Loading...
Agenda 07/25/2023 Item #16A 7 (Agreement for purchase between Silvia M. Arias under the Conservation Collier Land Acquisition Program16.A.7 07/25/2023 EXECUTIVE SUMMARY Recommendation to approve an Agreement for the Purchase of two (2) parcels totaling 6.95 acres from Silvia M. Arias, under the Conservation Collier Land Acquisition Program, at a cost not to exceed $118,600. OBJECTIVE: To purchase two (2) parcels totaling 6.95 acres from Silvia M. Arias, ("Seller") near the Conservation Collier Dr. Robert H. Gore III Preserve. CONSIDERATIONS: On January 25, 2022, Agenda Item #11A, the Board of County Commissioners (Board) approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 10 Active Acquisition List (AAL), with changes, and directed staff to actively pursue the acquisition of the properties under the Conservation Collier Program. The Silvia M. Arias properties consist of two (2) parcels within Golden Gate Estates, Unit 91A, and the Dr. Robert H. Gore III Preserve multi -parcel project area located off Desoto Blvd. Parcel 41560040006 is located approximately 150 feet East of Tract 121 and approximately 648 feet south of 40r' Ave SE. It is vacant, unimproved land and contains 3.16 acres (137,650 square feet). The site is fully wooded and 100% forested/shrub wetlands. The property contains 80% hydric slough and depressional soils with 20% being non-hydric soils. Both Parcels front 42nd Avenue SE. Parcel 41560080008 is located approximately 180 feet west of Tract 121 and approximately 648 feet south of 40t' Ave SE. It is vacant, unimproved land and contains 3.79 acres (165,092 square feet). The site is fully wooded and 100% forested/shrub wetlands. The property contains 100% hydric slough and depressional soils with the majority being hydric slough. The appraisals, dated August 2022, were provided by an independent, state -certified, general real estate appraisal firm that Staff contracted with to appraise these parcels. The cost to obtain the appraisals was $3,900. The Seller accepted the offer before the Board adopted the revised Conservation Collier Purchasing Policy, Resolution No. 2023-10, which allows the offer amount to be determined by staff but shall not be more than the appraised value. Staff renegotiated the purchase price of $116,100 for the two parcels (Parcel 41560040006 for $56,700 and Parcel 41560080008 for $59,400) which is 90% of each appraised value. On July 14, 2023, the CCLAAC voted unanimously to recommend approval of the purchase agreement. Pursuant to Ordinance 2007-65, Section 13(8), a Project Design Report for the property is provided herewith. FISCAL IMPACT: The total cost of the acquisitions will not exceed $118,600 ($116,100 for the two parcels, and approximately $2,500 for closing fees, title commitments, title policies, and recording of respective documents). The funds will be withdrawn from the Conservation Collier Trust Fund (1061). As of July 25, 2023, property costs for Conservation Collier properties, including this property and those under contract, total $113,593,402. 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 to ensure management of all Conservation Collier Preserves in perpetuity. The initial costs of maintenance and signage have been provided in the Project Design Report (PDR) attached. The maintenance cost for the first five (5) years (initial maintenance costs) is $13,733. After the initial restoration, the average annual maintenance costs will be approximately $1,388. 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 a majority vote for approval. - RTT Packet Pg. 192 16.A.7 07/25/2023 RECOMMENDATION: 1) Approve the attached Agreement and accept the Warranty Deeds, upon approval by the County Attorney's Office; 2) Authorize the Chairman to execute the Agreement and all County Attorney Office -approved documents related to this transaction; 3) Authorize the County Manager or designee to prepare related vouchers and Warrants for payment; and 4) Direct the County Manager or designee to proceed with the acquisition, to follow all appropriate closing procedures, to record the deed and all necessary documents to obtain clear title, and take all reasonable steps necessary to ensure performance under the Agreement. Prepared by: Vivian Rodriguez, Property Acquisition Specialist, Real Property Management ATTACHMENT(S) 1. Agreement (PDF) 2. [Linked] Appraisal - 3.16 acres - Folio 41560040006 (PDF) 3. [Linked] Appraisal - 3.79 acres - Folio 41560080008 (PDF) 4. Project Design Report (PDF) Packet Pg. 193 16.A.7 07/25/2023 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.7 Doc ID: 25924 Item Summary: Recommendation to approve an Agreement for the Purchase of two (2) parcels totaling 6.95 acres from Silvia M. Arias, under the Conservation Collier Land Acquisition Program, at a cost not to exceed $118,600. Meeting Date: 07/25/2023 Prepared by: Title: — Facilities Management Name: Vivian Rodriguez 06/21/2023 11:40 AM Submitted by: Title: — Facilities Management Name: John McCormick 06/21/2023 11:40 AM Approved By: Review: Public Services Department Melissa Hennig Additional Reviewer Facilities Management John McCormick Director - Facilities Growth Management Community Development Department Jaime Cook Facilities Management Jennifer Belpedio Manager - Real Property Development Review Summer BrownAraque Additional Reviewer County Attorney's Office Ronald Tomasko Level 2 Attorney of Record Review Growth Management Community Development Department James C French Office of Management and Budget Office of Management and Budget County Attorney's Office County Manager's Office Board of County Commissioners Debra Windsor Level 3 OMB Gatekeeper Review Laura Zautcke Additional Reviewer Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Ed Finn Level 4 County Manager Review Geoffrey Willig Meeting Pending Completed 06/21/2023 12:25 PM Completed 06/21/2023 1:43 PM Additional Reviewer Completed 06/27/2023 9:57 AM Completed 06/27/2023 3:38 PM Completed 06/27/2023 7:17 PM Completed 06/30/2023 1:22 PM Additional Reviewer Completed 07/13/2023 3:18 PM Completed 07/13/2023 3:45 PM Completed 07/14/2023 12:55 PM Completed 07/14/2023 2:08 PM Completed 07/17/2023 9:03 AM 07/25/2023 9:00 AM Packet Pg. 194 16.A.7.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41560040006 & 41560080008 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between SILVIA M. ARIAS, an unmarried widow, whose address is 10850 SW 301h Place, Davie, FL 33328, (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 102, Naples, FL 34112, (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A," attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions 0 hereinafter set forth, Seiler shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". N II. PAYMENT OF PURCHASE PRICE _ E 2.01 The purchase price (the "Purchase Price") for the Property shall be ONE HUNDRED SIXTEEN THOUSAND ONE HUNDRED and 001100 DOLLARS a ($116,100.00), (U.S. Currency) payable at time of closing. a� III. CLOSING w w 3.01 The Closing (THE "CLOSING DATE," "DATE OF CLOSING," OR a "CLOSING") of the transaction shall be held on or before one hundred and eighty (180) days following execution of this Agreement by the Purchaser. 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: 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to Packet Pg. 195 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41560040006 & 41560080008 16.A.7.a applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit," as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service, 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. 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 a Packet Pg. 196 16.A.7.a CONSERVATION COLLIER TAX IDENTIFICATION NLIMBER: 41560040006 & 41560080008 allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4,011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. 4.012 If Purchaser shall fail to advise the Seller in writing of any such o 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 a title, Seller shall have thirty (30) days to remedy any defects in order to convey good and marketable title at Seller's expense, 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 a is unable to cure said objections within said time period, Purchaser, by v 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 E Purchaser may terminate the Agreement. A failure by Purchaser to give such L written notice of termination within the time period provided herein shall be a deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. s 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's r possession to Purchaser within 10 (ten) days of the effective date of this a Agreement. Purchaser shall have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack Packet Pg. 197 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41560040006 & 41560080008 16.A.7.a 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. r c 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of E any investigation, Purchaser shall deliver to Seller prior to the expiration of the L Inspection Period, written notice of its intention to waive the applicable a 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, E it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In the event Purchaser elects to terminate this Agreement because of the right of Q 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. Seller shall be notified by Packet Pg. 198 16.A.7.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER; 41560040006 & 41560080008 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 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 0 to each of the parties and take into account the peculiar risks and expenses of N. each of the parties. E X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES a L a 10.01 Seller and Purchaser represent and warrant the following: aD 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, a 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. Packet Pg. 199 16.A.7. a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41560040006 & 41560080008 At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. 10.017 Seller represents that there are no incinerators, septic tanks, or U 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 o 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 E hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic a 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 w or potential of ground water contamination from neighboring properties. Seller a 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 Packet Pg. 200 16.A.7.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER41560040006 & 41550080005 has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. 10.019 There are no unrecorded restrictions, easements, or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Property 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay -back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.021 Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this a Agreement up to and including the Date of Closing. Therefore, Seller agrees 0 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 0 the zoning or physical condition of the Property or the governmental v ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations E 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 a governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. E 10.022 At the Closing, Seller shall deliver to Purchaser a statement (hereinafter called the "Closing Representative Statement") reasserting the a foregoing representations as of the Date of Closing, which provisions shall survive the Closing. 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall Packet Pg. 201 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41560040006 & 41560080008 16.A.7.a 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. E1=go] Le] 9 60-1 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: Silvia M. Arias 10850 SW 30th Place Davie, FL 33328 Telephone number: 305-965-5841 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 shall be deemed to continue in effect for all purposes. r a Packet Pg. 202 16.A.7.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER 41560040006 & 41560080008 XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and N gender in which used, shall be deemed to include any other gender or number as = the context or the use thereof may require. E a� a� L 13.06 No waiver of any provision of this Agreement shall be effective unless it is in a 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. w 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 by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. Packet Pg. 203 CONSERVATION COLLIER TAX IDENTIFICATION NUMBER 41560040006 & 41560080008 16.A.7.a 13.09 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty or covenant not included in this Agreement, or any such referenced agreements has been or is being relied Upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller , Deputy Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA Aw RICK LOCASTRO, Chairman [SIGNATURE APPEARS ON THE FOLLOWING PAGE] Packet Pg. 204 16.A.7.a CONSERVATION COLLIER TAX IDENTIFICATION NUMBER: 41560040006 & 41560080008 AS TO SELLER.- ❑ATED �./[ r t 6. �C WITNESSES: (Signature) (Printed Name) (Signature} 'y t(� (Printed Na e) Approved as to form and legality: Ronald T, Tomasko, Assistant County Attorney SILVIA M. ARIAS Q U1 Packet Pg. 205 CONSERVATION COLLIER TAX IDENTIF;CATION NUMBER_ 41560040006 & 41560080008 16.A.7.a EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 41560040006 LEGAL DESCRIPTION: EAST 150 FEET OF TRACT 121, UNIT. 91A, GOLDEN GATE ESTATES, ACCORDING TO PLAT THEREOF RECORDED IN PLAT BOOK 9, PAGE 9, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. 3.16 acres AND PROPERTY IDENTIFICATION NUMBER: 41560080008 LEGAL DESCRIPTION: WEST 180 FEET OF TRACT 121, UNIT 91A, GOLDEN GATE ESTATES, ACCORDING TO PLAT THEREOF RECORDED IN PLAT BOOK 9, PAGE 9, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. 3.78 acres l7 Packet Pg. 206 16.A.7.d Conservation Collier Land Acquisition Program Project Design Report Arias Property Date: June 2023 Property Owner: Silvia M. Arias Folios : 41560040006 and 41560080008 Location: GOLDEN GATE EST REPLAT UNIT 91A E 150FT and W 18OFT OF TR 121 Size: 6.94 acres (41560040006 — 3.16 acres; 41560080008 — 3.78 acres) Purchase Price: $116,100 (41560040006 — $56,700; 41560080008 — $59,400) History of Proiect: Selected for the Selected Original Original Updated Updated "A" category, for the "A" Purchase Offer Offer Made Offer #1 priority, on category, offer made Accepted Accepted the Active #1 priority, to owners Acquisition on AAL by List (AAL) by BCC CCLAAC 12/9/22 1/25/2022 9/22/2022 10/11/2022 3/2/2023 3/27/23 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Oualifications: These parcels are adjacent to the Dr. Robert H. Gore III Preserve. The Arias parcels were considered due to their proximity to an existing Conservation Collier preserve. The Arias 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 These parcels are not accessible by a paved road; however, they could accommodate outdoor recreation, due to their 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 parcels have many wetland dependent plant species and contain karst topography, which is a wetland indicator, despite soils that indicate that wetlands may also be seasonal. The parcels provide minimal water quality enhancement beyond accommodating sheet flow into the I-75 canal. Packet Pg. 207 16.A.7.d Property enhances and/or protect the environmental value of current conservation lands through function as a buffer, ecological link, or habitat corridor The Arias parcels expand the Dr. Robert H. Gore III Preserve. These parcels, 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 parcels are 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 $3,470 $2,776 $2,776 $2,776 $1,735 Signage $200 Total $3,670 $2,776 $2,776 $2,776 $1,735 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 Packet Pg. 208 16.A.7.d C FI ARIAS, SILVIA M Dr. Robert Gore III Preserve Property Owner Accepted Offer CO N'IMWAT 10 N C LLIER coLlfiier couxty Packet Pg. 209 16.A.7.d 0 0.2 Miles Coi�ier County E Packet Pg. 210 Carlson Norris 3.16 ACRES OF VACANT LAND UNASSIGNED North of I-75 NAP LE , FLORIDA 34117 Prepared For: Collier Count{ Board of Commissioners Attention: Roosevelt Leonard, Rr W- AC, .Senior Review Appraiser Real Property Management 3335 Tarniammi Trail East, Suite 101 Naples, Florida 34112 Prepared By.- 1919 COUrtney Drive. Suite 14 Fort Myers, FL 33901 (39) 9 36-1991 Y-) 4,Iw. Carlson Morris. cQ rn 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: 3.16 Acres of Vacant Land North of 1-75 Naples, Florida 34117 Our File Number: 22-179-7A 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 approximately 170+/- feet north of 1-75 and 648+/- feet south of 401" Ave SE in Naples, Florida. There is no road access to the property. The site is rectangular in shape and contains 3.16 acres or 137,650 square feet. The site is vacant, fully wooded and 100% forested/shrub wetlands. The property contains 80% hydric slough and depressional soils with 20% being uplands. 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, NORRIS & 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: SIXTY-THREE THOUSAND DOLLARS...................................................................... ($63,000.00). 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 s I 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...............................................................................................................................................27 MARKET AREA DESCRIPTION.........................................................................................................................28 LEGALDESCRIPTION......................................................................................................................................31 OWNEROF RECORD.......................................................................................................................................32 ASSESSEDVALUE AND TAXES.......................................................................................................................32 SITEDESCRIPTION..........................................................................................................................................32 SUBJECT PROPERTY PHOTOGRAPHS.............................................................................................................38 SECTION 4 - HIGHEST AND BEST USE ANALYSIS.............................................................40 HIGHEST AND BEST USE AS THOUGH VACANT...............................................................................................40 SECTION 5 - VALUATION OF THE SUBJECT......................................................................42 VALUE ESTIMATE BY THE COST APPROACH..................................................................................................42 VALUE ESTIMATE BY THE INCOME APPROACH..............................................................................................42 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH.........................................................................42 SECTION 6 - RECONCILIATION OF VALUE.........................................................................60 SUMMARY OF VALUE CONCLUSIONS..............................................................................................................60 SECTION 7 - CERTIFICATION AND LIMITING CONDITIONS..................................................61 CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM...........................................................................61 GENERAL ASSUMPTIONS & LIMITING CONDITIONS.........................................................................................63 SECTION 8 -ADDENDA ....................................................................................................68 SUBJECT QUITY CLAIM DEED..............................................................................................69 FDEPMAP....................................................................................................................71 WETLANDSMAP.............................................................................................................................................72 SOILMAP.......................................................................................................................................................73 FLOODMAP....................................................................................................................................................74 APPRAISERLICENSE......................................................................................................................................75 QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM.........................................................................76 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Section 1 - Summary of Salient Facts Property Reference: 41560040006 Property Type: Vacant Land Property Address: Unassigned, North of 1-75 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 approximately 170+/- feet north of I- 75 and 648+/- feet south of 401h Ave SE in Naples, Florida. The site does not have any road access and there does not appear to be any access easements in existence according to the subjects Plat records. 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 137,650 square feet or 3.16 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 64.8% Brynwood Cypress Lake fine sand, 6% Brynwood fine sand -urban land complex fine sands and 29.3% Cypress Lake Riviera Copeland fine sands present for the subject. The FDEP informal wetland determination map provided by the client indicates the site is 80% hydric depressional and slough soils with 20% being uplands. The K COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES property is currently vacant and unimproved. The site will be more fully described within the body of the attached report. 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: agriculture use 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: $63,000 Market Value Estimate as of August 1, 2022: Appraisal Firm: Appraisers Completing Report: $63,000 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, NORRIS & 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. Please note, the appraiser was not able to view the property site from 40t" Ave SE nor 42nd Ave SE due to the surrounding wood and brush encompassing the subject and lack of any access road or trail and therefore relied primarily on aerial visuals from the Collier County Property Appraisers website and the neighboring property attributes. • 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. I COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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. 7 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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 7, 2005 (OR 3815-669) and was recorded as a Quit Claim Deed. The Grantor is shown as Eladio R. Arias 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 Eladio R. Arias and Silvia M. Arias. 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 C t LA Placid is wo Wed G �j�l �be*Dkind Martin GroYC RV w1La 60rdS 5 U7w CSb t t Moor€ia,eu� an P8{[rota andc\ 5 s —tea,, P�Jr�I Ek-a0h Buekingh'a I nek llt[:1 a If I ' sarbcl iou,l -lewiston 11 i iIl'3 ,.j1 Sanibel Kill VO{rll lion i l g5 it arJ .........:........................................................... - IfiS I 1 filar Island � C+erg, des v `y l.uer i Miami-J adr Islaudi:l S� v � •I The subject property is located within Collier County, Florida, some 150 miles south of Tampa and some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion of the state of Florida. Collier County was created in 1923 and was separated out from what was a larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who had moved to southwest Florida and established himself as 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, NORRIS & 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 781 F. in January to 921 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. Collier County, A&Mth Januaiy FL Historical Average 65.67 Temperature Max Average 7B.6T Min Average 52.6a: Collier County, monffi January FL Rainfall and Snowfall AveragL Rainfall 0.52Inches Average Average Sr!�3- 0Inches February 66.63 79.03- 54Z February 1.91 Inches Olnches Mai-ch 67.29 811 53.45- March 2.62 Inches 0 Inches April 74.83` 87.2` 62.36` April 4.32Inches Olnches May 78.6` 90.15` 67` May 4.18Inches 0Inches June 81.98` 91.48` 72.54: June 9.82Inches Olnches July BY 90.47- 75.48: July 5.74Inches 0Inches August 8187- 92.43- 75.33- August 6.91 Inches 0Inches September 82.93 91.33- 74.53- September 9.04 Inches 0 Inches Dctober- 77.3- 86.33- 68Z October 5.Z4Inches Olnches No ember- 70.77 81.BY 59.7T November 0.82 Inches O Inches December- 65.98` 77.48` 54.45` 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 17"" 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 6.780 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. HIlgtorlc end Projected Population Charlotte, CoHler, and Lee Counties 7 9fl:: HlStoriC Rrajerted 144fr � °Y eEM1."s 2018 F 14 2el6 m 3 r BW Lee cross 34ta H7 - sic r 799a 335 400 Collier CL IL 1984 152 Po-ia sx9 itd2GQ _ — _ 0 1990 Charlotte 117 19W 1965 2ua erjun OJ10 A'1J Mu M0 20JC zo35 2Nu L045 5ouae! Qmle 01 ftvwmK Bnd oe 1pfiV11.0 Aesea [B 14 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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%. 0 white alone, percent b 89.3% 0 Black OF African American alone, percent ;a;: d 7.4% 1)American Indian and Alaska Native alone. percent fa d 0.5% 15Asian alone, percent (a) p 1.6% Native Hawaiian and Other Pacific Islander alone, percent :-. � 0.1% Two or More Races, percent 1.2% () Hispanic or Latina; percent hl b 28.2% Q white alone, not Hispanic or Latino, 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, N O R R I S & ASSOCIATES Below is a breakdown of the Largest industries in Collier Cowrty. Real Estate and Rental and t eN5i11q IptHil rrade Aecommodalion and Food 5crvioaa Hm)M Caleand 50clal Assistonce C-answutt" Adm inistratim a nd 5uppau a... Other SenA€es [ewcept PUW Ic A3niniNtralian� Government ; Professlonal. $cienVAc;. and rechnital 5esrViC{:s # FI nen€o and Insurar co 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. ank Company Name Employment NCH Healthcare System** 7,017 Collier County Schaal District 5,604 Collier County Local Government* 5,119 Publix Super Market 3,083 Arthrex, Inc.** 2,500 walmart 1,480 Ritz Carlton -Naples 1,450 City of Naples 1,169 Physicians Regional 950 6 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 113.4 102,8 100 Grocery 107.7 102,8 100 Health 101 98 100 Housing 143 102.6 100 Median Home Cost 330600 $237,100 $231,20D Utilities 88.6 1013 100 Transportation 88.6 112,6 100 Miscellaneous 108.3 9.6 q 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 -o=TED: '==''2C21 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 acO-0.25) 0.25 0.25 0.25 11th District Cost 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) Lhart 15, sinme-Famav Huildinlr Permits for Collier 450 400 350 250 w 200 k 150 100 50 0 Single ramify Permits Issued -Collier County 2.011.2020 Monthly Averages, Most Recent 13 Months Data and Trend a A f Permits — — — Linear Trend c a a( cC aK r aK a a aK G PAM M"M r+l N fV N 54 r+l C^1 N Source: Collier Counly &m%th Management Department, indudes uninEMporated Collier County permits only 20 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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). Chart 18: Existine Sinele-Family Home Sales for Collier Count 1000 900 Collier County Existing Single Family Home Sales by Realtors@ $700 $B00 S00 700 $500 rd E sOG $400 s o � 500 $300 � a E 3oa $200 Collier Homes Sold 3 2 nx 2K Collier Median Sale Price —Homes Sand Trendline $100 n 1G2 — — - Sale Price Trendline G so Sou rre_ F lorida Realbors• Naples lmmnkalee-Marro Island, Florida MSA 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, NORRIS & 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 IRSM Passenger Activity t, fi0ik H t,d0a 2019 t,20a '20 J< P ~ t,PO4 201a aoa ya p 600 7071 400 E 206 a 1 0 Jan Fec Mar Apr May Jun Sul Aug Sep Oct Hav Oec 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. (:merit Fund Supported [:dp"I Ca F� 16 Budget F'i 17 Budget F l' 19 Budget F1' 19 Budget FF' 21) BtrdVt SheriffOrange Tree 5ubS[atlan 3'n o.IfOU 5o SD SD SO EMS Station and Ambulance $o $0 $2,0001M VJOD.ODD $11 Hall ter ]? U00,o00 S? o0U,o0li S I,?Jm SD S0 Ja[I&other Shcr[t3'FOCI] u RtpllirS 566427(0 SI,059_5W 54,Im $1,00Dow SI.00U,000 Sheriff'& ALi�ouftlwL S4slern RE lacemew 51,w),ow S1] SD 3o SO VOtln • MaC111131', $U So $3450D $35D100U 5350,000 800 MHz Public Safely Communlea6ed System 56_1001M 53525.{ k S8501M SD 5n DOn5eIAIC AMIYUJ Control Shehee SU Ski $50DAUU so S0 Stale & Re,nunal Ecu Development $4754U0 SSW_ UJ $D So Sa Library Capital -Books $350,o0U 545ta_00tl $550,ow WD_000 s9MAW Gimerul Bu[ldin�; Maintenance and rVC Repairs Aul Sale, Tax Funded $ I,5DD.OW S4,Ii9U,500 55250OW 56MD.ow $5.13W 000 OlhcrGelxraIGDvo unrntal $4NXJo0 $I,o72,506 $1llow 51,07TODU V=AW Sluseuln Ca lisl $2100.0m $7-m-ow $3 13-50U $200.0m S2W'(D4 AurponC'u i[ul(Grant Match1 $313.100 5300.00D 51,00D 5-145A U SI_46i.704 General Governmental Vehicle Replacement Su lament $1�500,flU0 5150 ow 51,750 M 5D $0 J13A Capital $1,070_(M $7,595,70D S I, I0010M $1,100,000 $? l00_llfli) trans ortatlanCap [al $I4,559_liofl $11,650,400 W_;5iAw S9*50'Kw S[umI-water Ca ual 51.549.6(W $1,627.D0U S2__0WXPI S3.5a1.U0U -otfil $32,770.IH10 S29.1i;1,700 532,69&9W 524,177JM S26,249 RO 1$2,127,0010 = $Irn SAF; $900k r plr sh makes: balaxuc v. nvntrr rikainlLmunCe $327k roa Sar[14air LNos1,_ 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. 23 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES 2,300 1150 m S4 1! millire, 1fi j— 4- *'Ade �auis Qt%li xa� a.•4,Irr4 F F 125i E7o-ik.__ i�bOhef Bow EcwnrncahF 9.anf+ 55%Info MmI�R"tN Flc+ra I 1 1 364 9uiv; 11.4" ym "Jura no+f..9s� L+b� hlr.ri Y.n;F 1 1 7,206,59$$ Meal9 Y=_d+ly Gir�00 f44.PIW I RE4C1 S �T}r G,1151 A-JLr $ Conxnl:niry Cdl alim 4fi r.c;; c�a.:,a-Y•dan•:onoc; i94 C,ornn�arrlr[#rcaian C•:vt :, Rin•I fkr.hrA itr :r• t- - - 1.• "L ryy [aon�rr Y 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 igh 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 L—el Comparison (Age 25+) No schooling = Less than High School � High School or GED So Ilege or Associates Deg r=_a Be ohel, Degree or higher 100% 75% ■ . of NONE 50% 25% t+a�� GO" �BG� ��'6"oStiai �(0 � � La�1ik of � .•• � cpjlci� 'Po w6 G G�QacO- CPS ��� c0 rp,1a� cow 6,e � 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. 24 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES 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. Figure 1: Percent of People with Health Insurance Hendry County Glades County Monroe County Collier County Brow,ard County Lee County Compare: Florida Compare: Orlando -De ltona- Daytona Beach Charlotte County Compare: United States 090 50 % 100% Figure 8: Percent of People with No Insurance by Income Group 3c% 2C9<: 10% 0% Under $25k $50k $75k Over 525k to to to $100k Wk $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 25 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES 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. 26 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Location Map Cnglewood Port Charlotte �J �1e Punta Gorda Babcock Ranch Preserve Boca.Granda LaBelh ;� -01 Fort Myers Lehigh Acres Cape Coral sD Captiva UZ Felda Fort Myers aEstero Ind an Ic m Lakeport Pc•r' Mayaca Palmdale _ '. Ju `Ilan 21 4a Wrldllfe .Canal Point Managarfienl �-'� Palm Gear Moore Haven Pahokee Area Gardens ra 0 Clewiston West zS Belle Glade Bea Montura Imnnokaiee Bonita Springs Ave Maria l4 North Naples Naples SUBJECT ? i Big Cypress Naliorlal ❑Preserve a Marco Is!and Everglades S. city 27 Boynton {`a Beach Delray Beach i Boca Raton D C) Pompano Beach Everglades Fort and Frarrcis Fes+ Lauderdale' S. Taylor Wildlife... Hollywood I Q Hialeah `L' Miami ED a c T a m Biscayne Homestead National Park COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Market Area Map CORKSCREW 2� Harker Ave Maria eyards r GGIden ale Lo1v Lely Re, rt r � Copeland Marc❑ Island GcDdland 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." 28 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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) 29 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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 30 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 3815-671) and displayed as follows: East 150' of Tract 121, Unit-tiA-'Golden Gate Estates according to plat thereof recorded in Plat Book 9 Page 9igf,,dq Public Records of Collier County, Florida. 31 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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: Arias, Eladio R. and Ailvia M. Arias 2356 SW 125th Ave Miramar, Florida 33027-2636 Assessed Value and Taxes: According to the Collier County Tax Collector's Office the subject property is identified by its Parcel Number 41560040006. For the tax year of 2021 the subject property had combined assessed values of $15,920 at a millage rate of 11.4183 resulting in an annual tax burden of $199.74. 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 41560040006 Year Market Taxable Value Millage Rate Tax Liability Total Assessed Value Ad Valorem Non -Ad Valorem Tax Liability 2021 $15,920 $15,920 11.4183 $199.74 $0.00 $199.74 2020 $14,473 $14,473 11.3084 $189.35 $0.00 $189.35 2019 $13,157 $13,157 11.3901 $182.58 $0.00 $182.58 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. 32 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 _ 330 105 75 t50 150 8n [- sT�p U' "d 144 12 � i N 330,63 100 150 150 ... i — -- — — — ——i6Yt26 33 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES General Site Information Address: Unassigned, North of 1-75, Naples, Florida 34117 Parcel Number: 41560040006 Physical Characteristics of the Site Frontage: The subject property has no frontage along any roadways. Total Site Area: 3.16 acres or 137,650 square feet per the Collier County Property Appraiser records. We were not provided with a site survey. Shape of Tract: Rectangular Access: The subject site has no access from any roadway or trail that was visible during inspection. 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 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 80% hydric depressional and slough soils with 20% being uplands. The USDA Web Soil Survey Map shows 64.8% Brynwood Cypress Lake fine sand, 6% Brynwood fine sand -urban land complex fine sands and 29.3% 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. 34 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Neighboring Property Uses: Properties located in the immediate area consist of limited semi - rural residential uses. Zoning allows for a maximum of one development unit per 2.25 gross acres. Land Use Designation: Estates Zoning Classification: E-Estates Allowable Uses in the Allowable uses in the district will be discussed in detail in the District: following comprehensive land use plan classification discussion 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 PFO1 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). 35 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.). 36 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. 37 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Subject Property Photographs View: Looking west along 40" Ave SE viewpoint. Photograph date: August 1, 2022 Taken by: Hannah Dwyer View: Looking east along 40' Ave SE viewpoint. Photograph date: August 1, 2022 Taken by: Hannah Dwyer 38 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Subject Property Photographs View: Looking southeast from viewpoint on 40tn Ave SE. Subject about 710' southeast. Photograph date: August 1, 2022 Taken by: Hannah Dwyer 39 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Sec16 tion 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 165,092 square feet or 3.79 acres of site area. The property has no frontage of along any roadways with no visible access. There are wetlands present on site and the property is fully wooded with brush covering. 40 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 although it would require an easement and development of a roadway for accessibility. The parcel would better support a low density agricultural 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 and agriculture in the immediate area. There is an abundance of Estate zoned vacant land surrounding the property. The most economic and financially feasible uses of the property would be for development of the site as limited agriculture under the permitted uses. Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has considered which uses are reasonably considered to be legal, physically possible as well as economically and financially supported. The zoning and land use allow for a range of uses including agricultural such as fruit and vegetable growth for personal consumption and low density horse and livestock as well as low density residential. Considering the near -by low density properties, it is our opinion that low density agricultural use has the most development potential given the location and access of the property. 41 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 42 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 43 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 44 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: 3425 22nd Ave SE Naples, FL 34117 County: Collier Location: North side of 22nd Ave SE STRAP/ID: 41221200004 Grantor: PBR Builders Inc. Grantee: Danh Thanh Nguyen Le_pal Data: Sale Date: July 29, 2022 Sale Price: $55,000 Sale Price per Sq. Ft.: $0.46 Sale Price per Acre: $20,147 Recording: Instr.#6291608 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2530 45 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 180' x 663' Site Size: 118,919 square feet, 2.730 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: No Utilities: Cable, Electric, Phone Access: From 22nd Ave SE Wetlands/Uplands: 100% Wetlands Soils: None Adverse Apparent Sale Analvsis: Sale Price: $55,000 Financing: Cash to Seller Price per SF: $0.46 Price per Acre: $20,147 Sale Confirmation: Verification: David De La Noval-Listing Agent, 239-682-6090 Verifying Appraiser: Hannah Dwyer, August 10, 2022 Sale History: 9/23/20-$26,500 Comments: This is the sale of a 2.73 acre vacant land parcel located off 22nd Ave Se in Naples. The parcel was sold together with the adjacent 2.27 acre parcel for a total of $110,000. The 2.73 acre parcel accounted for $55,000 of the sale price. The site is determined to be 100% wetlands according to an FDEP wetlands determination map and will require an ERP permit to develop on the property. This was an arm's length transaction. CNA Data # 2530 46 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: 26th Ave SE Naples, FL 34117 County: Collier Location: South side of 26th Ave SE STRAP/ID: 41440600003 Grantor: Paule Virzintaite Grantee: Gennaro Candela Jr. Legal Data: Sale Date: July 27, 2022 Sale Price: $95,000 Sale Price per Sq. Ft.: $0.44 Sale Price per Acre: $19,000 Recording: Instr.#6293131 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2529 47 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 329' x 662' Site Size: 217,800 square feet, 5.000 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: No Utilities: None Access: From 26th Ave SE Wetlands/Uplands: 100% Wetlands Soils: None Adverse Apparent Sale Analvsis: Sale Price: $95,000 Financing: Cash to Seller Price per SF: $0.44 Price per Acre: $19,000 Sale Confirmation: Verification: Yasmine S Awad- Listing Agent, 239-269-0501 Verifying Appraiser: Hannah Dwyer, August 08, 2022 Sale History: 12/18/20-$59,000 Comments: This is a vacant, fully wooded 5 acre land parcel located off 26th Ave SE in Naples. The parcel is 100% wetlands according to an FDEP wetlands determination map. The parcel would require an ERP permit in order to develop. There are no utilities available to the site at the time of sale. The listing agent stated that this was an arm's length transaction at market price. The property was on the market for about a month for $110,000 before going under contract and selling for $95,000. CNA Data # 2529 48 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: 3624 28th Ave SE Naples, FL 34117 County: Collier Location: South side of 28th Ave SE STRAP/ID: 41393720001 Grantor: ELAH Holdings Inc. Grantee: Joseph and Carol Perchal Legal Data: Sale Date: June 06, 2022 Sale Price: $71,728 Sale Price per Sq. Ft.: $0.60 Sale Price per Acre: $26,274 Recording: Instr.# Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agricultural CNA Data # 2531 49 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 180' x 660' Site Size: 118,919 square feet, 2.730 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: No Utilities: None Access: From 28th Ave SE Wetlands/Uplands: 100% Wetlands (95% Slough) Soils: None Adverse Apparent Sale Analvsis: Sale Price: $71,728 Financing: Cash to Seller Price per SF: $0.60 Price per Acre: $26,274 Sale Confirmation: Verification: Erik Mogelvang-Listing Agent, 239-272-7774 Verifying Appraiser: Hannah Dwyer, August 10, 2022 Sale History: 12/30/20-$79,200 Comments: This is a 2.73 acre parcel located off 28th Ave SE. The parcel is fully wooded and unimproved with no utilities to site. An FDEP Wetlands map indicates the parcel is 95% Slough soils while the listing agent confirmed that the site is 100% wetlands. The site will require an ERP permit to develop. The property previously sold together with another parcel on 12/30/21 for $79,200. This was an arm's length transaction. CNA Data # 2531 50 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: 40th Ave SE Naples, FL 34117 County: Collier Location: North side of 40th Ave SE STRAP/ID: 41616360009 Grantor: Roberta Miller Grantee: Katherine Delgado Legal Data: Sale Date: September 16, 2021 Sale Price: $56,000 Sale Price per Sq. Ft.: $0.47 Sale Price per Acre: $20,513 Recording: Instr.#6131306 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2532 51 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 180' x 663' Site Size: 118,919 square feet, 2.730 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: No Utilities: None Access: From 40th Ave SE Wetlands/Uplands: 99% Wetlands Soils: None Adverse Apparent Sale Analvsis: Sale Price: $56,000 Financing: Cash to Seller Price per SF: $0.47 Price per Acre: $20,513 Sale Confirmation: Verification: Timothy Scott Summers -Listing Agent, 239-682-6178 Verifying Appraiser: Hannah Dwyer, August 08, 2022 Sale History: No sales in prior 3 years Comments: This is the sale of a vacant unimproved parcel located off 40th Ave SE in Naples. The parcel is full wooded with no utilities to the site. An FDEP wetlands determination report indicated the site is 99% wetlands and will require an ERP permit to develop the land. The listing agent stated that this was an arms length transaction. CNA Data # 2532 52 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: 34th Ave SE Naples, FL 34117 County: Collier Location: North side of 34th Ave SE STRAP/ID: 41718760002 Grantor: Elizabeth Hernandez Lopez Grantee: CT401, LLC Le_pal Data: Sale Date: July 15, 2021 Sale Price: $65,000 Sale Price per Sq. Ft.: $0.55 Sale Price per Acre: $23,810 Recording: Instr.#6104419 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2533 53 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: 180' x 660' 118,919 square feet, 2.730 acres Rectangular Appears level and fully wooded No None From 40th Ave SE 100% Wetlands None Adverse Apparent $65,000 Cash to Seller $0.55 $23,810 Adriana Garcia -Guerrero -Listing Agent, 239-821-2970 Hannah Dwyer, August 10, 2022 No sales in prior 3 years Comments: This is the sale of vacant land located off 40th Ave SE in Naples. The parcel is fully wooded with no utilities. The site is designated as 100% wetlands and will require an ERP permit to develop the land. The property was on the market for about 2 months at a list price of $85,000 before selling at $65,000. This was an arm's length transaction. CNA Data # 2533 Please note the land sale adjustment grid that follows. 54 N x LEI Z 0 Ul LO C� (A L W F' 0 d U— U >- 0 F- N ZN d 0 y u w LL 0 N� O LL N 0 dZ 0 m Z i' 0 ~J Z �d OU U x W J J 0 U 0 w W rn N N L m C Cl)o N 0 N , N > Q O O O N O Q1 M O O 10 LO n E v% J p M M Q M (O O) l0 N N 0) p m W C O Q L O >O N N o o 0 0 a o o e O R N �O 1n CO N 1n O y fA O O co c ❑ Z O> C } O O O O O Lo Lo O fn L Z %k � >. � N N E � Z N >. R LL U o LL y W LL N O W M O m > 'p0 o N [n N Q > M O O O O O" E 75 O J O ^ I� O O_� 61 6) W N C L 8 Qp1 N U) o O o 0 0 10 0 0 0 10 M V N L Z iD L O N N� N L N (00 Z; ❑ Z O� } O O O O O l0 l0 v N EA E ER N LL N GO N 75 c - n U ° o LL (n w LL C o W O W Ln o N N C UI d M Q ik N N O M N O E V1 N O N p O) '� N Q 8 o L o 0 0 N W p4 .O-. J O p ER (O OEfl n W N ❑ W C Z L O N } o O O o O 0 O 0 O 10 0 O 0 LO 0 u) U) N Z C C N N N L N N E co N N - N O (n 04 LL N m E C @ �j o LL CDW M N LL N c y3 CO w co o o 0 o a d o 0 a > 9 v N Gi > n O O N O W p O O O 7 V E V1 y J O p O O V V n O O 'y O W N C Q L 8 N N o 0 0 0 c 10 0 0 0 o lD a N fA L Z (N(pp it a) N � N L N ON- Z r ❑ Z N } 0 0 0 0 0 0 4 i LO M 0 fA T N fA N N E N N O -- T N N 7 LL CO E 7 LL N U ° C Q w LL C N _ (n co N @ L (n .O o iF Q ID Cl cO o O o rn O o p a Y rn J p o O rn O m O LL> C a o "N6 N o O o 0 0 10 0 0 o in M Gi W N Z tNtpp ik 1U) Oj N N N� (n .O. N EA U) O- Z W ❑ W U N } O O O O O O 0 N R N N fA T r fA N N E V3 to N W N N N — M LL U d o C w (� U- R J N o '75 c -o o Q Q N o) o cZo - Q Q Q Q Q Q Q Q Q 2 o coop o) c c o a c O N �Z M Ci Z Z �Z �Z �Z �Z Z N ❑ W Z Z ❑ .0. N Z Z Z N L p O C (� N LL � N J W o 0 01 R N C LL a 'n N a � C R C O C N 3 C f0 U. N 'a0-+ y .0 O V c c ' c O o O R N O O ?� U ❑ ^ N 3 fn 3 $ N N E r _O Y V a U a N U a ci in R w N V Q C OI O N N N !0 N i0 O aoi u� O fR.1 y ap. N_ N_ Cl N O Q: tm C a3. O UJ UJ LL N G �Fy LLL N Ny L S w d IL 3 O N y C R j O OCI y yy pn� C } Rd QR 0 C C N O. a O O R U L O U C C UR a J a o w O a 0 LLNd In COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared. " In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: `An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the 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 July 2021 (Sale 5) and July 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 towards the end of 2021 and early 2022, but have leveled off in recent months. Sales One through Three occurred within the last two months from the date of value and therefore did not require a market conditions adjustment. M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Sales Four and Five occurred between eleven months to just over one year ago; a market conditions adjustment of 8% was applied to these sales. Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, 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 between 401" Ave SE and 1-75 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 3.16 acres or 137,650 square feet. Sale Two required an upward adjustment of 5% for being bigger (inferior) to the subject at 5 acres. Sales One, Three, Four and Five required a downward adjustment of 10% for being smaller (superior) at 2.73 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 One which has cable, electric 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 currently has no road access. All of the comparables have frontage along a paved roadway with road access easements and were adjusted downward 15% for this factor. 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. 57 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Wetlands: The subject is 80% Hydric Slough and Depressional soils and 20% uplands. The comparable sales are 99%-100% wetlands and considered inferior to the subject in this category and were therefore adjusted upwards 5% Permit Required: The subject is 80% slough and depressional soils with 20% uplands although an official determination of whether a permit is needed to develop on the land has not been done. All of the sales have wetland determinations that require a permit to develop and were therefore adjusted upward 5% in this category due to not having an uplands indicated compared to the subjects 20% uplands. 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 July 29, 2022 purchase of the vacant site located at 3425 22nd Ave SE in Naples, Florida. The site contains 2.73 acres and was acquired for $55,000 or $0.46 per square foot. Overall, this sale is rated superior to the subject due to having paved road access and its smaller size. The final adjusted price per square foot for this sale is $0.39. Land Sale Two is the July 27, 2022 purchase of the vacant site located off 261h Ave SE in Naples, Florida. The site contains 5.00 acres and was acquired for $95,000 or $0.44 per square foot. Overall, this sale is rated slightly superior to the subject due to having paved road access. The final adjusted price for this sale is $0.46 per square foot. Land Sale Three is the June 6, 2022 purchase of the vacant site located at 3624 28th Ave SE in Naples, Florida. The site contains 2.73 acres and was acquired for $71,728 or $0.60 per square foot. Overall, this sale is rated superior to the subject due to having paved road access and its smaller size. The final adjusted price for this sale is $0.51 per square foot. Land Sale Four is the September 16, 2021 purchase of the vacant site located off 40th Ave SE in Naples, Florida. The site contains 2.73 acres and was acquired for $56,000 or $0.51 per square foot. Overall, this sale is rated superior to the subject due to having paved road access and its smaller size. The final adjusted price for this sale is $0.43 per square foot. Land Sale Five is the July 15, 2021 purchase of the vacant site located off 341h Ave SE in Naples, Florida. The site contains 2.73 acres and was acquired for $65,000 or $0.59 per square foot. Overall, this sale is rated superior to the subject due to having paved road access and its smaller size. The final adjusted price for this sale is $0.50 per square foot. 58 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Reconciliation of Sales Comparison Approach Range of Values Adj. Sales Price Per SF Maximum $0.51 Minimum $0.39 Mean $0.46 Median $0.46 Final Per Sq. Ft. Estimate $0.46 Final Analysis: Five sales were utilized in the analysis process. The value indicators show an adjusted range from a low of $0.39 per square foot (Sale One) to a high of $0.51 per square foot (Sale Three). The mean and median value indications are $0.46 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. Sales One, Two and Three are the most recent sales, with Sales Four and Five being the oldest. All five sales are of the same, topography, zoning and land use classification. All of the sales were adjusted downward for superior access with paved road frontage. Sales One, Three, Four and Five were adjusted downward for superior size. Sale Two was adjusted upward for inferior size. All five sales were adjusted upwards 5% for wetland determinations and required permit to develop. 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 $0.46 per square foot which is just below the mean -median values indicated above. Multiplying this by the 137,650 square feet contained within the subject site provides a value indication of $63,319 or $63,000 rounded. 59 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 i°As-Is" Cost Approach Income Approach Sales Comparison Approach Not Applied Not Applied $63,000 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 as well as the listing 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: SIXTY-THREE THOUSAND DOLLARS...................................................................... ($63,000.00). Respectfully submitted, %�9_�_ Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 60 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & 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. 61 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: SIXTY-THREE THOUSAND DOLLARS...................................................................... ($63,000.00). Respectfully submitted, CARLSON, NORRIS & ASSOCIATES ;�� rj/_Z-� Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 62 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. 63 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 64 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. 65 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 66 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. 67 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 68 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 Quitclaim Deed THIS QUITCLAIM DEED, executed this 25 day of May .2oob , tryfir5tparty, Crant&, Eladio R. Arias whose past office address is 2356.9W 125 Avenue, Miramar, Florida 33027-2636 to seoond party. Gran,Giran,%P, f Eladia R. Arias and Silvia M Arias whose post affimArressj� 2356 SW 12S Avenue, Miramar, lorida 33027-2636 4YITHESSE7H, That said first parry, Fax gopd consideration and for the sum of f Dollars {3 0 j paid by the said second party, Ili receipt whereof is hereby acknowledged, does hereby remise, release and quitda'tn undo the sand Word party forever, all ttte nghC ruler lyterest and claim wh ii;h the said first party has in and to the following dewified parcel of land, and improvements arrd app nances dwreta in the County of Miami -Dade 5teteof Florida toy�l. East 1501 of Tract 121, Unit 91A Golden Gate Estates according to plat thereof recorded in Flat Book 9 page 9'ot4,6a Public Records of Collier County, Florida. 3632956 OR: 3815 PC, 0669 eacoel10 is 011ICIU 11CM5 of VOLL111 LRRT, IL W0712105 at INIAR DWI6at IF. IWCL, clan 1K M LIAO ` f � 14C•.71 .yi WIN 2.01 jets' JIM10 It iilu r= idfi51f 17�TI AYI It;NIeU !L 33127 a xoor wo-w„�a ur LFrM -Rn QM 69 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES 212 OR: 3815 PG: 0670 %111 IN WITNESS YMERECIF, The said first party has Signed artd sealed these presents the day and year first above written. Signed, sealed and delivered ir7 presence of: 5ignafure of YPitness: ''f -- Print name of Witness; ;C2 bnO A 4—A Signature of Witness: Print nan* of Witness Signature of First Partyr I Print name of First Party: i74 4.2y-- ..y r.fg-C signature of 5=nd Party:. Print name of Seowd Party, r - r Signature of Prepare — — �.i i Print Name of Prepares i I r Address of Prepare 23 56 'y 105 Slate ofLib.4 County of r I A."7 D€ On o;�< -26 before me, -E7 appeared —ter 6 Ae"AS personally+ known to me (or proved to me on the ha6is of satwStactory evidence} to be thir'jt r�wr4s]-.whose names) Ware subscribed to the within instrument and acknowledged to me that helshe+they executed die same Fr hislherJtheir autharired capatity(ies), and that 4 hisfierltheir signalure(s) on the instrument the person(s), ar the eAtWupan alf of which the pms*s) acted, executed the instrument, ] 5 my hand and o " I. ..Y Sl kum of Notary Mani "AD" Produced ID r tsi,6 h= ,rp;ixsec�u rri 0 2009 �eec�lnfM PW 2 Type of1D {Seal 0ID04 kv1" *gM.44C Ua8 • P. c6v4 70 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES FDEP Informal Wetland Determination Map 3A ;I 8 112 . 115 18 ��521w I 49. Legene l� + I ■ .: '16 � /y w 33 , /� FOEP Informal Wetle nd oefennin.tions LJ TII 3 ;7! 1 ;�11'/.!r I� �Vl Dam end+or Flold CondWg- lndicata Uplands bap and + or Field Condillons Indicate 5{W plan is Nledatl to 13eterrnirw Impecw I d M an j7 1 � A:a And+Or Field Cdlllnn6 lntlIC810 an We[1]ne, 6 Pe rm C[S It R!alry 144 - . 124 J 2 6 � +i r 26 � � Data aM+vr Field Coneib— Wdi-le oltcnea and Permi[ Necessary Th,-oamrminatlons"s lfmth is Sig u. are ham Informal p—pplicalion ������� yam, GA 7A ff—-OS awe11.nd d.tarminom pprapant to $73 Q1(s], 5ectlon F.S.• and ' - + _-.+•.-.'_' 52-712_WO{7], F. A.C. I[does nol bind tF.e Oeparlminl, itn a9enla R OT OmPIDyttS� nOr dOei it conwQy any apal r;9hw. "I—d or { - E ..plied '' 4 MRCS Hyd— Soil, Moee1 t '; I • Upreaa o^al 1'%�ArA.vn wrrp'Vrr see I. 42N E�-jPML . _._i7; ems+ -.ram v_ _�.�._ •.. ..a--..-.f r.�_._ r.r.�. f+re 71 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES NATIONAL WETLANDS MAP U.S. Fish and Wildlife Service National Wetlands Inventory wetlands August 3, ZQ22 Then map d fw general reference -Ay Th. US Fish and wildlife g Service is not req—Na fmthe at—aoy ornf inesa of the weaanas base data shown on oN& map Al wetzands related data should Freshwater Emergent Wetland Lake be used in accordenoe with the layer metadata found m the Nletlends Mapper web Ate. Estuarine and Marine Deepwater . Freshwater ForestedlShrub Wetland � Dther ❑ Estuarine and Marine Wetland :j Freshwater Pond Riverine NCI WMIS &f M-1,yiNWI) iris pa�waior&d dhr he NWI Tapper 72 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 Map--Cofliar County Area, Florida mrao es�m enneo xxu mr� emow Map Unit Legend Map Unit Symbol Map Unit Noma Acres in AOI Percent of AOI 1133 CypresS Lake -Riviera- 1.0 29.3% Copeland fine sands_ frequently ponded-Urban land association, 0 to 1 percent slopes 1 t o Brymood fine sandahban 0.2 6.0% land complex, 0 to 2 percent Slopes III Brynwood-CypresS Lake fine 2.1 64_8% Sands -Urban land association, 0 to 2 paraera slopes Totals For Area of Interest 3.3 100.0% 73 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES FLOOD MAP National Flood Hazard Layer FIRMette FEMA U 250 S00 1,000 I'sm 2.000 uv 8asemap.! USES NaNmaf Map: Orlhetmagary Data mfteshad Ocibbf-- 2020 Legend W Ilhout Base Foal El—tlon (8FE) SPECIAL FLOOD WM`BFE or Dept3l w.:. aeaa.w. re as HAZARDAREAS RegulatAry Flpodway ❑.2%A-usl Chance RoM Hazard. A— W 1% annual chance 11ood with 3—ge ¢eptn le% than one toot or with drainage ama5 M less Marl one MLdm W. Future GmcnIons 1%Ailalual Chance Flood FI—d _. Area with Re6—d Flood R5k d.e td OWER AREAS OF Levee. 5. N.D..: FLOOD HAZARD Area with Road Rlak due to lelee'. n0 SCREEN Area M MIMmal Flood Harvard = Urectlre LDMRs. Oil-LER AREAS Area IN unpelermured R-6 Harvard .-. GENERAL ---' channel. pinert. or 5lArm Sewer STRUCTURES I l r t l t t Leree, alke- or FiaWwall m2 Crass S-'I 6"1111 Annual Lllanrx tT's WArer Surface El —flan Cesstal Tri leGt --pJ---galeAaad Ele Ron Line JEFF1 4-n9t dl study — lurladlnlpn ®pwldary •- -•-- Coastal Tfansect aasellne GR - Protlle t ellne FGENRE5 HyGrog/aWdefeature adgrcal Data Avallab* No Dlgllal Data A Ilable MAPPAMEIS Unmapped The pin dlsWayed an ttte map IS an approdmate print sc,e ed or ttee a5er and dyes not &-p—eM an authantatire pmp—r I—ti— T%IS map cdmpll. wllh FEMArS Slandald, for Ina rile al dlgltal Rood neaps It 11 JS not laid as d—Abed below - The beaemap sl— complles Mth FEMAs 1—emap accuracy standards Tire hood hazard ant—,allan is denived cltectly from the atrrhorltatWe NFHL webs I. -prodded by FEMA-Ths map was exported on 8: 3'2022 at 14):39 AM and doL nal renect changes w amend—[—bs gmnl to9kis date aria time. The RFHL-W efteclit-information may tl ang. a become auperleded by new data over I. - Teas map Image is told II the one or mom ma a the I.II—Ingp elemenlado not app— baleme1, Imagery. dead Epne labels. legend. aralebar. map ereetipn date. ca ""sty DeMlers. FIRM panel number. and FIRM etlectlre date- Map Images for unmapped and unmodemii d areas eapnie pt be dd W regulatory purposes. 74 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES APPRAISER LICENSE License of Michael P. Jonas, MAI, AI-GRS, CCIM Ran GcsanG� C�rerrx dbiar STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION HalsrfgrawwsFxTrLwy FLORIDA DEAL MATE APPRAISAL BD THE CERTIFIED GENERAL APFRA#SER HERON ISCERTIFIED UNDER THE PROVISIONSOFCHAPTER 475, FLOMDA STATUTES MICCHAEL PAUC 1919 COURTNEY DRIVE STE 14 .FORT MYERSL, FL 31-1119 . —r EXPIRATION DAM.—WM MBER 3D, 2(22 Nways verify licenses online at MyfloridaLiceme.com Do not alter this document in any form. This isyaur license_ It is unlxvrfuI for anyone other than the licensee to use this document. 75 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES QUALIFICATIONS OF MICHAEL R. J•CFIAS. MAI. AI-GRS. CCIM STATE -CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623 EDUCATION: University of Central Florida - 1999 BSBA — Finance PROFESSIONAL EDUCATION: Appraisal Institute: National US PAP Update Course, 2012, 2014, 2016, 2020 Appraisal Institute: 2018 Legislative VALU Event , 2018 Appraisal Institute: Advanced Income Capitalization, 2003 Appraisal Institute: Advancing the Appraisal Profession, 2019 Appraisal Institute: Analyzing Distressed Real Estate, 2007 Appraisal Institute: Appraisal Laws and Rules, 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 Law for Real Estate Appraisers, 2004 Appraisal Institute= Florida Appraisal Laws and Rules, 2012, 2014, 2016 Appraisal Institute: Florida Real Estate Valuation, 2011 Appraisal Institute: Florida State Law for Real Estate Appraisers, 2006 Appraisal Institute: Fundamentals of Separating Real Estate, 2012 Appraisal Institute: Insurance Appraisal, 2011 Appraisal Institute: National USPAP Update Course, 2000, 2002, 20Q4, 2046, 2008, 2010, 2012 Appraisal Institute: Real Estate Damages, 2011 Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007 Appraisal Institute: Review Theory— General, 2014 Appraisal Institute: Roles]Responsi bil ities SupervisorfTrainee, 2006, 20G8 Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2000, 2012, 2014, 2016 Appraisal Institute: State Law for Real Estate Appraisers, 20D8, 2010, 2012 Appraisal Institute: The Appraiser as an Expert Witness, 2016 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 Hague: CE for Florida Real Estate Professionals, 2016 CCIM Institute: Financial Analysis Commercial Investment, 2008 CCIM Institute:: Financial Analysis for Commercial, 20H CCIM Institute: Investment Analysis Commercial Investment, 2009 CCIM Institute: Investment Analysis Commercial, M09 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 FREB Board Meeting, 2007 Larson Educational Services: Core Law, 2010 McKissock: Supervisor —Trainee Course for Florida, 2019 76 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES NAB OR Ethics Training: 2004, 2008, 2012, 2016 Southern Real Estate Academy: Broker License, 2DD7 Trans Equity Inc: Care Law, 2012 EXPERIENCE: 1999-200D Clayton, Raper 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 2009-2011 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 offices, medical offices, of icelwarehouse 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, caiporadons, builders, developers, mortgage oompanies, 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_ 77 3.79 ACMES OF VACANT LAND UNASSIGNED North of I-75 NAPLE , FLORIDA 34117 Prepared For: Collier Counter Board of Commissioners Attention: Roosevelt Leonard, R/V-. - ACr .Senior Review Appraiser Real Property Management 3335 Tarniami Trail East, Suite ? C-= Naples, Florida 34112 Prepared By: 1919 Courtney Drive. Suite 14 Fort Myers, FL 339-D1 (239) 936-1991 www. Ca rl so rl norrl5 . Corfl 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: 3.79 Acres of Vacant Land North of 1-75 Naples, Florida 34117 Our File Number: 22-179-6A 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 approximately 170+/- feet north of 1-75 and 648+/- feet south of 40t" Ave SE in Naples, Florida. There is no road access to the property. The site is rectangular in shape and contains 3.79 acres or 165,092 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 33901 1 Phone 239.936.1991 1 www.carlsonnorris.com COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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: SIXTY-SIX THOUSAND DOLLARS............................................................................. ($66,000.00). 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 3.79 ACRES OF VACANT LAND NORTH OF 1-75 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...............................................................................................................................................27 MARKET AREA DESCRIPTION.........................................................................................................................28 LEGALDESCRIPTION......................................................................................................................................31 OWNEROF RECORD.......................................................................................................................................32 ASSESSEDVALUE AND TAXES.......................................................................................................................32 SITEDESCRIPTION..........................................................................................................................................32 SUBJECT PROPERTY PHOTOGRAPHS.............................................................................................................38 SECTION 4 - HIGHEST AND BEST USE ANALYSIS.............................................................40 HIGHEST AND BEST USE AS THOUGH VACANT...............................................................................................40 SECTION 5 - VALUATION OF THE SUBJECT......................................................................42 VALUE ESTIMATE BY THE COST APPROACH..................................................................................................42 VALUE ESTIMATE BY THE INCOME APPROACH..............................................................................................42 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH.........................................................................42 SECTION 6 - RECONCILIATION OF VALUE.........................................................................60 SUMMARY OF VALUE CONCLUSIONS..............................................................................................................60 SECTION 7 - CERTIFICATION AND LIMITING CONDITIONS..................................................61 CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM...........................................................................61 GENERAL ASSUMPTIONS & LIMITING CONDITIONS.........................................................................................63 SECTION 8 -ADDENDA ....................................................................................................68 SUBJECT QUITY CLAIM DEED..............................................................................................69 FDEPMAP....................................................................................................................71 WETLANDSMAP.............................................................................................................................................72 SOILMAP.......................................................................................................................................................73 FLOODMAP....................................................................................................................................................74 APPRAISERLICENSE......................................................................................................................................75 QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM.........................................................................76 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Section 1 - Summary of Salient Facts Property Reference: 41560080008 Property Type: Vacant Land Property Address: Unassigned, North of 1-75 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 approximately 170+/- feet north of I- 75 and 648+/- feet south of 401h Ave SE in Naples, Florida. The site does not have any road access and there does not appear to be any access easements in existence according to the subjects Plat records. 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 165,092 square feet or 3.79 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 92.6% Brynwood Cypress Lake fine sand, 3.6% Brynwood fine sand -urban land complex fine sands and 3.9% 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. K COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES The property is currently vacant and unimproved. The site will be more fully described within the body of the attached report. 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: agriculture use 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: $66,000 Market Value Estimate as of August 1, 2022: Appraisal Firm: Appraisers Completing Report: $66,000 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, NORRIS & 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. Please note, the appraiser was not able to view the property site from 40t" Ave SE nor 42nd Ave SE due to the surrounding wood and brush encompassing the subject and lack of any access road or trail and therefore relied primarily on aerial visuals from the Collier County Property Appraisers website and the neighboring property attributes. • 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. I 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. 7 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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 7, 2005 (OR 3815-671) and was recorded as a Quit Claim Deed. The Grantor is shown as Eladio R. Arias 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 Eladio R. Arias and Silvia M. Arias. 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 C t LA Placid is wo Wed G �j�l �be*Dkind Martin GroYC RV w1La 60rdS 5 U7w CSb t t Moor€ia,eu� an P8{[rota andc\ 5 s —tea,, P�Jr�I Ek-a0h Buekingh'a I nek llt[:1 a If I ' sarbcl iou,l -lewiston 11 i iIl'3 ,.j1 Sanibel Kill VO{rll lion i l g5 it arJ .........:........................................................... - IfiS I 1 filar Island � C+erg, des v `y l.uer i Miami-J adr Islaudi:l S� v � •I The subject property is located within Collier County, Florida, some 150 miles south of Tampa and some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion of the state of Florida. Collier County was created in 1923 and was separated out from what was a larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who had moved to southwest Florida and established himself as 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, NORRIS & 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 781 F. in January to 921 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. Collier County, A&Mth Januaiy FL Historical Average 65.67 Temperature Max Average 7B.6T Min Average 52.6a: Collier County, monffi January FL Rainfall and Snowfall AveragL Rainfall 0.52Inches Average Average Sr!�3- 0Inches February 66.63 79.03- 54Z February 1.91 Inches Olnches Mai-ch 67.29 811 53.45- March 2.62 Inches 0 Inches April 74.83` 87.2` 62.36` April 4.32Inches Olnches May 78.6` 90.15` 67` May 4.18Inches 0Inches June 81.98` 91.48` 72.54: June 9.82Inches Olnches July BY 90.47- 75.48: July 5.74Inches 0Inches August 8187- 92.43- 75.33- August 6.91 Inches 0Inches September 82.93 91.33- 74.53- September 9.04 Inches 0 Inches Dctober- 77.3- 86.33- 68Z October 5.Z4Inches Olnches No ember- 70.77 81.BY 59.7T November 0.82 Inches O Inches December- 65.98` 77.48` 54.45` 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 171 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 6.780 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. Hlgtorlc end Projected Population Charlotte, CoHler, and Lee Counties 7ifK? — HlStoriC Rrajerted 144fr � °Y eEM1."s 2018 F 14 2el6 m 3 r BW Lee cross 34ta H7 - sic r 799a 335 400 Collier CL IL 1984 152 Po-ia sx9 itd2GQ _ — _ 0 1990 Charlotte 117 19W 1965 2ua erjun OJ10 A'1J Mu M0 20JC zo35 2Nu L045 5ouae! Qmle 01 ftvwmK Bnd oe 1pfiV11.0 Aesea [B 14 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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%. 0 white alone, percent b 89.3% 0 Black OF African American alone, percent ;a;: d 7.4% 1)American Indian and Alaska Native alone. percent fa d 0.5% 15Asian alone, percent (a) p 1.6% Native Hawaiian and Other Pacific Islander alone, percent :-. � 0.1% Two or More Races, percent 1.2% () Hispanic or Latina; percent hl b 28.2% Q white alone, not Hispanic or Latino, 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 breakdown of the large5t industries in Collier County. Deal Estate and Rental and 1 -k!HSiI liq Retail rr;ipde Aecommodatlon and Food Sorvioer. HW1r1 Careana 5oclal AssWonce C4nsu CkM Administrativo a and 5uppaat a... OtherSeMces [exc-ept Public A3ninndraiian} Government Professional, and Technical 5ervites � i-Inenco end Ingiramo W i 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 i NCH Healthcare System** 7,017 2 Collier County Schaal District 5,604 3 Collier County Local Government* 5,119 4 Publix Super Market 3,083 5 Arthrex, Inc.** 2,500 6 Walmart 1,480 7 Ritz Carlton -Naples 1,450 8 City of Naples 1,169 9 Physicians Regional 950 10 Mooring Park SSS 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 113.4 102,8 100 Grocery 107.7 102,8 100 Health 101 98 100 Housing 143 102.6 100 Median Home Cost 330600 $237,100 $231,20D Utilities 88.6 1013 100 Transportation 88.6 112,6 100 Miscellaneous 108.3 9.6 q 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 -o=TED: '==''2C21 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 acO-0.25) 0.25 0.25 0.25 11th District Cost 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) Llnart 15, Sinsle-Family Huildine Permits for Collier L 450 400 350 250 w 200 k 150 100 50 0 Single Family Permits Issued -Collier County 2.011.2020 Monthly Averages, Most Recent 13 Months Data and Trend a A f Permits — — — Linear Trend c a a( cC aK r aK a a aK G PAM M"M r+l N fV N 54 r+l C^1 N Source: Collier Counly &m%th Management Department, indudes uninEMporated Collier County permits only 20 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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). Chart 18: Existine Sinele-Family Home Sales for Collier Count 1000 900 Collier County Existing Single Family Home Sales by Realtors@ $700 $B00 S00 700 $500 rd E sOG $400 s o � 500 $300 � a E 3oa $200 Collier Homes Sold 3 2 nx 2K Collier Median Sale Price —Homes Sand Trendline $100 n 1G2 — — - Sale Price Trendline G so Sou rre_ F lorida Realbors• Naples lmmnkalee-Marro Island, Florida MSA 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, NORRIS & 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 t, fi0ik H t,d0a 2019 t,20a '20 J< P ~ t,PO4 201a aoa ya p 600 7071 400 E 206 a 1 0 Jan Fec Mar Apr May Jun Sul Aug Sep Oct Hav Oec 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. (:merit Fund Supported [:dp"I Ca EN 16 Budget F1 17 Budget F l' 19 Budget F1' 19 Budget FF' 21) BtrdVt SheriffOrange Tree 5ubS[atlon 3'n o.I)00 SD So So SO EMS Station and Ambulance $o $0 $2,0001M VJOD.ODD $11 Hall ter ]? D04,o(YJ $? O11U,o0li S I,?Jm SD S0 Ja[I&otherShcr[t3'FOCI] u RtpllirS 566427(0 SI,059_5W 54,IODA1t1U $1,00Dow SI_ON,o00 Sheriff'& ALi�ouftlwL S4slern RE lacemew 51,w),ow S1] SD 3o SO VOtln • MaC111131', $U So $3450D $35D100U 5350,U00 800 MHz Public Safeny Communlea6ed System 56_1001M 53525.{ k S8501M SD 5n DOn5eIAIC Anllr,al Control Shehee SU Ski $50DAOU so S0 Stale & Re,nunal Ecu Development $4754W SSW_ UJ $o So Sa Library Ca itaUBowks $350,o0U 545ta_00tl $550,ow WD_000 s9MAW GimerulBu[ldin�;Ma[ntenanceand rVC Repairs Aul Sale, Tax Funded $I,500.OW S4,1<iU.500 55250OW 56MD.ow $5.13W000 OlhcrGelxraIGDvo unrntal $4NXJo0 $1,072,506 $1llow 51,07TODU V=AW Sluseuln Ca lisl $2100.0m $7-m-ow $3 13-50U $200.0m S2W'(D4 AurponC'u i[ul(Grant Match1 $313.100 S300_OW 51,00D 5-145A U SI_46i.704 General Governmental Vehicle Replacement Sulament $1�500,flU0 S15mow 51,750 M 5D $u J13A Capital $1,070_(M $7,595,70D S I,1000M $1,100,000 $? l00_llfli) trans ortatlanCap [al $I4,559_liofl $11,650,400 W_;5iAw S9*50'Kw S[umI-water Ca ual 51.549.6(W $1,627.D0U S2__0WXPI S3.5a1.U0U -otfil $32,770.(H10 S29.1i;1,700 532,69&90U 524,177JM S26,249 RO 1$2,127,0010 = $1 m SAP; $800k r plr sh makes: balaxuc v. nvntrr nYamtenanCe $3271t rua Sarm r LN)AIL 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. 23 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES 2,300 1150 m S4 1! millire, 1fi j— 4- *'Ade �auis Qt%li xa� a.•4,Irr4 F F 125i E7o-ik.__ i�bOhef Bow EcwnrncahF 9.anf+ 55%Info MmI�R"tN Flc+ra I 1 1 364 9uiv; 11.4" ym "Jura no+f..9s� L+b� hlr.ri Y.n;F 1 1 7,206,59$$ Meal9 Y=_d+ly Gir�00 f44.PIW I RE4C1 S �T}r G,1151 A-JLr $ Conxnl:niry Cdl alim 4fi r.c;; c�a.:,a-Y•dan•:onoc; i94 C,ornn�arrlr[#rcaian C•:vt :, Rin•I fkr.hrA itr :r• t- - - 1.• "L ryy [aon�rr Y 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 L—el Comparison (Age 25+) No schooling = Less than High School � High School or GED So Ilege or Associates Deg r=_a Be ohel, Degree or higher 100% 75% ■ . of NONE 50% 25% t+a�� GO" �BG� ��'6"oStiai �(0 � � La�1ik of � .•• � cpjlci� 'Po w6 G G�QacO- CPS ��� c0 rp,1a� cow 6,e � 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. 24 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES 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. Figure 1: Percent of People with Health Insurance Hendry County Glades County Monroe County Collier County Brow,ard County Lee County Compare: Florida Compare: Orlando -De ltona- Daytona Beach Charlotte County Compare: United States 090 50 % 100% Figure 8: Percent of People with No Insurance by Income Group 3C% 2C9<: 10% 0% Under $25k $50k $75k Over 525k to to to $100k Wk $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 25 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES 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. 26 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Location Map Cnglewood Port Charlotte �J �1e Punta Gorda Babcock Ranch Preserve Boca.Granda LaBelh ;� -01 Fort Myers Lehigh Acres Cape Coral sD Captiva UZ Felda Fort Myers aEstero Ind an Ic m Lakeport Pc•r' Mayaca Palmdale _ '. Ju `Ilan 21 4a Wrldllfe .Canal Point Managarfienl �-'� Palm Gear Moore Haven Pahokee Area Gardens ra 0 Clewiston West zS Belle Glade Bea Montura Imnnokaiee Bonita Springs Ave Maria l4 North Naples Naples SUBJECT ? i Big Cypress Naliorlal ❑Preserve a Marco Is!and Everglades S. city 27 Boynton {`a Beach Delray Beach i Boca Raton D C) Pompano Beach Everglades Fort and Frarrcis Fes+ Lauderdale' S. Taylor Wildlife... Hollywood I Q Hialeah `L' Miami ED a c T a m Biscayne Homestead National Park COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Market Area Map C 3RKSCREW 2� Harker Ave Maria eyards SUBJECT GGIden ale Lo1v Lely Re, rt r � Copeland Marc❑ Island Gcod':and 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." 28 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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) 29 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 30 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES strongest population and job growth rates over the past five years. While the overall rate of jobs added over the year prior to the pandemic had slowed to under 3%, Naples still posted growth rates of roughly double the national average. The employment slowdown was divided across most sectors, though the overall losses were also weighed down by somewhat deeper job losses than the national average in information, finance and insurance, and management. Naples has also seen significant cooling growth rates, though still net positive job additions, in both sectors of transportation and warehousing, and construction. These two industries were among the two strongest employment sectors for the market over the prior year. Office -using employment had also slowed to under 2% annual growth, though remained one of Naples' better -performing areas. In particular, real estate hiring posted an exceptionally strong prior year, growing over 10%. The real estate sector, by itself, was strong enough to offset the losses in information, finance, and management. The unemployment rate had slightly risen in the months leading up to the coronavirus pandemic. However, unemployment was still tight from a national perspective and had remained well below the national average, which before the crisis sat at a 50-year-low. The slightly loosening market was likely more a reflection of the limited available jobs to meet labor force growth. Naples is one of the older markets in the nation, reflecting its status as a premier retiree destination. This skews demand for senior housing, assisted living, and medical office space much higher than a typical U.S. market. The older demographic also drives up the region's affluence and median incomes, both of which are among the highest in Florida. Interview with market participants: The appraiser was able to speak via phone conversations with real estate brokers who are knowledgeable of the market area. These individuals were contacted to verify sales prices and asking prices of surrounding properties similar to the subject. Specific names and phone numbers of the individuals contacted were found by using the services of LoopNet and CoStar and MLS. 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 3815-671) and displayed as follows: Nest 1801 of Tract 121, Unit 91A; 61ds n Gate Estates, according to plat thereof recorded in Plat Book 9, Page 9, of/the Public Reeords of Collier County, Florida. 31 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & 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: Arias, Eladio R. and Ailvia M. Arias 2356 SW 125th Ave Miramar, Florida 33027-2636 Assessed Value and Taxes: According to the Collier County Tax Collector's Office the subject property is identified by its Parcel Number 41560080008. For the tax year of 2021 the subject property had combined assessed values of $19,042 at a millage rate of 11.4183 resulting in an annual tax burden of $238.90. 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 41560080008 Year Market Taxable Value Millage Rate Tax Liability Total Assessed Value Ad Valorem Non -Ad Valorem Tax Liability 2021 $19,042 $19,042 11.4183 $238.90 $0.00 $238.90 2020 $17,311 $17,311 11.3084 $226.49 $0.00 $226.49 2019 $15,737 $15,737 11.3901 $218.38 $0.00 $218.38 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. 32 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 330 105 75 150 150 dQ ST 9� 144 m i N W 330,03 7g0 750 150 180 33 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES General Site Information Address: Unassigned, North of 1-75, Naples, Florida 34117 Parcel Number: 41560080008 Physical Characteristics of the Site Frontage: The subject property has no frontage along any roadways. Total Site Area: 3.79 acres or 165,092 square feet per the Collier County Property Appraiser records. We were not provided with a site survey. Shape of Tract: Rectangular Access: The subject site has no access from any roadway or trail that was visible during inspection. 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 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 92.6% Brynwood Cypress Lake fine sand, 3.6% Brynwood fine sand -urban land complex fine sands and 3.9% Cypress Lake Ribiera 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. 34 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Neighboring Property Uses: Properties located in the immediate area consist of limited semi - rural residential uses. Zoning allows for a maximum of one development unit per 2.25 gross acres Land Use Designation: Estates Zoning Classification: E-Estates Allowable Uses in the Allowable uses in the district will be discussed in detail in the District: following comprehensive land use plan classification discussion 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). 35 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.). 36 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. 37 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Subject Property Photographs View: Looking west along 40" Ave SE viewpoint. Photograph date: August 1, 2022 Taken by: Hannah Dwyer View: Looking east along 40' Ave SE viewpoint. Photograph date: August 1, 2022 Taken by: Hannah Dwyer 38 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Subject Property Photographs View: Looking southeast from viewpoint on 40' Ave SE. Subject about 710' southeast. Photograph date: August 1, 2022 Taken by: Hannah Dwyer 39 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S & ASSOCIATES Sec16 tion 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 165,092 square feet or 3.79 acres of site area. The property has no frontage of along any roadways with no visible access. There are wetlands present on site and the property is fully wooded with brush covering. 40 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 although it would require an easement and development of a roadway for accessibility. The parcel would better support a low density agricultural 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 and agriculture in the immediate area. There is an abundance of Estate zoned vacant land surrounding the property. The most economic and financially feasible uses of the property would be for development of the site as limited agriculture under the permitted uses. Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has considered which uses are reasonably considered to be legal, physically possible as well as economically and financially supported. The zoning and land use allow for a range of uses including agricultural such as fruit and vegetable growth for personal consumption and low density horse and livestock as well as low density residential. Considering the near -by low density properties, it is our opinion that low density agricultural use has the most development potential given the location and access of the property. 41 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 42 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 43 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 Bad B07 Trucking' qS', I _ t t r JL -IF i + rstatewilde Paintir Caribbean' Lawn r.' -•. iaraj Family Y, '•NIr � I . fy ��.'J ,y &Garden. 4' cypress Co' Landkeepe 40TH AVE SE C II. _.__..... r Ever Iades:Pkw 9 Y Alligalo�•AlleytT _ys — 'I 44 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: 3425 22nd Ave SE Naples, FL 34117 County: Collier Location: North side of 22nd Ave SE STRAP/ID: 41221200004 Grantor: PBR Builders Inc. Grantee: Danh Thanh Nguyen Le_pal Data: Sale Date: July 29, 2022 Sale Price: $55,000 Sale Price per Sq. Ft.: $0.46 Sale Price per Acre: $20,147 Recording: I nstr.#6291608 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2530 45 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 180' x 663' Site Size: 118,919 square feet, 2.730 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: No Utilities: Cable, Electric, Phone Access: From 22nd Ave SE Wetlands/Uplands: 100% Wetlands Soils: None Adverse Apparent Sale Analvsis: Sale Price: $55,000 Financing: Cash to Seller Price per SF: $0.46 Price per Acre: $20,147 Sale Confirmation: Verification: David De La Noval-Listing Agent, 239-682-6090 Verifying Appraiser: Hannah Dwyer, August 10, 2022 Sale History: 9/23/20-$26,500 Comments: This is the sale of a 2.73 acre vacant land parcel located off 22nd Ave Se in Naples. The parcel was sold together with the adjacent 2.27 acre parcel for a total of $110,000. The 2.73 acre parcel accounted for $55,000 of the sale price. The site is determined to be 100% wetlands according to an FDEP wetlands determination map and will require an ERP permit to develop on the property. This was an arm's length transaction. CNA Data # 2530 46 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: 26th Ave SE Naples, FL 34117 County: Collier Location: South side of 26th Ave SE STRAP/ID: 41440600003 Grantor: Paule Virzintaite Grantee: Gennaro Candela Jr. Legal Data: Sale Date: July 27, 2022 Sale Price: $95,000 Sale Price per Sq. Ft.: $0.44 Sale Price per Acre: $19,000 Recording: Instr.#6293131 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2529 47 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 329' x 662' Site Size: 217,800 square feet, 5.000 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: No Utilities: None Access: From 26th Ave SE Wetlands/Uplands: 100% Wetlands Soils: None Adverse Apparent Sale Analvsis: Sale Price: $95,000 Financing: Cash to Seller Price per SF: $0.44 Price per Acre: $19,000 Sale Confirmation: Verification: Yasmine S Awad- Listing Agent, 239-269-0501 Verifying Appraiser: Hannah Dwyer, August 08, 2022 Sale History: 12/18/20-$59,000 Comments: This is a vacant, fully wooded 5 acre land parcel located off 26th Ave SE in Naples. The parcel is 100% wetlands according to an FDEP wetlands determination map. The parcel would require an ERP permit in order to develop. There are no utilities available to the site at the time of sale. The listing agent stated that this was an arm's length transaction at market price. The property was on the market for about a month for $110,000 before going under contract and selling for $95,000. CNA Data # 2529 48 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: 3624 28th Ave SE Naples, FL 34117 County: Collier Location: South side of 28th Ave SE STRAP/ID: 41393720001 Grantor: ELAH Holdings Inc. Grantee: Joseph and Carol Perchal Legal Data: Sale Date: June 06, 2022 Sale Price: $71,728 Sale Price per Sq. Ft.: $0.60 Sale Price per Acre: $26,274 Recording: Instr.# Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agricultural CNA Data # 2531 49 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 180' x 660' Site Size: 118,919 square feet, 2.730 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: No Utilities: None Access: From 28th Ave SE Wetlands/Uplands: 100% Wetlands (95% Slough) Soils: None Adverse Apparent Sale Analvsis: Sale Price: $71,728 Financing: Cash to Seller Price per SF: $0.60 Price per Acre: $26,274 Sale Confirmation: Verification: Erik Mogelvang-Listing Agent, 239-272-7774 Verifying Appraiser: Hannah Dwyer, August 10, 2022 Sale History: 12/30/20-$79,200 Comments: This is a 2.73 acre parcel located off 28th Ave SE. The parcel is fully wooded and unimproved with no utilities to site. An FDEP Wetlands map indicates the parcel is 95% Slough soils while the listing agent confirmed that the site is 100% wetlands. The site will require an ERP permit to develop. The property previously sold together with another parcel on 12/30/21 for $79,200. This was an arm's length transaction. CNA Data # 2531 50 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: 40th Ave SE Naples, FL 34117 County: Collier Location: North side of 40th Ave SE STRAP/ID: 41616360009 Grantor: Roberta Miller Grantee: Katherine Delgado Legal Data: Sale Date: September 16, 2021 Sale Price: $56,000 Sale Price per Sq. Ft.: $0.47 Sale Price per Acre: $20,513 Recording: Instr.#6131306 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2532 51 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Site Data: Site Dimensions: 180' x 663' Site Size: 118,919 square feet, 2.730 acres Shape: Rectangular Topography: Appears level and fully wooded Corner/Visibility Influence: No Utilities: None Access: From 40th Ave SE Wetlands/Uplands: 99% Wetlands Soils: None Adverse Apparent Sale Analvsis: Sale Price: $56,000 Financing: Cash to Seller Price per SF: $0.47 Price per Acre: $20,513 Sale Confirmation: Verification: Timothy Scott Summers -Listing Agent, 239-682-6178 Verifying Appraiser: Hannah Dwyer, August 08, 2022 Sale History: No sales in prior 3 years Comments: This is the sale of a vacant unimproved parcel located off 40th Ave SE in Naples. The parcel is full wooded with no utilities to the site. An FDEP wetlands determination report indicated the site is 99% wetlands and will require an ERP permit to develop the land. The listing agent stated that this was an arms length transaction. CNA Data # 2532 52 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: 34th Ave SE Naples, FL 34117 County: Collier Location: North side of 34th Ave SE STRAP/ID: 41718760002 Grantor: Elizabeth Hernandez Lopez Grantee: CT401, LLC Le_pal Data: Sale Date: July 15, 2021 Sale Price: $65,000 Sale Price per Sq. Ft.: $0.55 Sale Price per Acre: $23,810 Recording: Instr.#6104419 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Estates Designation Zoning: E Highest and Best Use: Low density residential/agriculture CNA Data # 2533 53 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: 180' x 660' 118,919 square feet, 2.730 acres Rectangular Appears level and fully wooded No None From 40th Ave SE 100% Wetlands None Adverse Apparent $65,000 Cash to Seller $0.55 $23,810 Adriana Garcia -Guerrero -Listing Agent, 239-821-2970 Hannah Dwyer, August 10, 2022 No sales in prior 3 years Comments: This is the sale of vacant land located off 40th Ave SE in Naples. The parcel is fully wooded with no utilities. The site is designated as 100% wetlands and will require an ERP permit to develop the land. The property was on the market for about 2 months at a list price of $85,000 before selling at $65,000. This was an arm's length transaction. CNA Data # 2533 Please note the land sale adjustment grid that follows. 54 U) Q.' LtJ Z 0 Sn L Ln C LLI OQ Uu >- 0 F- Ln Z uJ d 0 U LL. 0� 0� �0 dZ 0 - m Z >" 0 J Z� Dd OU U x LLI .J J 0 U c O w N O o rn O c))OI C -0 O O N O O Qw O Qa) Q>0 O0 Q NEA O OW W 0> LOa w0 N 0 Z( 3k V) ` N LO 1v) Z w Z tJN /} M w LL mO L=L c — w LL W N c O W w O N C y w � O w O) O OQ a) C w O) O >I Q N O O) O) N QN O m O r E U) N p 0 a) O) .w w L O O w .O o o o 0 0 0 o 0 0 o W M la O. (p aJ O M n? N O O O J h O O oa , W N Q W Q O C } O O O O O �O O O O lO N O w L o Z 3k iO (» E F» V3 N a) L w E V f» c0 F» fR Z w Z 7 T —- N VT 7 C a LL (j `d O LL j > a) U) w w LL C o w U) Q N p O) co a a a) m co O) o 01 w U) Q 7 'p0 u) m o c l w a) i# ` N N M N O E In a1 N O w a) Q1 'w w O O O L Or o 0 0Ln V a1 •�.• O. (O W I� n (O O M p J O O fR r (O C) a C a) W C O co O N o O O o O 0 O 0 O lO o O 0 O 0 O lO V) W N a3 Z C — I� N N r fA N L N t` 6,- N Z Q Z N w p} 'O U) N t4 fR C EA N LL w a1 EES P9 w — 04 M U 4 O Il w ' M w LL N c OC w L y� U W U) M 0 N 0 O O N a O a) O O C 1 Q N 'O O N N w QaII N > O N O O N O N O O O E U) J O O w N — O co0. 01 w a) C O O w o o 0 0 0 _y a ¢ �p (O l() N r O uj lC) O O w O H3 l(1 O �p I� ry Q w O .t... CO C } O O O O lO O O O �? O T (O L Z �# O) M >` N O) eq t» N N L w E O) 60 t» Z N w Z N >, a3 v} i0 N y O LL m a) c — C) q O LL LL w C N W c O a) 0 W O NO O m N O 0 O OQ O) O N (C n C O (O a) w1 m o Ina) M a aO a) wUNy O O O O O O ci UN ) a C14 Z L,OLO N 6s Zm W N N w Vi iO a) W ' LL C) .d-. E LL N 7 c d 2 w LL JM O CE c o w N N w N 01 "O N a) O� Q Q p) O � Q Q Q Q Q Q Q Q Q � W 3 O Z Z M Z Z Z Z Z Z Z Z Z M Z Z O a) } co Z Z Z y L LL cn > w O � LL N w c v In w C fl. O C T O' w C O C O 7 'O aJ u R LL a E g a `0 a ,. a)'6 y a N w C O "O Q C O v aJ U Q y E L uQd N�. m E 2 a aN C 9 C.N Vi 3O C. U 7 0 La N N N C c Ow /6) N d0, N C U C 0 w -O -N O R .0 'O C N C rn wa w LV c Qaw7al N N C C 7 T C CG i.0 Cy C a . U O L O L m a a w m a v u QU a -ja-j N F sa �NM a oQ i Ln In COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Property Rights: "An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared. " In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing: "The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction's financing terms and those assumed in the valuation of a subject property." In this analysis all of the transactions were cash to the seller, no adjustments were necessary. Conditions of Sales: 'An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction." In this analysis, the 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 July 2021 (Sale 5) and July 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 towards the end of 2021 and early 2022, but have leveled off in recent months. Sales One through Three occurred within the last two months from the date of value and therefore did not require a market conditions adjustment. M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Sales Four and Five occurred between eleven months to just over one year ago; a market conditions adjustment of 8% was applied to these sales. Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, parcel size, land use classification, zoning classification, 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 between 401" Ave SE and 1-75 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 3.79 acres or 165,092 square feet. Sale Two required an upward adjustment of 5% for being bigger (inferior) to the subject at 5 acres. Sales One, Three, Four and Five required a downward adjustment of 10% for being smaller (superior) at 2.73 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 One which has cable, electric 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 currently has no road access. All of the comparables have frontage along a paved roadway with road access easements and were adjusted downward 15% for this factor. 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. 57 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. All of the sales are considered similar in this category and were not adjusted 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. All of the sales have wetland determinations that require a permit to develop. 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 July 29, 2022 purchase of the vacant site located at 3425 22nd Ave SE in Naples, Florida. The site contains 2.73 acres and was acquired for $55,000 or $0.46 per square foot. Overall, this sale is rated superior to the subject due to having paved road access and its smaller size. The final adjusted price per square foot for this sale is $0.35. Land Sale Two is the July 27, 2022 purchase of the vacant site located off 261h Ave SE in Naples, Florida. The site contains 5.00 acres and was acquired for $95,000 or $0.44 per square foot. Overall, this sale is rated slightly superior to the subject due to having paved road access. The final adjusted price for this sale is $0.41 per square foot. Land Sale Three is the June 6, 2022 purchase of the vacant site located at 3624 28th Ave SE in Naples, Florida. The site contains 2.73 acres and was acquired for $71,728 or $0.60 per square foot. Overall, this sale is rated superior to the subject due to having paved road access and its smaller size. The final adjusted price for this sale is $0.45 per square foot. Land Sale Four is the September 16, 2021 purchase of the vacant site located off 40th Ave SE in Naples, Florida. The site contains 2.73 acres and was acquired for $56,000 or $0.51 per square foot. Overall, this sale is rated superior to the subject due to having paved road access and its smaller size. The final adjusted price for this sale is $0.38 per square foot. Land Sale Five is the July 15, 2021 purchase of the vacant site located off 341h Ave SE in Naples, Florida. The site contains 2.73 acres and was acquired for $65,000 or $0.59 per square foot. Overall, this sale is rated superior to the subject due to having paved road access and its smaller size. The final adjusted price for this sale is $0.45 per square foot. 58 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES Reconciliation of Sales Comparison Approach Range of Values Adj. Sales Price Per SF Maximum $0.45 Minimum $0.35 Mean $0.41 Median $0.41 Final Per Sq. Ft. Estimate $0.40 Final Analysis: Five sales were utilized in the analysis process. The value indicators show an adjusted range from a low of $0.35 per square foot (Sale One) to a high of $0.45 per square foot (Sale Three). The mean and median value indications are $0.41 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. Sales One, Two and Three are the most recent sales, with Sales Four and Five being the oldest. All five sales are of the same, topography, zoning and land use classification. All of the sales were adjusted downward for superior access with paved road frontage. Sales One, Three, Four and Five were adjusted downward for superior size. Sale Two was adjusted upward for inferior 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 $0.40 per square foot which is just below the mean -median values indicated above. Multiplying this by the 165,092 square feet contained within the subject site provides a value indication of $66,037 or $66,000 rounded. 59 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 i°As-Is" Cost Approach Income Approach Sales Comparison Approach Not Applied Not Applied $66,000 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 as well as the listing 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: SIXTY-SIX THOUSAND DOLLARS............................................................................. ($66,000.00). Respectfully submitted, Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 60 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & 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. 61 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES • Michael Jonas is currently certified in the state where the subject is located and has completed the continuing education requirements set forth with the State of Florida. Certification is current until November 30, 2022. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. • Michael Jonas has not previously appraised the subject property; nor has he performed any other services related to the subject property in the past three years. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the subject property, under the extraordinary assumptions as discussed in this report, warranted a market value in its "as is" condition in fee simple ownership on August 1, 2022 of: SIXTY-SIX THOUSAND DOLLARS............................................................................. ($66,000.00). Respectfully submitted, CARLSON, NORRIS & ASSOCIATES Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 62 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & 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. 63 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 64 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. 65 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 66 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. 67 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 68 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 Quitclaim Deed THIS QUITCL.AIMpFEQewutedthis 25 dayKaY 2 05.. by first party,Grania4 Eladio R. Arias whose post office address is 2356 SW 125 AyojQtip, Viramar, FAridzL 33027-2631i IasetandNq,Gr Pladic R. Ariar, and Silvia M. Arias _ whosepostaff,oeaddr�,K s 2356 Sa! 125 Avenue Miramar. Florida SS027-2636 WITNESSEiH.'� said first party, for good consaderatipn and for the sum of f' Dnllars paid by toe said second parry,1 a reaW whereof is hereby adknowledged, does hereby remiaer mlt+ase and qvi claim ,►ntb the said seaw�d party fwevec all the rlgl�L title, erect and claim which the said fist parry has in and to the fdbomy described pipKO of land, and impgmments and and.inemwes thereta in the County of Miami -Dade Stare of Florida to . . West 190' of Traut 121, Unit 91A; rG 1¢"q Gate Esupte-sr according to plat thereof recorded in Plat Hank 9, Page 9, of the Public Records of Collier County, Florida. ... 363 957 OR; 3815 PG: 0671 861011205 it 11,I1M Lrt W 1. 911ct, CW19 ooc- A At j Wills 2.114 KAIII I u].KiE 2356,l*A al nw,10.3a27 . Ij ell wwwwwouar.r a rd sac Mesa Lue ure. w aw, 69 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES "t OR: 3815 PG: 0672 M IN WFFNESS WHERWF, Tk Sand fiW party has Signed and sealed these presents the day arrd lost above written. 5i nW. sealed and deliue in presence of: SMjralllre CO WkDW5i: _ f Print rranre of Wilnem: �CI" /I'-JCt elf +'r Signature of Witness: 1}aiM name qttM1fiVresS: _ 5kjrralure d First P": Print narneofFirst Party_!` r Signature of Secand41 Party: — Print name of SKoW Party: u T '{ r , --�'` 5ignature of Preparer. _ — Y y Prod Name of Prep r 4 S f Addrzss of Preparer[ ! 5 14 ' It f{, r�wr+a ri a3 7 Staleoi}�} f Corny oll Al E x an 1J` f appeased Z[AroFrFFs per5ora y known to me jor pravM to me on the h,a5 s of satisfactory evideoce� to be the par�or*j-Wh w narne(5� Ware wbscrihed to the within instrumerrt and acknowledged to me N1 hehlw t* exmml th@ sa rn h�hertlheir authorized caoa(itylies), and that ty hialherAheir s7 rmuwe(s on the insrrunaenr the persws), or the errtlty� half of which the persan(5) acted, exxecutod the iIKUUm nL ESS"hand and ' 'A. $ignature of Nalary J C G.Q W `` *cry 1M ,rx.ieaiw�ron par 2 Affia€rt _IGYJYAI Prpdu€ed ID I"ofID (Seal) V"mom.r.k LLC IFMF Fn 0" 70 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES FDEP Informal Wetland Determination Map —001 .1d.4 lul IUD j 3 53 - 76 $3 $4 a9 11Q i 9 ' SA SUBJECT ' I ?� I � j 142 1•` 3 1 71 16 .17 32 a3' f 48 4$ OEP bformal WeiaM fAeW minstlono oab¢nd+ of Fbld CondlHo nc lndi--Uplands DaW and I o- Field Contlilbn¢ Indlcat¢ SIM Plan is Haedad W Detormi— Impe¢W { �] A 3 4 1 ll J 1 •� Cana and: or Fi¢Id Condkbna Indicate Watlande and Permit Wecessery .� i Data and 1 yr Field Conditions Indlcale Dttcnea and Permit Nacesaary ' _ - - _ Tha"D¢Wfnllratlms" M this figire are lrom Informal prr.eppllr 11l wetland detamknatiom pant to Section $73121igy, F S-, and ",312W ?). F.A.C. It does not ntne Ne Departmanl, Im ag¢nn ¢r amisdy¢¢a, not does it-nvey any logs) ng huexpressed or }jRCs Hydric Solla Model aePreaso-.i w� 71 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, N O R R I S & ASSOCIATES NATIONAL WETLANDS MAP U.S. Fish and Wildlife Service National Wetlands Inventory wetlands August 3, ZQ22 Then map d fw general reference -Ay Th. US Fish and wildlife g Service is not req—Na fmthe at—aoy ornf inesa of the weaanas base data shown on oN& map Al wetzands related data should Freshwater Emergent Wetland Lake be used in accordenoe with the layer metadata found m the Nletlends Mapper web Ate. Estuarine and Marine Deepwater . Freshwater ForestedlShrub Wetland � Dther ❑ Estuarine and Marine Wetland :j Freshwater Pond Riverine NCI WMIS &f M-1,yiNWI) iris pa�waior&d dhr he NWI Tapper 72 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES USDA SOIL MAP Soil Map--Wl6 C—ly Area, Fleritla Map Unit Legend Map Unit Symbol Map Unit Narna Acres In A41 Rarcard of A111 103 Cypress Lake -Riviera- _ 3.9 % Copeland fine sands. frequently ponded-Urban land associadm, 0 to 1 percent slopes t 3.6% 110 Brynwood fine sandJUrban land complex, 4 to 2 percent slopes ill Brynwood-Cypress Lake fine 3.6 92.6% sands -Urban land association, 0 to 2 percent slopes Totals for Area of Intarest 3.9 100.0% 73 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES FLOOD MAP National Flood Hazard Layer FIRMette FEMA Legend 0 250 500 1'000 1.500 2.X0 uu Basemap.' U5G5 NaNpnaf Map! DrthcUITtagerf Data reffesherd October, 20M W Ilhowut Base FNM El ev btlon WE) SPECIALFLOOD WIIn HFEpr Ueptn.-� — iQ Ate. E.AF HAZARD ARFikS RELS Reguremry Fld ay 0.2%Annual Chance Rootl Hazard. Auras IN 1P annual ahanae nootl Mth a—ge depm I.. than one foot av Wth dralaage — at 4— V. one sq bare mile.:. Future CorAttian&1%Ahhuial Chance FUM Flimartl = Are. wllh Reducetl Floocl R k due m OTHER AREAS OF Levee. See NOS.- I FLOOD HAZARD Area wIRl F1md Rlstldue m Levee=..:: aft Area IN Mlnlmal Flood HeE.rtl = . - McClhe LOMR3 OFFER RHEAS Area ot tlnderermlfwd Frond Hatard =• ' 6FlER.afL ---- Ch.nnel. Cwl .or Au —Sewer STROCT11RES 1 11 l i LFnee. Dlke.IX Flpadwell DE— Cross 1-11— with 111 Annual In," — Water Surraee El—llun — — — Co.ft lTran--t — Base Flood Elevation Line rBFEJ D aNt al 5tutly Juols ollon Ba.mdaay ••� Coaslal TranseM Ba-line OTHER _ Fmllle Baseline FEATURES H)OWapiNe Feature Digital Data Avallah1E Ro Dlgltal Data ArallarNe MAP PANELS unmapped The Wn Olspra}ed on the map R an anTrAama[e nt selected by the per and di— nor -mat an.ukh.rl a pmpeny lreocation. Tills map mmpkes with FEMAS 5tdndafds Mr the sea' tllgltai flood maps It II A mat x d as de —bed bel— Mhi—Map SMwn complied *Ith FEMA's baseinap .ey stil The noon nmard inrowi llan Is aamved diR tly tram the euthodtal— NFRL deb serrlces pmIlded br FEMA This map exporletl on 8: 3%2022 a11i1:?9 AV and does nae rerlect changes end —I& subsequent mthis data and [Ime. The RFHL a:e e,I.KtlYe:dormatlon may eaaage or heeame super5aded by new data fter time. This map Image is told II the one or more of the Idlowing ma: elemenlsdo not appear hasemap Imagery, Hood zone labels, legend, scale aar. map creation 6a9e. com manity tlentdlers. FIRM panel churn¢!- and FIRM etre tl. date. Map Images Tor unmapped and unmodeml-wd a— Cannot be umdroa regulatory purposes. 74 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS & ASSOCIATES APPRAISER LICENSE License of Michael P. Jonas, MAI, AI-GRS, CCIM Ran DeSwr ,Cwe dbiar STATE OF FLORIDA DEPARTMENT O F BUS I NESS AN D PROFESSIO NAL REGULATION Halsrf grawws F.eortry FLORIDA DEAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APFRAYSER HERON ISCERTIFIED UNDER THE PROVISIONS OF CHAPTER 475. FLOMDA STATUTES 1919 COURTNEY DRIVE STE 14 .FORT MYEI?5�. - FL 34-109 EXPIRATION DAM-14 MEMBER 3D, 2022 Nways verffyiicenws online at MyfloridaLiceme.com Do not alter thisdocurnent in any form. Ibis is your license_ It is unlawful far anyone other than the licensee to use this document. 75 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES QUALIFICATJONS OF MICHAEL P. JON AS. 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, 2C20 Appraisal Institute: 2018 Legislative VALUEvent , 2018 Appraisal Institute: Advanced Income Capitalization, 2003 Appraisal Institute: Advancing the Appraisal Profession, 2019 Appraisal Institute: Analyzing Distressed Real Estate, 2007 Appraisal Institute: Appraisal Laws and Rules, 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 USPAP Update Course, 2000, 20132, 2004, 2006, 2008, 2010, 2012 Appraisal Institute: Real Estate Damages, 2011 Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007 Appraisal Institute: Review Theory— General, 2014 Appraisal Institute: Roles]Responsi bil ities Su pervisorfTrainee, 2006, 20D8 Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008, 2012, 2014, 2016 Appraisal Institute= State Law for Real Estate Appraisers, 2D08, 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 Hague: CE 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, 20D9 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, 20M Cooke: CE for Real Estate Professionals, 2015 DPBR: FREAB Board Meeting, 20D7 FREB Board Meeting, 2007 Larson Educational Services: Core Law, 2010 McKissock: Supervisor —Trainee Course for Florida, 2019 76 M V B BANK AND SMALL BUSINESS ADMINISTRATION C A R L S O N, NORRIS & ASSOCIATES NAB OR Ethics Training: 2004, 2008, 2012, 2016 Southern Real Estate Academy: Broker License, 2DD7 Trans Equity Inc: Care Law, 2012 EXPERIENCE: 1999-200D Clayton, Raper 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 2009-2011 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 offices, medical offices, of icelwarehouse 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, caiporadons, builders, developers, mortgage oompanies, 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_ 77