th Avenue NE. Wetland determination dated 3/17/22 shows 0.73 acres of jurisdictional wetlands located in the center of the site. Listed in April 2022 for $75,000 and decreased to $40,000 in May 2022. Lot was purchased in April 2022 with 5 other lots. *Rn WINCHESTER HEAD ADDENDUM C - COMPARABLE DATA Transaction ID 6442 Date 5/31/2022 Address 54th Ave NE Price $74,000 City Naples Price per Acre $32,560 State Florida Financing Cash to seller Tax ID 38661440000 Property Rights Fee Simple Grantor ELAH Holdings, LLC Days on Market 1-2 Months Grantee Sognare, LLC Verification Source Erik Mogelvang; Florida Prime Realty Legal Description Golden Crate Estates Unit No. 39, E 150' Tract 20 Site Acres 2.27 Utilities Well, Septic Land SF 99,000 Topography Treed Road Frontage 150 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular IOnvironmental Issues 85% wetlands (Rear) Comments 150' x660' treed lot located along south side of 54th Avenue NE. Informal wetland determination dated 4/18/2022 shows 1.93 acres of wetlands with uplands located in the front of the site near 54th Ave NE. Listed in April 2022 for $79,900. *Rn WINCHESTER HEAD ADDENDUM C - COMPARABLE DATA Transaction ID 6443 Date 6/28/2022 Address 70th Ave NE Price $147,900 City Naples Price per Acre $29,580 State Florida Financing Cash to seller Tax ID 39084840008 Property Rights Fee Simple Grantor Warach Family LP Days on Market 4 Days Grantee Maria Mijares and Maria Verification Source Richard Parlante; de los Angeles Fernandez Downing Frye Realty Cardona Legal Description Golden Crate Estates Unit No. 46, Tract 45 Site Acres 5.00 Utilities Well, Septic Land SF 217,800 Topography Heavily Treed Road Frontage 330 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular Environmental Issues 59% wetlands (Front) Comments 330' x660' heavily treed lot located along south side of 70th Avenue NE. Informal wetland determination dated 11/2021 shows 2.95 acres of wetlands with uplands located in the rear southwest portion of the site. Listed 6/7/2022 for $149,900. *Rn WINCHESTER HEAD ADDENDUM C - COMPARABLE DATA Land Comparable 1 - Winchester Head Upland Comps ID Address City State Tax ID Grantor Grantee Legal Description Trans action 6444 Date 336145th Ave NE Price Naples Price per Acre Florida Financing 39774200000 Property Rights Nancy Denise Woodward Days on Market Phony Pichardo and Verification Source Fernan Nunez Golden Crate Estates Unit No. 62, E 75' of Tract 35 8/16/2022 $56,000 $49,123 Cash to seller Fee Simple 14 Days Mike Shoaff; ReMaxBlue Skies Site Acres 1.14 Utilities Well, Septic Land SF 49,500 Topography Heavily Treed RoadFYontage 75 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular En-Aronmental Issues 40% wetlands (Generally middle) Comments 75' x 660' heavily treed lot located along north side of 45th Avenue NE. Informal wetland determination dated 7/2022 shows 0.46 acres of wetlands generally in the middle to rear of the site with some wetlands in the front. Listed in 7/2022 for $60,000. WINCHESTER HEAD ADDENDUM C - COMPARABIJ: DATA i rans action ID 6445 Date 8/12/2022 Address 45th Ave NE Price $75,000 City Naples Price per Acre $47,170 State Florida Financing Cash to seller Tax ID 39782080005 Property Rights Fee Simple Grantor Haven Real Estate Days on Market 3-4 Months Solutions, LLC Grantee Lisa Marie Schwartz and Verification Source Rebecca Jasmine Oros; Steven Robert Schwartz Jr MVP Realtv Associates Legal Description Golden Gate Estates Unit No. 62, E 105' of Tract 94 Site Acres 1.59 Utilities Well, Septic Land SF 69,300 Topography Heavily Treed Road Prontage 105 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular En-Aronmental Issues 19%wetlands (Front) Comments 105' x 660' heavily treed lot located along north side of 45th Avenue NE. Informal wetland determination dated 4/2022 shows 0.3 acres of wetlands located in the front of the site along 45th Ave NE. Lot was purchased in April 2022 for $20,000 and listed in May 2022 for $115,000. Price was reduced to $99,900 and then $79,000 on 7/30/22. WINCHESTER HEAD ADDENDUM C - COMPARARLI: DATA Land Comparable 3 Transaction ID 6446 Date 6/22/2022 Addres s 3515 47th Ave NE Price $95,000 City Naples Price per Acre $59,748 State Florida Financing Cash to seller Tax ID 39777960004 Property Rights Fee Simple Grantor Sycamore Land Company, Days on Market 1 Month LLC Grantee Construction 2018 Corp Verification Source Ralph Harvey; List with Freedom Legal Description Golden Gate Estates Unit No. 62, W 105' of Tract 65 Site Acres 1.59 Utilities Well, Septic Land SF 69,300 Topography Heavily Treed RoadFYontage 105 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular FhvironmentalIssues 0%wetlands Comments 105' x660' heavily treed lot located along north side of47th Avenue NE. Listing agent reported as 100% uplands. Property was originally purchased in 4/2022 for $24,200. Listed in 5/2022 for $125,000 and decreased to $115,000 on 5/22/22. WINCHESTER HEAD ADDENDUM C - COMPARABIJ: DATA Land Comparable 4 ID Address City State Tax ID Grantor Grantee Legal Description 6447 54th Ave NE Naples Florida 38970040007 A&M American Investment, LLC Transaction Date Price Price per Acre Financing Property Rights Days on Market Estevez Renovation, LLC Verification Source Golden Crate Estates Unit No. 44, W 105' of Tract 101 6/9/2022 $110,000 $67,073 Cash to seller Fee Simple 1-2 Months Nicolas Villamizar; Starlink Realty Inc Site Acres 1.64 Utilities Well, Septic Land SF 71,400 Topography Partially Treed RoadFrontage 105 Zoning Residential Depth 680 Zoning Type E - Estates Shape Rectangular FnvironmentalIssues 0%wetlands Comments 105' x680' partially treed lot located along south side of 54th Avenue NE. Wetlands determination reports the site has no jurisdictional wetlands. Property was originally purchased in 5/2022 for $60,000. Listed in 5/2022 for $114,900. WTNCHESTER HEAD ADDENDUM C - COMPARABLI: DATA trans action ID 6448 Date 7/7/2022 Address 3487 66th Ave NE Price $150,000 City Naples Price per Acre $55,006 State Florida Financing Cash to seller Tax ID 39086400006 Property Rights Fee Simple Grantor Y&E Realty Investment Days on Market 1-2 Months Coro Grantee Boca Holdings, LLC Verification Source Yuni Ebanks; Marzucco Real Estate Legal Description Golden Gate Estates Unit No. 46, E 180' of Tract 58 Site Acres 2.73 Utilities Well, Septic Land SF 118,800 Topography Heavily Treed RoadPYontage 180 Zoning Residential Depth 660 Zoning Type E - Estates Shape Rectangular En-Aronmental Issues 0%wetlands Comments 180' x660' heavily treed lot located along north side of 66th Avenue NE. Wetlands deterrmnation reports the site has no jurisdictional wetlands. Listed in 4/2022 for $165,500.