Agenda 08/22/2023 Item #16A 7 (Agreement for sale and purchase under the Conservation Collier Land Aquisition Program)SEE REVERSE SIDE
Proposed Agenda Changes
Board of County Commissioners Meeting
August 22, 2023
Move Item 16A7 to 11E: Recommendation to approve an Agreement for Sale and Purchase with 1) William
Joseph Scalley, Jr. and Martha L. Scalley, 2) Patricia E. McGinnis and Stanley E. Magner, 3) Maricel Aleu Fontela,
and 4) Delsina Trigoura and Amy Trigoura under the Conservation Collier Land Acquisition Program, at a cost not
to exceed $146,815. (Commissioner LoCastro’s request)
Notes:
TIME CERTAIN ITEMS:
Item 11A to be head at 9:30 AM: Recommendation to approve an Economic Development Agreement with
Dialum Glass for a proposed advanced manufacturing and processing facility within the Town of Ave Maria
Innovation Zone.
Item 11B to be head at 9:45 AM: Recommendation to approve a negotiated Management Agreement with the
Pelican Bay Foundation for the management of racquet sport activities, the maintenance, and capital improvements
at Pelican Bay Community Park.
Item 9A to be head at 10:30 AM: Recommendation to consider an Ordinance establishing Collier County as a
Bill of Rights Sanctuary County.
9/5/2023 3:17 PM
08/22/2023
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for Sale and Purchase with 1) William Joseph Scalley, Jr. and
Martha L. Scalley, 2) Patricia E. McGinnis and Stanley E. Magner, 3) Maricel Aleu Fontela, and 4) Delsina
Trigoura and Amy Trigoura under the Conservation Collier Land Acquisition Program, at a cost not to
exceed $146,815.
_____________________________________________________________________________________
OBJECTIVE: To purchase four (4) properties for the Conservation Collier Program (“Program”) within multi-
parcel project areas.
CONSIDERATIONS: On December 13, 2022, Agenda Item #11A, the Board of County Commissioners (Board)
approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 11A
Active Acquisition List (AAL) and directed staff to actively pursue acquisitions for the Program.
Panther Walk Preserve: Staff contracted with one independent, state-certified, general real estate appraisal firm to
appraise a total of five parcels within the Project. The appraisals were dated April 2023, and the total cost to obtain
an individual appraisal for each of the five parcels was $2,700.
• William Joseph Scalley, Jr. and Martha L. Scalley - Parcel 38846640007 Located along the north
side of 58th Ave NE, south of Immokalee Rd.
o 1.14 acres (49,658 square feet) of vacant, unimproved property that is fully wooded and consists,
generally, of forested/shrub and emergent wetlands.
o The offer was accepted on May 26, 2023, for the purchase price of $42,800, 95% of appraised value.
o On July 14, 2023, the CCLAAC voted unanimously to recommend approval of the purchase
agreement.
• Patricia E. McGinnis and Stanley E. Magner - Parcel 39150600004 Located along the south side of
70th Ave NE, south of Immokalee Rd.
o 1.14 acres (49,658 square feet) of vacant, unimproved property mostly wooded and generally consists
of forested/shrub and emergent wetlands.
o The offer was accepted on June 5, 2023, for the purchase price of $42,800, 95% of appraised value.
o On July 14, 2023, the CCLAAC voted unanimously to recommend approval of the purchase
agreement.
Dr. Robert H. Gore III Preserve Multi-Parcel Project: Staff contracted with one independent, state-certified,
general real estate appraisal firm to appraise all parcels within the Project. The appraisal dated August 2022
provided an averaged appraised value for parcels between 1.14 and 2.73 acres at $22,000 an acre based on
comparable sales from wetland, not upland parcels. The cost to obtain the appraisal was $3,900. On September 23,
2022, offer letters were sent to 56 property owners within the project area.
• Maricel Aleu Fontela - Parcel 41560720009 - frontage on the East side of DeSoto Blvd S., South of
40th Avenue SE and North of I-75
o 1.17 acres (50,965 square feet) of vacant, unimproved property that is fully wooded and made up of
primarily cypress, with 100% of the property mapped as having hydric, depressional soils.
o Property owner contacted staff on April 20, 2023, expressing interest in selling to Conservation Collier.
On April 25, 2023, an offer matching the September 2022 offer was made.
o The offer was accepted on June 4, 2023, for the purchase price of $25,700, 100% of the appraised
value.
o On July 14, 2023, the CCLAAC voted unanimously to recommend approval of the purchase
agreement.
Staff contracted with one independent, state-certified, general real estate appraisal firm to appraise a total of four
16.A.7
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08/22/2023
parcels within the Project that had applied to the Program during Acquisition Cycle 11A. The appr aisals were dated
April 2023, and the total cost to obtain an individual appraisal for each of the four parcels was $2,700.
• Delsina Trigoura and Amy Trigoura - Parcel 41507440009 Located along the south side of 40th Ave
SE, north of I-75.
o 1.14 acres (49,658 square feet) of vacant, unimproved property fully wooded and 100%
forested/shrub wetlands.
o The offer was accepted on June 7, 2023, for the purchase price of $30,000, 100% appraised value.
o On July 14, 2023, the CCLAAC voted unanimously to recommend approval of the purchase
agreement.
These acquisitions are consistent with the Conservation Collier Purchasing Policy, Resolution No. 2023-10, which
allows the offer amount to be determined by staff but shall be no more than the appraised value.
Pursuant to Ordinance 2007-65, Section 13(8), a Project Design Report (“PDR”) for each of the properties is
provided herewith.
FISCAL IMPACT: The funds for these four (4) multi-parcel land acquisitions will be withdrawn from the
Conservation Collier Trust Fund (1061). The properties identified herein are comprised of a not to exceed
acquisition cost of $146,815 as follows:
Seller
Name
Acres Appraised
Value
Purchase
Price
Closing Costs (title
commitment, title policy,
closing fee, recording fees)
Total Purchase Price Initial 5 Yr.
Maint Costs
Long-term
Annual
Maint
Costs
Scalley 1.14 $ 45,000 $ 42,800 $1,447 $ 44,247 $1,397 $171
McGinnis 1.14 $ 45,000 $ 42,800 $1,447 $ 44,247 $1,397 $171
Fontela 1.17 $ 25,700 $ 25,700 $1,248 $ 26,948 $2,482 $176
Trigoura 1.14 $ 30,000 $ 30,000 $1,373 $ 31,373 $2,423 $171
TOTAL 4.59 $145,700 $141,300 $5,515 $146,815 $7,699 $689
As of August 22, 2023, estimated property acquisition costs for Conservation Collier properties, including these
properties and those under contract, total $114,203,802. Estimated costs of maintenance in perpetuity for these and
all Cycle 11A A-list properties have been considered by the CCLAAC and incorporated into the Conservation
Collier Long-Term Financial Management Plan. The funds for managing these four parcels will be expended from
the Conservation Collier Maintenance Fund (1062). The initial costs of maintenance are provided in the attached
PDRs. The total maintenance costs for the first five (5) years (initial maintenance costs) for these parcels are
estimated at $7,699. After initial restoration, the estimated maintenance costs for these parcels will be
approximately $689 annually.
GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and
supports Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth
Management Plan.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for
approval. - RTT
RECOMMENDATION: To approve the attached Agreements and accept the Warranty Deeds upon approval by
the County Attorney’s Office; authorize the Chairman to execute the Agreements and all other County Attorney
Office approved documents related to this transaction; and authorize the Cou nty Manager or designee to prepare
related vouchers and Warrants for payments taking all reasonable steps necessary to ensure performance under the
Agreement.
Prepared by: Vivian Rodriguez, Property Acquisition Specialist, Real Property Management
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ATTACHMENT(S)
1. Agreement - Scalley (PDF)
2. [Linked] Appaisal - Scalley (PDF)
3. Project Design Report - Scalley (PDF)
4. Agreement - McGinnisMagner (PDF)
5. [Linked] Appraisal - McGinnisMagner (PDF)
6. Project Design Report - McGinnisMagner (PDF)
7. Agreement - Fontela (PDF)
8. [Linked] Appraisal - Fontela (PDF)
9. Project Design Report - Fontela (PDF)
10. Agreement - Trigoura (PDF)
11. [Linked] Appraisal - Trigoura (PDF)
12. Project Design Report - Tirgoura (PDF)
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08/22/2023
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.7
Doc ID: 26019
Item Summary: Recommendation to approve an Agreement for Sale and Purchase with 1) William Joseph
Scalley, Jr. and Martha L. Scalley, 2) Patricia E. McGinnis and Stanley E. Magner, 3) Maricel Aleu Fontela, and 4)
Delsina Trigoura and Amy Trigoura under the Conservation Collier Land Acquisition Program, at a cost not to
exceed $146,815.
Meeting Date: 08/22/2023
Prepared by:
Title: – Facilities Management
Name: Vivian Rodriguez
07/07/2023 10:02 AM
Submitted by:
Title: – Facilities Management
Name: John McCormick
07/07/2023 10:02 AM
Approved By:
Review:
Public Services Department Melissa Hennig Additional Reviewer Completed 07/19/2023 12:40 PM
Facilities Management John McCormick Director - Facilities Completed 07/20/2023 7:14 AM
Development Review Summer BrownAraque Additional Reviewer Completed 07/20/2023 10:53 AM
Growth Management Community Development Department Diane Lynch Additional Reviewer Completed
07/20/2023 1:25 PM
Growth Management Community Development Department Jaime Cook Additional Reviewer Completed
07/25/2023 11:14 AM
Transportation Management Operations Support Evelyn Trimino Additional Reviewer Completed
07/25/2023 1:53 PM
Operations & Regulatory Management Michael Stark Additional Reviewer Completed 07/25/2023 3:32 PM
Facilities Management Jennifer Belpedio Manager - Real Property Completed 07/25/2023 3:46 PM
Growth Management Community Development Department James C French Additional Reviewer Completed
08/14/2023 5:58 PM
County Attorney's Office Ronald Tomasko Level 2 Attorney of Record Review Completed 08/16/2023 2:28 PM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 08/16/2023 2:29 PM
Office of Management and Budget Blanca Aquino Luque Additional Reviewer Completed 08/16/2023 3:00 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/16/2023 3:11 PM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 08/16/2023 3:47 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 08/22/2023 9:00 AM
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16.A.7.aPacket Pg. 393Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 394Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 395Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 396Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 397Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 398Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 399Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 400Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 401Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 402Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 403Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.aPacket Pg. 404Attachment: Agreement - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
1
Conservation Collier Land Acquisition Program
Project Design Report
Scalley Property
Date: July 2023
Property Owners: William and Martha Scalley
Folio(s): 38846640007
Location: GOLDEN GATE EST UNIT 42 E 75FT OF W 150FT OF TR 79
Size: 1.14 acres
Purchase Price: $42,800
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is located in the southern section of the Horsepen Strand within the Panther Walk
Preserve project area. The Scalley parcel met the Initial Screening Criteria identified in the
Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat,
potential for nature-based recreational and educational opportunities, protection of water resource
values and wetland dependent species habitat, presence of significant biological/ecological values,
listed species habitat, connectivity, and restoration potential.
Potential access for nature-based recreation, and enhancement of the aesthetic setting of Collier
County
This parcel offers access from 58th Ave NE off of Everglades Blvd – a paved public road. This
property could accommodate seasonal outdoor recreation, particularly due to the proximity to the
Panther Walk Preserve.
Opportunities for protection of water resource values, including aquifer recharge, water quality
enhancement, protection of wetland dependent species habitat, and flood control
The parcel is part of the greater Horsepen Strand flow way and contains a portion of a freshwater
marsh. This parcel is home to many wetland dependent species of flora and fauna.
Selected for the “A” category,
#1 priority, on the Active
Acquisition List (AAL) by
CCLAAC
Selected for the “A”
category, #1 priority,
on AAL by BCC
Purchase
offer made to
owners
Offer Accepted
8/3/2022 12/13/2022 5/24/2023 5/26/2023
16.A.7.c
Packet Pg. 405 Attachment: Project Design Report - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and
2
Property enhances and/or protect the environmental value of current conservation lands
through function as a buffer, ecological link, or habitat corridor
This parcel, when joined with many others, can protect the flow of both wildlife and water through
the Horsepen Strand.
Zoning, Growth Management and Land Use Overlays: The Panther Walk and Horsepen
Strand project parcels are entirely within the Northern Golden Gate Estates. The zoning
classification for all the parcels is Estates (E), a rural residential classification. There are no
additional land use overlays applicable.
Projected Management Activities: No hydrologic changes are necessary to maintain wetland
characteristics on the project site. Projected management activities include the removal of invasive
plants, the development of a Land Management Plan, and continued development of public access
to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2024 2025 2026 2027
2028
Exotics $342 $228 $228 $228 $171
Signage $200
Total $542 $228 $228 $228 $171
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
16.A.7.c
Packet Pg. 406 Attachment: Project Design Report - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and
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Packet Pg. 408 Attachment: Project Design Report - Scalley (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and
16.A.7.dPacket Pg. 409Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 410Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 411Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 412Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 413Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 414Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 415Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 416Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 417Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 418Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 419Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 420Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 421Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.dPacket Pg. 422Attachment: Agreement - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
1
Conservation Collier Land Acquisition Program
Project Design Report
McGinnis Property
Date: July 2023
Property Owners: Patricia E. McGinnis and Stanley E. Magner
Folio(s): 39150600004
Location: GOLDEN GATE EST UNIT 47 E 75FT OF W 150FT TR 92
Size: 1.14 acres
Purchase Price: $42,800
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is located in the southern section of the Horsepen Strand within the Panther Walk
Preserve project area. The McGinnis parcel met the Initial Screening Criteria identified in the
Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat,
potential for nature-based recreational and educational opportunities, protection of water resource
values and wetland dependent species habitat, presence of significant biological/ecological values,
listed species habitat, connectivity, and restoration potential.
Potential access for nature-based recreation, and enhancement of the aesthetic setting of Collier
County
This parcel offers access from 70th Ave NE off of Everglades Blvd – a paved public road. This
property could accommodate seasonal outdoor recreation, particularly due to the proximity to the
Panther Walk Preserve.
Opportunities for protection of water resource values, including aquifer recharge, water quality
enhancement, protection of wetland dependent species habitat, and flood control
The parcel is part of the greater Horsepen Strand flow way and contains a portion of a freshwater
marsh. This parcel is home to many wetland dependent species of flora and fauna.
Selected for the “A” category,
#1 priority, on the Active
Acquisition List (AAL) by
CCLAAC
Selected for the “A”
category, #1 priority,
on AAL by BCC
Purchase
offer made to
owners
Offer Accepted
8/3/2022 12/13/2022 5/30/2023 6/5/2023
16.A.7.f
Packet Pg. 423 Attachment: Project Design Report - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela
2
Property enhances and/or protect the environmental value of current conservation lands
through function as a buffer, ecological link, or habitat corridor
This parcel, when joined with many others, can protect the flow of both wildlife and water through
the Horsepen Strand.
Zoning, Growth Management and Land Use Overlays: The Panther Walk and Horsepen
Strand project parcels are entirely within the Northern Golden Gate Estates. The zoning
classification for all the parcels is Estates (E), a rural residential classification. There are no
additional land use overlays applicable.
Projected Management Activities: No hydrologic changes are necessary to maintain wetland
characteristics on the project site. Projected management activities include the removal of invasive
plants, the development of a Land Management Plan, and continued development of public access
to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2024 2025 2026 2027
2028
Exotics $342 $228 $228 $228 $171
Signage $200
Total $542 $228 $228 $228 $171
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
16.A.7.f
Packet Pg. 424 Attachment: Project Design Report - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela
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Packet Pg. 426 Attachment: Project Design Report - McGinnisMagner (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela
CONSERVATION COLLIER
TAX lD NUMBER: 41560720009
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between MARICEL ALEU
FONTELA, a single woman, whose address is 8342 South 72nd East Ave., Tulsa,
Oklahoma 74133 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a
political subdivision of the State of Florida, its successors and assigns, whose address
is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112 (hereinafter referred to as
"Purchaser").
WITNESSETH
WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter
referred to as "Property"), located in Collier County, State of Florida, and being more
particularly described in Exhibit "A", attached hereto and made a part hereof by
reference.
WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions
and other agreements hereinafter set forth, and Seller is agreeable to such sale and to
such conditions and agreements.
NOW, THEREFORE, and for and in consideration of the premises and the respective
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
I. AGREEMENT
1.01 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Property, described in Exhibit "A".
2.01 The purchase price (the "Purchase Price") for the Property shall be Twenty-
Five Thousand Seven Hundred Dollars and 00/100 dollars ($25,700.00), (U.S.
Currency) payable at time of closing.
III. CLOSING
3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING', OR
"CLOSING") of the transaction shall be held on or before one hundred and eighty
(180) days following execution of this Agreement by the Purchaser, or within thirty
(30) days of Purchaser's receipt of all closing documents, whichever is later. The
Closing shall be held at the Collier County Attorney's Office, Administration
!,o
II. PAYMENT OF PURCHASE PRICE
c
16.A.7.g
Packet Pg. 427 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NU[.4BER: 41560720009
Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed
by the parties in connection with the Closing shall be as follows:
3.01'l Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications. Marketable title shall be determined according to
applicable title standards adopted by the Florida Bar and in accordance with
law. At the Closing, the Seller shall cause to be delivered to the Purchaser
the items specified herein and the following documents and instruments duly
executed and acknowledged, in recordable form:
3.0111 Warranty Deed in favor of Purchaser conveying title to the
Property, free and clear of all liens and encumbrances other than:
(a) The lien for current taxes and assessments
(b) Such other easements, restrictions, or conditions of record.
3.01 12 Combined Purchaser-Seller closing statement
3.0114 A W-9 Form, "Request for Taxpayer ldentification and
Certification" as required by the lnternal 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 4.01 1 thereto, and the Title Company
is inevocably 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 lll hereof, shall be subject to
adjustment for prorations as hereinafter set forth.
).
^D'o(J'
3.0113 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as
required by Section 1445 of the lnternal Revenue Code and as required
by the title insurance underwriter to insure the "gap" and issue the policy
contemplated by the title insurance commitment.
16.A.7.g
Packet Pg. 428 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUMBER: 41560720009
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 Wananty Deed. Real
Property taxes shall be prorated based on the current year's tax with due
allowance made for maximum allowable discount, homestead and any other
applicable exemptions and paid by Seller. lf 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.
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 lnsurance 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. lf 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 lt Purchaser shall fail to advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser's objection to
title, Seller shall have thirty (30) days to remedy any defects 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. ln the event Seller
is unable to cure said objections within said time period, Purchaser, by
providing written notice to Seller within seven (7) days after expiration of said
thirty (30) day period, may accept title as it then is, waiving any objection; or
Purchaser may terminate the Agreement. A failure by Purchaser to give such
3
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IV. REQUIREMENTS AND CONDITIONS
16.A.7.g
Packet Pg. 429 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUMBER: 41560720009
written notice of termination within the time perlod provided herein shall be
deemed an election by Purchaser to accept the exceptions to title as shown in
the title commitment.
4.013 Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser within ten (10) days of the effective date of this
Agreement. Purchaser shall have the option, at its own expense, to obtain a
current survey of the Property prepared by a surveyor licensed by the State of
Florida. No adjustments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit "A," unless the difference in
acreage revealed by survey exceeds 5% of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from Purchaser. Purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any such
objections. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period, may accept the
Property as it then is, waiving any objection to the encroachment, or projection,
or lack of legal access, or Purchaser may terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or projection, or lack of legal access.
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
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V. INSPECTION PERIOD
'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 environ-
mental 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.
16.A.7.g
Packet Pg. 430 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUIIBER: 41560720009
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
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Property.
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 current year taxes, and
shall be paid by Seller.
9.01 lf 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
Ag reement.
5
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5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller
in writing of its specific objections as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
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
IX. TERMINATION AND REMEDIES
16.A.7.g
Packet Pg. 431 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUMBERT 41560720009
9.02 The parties acknowledge that the remedies described herein and in the other
provisions of this Agreement provide mutually satisfactory and sufficient remedies
to each of the parties and take into account the peculiar risks and expenses of
each of the parties.
X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
10.01 Seller and Purchaser represent and warrant the following:
10.01 1 Seller and Purchaser have full right and authority to enter into and to
execute this Agreement and to undertake all actions and to perform all tasks
required of each hereunder. Seller is not presently the subject of a pending,
threatened or contemplated bankruptcy proceeding.
10.012 Seller has full right, power, and authority to own and operate the
Property, and to execute, dellver, and perform its obligations under this
Agreement and the instruments executed in connection herewith, and to
consummate the transaction contemplated hereby. All necessary
authorizations and approvals have been obtained authorizing Seller and
Purchaser to execute and consummate the transaction contemplated hereby.
At Closing, certified copies of such approvals shall be delivered to Purchaser
and/or Seller, if necessary.
10.013 The warranties set forth in this paragraph shall be true on the date of
this Agreement and as of the date of Closing. Purchaser's acceptance of a
deed to the said Property shall not be deemed to be full performance and
discharge of every agreement and obligation on the part of the Seller to be
performed pursuant to the provisions of this Agreement.
'10.014 Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation or investigations pending or threatened against Seller, at
law, equity or in arbitration before or by any federal, state, municipal or other
governmental inskumentality 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.
6
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
^,u,o
16.A.7.g
Packet Pg. 432 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX ID NUMBER: 41560720009
person or entity any rights with respect to the Property or any part thereof,
without first obtaining the written consent of Purchaser to such conveyance,
encumbrance, or agreement which consent may be withheld by Purchaser for
any reason whatsoever.
10.017 Seller represents that there are no incinerators, septic tanks, or
cesspools on the Property; all waste, if any, is discharged into a public sanitary
sewer system; Seller represents that they have (it has) no knowledge that any
pollutants are or have been discharged from the Property, directly or indirectly
into any body of water. Seller represents the Property has not been used for
the production, handling, storage, transportation, manufacture, or disposal of
hazardous or toxic substances or wastes, as such terms are defined in
applicable laws and regulations, or any other activity that would have toxic
results, and no such hazardous or toxic substances are currently used in
connection with the operation of the Property, and there is no proceeding or
inquiry by any authority with respect thereto. Seller represents that they have
(it has) no knowledge that there is ground water contamination on the Property
or potential of ground water contamination from neighboring properties. Seller
represents no storage tanks for gasoline, or any other substances are or were
located on the Property at any time during or prior to Seller's ownership
thereof. Seller represents none of the Property has been used as a sanitary
landfill.
10.018 Seller has no knowledge that the Property and Seller's operations
concerning the Property are in violation of any applicable Federal, State or
local statute, law or regulation, or of any notice from any governmental body
has been served upon Seller claiming any violation of any law, ordinance, code
or regulation or requiring or calling attention to the need for any work, repairs,
construction, alterations or installation on or in connection with the Property in
order to comply with any laws, ordinances, codes or regulation with which
Seller has not complied.
10.019 There are no unrecorded restrictions, easements, or rights of way
(other than existing zoning regulations) that restrict or affect the use of the
Property, and there are no maintenance, construction, advertising,
management, leasing, employment, service, or other contracts affecting the
Property.
10.020 Seller has no knowledge that there are any suits, actions or arbitration,
bond issuances or proposals therefor, proposals for public improvement
assessments, pay-back agreements, paving agreements, road expansion or
improvement agreements, utility moratoriums, use moratoriums, improvement
moratoriums, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or pending or
'7
16.A.7.g
Packet Pg. 433 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUIIBER: 41560720009
threatened which affects the Property or which adversely affects Seller's ability
to perform hereunder; nor is there any other charge or expense upon or related
to the Property which has not been disclosed to Purchaser in writing prior to
the effective date of this Agreement.
10.021 Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Seller's representations stated above and on the
understanding that Seller will not cause the zoning or physical condition of the
Property to change from its existing state on the effective date of this
Agreement up to and including the Date of Closing. Therefore, Seller agrees
not to enter into any contracts or agreements pertaining to or affecting the
Property and not to do any act or omit to perform any act which would change
the zoning or physical condition of the Property or the governmental
ordinances or laws governing same. Seller also agrees to notify Purchaser
promptly of any change in the facts contained in the foregoing representations
and of any notice or proposed change in the zoning, or any other action or
notice, that may be proposed or promulgated by any third parties or any
governmental authorities having jurisdiction of the development of the property
which may restrict or change any other condition of the Property.
10.022 At the Closing, Seller shall deliver to Purchaser a statement
(hereinafter called the "Closing Representative Statement") reasserting the
foregoing representations as of the Date of Closing, which provisions shall
survive the Closing.
10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend
and hold Purchaser harmless from any and all costs (including attorney's fees)
asserted against, imposed on or incurred by Purchaser, directly or indirectly,
pursuant to or in connection with the application of any federal, state, local or
common law relating to pollution or protection of the environment which shall
be in accordance with, but not limited to, the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980,42 U.S.C. Section 9601,
et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the
Superfund Amendment and Reauthorization Act of 1986 ('SARA"), including
any amendments or successor in function to these acts. This provision and
the rights of Purchaser, hereunder, shall survive Closing and are not deemed
satisfied by conveyance of title.
10.024 Any loss and/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
tl
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16.A.7.g
Packet Pg. 434 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUIVIBER: 41560720009
XI. NOTICES
lf 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 Attn: Deborah K. Goodaker
Collier County Real Property Management
3335 Tamiami Trail East, Suite 102
Naples, Florida 34112
Telephone n umber: 239-252-8922
Fax number: 239-252-8876
Maricel Aleu Fontela
8242 South 72nd East Ave.
Tulsa, Oklahoma74133
Telephone number: 908-391 -5671
maricelaleu@qmail.com
With a copy to
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.
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1'1.01 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:
lf to Seller:
16.A.7.g
Packet Pg. 435 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUMBER: 41560720009
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.
13.01 This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
13.02 This Agreement and the terms and provisions hereof shall be effective as of
the date this Agreement is executed by both parties and shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, executors,
personal representatives, successors, successor trustee, and assignees
whenever the context so requires or admits.
13.03 Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by Purchaser and
Seller. Any amendment to this Agreement shall be binding upon Purchaser and
Seller as soon as it has been executed by both parties.
'13.04 Captions and section headings contained in this Agreement are for
convenience and reference only; in no way do they define, describe, extend, or
limit the scope or intent of this Agreement or any provisions hereof.
13.05 All terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as
the context or the use thereof may require.
13.06 No waiver of any provision of this Agreement shall be effective unless it is in
writing signed by the party against whom it is asserted, and any waiver of any
provision of this Agreement shall be applicable only to the specific instance to
which it is related and shall not be deemed to be a continuing or future waiver as
to such provision or a waiver as to any other provision.
13.07 lf 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.
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10
L
XII. REAL ESTATE BROKERS
XIII. MISCELLANEOUS
16.A.7.g
Packet Pg. 436 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUMBER: 41560720009
13.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
13.09 lf 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. (lf 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 ls of the essence of this Agreement.
IN WITNESS WHEREOF, the parties hereto have signed below.
Dated ProjecUAcquisition Approved by BCC:
AS TO PURCHASER:
ATTEST,
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Comptroller
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNry, FLORIDA
By
, Deputy Clerk
11
RICK LOCASTRO, Chairman
-Eo
16.A.7.g
Packet Pg. 437 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX ID NUMBER 41560720@9
AS TO SELLER:
DATED:
WITNESSES:
(Prinl Wtn6s N.rnc)
c
Narne)
Approved as to torm and legality:
/autse fatbrGsalpk Print ame:Maricel Aleu Fontela
By:
SELLER
6
Ronald T. Tomasko, Assistant County Attorney
t2 '$,r
16.A.7.g
Packet Pg. 438 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
CONSERVATION COLLIER
TAX lD NUMBER: 41560720009
EXHIBIT "A" TO FONTELA
AGREEMENT FOR SALE AND PURCHASE
LEGAL DESCRIPTION for Parcel No 41560720009, as set forth in OR 4880 PG 3114
of the official records of Collier County, Florida, and restated below:
SOUTH 75 FEET OF THE NORTH 180 FEET OF TRACT 130, UNIT 9,1A, GOLDEN
GATES ESTATES, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT
BOOK 9, PAGE 9, OF THE PUBLIC RECORDS OF COLLIER COUry, FLORIDA, AJI(A
GOLDEN GATE ESTATES REPLAT UNIT 91-A SOUTH 75 FEET OF NORTH 180 FEET
OF TRACT 130,1-17 ACRES, OR ,1140 PAGE 1295,
Approved as to form and legality
R{tAssistant County Attorney
1
G:\Gutierrez legal Descr ,d;\W
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16.A.7.g
Packet Pg. 439 Attachment: Agreement - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
1
Conservation Collier Land Acquisition Program
Project Design Report
Fontela Property
Date: July 2023
Property Owner: Maricel Aleu Fontela
Folio(s): 41560720009
Location: GOLDEN GATE EST REPLAT UNIT 91-A S 75FT OF N 180FT OF TR 130
Size: 1.17 acres
Purchase Price: $25,700
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is within the Dr. Robert H. Gore III Preserve project area. The Fontela parcel was
considered due to its proximity to an existing Conservation Collier preserve. The Fontela parcel
met 5 out of 6 Initial Screening Criteria identified in the Conservation Collier Ordinance, No.
2007-65, as amended, including presence of native habitat, potential for nature-based recreational
and educational opportunities, protection of water resource values and wetland dependent species
habitat, presence of significant biological/ecological values, listed species habitat, connectivity,
and restoration potential.
Potential access for nature-based recreation, and enhancement of the aesthetic setting of Collier
County
This parcel offers access from Desoto Blvd – a paved public road. This property could
accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III
Preserve.
Opportunities for protection of water resource values, including aquifer recharge, water quality
enhancement, protection of wetland dependent species habitat, and flood control
The parcel has many wetland dependent plant species and contains karst topography, which is a
wetland indicator, despite soils that indicate that wetlands may also be seasonal. The parcel
provides minimal water quality enhancement beyond accommodating sheet flow into the I-75
canal.
Selected for the “A” category, #1
priority, on the Active
Acquisition List (AAL) by
CCLAAC
Selected for the “A”
category, #1 priority,
on AAL by BCC
Purchase offer
made to owner Offer Accepted
8/03/2022 12/13/2022 4/25/2023 6/04/2023
16.A.7.i
Packet Pg. 440 Attachment: Project Design Report - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and
2
Property enhances and/or protect the environmental value of current conservation lands
through function as a buffer, ecological link, or habitat corridor
The Fontela parcel expands the Dr. Robert H. Gore III Preserve. This parcel, joined with many
others, could also permanently protect a corridor between North Belle Meade and the Florida
Panther National Wildlife Refuge.
Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern
Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification.
There are no additional land use overlays applicable.
Projected Management Activities: Projected management activities include the removal of
invasive plants, the development of a Land Management Plan, and continued development of
public access to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2024 2025 2026 2027
2028
Exotics $585 $468 $468 $468 $293
Signage $200
Total $785 $468 $468 $468 $293
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
16.A.7.i
Packet Pg. 441 Attachment: Project Design Report - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and
3
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Packet Pg. 442 Attachment: Project Design Report - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and
4
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Packet Pg. 443 Attachment: Project Design Report - Fontela (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and
16.A.7.jPacket Pg. 444Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 445Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 446Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 447Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 448Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 449Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 450Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 451Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 452Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 453Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 454Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 455Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
16.A.7.jPacket Pg. 456Attachment: Agreement - Trigoura (26019 : Conservation Collier Cycle 11A - Panther & Gore - Scalley, McGinnis, Fontela and Trigoura)
1
Conservation Collier Land Acquisition Program
Project Design Report
Trigoura Property
Date: July 2023
Property Owner: Delsina Trigoura and Amy Trigoura
Folio(s): 41507440009
Location: GOLDEN GATE EST UNIT 91 E 75FT OF W 180FT OF TR 81
Size: 1.14 acres
Purchase Price: $30,000
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is within the Dr. Robert H. Gore III Preserve Multi-Parcel Project boundary. The
Trigoura parcel was considered due to its proximity to an existing Conservation Collier preserve.
The Charles project met 5 out of 6 Initial Screening Criteria identified in the Conservation Collier
Ordinance, No. 2007-65, as amended, including presence of native habitat, potential for nature-
based recreational and educational opportunities, protection of water resource values and wetland
dependent species habitat, presence of significant biological/ecological values, listed species
habitat, connectivity, and restoration potential.
Potential access for nature-based recreation, and enhancement of the aesthetic setting of Collier
County
This parcel offers access from 40th Ave SE off Desoto Blvd – a paved public road. This property
could accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore
III Preserve.
Opportunities for protection of water resource values, including aquifer recharge, water quality
enhancement, protection of wetland dependent species habitat, and flood control
The parcel has many wetland dependent plant species and contains karst topography, which is a
wetland indicator, despite soils that indicate that wetlands may also be seasonal. The parcel
provides minimal water quality enhancement beyond accommodating sheet flow into the I-75
canal.
Selected for the “A” category, #1
priority, on the Active Acquisition
List (AAL) by CCLAAC
Selected for the “A”
category, #1 priority, on
AAL by BCC
Purchase offer
made to owners
Offer
Accepted
8/3/2022 12/13/2022 5/30/2023 6/7/2023
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Property enhances and/or protect the environmental value of current conservation lands
through function as a buffer, ecological link, or habitat corridor
The Trigoura parcel expands the Dr. Robert H. Gore III Preserve. This parcel, joined with many
others, could also permanently protect a corridor between North Belle Meade and the Florida
Panther National Wildlife Refuge.
Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern
Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification.
There are no additional land use overlays applicable.
Projected Management Activities: Projected management activities include the removal of
invasive plants, the development of a Land Management Plan, and continued development of
public access to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2023 2024 2025 2026
2027
Exotics $570 $456 $456 $456 $285
Signage $200
Total $770 $456 $456 $456 $285
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
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1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
Real Estate Valuation Experts
Trusted since 1985
April 28, 2023
Collier County Board of Commissioners
Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser
Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Re: 1.14 Acres of Vacant Land
58th Ave NE
Naples, Florida 34120
Our File Number: 23-164-5
PO #4500223050
Dear Mr. Leonard,
At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal
presented in an Appraisal Report of the market value for the above referenced real property. Per
the request of the client, we have provided the market value of the subject on an As-Is basis. The
interest appraised includes the fee simple estate of the subject property.
The subject property is vacant land located on 58th Ave NE in Naples, Florida. The site is rectangular
in shape, contains 1.14 acres or 49,658 square feet and is located along the north side of 58th Ave
NE, south of Immokalee Rd. The site is vacant, fully wooded and consists generally of forested/shrub
and emergent wetlands. There are no structural 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.
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April 28, 2023
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 April 12, 2023 of:
FORTY-FIVE THOUSAND DOLLARS ......................................................................... ($45,000.00).
PLEASE NOTE: The natural disaster known as Hurricane Ian made landfall on the west coast of
Florida on September 28, 2022 with maximum sustained winds of 150 mph, causing severe levels of
damage to SWFL. Ian was the first category 4 hurricane to impact SWFL since hurricane Charley in
2004 and became the most devastating tropical system to hit Florida in more than 84 years. During
the storm, nearly 2.6 million Floridians lost power with the majority of customers in Lee and Charlotte
County experiencing the highest levels of outages between 80% and 95% without power. The storm
surge as a result of the hurricane reached record highs with preliminary analysis suggesting areas
such as Fort Myers Beach had surges up to 10-15 feet above normally dry ground. Sanibel Island
was also among the hardest areas hit. The Sanibel causeway, which is the only connection the
island has to the mainland, had areas of its structure washed away. Other areas such as Naples, Key
West and Cape Coral had extensive storm surge damage with surges reaching above 7 feet in some
areas.
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
Hannah Dwyer
State-registered trainee appraiser RI25089
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SUBJECT AERIAL PHOTOGRAPH
1.14 ACRES OF VACANT LAND
58th AVE NE
NAPLES, FLORIDA 34120
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TABLE OF CONTENTS
SUBJECT AERIAL PHOTOGRAPH ............................................................................................................ 3
SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................................... 5
CONSERVATION FEATURES SUMMARY OVERVIEW ........................................................................................... 7
SECTION 2 – PREMISES OF THE APPRAISAL ...................................................................... 8
INTENDED USE AND USER OF APPRAISAL ........................................................................................................ 8
SCOPE OF WORK.............................................................................................................................................. 8
SALES HISTORY ............................................................................................................................................. 11
VALUATION HISTORY ...................................................................................................................................... 12
EXPOSURE TIME ............................................................................................................................................. 12
MARKETING TIME ........................................................................................................................................... 13
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED ................................................ 15
COLLIER COUNTY AREA ANALYSIS ................................................................................................................ 15
LOCATION MAP .............................................................................................................................................. 29
MARKET AREA DESCRIPTION ......................................................................................................................... 30
LEGAL DESCRIPTION ...................................................................................................................................... 32
OWNER OF RECORD ...................................................................................................................................... 32
ASSESSED VALUE AND TAXES ....................................................................................................................... 32
SITE DESCRIPTION .......................................................................................................................................... 33
SUBJECT PROPERTY PHOTOGRAPHS ............................................................................................................. 39
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................................. 41
HIGHEST AND BEST USE AS THOUGH VACANT ............................................................................................... 41
SECTION 5 – VALUATION OF THE SUBJECT ...................................................................... 43
VALUE ESTIMATE BY THE COST APPROACH ................................................................................................. 43
VALUE ESTIMATE BY THE INCOME APPROACH .............................................................................................. 43
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ......................................................................... 43
SECTION 6 – RECONCILIATION OF VALUE ........................................................................ 58
SUMMARY OF VALUE CONCLUSIONS .............................................................................................................. 58
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS ................................................. 59
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM ........................................................................... 59
CERTIFICATION OF HANNAH DWYER ............................................................................................................... 61
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ......................................................................................... 63
SECTION 8 – ADDENDA .................................................................................................... 68
SUBJECT DEED…………………………………………………………………………………………….…...69
FDEP MAP……………………………………………………………………………………………………..70
WETLANDS MAP ............................................................................................................................................. 71
SOIL MAP ....................................................................................................................................................... 72
FLOOD MAP .................................................................................................................................................... 73
APPRAISER'S LICENSES ................................................................................................................................. 74
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM ......................................................................... 75
QUALIFICATIONS OF HANNAH DWYER ............................................................................................................ 77
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Section 1 - Summary of Salient Facts
Property Reference: 38846640007
Property Type: Vacant Land
Property Address: 58th Ave NE
Naples, Florida 34120
Report Format: Appraisal Report
Date Of Inspection: April 12, 2023
Date Of Value: April 12, 2022
Date Of Report: April 28, 2023
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:
Appraisal Client:
The intended user of this appraisal is the Collier County Board of
County Commissioners.
The client for this appraisal assignment is the Collier County
Board of County Commissioners.
Location: The property is located along 58th Ave NE, south of Immokalee
Rd in Naples, Florida. The subject property can be found in
Section 33, Township 47, Range 28, in Collier County, Florida.
Site Description: The site is rectangular in shape, contains 49,658 square feet or
1.14 acres and is located along the north side of 58th Ave NE.
The site is vacant, fully wooded and consists generally of
forested/shrub and emergent wetlands according to the National
Wetlands Inventory map. In addition, the USDA Web Soil
Survey Map shows Immokalee fine sand-Urban, Malabar fine
sand-Urban land and Riviera, limestone substratum-Copeland
fine sand-Urban soils present for the subject. The property is
currently vacant and unimproved. The site will be more fully
described within the body of the attached report.
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Comprehensive Land Use
Plan Designation:
Estates Designation
Zoning Classification: E-Estates
Highest And Best Use As
Vacant:
The highest and best use for the site would be for low density
residential development consistent with the comprehensive land
use plan classification and zoning classification affecting the
property.
Highest And Best Use As
Improved:
The subject property is a vacant unimproved parcel and as such
an analysis of the site as improved is not appropriate in this
analysis.
Market Value Indications
“As Is”:
Cost Approach: Not Applicable
Income Capitalization Approach: Not Applicable
Sales Comparison Approach: $45,000
Market Value Estimate as
of April 12, 2023:
$45,000
Appraisal Firm: Carlson, Norris and Associates, Inc.
Appraisers Completing
Report:
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Hannah Dwyer
State-registered trainee appraiser RI25089
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Conservation Features Summary Overview
Project Name: Panther Walk Preserve Appraisal Project
Folio numbers with owner(s) of record:
38846640007
Scalley Jr, William J and Martha
6603 Wind Ridge Rd
Mount Airy, MD 217771
Zoning and overlays: E-Estates
Zoning Considerations for TDR’s, PHU, other endangered species: No
Was the cost to mitigate wetlands or endangered species taken into consideration? If
Yes, provide details.
No
Scope of proposed mitigation: None
Land Area: 1.14 acres or 49,658 square feet
Access for the parcel taken into consideration:
Yes-Access is from public road 58th Ave NE
Highest and Best Use: Single-Family Residential
Date of estimated value: April 12, 2023
Estimated value: $45,000
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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
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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 April 12, 2023. During the inspection, an inventory of the property
attributes was collected based on visual observation. Please note, the appraiser was not
able to gain full access to the interior portions of the site and therefore also relied on
aerial visuals from the Collier County Property Appraisers website.
• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of the
market conditions affecting real property value, including land values and sales data for
similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost Approach
– either replacement or reproduction cost is used to develop a value indication for the
subject property. 2) Income Approach – valued on the ability of a property generating a
cash stream. 3) Sales Comparison Approach – value indication is derived by comparing
sales of similar properties. It is the most common and preferred method of land valuation
when an appropriate supply of comparable sales is available.
o As the subject property contains no improvements, the Cost Approach is not considered
to be an applicable appraisal tool.
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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. The 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.
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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.”1
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: April 12, 2023
Date of Value Estimate “As Is”: April 12, 2023
Date of the Report: April 28, 2023
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. There are no qualified transactions occurring in the past 5-years. The most recent
transfer for the subject occurred on October 7,1996 and is recorded in Quit Claim Deed OR Book
2236, Page 1834 in a non-arm’s length transaction. A copy of the deed is included in the addenda
section of this report.
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Seventh Edition, the Appraisal
Institute, Chicago, Illinois (U.S., 2015)
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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.
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.
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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 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
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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.
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Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
Collier County is located in southwest Florida and was established in 1923 when it was separated
from Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and
real estate developer who moved to southwest Florida and established himself as a prominent
business man and land owner. By the end of the 1920s, railroads and Tamiami Trail were in-place
which opened the area to agricultural and resort development. Florida’s first commercial oil well was
drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The
county’s economy boomed along with its population shortly after World War II. In a short span of 30
years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from
agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in
the country.
PHYSICAL FACTORS
Collier County 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 includes 307 square miles of water, giving 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 when traveling east in the county. These
eastern areas of the county contain a considerable amount of preserved land. There are three
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incorporated cities within the county; namely the City of Naples, the City of Marco Island, and
Everglades City. The county is famous for its subtropical climate with average high temperatures
ranging from 74o Fahrenheit in January to 90o Fahrenheit in August. The average annual precipitation
for the county is 54 inches. This area is also subject to tropical storms and hurricanes. The hurricane
season runs from June through November.
ECONOMIC-FINANCIAL FACTORS
There are numerous economic factors that impact the supply and demand for all types of real estate
and housing in any given area. These factors will be considered and discussed in the following
paragraphs. Although these factors are considered individually, they do not act as independent
agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial
factors considered, should be considered in totality, as a part of the economic framework.
Population: Collier County has 385,980 people living within according to recent July 2021 Census
population estimates, making Collier County Florida’s 17th most populous county. Collier County had
a population of 321,520 in 2010 and experienced 16.9% growth from 2010 to 2020. Additional
population estimates reflect population projections from 2020 to the year 2045 and compare the three
coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee.
Collier County’s population is predicted to increase to around 517,000 in year 2045.
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Tourism: Tourism is an important industry 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 34,400 jobs in Collier County in 2020. Just over 1.5 million visitors in 2021 spent over $1.6
billion dollars, resulting in a total economic impact of over $2.4 billion dollars 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 approximately 1,303 students, and offers 31 major and minor degree programs.
The school expects to continue growing in size. The town of Ave Maria is designed to be a compact,
walk-able, and self-sustaining, reflecting 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
6,656 acres, of which 113 acres is 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 brought approximately 500
construction jobs to the area and currently employs around 350 workers. Ave Maria has experienced
a severe mosquito problem, resulting in the region being sprayed more than 30 times via airplane
with pesticides by the Collier Mosquito Control District in 2015, making it the most sprayed area in
southwest Florida.
A new town has also been proposed in Eastern Collier County. Collier Enterprises received the
Rivergrass project through the Collier County Commission on January 28th 2020, allowing them to
begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as
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the project’s impact on approximately 700 acres of primary panther habitat is being heavily opposed
by wildlife organizations such as the Conservancy of Southwest Florida, among others. However, a
recent 2021 court ruling rejected the Conservancy groups’ challenge to the development of
Rivergrass. Furthermore, Collier County commissioners voted to approve Collier Enterprises project
plans for two additional villages and a town hub in Eastern Collier County called Longwater, Bellmar,
and the Town of Big Cypress. These two additional villages along with Rivergrass will encompass
over 12,000 acres with the neighboring Town of Big Cypress, most of which will be for environmental
preservation. Each of the villages will be 1,000 acres, with the Town of big Cypress acting as an
anchor for all three. See site plan below for reference.
Employment & Income: The most recently reported median household income for Collier County is
at $70,217. Collier County’s unemployment rate has continued to decrease since 2020 and was at
2.2 percent as of December 2022, which was slightly lower than in December 2021. The overall trend
of unemployment has been trending downward. From January 2010 until March 2020, Collier County
had experienced downward trends in unemployment getting as low as almost 3%. Then in April
2020, the effects of COVID-19 resulted in unemployment peaking to 13.5% from only 2.5% in
February two months prior. Unemployment remained elevated in the following months. The most
recent data from
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2022 shows that the unemployment rate has leveled back out to around 3% and has stayed
consistent month to month, though recently the unemployment rate has continued to decrease to
around 2.2%. See the table below.
Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. The Retail Trade industry is the largest with 23,534 industry jobs. Health Care and
Social Assistance is second with 23,378, and Real Estate and Rental Leasing is third with 22,378.
The Construction industry and Accommodation and Food Services Industry round out the top five
largest employers by industry in Collier County.
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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 as of 2019 are listed
below.
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 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 2022 was $185,310,543,961.
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. The
current cost of living index in Collier County is 113 meaning that generally speaking the cost of living
is more expensive in Collier County than the average cost of living throughout the United States.
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Specifically, Groceries are at 107.7, Housing is at 140.9, and Health is at 106.7. Below you can see
the rest of the table and how it compares to the United States.
Banking/Interest Rates/Financing: As of February 2023, the prime rate was reported at 7.75%.
Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently
reported to be 4.75%; a year ago was also .25%. The federal funds rate is 4.75%, while a year ago
was also .25% Currently the benchmark rate for a 30 year fixed loan is 6.36%, a 15 year fixed loan is
5.66%, and a five-year/one-year adjustable arm rate at 5.43%.
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
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properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for
residential properties.
Real Estate and Housing: 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.
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.
New construction building permits are an indicator of health in an economy of a given area. Below is
a chart showing single family permits monthly averages from January 2021 to January 2023. In the
bottom of the recession in 2009, Collier County fell below 50 permits per month. In Collier County,
206 permits were issued in January 2023, a decrease of 155 permits (43 percent) from January
2022 (see chart below). New construction building permits include houses under construction and
therefore reflect jobs in the construction industry.
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The median closed price of single-family Collier County home sales was $725,000 in January 2023,
an increase of $49,001 (7 percent) compared to January 2022. The median price in Collier County
has been rising steadily since 2012, with a recent peak in May 2022. See the chart below.
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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 one of the fastest growing
airports in the nation, servicing more than 10 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 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 I-75 and the airport.
Total passenger activity for the Southwest Florida International Airport exceeded 1,100,000 in
January 2020, before a historical decrease in traffic in April 2020, when total passengers fell to
53,379 for the month. As we have noted earlier, the COVID-19 pandemic was keeping both
Floridians and non-Floridians at home. However, recent statistics show that passenger activity has
generally returned to pre-COVID-19 conditions. Total passenger traffic at RSW was 10,343,802 in
2022, up 1.1 percent from the total passenger traffic in 2019. These numbers indicated that the
region continues to improve from the dip in passenger activity experienced in April 2020.
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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.
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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. Collier County has experienced an
increase of 11.73% in budget between FY 2022 and FY 2023. The FY 2023 total net county budget
is now $1,959,954,000.
Education: The Collier County public school system currently contains a total of 63 schools with
48,000 students and 3,200 teachers. Collier County averages 3,200 graduates per year. The below
chart shows more detail with regards to the public-school system.
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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. Collier
County has 35.9% of the population Age 25+ with a bachelor’s degree or higher compared to 30.5%
in Florida and 32.9% in the United States. Only 10.1% of those within Collier County have less than a
high school education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast array of natural and historical attractions. Places to visit
include the 52-acre Naples Zoo, the Collier County Museum, the Big Cypress National Preserve, the
Museum of the Everglades, and the Naples Botanical Gardens. In addition to these listed, there are
numerous other reserves, museums, zoos, etc that are available for tourists to visit.
Healthcare: Within Collier County, there are the Naples Community Hospital, the North Collier
Hospital, Regional Heart Institute, NCH Wellness Centers and various other clinics. As the largest
county in Florida with a total area of 2,305 square miles, these medical facilities must provide
services effectively to the entire county. Helicopter usage cuts critical minutes from transport time.
83.564% of those living within Collier County have health insurance compared to 86.53% throughout
Florida and 90.63% throughout the United States. The highest percentage of those without
healthcare coverage is from people making $25,000 at 20.3%.
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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. Despite these many
positives, portions of Collier County were greatly affected by the past housing debacle which resulted
in a significant number of residential foreclosures. However, trends have been positive in most recent
years. The availability of commercial vacant land, the county's numerous natural attractions, and the
anticipated future population growth are all positive factors that bode well for this area over the long
term.
Collier County is considered to be a great place to live. The presence of a wide variety of industries in
the area offers residents and potential residents diverse opportunities for employment. A significant
amount of land is federally held in conservation in eastern portions of the county. There are also
excellent recreational facilities throughout the county, with numerous golf courses, beaches, and
parks.
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We invite your attention to the location map, which shows the relative location of the subject property
in Florida.
Location Map
.
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Market Area Map
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.”
Market Area:
Boundaries: Northern Corkscrew Rd/SR 82
Southern Interstate Highway 75
Eastern SR 29
Western Interstate Highway 75
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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 I-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
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.
2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014)
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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
Usage:
Immediate properties in the subject market are mostly agricultural and
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
District:
Residential both single and multi-family, general business, office, retail,
agricultural and governmental uses.
Vacancy rates: Commercial/Agricultural: 2% - 5%
Single Family: 3% - 8%
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 3707-2241) and displayed as follows:
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:
Scalley Jr, William J and Martha
6603 Wind Ridge Rd
Mount Airy, FL 21771
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Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject
property is identified by its Parcel Number 38846640007. For the tax year of 2022 the subject
property had combined assessed values of $12,362 at a millage rate of 13.2132 resulting in an
annual tax burden of $155.15. Please note the 2020-2022 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.
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-
Valorem Tax Liability
2022 $6,181 $6,181 13.2132 $188.81 $0.00 $188.81
2021 $5,619 $5,619 13.6683 $130.14 $0.00 $130.14
2020 $5,108 $5,108 13.5584 $127.98 $0.00 $127.98
38846640007 Tax Analysis
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 and plat maps which show the
relative size, configuration and location of the subject property. This will be followed by general site
information and data as well as information on the physical characteristics and economic factors that
affect the property.
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Subject Aerial Map
Plat Map
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General Site Information
Address:
Parcel Number:
58th Ave NE, Naples, Florida 34120
38846640007
Physical Characteristics of the Site
Frontage: Approximately 75 feet 58th Ave NE
Total Site Area: 1.14 acres or 49,658 square feet per the Collier County Property
Appraiser records. We were not provided with a site survey.
Shape of Tract: The site is rectangular in shape, contains 49,658 square feet or
1.14 acres and is located along the north side of 58th Ave NE
Access: The subject has access from 58th Ave NE, a two-lane paved road
with connection to Everglades Blvd N to the east and a dead end
to the west.
Corner Influence: This property is not located on a corner.
Utilities to Site:
Flood Designation:
No utilities were observed at the time of inspection.
Flood Zone Code AH, Flood Zone Panel 12021C0235H, 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
consists generally of forested/shrub and emergent wetlands.
Additionally, an FDEP informal wetland determination map
indicates the site is about 50% hydric slough soils on the northern
half. The USDA Web Soil Survey Map shows Immokalee fine
sand-Urban, Malabar fine sand-Urban land and Riviera, limestone
substratum-Copeland fine sand-Urban soils present for the
subject. The property is currently vacant and unimproved. The
property is currently vacant and unimproved.
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.
Neighboring Property Uses: Properties located along 58th Ave NE generally consist of limited
semi- rural residential uses. Zoning allows for a maximum of one
development unit per 2.25 gross acres
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Land Use Designation: Estates
Zoning Classification: E-Estates
Allowable Uses in the
District:
Allowable uses in the district will be discussed in detail in the
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 and
Freshwater Emergent Wetland habitat classified as PFO2C and
PEM1C. Map is displayed below.
Classification code: PFO2C
System Palustrine (P) : The Palustrine System includes all nontidal wetlands dominated
by trees, shrubs, persistent emergents, emergent mosses or lichens, and all such
wetlands that occur in tidal areas where salinity due to ocean-derived salts is below 0.5
ppt. It also includes wetlands lacking such vegetation, but with all of the following four
characteristics: (1) area less than 8 ha (20 acres); (2) active wave-formed or bedrock
shoreline features lacking; (3) water depth in the deepest part of basin less than 2.5 m
(8.2 ft) at low water; and (4) salinity due to ocean-derived salts less than 0.5 ppt.
Class Forested (FO) : Characterized by woody vegetation that is 6 m tall or taller.
Subclass Needle-Leaved Deciduous (2) : This subclass, consisting of wetlands where
trees or shrubs are predominantly deciduous and needle-leaved, is represented by
young or stunted trees such as tamarack or bald cypress.
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.
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Classification code: PEM1C
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 Emergent (EM) : Characterized by erect, rooted, herbaceous hydrophytes, excluding
mosses and lichens. This vegetation is present for most of the growing season in most years.
These wetlands are usually dominated by perennial plants.
Subclass Persistent (1) : Dominated by species that normally remain standing at least until
the beginning of the next growing season. This subclass is found only in the Estuarine and
Palustrine systems.
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.
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.).
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● Schools and school facilities in the Estates Designation north of I-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.
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Subject Property Photographs
View: Looking east
along 58th Ave NE.
Subject to the left.
Photograph date:
April 12, 2023
Taken by: Hannah
Dwyer
View: Looking
west along 58th Ave
NE. Subject to the
right.
Photograph date:
April 12, 2023
Taken by: Hannah
Dwyer
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Subject Property Photographs
View: Looking
north at the subject
property frontage
from 58th Ave NE
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined as: “The reasonably probable use of property
that results in the highest value. The four criteria that the highest and best use must meet are
legal permissibility, physical possibility, financial feasibility, and maximum productivity.”
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site
in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the owner
of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net return
or the highest present worth?
HIGHEST AND BEST USE AS VACANT
Legally Permissible Use: Factors that impact the legally permissible uses for the subject property
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. No specific deed restrictions are known relating to the
property. The subject has a comprehensive land use plan classification of Estates and is zoned (E)
Estates. Some of the uses permitted include; Low-density residential with limited agriculture,
including, but not limited to: single-family dwelling; fruit and vegetable growth for personal
consumption; keeping fowl or poultry (max 25); educational plants as an essential service; keeping
horses and livestock (2/acre); recreational facilities that are an integral part of residential
development. Residential use is not to exceed 1-DU per/2.25-acres. An informal FDEP wetlands
determination map shows the site as 50% hydric slough soils on the northern half of the site. A formal
wetlands survey would need to be done to determine if a wetlands permit is needed to develop on
the property.
Physically Possible Uses: The physical aspects of the subject impact legally permissible
development. The site has a rectangular configuration containing a total of 49,658 square feet or
1.14 acres of site area, more or less. The property has good frontage of 75 feet on 58th Ave NE.
There are wetlands present on site, and the property is fully wooded with brush covering. This
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impacts developability and value for properties of this nature. Currently, no utilities were present on
site. The size of the parcel is sufficient to support low density residential use.
Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a
process to eliminate potential uses. In other words, once the uses that are legally permissible have
been determined, consideration of uses which are physically possible will tend to reduce the legally
permissible uses or reinforce them. Likewise, consideration of the economic and financial aspects
of a given property will tend to further refine the uses which have been previously described as
legally permissible and physically possible.
The physical characteristics of this property include vacant low density residential along 58th Ave NE.
There is an abundance of Estate zoned vacant land in the immediate area. The most economic and
financially feasible uses of the property would be for development of the site as limited agriculture
under the permitted uses or for low-density residential development.
Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has
considered which uses are reasonably considered to be legal, physically possible as well as
economically and financially supported. The zoning and land use allow for a range of uses including
agricultural such as fruit and vegetable growth for personal consumption and low-density horse and
livestock as well as low density residential.
Considering the near-by low density residential properties, it is our opinion that low density residential
use has the most development potential given the location of the property.
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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 the most
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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. The appraiser also considered two active listings.
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, wetlands 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
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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, followed by 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
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COMPARABLE 1
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 2420 52nd Ave NE
Naples, FL 34120
County: Collier
Location: South side of 52nd Ave NE
STRAP/ID: 38961520002
Grantor: Samuel Fam
Grantee: ACG Home Service LLC
Legal Data:
Sale Date: December 22, 2022
Sale Price: $55,000
Sale Price per Sq. Ft.: $1.11
Sale Price per Acre: $48,246
Recording: 6202-1460
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2844
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 52nd Ave NE
Wetlands/Uplands: Wetlands 19%
Soils: None Adverse Apparent
Sale Analysis:
Sale Price: $55,000
Financing: Cash to Seller
Price per SF: $1.11
Price per Acre: $48,246
Sale Confirmation:
Verification: Bill Duffy-Listing Agent, 239-641-7634
Verifying Appraiser: Hannah Dwyer, April 22, 2023
Sale History: No sales in prior 5 years
Comments:
This is the sale of a vacant wooded parcel located off 52nd Ave NE in Naples. The site is
unimproved with an indicated 19% wetlands present on site from a TEC wetlands determination.
Zoning allows for low density residential/agricultural uses. The property was on the market for
216 days at an asking price of $79,000. An older 2005 DEP survey indicated that a wetlands
permit will not be needed to develop the property.
CNA Data # 2844
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COMPARABLE 2
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 4065 58th Ave NE
Naples, FL 34120
County: Collier
Location: North side of 58th Ave NE
STRAP/ID: 38723440003
Grantor: Unity Development Investments LLC
Grantee: Gabriela Rodriguez Saavedra
Legal Data:
Sale Date: September 23, 2022
Sale Price: $52,500
Sale Price per Sq. Ft.: $1.06
Sale Price per Acre: $46,053
Recording: 6178-1646
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2845
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 58th Ave NE
Wetlands/Uplands: Uplands 100%
Soils: Some Hydric Slough Soils Present
Sale Analysis:
Sale Price: $52,500
Financing: Cash to Seller
Price per SF: $1.06
Price per Acre: $46,053
Sale Confirmation:
Verification: Steven Koleno-Listing Agent, 844-239-2663
Verifying Appraiser: Hannah Dwyer, April 22, 2023
Sale History: $38,000 on 6/5/22
Comments:
This is the sale of a vacant wooded parcel located off 58th Ave NE in Naples. The site is
unimproved and appears to be 100% uplands with minimal Hydric slough soils in the middle
portion. Zoning allows for low density residential/agricultural uses. The property was on the
market for 48 days at an original asking price of $69,900 before being reduced to $58,500. A
wetland permit would not be required to develop this property.
CNA Data # 2845
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COMPARABLE 3
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 3275 68th Ave NE
Naples, FL 34120
County: Collier
Location: North side of 68th Ave NE
STRAP/ID: 39083240007
Grantor: Maria Hernandez
Grantee: Oscar Castro
Legal Data:
Sale Date: March 18, 2022
Sale Price: $50,000
Sale Price per Sq. Ft.: $1.01
Sale Price per Acre: $43,860
Recording: 6108-1079
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2846
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and mostly wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 68th Ave NE
Wetlands/Uplands: Wetlands 57%
Soils: Depressional
Sale Analysis:
Sale Price: $50,000
Financing: Cash to Seller
Price per SF: $1.01
Price per Acre: $43,860
Sale Confirmation:
Verification: Edis Arevalo-Listing Agent, 239-276-9996
Verifying Appraiser: Hannah Dwyer, April 22, 2023
Sale History: No sales in prior 5 years
Comments:
This is the sale of a vacant wooded parcel located off 68th Ave NE in Naples. The site is
unimproved and is indicated as wetlands from an informal FDEP wetlands determination map.
However, a DEP report shows only 57% wetlands present. Zoning allows for low density
residential/agricultural uses. The property was on the market for 236 days at an asking price of
$62,700. A wetlands permit is required to develop this property.
CNA Data # 2846
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COMPARABLE 4
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 58th Ave NE
Naples, FL 34120
County: Collier
Location: North side of 58th Ave NE
STRAP/ID: 38848280009
Grantor: Charles and Linda Anderson
Grantee: Jorge and Fressia Grizalez
Legal Data:
Sale Date: March 18, 2022
Sale Price: $45,000
Sale Price per Sq. Ft.: $0.91
Sale Price per Acre: $39,474
Recording: 6101-361
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2843
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 58th Ave NE
Wetlands/Uplands: Wetlands 100%
Soils: Depressional
Sale Analysis:
Sale Price: $45,000
Financing: Cash to Seller
Price per SF: $0.91
Price per Acre: $39,474
Sale Confirmation:
Verification: Liz Appling-Listing Agent, 239-272-7201
Verifying Appraiser: Hannah Dwyer, April 22, 2023
Sale History: No sales in prior 5 years
Comments:
This is the sale of a vacant wooded parcel located off 58th Ave NE in Naples. The site is
unimproved with an indicated 100% wetlands present on site from an informal FDEP wetlands
determination map. Zoning allows for low density residential/agricultural uses. The property was
on the market for 375 days at an asking price of $49,000. A wetlands permit is required to
develop this property.
CNA Data # 2843
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location 58th Ave NE 2420 52nd AVE NE 4065 58th Ave AVE NE 3275 68th Ave NE 58th AVE NE
Naples Naples Naples Naples Naples
Recording -6202-1460 6178-1646 6108-1079 6101-361
Sales Price -$55,000 $52,500 $50,000 $45,000
Sale/Appraisal Date April 12, 2023 December 22, 2022 September 23, 2022 March 18, 2022 March 18, 2022
Parcel Size (sf)49,658 49,658 49,658 49,658 49,658
Parcel Size (Acres)1.14 1.14 1.14 1.14 1.14
Sale Price -$55,000 $52,500 $50,000 $45,000
Sale Price per Square Foot -$1.11 $1.06 $1.01 $0.91
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's length Arm's length
Expenditures Immediately after Sale -$0 $0 $0 $0
Market Conditions -$0 $0 $0 $0
Adjusted Sale Price -$55,000 $52,500 $50,000 $45,000
Adjusted Sale Price per sq. ft. -$1.11 $1.06 $1.01 $0.91
Physical Properties
Location Naples Naples Naples Naples Naples
Parcel Size (sf)49,658 49,658 49,658 49,658 49,658
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E
Utilities None None None None None
Access From 58th Ave NE From 52nd Ave NE From 58th Ave NE From 68th Ave NE From 58th Ave NE
Wetlands 95% Wetlands 19% Wetlands 100% Uplands 57% Wetlands 100% Wetlands
Topography/Site Condition Fully Wooded Fully Wooded Fully Wooded Mostly Wooded Mostly Wooded
Location 0%0%0%0%
Parcel Size 0%0%0%0%
Land Use 0%0%0%0%
Zoning 0%0%0%0%
Utilities 0%0%0%0%
Access 0%0%0%0%
Wetlands -15%-20%-10%0%
Topography/Site Condition 0%0%0%0%
-15%-20%-10%0%
$0.94 $0.85 $0.91 $0.91
Overall Percentage of Adjustments
Final Adjusted Sale Price per Sq. Ft.
Land Sales Adjustment Analysis - Quantitative
Physical Property Adjustments
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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 comparable 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.” The appraiser is not aware of any expenditures
after sale for the comparables; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale are
often compared, although the usage can be misleading because property values do not change
merely as the result of the passage of time.”
The sales transactions occurred between March 2022 (Sale 4) and December 2022 (Sale 1).
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. No adjustments were warranted for this category.
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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 physical differences in the sales properties when compared to the subject
and applying an overall percentage adjustment.
Location Adjustment: The subject property is located along 58th Ave NE in Naples. All of the sales
are located within the same immediate neighborhood as the subject and in close proximity. The sales
were not adjusted in this category.
Size: The subject property contains 1.14 acres or 49,658 square feet. All of the comparable sales
are the exact size of the subject and therefore considered similar.
Land Use Classification: The subject property has a land use classification of Estates Designation.
All of the comparable sales have the same land use designation as the subject.
Zoning Classification: The subject property is zoned (E) Estates District. All of the comparable
sales have the same zoning as the subject.
Utilities: The subject site currently has no utilities. This is the same for all of the comparables.
Access: The subject property is accessible from frontage along 58th Ave NE. All of the sales are
considered similar to the subject with access through frontage along nearby roadways and did not
require any adjustments.
Topography/Site Condition: The subject is vacant, fully wooded with ground brush covering. The
sales were all considered similar to the subject in this category.
Wetlands: The subject is made up of a mix of 95% freshwater forested and emergent wetlands with
an FDEP wetlands determination map also indicating the parcel has 50% hydric slough soils. The
sales have wetland determinations ranging from 0% to 100%. Sales 1, 2 and 3 were adjusted
downward for having less wetlands present. The remaining Sale 4 was considered similar and not
adjusted.
Land Sales Discussion: Following will be a brief discussion of each of the sales utilized in this
analysis to estimate the market value for the subject property.
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Land Sale One is the December 22, 2022 purchase of the vacant site located off 52nd Ave NE,
Naples, Florida. The site contains 1.14 acres and was acquired for $55,000 or $1.11 per square foot.
This sale was adjusted downward 15% for a having less wetlands present on site compared to the
subject.
Land Sale Two is the September 23, 2022 purchase of the vacant site located off 58th Ave NE in
Naples, Florida. The site contains 1.14 acres and was acquired for $52,500 or $1.06 per square foot.
This sale was adjusted downward 20% for a having less wetlands present on site compared to the
subject.
Land Sale Three is the March 18, 2022 purchase of the vacant site located off 68th Ave NE in
Naples, Florida. The site contains 1.14 acres and was acquired for $50,000 or $1.01 per square foot.
This sale was adjusted downward 10% for having less wetlands present on site compared to the
subject.
Land Sale Four is the March 18, 2022 purchase of the vacant site located off 58th Ave NE in Naples,
Florida. The site contains 1.14 acres and was acquired for $45,000 or $0.91 per square foot. This
sale was considered overall similar and not adjusted in any category.
Please note the statistical data from the final adjusted closed sale prices presented below.
Range of Values Adj. Sales Price Per SF
Maximum $0.94
Minimum $0.85
Mean $0.90
Median $0.91
Final Per Sq. Ft. Estimate $0.91
Reconciliation of Sales Comparison Approach
Final Analysis: Three sales were utilized in the analysis process. The value indicators show an
adjusted range from a low of $0.85 per square foot (Sale 2) to a high of $0.94 per square foot (Sale
1). The mean and median value indications are $0.90 per square foot and $0.91 per square foot,
respectively.
The four sales utilized in this report were considered the best available for comparison purposes.
Based on all the preceding information it is our opinion the subject property warrants a value of $0.91
per square foot which is near the mean and median adjusted values. Multiplying $0.91 by the 49,658
square feet contained within the subject site provides a value indication of $45,189 or $45,000
rounded.
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Section 6 – Reconciliation of Value
Summary of Value Conclusions “As-Is”
Cost Approach Not Applied
Income Approach Not Applied
Sales Comparison Approach $45,000
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 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 April 12, 2023 of:
FORTY-FIVE THOUSAND DOLLARS ......................................................................... ($45,000.00).
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Hannah Dwyer
State-registered trainee appraiser RI25089
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Section 7 – Cer tification 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.
• I 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.7
• 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 reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• As of the date of this report, Michael Jonas has completed the Standards and Ethics Education
Requirements for Candidates of the Appraisal Institute.
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• As of the date of this report, Michael Jonas has completed the continuing education program for
Designated Members of the Appraisal Institute.
• Michael Jonas has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Michael Jonas has not made a personal inspection of the property that is the subject of this report.
• 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 appraised the subject in the last three years. He has not provided any other
services related to the property in the last three years.
• Hannah Dwyer, Registered Appraiser Trainee License: RI25089, contributed five hours relating to
development, research, inspection, and writing of this report.
• I, the supervisory appraiser of a registered appraiser trainee who contributed to the development
or communication of this appraisal, hereby accepts full and complete responsibility for any work
performed by the registered appraisal trainee named in this report as if it were my own work.
Based upon the analysis presented in this appraisal report, it is my opinion the subject property
warrants a market value as of the effective date April 12, 2023, for its fee simple ownership and in its
“as is” condition of:
FORTY-FIVE THOUSAND DOLLARS ......................................................................... ($45,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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Certification of Hannah Dwyer
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.
• I 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 reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• Hannah Dwyer has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Hannah Dwyer has made a personal inspection of the property that is the subject of this report.
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• No one has provided significant real property appraisal assistance to the persons signing this
report.
• 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.
• Hannah Dwyer 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.
• Hannah Dwyer has not appraised the subject in the last three years. She has not provided any
other services related to the property in the last three years.
Based upon the analysis presented in this appraisal report, it is my opinion the subject property
warrants a market value as of the effective date April 12, 2023, for its fee simple ownership and in its
“as is” condition of:
FORTY-FIVE THOUSAND DOLLARS ......................................................................... ($45,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Hannah Dwyer
State-registered trainee appraiser RI25089
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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.
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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
upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
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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.
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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
• The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.
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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.
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Section 8 – Addenda
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SUBJECT QUIT CLAIM DEED
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FDEP Informal Wetland Determination Map/NRCS Hydric Slough Model
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NATIONAL WETLANDS MAP
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USDA SOIL MAP
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FLOOD MAP
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APPRAISERS' LICENSES
LICENSE FOR MICHAEL JONAS, MAI, AI-GRS
LICENSE FOR HANNAH DWYER
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QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623
EDUCATION:
University of Central Florida - 1999 BSBA – Finance
PROFESSIONAL EDUCATION:
Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020, 2022
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, 2022
Appraisal Institute: Appraisal Report Writing, 2005
Appraisal Institute: Artificial Intelligence, AVMS, 2019
Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020
Appraisal Institute: Capital Reserve Studies 2022
Appraisal Institute: Central Florida Real Estate Forum, 2022
Appraisal Institute: Desktop Appraisals 2020
Appraisal Institute: Evaluations for Commercial and Residential Appraisers, 2022
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, 2004, 2006, 2008, 2010, 2012
Appraisal Institute: Real Estate Damages, 2011
Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007
Appraisal Institute: Review Involving Appraisals by Multiple Appraisers, 2022
Appraisal Institute: Review Theory – General, 2014
Appraisal Institute: Roles/Responsibilities Supervisor/Trainee, 2006, 2008
Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008,
2012, 2014, 2016 2020, 2022
Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012
Appraisal Institute: The Appraiser as an Expert Witness, 2016
Appraisal Institute: The Paperless Real Estate Appraisal Office, 2022
Appraisal Institute: Trial Components, 2016
Appraisal Institute: Uniform Appraisal Standards for Federal Land Acquisitions, 2007
Bert Rodgers: Continuing Real Estate Education, 2004, 2006, 2021
Bob Hogue: 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, 2009
CCIM Institute: Investment Analysis Commercial, 2009
CCIM Institute: Market Analysis Commercial Investment, 2008
CCIM Institute: User Decision Analysis Commercial Industrial, 2009
CLE International: Eminent Domain, 2006
Cooke: CE for Real Estate Professionals, 2015
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DPBR: FREAB Board Meeting, 2007
Florida Dept. Revenue: Real Property Appraiser Special Magistrates VAB Training, 2022
Larson Educational Services: Core Law, 2010
McKissock: Supervisor – Trainee Course for Florida, 2019
NABOR Ethics Training: 2004, 2008, 2012, 2016
EXPERIENCE:
1999 – 2000 Clayton, Roper & Marshall Orlando, FL
2000 – 2001 Chapman & 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 – 2019 MPJ Real Estate Services, Inc. Naples, FL
2019 – Present Carlson, Norris & Associates Fort Myers & Naples, FL
2022 – Special Magistrate, Collier County Value Adjustment Board
PROFESSIONAL MEMBERSHIP:
Appraisal Institute, Member (MAI / AI-GRS) No. 12480
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,
office/warehouse 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 cases.
Appraisal clients include: banks, savings and loan associations, attorneys, corporations,
builders, developers, mortgage companies, insurance companies, home transfer companies,
private individuals, and local, state and federal government agencies.
Qualified as an expert witness in Monroe and Collier County Circuit Court
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QUALIFICATIONS OF HANNAH V. DWYER
STATE-REGISTERED TRAINEE APPRAISER RI25089
EDUCATION:
Western Governors University- Bachelor of Science – Business Administration, Management
Expected Graduation- May 2023
PROFESSIONAL EDUCATION:
National 15-Hour USPAP Course – September 2020
National Appraising for Supervisors and Trainees- October 2020
Florida Appraisal Law- October 2020
Basic Appraisal Principles – January 2021
Basic Appraisal Procedures – March 2021
Marshall & Swift Commercial Cost Approach Certification- March 2022
National 15-Hour USPAP Course- September 2022
Florida Appraisal Law- October 2022
The Income Approach: An Overview- October 2022
EXPERIENCE:
2021-Present: Carlson, Norris and Associates, Inc.
Fort Myers, Florida
PROFESSIONAL MEMBERSHIP:
Certification - State-Registered Trainee Appraiser RI25089
Properties appraised/assisted include: commercial buildings, industrial buildings, warehouses,
professional offices, medical offices, office/warehouse condominiums, acreage, multi-family, special
use properties, and other miscellaneous properties.
DocuSign Envelope ID: 313DA7A2-F4E1-4E44-A1B4-158445B0C187
DocuSign Envelope ID: 69C7B5C0-16F6-4B12-9C6F-8C6172E5ABCE
1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
Real Estate Valuation Experts
Trusted since 1985
April 28, 2023
Collier County Board of Commissioners
Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser
Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Re: 1.14 Acres of Vacant Land
70th Ave NE
Naples, Florida 34120
Our File Number: 23-164-2
PO #4500223050
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 off 70Th Ave NE in Naples, Florida. The site is rectangular
in shape, contains 1.14 acres or 49,658 square feet and is located along the south side of 70th Ave
NE, south of Immokalee Rd. The site is vacant, mostly wooded and consists generally of
forested/shrub and emergent wetlands. There are no structural 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.
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April 28, 2023
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 April 12, 2023 of:
FORTY-FIVE THOUSAND DOLLARS ......................................................................... ($45,000.00).
PLEASE NOTE: The natural disaster known as Hurricane Ian made landfall on the west coast of
Florida on September 28, 2022 with maximum sustained winds of 150 mph, causing severe levels of
damage to SWFL. Ian was the first category 4 hurricane to impact SWFL since hurricane Charley in
2004 and became the most devastating tropical system to hit Florida in more than 84 years. During
the storm, nearly 2.6 million Floridians lost power with the majority of customers in Lee and Charlotte
County experiencing the highest levels of outages between 80% and 95% without power. The storm
surge as a result of the hurricane reached record highs with preliminary analysis suggesting areas
such as Fort Myers Beach had surges up to 10-15 feet above normally dry ground. Sanibel Island
was also among the hardest areas hit. The Sanibel causeway, which is the only connection the
island has to the mainland, had areas of its structure washed away. Other areas such as Naples, Key
West and Cape Coral had extensive storm surge damage with surges reaching above 7 feet in some
areas.
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
Hannah Dwyer
State-registered trainee appraiser RI25089
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SUBJECT AERIAL PHOTOGRAPH
1.14 ACRES OF VACANT LAND
70th Ave NE
NAPLES, FLORIDA 34120
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TABLE OF CONTENTS
SUBJECT AERIAL PHOTOGRAPH ............................................................................................................ 3
SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................................... 5
CONSERVATION FEATURES SUMMARY OVERVIEW ........................................................................................... 7
SECTION 2 – PREMISES OF THE APPRAISAL ...................................................................... 8
INTENDED USE AND USER OF APPRAISAL ........................................................................................................ 8
SCOPE OF WORK.............................................................................................................................................. 8
SALES HISTORY ............................................................................................................................................. 11
VALUATION HISTORY ...................................................................................................................................... 12
EXPOSURE TIME ............................................................................................................................................. 12
MARKETING TIME ........................................................................................................................................... 13
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED ................................................ 15
COLLIER COUNTY AREA ANALYSIS ................................................................................................................ 15
LOCATION MAP .............................................................................................................................................. 29
MARKET AREA DESCRIPTION ......................................................................................................................... 30
LEGAL DESCRIPTION ...................................................................................................................................... 32
OWNER OF RECORD ...................................................................................................................................... 32
ASSESSED VALUE AND TAXES ....................................................................................................................... 32
SITE DESCRIPTION .......................................................................................................................................... 33
SUBJECT PROPERTY PHOTOGRAPHS ............................................................................................................. 39
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................................. 41
HIGHEST AND BEST USE AS THOUGH VACANT ............................................................................................... 41
SECTION 5 – VALUATION OF THE SUBJECT ...................................................................... 43
VALUE ESTIMATE BY THE COST APPROACH ................................................................................................. 43
VALUE ESTIMATE BY THE INCOME APPROACH .............................................................................................. 43
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ......................................................................... 43
SECTION 6 – RECONCILIATION OF VALUE ........................................................................ 58
SUMMARY OF VALUE CONCLUSIONS .............................................................................................................. 58
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS ................................................. 59
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM ........................................................................... 59
CERTIFICATION OF HANNAH DWYER ............................................................................................................... 61
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ......................................................................................... 63
SECTION 8 – ADDENDA .................................................................................................... 68
SUBJECT DEED…………………………………………………………………………………………….…...69
FDEP MAP……………………………………………………………………………………………………..71
WETLANDS MAP ............................................................................................................................................. 72
SOIL MAP ....................................................................................................................................................... 73
FLOOD MAP .................................................................................................................................................... 74
APPRAISER'S LICENSES ................................................................................................................................. 75
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM ......................................................................... 76
QUALIFICATIONS OF HANNAH DWYER ............................................................................................................ 78
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Section 1 - Summary of Salient Facts
Property Reference: 39150600004
Property Type: Vacant Land
Property Address: 70th Ave NE
Naples, Florida 34120
Report Format: Appraisal Report
Date Of Inspection: April 12, 2023
Date Of Value: April 12, 2022
Date Of Report: April 28, 2023
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:
Appraisal Client:
The intended user of this appraisal is the Collier County Board of
County Commissioners.
The client for this appraisal assignment is the Collier County
Board of County Commissioners.
Location: The property is located off 70th Ave NE, south of Immokalee Rd
in Naples, Florida. The subject property can be found in Section
33, Township 47, Range 28, in Collier County, Florida.
Site Description: The site is rectangular in shape, contains 49,658 square feet or
1.14 acres and is located along the south side of 70th Ave NE.
The site is vacant, mostly wooded and consists generally of
forested/shrub and emergent wetlands according to the National
Wetlands Inventory map. In addition, the USDA Web Soil
Survey Map shows Chobee, Winder, Gator and Wabasso Fine
sand-Urban land soils present for the subject. 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
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Zoning Classification: E-Estates
Highest And Best Use As
Vacant:
The highest and best use for the site would be for low density
residential development consistent with the comprehensive land
use plan classification and zoning classification affecting the
property.
Highest And Best Use As
Improved:
The subject property is a vacant unimproved parcel and as such
an analysis of the site as improved is not appropriate in this
analysis.
Market Value Indications
“As Is”:
Cost Approach: Not Applicable
Income Capitalization Approach: Not Applicable
Sales Comparison Approach: $45,000
Market Value Estimate as
of April 12, 2023:
$45,000
Appraisal Firm: Carlson, Norris and Associates, Inc.
Appraisers Completing
Report:
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Hannah Dwyer
State-registered trainee appraiser RI25089
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Conservation Features Summary Overview
Project Name: Panther Walk Preserve Appraisal Project
Folio numbers with owner(s) of record:
39150600004
McGinnis, Patricia E
Stanley E Magner
5512 N Shore Dr
Leo, IN 46765
Zoning and overlays: E-Estates
Zoning Considerations for TDR’s, PHU, other endangered species: No
Was the cost to mitigate wetlands or endangered species taken into consideration? If
Yes, provide details.
No
Scope of proposed mitigation: None
Land Area: 1.14 acres or 49,658 square feet
Access for the parcel taken into consideration:
Yes-Access is from public road 70th Ave NE
Highest and Best Use: Single-Family Residential
Date of estimated value: April 12, 2023
Estimated value: $45,000
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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
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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 April 12, 2023. During the inspection, an inventory of the property
attributes was collected based on visual observation. Please note, the appraiser was not
able to gain full access to the interior portions of the site and therefore also relied on
aerial visuals from the Collier County Property Appraisers website.
• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of the
market conditions affecting real property value, including land values and sales data for
similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost Approach
– either replacement or reproduction cost is used to develop a value indication for the
subject property. 2) Income Approach – valued on the ability of a property generating a
cash stream. 3) Sales Comparison Approach – value indication is derived by comparing
sales of similar properties. It is the most common and preferred method of land valuation
when an appropriate supply of comparable sales is available.
o As the subject property contains no improvements, the Cost Approach is not considered
to be an applicable appraisal tool.
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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. The 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.
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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.”1
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: April 12, 2023
Date of Value Estimate “As Is”: April 12, 2023
Date of the Report: April 28, 2023
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. There are no qualified transactions occurring in the past 5-years. The most recent
transfer for the subject occurred on January 17, 2008 and is recorded in a Quit Claim Deed in OR
Book 4324, Page 1074, a non-arm’s length transaction. A copy of the deed is included in the
addenda section of this report.
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Seventh Edition, the Appraisal
Institute, Chicago, Illinois (U.S., 2015)
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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.
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.
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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 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
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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.
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Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
Collier County is located in southwest Florida and was established in 1923 when it was separated
from Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and
real estate developer who moved to southwest Florida and established himself as a prominent
business man and land owner. By the end of the 1920s, railroads and Tamiami Trail were in-place
which opened the area to agricultural and resort development. Florida’s first commercial oil well was
drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The
county’s economy boomed along with its population shortly after World War II. In a short span of 30
years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from
agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in
the country.
PHYSICAL FACTORS
Collier County 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 includes 307 square miles of water, giving 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 when traveling east in the county. These
eastern areas of the county contain a considerable amount of preserved land. There are three
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incorporated cities within the county; namely the City of Naples, the City of Marco Island, and
Everglades City. The county is famous for its subtropical climate with average high temperatures
ranging from 74o Fahrenheit in January to 90o Fahrenheit in August. The average annual precipitation
for the county is 54 inches. This area is also subject to tropical storms and hurricanes. The hurricane
season runs from June through November.
ECONOMIC-FINANCIAL FACTORS
There are numerous economic factors that impact the supply and demand for all types of real estate
and housing in any given area. These factors will be considered and discussed in the following
paragraphs. Although these factors are considered individually, they do not act as independent
agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial
factors considered, should be considered in totality, as a part of the economic framework.
Population: Collier County has 385,980 people living within according to recent July 2021 Census
population estimates, making Collier County Florida’s 17th most populous county. Collier County had
a population of 321,520 in 2010 and experienced 16.9% growth from 2010 to 2020. Additional
population estimates reflect population projections from 2020 to the year 2045 and compare the three
coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee.
Collier County’s population is predicted to increase to around 517,000 in year 2045.
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Tourism: Tourism is an important industry 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 34,400 jobs in Collier County in 2020. Just over 1.5 million visitors in 2021 spent over $1.6
billion dollars, resulting in a total economic impact of over $2.4 billion dollars 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 approximately 1,303 students, and offers 31 major and minor degree programs.
The school expects to continue growing in size. The town of Ave Maria is designed to be a compact,
walk-able, and self-sustaining, reflecting 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
6,656 acres, of which 113 acres is 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 brought approximately 500
construction jobs to the area and currently employs around 350 workers. Ave Maria has experienced
a severe mosquito problem, resulting in the region being sprayed more than 30 times via airplane
with pesticides by the Collier Mosquito Control District in 2015, making it the most sprayed area in
southwest Florida.
A new town has also been proposed in Eastern Collier County. Collier Enterprises received the
Rivergrass project through the Collier County Commission on January 28th 2020, allowing them to
begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as
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the project’s impact on approximately 700 acres of primary panther habitat is being heavily opposed
by wildlife organizations such as the Conservancy of Southwest Florida, among others. However, a
recent 2021 court ruling rejected the Conservancy groups’ challenge to the development of
Rivergrass. Furthermore, Collier County commissioners voted to approve Collier Enterprises project
plans for two additional villages and a town hub in Eastern Collier County called Longwater, Bellmar,
and the Town of Big Cypress. These two additional villages along with Rivergrass will encompass
over 12,000 acres with the neighboring Town of Big Cypress, most of which will be for environmental
preservation. Each of the villages will be 1,000 acres, with the Town of big Cypress acting as an
anchor for all three. See site plan below for reference.
Employment & Income: The most recently reported median household income for Collier County is
at $70,217. Collier County’s unemployment rate has continued to decrease since 2020 and was at
2.2 percent as of December 2022, which was slightly lower than in December 2021. The overall trend
of unemployment has been trending downward. From January 2010 until March 2020, Collier County
had experienced downward trends in unemployment getting as low as almost 3%. Then in April
2020, the effects of COVID-19 resulted in unemployment peaking to 13.5% from only 2.5% in
February two months prior. Unemployment remained elevated in the following months. The most
recent data from
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2022 shows that the unemployment rate has leveled back out to around 3% and has stayed
consistent month to month, though recently the unemployment rate has continued to decrease to
around 2.2%. See the table below.
Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. The Retail Trade industry is the largest with 23,534 industry jobs. Health Care and
Social Assistance is second with 23,378, and Real Estate and Rental Leasing is third with 22,378.
The Construction industry and Accommodation and Food Services Industry round out the top five
largest employers by industry in Collier County.
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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 as of 2019 are listed
below.
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 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 2022 was $185,310,543,961.
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. The
current cost of living index in Collier County is 113 meaning that generally speaking the cost of living
is more expensive in Collier County than the average cost of living throughout the United States.
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Specifically, Groceries are at 107.7, Housing is at 140.9, and Health is at 106.7. Below you can see
the rest of the table and how it compares to the United States.
Banking/Interest Rates/Financing: As of February 2023, the prime rate was reported at 7.75%.
Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently
reported to be 4.75%; a year ago was also .25%. The federal funds rate is 4.75%, while a year ago
was also .25% Currently the benchmark rate for a 30 year fixed loan is 6.36%, a 15 year fixed loan is
5.66%, and a five-year/one-year adjustable arm rate at 5.43%.
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
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properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for
residential properties.
Real Estate and Housing: 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.
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.
New construction building permits are an indicator of health in an economy of a given area. Below is
a chart showing single family permits monthly averages from January 2021 to January 2023. In the
bottom of the recession in 2009, Collier County fell below 50 permits per month. In Collier County,
206 permits were issued in January 2023, a decrease of 155 permits (43 percent) from January
2022 (see chart below). New construction building permits include houses under construction and
therefore reflect jobs in the construction industry.
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The median closed price of single-family Collier County home sales was $725,000 in January 2023,
an increase of $49,001 (7 percent) compared to January 2022. The median price in Collier County
has been rising steadily since 2012, with a recent peak in May 2022. See the chart below.
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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 one of the fastest growing
airports in the nation, servicing more than 10 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 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 I-75 and the airport.
Total passenger activity for the Southwest Florida International Airport exceeded 1,100,000 in
January 2020, before a historical decrease in traffic in April 2020, when total passengers fell to
53,379 for the month. As we have noted earlier, the COVID-19 pandemic was keeping both
Floridians and non-Floridians at home. However, recent statistics show that passenger activity has
generally returned to pre-COVID-19 conditions. Total passenger traffic at RSW was 10,343,802 in
2022, up 1.1 percent from the total passenger traffic in 2019. These numbers indicated that the
region continues to improve from the dip in passenger activity experienced in April 2020.
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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.
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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. Collier County has experienced an
increase of 11.73% in budget between FY 2022 and FY 2023. The FY 2023 total net county budget
is now $1,959,954,000.
Education: The Collier County public school system currently contains a total of 63 schools with
48,000 students and 3,200 teachers. Collier County averages 3,200 graduates per year. The below
chart shows more detail with regards to the public-school system.
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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. Collier
County has 35.9% of the population Age 25+ with a bachelor’s degree or higher compared to 30.5%
in Florida and 32.9% in the United States. Only 10.1% of those within Collier County have less than a
high school education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast array of natural and historical attractions. Places to visit
include the 52-acre Naples Zoo, the Collier County Museum, the Big Cypress National Preserve, the
Museum of the Everglades, and the Naples Botanical Gardens. In addition to these listed, there are
numerous other reserves, museums, zoos, etc that are available for tourists to visit.
Healthcare: Within Collier County, there are the Naples Community Hospital, the North Collier
Hospital, Regional Heart Institute, NCH Wellness Centers and various other clinics. As the largest
county in Florida with a total area of 2,305 square miles, these medical facilities must provide
services effectively to the entire county. Helicopter usage cuts critical minutes from transport time.
83.564% of those living within Collier County have health insurance compared to 86.53% throughout
Florida and 90.63% throughout the United States. The highest percentage of those without
healthcare coverage is from people making $25,000 at 20.3%.
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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. Despite these many
positives, portions of Collier County were greatly affected by the past housing debacle which resulted
in a significant number of residential foreclosures. However, trends have been positive in most recent
years. The availability of commercial vacant land, the county's numerous natural attractions, and the
anticipated future population growth are all positive factors that bode well for this area over the long
term.
Collier County is considered to be a great place to live. The presence of a wide variety of industries in
the area offers residents and potential residents diverse opportunities for employment. A significant
amount of land is federally held in conservation in eastern portions of the county. There are also
excellent recreational facilities throughout the county, with numerous golf courses, beaches, and
parks.
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We invite your attention to the location map, which shows the relative location of the subject property
in Florida.
Location Map
.
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Market Area Map
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.”
Market Area:
Boundaries: Northern Corkscrew Rd/SR 82
Southern Interstate Highway 75
Eastern SR 29
Western Interstate Highway 75
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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 I-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
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.
2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014)
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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
Usage:
Immediate properties in the subject market are mostly agricultural and
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
District:
Residential both single and multi-family, general business, office, retail,
agricultural and governmental uses.
Vacancy rates: Commercial/Agricultural: 2% - 5%
Single Family: 3% - 8%
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 4324-1074) and displayed as follows:
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:
Patricia McGinnis and Stanley Magner
5512 N Shore Dr
Leo, Indiana 46765
Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject
property is identified by its Parcel Number 39150600004. For the tax year of 2022 the subject
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property had combined assessed values of $17,744 at a millage rate of 13.2132 resulting in an
annual tax burden of $225.09. Please note the 2020-2022 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.
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-
Valorem Tax Liability
2022 $8,872 $8,872 13.2132 $225.09 $0.00 $225.09
2021 $8,065 $8,065 13.6683 $161.38 $0.00 $161.38
2020 $7,332 $7,332 13.5584 $157.84 $0.00 $157.84
39150600004 Tax Analysis
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 and plat maps which show the
relative size, configuration and location of the subject property. This will be followed by general site
information and data as well as information on the physical characteristics and economic factors that
affect the property.
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Subject Aerial Map
Plat Map
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General Site Information
Address:
Parcel Number:
70th Ave NE, Naples, Florida 34120
39150600004
Physical Characteristics of the Site
Frontage: Approximately 75 feet 70th Ave NE
Total Site Area: 1.14 acres or 49,658 square feet per the Collier County Property
Appraiser records. We were not provided with a site survey.
Shape of Tract: The site is rectangular in shape, contains 49,658 square feet or
1.14 acres and is located along the south side of 70th Ave NE
Access: The subject has access from 70th Ave NE, a two-lane paved road
with connection to Everglades Blvd N to the east and a dead end
to the west.
Corner Influence: This property is not located on a corner.
Utilities to Site:
Flood Designation:
No utilities were observed at the time of inspection.
Flood Zone Code AH and AE, Flood Zone Panel 12021C0235H,
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 mostly wooded with brush ground covering.
According to the National Wetlands Inventory Map the site is
consists generally of forested/shrub and emergent wetlands.
Additionally, an FDEP informal wetland determination map
indicates depressional soils present on the southern half of the
site. The USDA Web Soil Survey Map shows Chobee, Winder,
Gator and Wabasso Fine sand-Urban land soils present for the
subject. The property is currently vacant and unimproved.
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.
Neighboring Property Uses: Properties located along 70th Ave NE generally consist of limited
semi- rural residential uses. Zoning allows for a maximum of one
development unit per 2.25 gross acres
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Land Use Designation: Estates
Zoning Classification: E-Estates
Allowable Uses in the
District:
Allowable uses in the district will be discussed in detail in the
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 and
Freshwater Emergent Wetland habitat classified as PFO4A and
PEM1C. Map is displayed below.
Classification code: PFO4A
System Palustrine (P): The Palustrine System includes all nontidal wetlands dominated by
trees, shrubs, persistent emergents, emergent mosses or lichens, and all such wetlands that
occur in tidal areas where salinity due to ocean-derived salts is below 0.5 ppt. It also includes
wetlands lacking such vegetation, but with all of the following four characteristics: (1) area
less than 8 ha (20 acres); (2) active wave-formed or bedrock shoreline features lacking; (3)
water depth in the deepest part of basin less than 2.5 m (8.2 ft) at low water; and (4) salinity
due to ocean-derived salts less than 0.5 ppt.
Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller.
Subclass Needle-Leaved Evergreen (4) : The dominant species in Needle-leaved
Evergreen wetlands are young or stunted trees such as black spruce or pond pine.
Water Regime Temporary Flooded (A) : Surface water is present for brief periods (from
a few days to a few weeks) during the growing season, but the water table usually lies
well below the ground surface for the most of the season.
Classification code: PEM1C
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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 Emergent (EM) : Characterized by erect, rooted, herbaceous hydrophytes, excluding
mosses and lichens. This vegetation is present for most of the growing season in most years.
These wetlands are usually dominated by perennial plants.
Subclass Persistent (1) : Dominated by species that normally remain standing at least until
the beginning of the next growing season. This subclass is found only in the Estuarine and
Palustrine systems.
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.
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.).
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● Schools and school facilities in the Estates Designation north of I-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.
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Subject Property Photographs
View: Looking
west along 70th Ave
NE. Subject to the
left.
Photograph date:
April 12, 2023
Taken by: Hannah
Dwyer
View: Looking east
along 70th Ave NE.
Subject to the right.
Photograph date:
April 12, 2023
Taken by: Hannah
Dwyer
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Subject Property Photographs
View: Looking
south at the subject
property frontage
from 70th Ave NE
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined as: “The reasonably probable use of property
that results in the highest value. The four criteria that the highest and best use must meet are
legal permissibility, physical possibility, financial feasibility, and maximum productivity.”
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site
in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the owner
of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net return
or the highest present worth?
HIGHEST AND BEST USE AS VACANT
Legally Permissible Use: Factors that impact the legally permissible uses for the subject property
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. No specific deed restrictions are known relating to the
property. The subject has a comprehensive land use plan classification of Estates and is zoned (E)
Estates. Some of the uses permitted include; Low-density residential with limited agriculture,
including, but not limited to: single-family dwelling; fruit and vegetable growth for personal
consumption; keeping fowl or poultry (max 25); educational plants as an essential service; keeping
horses and livestock (2/acre); recreational facilities that are an integral part of residential
development. Residential use is not to exceed 1-DU per/2.25-acres. There appears to be some
depressional soils on the southern half of the parcel. A formal wetlands determination survey would
be needed to determine if a wetland permit would be required to develop the property.
Physically Possible Uses: The physical aspects of the subject impact legally permissible
development. The site has a rectangular configuration containing a total of 49,658 square feet or
1.14 acres of site area, more or less. The property has good frontage of 75 feet on 70th Ave NE.
There are wetlands present on site, with depression soils on the southern half of the parcel, and the
property is mostly wooded with brush covering. This impacts developability and value for
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properties of this nature. Currently, no utilities were present on site. The size of the parcel is
sufficient to support low density residential use.
Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a
process to eliminate potential uses. In other words, once the uses that are legally permissible have
been determined, consideration of uses which are physically possible will tend to reduce the legally
permissible uses or reinforce them. Likewise, consideration of the economic and financial aspects
of a given property will tend to further refine the uses which have been previously described as
legally permissible and physically possible.
The physical characteristics of this property include vacant low density residential along 70th Ave NE.
There is an abundance of Estate zoned vacant land in the immediate area. The most economic and
financially feasible uses of the property would be for development of the site as limited agriculture
under the permitted uses or for low-density residential development.
Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has
considered which uses are reasonably considered to be legal, physically possible as well as
economically and financially supported. The zoning and land use allow for a range of uses including
agricultural such as fruit and vegetable growth for personal consumption and low-density horse and
livestock as well as low density residential.
Considering the near-by low density residential properties, it is our opinion that low density residential
use has the most development potential given the location of the property.
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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 the most
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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. The appraiser also considered two active listings.
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, wetlands 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
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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, followed by 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
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COMPARABLE 1
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 2420 52nd Ave NE
Naples, FL 34120
County: Collier
Location: South side of 52nd Ave NE
STRAP/ID: 38961520002
Grantor: Samuel Fam
Grantee: ACG Home Service LLC
Legal Data:
Sale Date: December 22, 2022
Sale Price: $55,000
Sale Price per Sq. Ft.: $1.11
Sale Price per Acre: $48,246
Recording: 6202-1460
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2844
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 52nd Ave NE
Wetlands/Uplands: Wetlands 19%
Soils: None Adverse Apparent
Sale Analysis:
Sale Price: $55,000
Financing: Cash to Seller
Price per SF: $1.11
Price per Acre: $48,246
Sale Confirmation:
Verification: Bill Duffy-Listing Agent, 239-641-7634
Verifying Appraiser: Hannah Dwyer, April 22, 2023
Sale History: No sales in prior 5 years
Comments:
This is the sale of a vacant wooded parcel located off 52nd Ave NE in Naples. The site is
unimproved with an indicated 19% wetlands present on site from a TEC wetlands determination.
Zoning allows for low density residential/agricultural uses. The property was on the market for
216 days at an asking price of $79,000. An older 2005 DEP survey indicated that a wetlands
permit will not be needed to develop the property.
CNA Data # 2844
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COMPARABLE 2
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 4065 58th Ave NE
Naples, FL 34120
County: Collier
Location: North side of 58th Ave NE
STRAP/ID: 38723440003
Grantor: Unity Development Investments LLC
Grantee: Gabriela Rodriguez Saavedra
Legal Data:
Sale Date: September 23, 2022
Sale Price: $52,500
Sale Price per Sq. Ft.: $1.06
Sale Price per Acre: $46,053
Recording: 6178-1646
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2845
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 58th Ave NE
Wetlands/Uplands: Uplands 100%
Soils: Some Hydric Slough Soils Present
Sale Analysis:
Sale Price: $52,500
Financing: Cash to Seller
Price per SF: $1.06
Price per Acre: $46,053
Sale Confirmation:
Verification: Steven Koleno-Listing Agent, 844-239-2663
Verifying Appraiser: Hannah Dwyer, April 22, 2023
Sale History: $38,000 on 6/5/22
Comments:
This is the sale of a vacant wooded parcel located off 58th Ave NE in Naples. The site is
unimproved and appears to be 100% uplands with minimal Hydric slough soils in the middle
portion. Zoning allows for low density residential/agricultural uses. The property was on the
market for 48 days at an original asking price of $69,900 before being reduced to $58,500. A
wetland permit would not be required to develop this property.
CNA Data # 2845
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COMPARABLE 3
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 3275 68th Ave NE
Naples, FL 34120
County: Collier
Location: North side of 68th Ave NE
STRAP/ID: 39083240007
Grantor: Maria Hernandez
Grantee: Oscar Castro
Legal Data:
Sale Date: March 18, 2022
Sale Price: $50,000
Sale Price per Sq. Ft.: $1.01
Sale Price per Acre: $43,860
Recording: 6108-1079
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2846
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and mostly wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 68th Ave NE
Wetlands/Uplands: Wetlands 57%
Soils: Depressional
Sale Analysis:
Sale Price: $50,000
Financing: Cash to Seller
Price per SF: $1.01
Price per Acre: $43,860
Sale Confirmation:
Verification: Edis Arevalo-Listing Agent, 239-276-9996
Verifying Appraiser: Hannah Dwyer, April 22, 2023
Sale History: No sales in prior 5 years
Comments:
This is the sale of a vacant wooded parcel located off 68th Ave NE in Naples. The site is
unimproved and is indicated as wetlands from an informal FDEP wetlands determination map.
However, a DEP report shows only 57% wetlands present. Zoning allows for low density
residential/agricultural uses. The property was on the market for 236 days at an asking price of
$62,700. A wetlands permit is required to develop this property.
CNA Data # 2846
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COMPARABLE 4
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 58th Ave NE
Naples, FL 34120
County: Collier
Location: North side of 58th Ave NE
STRAP/ID: 38848280009
Grantor: Charles and Linda Anderson
Grantee: Jorge and Fressia Grizalez
Legal Data:
Sale Date: March 18, 2022
Sale Price: $45,000
Sale Price per Sq. Ft.: $0.91
Sale Price per Acre: $39,474
Recording: 6101-361
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2843
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 58th Ave NE
Wetlands/Uplands: Wetlands 100%
Soils: Depressional
Sale Analysis:
Sale Price: $45,000
Financing: Cash to Seller
Price per SF: $0.91
Price per Acre: $39,474
Sale Confirmation:
Verification: Liz Appling-Listing Agent, 239-272-7201
Verifying Appraiser: Hannah Dwyer, April 22, 2023
Sale History: No sales in prior 5 years
Comments:
This is the sale of a vacant wooded parcel located off 58th Ave NE in Naples. The site is
unimproved with an indicated 100% wetlands present on site from an informal FDEP wetlands
determination map. Zoning allows for low density residential/agricultural uses. The property was
on the market for 375 days at an asking price of $49,000. A wetlands permit is required to
develop this property.
CNA Data # 2843
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location 70th Ave NE 2420 52nd AVE NE 4065 58th Ave AVE NE 3275 68th Ave NE 58th AVE NE
Naples Naples Naples Naples Naples
Recording -6202-1460 6178-1646 6108-1079 6101-361
Sales Price -$55,000 $52,500 $50,000 $45,000
Sale/Appraisal Date April 12, 2023 December 22, 2022 September 23, 2022 March 18, 2022 March 18, 2022
Parcel Size (sf)49,658 49,658 49,658 49,658 49,658
Parcel Size (Acres)1.14 1.14 1.14 1.14 1.14
Sale Price -$55,000 $52,500 $50,000 $45,000
Sale Price per Square Foot -$1.11 $1.06 $1.01 $0.91
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's length Arm's length
Expenditures Immediately after Sale -$0 $0 $0 $0
Market Conditions -$0 $0 $0 $0
Adjusted Sale Price -$55,000 $52,500 $50,000 $45,000
Adjusted Sale Price per sq. ft. -$1.11 $1.06 $1.01 $0.91
Physical Properties
Location Naples Naples Naples Naples Naples
Parcel Size (sf)49,658 49,658 49,658 49,658 49,658
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E
Utilities None None None None None
Access From 70th Ave NE From 52nd Ave NE From 58th Ave NE From 68th Ave NE From 58th Ave NE
Wetlands 100% Wetlands 19% Wetlands 100% Uplands 57% Wetlands 100% Wetlands
Topography/Site Condition Mostly Wooded Fully Wooded Fully Wooded Mostly Wooded Mostly Wooded
Location 0%0%0%0%
Parcel Size 0%0%0%0%
Land Use 0%0%0%0%
Zoning 0%0%0%0%
Utilities 0%0%0%0%
Access 0%0%0%0%
Wetlands -15%-20%-10%0%
Topography/Site Condition 0%0%0%0%
-15%-20%-10%0%
$0.94 $0.85 $0.91 $0.91
Overall Percentage of Adjustments
Final Adjusted Sale Price per Sq. Ft.
Land Sales Adjustment Analysis - Quantitative
Physical Property Adjustments
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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 comparable 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.” The appraiser is not aware of any expenditures
after sale for the comparables; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale are
often compared, although the usage can be misleading because property values do not change
merely as the result of the passage of time.”
The sales transactions occurred between March 2022 (Sale 4) and December 2022 (Sale 1).
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. No adjustments were warranted for this category.
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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 physical differences in the sales properties when compared to the subject
and applying an overall percentage adjustment.
Location Adjustment: The subject property is located along 70th Ave NE in Naples. All of the sales
are located within the same immediate neighborhood as the subject and in close proximity. The sales
were not adjusted in this category.
Size: The subject property contains 1.14 acres or 49,658 square feet. All of the comparable sales
are the exact size of the subject and therefore considered similar.
Land Use Classification: The subject property has a land use classification of Estates Designation.
All of the comparable sales have the same land use designation as the subject.
Zoning Classification: The subject property is zoned (E) Estates District. All of the comparable
sales have the same zoning as the subject.
Utilities: The subject site currently has no utilities. This is the same for all of the comparables.
Access: The subject property is accessible from frontage along 70th Ave NE. All of the sales are
considered similar to the subject with access through frontage along nearby roadways and did not
require any adjustments.
Topography/Site Condition: The subject is vacant, mostly wooded with ground brush covering. The
sales were all considered similar to the subject in this category.
Wetlands: The subject is made up of a mix of 100% freshwater forested and emergent wetlands with
an FDEP wetlands determination map also indicating the southern half of the subject having
depressional soils. The sales have wetland determinations ranging from 0% to 100%. Sales 1, 2 and
3 were adjusted downward for having less wetlands present. The remaining Sale 4 was considered
similar and not adjusted.
Land Sales Discussion: Following will be a brief discussion of each of the sales utilized in this
analysis to estimate the market value for the subject property.
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Land Sale One is the December 22, 2022 purchase of the vacant site located off 52nd Ave NE,
Naples, Florida. The site contains 1.14 acres and was acquired for $55,000 or $1.11 per square foot.
This sale was adjusted downward 15% for a having less wetlands present on site compared to the
subject.
Land Sale Two is the September 23, 2022 purchase of the vacant site located off 58th Ave NE in
Naples, Florida. The site contains 1.14 acres and was acquired for $52,500 or $1.06 per square foot.
This sale was adjusted downward 20% for a having less wetlands present on site compared to the
subject.
Land Sale Three is the March 18, 2022 purchase of the vacant site located off 68th Ave NE in
Naples, Florida. The site contains 1.14 acres and was acquired for $50,000 or $1.01 per square foot.
This sale was adjusted downward 10% for having less wetlands present on site compared to the
subject.
Land Sale Four is the March 18, 2022 purchase of the vacant site located off 58th Ave NE in Naples,
Florida. The site contains 1.14 acres and was acquired for $45,000 or $0.91 per square foot. This
sale was considered overall similar and not adjusted in any category.
Please note the statistical data from the final adjusted closed sale prices presented below.
Range of Values Adj. Sales Price Per SF
Maximum $0.94
Minimum $0.85
Mean $0.90
Median $0.91
Final Per Sq. Ft. Estimate $0.91
Reconciliation of Sales Comparison Approach
Final Analysis: Three sales were utilized in the analysis process. The value indicators show an
adjusted range from a low of $0.85 per square foot (Sale 2) to a high of $0.94 per square foot (Sale
1). The mean and median value indications are $0.90 per square foot and $0.91 per square foot,
respectively.
The four sales utilized in this report were considered the best available for comparison purposes.
Based on all the preceding information it is our opinion the subject property warrants a value of $0.91
per square foot which is near the mean and median adjusted values. Multiplying $0.91 by the 49,658
square feet contained within the subject site provides a value indication of $45,189 or $45,000
rounded.
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Section 6 – Reconciliation of Value
Summary of Value Conclusions “As-Is”
Cost Approach Not Applied
Income Approach Not Applied
Sales Comparison Approach $45,000
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 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 April 12, 2023 of:
FORTY-FIVE THOUSAND DOLLARS ......................................................................... ($45,000.00).
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Hannah Dwyer
State-registered trainee appraiser RI25089
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Section 7 – Cer tification 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.
• I 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.7
• 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 reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• As of the date of this report, Michael Jonas has completed the Standards and Ethics Education
Requirements for Candidates of the Appraisal Institute.
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• As of the date of this report, Michael Jonas has completed the continuing education program for
Designated Members of the Appraisal Institute.
• Michael Jonas has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Michael Jonas has not made a personal inspection of the property that is the subject of this report.
• 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 appraised the subject in the last three years. He has not provided any other
services related to the property in the last three years.
• Hannah Dwyer, Registered Appraiser Trainee License: RI25089, contributed five hours relating to
development, research, inspection, and writing of this report.
• I, the supervisory appraiser of a registered appraiser trainee who contributed to the development
or communication of this appraisal, hereby accepts full and complete responsibility for any work
performed by the registered appraisal trainee named in this report as if it were my own work.
Based upon the analysis presented in this appraisal report, it is my opinion the subject property
warrants a market value as of the effective date April 12, 2023, for its fee simple ownership and in its
“as is” condition of:
FORTY-FIVE THOUSAND DOLLARS ......................................................................... ($45,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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Certification of Hannah Dwyer
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.
• I 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 reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• Hannah Dwyer has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Hannah Dwyer has made a personal inspection of the property that is the subject of this report.
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• No one has provided significant real property appraisal assistance to the persons signing this
report.
• 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.
• Hannah Dwyer 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.
• Hannah Dwyer has not appraised the subject in the last three years. She has not provided any
other services related to the property in the last three years.
Based upon the analysis presented in this appraisal report, it is my opinion the subject property
warrants a market value as of the effective date April 12, 2023, for its fee simple ownership and in its
“as is” condition of:
FORTY-FIVE THOUSAND DOLLARS ......................................................................... ($45,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Hannah Dwyer
State-registered trainee appraiser RI25089
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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.
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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
upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
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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.
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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
• The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.
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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.
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Section 8 – Addenda
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SUBJECT QUIT CLAIM DEED
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FDEP Informal Wetland Determination Map/NRCS Hydric Slough Model
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NATIONAL WETLANDS MAP
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USDA SOIL MAP
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FLOOD MAP
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APPRAISERS' LICENSES
LICENSE FOR MICHAEL JONAS, MAI, AI-GRS
LICENSE FOR HANNAH DWYER
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QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623
EDUCATION:
University of Central Florida - 1999 BSBA – Finance
PROFESSIONAL EDUCATION:
Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020, 2022
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, 2022
Appraisal Institute: Appraisal Report Writing, 2005
Appraisal Institute: Artificial Intelligence, AVMS, 2019
Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020
Appraisal Institute: Capital Reserve Studies 2022
Appraisal Institute: Central Florida Real Estate Forum, 2022
Appraisal Institute: Desktop Appraisals 2020
Appraisal Institute: Evaluations for Commercial and Residential Appraisers, 2022
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, 2004, 2006, 2008, 2010, 2012
Appraisal Institute: Real Estate Damages, 2011
Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007
Appraisal Institute: Review Involving Appraisals by Multiple Appraisers, 2022
Appraisal Institute: Review Theory – General, 2014
Appraisal Institute: Roles/Responsibilities Supervisor/Trainee, 2006, 2008
Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008,
2012, 2014, 2016 2020, 2022
Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012
Appraisal Institute: The Appraiser as an Expert Witness, 2016
Appraisal Institute: The Paperless Real Estate Appraisal Office, 2022
Appraisal Institute: Trial Components, 2016
Appraisal Institute: Uniform Appraisal Standards for Federal Land Acquisitions, 2007
Bert Rodgers: Continuing Real Estate Education, 2004, 2006, 2021
Bob Hogue: 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, 2009
CCIM Institute: Investment Analysis Commercial, 2009
CCIM Institute: Market Analysis Commercial Investment, 2008
CCIM Institute: User Decision Analysis Commercial Industrial, 2009
CLE International: Eminent Domain, 2006
Cooke: CE for Real Estate Professionals, 2015
DPBR: FREAB Board Meeting, 2007
Florida Dept. Revenue: Real Property Appraiser Special Magistrates VAB Training, 2022
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Larson Educational Services: Core Law, 2010
McKissock: Supervisor – Trainee Course for Florida, 2019
NABOR Ethics Training: 2004, 2008, 2012, 2016
EXPERIENCE:
1999 – 2000 Clayton, Roper & Marshall Orlando, FL
2000 – 2001 Chapman & 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 – 2019 MPJ Real Estate Services, Inc. Naples, FL
2019 – Present Carlson, Norris & Associates Fort Myers & Naples, FL
2022 – Special Magistrate, Collier County Value Adjustment Board
PROFESSIONAL MEMBERSHIP:
Appraisal Institute, Member (MAI / AI-GRS) No. 12480
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,
office/warehouse 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 cases.
Appraisal clients include: banks, savings and loan associations, attorneys, corporations,
builders, developers, mortgage companies, insurance companies, home transfer companies,
private individuals, and local, state and federal government agencies.
Qualified as an expert witness in Monroe and Collier County Circuit Court
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QUALIFICATIONS OF HANNAH V. DWYER
STATE-REGISTERED TRAINEE APPRAISER RI25089
EDUCATION:
Western Governors University- Bachelor of Science – Business Administration, Management
Expected Graduation- May 2023
PROFESSIONAL EDUCATION:
National 15-Hour USPAP Course – September 2020
National Appraising for Supervisors and Trainees- October 2020
Florida Appraisal Law- October 2020
Basic Appraisal Principles – January 2021
Basic Appraisal Procedures – March 2021
Marshall & Swift Commercial Cost Approach Certification- March 2022
National 15-Hour USPAP Course- September 2022
Florida Appraisal Law- October 2022
The Income Approach: An Overview- October 2022
EXPERIENCE:
2021-Present: Carlson, Norris and Associates, Inc.
Fort Myers, Florida
PROFESSIONAL MEMBERSHIP:
Certification - State-Registered Trainee Appraiser RI25089
Properties appraised/assisted include: commercial buildings, industrial buildings, warehouses,
professional offices, medical offices, office/warehouse condominiums, acreage, multi-family, special
use properties, and other miscellaneous properties.
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1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
Real Estate Valuation Experts
Trusted since 1985
April 24, 2023
Collier County Board of Commissioners
Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser
Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Re: 1.14 Acres of Vacant Land
40th Ave SE
Naples, Florida 34117
Our File Number: 23-165-2
PO #4500223050
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 off 40th Ave SE in Naples, Florida. The site is rectangular
in shape, contains 1.14 acres or 49,658 square feet and is located along the south side of 40th Ave
SE, north of I-75. The site is vacant, fully wooded and 100% forested/shrub wetlands. There are no
structural 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.
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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 April 12, 2023 of:
THIRTY THOUSAND DOLLARS.................................................................................. ($30,000.00).
PLEASE NOTE: The natural disaster known as Hurricane Ian made landfall on the west coast of
Florida on September 28, 2022 with maximum sustained winds of 150 mph, causing severe levels of
damage to SWFL. Ian was the first category 4 hurricane to impact SWFL since hurricane Charley in
2004 and became the most devastating tropical system to hit Florida in more than 84 years. During
the storm, nearly 2.6 million Floridians lost power with the majority of customers in Lee and Charlotte
County experiencing the highest levels of outages between 80% and 95% without power. The storm
surge as a result of the hurricane reached record highs with preliminary analysis suggesting areas
such as Fort Myers Beach had surges up to 10-15 feet above normally dry ground. Sanibel Island
was also among the hardest areas hit. The Sanibel causeway, which is the only connection the
island has to the mainland, had areas of its structure washed away. Other areas such as Naples, Key
West and Cape Coral had extensive storm surge damage with surges reaching above 7 feet in some
areas.
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
Hannah Dwyer
State-registered trainee appraiser RI25089
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SUBJECT AERIAL PHOTOGRAPH
1.14 ACRES OF VACANT LAND
40th AVE SE
NAPLES, FLORIDA 34117
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TABLE OF CONTENTS
SUBJECT AERIAL PHOTOGRAPH ............................................................................................................ 3
SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................................... 5
CONSERVATION FEATURES SUMMARY OVERVIEW ........................................................................................... 7
SECTION 2 – PREMISES OF THE APPRAISAL ...................................................................... 8
INTENDED USE AND USER OF APPRAISAL ........................................................................................................ 8
SCOPE OF WORK.............................................................................................................................................. 8
SALES HISTORY ............................................................................................................................................. 11
VALUATION HISTORY ...................................................................................................................................... 12
APPRAISAL ANALYSIS AND REPORT TYPE ...................................................................................................... 12
EXPOSURE TIME ............................................................................................................................................. 12
MARKETING TIME ........................................................................................................................................... 13
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED ................................................ 15
COLLIER COUNTY AREA ANALYSIS ................................................................................................................ 15
LOCATION MAP .............................................................................................................................................. 29
MARKET AREA DESCRIPTION ......................................................................................................................... 30
LEGAL DESCRIPTION ...................................................................................................................................... 32
OWNER OF RECORD ...................................................................................................................................... 32
ASSESSED VALUE AND TAXES ....................................................................................................................... 33
SITE DESCRIPTION .......................................................................................................................................... 33
SUBJECT PROPERTY PHOTOGRAPHS ............................................................................................................. 39
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................................. 41
HIGHEST AND BEST USE AS THOUGH VACANT ............................................................................................... 41
SECTION 5 – VALUATION OF THE SUBJECT ...................................................................... 43
VALUE ESTIMATE BY THE COST APPROACH ................................................................................................. 43
VALUE ESTIMATE BY THE INCOME APPROACH .............................................................................................. 43
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ......................................................................... 43
SECTION 6 – RECONCILIATION OF VALUE ........................................................................ 61
SUMMARY OF VALUE CONCLUSIONS .............................................................................................................. 61
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS ................................................. 62
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM ........................................................................... 62
CERTIFICATION OF HANNAH DWYER ............................................................................................................... 64
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ......................................................................................... 66
SECTION 8 – ADDENDA .................................................................................................... 71
SUBJECT WARRANTY DEED……………………………………………………………………………….…...72
FDEP MAP……………………………………………………………………………………………………..74
WETLANDS MAP ............................................................................................................................................. 75
SOIL MAP ....................................................................................................................................................... 76
FLOOD MAP .................................................................................................................................................... 77
APPRAISER'S LICENSES ................................................................................................................................. 78
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM ......................................................................... 79
QUALIFICATIONS OF HANNAH DWYER ............................................................................................................ 81
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Section 1 - Summary of Salient Facts
Property Reference: 41507440009
Property Type: Vacant Land
Property Address: 40th Ave SE
Naples, Florida 34117
Report Format: Appraisal Report
Date Of Inspection: April 12, 2023
Date Of Value: April 12, 2022
Date Of Report: April 24, 2023
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:
Appraisal Client:
The intended user of this appraisal is the Collier County Board of
County Commissioners.
The client for this appraisal assignment is the Collier County
Board of County Commissioners.
Location: The property is located along the south side of 40th Ave SE,
north of I-75 in Naples, Florida. The subject property can be
found in Section 33, Township 49, Range 28, in Collier County,
Florida.
Site Description: The site is rectangular in shape, contains 49,658 square feet or
1.14 acres and is located along the south side of 40th Ave SE.
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 half of the subject as Brynwood Fine sand-Urban land
complex and the other half as Cypress Lake Riviera-Copeland
find sand. The property is currently vacant and unimproved. The
site will be more fully described within the body of the attached
report.
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Comprehensive Land Use
Plan Designation:
Estates Designation
Zoning Classification: E-Estates
Highest And Best Use As
Vacant:
The highest and best use for the site would be for low density
residential development consistent with the comprehensive land
use plan classification and zoning classification affecting the
property.
Highest And Best Use As
Improved:
The subject property is a vacant unimproved parcel and as such
an analysis of the site as improved is not appropriate in this
analysis.
Market Value Indications
“As Is”:
Cost Approach: Not Applicable
Income Capitalization Approach: Not Applicable
Sales Comparison Approach: $30,000
Market Value Estimate as
of April 12, 2023:
$30,000
Appraisal Firm: Carlson, Norris and Associates, Inc.
Appraisers Completing
Report:
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Hannah Dwyer
State-registered trainee appraiser RI25089
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Conservation Features Summary Overview
Project Name: Robert H Gore III Preserve Appraisal Project
Folio numbers with owner(s) of record:
41507440009
Amy and Delsina Trigoura
1431 SW 85th Ave
Pembroke Pines, FL 33025
Zoning and overlays: E-Estates
Zoning Considerations for TDR’s, PHU, other endangered species: No
Was the cost to mitigate wetlands or endangered species taken into consideration? If
Yes, provide details.
No
Scope of proposed mitigation: None
Land Area: 1.14 acres or 49,658 square feet
Access for the parcel taken into consideration:
Yes-Access is from public road 40th Ave SE
Highest and Best Use: Single-Family Residential
Date of estimated value: April 12, 2023
Estimated value: $30,000
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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
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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 April 12, 2023. During the inspection, an inventory of the property
attributes was collected based on visual observation. Please note, the appraiser was not
able to gain full access to the interior portions of the site and therefore also relied on
aerial visuals from the Collier County Property Appraisers website.
• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of the
market conditions affecting real property value, including land values and sales data for
similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost Approach
– either replacement or reproduction cost is used to develop a value indication for the
subject property. 2) Income Approach – valued on the ability of a property generating a
cash stream. 3) Sales Comparison Approach – value indication is derived by comparing
sales of similar properties. It is the most common and preferred method of land valuation
when an appropriate supply of comparable sales is available.
o As the subject property contains no improvements, the Cost Approach is not considered
to be an applicable appraisal tool.
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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. The 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.
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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.”1
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: April 12, 2023
Date of Value Estimate “As Is”: April 12, 2023
Date of the Report: April 24, 2023
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 most recent transfer for the subject occurred on May 22, 2019 and is
recorded in a Warranty Deed in OR Book 5633, Page 2059 for the sum of $16,000; the purchaser is
shown as Delsina and Amy Trigoura. A copy of the deed is included in the addenda section of this
report.
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Seventh Edition, the Appraisal
Institute, Chicago, Illinois (U.S., 2015)
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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.
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.
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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 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
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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.
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Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
Collier County is located in southwest Florida and was established in 1923 when it was separated
from Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and
real estate developer who moved to southwest Florida and established himself as a prominent
business man and land owner. By the end of the 1920s, railroads and Tamiami Trail were in-place
which opened the area to agricultural and resort development. Florida’s first commercial oil well was
drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The
county’s economy boomed along with its population shortly after World War II. In a short span of 30
years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from
agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in
the country.
PHYSICAL FACTORS
Collier County 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 includes 307 square miles of water, giving 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 when traveling east in the county. These
eastern areas of the county contain a considerable amount of preserved land. There are three
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incorporated cities within the county; namely the City of Naples, the City of Marco Island, and
Everglades City. The county is famous for its subtropical climate with average high temperatures
ranging from 74o Fahrenheit in January to 90o Fahrenheit in August. The average annual precipitation
for the county is 54 inches. This area is also subject to tropical storms and hurricanes. The hurricane
season runs from June through November.
ECONOMIC-FINANCIAL FACTORS
There are numerous economic factors that impact the supply and demand for all types of real estate
and housing in any given area. These factors will be considered and discussed in the following
paragraphs. Although these factors are considered individually, they do not act as independent
agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial
factors considered, should be considered in totality, as a part of the economic framework.
Population: Collier County has 385,980 people living within according to recent July 2021 Census
population estimates, making Collier County Florida’s 17th most populous county. Collier County had
a population of 321,520 in 2010 and experienced 16.9% growth from 2010 to 2020. Additional
population estimates reflect population projections from 2020 to the year 2045 and compare the three
coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee.
Collier County’s population is predicted to increase to around 517,000 in year 2045.
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Tourism: Tourism is an important industry 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 34,400 jobs in Collier County in 2020. Just over 1.5 million visitors in 2021 spent over $1.6
billion dollars, resulting in a total economic impact of over $2.4 billion dollars 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 approximately 1,303 students, and offers 31 major and minor degree programs.
The school expects to continue growing in size. The town of Ave Maria is designed to be a compact,
walk-able, and self-sustaining, reflecting 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
6,656 acres, of which 113 acres is 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 brought approximately 500
construction jobs to the area and currently employs around 350 workers. Ave Maria has experienced
a severe mosquito problem, resulting in the region being sprayed more than 30 times via airplane
with pesticides by the Collier Mosquito Control District in 2015, making it the most sprayed area in
southwest Florida.
A new town has also been proposed in Eastern Collier County. Collier Enterprises received the
Rivergrass project through the Collier County Commission on January 28th 2020, allowing them to
begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as
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the project’s impact on approximately 700 acres of primary panther habitat is being heavily opposed
by wildlife organizations such as the Conservancy of Southwest Florida, among others. However, a
recent 2021 court ruling rejected the Conservancy groups’ challenge to the development of
Rivergrass. Furthermore, Collier County commissioners voted to approve Collier Enterprises project
plans for two additional villages and a town hub in Eastern Collier County called Longwater, Bellmar,
and the Town of Big Cypress. These two additional villages along with Rivergrass will encompass
over 12,000 acres with the neighboring Town of Big Cypress, most of which will be for environmental
preservation. Each of the villages will be 1,000 acres, with the Town of big Cypress acting as an
anchor for all three. See site plan below for reference.
Employment & Income: The most recently reported median household income for Collier County is
at $70,217. Collier County’s unemployment rate has continued to decrease since 2020 and was at
2.2 percent as of December 2022, which was slightly lower than in December 2021. The overall trend
of unemployment has been trending downward. From January 2010 until March 2020, Collier County
had experienced downward trends in unemployment getting as low as almost 3%. Then in April
2020, the effects of COVID-19 resulted in unemployment peaking to 13.5% from only 2.5% in
February two months prior. Unemployment remained elevated in the following months. The most
recent data from
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2022 shows that the unemployment rate has leveled back out to around 3% and has stayed
consistent month to month, though recently the unemployment rate has continued to decrease to
around 2.2%. See the table below.
Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. The Retail Trade industry is the largest with 23,534 industry jobs. Health Care and
Social Assistance is second with 23,378, and Real Estate and Rental Leasing is third with 22,378.
The Construction industry and Accommodation and Food Services Industry round out the top five
largest employers by industry in Collier County.
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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 as of 2019 are listed
below.
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 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 2022 was $185,310,543,961.
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. The
current cost of living index in Collier County is 113 meaning that generally speaking the cost of living
is more expensive in Collier County than the average cost of living throughout the United States.
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Specifically, Groceries are at 107.7, Housing is at 140.9, and Health is at 106.7. Below you can see
the rest of the table and how it compares to the United States.
Banking/Interest Rates/Financing: As of February 2023, the prime rate was reported at 7.75%.
Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently
reported to be 4.75%; a year ago was also .25%. The federal funds rate is 4.75%, while a year ago
was also .25% Currently the benchmark rate for a 30 year fixed loan is 6.36%, a 15 year fixed loan is
5.66%, and a five-year/one-year adjustable arm rate at 5.43%.
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
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properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for
residential properties.
Real Estate and Housing: 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.
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.
New construction building permits are an indicator of health in an economy of a given area. Below is
a chart showing single family permits monthly averages from January 2021 to January 2023. In the
bottom of the recession in 2009, Collier County fell below 50 permits per month. In Collier County,
206 permits were issued in January 2023, a decrease of 155 permits (43 percent) from January
2022 (see chart below). New construction building permits include houses under construction and
therefore reflect jobs in the construction industry.
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The median closed price of single-family Collier County home sales was $725,000 in January 2023,
an increase of $49,001 (7 percent) compared to January 2022. The median price in Collier County
has been rising steadily since 2012, with a recent peak in May 2022. See the chart below.
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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 one of the fastest growing
airports in the nation, servicing more than 10 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 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 I-75 and the airport.
Total passenger activity for the Southwest Florida International Airport exceeded 1,100,000 in
January 2020, before a historical decrease in traffic in April 2020, when total passengers fell to
53,379 for the month. As we have noted earlier, the COVID-19 pandemic was keeping both
Floridians and non-Floridians at home. However, recent statistics show that passenger activity has
generally returned to pre-COVID-19 conditions. Total passenger traffic at RSW was 10,343,802 in
2022, up 1.1 percent from the total passenger traffic in 2019. These numbers indicated that the
region continues to improve from the dip in passenger activity experienced in April 2020.
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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.
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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. Collier County has experienced an
increase of 11.73% in budget between FY 2022 and FY 2023. The FY 2023 total net county budget
is now $1,959,954,000.
Education: The Collier County public school system currently contains a total of 63 schools with
48,000 students and 3,200 teachers. Collier County averages 3,200 graduates per year. The below
chart shows more detail with regards to the public-school system.
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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. Collier
County has 35.9% of the population Age 25+ with a bachelor’s degree or higher compared to 30.5%
in Florida and 32.9% in the United States. Only 10.1% of those within Collier County have less than a
high school education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast array of natural and historical attractions. Places to visit
include the 52-acre Naples Zoo, the Collier County Museum, the Big Cypress National Preserve, the
Museum of the Everglades, and the Naples Botanical Gardens. In addition to these listed, there are
numerous other reserves, museums, zoos, etc that are available for tourists to visit.
Healthcare: Within Collier County, there are the Naples Community Hospital, the North Collier
Hospital, Regional Heart Institute, NCH Wellness Centers and various other clinics. As the largest
county in Florida with a total area of 2,305 square miles, these medical facilities must provide
services effectively to the entire county. Helicopter usage cuts critical minutes from transport time.
83.564% of those living within Collier County have health insurance compared to 86.53% throughout
Florida and 90.63% throughout the United States. The highest percentage of those without
healthcare coverage is from people making $25,000 at 20.3%.
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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. Despite these many
positives, portions of Collier County were greatly affected by the past housing debacle which resulted
in a significant number of residential foreclosures. However, trends have been positive in most recent
years. The availability of commercial vacant land, the county's numerous natural attractions, and the
anticipated future population growth are all positive factors that bode well for this area over the long
term.
Collier County is considered to be a great place to live. The presence of a wide variety of industries in
the area offers residents and potential residents diverse opportunities for employment. A significant
amount of land is federally held in conservation in eastern portions of the county. There are also
excellent recreational facilities throughout the county, with numerous golf courses, beaches, and
parks.
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We invite your attention to the location map, which shows the relative location of the subject property
in Naples.
Location Map
.
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Market Area Map
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.”
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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 I-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)
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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
Usage:
Immediate properties in the subject market are mostly agricultural and
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
District:
Residential both single and multi-family, general business, office, retail,
agricultural and governmental uses.
Vacancy rates: Commercial/Agricultural: 2% - 5%
Single Family: 3% - 8%
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 5633-2059) and displayed as follows:
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:
Amy and Delsina Trigoura
1431 SW 85th Ave
Pembroke Pines, Florida 33025
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Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject
property is identified by its Parcel Number 41507440009. For the tax year of 2022 the subject
property had combined assessed values of $11,600 at a millage rate of 10.9632 resulting in an
annual tax burden of $151.70. Please note the 2020-2022 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.
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-
Valorem Tax Liability
2022 $11,600 $11,600 10.9632 $151.70 $0.00 $151.70
2021 $10,454 $10,454 11.4183 $120.43 $0.00 $120.43
2020 $9,690 $9,690 11.3084 $109.58 $0.00 $109.58
41507440009 Tax Analysis
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 and plat maps which shows the
relative size, configuration and location of the subject property. This will be followed by general site
information and data as well as information on the physical characteristics and economic factors that
affect the property.
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Subject Aerial Map
Plat Map
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General Site Information
Address:
Parcel Number:
40th Ave SE, Naples, Florida 34117
41507440009
Physical Characteristics of the Site
Frontage: Approximately 75 feet along 40th Ave SE
Total Site Area: 1.14 acres or 49,658 square feet per the Collier County Property
Appraiser records. We were not provided with a site survey.
Shape of Tract: Rectangular
Access: The subject has access from 40th Ave SE, an unpaved road with
connection to Desoto Blvd S to the west and is a dead end to the
east of the property.
Corner Influence: This property is not located on a corner.
Utilities to Site:
Flood Designation:
No utilities were observed at the time of inspection.
Flood Zone Code AH, Flood Zone Panel 120067-12021C0445H,
Dated May 16, 2012. See Flood Map in addenda.
Easements: Typical utility easements are assumed to exist. Road easement
along 40th Ave SE frontage.
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 indicates wetlands as well as hydric slough and
depressional soils present on site. The USDA Web Soil Survey
Map shows half of the subject as Brynwood Fine sand-Urban land
complex and the other half as Cypress Lake Riviera-Copeland find
sand. 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.
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.
Neighboring Property Uses: Properties located along 40th Ave SE generally consist of limited
semi- rural residential uses. Zoning allows for a maximum of one
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development unit per 2.25 gross acres
Land Use Designation: Estates
Zoning Classification: E-Estates
Allowable Uses in the
District:
Allowable uses in the district will be discussed in detail in the
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 PFO2/1Cd and PFO1Cd. Map is displayed
below.
System Palustrine (P): The Palustrine System includes all nontidal wetlands dominated by
trees, shrubs, persistent emergents, emergent mosses or lichens, and all such wetlands that
occur in tidal areas where salinity due to ocean-derived salts is below 0.5 ppt. It also includes
wetlands lacking such vegetation, but with all of the following four characteristics: (1) area
less than 8 ha (20 acres); (2) active wave-formed or bedrock shoreline features lacking; (3)
water depth in the deepest part of basin less than 2.5 m (8.2 ft) at low water; and (4) salinity
due to ocean-derived salts less than 0.5 ppt.
Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller.
Subclass Needle-Leaved Deciduous (2): This subclass, consisting of wetlands where
trees or shrubs are predominantly deciduous and needle-leaved, is represented by
young or stunted trees such as tamarack or bald cypress.
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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).
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.).
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● Schools and school facilities in the Estates Designation north of I-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.
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Subject Property Photographs
View: Looking
west along 40th Ave
SE. Subject to the
left.
Photograph date:
April 12, 2023
Taken by: Hannah
Dwyer
View: Looking east
along 40th Ave SE.
Subject to the right.
Photograph date:
April 12, 2023
Taken by: Hannah
Dwyer
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Subject Property Photographs
View: Looking
south at the subject
property frontage
from 40th Ave SE
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined as: “The reasonably probable use of property
that results in the highest value. The four criteria that the highest and best use must meet are
legal permissibility, physical possibility, financial feasibility, and maximum productivity.”
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site
in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the owner
of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net return
or the highest present worth?
HIGHEST AND BEST USE AS VACANT
Legally Permissible Use: Factors that impact the legally permissible uses for the subject property
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. No specific deed restrictions are known relating to the
property. The subject has a comprehensive land use plan classification of Estates and is zoned (E)
Estates. Some of the uses permitted include; Low-density residential with limited agriculture,
including, but not limited to: single-family dwelling; fruit and vegetable growth for personal
consumption ; keeping fowl or poultry (max 25); educational plants as an essential service; keeping
horses and livestock (2/acre); recreational facilities that are an integral part of residential
development. Residential use is not to exceed 1-DU per/2.25-acres. Due to the wetlands indicated
on the subject property, an Environmental Resource Permit from the Florida Department of
Environmental Protection would be required for any activities involving the altercation of surface
water flows.
Physically Possible Uses: The physical aspects of the subject impact legally permissible
development. The site has a rectangular configuration containing a total of 49,658 square feet or
1.14 acres of site area, more or less. The property has good frontage of 75 feet on 40th Ave SE.
There are wetlands present on site and the property is fully wooded with brush covering. This
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impacts developability and value for properties of this nature. Currently, no utilities were present on
site. The size of the parcel is sufficient to support low density residential use.
Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a
process to eliminate potential uses. In other words, once the uses that are legally permissible have
been determined, consideration of uses which are physically possible will tend to reduce the legally
permissible uses or reinforce them. Likewise, consideration of the economic and financial aspects
of a given property will tend to further refine the uses which have been previously described as
legally permissible and physically possible.
The physical characteristics of this property include vacant low density residential along 40th Ave SE.
There is an abundance of Estate zoned vacant land in the immediate area. The most economic and
financially feasible uses of the property would be for development of the site as limited agriculture
under the permitted uses or for low-density residential development.
Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has
considered which uses are reasonably considered to be legal, physically possible as well as
economically and financially supported. The zoning and land use allow for a range of uses including
agricultural such as fruit and vegetable growth for personal consumption and low-density horse and
livestock as well as low density residential.
Considering the near-by low density residential properties, it is our opinion that low density residential
use has the most development potential given the location of the property.
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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 the most
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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. The appraiser also considered two active listings.
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 qualitative 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 contained within the property in order
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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 pending sale and active
listing similar to the subject property followed by 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
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COMPARABLE 1
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 30th AVE SE
Naples, FL 34117
County: Collier
Location: North side of 30th Ave SE
STRAP/ID: 41341360002
Grantor: Angel Roger
Grantee: EYBD-LLC
Legal Data:
Sale Date: March 29, 2023
Sale Price: $45,000
Sale Price per Sq. Ft.: $0.91
Sale Price per Acre: $39,474
Recording: 6230-3289
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2819
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 30th Ave SE
Wetlands/Uplands: Wetlands 85%
Soils: Hydric Slough Soils
Sale Analysis:
Sale Price: $45,000
Financing: Cash to Seller
Price per SF: $0.91
Price per Acre: $39,474
Sale Confirmation:
Verification: Karla Petty-Agent, 563-650-9162
Verifying Appraiser: Hannah Dwyer, April 15, 2023
Sale History: No qualified sales in prior 5 years
Comments:
This is a vacant wooded parcel located off 30th Ave SE in Naples. The site is unimproved with
85% wetlands or 0.97 acres according to a DEP report for the property. The uplands portion
consists of a small roadside berm area. Soils appear to be 100% hydric slough. Zoning allows
for low density residential/agricultural uses. The property was on the market for 187 days at an
asking price of $47,900.
CNA Data # 2819
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COMPARABLE 2
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 32nd AVE SE
Naples, FL 34117
County: Collier
Location: South side of 32nd Ave SE
STRAP/ID: 41397520003
Grantor: B & G Landholdings LLC
Grantee: Donna Petit-Fort
Legal Data:
Sale Date: October 10, 2022
Sale Price: $29,000
Sale Price per Sq. Ft.: $0.58
Sale Price per Acre: $25,439
Recording: 6181-3039
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2820
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 32nd Ave SE
Wetlands/Uplands: Wetlands 96%
Soils: None Adverse Apparent
Sale Analysis:
Sale Price: $29,000
Financing: Cash to Seller
Price per SF: $0.58
Price per Acre: $25,439
Sale Confirmation:
Verification: Lisa Ann Lagergren-Agent, 609-432-1382
Verifying Appraiser: Hannah Dwyer, April 16, 2023
Sale History: $155,000 on 4/25/22. Part of six parcel sale
Comments:
This is a vacant wooded parcel located off 32nd Ave SE in Naples. The site is unimproved with
96% wetlands or 1.09 acres according to a DEP report for the property. The uplands portion
consists of a small roadside berm area. Zoning allows for low density residential/agricultural
uses. The property was previously sold in April of 2022 as part of six parcel sale for $150,000.
The property was on the market for 151 days, with a list price starting at $50,000 and decreasing
several times before selling at $29,000. The parcel has been listed for sale since December of
2022 for an asking price of $45,000.
CNA Data # 2820
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COMPARABLE 3
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 16th AVE SE
Naples, FL 34117
County: Collier
Location: South side of 16th Ave SE
STRAP/ID: 41102880006
Grantor: Maritza and Moises Pimentel
Grantee: Porselvan Thamizharsi
Legal Data:
Sale Date: August 12, 2022
Sale Price: $30,000
Sale Price per Sq. Ft.: $0.60
Sale Price per Acre: $26,316
Recording: 6163-3702
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2818
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 16th Ave SE
Wetlands/Uplands: Wetlands 98%
Soils: Depressional and Hydric Slough Soils
Sale Analysis:
Sale Price: $30,000
Financing: Cash to Seller
Price per SF: $0.60
Price per Acre: $26,316
Sale Confirmation:
Verification: Kandi Phillips-Agent, 239-595-1239
Verifying Appraiser: Hannah Dwyer, April 15, 2023
Sale History: No sales in prior 5 years
Comments:
This is a vacant wooded parcel located off 16th Ave SE in Naples. The site is unimproved with
98% wetlands or 1.12 acres according to a DEP report for the property. The wetlands
determination requires an ERP (wetland) permit in order to develop on the site. Soils are
depressional and hydric slough. Zoning allows for low density residential/agricultural uses. The
selling agent stated that this was an arm's length transaction.
CNA Data # 2818
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PENDING SALE
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 24th AVE SE
Naples, FL 34117
County: Collier
Location: South side of 32nd Ave SE
STRAP/ID: 41163040005
Grantor: Charles Bennett
Grantee: N/A
Legal Data:
Closing Date: Unknown
Pending Sale Price: $25,000
Sale Price per Sq. Ft.: $0.50
Sale Price per Acre: $21,930
Recording: N/A
Interest Conveyed: Fee Simple
Deed Conveyed: N/A
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2821
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 24th Ave SE
Wetlands/Uplands: Wetlands 92%
Soils: 100% Depressional Slough
Sale Analysis:
Pending Sale Price: $25,000
Financing: N/A
Price per SF: $0.50
Price per Acre: $21,930
Sale Confirmation:
Verification: Eddy Rudner-Agent, 239-784-8788
Verifying Appraiser: Hannah Dwyer, April 16, 2023
Sale History: No prior sales listed
Comments:
This is the pending sale of a vacant wooded parcel located off 24th Ave SE in Naples. The site
is unimproved with 92% wetlands or 1.00 acres (excluding road ROW) according to a DEP
report for the property. Zoning allows for low density residential/agricultural uses. The property
was on the market for 72 days at an asking price of $29,000 before going under contract for
$25,000 in what will be an arm's length transaction. According to the listing agent, the sale is still
pending due to probate processing and he was unsure of when the exact closing date would be.
CNA Data # 2821
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ACTIVE LISTING
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 30th AVE SE
Naples, FL 34117
County: Collier
Location: South side of 32nd Ave SE
STRAP/ID: 41449640006
Grantor: Jose Ronda
Grantee: N/A
Legal Data:
Listing Date: April 10, 2023
Listing Price: $29,900
List Price per Sq. Ft.: $0.60
List Price per Acre: $26,228
Recording: N/A
Interest Conveyed: Fee Simple
Deed Conveyed: N/A
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2822
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 30th Ave SE
Wetlands/Uplands: Wetlands 88%
Soils: 100% Depressional Slough
Listing Analysis:
List Price: $29,900
Financing: N/A
Price per SF: $0.60
Price per Acre: $26,228
Sale Confirmation:
Verification: Tony Arias-Listing Agent, 239-253-2845
Verifying Appraiser: Hannah Dwyer, April 16, 2023
Sale History: No qualified sales in prior 5 years
Comments:
This is the active listing of a vacant wooded parcel located off 30th Ave SE in Naples. The site
is unimproved with 88% wetlands or 1.00 acres according to a DEP report for the property.
Zoning allows for low density residential/agricultural uses. Soils appear to be 100% depressional
slough. The property has been on the market for 11 days at an asking price of $29,900.
CNA Data # 2822
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Criteria Subject Sale 1 Sale 2 Sale 3 Pending Sale Active Listing
Location 40th Ave SE 30th AVE SE 32nd AVE SE 16th AVE SE 24th AVE SE 30th AVE SE
Naples Naples Naples Naples Naples Naples
Recording -6230-3289 6181-3039 6163-3702 6181-3039 6181-3039
Sales Price -$45,000 $29,000 $30,000 $25,000 $29,900
Sale/Appraisal Date April 12, 2023 March 29, 2023 October 10, 2022 August 12, 2022 May 1, 2023 April 10, 2023
Parcel Size (sf)49,658 49,658 49,658 49,658 49,658 49,658
Parcel Size (Acres)1.14 1.14 1.14 1.14 1.14 1.14
Sale Price -$45,000 $29,000 $30,000 $25,000 $29,900
Sale Price per Square Foot -$0.91 $0.58 $0.60 $0.50 $0.60
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller N/A N/A
Conditions of Sale -Arms Length Arms Length Arms Length Arms Length N/A
Expenditures Immediately after Sale -$0 $0 $0 $0 $0
Market Conditions -$0 $0 $0 $0 $0
Adjusted Sale Price -$45,000 $29,000 $30,000 $25,000 $29,900
Adjusted Sale Price per sq. ft. -$0.91 $0.58 $0.60 $0.50 $0.60
Physical Properties
Location Naples Naples Naples Naples Naples Naples
Parcel Size (sf)49,658 49,658 49,658 49,658 49,658 49,658
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E
Utilities None None None None None None
Access From 38th Ave SE From 30th Ave SE From 32nd Ave SE From 16th Ave SE From 24th Ave SE From 30th Ave SE
Topography/Site Condition Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 100%85%96%98%92%88%
Permit Required Yes Yes Yes Yes Yes Yes
Location Similar Similar Similar Similar Similar
Parcel Size Similar Similar Similar Similar Similar
Land Use Similar Similar Similar Similar Similar
Zoning Similar Similar Similar Similar Similar
Utilities Similar Similar Similar Similar Similar
Access Similar Similar Similar Similar Similar
Topography/Site Condition Similar Similar Similar Similar Similar
Wetlands Superior Similar Similar Similar Similar
Permit Required Similar Similar Similar Similar Similar
Overall Rating Superior Similar Similar Similar Similar
Land Sales Adjustment Analysis - Qualitative
Physical Property Ratings
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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 comparable 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.” The appraiser is not aware of any expenditures
after sale for the comparables; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale are
often compared, although the usage can be misleading because property values do not change
merely as the result of the passage of time.”
The sales transactions occurred between August 2022 (Sale 3) and March 2023 (Sale 1). 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. No adjustments were warranted for this category.
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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 qualitative
procedure by considering physical differences in the sales properties when compared to the subject
and applying an overall rating of similar, superior or inferior.
Location Adjustment: The subject property is located along the south side of 40th Ave SE in
Naples, east of Desoto Blvd S, the two-lane road that leads into the subjects neighborhood. All of the
sales are located within the same immediate neighborhood as the subject and in close proximity. The
sales were considered similar in this category.
Size: The subject property contains 1.14 acres or 49,658 square feet. All of the comparable sales
are the exact size of the subject and therefore considered similar.
Land Use Classification: The subject property has a land use classification of Estates Designation.
All of the comparable sales have the same land use designation as the subject.
Zoning Classification: The subject property is zoned (E) Estates District. All of the comparable
sales have the same zoning as the subject.
Utilities: The subject site currently has no utilities. This is the same for all of the comparables.
Access: The subject property is accessible from frontage along 40th Ave SE. All of the sales are
considered similar to the subject with access through frontage along nearby roadways.
Topography/Site Condition: The subject is vacant, fully wooded with ground brush covering. All of
the sales are considered similar to the subject in this category.
Wetlands: The subject is 100% freshwater forested wetlands with an FDEP wetlands determination
map also indicating the entire site as wetlands. The sales have wetland determinations ranging from
85% to 96%. Sale 1 was considered superior to the subject, having the least amount of wetlands
present on site. The remaining sales were considered overall similar.
Permit Required: Due to the subjects wetlands determination, an ERP (environmental Resource
Permit) would be required in order to develop the land. All of the sales are considered similar in this
category.
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Land Sales Discussion: Following will be a brief discussion of each of the sales utilized in this
analysis to estimate the market value for the subject property. While the active listing and pending
sale are supportive in determining current market values, they are not relied upon as they are not
closed sales.
Land Sale One is the March 29, 2023 purchase of the vacant site located off 30th Ave SE, Naples,
Florida. The site contains 1.14 acres and was acquired for $45,000 or $0.91 per square foot. Overall,
this sale is rated superior to the subject due to the lesser indicated wetlands present on site.
Land Sale Two is the October 10, 2022 purchase of the vacant site located off 32nd Ave SE in
Naples, Florida. The site contains 1.14 acres and was acquired for $29,000 or $0.58 per square foot.
Overall, this sale is rated similar to the subject in all categories.
Land Sale Three is the August 12, 2022 purchase of the vacant site located off 16th Ave SE in
Naples, Florida. The site contains 1.14 acres and was acquired for $30,000 or $0.60 per square foot.
Overall, this sale is rated as similar to the subject in all categories.
Pending Sale This is pending sale of a vacant site located off 24th Ave SE in Naples, Florida. The
site contains 1.14 acres and is under contract for $25,000 or $0.50 per square foot. Overall, this
pending sale is rated similar to the subject in all categories.
Active Listing This is an active listing for a vacant site located off 30th Ave SE, Naples, Florida. The
site contains 1.14 acres and is listed for $29,900 or $0.60 per square foot. Overall, this active listing is
rated as similar to the subject in all categories.
Please note the statistical data from the final adjusted closed sale prices presented below.
Range of Values Adj. Sales Price Per SF
Maximum $0.91
Minimum $0.58
Mean $0.70
Median $0.60
Final Per Sq. Ft. Estimate $0.60
Reconciliation of Sales Comparison Approach
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Final Analysis: Three sales were utilized in the analysis process. The value indicators show an
adjusted range from a low of $0.58 per square foot (Sale 2) to a high of $0.91 per square foot (Sale
1). The mean and median value indications are $0.70 per square foot and $0.60 per square foot,
respectively.
Sales 2 and 3 are considered the most similar to the subject and as such are the best
representations of vacant land in the subject market. Sale One is the most recent sale, however, it is
considered superior to the subject due to having less wetlands present on site. All three sales are of
the same size, topography, zoning and land use classification. All of the comparable sales are in
close proximity to the subject.
The three 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 $0.60
per square foot which is near the median value as well as being closer to Sales 2 and 3. Multiplying
$0.60 by the 49,658 square feet contained within the subject site provides a value indication of
$29,795 or $30,000 rounded.
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Section 6 – Reconciliation of Value
Summary of Value Conclusions “As-Is”
Cost Approach Not Applied
Income Approach Not Applied
Sales Comparison Approach $30,000
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 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 April 12, 2023 of:
THIRTY THOUSAND DOLLARS.................................................................................. ($30,000.00).
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Hannah Dwyer
State-registered trainee appraiser RI25089
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Section 7 – Cer tification 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.
• I 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.7
• 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 reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• As of the date of this report, Michael Jonas has completed the Standards and Ethics Education
Requirements for Candidates of the Appraisal Institute.
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• As of the date of this report, Michael Jonas has completed the continuing education program for
Designated Members of the Appraisal Institute.
• Michael Jonas has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Michael Jonas has not made a personal inspection of the property that is the subject of this report.
• 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 appraised the subject in the last three years. He has not provided any other
services related to the property in the last three years.
• Hannah Dwyer, Registered Appraiser Trainee License: RI25089, contributed five hours relating to
development, research, inspection, and writing of this report.
• I, the supervisory appraiser of a registered appraiser trainee who contributed to the development
or communication of this appraisal, hereby accepts full and complete responsibility for any work
performed by the registered appraisal trainee named in this report as if it were my own work.
Based upon the analysis presented in this appraisal report, it is my opinion the subject property
warrants a market value as of the effective date April 12, 2023, for its fee simple ownership and in its
“as is” condition of:
THIRTY THOUSAND DOLLARS.................................................................................. ($30,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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Certification of Hannah Dwyer
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.
• I 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 reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• Hannah Dwyer has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Hannah Dwyer has made a personal inspection of the property that is the subject of this report.
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• No one has provided significant real property appraisal assistance to the persons signing this
report.
• 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.
• Hannah Dwyer 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.
• Hannah Dwyer has not appraised the subject in the last three years. She has not provided any
other services related to the property in the last three years.
Based upon the analysis presented in this appraisal report, it is my opinion the subject property
warrants a market value as of the effective date April 12, 2023, for its fee simple ownership and in its
“as is” condition of:
THIRTY THOUSAND DOLLARS.................................................................................. ($30,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Hannah Dwyer
State-registered trainee appraiser RI25089
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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.
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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
upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
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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.
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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
• The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.
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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.
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Section 8 – Addenda
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SUBJECT WARRANTY DEED
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FDEP Informal Wetland Determination Map/NRCS Hydric Slough Model
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NATIONAL WETLANDS MAP
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USDA SOIL MAP
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FLOOD MAP
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APPRAISERS' LICENSES
LICENSE FOR MICHAEL JONAS, MAI, AI-GRS
LICENSE FOR HANNAH DWYER
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QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623
EDUCATION:
University of Central Florida - 1999 BSBA – Finance
PROFESSIONAL EDUCATION:
Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020, 2022
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, 2022
Appraisal Institute: Appraisal Report Writing, 2005
Appraisal Institute: Artificial Intelligence, AVMS, 2019
Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020
Appraisal Institute: Capital Reserve Studies 2022
Appraisal Institute: Central Florida Real Estate Forum, 2022
Appraisal Institute: Desktop Appraisals 2020
Appraisal Institute: Evaluations for Commercial and Residential Appraisers, 2022
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, 2004, 2006, 2008, 2010, 2012
Appraisal Institute: Real Estate Damages, 2011
Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007
Appraisal Institute: Review Involving Appraisals by Multiple Appraisers, 2022
Appraisal Institute: Review Theory – General, 2014
Appraisal Institute: Roles/Responsibilities Supervisor/Trainee, 2006, 2008
Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008,
2012, 2014, 2016 2020, 2022
Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012
Appraisal Institute: The Appraiser as an Expert Witness, 2016
Appraisal Institute: The Paperless Real Estate Appraisal Office, 2022
Appraisal Institute: Trial Components, 2016
Appraisal Institute: Uniform Appraisal Standards for Federal Land Acquisitions, 2007
Bert Rodgers: Continuing Real Estate Education, 2004, 2006, 2021
Bob Hogue: 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, 2009
CCIM Institute: Investment Analysis Commercial, 2009
CCIM Institute: Market Analysis Commercial Investment, 2008
CCIM Institute: User Decision Analysis Commercial Industrial, 2009
CLE International: Eminent Domain, 2006
Cooke: CE for Real Estate Professionals, 2015
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DPBR: FREAB Board Meeting, 2007
Florida Dept. Revenue: Real Property Appraiser Special Magistrates VAB Training, 2022
Larson Educational Services: Core Law, 2010
McKissock: Supervisor – Trainee Course for Florida, 2019
NABOR Ethics Training: 2004, 2008, 2012, 2016
EXPERIENCE:
1999 – 2000 Clayton, Roper & Marshall Orlando, FL
2000 – 2001 Chapman & 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 – 2019 MPJ Real Estate Services, Inc. Naples, FL
2019 – Present Carlson, Norris & Associates Fort Myers & Naples, FL
2022 – Special Magistrate, Collier County Value Adjustment Board
PROFESSIONAL MEMBERSHIP:
Appraisal Institute, Member (MAI / AI-GRS) No. 12480
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,
office/warehouse 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 cases.
Appraisal clients include: banks, savings and loan associations, attorneys, corporations,
builders, developers, mortgage companies, insurance companies, home transfer companies,
private individuals, and local, state and federal government agencies.
Qualified as an expert witness in Monroe and Collier County Circuit Court
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QUALIFICATIONS OF HANNAH V. DWYER
STATE-REGISTERED TRAINEE APPRAISER RI25089
EDUCATION:
Western Governors University- Bachelor of Science – Business Administration, Management
Expected Graduation- May 2023
PROFESSIONAL EDUCATION:
National 15-Hour USPAP Course – September 2020
National Appraising for Supervisors and Trainees- October 2020
Florida Appraisal Law- October 2020
Basic Appraisal Principles – January 2021
Basic Appraisal Procedures – March 2021
Marshall & Swift Commercial Cost Approach Certification- March 2022
National 15-Hour USPAP Course- September 2022
Florida Appraisal Law- October 2022
The Income Approach: An Overview- October 2022
EXPERIENCE:
2021-Present: Carlson, Norris and Associates, Inc.
Fort Myers, Florida
PROFESSIONAL MEMBERSHIP:
Certification - State-Registered Trainee Appraiser RI25089
Properties appraised/assisted include: commercial buildings, industrial buildings, warehouses,
professional offices, medical offices, office/warehouse condominiums, acreage, multi-family, special
use properties, and other miscellaneous properties.
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1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
Real Estate Valuation Experts
Trusted since 1985
April 24, 2023
Collier County Board of Commissioners
Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser
Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Re: 1.14 Acres of Vacant Land
40th Ave SE
Naples, Florida 34117
Our File Number: 23-165-2
PO #4500223050
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 off 40th Ave SE in Naples, Florida. The site is rectangular
in shape, contains 1.14 acres or 49,658 square feet and is located along the south side of 40th Ave
SE, north of I-75. The site is vacant, fully wooded and 100% forested/shrub wetlands. There are no
structural 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.
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April 24, 2023
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 April 12, 2023 of:
THIRTY THOUSAND DOLLARS.................................................................................. ($30,000.00).
PLEASE NOTE: The natural disaster known as Hurricane Ian made landfall on the west coast of
Florida on September 28, 2022 with maximum sustained winds of 150 mph, causing severe levels of
damage to SWFL. Ian was the first category 4 hurricane to impact SWFL since hurricane Charley in
2004 and became the most devastating tropical system to hit Florida in more than 84 years. During
the storm, nearly 2.6 million Floridians lost power with the majority of customers in Lee and Charlotte
County experiencing the highest levels of outages between 80% and 95% without power. The storm
surge as a result of the hurricane reached record highs with preliminary analysis suggesting areas
such as Fort Myers Beach had surges up to 10-15 feet above normally dry ground. Sanibel Island
was also among the hardest areas hit. The Sanibel causeway, which is the only connection the
island has to the mainland, had areas of its structure washed away. Other areas such as Naples, Key
West and Cape Coral had extensive storm surge damage with surges reaching above 7 feet in some
areas.
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
Hannah Dwyer
State-registered trainee appraiser RI25089
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SUBJECT AERIAL PHOTOGRAPH
1.14 ACRES OF VACANT LAND
40th AVE SE
NAPLES, FLORIDA 34117
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TABLE OF CONTENTS
SUBJECT AERIAL PHOTOGRAPH ............................................................................................................ 3
SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................................... 5
CONSERVATION FEATURES SUMMARY OVERVIEW ........................................................................................... 7
SECTION 2 – PREMISES OF THE APPRAISAL ...................................................................... 8
INTENDED USE AND USER OF APPRAISAL ........................................................................................................ 8
SCOPE OF WORK.............................................................................................................................................. 8
SALES HISTORY ............................................................................................................................................. 11
VALUATION HISTORY ...................................................................................................................................... 12
APPRAISAL ANALYSIS AND REPORT TYPE ...................................................................................................... 12
EXPOSURE TIME ............................................................................................................................................. 12
MARKETING TIME ........................................................................................................................................... 13
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED ................................................ 15
COLLIER COUNTY AREA ANALYSIS ................................................................................................................ 15
LOCATION MAP .............................................................................................................................................. 29
MARKET AREA DESCRIPTION ......................................................................................................................... 30
LEGAL DESCRIPTION ...................................................................................................................................... 32
OWNER OF RECORD ...................................................................................................................................... 32
ASSESSED VALUE AND TAXES ....................................................................................................................... 33
SITE DESCRIPTION .......................................................................................................................................... 33
SUBJECT PROPERTY PHOTOGRAPHS ............................................................................................................. 39
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................................. 41
HIGHEST AND BEST USE AS THOUGH VACANT ............................................................................................... 41
SECTION 5 – VALUATION OF THE SUBJECT ...................................................................... 43
VALUE ESTIMATE BY THE COST APPROACH ................................................................................................. 43
VALUE ESTIMATE BY THE INCOME APPROACH .............................................................................................. 43
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ......................................................................... 43
SECTION 6 – RECONCILIATION OF VALUE ........................................................................ 61
SUMMARY OF VALUE CONCLUSIONS .............................................................................................................. 61
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS ................................................. 62
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM ........................................................................... 62
CERTIFICATION OF HANNAH DWYER ............................................................................................................... 64
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ......................................................................................... 66
SECTION 8 – ADDENDA .................................................................................................... 71
SUBJECT WARRANTY DEED……………………………………………………………………………….…...72
FDEP MAP……………………………………………………………………………………………………..74
WETLANDS MAP ............................................................................................................................................. 75
SOIL MAP ....................................................................................................................................................... 76
FLOOD MAP .................................................................................................................................................... 77
APPRAISER'S LICENSES ................................................................................................................................. 78
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM ......................................................................... 79
QUALIFICATIONS OF HANNAH DWYER ............................................................................................................ 81
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Section 1 - Summary of Salient Facts
Property Reference: 41507440009
Property Type: Vacant Land
Property Address: 40th Ave SE
Naples, Florida 34117
Report Format: Appraisal Report
Date Of Inspection: April 12, 2023
Date Of Value: April 12, 2022
Date Of Report: April 24, 2023
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:
Appraisal Client:
The intended user of this appraisal is the Collier County Board of
County Commissioners.
The client for this appraisal assignment is the Collier County
Board of County Commissioners.
Location: The property is located along the south side of 40th Ave SE,
north of I-75 in Naples, Florida. The subject property can be
found in Section 33, Township 49, Range 28, in Collier County,
Florida.
Site Description: The site is rectangular in shape, contains 49,658 square feet or
1.14 acres and is located along the south side of 40th Ave SE.
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 half of the subject as Brynwood Fine sand-Urban land
complex and the other half as Cypress Lake Riviera-Copeland
find sand. The property is currently vacant and unimproved. The
site will be more fully described within the body of the attached
report.
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Comprehensive Land Use
Plan Designation:
Estates Designation
Zoning Classification: E-Estates
Highest And Best Use As
Vacant:
The highest and best use for the site would be for low density
residential development consistent with the comprehensive land
use plan classification and zoning classification affecting the
property.
Highest And Best Use As
Improved:
The subject property is a vacant unimproved parcel and as such
an analysis of the site as improved is not appropriate in this
analysis.
Market Value Indications
“As Is”:
Cost Approach: Not Applicable
Income Capitalization Approach: Not Applicable
Sales Comparison Approach: $30,000
Market Value Estimate as
of April 12, 2023:
$30,000
Appraisal Firm: Carlson, Norris and Associates, Inc.
Appraisers Completing
Report:
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Hannah Dwyer
State-registered trainee appraiser RI25089
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Conservation Features Summary Overview
Project Name: Robert H Gore III Preserve Appraisal Project
Folio numbers with owner(s) of record:
41507440009
Amy and Delsina Trigoura
1431 SW 85th Ave
Pembroke Pines, FL 33025
Zoning and overlays: E-Estates
Zoning Considerations for TDR’s, PHU, other endangered species: No
Was the cost to mitigate wetlands or endangered species taken into consideration? If
Yes, provide details.
No
Scope of proposed mitigation: None
Land Area: 1.14 acres or 49,658 square feet
Access for the parcel taken into consideration:
Yes-Access is from public road 40th Ave SE
Highest and Best Use: Single-Family Residential
Date of estimated value: April 12, 2023
Estimated value: $30,000
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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
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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 April 12, 2023. During the inspection, an inventory of the property
attributes was collected based on visual observation. Please note, the appraiser was not
able to gain full access to the interior portions of the site and therefore also relied on
aerial visuals from the Collier County Property Appraisers website.
• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of the
market conditions affecting real property value, including land values and sales data for
similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost Approach
– either replacement or reproduction cost is used to develop a value indication for the
subject property. 2) Income Approach – valued on the ability of a property generating a
cash stream. 3) Sales Comparison Approach – value indication is derived by comparing
sales of similar properties. It is the most common and preferred method of land valuation
when an appropriate supply of comparable sales is available.
o As the subject property contains no improvements, the Cost Approach is not considered
to be an applicable appraisal tool.
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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. The 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.
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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.”1
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: April 12, 2023
Date of Value Estimate “As Is”: April 12, 2023
Date of the Report: April 24, 2023
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 most recent transfer for the subject occurred on May 22, 2019 and is
recorded in a Warranty Deed in OR Book 5633, Page 2059 for the sum of $16,000; the purchaser is
shown as Delsina and Amy Trigoura. A copy of the deed is included in the addenda section of this
report.
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Seventh Edition, the Appraisal
Institute, Chicago, Illinois (U.S., 2015)
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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.
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.
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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 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
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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.
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Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
Collier County is located in southwest Florida and was established in 1923 when it was separated
from Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and
real estate developer who moved to southwest Florida and established himself as a prominent
business man and land owner. By the end of the 1920s, railroads and Tamiami Trail were in-place
which opened the area to agricultural and resort development. Florida’s first commercial oil well was
drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The
county’s economy boomed along with its population shortly after World War II. In a short span of 30
years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from
agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in
the country.
PHYSICAL FACTORS
Collier County 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 includes 307 square miles of water, giving 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 when traveling east in the county. These
eastern areas of the county contain a considerable amount of preserved land. There are three
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incorporated cities within the county; namely the City of Naples, the City of Marco Island, and
Everglades City. The county is famous for its subtropical climate with average high temperatures
ranging from 74o Fahrenheit in January to 90o Fahrenheit in August. The average annual precipitation
for the county is 54 inches. This area is also subject to tropical storms and hurricanes. The hurricane
season runs from June through November.
ECONOMIC-FINANCIAL FACTORS
There are numerous economic factors that impact the supply and demand for all types of real estate
and housing in any given area. These factors will be considered and discussed in the following
paragraphs. Although these factors are considered individually, they do not act as independent
agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial
factors considered, should be considered in totality, as a part of the economic framework.
Population: Collier County has 385,980 people living within according to recent July 2021 Census
population estimates, making Collier County Florida’s 17th most populous county. Collier County had
a population of 321,520 in 2010 and experienced 16.9% growth from 2010 to 2020. Additional
population estimates reflect population projections from 2020 to the year 2045 and compare the three
coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee.
Collier County’s population is predicted to increase to around 517,000 in year 2045.
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Tourism: Tourism is an important industry 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 34,400 jobs in Collier County in 2020. Just over 1.5 million visitors in 2021 spent over $1.6
billion dollars, resulting in a total economic impact of over $2.4 billion dollars 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 approximately 1,303 students, and offers 31 major and minor degree programs.
The school expects to continue growing in size. The town of Ave Maria is designed to be a compact,
walk-able, and self-sustaining, reflecting 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
6,656 acres, of which 113 acres is 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 brought approximately 500
construction jobs to the area and currently employs around 350 workers. Ave Maria has experienced
a severe mosquito problem, resulting in the region being sprayed more than 30 times via airplane
with pesticides by the Collier Mosquito Control District in 2015, making it the most sprayed area in
southwest Florida.
A new town has also been proposed in Eastern Collier County. Collier Enterprises received the
Rivergrass project through the Collier County Commission on January 28th 2020, allowing them to
begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as
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the project’s impact on approximately 700 acres of primary panther habitat is being heavily opposed
by wildlife organizations such as the Conservancy of Southwest Florida, among others. However, a
recent 2021 court ruling rejected the Conservancy groups’ challenge to the development of
Rivergrass. Furthermore, Collier County commissioners voted to approve Collier Enterprises project
plans for two additional villages and a town hub in Eastern Collier County called Longwater, Bellmar,
and the Town of Big Cypress. These two additional villages along with Rivergrass will encompass
over 12,000 acres with the neighboring Town of Big Cypress, most of which will be for environmental
preservation. Each of the villages will be 1,000 acres, with the Town of big Cypress acting as an
anchor for all three. See site plan below for reference.
Employment & Income: The most recently reported median household income for Collier County is
at $70,217. Collier County’s unemployment rate has continued to decrease since 2020 and was at
2.2 percent as of December 2022, which was slightly lower than in December 2021. The overall trend
of unemployment has been trending downward. From January 2010 until March 2020, Collier County
had experienced downward trends in unemployment getting as low as almost 3%. Then in April
2020, the effects of COVID-19 resulted in unemployment peaking to 13.5% from only 2.5% in
February two months prior. Unemployment remained elevated in the following months. The most
recent data from
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2022 shows that the unemployment rate has leveled back out to around 3% and has stayed
consistent month to month, though recently the unemployment rate has continued to decrease to
around 2.2%. See the table below.
Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. The Retail Trade industry is the largest with 23,534 industry jobs. Health Care and
Social Assistance is second with 23,378, and Real Estate and Rental Leasing is third with 22,378.
The Construction industry and Accommodation and Food Services Industry round out the top five
largest employers by industry in Collier County.
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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 as of 2019 are listed
below.
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 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 2022 was $185,310,543,961.
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. The
current cost of living index in Collier County is 113 meaning that generally speaking the cost of living
is more expensive in Collier County than the average cost of living throughout the United States.
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Specifically, Groceries are at 107.7, Housing is at 140.9, and Health is at 106.7. Below you can see
the rest of the table and how it compares to the United States.
Banking/Interest Rates/Financing: As of February 2023, the prime rate was reported at 7.75%.
Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently
reported to be 4.75%; a year ago was also .25%. The federal funds rate is 4.75%, while a year ago
was also .25% Currently the benchmark rate for a 30 year fixed loan is 6.36%, a 15 year fixed loan is
5.66%, and a five-year/one-year adjustable arm rate at 5.43%.
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
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properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for
residential properties.
Real Estate and Housing: 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.
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.
New construction building permits are an indicator of health in an economy of a given area. Below is
a chart showing single family permits monthly averages from January 2021 to January 2023. In the
bottom of the recession in 2009, Collier County fell below 50 permits per month. In Collier County,
206 permits were issued in January 2023, a decrease of 155 permits (43 percent) from January
2022 (see chart below). New construction building permits include houses under construction and
therefore reflect jobs in the construction industry.
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The median closed price of single-family Collier County home sales was $725,000 in January 2023,
an increase of $49,001 (7 percent) compared to January 2022. The median price in Collier County
has been rising steadily since 2012, with a recent peak in May 2022. See the chart below.
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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 one of the fastest growing
airports in the nation, servicing more than 10 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 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 I-75 and the airport.
Total passenger activity for the Southwest Florida International Airport exceeded 1,100,000 in
January 2020, before a historical decrease in traffic in April 2020, when total passengers fell to
53,379 for the month. As we have noted earlier, the COVID-19 pandemic was keeping both
Floridians and non-Floridians at home. However, recent statistics show that passenger activity has
generally returned to pre-COVID-19 conditions. Total passenger traffic at RSW was 10,343,802 in
2022, up 1.1 percent from the total passenger traffic in 2019. These numbers indicated that the
region continues to improve from the dip in passenger activity experienced in April 2020.
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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.
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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. Collier County has experienced an
increase of 11.73% in budget between FY 2022 and FY 2023. The FY 2023 total net county budget
is now $1,959,954,000.
Education: The Collier County public school system currently contains a total of 63 schools with
48,000 students and 3,200 teachers. Collier County averages 3,200 graduates per year. The below
chart shows more detail with regards to the public-school system.
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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. Collier
County has 35.9% of the population Age 25+ with a bachelor’s degree or higher compared to 30.5%
in Florida and 32.9% in the United States. Only 10.1% of those within Collier County have less than a
high school education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast array of natural and historical attractions. Places to visit
include the 52-acre Naples Zoo, the Collier County Museum, the Big Cypress National Preserve, the
Museum of the Everglades, and the Naples Botanical Gardens. In addition to these listed, there are
numerous other reserves, museums, zoos, etc that are available for tourists to visit.
Healthcare: Within Collier County, there are the Naples Community Hospital, the North Collier
Hospital, Regional Heart Institute, NCH Wellness Centers and various other clinics. As the largest
county in Florida with a total area of 2,305 square miles, these medical facilities must provide
services effectively to the entire county. Helicopter usage cuts critical minutes from transport time.
83.564% of those living within Collier County have health insurance compared to 86.53% throughout
Florida and 90.63% throughout the United States. The highest percentage of those without
healthcare coverage is from people making $25,000 at 20.3%.
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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. Despite these many
positives, portions of Collier County were greatly affected by the past housing debacle which resulted
in a significant number of residential foreclosures. However, trends have been positive in most recent
years. The availability of commercial vacant land, the county's numerous natural attractions, and the
anticipated future population growth are all positive factors that bode well for this area over the long
term.
Collier County is considered to be a great place to live. The presence of a wide variety of industries in
the area offers residents and potential residents diverse opportunities for employment. A significant
amount of land is federally held in conservation in eastern portions of the county. There are also
excellent recreational facilities throughout the county, with numerous golf courses, beaches, and
parks.
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We invite your attention to the location map, which shows the relative location of the subject property
in Naples.
Location Map
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Market Area Map
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.”
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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 I-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)
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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
Usage:
Immediate properties in the subject market are mostly agricultural and
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
District:
Residential both single and multi-family, general business, office, retail,
agricultural and governmental uses.
Vacancy rates: Commercial/Agricultural: 2% - 5%
Single Family: 3% - 8%
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 5633-2059) and displayed as follows:
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:
Amy and Delsina Trigoura
1431 SW 85th Ave
Pembroke Pines, Florida 33025
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Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject
property is identified by its Parcel Number 41507440009. For the tax year of 2022 the subject
property had combined assessed values of $11,600 at a millage rate of 10.9632 resulting in an
annual tax burden of $151.70. Please note the 2020-2022 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.
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-
Valorem Tax Liability
2022 $11,600 $11,600 10.9632 $151.70 $0.00 $151.70
2021 $10,454 $10,454 11.4183 $120.43 $0.00 $120.43
2020 $9,690 $9,690 11.3084 $109.58 $0.00 $109.58
41507440009 Tax Analysis
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 and plat maps which shows the
relative size, configuration and location of the subject property. This will be followed by general site
information and data as well as information on the physical characteristics and economic factors that
affect the property.
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Subject Aerial Map
Plat Map
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General Site Information
Address:
Parcel Number:
40th Ave SE, Naples, Florida 34117
41507440009
Physical Characteristics of the Site
Frontage: Approximately 75 feet along 40th Ave SE
Total Site Area: 1.14 acres or 49,658 square feet per the Collier County Property
Appraiser records. We were not provided with a site survey.
Shape of Tract: Rectangular
Access: The subject has access from 40th Ave SE, an unpaved road with
connection to Desoto Blvd S to the west and is a dead end to the
east of the property.
Corner Influence: This property is not located on a corner.
Utilities to Site:
Flood Designation:
No utilities were observed at the time of inspection.
Flood Zone Code AH, Flood Zone Panel 120067-12021C0445H,
Dated May 16, 2012. See Flood Map in addenda.
Easements: Typical utility easements are assumed to exist. Road easement
along 40th Ave SE frontage.
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 indicates wetlands as well as hydric slough and
depressional soils present on site. The USDA Web Soil Survey
Map shows half of the subject as Brynwood Fine sand-Urban land
complex and the other half as Cypress Lake Riviera-Copeland find
sand. 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.
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.
Neighboring Property Uses: Properties located along 40th Ave SE generally consist of limited
semi- rural residential uses. Zoning allows for a maximum of one
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development unit per 2.25 gross acres
Land Use Designation: Estates
Zoning Classification: E-Estates
Allowable Uses in the
District:
Allowable uses in the district will be discussed in detail in the
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 PFO2/1Cd and PFO1Cd. Map is displayed
below.
System Palustrine (P): The Palustrine System includes all nontidal wetlands dominated by
trees, shrubs, persistent emergents, emergent mosses or lichens, and all such wetlands that
occur in tidal areas where salinity due to ocean-derived salts is below 0.5 ppt. It also includes
wetlands lacking such vegetation, but with all of the following four characteristics: (1) area
less than 8 ha (20 acres); (2) active wave-formed or bedrock shoreline features lacking; (3)
water depth in the deepest part of basin less than 2.5 m (8.2 ft) at low water; and (4) salinity
due to ocean-derived salts less than 0.5 ppt.
Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller.
Subclass Needle-Leaved Deciduous (2): This subclass, consisting of wetlands where
trees or shrubs are predominantly deciduous and needle-leaved, is represented by
young or stunted trees such as tamarack or bald cypress.
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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).
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.).
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● Schools and school facilities in the Estates Designation north of I-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.
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Subject Property Photographs
View: Looking
west along 40th Ave
SE. Subject to the
left.
Photograph date:
April 12, 2023
Taken by: Hannah
Dwyer
View: Looking east
along 40th Ave SE.
Subject to the right.
Photograph date:
April 12, 2023
Taken by: Hannah
Dwyer
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Subject Property Photographs
View: Looking
south at the subject
property frontage
from 40th Ave SE
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined as: “The reasonably probable use of property
that results in the highest value. The four criteria that the highest and best use must meet are
legal permissibility, physical possibility, financial feasibility, and maximum productivity.”
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site
in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the owner
of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net return
or the highest present worth?
HIGHEST AND BEST USE AS VACANT
Legally Permissible Use: Factors that impact the legally permissible uses for the subject property
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. No specific deed restrictions are known relating to the
property. The subject has a comprehensive land use plan classification of Estates and is zoned (E)
Estates. Some of the uses permitted include; Low-density residential with limited agriculture,
including, but not limited to: single-family dwelling; fruit and vegetable growth for personal
consumption ; keeping fowl or poultry (max 25); educational plants as an essential service; keeping
horses and livestock (2/acre); recreational facilities that are an integral part of residential
development. Residential use is not to exceed 1-DU per/2.25-acres. Due to the wetlands indicated
on the subject property, an Environmental Resource Permit from the Florida Department of
Environmental Protection would be required for any activities involving the altercation of surface
water flows.
Physically Possible Uses: The physical aspects of the subject impact legally permissible
development. The site has a rectangular configuration containing a total of 49,658 square feet or
1.14 acres of site area, more or less. The property has good frontage of 75 feet on 40th Ave SE.
There are wetlands present on site and the property is fully wooded with brush covering. This
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impacts developability and value for properties of this nature. Currently, no utilities were present on
site. The size of the parcel is sufficient to support low density residential use.
Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a
process to eliminate potential uses. In other words, once the uses that are legally permissible have
been determined, consideration of uses which are physically possible will tend to reduce the legally
permissible uses or reinforce them. Likewise, consideration of the economic and financial aspects
of a given property will tend to further refine the uses which have been previously described as
legally permissible and physically possible.
The physical characteristics of this property include vacant low density residential along 40th Ave SE.
There is an abundance of Estate zoned vacant land in the immediate area. The most economic and
financially feasible uses of the property would be for development of the site as limited agriculture
under the permitted uses or for low-density residential development.
Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has
considered which uses are reasonably considered to be legal, physically possible as well as
economically and financially supported. The zoning and land use allow for a range of uses including
agricultural such as fruit and vegetable growth for personal consumption and low-density horse and
livestock as well as low density residential.
Considering the near-by low density residential properties, it is our opinion that low density residential
use has the most development potential given the location of the property.
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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 the most
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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. The appraiser also considered two active listings.
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 qualitative 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 contained within the property in order
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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 pending sale and active
listing similar to the subject property followed by 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
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COMPARABLE 1
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 30th AVE SE
Naples, FL 34117
County: Collier
Location: North side of 30th Ave SE
STRAP/ID: 41341360002
Grantor: Angel Roger
Grantee: EYBD-LLC
Legal Data:
Sale Date: March 29, 2023
Sale Price: $45,000
Sale Price per Sq. Ft.: $0.91
Sale Price per Acre: $39,474
Recording: 6230-3289
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2819
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 30th Ave SE
Wetlands/Uplands: Wetlands 85%
Soils: Hydric Slough Soils
Sale Analysis:
Sale Price: $45,000
Financing: Cash to Seller
Price per SF: $0.91
Price per Acre: $39,474
Sale Confirmation:
Verification: Karla Petty-Agent, 563-650-9162
Verifying Appraiser: Hannah Dwyer, April 15, 2023
Sale History: No qualified sales in prior 5 years
Comments:
This is a vacant wooded parcel located off 30th Ave SE in Naples. The site is unimproved with
85% wetlands or 0.97 acres according to a DEP report for the property. The uplands portion
consists of a small roadside berm area. Soils appear to be 100% hydric slough. Zoning allows
for low density residential/agricultural uses. The property was on the market for 187 days at an
asking price of $47,900.
CNA Data # 2819
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COMPARABLE 2
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 32nd AVE SE
Naples, FL 34117
County: Collier
Location: South side of 32nd Ave SE
STRAP/ID: 41397520003
Grantor: B & G Landholdings LLC
Grantee: Donna Petit-Fort
Legal Data:
Sale Date: October 10, 2022
Sale Price: $29,000
Sale Price per Sq. Ft.: $0.58
Sale Price per Acre: $25,439
Recording: 6181-3039
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2820
DocuSign Envelope ID: 4C0F45CA-48A4-4087-AA22-0758E2090D78
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 32nd Ave SE
Wetlands/Uplands: Wetlands 96%
Soils: None Adverse Apparent
Sale Analysis:
Sale Price: $29,000
Financing: Cash to Seller
Price per SF: $0.58
Price per Acre: $25,439
Sale Confirmation:
Verification: Lisa Ann Lagergren-Agent, 609-432-1382
Verifying Appraiser: Hannah Dwyer, April 16, 2023
Sale History: $155,000 on 4/25/22. Part of six parcel sale
Comments:
This is a vacant wooded parcel located off 32nd Ave SE in Naples. The site is unimproved with
96% wetlands or 1.09 acres according to a DEP report for the property. The uplands portion
consists of a small roadside berm area. Zoning allows for low density residential/agricultural
uses. The property was previously sold in April of 2022 as part of six parcel sale for $150,000.
The property was on the market for 151 days, with a list price starting at $50,000 and decreasing
several times before selling at $29,000. The parcel has been listed for sale since December of
2022 for an asking price of $45,000.
CNA Data # 2820
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COMPARABLE 3
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 16th AVE SE
Naples, FL 34117
County: Collier
Location: South side of 16th Ave SE
STRAP/ID: 41102880006
Grantor: Maritza and Moises Pimentel
Grantee: Porselvan Thamizharsi
Legal Data:
Sale Date: August 12, 2022
Sale Price: $30,000
Sale Price per Sq. Ft.: $0.60
Sale Price per Acre: $26,316
Recording: 6163-3702
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2818
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 16th Ave SE
Wetlands/Uplands: Wetlands 98%
Soils: Depressional and Hydric Slough Soils
Sale Analysis:
Sale Price: $30,000
Financing: Cash to Seller
Price per SF: $0.60
Price per Acre: $26,316
Sale Confirmation:
Verification: Kandi Phillips-Agent, 239-595-1239
Verifying Appraiser: Hannah Dwyer, April 15, 2023
Sale History: No sales in prior 5 years
Comments:
This is a vacant wooded parcel located off 16th Ave SE in Naples. The site is unimproved with
98% wetlands or 1.12 acres according to a DEP report for the property. The wetlands
determination requires an ERP (wetland) permit in order to develop on the site. Soils are
depressional and hydric slough. Zoning allows for low density residential/agricultural uses. The
selling agent stated that this was an arm's length transaction.
CNA Data # 2818
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PENDING SALE
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 24th AVE SE
Naples, FL 34117
County: Collier
Location: South side of 32nd Ave SE
STRAP/ID: 41163040005
Grantor: Charles Bennett
Grantee: N/A
Legal Data:
Closing Date: Unknown
Pending Sale Price: $25,000
Sale Price per Sq. Ft.: $0.50
Sale Price per Acre: $21,930
Recording: N/A
Interest Conveyed: Fee Simple
Deed Conveyed: N/A
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2821
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 24th Ave SE
Wetlands/Uplands: Wetlands 92%
Soils: 100% Depressional Slough
Sale Analysis:
Pending Sale Price: $25,000
Financing: N/A
Price per SF: $0.50
Price per Acre: $21,930
Sale Confirmation:
Verification: Eddy Rudner-Agent, 239-784-8788
Verifying Appraiser: Hannah Dwyer, April 16, 2023
Sale History: No prior sales listed
Comments:
This is the pending sale of a vacant wooded parcel located off 24th Ave SE in Naples. The site
is unimproved with 92% wetlands or 1.00 acres (excluding road ROW) according to a DEP
report for the property. Zoning allows for low density residential/agricultural uses. The property
was on the market for 72 days at an asking price of $29,000 before going under contract for
$25,000 in what will be an arm's length transaction. According to the listing agent, the sale is still
pending due to probate processing and he was unsure of when the exact closing date would be.
CNA Data # 2821
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ACTIVE LISTING
Property Reference:
Property Type: Residential Acreage Vacant Land
Address: 30th AVE SE
Naples, FL 34117
County: Collier
Location: South side of 32nd Ave SE
STRAP/ID: 41449640006
Grantor: Jose Ronda
Grantee: N/A
Legal Data:
Listing Date: April 10, 2023
Listing Price: $29,900
List Price per Sq. Ft.: $0.60
List Price per Acre: $26,228
Recording: N/A
Interest Conveyed: Fee Simple
Deed Conveyed: N/A
Land Use: Estates Designation
Zoning: E
Highest and Best Use: Low-density residential/agricultural
CNA Data # 2822
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Site Data:
Site Dimensions: 659' x 75'
Site Size: 49,658 square feet, 1.140 acres
Shape: Rectangular
Topography: Appears level and wooded
Corner/Visibility Influence: No
Utilities: None
Access: From 30th Ave SE
Wetlands/Uplands: Wetlands 88%
Soils: 100% Depressional Slough
Listing Analysis:
List Price: $29,900
Financing: N/A
Price per SF: $0.60
Price per Acre: $26,228
Sale Confirmation:
Verification: Tony Arias-Listing Agent, 239-253-2845
Verifying Appraiser: Hannah Dwyer, April 16, 2023
Sale History: No qualified sales in prior 5 years
Comments:
This is the active listing of a vacant wooded parcel located off 30th Ave SE in Naples. The site
is unimproved with 88% wetlands or 1.00 acres according to a DEP report for the property.
Zoning allows for low density residential/agricultural uses. Soils appear to be 100% depressional
slough. The property has been on the market for 11 days at an asking price of $29,900.
CNA Data # 2822
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Criteria Subject Sale 1 Sale 2 Sale 3 Pending Sale Active Listing
Location 40th Ave SE 30th AVE SE 32nd AVE SE 16th AVE SE 24th AVE SE 30th AVE SE
Naples Naples Naples Naples Naples Naples
Recording -6230-3289 6181-3039 6163-3702 6181-3039 6181-3039
Sales Price -$45,000 $29,000 $30,000 $25,000 $29,900
Sale/Appraisal Date April 12, 2023 March 29, 2023 October 10, 2022 August 12, 2022 May 1, 2023 April 10, 2023
Parcel Size (sf)49,658 49,658 49,658 49,658 49,658 49,658
Parcel Size (Acres)1.14 1.14 1.14 1.14 1.14 1.14
Sale Price -$45,000 $29,000 $30,000 $25,000 $29,900
Sale Price per Square Foot -$0.91 $0.58 $0.60 $0.50 $0.60
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller N/A N/A
Conditions of Sale -Arms Length Arms Length Arms Length Arms Length N/A
Expenditures Immediately after Sale -$0 $0 $0 $0 $0
Market Conditions -$0 $0 $0 $0 $0
Adjusted Sale Price -$45,000 $29,000 $30,000 $25,000 $29,900
Adjusted Sale Price per sq. ft. -$0.91 $0.58 $0.60 $0.50 $0.60
Physical Properties
Location Naples Naples Naples Naples Naples Naples
Parcel Size (sf)49,658 49,658 49,658 49,658 49,658 49,658
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E
Utilities None None None None None None
Access From 38th Ave SE From 30th Ave SE From 32nd Ave SE From 16th Ave SE From 24th Ave SE From 30th Ave SE
Topography/Site Condition Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 100%85%96%98%92%88%
Permit Required Yes Yes Yes Yes Yes Yes
Location Similar Similar Similar Similar Similar
Parcel Size Similar Similar Similar Similar Similar
Land Use Similar Similar Similar Similar Similar
Zoning Similar Similar Similar Similar Similar
Utilities Similar Similar Similar Similar Similar
Access Similar Similar Similar Similar Similar
Topography/Site Condition Similar Similar Similar Similar Similar
Wetlands Superior Similar Similar Similar Similar
Permit Required Similar Similar Similar Similar Similar
Overall Rating Superior Similar Similar Similar Similar
Land Sales Adjustment Analysis - Qualitative
Physical Property Ratings
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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 comparable 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.” The appraiser is not aware of any expenditures
after sale for the comparables; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale are
often compared, although the usage can be misleading because property values do not change
merely as the result of the passage of time.”
The sales transactions occurred between August 2022 (Sale 3) and March 2023 (Sale 1). 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. No adjustments were warranted for this category.
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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 qualitative
procedure by considering physical differences in the sales properties when compared to the subject
and applying an overall rating of similar, superior or inferior.
Location Adjustment: The subject property is located along the south side of 40th Ave SE in
Naples, east of Desoto Blvd S, the two-lane road that leads into the subjects neighborhood. All of the
sales are located within the same immediate neighborhood as the subject and in close proximity. The
sales were considered similar in this category.
Size: The subject property contains 1.14 acres or 49,658 square feet. All of the comparable sales
are the exact size of the subject and therefore considered similar.
Land Use Classification: The subject property has a land use classification of Estates Designation.
All of the comparable sales have the same land use designation as the subject.
Zoning Classification: The subject property is zoned (E) Estates District. All of the comparable
sales have the same zoning as the subject.
Utilities: The subject site currently has no utilities. This is the same for all of the comparables.
Access: The subject property is accessible from frontage along 40th Ave SE. All of the sales are
considered similar to the subject with access through frontage along nearby roadways.
Topography/Site Condition: The subject is vacant, fully wooded with ground brush covering. All of
the sales are considered similar to the subject in this category.
Wetlands: The subject is 100% freshwater forested wetlands with an FDEP wetlands determination
map also indicating the entire site as wetlands. The sales have wetland determinations ranging from
85% to 96%. Sale 1 was considered superior to the subject, having the least amount of wetlands
present on site. The remaining sales were considered overall similar.
Permit Required: Due to the subjects wetlands determination, an ERP (environmental Resource
Permit) would be required in order to develop the land. All of the sales are considered similar in this
category.
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Land Sales Discussion: Following will be a brief discussion of each of the sales utilized in this
analysis to estimate the market value for the subject property. While the active listing and pending
sale are supportive in determining current market values, they are not relied upon as they are not
closed sales.
Land Sale One is the March 29, 2023 purchase of the vacant site located off 30th Ave SE, Naples,
Florida. The site contains 1.14 acres and was acquired for $45,000 or $0.91 per square foot. Overall,
this sale is rated superior to the subject due to the lesser indicated wetlands present on site.
Land Sale Two is the October 10, 2022 purchase of the vacant site located off 32nd Ave SE in
Naples, Florida. The site contains 1.14 acres and was acquired for $29,000 or $0.58 per square foot.
Overall, this sale is rated similar to the subject in all categories.
Land Sale Three is the August 12, 2022 purchase of the vacant site located off 16th Ave SE in
Naples, Florida. The site contains 1.14 acres and was acquired for $30,000 or $0.60 per square foot.
Overall, this sale is rated as similar to the subject in all categories.
Pending Sale This is pending sale of a vacant site located off 24th Ave SE in Naples, Florida. The
site contains 1.14 acres and is under contract for $25,000 or $0.50 per square foot. Overall, this
pending sale is rated similar to the subject in all categories.
Active Listing This is an active listing for a vacant site located off 30th Ave SE, Naples, Florida. The
site contains 1.14 acres and is listed for $29,900 or $0.60 per square foot. Overall, this active listing is
rated as similar to the subject in all categories.
Please note the statistical data from the final adjusted closed sale prices presented below.
Range of Values Adj. Sales Price Per SF
Maximum $0.91
Minimum $0.58
Mean $0.70
Median $0.60
Final Per Sq. Ft. Estimate $0.60
Reconciliation of Sales Comparison Approach
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Final Analysis: Three sales were utilized in the analysis process. The value indicators show an
adjusted range from a low of $0.58 per square foot (Sale 2) to a high of $0.91 per square foot (Sale
1). The mean and median value indications are $0.70 per square foot and $0.60 per square foot,
respectively.
Sales 2 and 3 are considered the most similar to the subject and as such are the best
representations of vacant land in the subject market. Sale One is the most recent sale, however, it is
considered superior to the subject due to having less wetlands present on site. All three sales are of
the same size, topography, zoning and land use classification. All of the comparable sales are in
close proximity to the subject.
The three 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 $0.60
per square foot which is near the median value as well as being closer to Sales 2 and 3. Multiplying
$0.60 by the 49,658 square feet contained within the subject site provides a value indication of
$29,795 or $30,000 rounded.
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Section 6 – Reconciliation of Value
Summary of Value Conclusions “As-Is”
Cost Approach Not Applied
Income Approach Not Applied
Sales Comparison Approach $30,000
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 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 April 12, 2023 of:
THIRTY THOUSAND DOLLARS.................................................................................. ($30,000.00).
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Hannah Dwyer
State-registered trainee appraiser RI25089
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Section 7 – Cer tification 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.
• I 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.7
• 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 reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• As of the date of this report, Michael Jonas has completed the Standards and Ethics Education
Requirements for Candidates of the Appraisal Institute.
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• As of the date of this report, Michael Jonas has completed the continuing education program for
Designated Members of the Appraisal Institute.
• Michael Jonas has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Michael Jonas has not made a personal inspection of the property that is the subject of this report.
• 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 appraised the subject in the last three years. He has not provided any other
services related to the property in the last three years.
• Hannah Dwyer, Registered Appraiser Trainee License: RI25089, contributed five hours relating to
development, research, inspection, and writing of this report.
• I, the supervisory appraiser of a registered appraiser trainee who contributed to the development
or communication of this appraisal, hereby accepts full and complete responsibility for any work
performed by the registered appraisal trainee named in this report as if it were my own work.
Based upon the analysis presented in this appraisal report, it is my opinion the subject property
warrants a market value as of the effective date April 12, 2023, for its fee simple ownership and in its
“as is” condition of:
THIRTY THOUSAND DOLLARS.................................................................................. ($30,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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Certification of Hannah Dwyer
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.
• I 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 reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• Hannah Dwyer has completed the requirements of education for registration through the State of
Florida is current until November 30, 2024.
• Hannah Dwyer has made a personal inspection of the property that is the subject of this report.
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• No one has provided significant real property appraisal assistance to the persons signing this
report.
• 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.
• Hannah Dwyer 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.
• Hannah Dwyer has not appraised the subject in the last three years. She has not provided any
other services related to the property in the last three years.
Based upon the analysis presented in this appraisal report, it is my opinion the subject property
warrants a market value as of the effective date April 12, 2023, for its fee simple ownership and in its
“as is” condition of:
THIRTY THOUSAND DOLLARS.................................................................................. ($30,000.00).
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Hannah Dwyer
State-registered trainee appraiser RI25089
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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.
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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
upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
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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.
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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
• The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.
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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.
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Section 8 – Addenda
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SUBJECT WARRANTY DEED
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FDEP Informal Wetland Determination Map/NRCS Hydric Slough Model
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NATIONAL WETLANDS MAP
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USDA SOIL MAP
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FLOOD MAP
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APPRAISERS' LICENSES
LICENSE FOR MICHAEL JONAS, MAI, AI-GRS
LICENSE FOR HANNAH DWYER
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QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623
EDUCATION:
University of Central Florida - 1999 BSBA – Finance
PROFESSIONAL EDUCATION:
Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020, 2022
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, 2022
Appraisal Institute: Appraisal Report Writing, 2005
Appraisal Institute: Artificial Intelligence, AVMS, 2019
Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020
Appraisal Institute: Capital Reserve Studies 2022
Appraisal Institute: Central Florida Real Estate Forum, 2022
Appraisal Institute: Desktop Appraisals 2020
Appraisal Institute: Evaluations for Commercial and Residential Appraisers, 2022
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, 2004, 2006, 2008, 2010, 2012
Appraisal Institute: Real Estate Damages, 2011
Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007
Appraisal Institute: Review Involving Appraisals by Multiple Appraisers, 2022
Appraisal Institute: Review Theory – General, 2014
Appraisal Institute: Roles/Responsibilities Supervisor/Trainee, 2006, 2008
Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008,
2012, 2014, 2016 2020, 2022
Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012
Appraisal Institute: The Appraiser as an Expert Witness, 2016
Appraisal Institute: The Paperless Real Estate Appraisal Office, 2022
Appraisal Institute: Trial Components, 2016
Appraisal Institute: Uniform Appraisal Standards for Federal Land Acquisitions, 2007
Bert Rodgers: Continuing Real Estate Education, 2004, 2006, 2021
Bob Hogue: 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, 2009
CCIM Institute: Investment Analysis Commercial, 2009
CCIM Institute: Market Analysis Commercial Investment, 2008
CCIM Institute: User Decision Analysis Commercial Industrial, 2009
CLE International: Eminent Domain, 2006
Cooke: CE for Real Estate Professionals, 2015
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DPBR: FREAB Board Meeting, 2007
Florida Dept. Revenue: Real Property Appraiser Special Magistrates VAB Training, 2022
Larson Educational Services: Core Law, 2010
McKissock: Supervisor – Trainee Course for Florida, 2019
NABOR Ethics Training: 2004, 2008, 2012, 2016
EXPERIENCE:
1999 – 2000 Clayton, Roper & Marshall Orlando, FL
2000 – 2001 Chapman & 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 – 2019 MPJ Real Estate Services, Inc. Naples, FL
2019 – Present Carlson, Norris & Associates Fort Myers & Naples, FL
2022 – Special Magistrate, Collier County Value Adjustment Board
PROFESSIONAL MEMBERSHIP:
Appraisal Institute, Member (MAI / AI-GRS) No. 12480
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,
office/warehouse 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 cases.
Appraisal clients include: banks, savings and loan associations, attorneys, corporations,
builders, developers, mortgage companies, insurance companies, home transfer companies,
private individuals, and local, state and federal government agencies.
Qualified as an expert witness in Monroe and Collier County Circuit Court
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QUALIFICATIONS OF HANNAH V. DWYER
STATE-REGISTERED TRAINEE APPRAISER RI25089
EDUCATION:
Western Governors University- Bachelor of Science – Business Administration, Management
Expected Graduation- May 2023
PROFESSIONAL EDUCATION:
National 15-Hour USPAP Course – September 2020
National Appraising for Supervisors and Trainees- October 2020
Florida Appraisal Law- October 2020
Basic Appraisal Principles – January 2021
Basic Appraisal Procedures – March 2021
Marshall & Swift Commercial Cost Approach Certification- March 2022
National 15-Hour USPAP Course- September 2022
Florida Appraisal Law- October 2022
The Income Approach: An Overview- October 2022
EXPERIENCE:
2021-Present: Carlson, Norris and Associates, Inc.
Fort Myers, Florida
PROFESSIONAL MEMBERSHIP:
Certification - State-Registered Trainee Appraiser RI25089
Properties appraised/assisted include: commercial buildings, industrial buildings, warehouses,
professional offices, medical offices, office/warehouse condominiums, acreage, multi-family, special
use properties, and other miscellaneous properties.
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