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Agenda 10/24/2023 Item #11A (Agreement for Sale and Purchase - Conservation Collier Land Acquistion Program)10/24/2023 EXECUTIVE SUMMARY Recommendation to approve an Agreement for Sale and Purchase with (1) Annecy Marco, LLC, Barfield Hawaii, LLC, and 201 Barfield, LLC ("Annecy/Barfield"); (2) Diane Greene Chestnut; (3) South Terra Corporation; and (4) Agua Colina under the Conservation Collier Land Acquisition Program, at a cost not to exceed $6,549,900. OBJECTIVE: To purchase four properties on Marco Island for the Conservation Collier Program. CONSIDERATIONS: Prior to development, Marco Island consisted of multiple native plant communities that sustained a large gopher tortoise population and provided refuge to many other species of wildlife, including migratory warblers. Very little vegetated, undeveloped land remains on Marco Island, but the native plant communities left (coastal scrub and maritime hammock) are now rare within Collier County. The four properties under consideration for purchase contain these native plant communities and, despite their small size, have large amounts of listed species - gopher tortoise, burrowing owl, bald eagle - and still provide refuge for migratory warblers and other wildlife. None of the seller's or affiliated entities or persons own property adjacent to or near the offered properties. On December 13, 2022, Agenda Item #11A, the Board of County Commissioners (Board) approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle I I A Active Acquisition List (AAL) and directed staff to actively pursue acquisitions for the Program. The Annecy/Barfield, Chestnut, South Terra Corp, and Agua Colina properties were approved as A -list properties on the Cycle I IA AAL. Annecy/Barfield - Parcels 57199040005, 57199000003, 57198920003, 57198960005 - 181, 191, 201, and 221 S. Barfield Dr., Marco Island 0 2.13 acre (92,783 square feet) vacant, unimproved, partially cleared upland comprised of exotic vegetation, remnant coastal scrub, and maritime hammock. o Acquisition of this parcel protects nesting bald eagles, approximately 109 gopher tortoises, nesting burrowing owls, and nesting short -tailed hawks. o Twenty-five letters and seven phone calls were received from the public to support acquiring this property. The City of Marco Island City Council also wrote a letter of support for acquiring this property. o Staff contracted with two independent, state -certified, general real estate appraisal firms to appraise the Annecy/Barfield parcels. The cost to obtain these appraisals was $3,800. o An offer of $2,880,000 was made on May 9, 2023. The negotiated purchase price of $3,140,000 was accepted on May 11, 2023 and represents a per acre cost of $1,474,178. o The purchase price is the average of the two appraisals and. o The property was previously listed from December 2020 - January 2022 for 3,600,000 million dollars. The listing price changed in January 2022 to 3,495,000. 0 Chestnut - Parcel 57802400000 - 660 Inlet Dr., Marco Island 0 0.53 acre (23,087 square feet) vacant, unimproved, vegetated upland containing maritime hammock with coastal scrub patches. o Acquisition of this parcel protects approximately 18 gopher tortoises and habitat for burrowing owls and migratory bird species. o Staff contracted with two independent, state -certified, general real estate appraisal firms to appraise the Chestnut parcel. The cost to obtain these appraisals was $2,600. o An offer of $564,800 was made on May 30, 2023. The negotiated purchase price of $627,500 was Packet Pg. 117 10/24/2023 accepted on July 5, 2023. Note, the per acre cost of this property is $1,183,962. o The purchase price is the average of the two appraisals. South Terra Corp - Parcel 58105440009 - 1125 Caxambas Dr., Marco Island 0 0.56 acre (24,394 square feet) vacant, unimproved upland containing primarily coastal scrub with some clearing on the southern half of the parcel o Acquisition of this parcel protects approximately 29 gopher tortoise and habitat for burrowing owls and migratory bird species. It also preserves the vegetated buffer the parcel provides to the adjacent canal. o The property is within the Caxambas Midden archaeological site - 8CR107. o Staff contracted with two independent, state -certified, general real estate appraisal firms to appraise the South Terra Corp parcel. The cost to obtain these appraisals was $2,700. o An offer of $1,550,000 was made on May 10, 2023. The negotiated purchase price of $1,620,000 was accepted on May 12, 2023. As a note, the per acre cost of this property is $2,892,857. o The purchase price is 96% of the average of the two appraisals. • Agua Colina - Parcel 58105400007 - 1929 Indian Hill St., Marco Island 0 0.63 acres (27,443 square feet) vacant, vegetated, unimproved upland containing coastal scrub. o Acquisition of this parcel protects approximately 20 gopher tortoises and habitat for burrowing owls and migratory bird species. It also preserves the vegetated buffer the parcel provides to the adjacent canal. o The property is within the Caxambas Midden archaeological site - 8CR107. Prehistoric and historic cultural resources have been documented across the entire parcel, including 16 intact human burials representing a minimum of 28 individuals. o Staff contracted with two independent, state -certified, general real estate appraisal firms to appraise the Agua Colina parcel. The cost to obtain these appraisals was $2,300. o An offer of $1,120,000 was made on May 9, 2023, and accepted on June 21, 2023. As a note, the per acre cost of this parcel is $1,777,778. o The purchase price is the average of the two appraisals. On September 6, 2023, the CCLAAC voted unanimously to recommend approval of the Annecy Barfield, Chestnut, and South Terra Corp purchase agreements. On October 4, 2023, the CCLAAC will vote on whether to recommend Board approval of the Agua Colina purchase agreement. Prior to acquiring land located within a Municipality's boundaries, approval must first be obtained from the governing body of that Municipality. The City of Marco Island Resolution 23-18, which endorses acquiring these four properties, was approved by the Marco Island City Council on May 8, 2023. Also included in the Marco Island Resolution 23-18 is a .50 acre parcel owned by S&B Properties, LLC located at 841 Scott Drive. An offer was made but it has not been accepted. These acquisitions are consistent with 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 property is provided herewith. FISCAL IMPACT: The funds for these vacant 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 $6,549,900 as follows: Seller Name Acres Appraised Purchase Closing Costs (title Total Initial 5 Long-term Value Price I commitment, title I Purchase Yr. Maint Annual Maint Packet Pg. 118 10/24/2023 policy, closing fee, recording fees) Price Costs Costs Annecy/Barfield 2.13 $3,140,000 $3,140,000 $19,300 $3,159,300 $112,300 $450 Chestnut 0.53 $627,500 $627,500 $4,850 $632,350 $18,800 $100 South Terra Corp 0.56 $1,720,000 $1,620,000 $10,550 $1,630,550 $14,300 $100 AguaColina 0.63 $1,120,000 $1,120,000 $7,700 $1,127,700 $14,300 $100 TOTAL 3.85 $6,607,500 $6,507,500 $42,400 $6,549,900 $159,700 $750 As of October 24, 2023, the estimated property acquisition costs for Conservation Collier properties, including these properties and those under contract, total $123,182,097. Estimated costs of maintenance in perpetuity for these and all Cycle 11A 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 these parcels for the first five years (initial maintenance costs) are estimated at $159,700. After initial restoration, the estimated maintenance costs for these parcels will be approximately $750 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 Board approval. - SAA RECOMMENDATION: To consider the CCLAAC's recommendation and approve the attached Agreements and accept the Warranty Deeds once approved by the County Attorney's Office; authorize the Chairman to execute the Agreements and any and all other County Attorney's Office approved documents related to these transactions; and authorize the County Manager or designee to prepare related vouchers and warrants for payments and to take all reasonable steps necessary to ensure performance under the Agreements. Prepared by: Sonja Stephenson, Property Management Specialist ATTACHMENT(S) 1. City of Marco Resolution 23-18 (PDF) 2. Annecy Barfield Agreement (PDF) 3. Annecy Barfield - Authorized Signatory Resolution (PDF) 4. [Linked] Annecy Barfield Appraisal Report Jonas Carlson Norris(PDF) 5. [Linked] Annecy Barfield Appraisal Report Caroll & Caroll (PDF) 6. Annecy Barfield Environmental Summary & Report (PDF) 7. Annecy Barfield Marco City Council Support Letter (PDF) 8. Annecy Barfield Project Design Report (PDF) 9. Annecy Barfield Public E-Mails (PDF) 10. Annecy -Barfield Public Phone Calls (PDF) 11. Chestnut Agreement (PDF) 12. [Linked] Chestnut Appraisal - Carroll and Carroll (PDF) 13. [Linked] Chestnut Appraisal - RKL (PDF) 14. Chestnut Environmental Summary & Report (PDF) 15. Chestnut Project Design Report (PDF) 16. South Terra Corp Agreement (PDF) 17. [Linked] South Terra Corp Appraisal - Carlson Norris (PDF) 18. [Linked] South Terra Corp Appraisal - RKL (PDF) Packet Pg. 119 11.A 10/24/2023 19. South Terra Corp Environmental Summary & Report (PDF) 20. South Terra Corp Project Design Report (PDF) 21. Agua Colina Agreement (PDF) 22. [Linked] Agua Colina Appraisal Report CC (PDF) 23. [Linked] Agua Colina Appraisal Report RKL (PDF) 24. [Linked] Agua Colina Environmental Summary & Report (PDF) 25. Agua Colina Nomination letter from Marco Island Councilman Dr Rich Blonna (PDF) 26. Agua Colina Project Design Report (PDF) Packet Pg. 120 11.A 10/24/2023 COLLIER COUNTY Board of County Commissioners Item Number: I LA Doc ID: 26704 Item Summary: Recommendation to approve an Agreement for Sale and Purchase with (1) Annecy Marco, LLC, Barfield Hawaii, LLC, and 201 Barfield, LLC ("Annecy/Barfield"); (2) Diane Greene Chestnut; (3) South Terra Corporation; and (4) Agua Colina under the Conservation Collier Land Acquisition Program, at a cost not to exceed $6,549,900. (Jaime Cook, Development Review Division Director) Meeting Date: 10/24/2023 Prepared by: Title: Property Acquisition Specialist — Facilities Management Name: Sonja Stephenson 09/21/2023 11:18 AM Submitted by: Title: Department Head - GMD — Growth Management Community Development Department Name: James C French 09/21/2023 11:18 AM Approved By: Review: Facilities Management John McCormick Director- Facilities Completed 09/21/2023 11:21 AM Facilities Management Jennifer Belpedio Manager - Real Property Completed 09/22/2023 1:43 PM Transportation Management Operations Support Evelyn Trimino Additional Reviewer Completed 09/25/2023 3:19 PM Operations & Regulatory Management Michael Stark Additional Reviewer Completed 09/26/2023 8:06 AM Development Review Summer BrownAraque Additional Reviewer Completed 09/26/2023 3:46 PM Growth Management Community Development Department Diane Lynch Growth Management DepartmentCompleted 09/26/2023 4:45 PM Growth Management Community Development Department Jaime Cook Additional Reviewer Completed 09/29/2023 9:38 AM County Attorney's Office Sally Ashkar Level 2 Attorney Review Completed 10/02/2023 8:02 AM Growth Management Community Development Department James C French Growth Management Completed 10/12/2023 12:17 PM Office of Management and Budget Blanca Aquino Luque Level 3 OMB Gatekeeper Review Completed 10/13/2023 8:51 AM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 10/13/2023 9:11 AM Office of Management and Budget Laura Zautcke Additional Reviewer Completed 10/16/2023 10:22 PM County Manager's Office Amanda Barnwell Level 4 County Manager Review Completed 10/18/2023 11:13 AM Board of County Commissioners Geoffrey Willig Meeting Pending 10/24/2023 9:00 AM Packet Pg. 121 11.A.a RESOLUTION 23-18 RESOLUTION OF THE CITY OF MARCO ISLAND, FLORIDA APPROVING COLLIER COUNTY'S ACQUISITION OF EIGHT PARCELS OF LAND TOTALING 4.35 ACRES LOCATED WITHIN THE CITY OF MARCO ISLAND UNDER THE CONSERVATION COLLIER LAND ACQUISITION PROGRAM; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Collier Countyhas established the Conservation Collier Land Acquisition Program pursuant to County Ordinance No. 2002-63, as amended, for the purpose of acquiring, protecting and managing environmentally sensitive land; and WHEREAS, Ordinance No. 2002-63, as amended, conditions that, "Prior to acquiring land located within a municipality's boundaries, approval must first be obtained from the governing body of that municipality"; and WHEREAS, the City of Marco Island has been advised that the following parcels of land located within the City of Marco Island have met program screening criteria and are under consideration by the Collier County Board of County Commissioners for purchase through the Conservation Collier Land Acquisition Program: a 0.66-acre parcel located at 181 South Barfield Drive owned by Annecy Marco LLC; a 0.54-acre parcel located at 191 South Barfield Drive owned by Annecy Marco LLC; a 0.38-acre parcel located at 201 South Barfield Drive owned by 201 Barfield LLC; a 0.55-acre parcel located at 221 South Barfield Drive owned by Barfield Hawaii LLC; a 0.53-acre parcel located at 660 Inlet Drive owned by Diane Chestnut; a 0.50-acre parcel located at 841 Scott Drive owned by S & B Properties LLC; a 0.63-acre parcel located at 1929 Indian Hill Street owned by Agua Colina LLC; and a 0.56 acre parcel located at 1125 Caxambas Drive owned by South Terra Corp ; and WHEREAS, the Marco Island City Council and the citizens of Marco Island are supportive of efforts to acquire property for conservation purposes; and WHEREAS, the Marco Island City Council endorses this acquisition effort with the understanding that the owners thereof are willing participants in any subsequent land transactions. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARCO ISLAND, FLORIDA, that: Section 1. The above recitals are true and correct and incorporated herein. Section 2. City Council hereby approves Collier County's acquisition of the above eight parcels of land totaling 4.35 acres pursuant to the Conservation Collier Land Acquisition Program with the understanding that the property owners thereof are willing participants in any subsequent land transactions. Packet Pg. 122 11.A.a Section 3. The appropriate City officials are authorized to do all things necessary to carry out the aims of this Resolution. Section 4. This Resolution shall take effect immediately upon its adoption. c°n PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF MARCO ISLAND, y FLORIDA, THIS 81" day of May 2023. U ATTEST: CITY R D L RIDA CL Vl/1 m By. Lina Upham, Deputy City Clerk regory Folly, Chairman c a Approved t7ad as to form legal sufficiency: N L Alan L. Gabriel, City Attorney 2 00 r M N C O 7 O N N O v L C� G O U r a m E t v 2 .r a Packet Pg. 123 Conservation Collier 11.A.b Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between ANNECY MARCO, LLC, a Florida limited liability company, BARFIELD HAWAII, LLC, a Delaware limited liability company, 201 BARFIELD, LLC, a Delaware limited liability company, whose address mailing address is PO Box 1810, Tampa, FL 33601-1810, (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112 (hereinafter referred to as "Purchaser"). W I T N E S S E T H WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Three Million, one Hundred Forty Thousand Dollars and 001100 dollars ($3,140,000), (U.S. Currency) payable at time of closing. Ill. CLOSING 3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of the transaction shall be held on or before ninety (90) days following execution of this Agreement by the Purchaser, or within thirty (30) days of Seller's delivery to the title company of the closing documents specified in Sections 3.0111 and 3.0114 and, if agreed to by the parties, Sections 3.0112 and 3.0013, whichever is later. The (23-RPR-03644/1810141/1] Packet Pg. 124 Conservation Collier 11.A.b Folio Number- 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC Closing shall be held at the Collier County Attorney's Office, Administration Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows: 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement, as prepared by the title company and reasonably agreed to by Purchaser and Seller. 3.0113 A "Gap Tax Proration, Owner's Non -Foreign Affidavit", as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A wire -transfer in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. [23-RPR-03644/1810141/1] Packet Pg. 125 11.A.b Conservation Collier Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC Q: 57198920003 Barfield Hawaii LLC `o 57198960005 201 Barfield LLC v L L d t 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, o at its sole cost and expense, shall pay at Closing all documentary stamp taxes due N 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 U) Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. ; 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property m 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 a paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. A IV. REQUIREMENTS AND CONDITIONS M 4.01 Upon execution of this Agreement by both parties or at such other time as a 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 L evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all o exceptions shown thereon. Purchaser shall have thirty (30) days, following M receipt of the title insurance commitment, to notify Seller in writing of any N objection to title other than liens evidencing monetary obligations, if any, which o obligations shall be paid at closing. If the title commitment contains exceptions L) that make the title unmarketable, Purchaser shall deliver to the Seller written o notice of its intention to waive the applicable contingencies or to terminate this Agreement. v 4.012 If Purchaser shall fail to advise the Seller in writing of any such objections r c a� E 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 a 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 commercially m reasonable efforts to make such title good and marketable. In the event Seller does not cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) a day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice E [23-RPR-03644/1810141/11 3 r a (C' -P0 Packet Pg. 126 11.A.b Conservation Collier Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC of termination within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 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. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD y C 5.01 Purchaser shall have sixty (60) days from the date of this Agreement, ("Inspection Period"), to determine through appropriate investigation that: o ti to 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 E development of the Property. ;v 3. The Property is in compliance with all applicable State and Federal environ- a mental laws and the Property is free from any pollution or contamination. 2 4. The Property can be utilized for its intended use and purpose in the Conservation Collier program. m 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection a Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its E GAO [23-RPR-03644/1810141/11 4 1 Packet Pg. 127 11.A.b Conservation Collier Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC a 57198920003 Barfield Hawaii LLC c 57198960005 201 Barfield LLC v �a L L d specific objections as provided herein within the Inspection Period, it shall be ~ deemed that the Purchaser is satisfied with the results of its investigations and the 3 contingencies of this Article V shall be deemed waived. In the event Purchaser elects cn to terminate this Agreement because of the right of inspection, Purchaser shall, within seven (7) days after Seller's request, deliver to Seller copies of all engineering 5 reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 0 5.03 Purchaser and its agents, employees and servants shall, at their own risk and 2 m 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 a Purchaser no less than twenty-four (24) hours prior to said inspection of the -_ Property. To the fullest extent permitted by law, Seller and Seller's agents and o employees shall not be liable for and Purchaser waives any and all claims for 2 damages to persons and property sustained by Purchaser or Purchaser's agents, 2 employees, assigns, licensees, concessionaires, invitees or any person claiming through such parties resulting from any accident or occurrence in or upon the a Property. To the extent permitted by law and as limited by and pursuant to the r provisions of Section 768.28, Florida Statutes, Purchaser hereby agrees to indemnify, defend and hold Seller harmless from and against any and all claims, U actions, damages, liability and expenses (including attorneys' fees) in connection L with loss of life, personal injury and/or damage to property arising from or out of any occurrence in, upon or at the Property, from or out of activities of, for or on behalf of Purchaser on the Property or any part thereof, or occasioned wholly or in part by an c act or omission of Purchaser, its agents, contractors or employees. VI. INSPECTION = 0 U 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have o the right to inspect the Property at any time prior to the Closing. N VII, POSSESSION 0 E 7.01 Purchaser shall be entitled to full possession of the Property at Closing. P a VIII. PRORATIONS a� 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be m prorated at Closing based upon the gross amount of current year taxes, and shall be paid by Seller. a w E (CA$ [23-RPR-03644/181a141/1] 5 Packet Pg. 128 11.A.b Conservation Collier Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC IX. TERMINATION AND REMEDIES 9.01 If Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. 9.02 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 10.01 Seller and Purchaser represent and warrant the following: 10.011 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the o Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations c and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified o 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 E Agreement and as of the date of Closing. Purchaser's acceptance of a deed to ;v the said Property shall not be deemed to be full performance and discharge of a every agreement and obligation on the part of the Seller to be performed 2 pursuant to the provisions of this Agreement. m 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 a governmental instrumentality that relate to this agreement or any other property [23-RPR-03644/1810141/1] E s w w a rC O Packet Pg. 129 11.A.b Conservation Collier Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. 10.017 Seller represents that to Seller's knowledge 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 that to Seller's knowledge 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 to Seller's knowledge 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 that to Seller's knowledge 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 that to Seller's knowledge none of the Property has been used as a sanitary landfill. a� 10.018 Seller has no knowledge that the Property and Seller's operations E concerning the Property are in violation of any applicable Federal, State or local ;v statute, law or regulation, or of any notice from any governmental body has been Q 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 m order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. _ a 10.019 To Seller's knowledge there are no unrecorded restrictions, easements or rights of way (other than existing zoning regulations) that restrict or affect the E [23-RPR-03644/1810141/11 7 s �o Packet Pg. 130 11.A.b Conservation Collier Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Property, except for a License Agreement dated May 23, 2022 granting Audubon of Western Everglades a revocable temporary, non-exclusive license to install, maintain, repair and remove fencing for the protection of gopher tortoises on the Property attached hereto as Exhibit °B" and made a part hereof by reference. License Agreement shall be assigned by Seller to Buyer at closing. 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay -back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor to Seller's knowledge 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, a 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 a coo [23-RPR-03644/1810141/1] a Packet Pg. 131 Conservation Collier 11.A.b Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 10.024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. XI. NOTICES 11.01 Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Attn: Sonja Stephenson Collier County Real Property Management 3335 Tamiami Trail East, Suite 102 Naples, Florida 34112 Telephone number: 239-252-8073 Fax number: 239-252-8876 If to Seller: David Leve PO Box 1810 Tampa, FL 33601 Telephone number: 585-260-8893 With a copy to: [23-RPR-03644/1810141/1] Stefan Bolson 4500 V Ave. Sw Naples, FL 34119 Telephone number: 239-285-1332 21 E s �a r rCA O Packet Pg. 132 11.A.b Conservation Collier Folio Number, Q: `o U R L L 11.02 The addressees and numbers for the purpose of this Article maybe changed U) 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 y 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 U purposes. 2 XII. REAL ESTATE BROKERS 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC m a� 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of a 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 2 pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. A separate agreement provides that commission in the amount a of five percent (5%) of the Purchase Price shall be paid at Closing from the Seller's r proceeds and shown on the Closing Statement. Accordingly, the parties agree that Amerivest Realty (Stefan Bolsen, Keith Abed) is the only broker with respect this U Agreement pursuant to a separate agreement between Seller and such broker. 5% XIII. MISCELLANEOUS 2 6 U c 0 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 o 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. Notwithstanding anything to the contrary, W Purchaser may not assign this Agreement. E a� L 13.03 Any amendment to this Agreement shall not bind any of the parties hereof a unless such amendment is in writing and executed and dated by Purchaser and 2 Seller, Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. m 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 a the scope or intent of this Agreement or any provisions hereof. E a (CAOj [23-RPR-03644/1810141/1] 10 PacketPg.133 11.A.b Conservation Collier Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 If any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. 13.08 Seller is aware of and understands that the "offer" to purchase represented by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. 13.09 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seiler shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (if the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT E 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty or a 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 m dated by both Purchaser and Seller. Time is of the essence of this Agreement. c a SIGNATURE PAGES TO FOLLOW [23-RPR-03644/1810141/1] 11 c CAG a Packet Pg. 134 Conservation Collier 11.A.b Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller , Deputy Clerk [23-RPR-03644/1810141/1] 12 BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA RICK LOCASTRO, Chairman a C A 0) Packet Pg. 135 Conservation Collier 11.A.b Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC AS TO SELLER: DATED: ANNECY MARCO, LLC, a Florida limited liability company WITNESSES: (S nature) C,3' (Print Witness Name) (Signature) of � � Lti� � � S�1 I iV � ✓j'Le� (Print Witness Name) WITNESSES: (S(Vature) (Print Witness Name) QUA_4"' (Signa ture) � A ran_ F,.�_•. _ ._ .. rant Wdness Name) 0 SELLER Name: Brian F. Prince Title: Authorized Sig story BARFIELD HAWAII, LLC, a Delaware limited liability company By: me: Brian F. Prince B: Authorized Signatory SELLER [23-RPR-03644/181.0141/11 6'_"; r) ` 13 Packet Pg. 136 Conservation Collier 11.A.b Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC 201 BARFIELD, LLC, a Delaware limited liability company LU'rik1►I: 11:61 I ra WZ' r 0 WO_ e- Brian F. Prince / Authorized Signatory (SignatOre) Masu,w -/ 1 s h i­rn (Print Witness Name) Approved as to form and legality: Sally A. Ashkar, Assistant County Attorney ��Zal SELLER CAO (23-RPR-03644/1810141/1) 14 1 Packet Pg. 137 11.A.b Conservation Collier Folio Number: 57199040005 Annecy Marco LLC 57199000003 Annecy Marco LLC 57198920003 Barfield Hawaii LLC 57198960005 201 Barfield LLC EXHIBIT "A" FOLIO NUMBER(S): 57199040005 and 57199000003 ANNECY MARCO LLC: LOTS 21 AND 22, BLOCK 146, MARCO BEACH UNIT FIVE, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 6, PAGES 39 THROUGH 46, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FL. FOLIO NUMBER(S): 57198920003 BARFIELD HAWAII LLC. LOT 19, BLOCK 146, MARCO BEACH UNIT FIVE, A SUBDIVISION ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 6, PAGES 39 THROUGH 46, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FL. FOLIO NUMBER(S): 57198960005 201 BARFIELD LLC: LOT 20, BLOCK 146, MARCO BEACH UNIT FIVE, A SUBDIVISION ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 6, PAGES 39 THROUGH 46, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FL. [23-RPR-03644/1810141/1] 15 Gl E a rCA0 Packet Pg. 138 11.A.c RESOLUTION BY THE MANAGER OF ANNECY, LLC, 20I :2 2 BARFIELD, LLC, ANI} BARFIELD HAWAII, LLC m This lesolution, dated August 30, 2023, is hereby adopted by BFPMM, LLC, a Delaware limited liability company (the "Manage r" ), the Manager of ANNECY, LLC, a Florida limited � liability company. 201 BARFIELD, LLC, a Delaware limited liability company, and a BARFIELD HAWAII, LLC, a Delaware limited liability coi-!Ipany (collectively, the "Com anics"): T WHEREAS, the Manager has determined that it is in the best interest of the Companies to sell the Companies' real property known as 201-221 Barfield Drive, Marco Island, Collier County, Florida (collectively, the "Property'), pursuant: to the terms and conditions of that certain Agreement for Sale and Purchase between the Companies and Collier County (the 6.pA")> NOW THEREFORE, BE IT RESOLVED, that the Manager hereby authorizes the sale of the Property by the Companies, and authorizes Brian F. Prince, the sole and managing member of BFPMM, LLC, to execute the PSA and all documents necessary to complete the transaction contemplated by the PSA on behalf of the Companies; FURTHER RESOLVED, that Brian F. Prince is hereby authorized and directed on behalf of the Companies to take any and all actions and execute any and all other documents necessary to effectuate this resolution; IN WITNESS WHEREOF, this Resolution has been executed by the undersigned Manager of the Companies. Manalzer: BFPMM, C y By: Br tin F. Prince, its Sole d Managing M � ber Packet Pg. 139 1 11.A.f I BCC Property Name: Annecy / Barfield Target Protection Area: Urban Estimated Market Value: $2,783,000 Conservation Collier Property Summary Annecy / Barfield — Marco Island Owner: Annecy Marco LLC, 201 Barfield LLC, and Barfield Hawaii LLC Acreage: 2.13 acres Highlights: • Location: South of and adjacent to the Publix plaza on S. Barfield Dr.; 181, 191, 201, and 221 S. Barfield Dr. • 3 of the 6 Initial Screening Criteria were met: Native plant community; human social values; biological and ecological values • Habitat: Coastal strand; bahia grass, Brazilian pepper, Australian pine • Listed Plants: none observed • Listed Wildlife: Gopher tortoise (Gopherus polyphemus), Florida burrowing owl (Athene cunicularia floridana); bald eagle (Haliaeetus leucocephalus) • Water Resource Values: Provides slight aquifer recharge; upland soils; no wetlands on site. • Connectivity: Parcel is not near other conservation land • Other Division Interest: None • Access: Busy sidewalk and roadway adjacent; public parking nearby • Management Issues / Estimated Costs: Initial exotic removal estimated at $75,000 and ongoing annual estimated at $5,000; native plantings estimated at $10,000 and ongoing annual estimated at $1,000; interpretive signage estimated at $10,000 and ongoing annual estimated at $100. • Partnership Opportunities: Audubon of the Wester Everglades; City of Marco Island • Zoning/Overlays: C-3, Commercial Intermediate • Surrounding land uses: Commercial; residential; roadway • All Criteria Score: 207 out of 400; biological value and vulnerability scores are high • Acquisition Considerations: Active eagle nesting, very large gopher tortoise population (estimated 109 tortoises), and use by burrowing owls despite very little native plant cover; native plant restoration costs will be high; commercial lots are highly desirable on Marco Island 1 Cycle 11 A Total Score:207/400 180 160 160 140 120 100 80 80 80 80 64 69 60 37 37 40 20 0 1 - Ecological 2 - Human Value 3-Restoration 4-Vulnerability Value and Management ■ Awarded Points ❑ Possible Points Packet Pg. 140 1 BCC J View of 3 northern parcels looking north View of southern -most parcel looking north Conservation Collier Property Summary Annecy / Barfield — Marco Island 2 } F}\ ORLFANSCT WVIC, Annecy Barfield EEGOWACT GALLEONAVE GALLEON cT MEDEIRA T Q ! gq p ALMERIACT MACAO T 3 L A U WINTEREERRY DR WISC Chestnut a 11.A.f Cycle 11A Legend - Application Received - Cycle 10 parcel - Otter Mound Preserve CON T -R-yy A�TION "N LLIER - r� S & B Properties of Marco �i 1'O RD MCILVAINE OT �„ � Agua Colina 4 \ 4 ADDI ON CT South Terra Carp L�;LOSCE lA O S INLETOR 0 0.5 1 Miles Packet Pg. 141 11.A.f Conservation Collier Initial Criteria Screening Report Annecy Barfield Parcels 0 1 2 Miles Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Folio Number(s): 57199040005, 57199000003, 571989600051 57198920003 Staff Report Date: July 6, 2022 160 140 120 100 80 64 69 60 37 37 40 ■ ■ 20 0 1 - Ecological Value 2 - Human Value 3 - Restoration and 4 -Vulnerability Management Total Score:207 El Packet Pg. 142 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Table of Contents Tableof Contents......................................................................................................................................... 2 M m 1. Introduction........................................................................................................................................... 4 >, U 2. Summary of Property............................................................................................................................ 5 a� Q Figure 1 - Parcel Location Overview.........................................................................................................5 M Figure2 - Parcel Close-up.........................................................................................................................6 0 2.1 Summary of Property Information....................................................................................................7 0 2 Table 1— Summary of Property Information.....................................................................................7 R Q Figure 3 - Secondary Criteria Score....................................................................................................8 m Table 2 - Secondary Criteria Score Summary.....................................................................................8 U U 2.2 Summary of Assessed Value and Property Cost Estimates..............................................................9 i Table 3. Assessed & Estimated Value................................................................................................9 L 2.2.1 Zoning, Growth Management and Conservation Overlays....................................................9 0 r_ 0 2.3 Initial Screening Criteria Satisfaction (Ord. 2002-63, Sec. 10)...................................................... 10 M it 3. Initial Screening Criteria......................................................................................................................12 y 3.1 Ecological Values............................................................................................................................. 12 c U 3.1.1 Vegetative Communities....................................................................................................... 12 0 Figure 4 - CLIP4 Priority Natural Communities........................................................................ 13 ti N Figure 5 - Florida Cooperative Land Cover Classification System ............................................ 14 c Figure 6 - Plant Community Northern -most Parcels............................................................... 15 a Figure 7 - Plant Community Southern -most Parcel................................................................. 15 Ca a, 3.1.2 Wildlife Communities............................................................................................................ 16 0 E E Table 4. Eagle Watch Program Information on Nest C0059................................................... 16 y Figure 8 - Wildlife Spatial Data (i.e., telemetry, roosts, etc) .................................................... 17 Ta Figure 9 - CLIP4 Potential Habitat Richness............................................................................. 18 m E a Table 5 - Wildlife Detected...................................................................................................... 19 0 > Figure 10 - Wildlife Photos (gopher tortoise photo provided by Rosemary Tolliver) .............. 19 c w 3.1.3 Water Resources................................................................................................................... 20 ; Figure 11 - CLIP Aquifer Recharge Priority and Wellfield Protection Zones ............................ 21 0 m U Figure 12 - Collier County Soil Survey...................................................................................... 22 Figure 13 LIDAR Elevation Map............................................................................................... 23 c Q 3.1.4 Ecosystem Connectivity........................................................................................................ 24 Figure 14 - Conservation Lands............................................................................................... 24 2 2 Packet Pg. 143 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 3.2 Human Values................................................................................................................................. 25 :2 a2 3.2.1 Recreation............................................................................................................................. 25 M m 3.2.2 Accessibility........................................................................................................................... 25 3.2.3 Aesthetic/Cultural Enhancement......................................................................................... 25 aD c � Q Figure 15 - Cultural/ Aesthetic Attribute Photo 1.................................................................... 25 3.3 Restoration and Management....................................................................................................... 26 c y 3.3.1 Vegetation Management...................................................................................................... 26 3.3.1.1 Invasive Vegetation..................................................................................................... 26 Q 3.3.1.2 Prescribed Fire............................................................................................................ 26 r 3.3.2 Remediation and Site Security.............................................................................................. 26 m U 3.3.3 Assistance.............................................................................................................................. 26 i 3.4 Vulnerability 26 L 2 3.4.1 Zoning and Land Use............................................................................................................. 26 O v c 0 Figure16—Zoning................................................................................................................... 27 Figure17 —Future Land Use.................................................................................................... 27 y 3.4.2 Development Plans 28 c 0 4. Management Needs and Costs..............................................................................................................28 c F_ Table 6 - Estimated Costs of Site Remediation, Improvements, and Management ................ 28 N 5. Potential for Matching Funds.............................................................................................................. 28 c 6. SecondaryCriteria Scoring Form g 29 a °' W 7. Additional Site Photos.........................................................................................................................32 06 APPENDIX 1— Critical Lands and Water Identification Maps (CLIP) Definitions ...................................... 37 0 E E APPENDIX 2 — City of Marco Island City Council Letter of Support.......................................................... 39 en 3 Packet Pg. 144 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 1. Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and m management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and c c 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management Q mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands c (2/14/17, Agenda Item 11B). On November 3, 2020, the Collier County electors approved the Conservation Collier Re-establishment referendum with a 76.5% majority. This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 11th acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. The sole purpose of this report is to provide objective data to demonstrate how properties meet the criteria defined by the ordinance. The following sections characterize the property location and assessed value, elaborate on the initial and secondary screening criteria scoring, and describe potential funding sources, appropriate use, site improvements, and estimated management costs. 4 Packet Pg. 145 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 2. Summary of Property BARBAROSACT 6� oRLEANscT Hgwgncr 1 Annecy Barfield #r� ql- _ SEGO NIA CT GALLEONAVE GALLEON CT MEDEIRA CT 0 x ALMERIA CT MACAO CT Q a U U Z ¢ _ WINTERBERRYDR 1 1NISC 44\WG�'�OO P�� s7 1 v �Chestnut l� T�V�oq r�CR DEVON MCrWq�NE Cr � C G4kAlySAS CT Q hl —S / U SkoRes cT au 0 Figure 1 - Parcel Location Overview S INLET DR Legend Application Received Appraisal A -list Otter Mound Preserve N CON ATION LLIER C,o BY C'.ouHty 0.5 1 Miles i 5 Packet Pg. 146 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Miles Figure 2 - Parcel Close-up C�uxrzy ION LIER Packet Pg. 147 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 2.1 Summary of Property Information Table 1 — Summary of Property Information Characteristic Value Comments Owner name: Annecy Marco LLC Name Annecy Barfield Annecy Marco LLC 201 Barfield LLC Barfield Hawaii LLC Parcels will only be sold together 57199040005, 181 S. Barfield Dr. Folio Numbers 57199000003, 191 S. Barfield Dr. 57198960005, 201 S. Barfield Dr. 57198920003 221 S. Barfield Dr. Target Protection Urban Marco Island Target Mailing Area Cycle 11 Area Size 2.13 acres total Section, Township, and Range 516, Twn 52, R26 Commercial intermediate district (C-3) is intended to be Zoning C-3, Commercial compatible with residential areas and is not intended to Category/TDRs Intermediate permit wholesaling, or activities which require outside storage of merchandise and equipment. The majority of the parcels are in Flood Zone AE (high -risk FEMA Flood Map AE, X500, and X areas have at least a 1% annual chance of flooding), with Category only very small portions of the eastern edge within X500 and X — both low flood risk. Existing structures None Commercial, Commercial Publix plaza adjacent to the north; paved Adjoining properties roadway and sidewalk (South Barfield Dr.) to the west; and their Uses roadway, paved roadway (Hawaii Circle) to the south; single-family residential residences and a paved alleyway (Griffis Way) to the east Development Plans Submitted None A paved alleyway (Griffis Way) exists between the Known Property Driveway through southernmost parcel (221 South Barfield Dr.) and the parcel Irregularities parcels to its north (201 South Barfield Dr.) Other County Dept None Parcels are within unincorporated Collier Interest El Packet Pg. 148 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 160 140 120 100 80 64 69 60 37 37 40 20 0 1 - Ecological Value 2 - Human Value 3 - Restoration and 4 - VulneraWity Management Total Score: 207 Figure 3 - Secondary Criteria Score Toble 2 - Secondary Criteria Score Summary Criteria Awarded Weighted Points Possible Weighted Points Awarded/Possible Points 1- Ecological Value 64 160 40% 1.1- Vegetative Communities 32 53 60% 1.2- Wildlife Communities 27 27 100% 1.3 - Water Resources 5 27 20% 1.4- Ecosystem Connectivity 0 53 0% 2 - Human Values 37 80 46 ' 2.1- Recreation 6 34 17% 2.2 - Acce ss i b i I i ty 29 34 83% 2.3-Aesthetics/Cultural Enhancement 3 11 25% 3 - Restoration and Management 37 80 469,o' 3.1-Vegetation Management 11 55 21% 3.2- Remediation and Site Security 23 23 100% 3.4 - Assistance 2 2 100% 4-Vulnerability 69 80 86 G 4.1-Zoningand Land Use 58 58 100% 4.2- Development Plans 111 221 50% Total 2071 4001 52o m U a� c c El Packet Pg. 149 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 2.2 Summary of Assessed Value and Property Cost Estimates The interest being appraised is fee simple "as is" for the purchase of the site(s). A value of the parcels was estimated using only one of the three traditional approaches to value, the sales comparison approach. Each is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an Q equally desirable one. Three properties were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the y property or comparables used in this report and the Real Estate Services Department staff relied upon 0 L information solely provided by program staff. The valuation conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. a If the Board of County Commissioners choose to acquire these properties, appraisals by independent Real Estate Appraisers will be obtained at that time. Pursuant to the Conservation Collier Purchase Policy, two appraisals are required for the Annecy Barfield parcels, which have an initial valuation greater than $500,000; 2 independent Real Estate Appraisers will value the subject property and the average of the two appraisal reports will determine the actual value of the subject property. Table 3. Assessed & Estimated Value Property owner Address Acreage Assessed EstimatedValue* Value** Annecy Marco LLC 181 S. Barfield Dr. 0.66 $552,240 Annecy Marco LLC 191 S. Barfield Dr. 0.54 $479,160 201 Barfield LLC 201 S. Barfield Dr. 0.38 $241,758 Barfield Hawaii LLC 221 S. Barfield Dr. 0.55 $404,237 TOTAL 2.13 $1,677,395 $2,783,000 * Assessed Value is obtained from the Property Appraiser's Website. The Assessed Value is based off the current use of the property. **The Estimated Market Value for the Annecy Barfield parcels as a whole was obtained from the Collier County Real Estate Services Department in June 2022. 2.2.1 Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. The parcel is zoned Commercial intermediate district (C-3) is intended to be compatible with residential areas and is not intended to permit wholesaling, or activities which require outside storage of merchandise and equipment. 9 Packet Pg. 150 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 2.3 Initial Screening Criteria Satisfaction (Ord. 2002-63, Sec. 10) Criteria 1: Native Habitats m Are any of the following unique and endangered plant communities found on the property? U Order of preference as follows: c Q i. Hardwood hammocks No c ii. Xeric oak scrub No M N iii. Coastal strand Yes ° U L iv. Native beach No `° V. Xeric pine No a vi. Riverine Oak No vii. High marsh (saline) No viii. Tidal freshwater marsh No v i ix. Other native habitats No Statement for Satisfaction of Criteria 1: A small patch of coastal scrub exists on the 221 S. Barfield Dr. parcel. Criteria 2: Human Social Values Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature -based recreation, and enhancement of the aesthetic setting of Collier County? YES Statement for Satisfaction of Criteria 2: These parcels are in the Urban Target Protection Area on Marco Island and have access from a public road. All parcels provide wildlife viewing and greenspace in a neighborhood where nearly every lot is developed. Criteria 3: Water Resources Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? NO Statement for Satisfaction of Criteria 3: The parcels do not significantly protect water resources, beyond adding slightly to the surficial aquifer. Criteria 4: Biological and Ecological Value Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? YES Statement for Satisfaction of Criteria 4: The parcels contain a large gopher tortoise population, a bald eagle nesting tree, and burrowing owls 10 Packet Pg. 151 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Criteria 5: Enhancement of Current Conservation Lands Does the property enhance and/or protect the environmental value of current conservation lands m through function as a buffer, ecological link or habitat corridor? No c c Is this property within the boundary of another agency's acquisition project? No Q Statement for Satisfaction of Criteria 5: These parcels are surrounded by development and do not provide connectivity to other conservation lands. 11 Packet Pg. 152 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 2 3. Initial Screening Criteria m 3.1 Ecological Values 3.1.1 Vegetative Communities Q The northern -most three parcels do not contain any intact native vegetative communities. Although some scattered, individual native trees (cabbage palm, gumbo limbo) exist on these parcels, they y consist of mowed Bahia grass lawn; pepper thicket, mature Australian pine forest, and guinea grass U fields. Areas near tortoise burrows have medium height guinea grass. a The western half of the southern -most parcel consists of mowed Bahia grass lawn. The eastern half of T.- the southern -most parcel contains disturbed coastal scrub. This scrub category represents a wide 2 variety of species found in the coastal zone. Some of the more common components of this category that were observed on the southern -most parcel include: sand live oak, tough bully, and prickly pear. i However, scattered guinea grass and tropical almond exist throughout the Coastal Scrub. Although o some gumbo limbo trees do exist within the eastern portion of the southern -most parcel, an intact tropical hardwood hammock community is not present. ° it No listed plant species were observed on the parcels. y 12 Packet Pg. 153 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Wes Annecy Barfield CLIP4 Priority Natural Communities Priodty 1 (highest Priority 2 Priority 3 Priority 4 Figure 4 - CLIP4 Priority Natural Communities CONS E ATION rCrtLIER 4a COMMU ."-0 13 0 m U a� c c El Packet Pg. 154 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 I 0 0.05 0.1 Miles Annecy Barl'iefd Land Cover Commercial and Services Residential, Med. Density - 2-5 Dwelling UnitslAC Transportation Figure 5 - Florida Cooperative Land Cover Classification System CONi E ATION rCrtLIER a COMMU C. 14 0 m U a� c c El Packet Pg. 155 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Figure 6 - Plant Community Northern -most Parcels Figure 7 - Plant Community Southern -most Parcel 15 0 m a� c c El Packet Pg. 156 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 3.1.2 Wildlife Communities as A high amount of gopher tortoise activity has been documented on all four parcels, with many active burrows, many gopher tortoises, and large amounts of fresh gopher tortoise scat observed by Program Cal U aD staff. A gopher tortoise survey conducted by Island Environmental & Marine Services in May 2017 identified 219 potentially occupied burrows within the four parcels. As stated in their report, " With Q 219 potentially occupied burrows on the properties, it is estimated that there could be up to 110 Gopher Tortoises (average tortoise density) inhabiting this property." Six areas within the southern -most parcel were cordoned off with post and rope for burrowing owls, some containing T-perches, and three burrowing owls were observed by Program staff. Additionally, the open bahia grass fields existing within all the parcels could accommodate nesting burrowing owls. An eagle nest (CO059) has existed on the northern -most parcel since at least 2019. Two eaglets successfully fledged from the nest during the 2022 nesting season. Although a nest is not present at this time, it is likely that the eagle pair will re -build their nest in the same location for the 2023 season Shawnlei Breeding, Audubon EagleWatch Program Manager, informed Program staff that it is fairly common for eagle pairs to rebuild nests located in Australian pine trees each season as they tend to fall apart after each season. Below is information on the nest provided by the Audubon EagleWatch Program. Table 4. Eogle Watch Program Information on Nest C0059 Season Status Hatched Fledged Perished Notes 2022 Successful 2 2 0 utility work near nest stopped in Oct 2021 Failed 2 0 2 fish netting removed from nest before start of season, ongoingconstruction & crane work by nest 2020 Successful 1 1 0 Publix demolition and construction an adjacent lot 2019 Inactive 0 0 0 nest reported in Jan by residents who saw eagles build it but they didn't use it this season 16 Packet Pg. 157 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Q 0.05 0.1 Miles Annecy Barfield Bald Eagle Nest Figure 8 - Wildlife Spotiol Data (i.e., telemetry, roosts, etc) CONUMATION LEiER C.a Cnk�t�y 17 0 m a� c c El Packet Pg. 158 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Miles Annecy Barriew VALUE 1 species 2-4 species 5-6 species 7 species 8-13 species Figure 9 - CLIP4 Potential Habitat Richness CONS ErCATION — �7tE�ER C.a Cnkmty 18 0 m U a� c c El Packet Pg. 159 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Table S - Wildlife Detected Common Name Scientific Name State Federal Mode of Detection Status Status Florida burrowing Athene cunicularia Threatened N/A Observed during site visit owl floridana Gopher tortoise GoGopherus pherus Threatened N/A Observed during site visit p Bald eagle Haliaeetus Protected Protected Observed nesting during 2021 leucocephalus season Eastern cottontail Sylvilagus N/A N/A Scat observed during site visit floridanus Curly tailed lizard Leiocephalus N/A N/A Observed (non-native) carinatus Green iguana Iguana iguana N/A N/A Observed (non-native) Eurasian collared Streptopelia N/A N/A Observed dove (non-native) decaocto F.. Gopher tortoise Burrowing owl Two burrowing owls Figure 10 - Wildlife Photos (gopher tortoise photo provided by Rosemary Tolliver) 19 0 m as c c El Packet Pg. 160 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 3.1.3 Water Resources The parcels do not significantly protect water resources, beyond adding slightly to the surficial aquifer. The parcels and adjacent properties are comprised entirely of uplands. No wetlands exist on site, and the parcels are not within a wellfield protection zone. Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Mapped soils on these parcels show nearly the entire area (1.88 ac.) to be urban land — aquents complex, organic substratum. This soil type consists of materials that have been dug from different areas in the county and spread over muck soils for coastal urban development. A small portion of the parcels (0.25 ac.) contains paola fine sand, 1 to 8 pct slopes — an excessively drained soil found on coastal dunes on Marco Island. 20 M m a� c c i, Packet Pg. 161 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 M iles Annecy Barriofd Wellfield Protection Zones 1-YEAR 2-YEAR 5-YEAR = 20-YEAR CLIP4Aquifer Recharge Priority 1- HIGHEST Priority 2 Priority 3 Priority 4 Priority 5 Priority 6 Figure 11 - CLIP Aquifer Recharge Priority and Wellfield Protection Zones CONS ErCATION — �7tE�ER C.a Cnkmry - 21 0 m U a� c c El Packet Pg. 162 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 0 0.05 0.1 Miles Annecy Barfiefd Sail Type PAOLA FINE SAND, 1 TO 8 POT SLOPES URBAN LAND URBAN LAND-AQIJENTS COMPLEX, ORGANIC SUBSTRATUM Figure 12 - Collier County Soil Survey CONS ErCATION — �7tE�ER C.a Cnkmty 22 El Packet Pg. 163 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 0 0.O5 0.1 Mlles Annecy Barfiefd LI DA R High : 104.644 Low: -4.11745 Figure 13 LIDAR Elevation Map CONS ErCATION — �7tE�ER C.a Cnk�t�y ,• ,� .. 23 0 m U a� c c El Packet Pg. 164 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 3.1.4 Ecosystem Connectivity These parcels do not provide connectivity to other conservation lands. They are within an urban, residential area with a busy road (South Barfield Dr.) adjacent to the west. An undeveloped lot exists to the south on the other side of Hawaii Circle. Cl SAN MARCO RD o F c" R41N&O 6 Ada❑ dR J ELAND WRY VILLA CT g� 7 HiNOl.ISE C'� O - � xr = r 73 W11t1TE�42fZY OR {� Sp,LVAC10{tE GI T�fDA TAR a O�gY�51 O ti QR � 4 4 rwn U Q w $ P�lu s2C � a [ 51 ' PN 0 0.5 1 Miles - Annecy Barfield Otter Mound Preserve Managed Conservation Areas Conservation Areas Figure 14 - Conservation Lands 2 SHEFFIE LD AVE BLUC HhLl C1 CON AiION LL16rt 24 0 m U W c c El Packet Pg. 165 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 3.2 Human Values a� 3.2.1 Recreation These parcels are bordered by a sidewalk along their entire west edge. Birdwatching and photography m would be encouraged from the sidewalk. Providing access to the parcels with a short trail would not be recommended due to the high density of gopher tortoise burrows, presence of burrowing owls, and Q possible bald eagle nesting. 3.2.2 Accessibility M o The parcels would be visible from the sidewalk. No pedestrian or vehicular access onto the parcels M would be recommended. The parcels are within walking distance of many residences and commercial a parking lots. Creating parking within the parcels would also not be recommended because of their small size and wildlife utilization. If these parcels are acquired along with other parcels in the area, Conservation Collier will coordinate with the City of Marco Island regarding parking. Depending on location, the City of Marco Island has offered to assist in providing off-street parking on pervious material and the installation of signage consistent with the City's Land Development Codes. o U 3.2.3 Aesthetic/Cultural Enhancement c These parcels are in the Urban Target Protection Area and have access from a public road. All parcels it provide wildlife viewing and greenspace in a neighborhood where nearly every lot is developed. The y parcels are too small to accommodate trails but can be enjoyed from the sidewalk/road. o Prickly Pear Cactus Figure 15 - Cultural/Aesthetic Attribute Photo 1 25 Packet Pg. 166 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 3.3 Restoration and Management 3.3.1 Vegetation Management cu 3.3.1.1 Invasive Vegetation m The parcels contain a small amount of disturbed coastal scrub habitat but contain primarily invasive/nuisance plants including: mature Australian pine, Brazilian pepper, guinea grass, and tropical Q almond. Removal of these trees and plants and extensive replanting of native plants will be necessary c to restore native plant communities. Removal of the invasive/nuisance plants must be executed ° without the use of heavy machinery within 25 feet of any of the gopher tortoise burrows. This will be U an onerous task because of the density of burrows existing on site. Additionally, removal of all the mature Australian pines will not be possible if the eagle pair continues to nest in the pines, and a management/restoration of the bahia grass fields must take into consideration the effects any management/restoration will have on the burrowing owls utilizing the parcels. U, U 3.3.1.2 Prescribed Fire While the small portion of coastal scrub existing on these parcels is fire dependent, the remaining non- 'oa� native vegetation is not. Even if the parcels are restored, fire would not be a feasible management tool c given their size and urban location. ° ° 3.3.2 Remediation and Site Security it No major site security issues appear to exist within the parcels. Low levels of trash and horticultural o U waste dumping was observed by Program staff and noted in the gopher tortoise survey report document from May 2017. "No dumping" signage and educational signage regarding the importance m of the parcels for native wildlife could be installed to discourage dumping. N 3.3.3 Assistance r- a Monitoring of, and some management assistance for, the listed wildlife on these parcels will be as provided by the Audubon EagleWatch Program and Audubon of the Western Everglades. Funding Ca 2-11 assistance for invasive/nuisance plant removal and native plantings may be sought from the Florida E Fish and Wildlife Conservation Commission and the US Fish and Wildlife Service Partners for Fish and E ° Wildlife Program. 7a 3.4 Vulnerability c 3.4.1 Zoning and Land Use a o The parcels are zoned C-3 — Commercial Intermediate. A C-3 district is intended to be compatible with 'c residential areas and is not intended to permit wholesaling, or activities which require outside storage w of merchandise and equipment. The Future Land Use of the parcels is Community Commercial. Because of the limited availability of commercially zoned property on Marco Island, these parcels are m vulnerable to development. U 26 Packet Pg. 167 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 ZONING MAP CFFY OF MARCO ISLAND Legend 0 Cky Lmlla - CF. Rec/(lpen/GC/ST Owrlay Dlsrrlcis . GC. Rec/flpen/(: M ••••••• SpeciATnalmenl P. Rce/()PrN/GC/ST O Parcels - PiID. Pill) ZOLIrig RhIF-F?, Mum Famil, ® C•]lE. Commcrrlal - IIMF•1ti, Mvlmfemly CD C-IX0MMeT< l ® RMF a, AIWU-Fam1II :L(.-rllTlm—Lal C ktiF> 9rtplr Family - l-4. Ca 111W C� M.1 Srnsle Famly . C-S.Lan—W Q ksr a, mwK Fafmll. . A, Rec/OPeR/GC/ST RT, Rexldemlal T-rim O CON. RN/OPeRIGC/ST Annecy Dar&ld Parcds SCALE 1:13,000 a R25 O.S I AIIIe DWCLaMIER nev,me CRyolMrca ki Wr,d m.oe dma CeMw C« VP�ftyAypn P — Ir.n rre ea not wsnan m. aowaq « w1yw..w a cis .aamavn !u r,reflrnen rwn x rn �ercnewuxy. 7mq-'_ _--rnnRllMuwrrwr.r ane utpcewaallpe. ::f I] x + n rasa as ' eau n rna ' (iY► s N re¢a 40 . r, r • , ' co 00 Rw 4 lrr� 1 ~ 10 Ico n ''� • � .r+j° r Ids Figure 16 —Zoning The parcels are zoned C-3 — Commercial, Intermediate., 7 CITY OF MARCO ISLAND FUTURE LAND USE MAP FUTURE LAND USE LEGEND LOW DENSITY RESIDENTIAL VILLAGE COMMERCIAL OA UNITS PER ACRE MEDIUM DENSITY RESIDENTIAL "UNITS PER ACRE COMMUNITY COMMERCIAL ESINTH HIGH DENSTY RESIDENTIAL TOWN CENTER I MWED USE - O- B ENS E HEAVY COMMERCIAL -RESORT; RESIDENTIAL 0.16 UNITS E a•xs NDTEIa, MOTEL ForEL UNITS PRESERVATION I O[1NSERVATION - Pfrvale COMMUNITY FACILITY PRESERVATION I CONSERVATION - Pu61ie - PLANNED UNIT DEVELOPMENT Annecy Barrleld Parcels N ,. reno..q xwo :wcMauy oiarao u.nwo mxRum aeo aw aumu.�ea�,�...,i. me run, ee.�.axo mmei.�acLuua � earononn�ecry� A lane ed�f�w �N ve plk+�4�^�9s^'^'�9I+�n I rb Lme+Ib� rr�pla(V�r•y ww+.c arc.; c�� oxzrnoor rasp reo-,�.ed oasraour Figure 17 —Future Land Use b I 27 Packet Pg. 168 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 3.4.2 Development Plans as The parcels are not currently planned for development; however, their location near developed commercial lots along a busy roadway and their zoning make them vulnerable to development. 0° Although the listed species present on the parcels may make development cost prohibitive, development is still possible. Q 4. Management Needs and Costs Table 6 - Estimated Costs of Site Remediation, Improvements, and Management Management Initial Annual Element Cost Recurring Cost Comments Invasive Initial estimates include removal of large Australian pines — Vegetation $75,000 $5,000 cost comparable to Gordon River Greenway; however, heavy Removal equipment may be difficult to use due to tortoise burrows. Native plantings $10,000 $1,000 Cost may be greater if irrigation is required signage $10,000 $100 Educational signage and signage denoting the property as Conservation Collier preserve TOTAL $95,000 $6,100 5. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the ordinance are the Florida Communities Trust (FCT), and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff. Florida Communities Trust - Parks and Open Space Florida Forever grant program: The FCT Parks and Open Space Florida Forever grant program provides grant funds to local governments and nonprofit organizations to acquire conservation lands, urban open spaces, parks and greenways. Application for this program is typically made for pre -acquired sites up to two years from the time of acquisition. The Parks and Open Space Florida Forever grant program assists the Department of Environmental Protection in helping communities meet the challenges of growth, supporting viable community development and protecting natural resources and open space. The program receives 21 percent Florida Forever appropriation. Florida Forever Program: Staff has been advised that the Florida Forever Program is concentrating on funding parcels already included on its ranked priority list. This parcel is not inside a Florida Forever priority project boundary. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the programs. Additional Funding Sources: There are no additional funding sources known at this time. 28 Packet Pg. 169 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 6. Secondary Criteria Scoring Form Property Name: Annecy / Barfield Target Protection Mailing Area: Marco Island Folio(s): 57199040005; 57199000003; 57198960005; 57198920003 Secondary Criteria Scoring Possible Points Awarded Points Percentage 1- Ecological Value 160 64 40 2 - Human Valuel 801 37 46 3 - Restoration and Managementi 80 37 46 4 - Vulnerabilityl 80 69 86 TOTAL SCORE 400 207 52 1- ECOLOGICAL VALUES (40•%of total) Possible Points Awarded Points Comments 1.1 VEGETATIVE COMMUNITIES 200 120 1.1.1- Priority natural communities (Select highest score) a. Parcel contains CLIP4 Priority 1 communities (1130- Rockland Hammock, 1210- Scrub, 1213- Sand Pine Scrub, 1214- Coastal Scrub, 1312- Scrubby Flatwoods, 1610- Beach Dune, 1620- Coastal Berm, 1630- Coastal Grasslands, 1640- Coastal Strand, or 1650- Maritime Hammock) 100 100 Coastal Scrub b. Parcel contains CLIP4 Priority 2 communities (22211- Hydric Pine Flatwoods, 2221- Wet Flatwoods, or 1311- Mesic Flatwoods) 60 c. Parcel contains CLIP4 Priority 3 communities (5250- Mangrove Swamp, or 5240- Salt Marsh) 50 d. Parcel contains CLIP4 Priority 4 communities (5250- Mangrove Swamp) 25 1.1.2- Plant community diversity (Select the highest score) a. Parcel has >_ 3 CLC native plant communities (Florida Cooperative Land Cover Classification System native plant communities) 20 b. Parcel has <2 CLC native plant communities 10 10 c. Parcel has 0 CLC native plant communities 0 1.1.3- Listed plant species (excluding commercially exploited species) (Select the highest a. Parcel has >_5 CLC listed plant species 30 b. Parcel has 3-4 CLC listed plant species 20 c. Parcel has <2 CLC listed plant species 10 d. Parcel has 0 CLC listed plant species 0 0 1.1.4- Invasive Plant Infestation (Select highest score) a. 0- 10% infestation 50 b. 10- 25% infestation 40 c. 25 - 50% infestation 30 d. 50- 75% infestation 20 e. >_75% infestation 10 10 1.2- WILDLIFE COMMUNITIES 100 100 1.2.1- Listed wildlife species (Select the highest score) a. Listed wildlife species documented on the parcel 80 80 b. Listed wildlife species documented on adjacent property 60 c CLIP Potential Habitat Richness >_5 species 40 d. No listed wildlife documented near parcel 0 1.2.2- Significant wildlife habitat (Rookeries, roosts, denning sites, nesting grounds, high population densities, etc) (Select highest score) a. Parcel protects significant wildlife habitat (Please describe) 20 20 b. Parcel enhances adjacent to significant wildlife habitat (Please describe) 10 c. Parcel does not enhance significant wildlife habitat 0 29 0 m v N C C El Packet Pg. 170 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 1.3 - WATER RESOURCES 100 20 1.3.1- Aquifer recharge (Select the highest score) a. Parcel is located within a wellfield protection zone or within a CLIP4Aquifer Recharge 40 b. Parcel is located within a CLIP4Aquifer Recharge Priority 2 or area 30 c. Parcel is located within a CLIP4Aquifer Recharge Priority 4 or 5 area 20 20 d. Parcel is located within a CLIP4Aquifer Recharge Priority 6area 0 1.3.2- Surface Water Protection (Select the highest score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 30 b. Parcel is contiguous with and provides buffering fora creek, river, lake, canal or other surface water body 20 c. Parcel is contiguous with and provides buffering for an identified flowway 15 d. Wetlands exist on site 10 e. Parcel does not provide opportunities for surface water quality enhancement 0 0 1.3.3 - Floodplain Management (Select all that apply) a. Parcel has depressional or slough soils 10 b. Parcel has known history of flooding and is likely to provide onsite water attenuation 10 c. Parcel provides storm surge buffering 10 d. Parcel does not provide floodplain management benefits 0 0 1.4- ECOSYSTEM CONNECTIVITY 200 0 1.4.1- Acreage (Select Highest Score) a. Parcel is>_300acres 150 b. Parcel is>_100acres 100 b. Parcel is>_50acres 75 c. Parcel is >_ 25 acres 25 d. Parcel is >_ 10 acres 15 e. Parcel is<10acres 0 0 1.4.2- Connectivity (Select highest score) a. Parcel is immediately contiguous with conservation lands 50 b. Parcel is not immediately contiguous, but parcels between it and nearby conservation lands 25 c. Parcel is isolated from conservation land 0 0 ECOLOGICAL VALUES TOTAL POINTS 600 240 ECOLOGICAL VALUES WEIGHTED SCORE (Awarded Points/Possible Points*160) 160 64 2- HUMAN VALUES (20%) Possible Points Awarded Points Comments 2.1- RECREATION 120 20 2.1.1- Compatible recreation activities (Select all that apply) a. Hunting 20 0 b. Fishing 20 0 c. Water -based recreation (paddling, swimming, etc) 20 0 d. Biking 20 0 e. Equestrian 20 0 f. Passive natural -resource based recreation (Hiking, photography, wildlife watching, 20 20 g. Parcel is incompatible with nature -based recreation 0 2.2 - ACCESSIBILITY 120 100 2.2.1- Seasonality (Select the highest score) a. Parcel accessible for land -based recreation year round 20 20 b. Parcel accessible for land -based recreation seasonally 10 c. Parcel is inaccessible for land -based recreation 0 2.2.2 - Vehicle access (Select the highest score) a. Public access via paved road 50 50 b. Public access via unpaved road 30 c. Public access via private road 20 d. No public access 0 2.2.3 - Parking Availability (Select the highest score) a. Minor improvements necessary to provide on -site parking 40 b. Major improvements necessary to provide on -site parking (Requires site development plan) 25 b. Public parking available nearby or on adjacent preserve 20 20 c. Street parking available 10 d. No public parking available 0 2.2.4- Pedestrian access (Select the highest score) Ia. Parcel is easily accessible to pedestrians (within walking distance of housing development) 10 10 b. Parcel is not easily accessible to pedestrians 1 0 30 Packet Pg. 171 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 2.3-AESTHETICS/CULTURAL ENHANCEMENT 40 10 2.3.1- Aesthetic/cultural value (Choose all that apply) a. Mature/outstanding native vegetation 5 b. Scenic vistas 5 c. Frontage enhances aesthetics of public thoroughfare 10 10 d. Archaeological/historical structures present 15 e. Other (Please describe) 5 f. None 0 HUMAN VALUES TOTAL SCOREI 280 130 HUMAN VALUES WEIGHTED SCORE (Awarded Points/Possible Points*80) 80 37 3- RESTORATION AND MANAGEMENT (20%) Possible Points Awarded Points Comments 3.1 -VEGETATION MANAGEMENT 120 25 3.1.1- Invasive plant management needs (Select the highest score) a. Minimal invasive/nuisance plant management necessary to restore and maintain native plant communities (<30%) 100 b. Moderate invasive/nuisance plant management necessary to restore and maintain native plant communities (30-65%) 75 c. Major invasive/nuisance plant management necessary to restore and maintain native plant 50 d. Major invasive/nuisance plant management and replanting necessary to restore and maintain native plant communities (>65%) 25 25 e. Restoration of native plant community not feasible 0 3.1.2- Prescribed fire necessity and compatibility (Select the highest score) a. Parcel contains fire dependent plant communities and is compatible with prescribed fire or parcel does not contain fire dependent plant communities 20 b. Parcel contains fire dependent plant communities and is incompatible with prescribed fire 0 0 3.2-REMEDIATIONAND SITE SECURITY 50 50 3.2.1- Site remediation and human conflict potential (Dumping, contamination, trespassing, vandalism, other) (Select the highest score) a. Minimal site remediation or human conflict issues predicted 50 50 Parcels are easily accessible from sidewalk and major road. May have some human conflict due to dumping and litter b. Moderate site remediation or human conflict issues predicted (Please describe) 20 c. Major site remediation or human conflict issues predicted (Please describe) 5 d. Resolving site remediation or human conflict issues not feasible 0 3.3-ASSISTANCE 5 5 3.4.1- Management assistance by other entity a. Management assistance by other entity Iikely 5 5 b. Management assistance by other entity unlikely 0 RESTORATION AND MANAGEMENT TOTAL SCORE 175 80 RESTORATION AND MANAG EMENT WEIG HTED SCORE (Awarded Points/Possible Points*80) 801 37 4- VULNERABILITY (20%) Possible Points Awarded Points Comments 4.1-ZONING AND LAND USE 130 130 4.1.1- Zoning and land use designation (Select the highest score) a. Zoning allows for Single Family, Multifamily, industrial or commercial 100 100 b. Zoning allows for density of no greater than 1 unit per 5 acres 75 c. Zoning allows for agricultural use /density of no greater than 1 unit per40 acres 50 d. Zoning favors stewardship or conservation 0 4.1.2- Future Land Use Type (Select the highest score) a. Parcel designated Urban 30 30 b. Parcel designated Estates, Rural Fringe Receiving and Neutral, Agriculture 25 C. Parcel designated Rural Fringe Sending, Rural Lands Stewardship Area 5 d. Parcel is designated Conservation 0 4.2 - DEVELOPMENT PLANS So 25 4.2.1- Development plans (Select the highest score) a. Parcel has been approved for development 20 b. SFWMD and/or USACOE permit has been applied for or SDP application has been submitted 15 c. Parcel has no current development plans 0 0 4.2.2- Site characteristics amenable to development (Select all that apply) a. Parcel is primarily upland 10 10 b. Parcel is along a major roadway 10 10 c. Parcel is>10acres 5 d. Parcel is within 1 mile of a current or planned commercial or multi -unit residential 5 5 VULNERABILITY TOTAL SCORE 180 155 VULNERABILITY WEIGHTED SCORE (Awarded Points/Possible Points*80) 8o 69 31 Packet Pg. 172 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 7. Additional Site Photos 181 S. Barfield Dr. — Looking northwest 181 S. Barfield Dr. — Looking east 0 m El 32 Packet Pg. 173 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 181 S. Barfield Dr. and 191 S. Barfield Dr. - looking east 181 S. Barfield Dr. — northern boundary 33 El Packet Pg. 174 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 181 S. Barfield Dr.- northern boundary 181 S. Barfield Dr. — gopher tortoise burrows in guinea grass 34 Packet Pg. 175 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 221 S. Barfield Dr. —tough bully 221 S. Barfield Dr. — partridge pea Mae 221 S. Barfield Dr. —gopher tortoise 221 S. Barfield Dr. — active gopher tortoise burrow 35 0 m a� c c El Packet Pg. 176 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 G�1��15 221 S. Barfield Dr.- looking south across Griffis Way M m a� c c El 36 Packet Pg. 177 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 APPENDIX 1— Critical Lands and Water Identification Maps (CLIP) Definitions This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida m Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a c c collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida Q GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for y acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Below is a description of each of the three CLIP4 data layers used in this report. Fieure 4 - CLIP4 Prioritv Natural Communities Consists of 12 priority natural community types: upland glades, pine rocklands, seepage slopes, scrub, sandhill, sandhill upland lakes, rockland hammock, coastal uplands, imperiled coastal lakes, dry prairie, upland pine, pine flatwoods, upland hardwood forest, or coastal wetlands. These natural communities are prioritized by a combination of their heritage global status rank (G-rank) and landscape context, based on the Land Use Intensity Index (subset of CLIP Landscape Integrity Index) and FNAI Potential Natural Areas. Priority 1 includes G1-G3 communities with Very High or High landscape context. Priority 2 includes G1-G3 Medium and G4 Very High/High. Priority 3 includes G4 Medium and G5 Very High/High. Priority 5 is G5 Medium. This data layer was created by FNAI originally to inform the Florida Forever environmental land acquisition program. The natural communities were mapped primarily based on the FNAI/FWC Cooperative Land Cover (CLC) data layer, which is a compilation of best -available land cover data for the entire state. The CLC is based on both remote -sensed (from aerial photography, primarily from water management district FLUCCS data) and ground-truthed (from field surveys on many conservation lands) data. Fieure 9. Potential Habitat Richness CLIP4 Ma This CLIP version 4.0 data layer is unchanged from CLIP v3.0. FWC Potential Habitat Richness. Because SHCAs do not address species richness, FWC also developed the potential habitat richness layer to identify areas of overlapping vertebrate species habitat. FWC created a statewide potential habitat model for each species included in their analysis. In some cases, only a portion of the potential habitat was ultimately designated as SHCA for each species. The Potential Habitat Richness layer includes the entire potential habitat model for each species and provides a count of the number of species habitat models occurring at each location. The highest number of focal species co-occurring at any location in the model is 13. 37 Packet Pg. 178 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 Figure 17: CLIP4 Aquifer Recharge Priority and Wellfield Protection Zones a� High priorities indicate high potential for recharge to an underlying aquifer system (typically the m Floridan aquifer but could be intermediate or surficial aquifers in some portions of the state). The as highest priorities indicate high potential for recharge to springs or public water supplies. This figure also includes Wellfield Protection Zones. Collier County Wellfield Protection Zones are referenced in Q the Land Development Code and updated in 2010 by Pollution Control and Prevention Department Staff. The public water supply wellfields, identified in section 3.06.06 and permitted by the SFWMD for 0 potable water to withdraw a minimum of 100,000 average gallons per day (GPD), are identified as U protected wellfields, around which specific land use and activity (regulated development) shall be regulated under this section. a 38 Packet Pg. 179 11.A.f Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 APPENDIX 2 — City of Marco Island City Council Letter of Support m City Of 16i; it MaTCOIsland June 7, 2022 Ms. Summer Araque Conservation Collier Program Coordinator Collier County Parks and Recreation Division 33 $ants Parbara Blvd Naples, FL 34116 Dear Ms. AragUez At the Maros Island City Council Meeting held on June 6, 2022, my fellow council members authorized me to express our support for the acquisition of a unified four parcel pint that was jointly nominated for Cycle 11 Acquisition by Annecy Marco LLC, 201 8arfiield LLC, and Barfield Hawaii LLC. The four -parcel unit, which is located at 181-221 5 Rarf+eld Road, Marco Island, is owned by a willing sellerwho is eagerto protect the land from development, This parcel is significant for the following reasons: it provides excellent habitat for Gopher Tortoises; * It provides excellent h ah im for Bu rrcW n8 Crwrsls; • It is home to an occupied Bald Eagle nest; and ■ It is endangered by traffic on 5 Barfield that has resulted in the death of 21 gopher tortoises in 2022. In addition to expressing our support for this acquisition, we request that the parcel be prioritlzed for preservatlon as a new Target Protection Area (TPA). e are grateful to program staff and to the members of the Conservation Collier Land Acquisition Advisory Committee (CCLAAC) for considering our requests. If you or CCLAAC mernbers have questions regarding thr. parcel or about our request for a TPA designation, paease contact CcunciIrnan R;ch Bic nna at 239-300-5432 or rb I on n a@marcccitycouncil.cam Sinc�erel�y, C CI&Ar Erik Brechnktz, Chairman 11 City of Marco Island City Council 50 Said Eagle Drive I Marco Island, Florida 84145 39 (23) 389-5000 1 www.6tyof narcoislnnd,cum Packet Pg. 180 11.A.g City ®f Marco Island v C C June 7, 2022 Q Ms. Summer Araque Conservation Collier Program Coordinator Collier County Parks and Recreation Division 3300 Santa Barbara Blvd Naples, FL 34116 Dear Ms. Araque: At the Marco Island City Council Meeting held on June 6, 2022, my fellow council members authorized me to express our support for the acquisition of a unified four parcel plot that was jointly nominated for Cycle 11 Acquisition by Annecy Marco LLC, 201 Barfield LLC, and Barfield Hawaii LLC. The four -parcel unit, which is located at 181-221 S Barfield Road, Marco Island, is owned by a willing seller who is eager to protect the land from development. This parcel is significant for the following reasons: • It provides excellent habitat for Gopher Tortoises; • It provides excellent habitat for Burrowing Owls; • It is home to an occupied Bald Eagle nest; and • It is endangered by traffic on S Barfield that has resulted in the death of 21 gopher tortoises in 2022 In addition to expressing our support for this acquisition, we request that the parcel be prioritized for preservation as a new Target Protection Area (TPA). We are grateful to program staff and to the members of the Conservation Collier Land Acquisition Advisory Committee (CCLAAC) for considering our requests. If you or CCLAAC members have questions regarding the parcel or about our request for a TPA designation, please contact Councilman Rich Blonna at 239-300-5432 or -,;itycouncil.con . Sincerely, C fr alko( Erik Brechnitz, Chairman City of Marco Island City Council a 50 Bald Eagle Drive I Marco Island, Florida 34145 (239) 389-5000 I www.cityofmarcoisland.com Packet Pg. 181 11.A.h Conservation Collier Land Acquisition Program Project Design Report Annecy/Barfield Property Date: September 2023 Property Owner(s): Annecy Marco LLC, 201 Barfield LLC, and Barfield Hawaii LLC Folios : 57199040005, 57199000003, 57198920003, 57198960005 Location: South of and adjacent to the Publix plaza on S. Barfield Dr.; 181, 191, 201, and 221 S. Barfield Dr. Size: 2.13 acres Purchase Price: $3,140,000 History of Proiect: Selected for the "A" Selected for the Purchase Offer Offer Accepted category, #1 priority, on "A" category, Made to Owner the Active Acquisition #1 priority, on List (AAL) by CCLAAC AAL b BCC 8/03/2022 12/13/2022 5/9/23 5/11/23 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Qualifications: The Annecy/Barfield parcels contain a small amount of coastal strand, which is a rare plant community in Collier County. They also offer human social values as they are visible and accessible from S. Barfield Dr., a busy public road. Finally, the parcels contain an estimated 109 gopher tortoises, nesting burrowing owls, a breeding bald eagle pair, and nesting short - tailed hawks. Zoning, Growth Management and Land Use Overlays: The parcels are zoned C-3, Commercial Intermediate. Projected Management Activities: Management of the parcels would entail removal and maintenance of invasive, exotic vegetation; native plantings, and educational and informational signage. Treatment of Australian pines on the parcels would need to be accomplished without discouraging bald eagle nesting. Packet Pg. 182 11.A.h Estimated Management Costs: Management Element 2024 2025 2026 2027 2028 Exotics $45,000 $30,000 $5,000 $5,000 $5,000 Native Plantings $5,000 $5,000 $1,000 $1,000 Signage $200 $9,800 $100 $100 $100 Total $45,200 $44,800 $10,100 $6,100 $6,100 SEE PAGES 3 AND 4 FOR MAPS OF THE PARCELS. 2 Packet Pg. 183 11.A.h n 0 0.5 coiner county Packet Pg. 184 1 1K11 r J I 4A * OO"JA00 Ail K ' ,5 7j ,w a� 0.05 0.1 .19 Packet Pg. 185 11.A.h m m m Location of Annecy/Barfield in relation to recorded archaeological site CR001 , a --ima Ave RafeCa pl' VAnnecy/Barfield a i ! L U Villa Ct _ Ms s _ R00109 U . _ c °' C7 to H'r•t: � v {� °a a o u 0 � L a m CO m _ Q E s Q Packet Pg. 186 11.A.i DrewKathlene From: Amy Krueger Sent: Tuesday, July 5, 2022 8:11 AM To: ConservationCollier Subject: Support for protection EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I am writing to express my support of keeping the land behind Publix S. Barfield for our wildlife and not for commercial or residential development. Thank you, Amy Krueger 230 Geranuim Court Marco Island 239-235-1501 Sent from my Whone Packet Pg. 187 11.A.i DrewKathiene From: Beth Steward Sent: Monday, July 4, 2022 4:43 PM To: ConservationCollier Subject: Marco parcel purchase EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I'm writing to encourage the purchase of the wildlife -rich parcel of land behind the "big Publix" on Marco at the corner of Bald Eagle and S. Barfield. This is a chance to preserve not just the eagles' nest, but loads of gopher tortoises and burrowing owls. PERFECT PURCHASE! Thank you! Beth Steward, DVM Marco Island Packet Pg. 188 11.A.i DrewKathlene From: Bob & Cindy WILLIAMSON Sent: Tuesday, July 5, 2022 4:53 PM To: ConservationCollier Subject: Marco Island Barfield Land Parcel Purchase EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Dear Conservation Collier, Please purchase the land parcels that are for sale behind the new Publix on S. Barfield Dr. on Marco Island. This property has around 190 gopher tortoise burrows, bald eagles, and burrowing owls. This was the only successful eagle nest on Marco Island this past nesting season and the eagle pair have nested there for the last three seasons. Please protect and keep this land for wild life. Marco Island's open lots are shrinking and we need your help! Thanks for your consideration, Cindy Williamson Marco Island 1 Packet Pg. 189 11.A.i DrewKathiene From: Capt. Nate Sent: Tuesday, July 5, 2022 8:32 AM To: ConservationCollier Subject: Marco Island critical wildlife habitats EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I support for the purchase of the parcels for sale behind the new Publix on S Barfield Dr . This property has around 190 gopher tortoise burrows, bald eagles and burrowing owls. It is critical to save this property. This was the only successful eagle nest on Marco Island this past nesting season and the eagle pair have nested there the last 3 seasons. Capt. Nate Lapierre 239-231-2500 Packet Pg. 190 11.A.i DrewKathiene From: Cari Beck Sent: Monday, July 4, 2022 7:19 PM To: ConservationCollier Subject: Gopher Tortoises on Marco EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I support the purchase of the land on Barfield on Marco Island. There is a great need for protection of the wildlife in that area. Cari Beck 488 Echo Circle Marco Island FL 34145 Packet Pg. 191 11.A.i DrewKathlene From: Christine Waldren Sent: Tuesday, July 5, 2022 3:33 PM To: ConservationCollier Subject: Marco Island Land EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I support the purchase of the parcels of land behind the new Publix on Barfield Drive on Marco Island for the sustainability of the wild life on the property, bald eagles, gopher tortoises and burrowing owls, Please buy the land. Christine Waldren, Marco Resident since 1985 Packet Pg. 192 11.A.i DrewKathlene From: Col Sent: Wednesday, July 6, 2022 8:03 AM To: ConservationCollier Subject: Land on Marco EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Dear committee, Please purchase the land behind Publix on Marco on S Barfield Drive. I support the efforts to protect our beautiful wildlife. Thank you. Coleen Singer 865 Elm Court Marco Island Packet Pg. 193 11.A.i DrewKathlene From: Danielle Sent: Tuesday, July 5, 2022 8:27 AM To: ConservationCollier Subject: S Barfield Dr Property EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Please consider purchase of the parcels for sale behind the Publix on S Barfield Dr . In Marco Island. This property has around 190 gopher tortoise burrows, bald eagles and burrowing owls. It is critical to save this property. This was the only successful eagle nest on Marco Island this past nesting season and the eagle pair have nested there the last 3 seasons. It's bad enough that Marco Island has minimal land saved and now coyotes and so many other animals are left without their habitat which always ends in complaints as nuisance and ultimately their termination. Thank you, Danielle, Marco Island resident 1 Packet Pg. 194 11.A.i DrewKathlene From: Jackie Maffucci Sent: Tuesday, July 5, 2022 9:36 AM To: ConservationCollier Subject: S Barfield Marco Islamd EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Please do not allow build behind the big Publix in Marco. We need to save the owls, tortoise and eagles . Don't sink the island Jackie Maffucci Packet Pg. 195 11.A.i DrewKathiene From: ivete moran Sent: Tuesday, July 5, 2022 12:39 PM To: ConservationCollier Subject: Support to purchase EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Good Afternoon, We need to protect our wildlife. I am in full support of the parcels for sale behind the new Publix on S Barfield Dr Moran Family Gulfview Apt of Marco Island 58 N Collier Blvd Unit 1802 Marco Island, FI 34145 Thanks Ivete Moran Sent from my iPhone 1 Packet Pg. 196 11.A.i DrewKathlene From: Kelly Blum Sent: Monday, July 4, 2022 10:11 PM To: ConservationCollier Subject: Please Help the Eagles, Owls and Tortoise EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Hi! I am emailing to support the purchase of the lots for sale behind the new Publix on S. Barfield Drive. There is too much wildlife there to develop. Thank you! Have a great day! Kelly Blum 342 Polynesia Ct Marco Island Packet Pg. 197 11.A.i DrewKathlene From: Kim Houghton Sent: Tuesday, July 5, 2022 7:08 AM To: ConservationCollier Subject: Action needed EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Hi, I am writing for your support for the purchase of the parcels for sale behind the new Publix on S Barfield Dr This property has around 190 gopher tortoise burrows, bald eagles and burrowing owls. It is critical to save this property. This was the only successful eagle nest on Marco Island this past nesting season and the eagle pair have nested there the last 3 seasons. Please protect and keep this land for our wildlife. Thank you! Kim 1 Packet Pg. 198 11.A.i DrewKathlene From: Kristen Stucky Sent: Tuesday, July 5, 2022 5:59 AM To: ConservationCollier Subject: Please save 181-221 S. Barfield for wildlife EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Please, please save the wildlife that call 181-221 S. Barfield home. Please purchase of the parcels for sale behind the new Publix on S Barfield Dr. This property has around 190 gopher tortoise burrows, bald eagles and burrowing owls. It is critical to save this property. This property also is home to the only successful eagle nest on Marco Island and the eagle pair have nested there the last 3 seasons. I'm an eco guide with Eco Endeavors and we shuttle our guests past this property several trips daily on our way to the marina. We educate hundreds of visitors weekly about the wonderful and endangered wildlife that call 118-221 S. Barfield their home. There is so little protected space for our beautiful wildlife to live safely. Please save these parcels Thank you! Kristen L. Stucky Sent from my iPhone Packet Pg. 199 11.A.i DrewKathlene From: LESLIE MCDAVID Sent: Tuesday, July 5, 2022 8:37 PM To: ConservationCollier Subject: SAVE THE TURTLE PROPERTY!! EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I am writing in support for the purchase of the parcels for sale behind the new Publix on S Barfield Dr . on Marco Island. PLEASE purchase the land and save our wildlife, the little land we have left... to protect the Eagles, Turtles and Owls! New homes going up daily and owls and turtles homes are being destroyed. Thank you for your support!!!! Leslie McDavid 1540 Biscayne Way Marco Island, FI 34145 239-289-1082 i Packet Pg. 200 11.A.i DrewKathiene From: Marie Vanderlaan Sent: Tuesday, July 5, 2022 1:11 AM To: ConservationCollier Subject: Purchase Land behind Publix at Barfield Dr S. EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Good Morning Sirs or Madam: I have become aware of the situation of the land that is home to so much wildlife on Marco Island being For Sale. My family urges you people in decision making to please make the right decisions and keep that land for the city and not sold to developers. We have chased out so much wild life from our area that it is so important now especially to do what we can to keep this land for the Gopher turtles, burrowing owls and the American Eagles nesting there ..... and for the future. We have owned a home on Marco Island since 1987 and we love that island and all the beautiful things it has to offer especially in nature. Thank you so very much. Yours Truly Marie Vanderlaan and Family 905-328-2758 1 Packet Pg. 201 11.A.i DrewKathlene From: ConservationCollier Sent: Wednesday, July 6, 2022 9:39 AM To: ConservationCollier Subject: RE: Marco Island Parcels From: maureen.mchalehull Sent: Tuesday, July S, 2022 1:44 PM To: ConservationCollier <ConservationCollier@colliercountyfl.gov> Subject: Marco Island Parcels EXTERNAL EMAIL This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Conservation Collier, I understand there is a possibility that you may purchase the land behind the big Publix on South Barfield Ave as part of the Conservation efforts. With all the development on Marco there are less and less places for our eagles, tortoises, etc. I think this purchase would support your mission well. To acquire, preserve, restore and maintain vital and significant threatened natural lands, forest, upland and wetland communities located in Collier County, for the benefit of present and future generations. Thank you for your consideration Maureen McHale Hull 1O2o Dana Court Marco Island FL 34145 Under Florida Law, e-mail addresses are public records. If you do not want your e-mail address released in response to public records request, do not send electronic mail to this entity. Instead, contact this office by telephone or in writing. r a Packet Pg. 202 11.A.i DrewKathlene From: Nancy Kubel Sent: Monday, July 4, 2022 5:59 PM To: ConservationCollier Subject: Parcels for Sale EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Hello, I am writing in support of Conservation Collier purchasing the parcels of land for sale behind the new Publix. My understanding is that these parcels are home to bald eagles, 190 gopher tortoise burrows, and burrowing owls. So much construction on Marco Island has devastated the natural lands causing habitat loss for so many animals. I fully support not building on the parcels of land behind the new Publix. Thank you! Nancy Kubel 600 Inlet Drive Marco Island, FL 34145 312 375 7065 1 Packet Pg. 203 11.A.i DrewKathiene From: Robert Williamson Sent: Tuesday, July 5, 2022 5:07 PM To: ConservationCollier Subject: South Barfield Parcels - Marco Island EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. As part of Conservative Collier these parcels are critical in maintaining an environment conducive to the survival of our native fauna, especially the guarded and protected species that inhabit the island. Please allocate funding for the purchase and maintenance of these properties for the citizens of Collier county and the visiting communities. Robert Williamson Full Time Resident, Marco Island Packet Pg. 204 11.A.i DrewKathiene From: Peter Longo Sent: Tuesday, July 5, 2022 5:13 AM To: ConservationCollier Subject: I support purchase of Land EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I've lived on Marco island for over 10 years and I'm writing to voice my support of the county's purchase of the property on South Barfield to help save the Gopher Turtles and Bald Eagles. Thank you Peter Longo 1261 Laurel Court Marco Island, FL Packet Pg. 205 11.A.i DrewKathlene From: Robyn Standke Sent: Monday, July 4, 2022 9:14 PM To: ConservationCollier Subject: Protect parcel behind S Barfield Dr. EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Dear Sir or Madam, I support the purchase of the parcels for sale behind the new Publix on S Barfield Dr . This property has around 190 gopher tortoise burrows, bald eagles and burrowing owls. It is critical to save this property. This was the only successful eagle nest on Marco Island this past nesting season and the eagle pair have nested there the last 3 seasons. Please let our voices be heard to protect and keep this land for our wildlife. Thank you! Robyn Standke Sent from my Whone 1 Packet Pg. 206 11.A.i DrewKathiene From: Sandra Rath Sent: Wednesday, July 6, 2022 8:57 AM To: ConservationCollier Subject: Marco island parcels EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I am writing in support of the purchase of land parcels behind Publix on Barfield by Conservation Collier. This land is so important to the well being of the eagles that nest there as well as the gopher tortoises and burrowing owls that call this property home. Residents of Marco appreciate and help to protect the wildlife we so much enjoy by promoting awareness. So much of Marco is developed for residential and commercial/retail purposes. We must do all we can to protect the wildlife species that inhabited this island long before we did. Won't you please act to preserve this land for their use? Thank you. Sent from my iPhone Packet Pg. 207 11.A.i DrewKathlene From: Scott singer Sent: Wednesday, July 6, 2022 8:52 AM To: ConservationCollier Cc: Carolyn McKee Subject: Land purchase on Marco Island EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Dear committee, Please purchase the land behind Publix on Marco on S Barfield Drive. I support the efforts to protect our beautiful wildlife. Scott Singer Thank you 865 Elm Court Marco Island Packet Pg. 208 11.A.i DrewKathlene From: Sheila Witous Sent: Tuesday, July 5, 2022 12:42 PM To: ConservationCollier Subject: Purchase the land! EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I would like to voice my support for the purchase of the parcels for sale behind the new Publix on S Barfield Dr . This property has around 190 gopher tortoise burrows, bald eagles and burrowing owls. It is critical to save this property. This was the only successful eagle nest on Marco Island this past nesting season and the eagle pair have nested there the last 3 seasons. Please protect these Marco treasures. Sheila S. Witous, MBA, CPA, CGMA 500 Saturn Ct. Marco Island FI PRIVILEGED AND CONFIDENTIAL: This document and the information contained herein are confidential and protected from disclosure pursuant to Federal law. This message is intended only for the use of the Addressee(s) and may contain information that is PRIVILEGED and CONFIDENTIAL. If you are not the intended recipient, you are hereby notified that the use, dissemination, or copying of this information is strictly prohibited. If you have received this communication in error, please erase all copies of the message and its attachments and notify the sender immediately. 1 Packet Pg. 209 11.A.i DrewKathiene From: Shephard Johnson Sent: Monday, July 4, 2022 8:45 PM To: ConservationCollier Subject: Gopher tortoise EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. I am writing to encourage the purchase of south Barfield drive lots near Publix. There are many lives at stake. ShepJohnson capt.shep@yahoo.com Packet Pg. 210 11.A.i DrewKathlene From: Susan Knox Sent: Tuesday, July 5, 2022 10:38 AM To: ConservationCollier Subject: Parcel on S. Barfield behind new Publix on Marco Island EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Please purchase this parcel and maintain it as a conservation sanctuary since it is home to many gopher tortoises, owls and active bald eagle nest. It is important to preserve this green space. Thank you Susan Knox 1779 Wavecrest Ct. Marco Island resident Sent from my Wad Packet Pg. 211 11.A.j S. Barfield, Marco Island Parcels — Phone calls received - Marco Island residents, all in favor and support of purchasing the land Joanna Donna Kim English Len McFadden Jeanie Barne Robin Hoffman Ann Markette Packet Pg. 212 11.A.k CONSERVATION COLLIER TAX ID NUMBER: 57802400000 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between DIANE GREENE CHESTNUT, whose address is 12 Marco Lake Dr., Marco Island, FL 34145 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112 (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be Six Hundred Twenty -Seven Thousand Five Hundred Dollars and 001100 ($627,500) (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 1 Packet Pg. 213 CONSERVATION COLLIER TAX ID NUMBER: 57802400000 11.A.k be held at the Collier County Attorney's Office, Administration Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows: 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap Tax Proration, Owner's Non -Foreign Affidavit", as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. 2 Q Packet Pg. 214 11.A.k CONSERVATION COLLIER TAX ID NUMBER: 57802400000 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. 4.012 If Purchaser shall fail to advise the Seller in writing of any such 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. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such 3 Packet Pg. 215 11.A.k CONSERVATION COLLIER TAX ID NUMBER: 57802400000 written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 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. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred twenty (120) days from the date of this Agreement, ("Inspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal 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. 4 `L Packet Pg. 216 CONSERVATION COLLIER TAX ID NUMBER: 57802400000 11.A.k 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. VI. INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VII. POSSESSION 7.01 Purchaser shall be entitled to full possession of the Property at Closing. VIII. PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of current year taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. 5 Packet Pg. 217 CONSERVATION COLLIER TAX ID NUMBER: 57802400000 11.A.k 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: 10.011 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 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 0 Packet Pg. 218 11.A.k CONSERVATION COLLIER TAX ID NUMBER: 57802400000 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 Seller has no knowledge of 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 Packet Pg. 219 CONSERVATION COLLIER TAX ID NUMBER: 57802400000 11.A.k 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. 11 Packet Pg. 220 CONSERVATION COLLIER TAX ID NUMBER: 57802400000 11.A.k XI. NOTICES 11.01 Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Attn: Sonja Stephenson Collier County Real Property Management 3335 Tamiami Trail East, Suite 102 Naples, Florida 34112 Telephone number: 239-252-8073 Fax number: 239-252-8876 If to Seller: Diane Greene Chestnut 12 Marco Lake Dr. Marco Island, FL 34145 Telephone number: 239-285-2972 Fax number: k,0r Ee 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. 0 Packet Pg. 221 11.A.k CONSERVATION COLLIER TAX ID NUMBER: 57802400000 XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. (gyp p- (2sjafC ©r b no K-er Co^"rn i s s i o'n cxz .ems 'Pai c�.bi2 or, -1�► �s SaIE .�e C XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend, or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 If any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. 10 a Packet Pg. 222 CONSERVATION COLLIER TAX ID NUMBER: 57802400000 11.A.k 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 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty, or covenant not included in this Agreement, or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the BOARD OF COUNTY COMMISSIONERS Circuit Court and Comptroller COLLIER COUNTY, FLORIDA , Deputy Clerk in 11 RICK LOCASTRO, Chairman r•, Packet Pg. 223 CONSERVATION COLLIER TAX ID NUMBER: 57802400000 11.A.k AS TO SELLER: WITNESSES: f � a d/10)2- (Witn ignature) /arq OyQlib w (Print Witness Name) (Wit a Signature) alol'le-n _ �t �} (Pant Witness Name) Approved a to orm and legality: SAm tcuwar , Assistant County Attorney SB �` y 12 DIANE GREENE CHESTNUT SELLER Packet Pg. 224 1 11.A.k CONSERVATION COLLIER TAX ID NUMBER: 57802400000 EXHIBIT "A" Lot 16, Block 305 Marco Beach Unit NINE, a Subdivision according to the Plat thereof, recorded in Plat Book 6, Page 69 through 73, of the Public Records of Collier County, Florida. Packet Pg. 225 I 11.A.n I BCC Property Name: Chestnut Target Protection Area: Urban Estimated Market Value: $450,000 Conservation Collier Property Summary Chestnut — Marco Island Owner: Diane Chestnut Acreage: 0.53 acres Highlights: • Location: 660 Inlet Dr. approx. 0.6 miles north of Otter Mound Preserve • 3 of the 6 Initial Screening Criteria were met: Native plant community; human social values; biological and ecological values • Habitat: Coastal strand and maritime hammock • Listed Plants: Giant wild pine (Tillandsia utriculata) and hoopvine (Trichostigma octandrum) • Listed Wildlife: Gopher tortoise (Gopherus polyphemus) • Water Resource Values: Provides minimal aquifer recharge; upland soils; no wetlands on site. • Connectivity: Parcel is not near other conservation land, but undeveloped lands exist between parcel and the Rookery Bay National Estuarine Research Reserve approx. 350 feet to the east • Other Division Interest: None • Access: Roadway adjacent; street parking available • Management Issues / Estimated Costs: Initial exotic removal estimated at $7,500 and ongoing annual estimated at $1,000; interpretive signage estimated at $5,000 and ongoing annual estimated at $100 • Partnership Opportunities: Audubon of the Wester Everglades; City of Marco Island • Zoning/Overlays: RSF-3, Residential Single Family • Surrounding land uses: Residential; roadway; undeveloped land • All Criteria Score: 253 out of 400; ecological value, restoration and management, and vulnerability scores are high Cycle I I A sa f 4 - Vulnerability • Acquisition Considerations: Active gopher tortoise burrows on parcel; very little restoration and management necessary — intact plant communities exist on parcel 1 Packet Pg. 226 BCC WT Conservation Collier Property Summary Chestnut — Marco Island BAR-ROSACT ¢�qr ORLEANS CT 91- BEGONIACT GALLEONA E GALLEON CT ME N h p ALMERIA CT MJ N Q � wWINTERBERRYDR � ma \r v �a 2 Annecy Barfield WISC J Chestnut I z 11.A.n Cycle 11 A Gl Legend V Application Received >% Cycle 10 parcel U Otter Mound Preserve I 2D O N � CONSEI} ATION C LLIER rn c 0 Co er C�nty U . . O w N r L 0 Q w 06 L E f3 C r— LUDLp S & B Properties of Marco r- Rb 0 'KC1CV117JE CT L_ •> I � o Agua Colina w S 3 ADDI ON CT N heGy� 4 South Terra Corp 3 CT 0.5CE l.4 m 0 ti 0 U ti bd ORS i SINLETOR Gcci C 0 05I 1 i Miles V t4 r Q Packet Pg. 227 11.A.n Conservation Collier Initial Criteria Screening Report Chestnut Parcel 1 2 Miles Owner Name: Diane Chestnut Folio Number: 57802400000 Staff Report Date: July 6, 2022 (Revised August 29, 2022) Total Score: 253/400 200 160 150 73 80 80 80 64 80 100 50 36 1 - Ecological 2 - Human Value 3 - Restoration 4 - Vulnerability Value and Management ■ Awarded Points ❑ Possible Points Packet Pg. 228 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Table of Contents Tableof Contents......................................................................................................................................... 2 1. Introduction........................................................................................................................................... 4 2. Summary of Property............................................................................................................................ 5 Figure 1 - Parcel Location Overview.........................................................................................................5 Figure2 - Parcel Close-up.........................................................................................................................6 2.1 Summary of Property Information....................................................................................................7 Table 1— Summary of Property Information.....................................................................................7 Figure 3 - Secondary Criteria Score....................................................................................................8 Table 2 - Secondary Criteria Score Summary.....................................................................................8 2.2 Summary of Assessed Value and Property Cost Estimates..............................................................9 Table 3. Assessed & Estimated Value................................................................................................9 2.2.1 Zoning, Growth Management and Conservation Overlays....................................................9 2.3 Initial Screening Criteria Satisfaction (Ord. 2002-63, Sec. 10)...................................................... 10 3. Initial Screening Criteria......................................................................................................................12 3.1 Ecological Values............................................................................................................................. 12 3.1.1 Vegetative Communities....................................................................................................... 12 Table 4. Listed Plant Species.................................................................................................... 12 Figure 4 - CLIP4 Priority Natural Communities........................................................................ 13 Figure 5 - Florida Cooperative Land Cover Classification System ............................................ 14 Figure 6 — Coastal scrub transitioning into maritime hammock .............................................. 15 Figure 7 — Southern boundary of parcel — coastal scrub transitioning into maritime hammock ................................................................................................................................................ 15 3.1.2 Wildlife Communities............................................................................................................ 16 Table 5 — Listed Wildlife Detected........................................................................................... 16 Figure 8 — Active gopher tortoise burrow in NE corner of property ........................................ 16 Figure 9 - Wildlife Spatial Data (i.e., telemetry, roosts, etc) .................................................... 17 Figure 10 - CLIP4 Potential Habitat Richness........................................................................... 18 3 1 3 Water Resources 19 . .................................................................................................................... Figure 11 - CLIP Aquifer Recharge Priority and Wellfield Protection Zones ............................ 20 Figure 12 - Collier County Soil Survey...................................................................................... 21 Figure 13 LIDAR Elevation Map............................................................................................... 22 3.1.4 Ecosystem Connectivity........................................................................................................ 23 2 al Packet Pg. 229 11.A.n Initial Criteria Screening Report Owner Names: Diane Chestnut Folio Number: 57802400000 Date: July 6, 2022 (Revised August 29, 2022) Figure 14 - Conservation Lands............................................................................................... 23 3.2 Human Values................................................................................................................................. 24 3.2.1 Recreation............................................................................................................................. 24 3.2.2 Accessibility........................................................................................................................... 24 3.2.3 Aesthetic/Cultural Enhancement......................................................................................... 24 Figure 15 - Cultural/ Aesthetic Attribute Photo 1.................................................................... 24 3.3 Restoration and Management....................................................................................................... 25 3.3.1 Vegetation Management...................................................................................................... 25 3.3.1.1 Invasive Vegetation..................................................................................................... 25 3.3.1.2 Prescribed Fire............................................................................................................ 25 3.3.2 Remediation and Site Security.............................................................................................. 25 3.3.3 Assistance.............................................................................................................................. 25 3.4 Vulnerability.................................................................................................................................... 25 3.4.1 Zoning and Land Use............................................................................................................. 25 Figure16 — Zoning................................................................................................................... 26 Figure17 —Future Land Use.................................................................................................... 26 3.4.2 Development Plans............................................................................................................... 27 4. Management Needs and Costs..............................................................................................................27 Table 6 - Estimated Costs of Site Remediation, Improvements, and Management ................ 27 5. Potential for Matching Funds.............................................................................................................. 27 6. Secondary Criteria Scoring Form......................................................................................................... 28 7. Additional Site Photos.........................................................................................................................34 APPENDIX 1— Critical Lands and Water Identification Maps (CLIP) Definitions ...................................... 36 3 Packet Pg. 230 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) r 1. Introduction N The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and v management program approved by the Collier County Board of County Commissioners (Board) in 2002 -0 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management m mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). On November 3, 2020, the Collier County electors approved the Q Conservation Collier Re-establishment referendum with a 76.5% majority. a This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 11th acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. The sole purpose of this report is to provide objective data to demonstrate how properties meet the criteria defined by the ordinance. The following sections characterize the property location and assessed value, elaborate on the initial and secondary screening criteria scoring, and describe potential funding sources, appropriate use, site improvements, and estimated management costs. 4 Packet Pg. 231 Initial Criteria Screening Report Owner Names: Diane Chestnut 2. Summary of Property 11.A.n Folio Number: 57802400000 Date: July 6, 2022 (Revised August 29, 2022) BARBARDSACT ss cQr�F WAIICT Annecy Barfield ORLEANSCT . Ry BEGONIA CT GALLEON CT MEDEIRA T a _GA � � p z ALMERIA CT MACAO T U U 2� WINTERBERRYOR WISC P`I� Op �n DEVON Of, -1 ns CT Chestnut Legend _ Application Received Appraisal A -list Otter Mound Preserve CON ATION LLIER Coe, County LUDLO� RD S & B Properties of Marco hoc] AI NG CT o o Agua Colina 4 SAS CT q � z ADOI ON CT N m L) South Terra Corp 4Gy� o � OSCE LA X A )IRR QW S INLET DR 0 0.5 1 Miles Figure 1 - Parcel Location Overview 5 Packet Pg. 232 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Miles Figure 2 - Porcel Close-up al Packet Pg. 233 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 2.1 Summary of Property Information Table 1 — Summary of Property Information Characteristic Value Comments Name Chestnut Diane Chestnut Folio Number 57802400000 Address: 660 Inlet Drive, Marco Island Target Protection Urban Marco Island Target Mailing Area Cycle 11 Area Size 0.53 acres Section, Township, and Range 516, Twn 52, R26 Zoning RSF-3, Residential Category/TDRs Single Family RSF-3 maximum density is 3 units per gross acre FEMA Flood Map X Low flood risk Category Existing structures None Single family residences to the north and west, Adjoining properties Residential, undeveloped parcels to the south, and roadway (Inlet Dr.) Undeveloped, and their Uses to the east — with undeveloped parcels to the east of Inlet roadway Dr. Development Plans Submitted None Known Property None known Irregularities Other County Dept None Parcel is within unincorporated Collier Interest al Packet Pg. 234 11.A.n Initial Criteria Screening Report Owner Names: Diane Chestnut 200 160 150 100 73 50 0 1- Ecological Value Folio Number: 57802400000 Date: July 6, 2022 (Revised August 29, 2022) Total Score: 253/400 80 80 80 64 80 36 2 - Human Value 3 - Restoration 4 - Vulnerability and Management ■ Awarded Points ❑ Possible Points Figure 3 - Secondary Criteria Score Table 2 - Secondary Criteria Score Summary Criteria Awarded Weighted Points Possible Weighted Points Awarded/Possible Points 1- Ecological Value 73 160 46% 1.1 - Vegetative Communities 43 53 80% 1.2 - Wildlife Communities 24 27 90% 1.3 - Water Resources 0 27 0% 1.4 - Ecosystem Connectivity 7 53 13% 2 - Human Values 36 80 45% 2.1 - Recreation 6 34 17% 2.2 - Accessibility 26 34 75% 2.3 - Aesthetics/Cultural Enhancement 4 11 38% 3 - Restoration and Management 80 80 100% 3.1 - Vegetation Management 55 55 100% 3.2 - Remediation and Site Security 23 23 100% 3.3 - Assistance 2 2 100% 4 - Vulnerability 64 80 81% 4.1 - Zoning and Land Use 58 58 100% 4.2 - Development Plans 7 22 30% Total 253 400 63% al Packet Pg. 235 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) r 2.2 Summary of Assessed Value and Property Cost Estimates c The interest being appraised is fee simple "as is" for the purchase of the site. A value of the parcel was W estimated using only one of the three traditional approaches to value, the sales comparison approach. It is based on the principal of substitution that an informed purchaser would pay no more for the rights ; in acquiring a particular real property than the cost of acquiring, without undue delay, an equally m desirable one. Three properties were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in this report and the Real Estate Services Department staff relied upon information Q solely provided by program staff. The valuation conclusion is limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. If the Board of County Commissioners choose to acquire the property, an appraisal by an independent Real Estate Appraiser will be obtained at that time. Pursuant to the Conservation Collier Purchase Policy, one appraisal is required for the Chestnut parcel, which has an initial valuation less than $500,000; 1 independent Real Estate Appraiser will value the subject property and that appraisal report will determine the actual value of the subject property. Table 3. Assessed & Estimated Value Property owner Address Acreage Assessed EstimatedValue* Value** Diane Chestnut 660 Inlet Dr. 0.53 $198,607 $427,000 * Assessed Value is obtained from the Property Appraiser's Website. The Assessed Value is based off the current use of the property. **The Estimated Market Value for the Chestnut parcel was obtained from the Collier County Real Estate Services Department in June 2022. 2.2.1 Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. The parcel is zoned Residential Single-Family-3. The maximum building density is 3 units per gross acre. 9 Packet Pg. 236 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 2.3 Initial Screening Criteria Satisfaction (Ord. 2002-63, Sec. 10) r Criteria 1: Native Habitats U Are any of the following unique and endangered plant communities found on the property? �-2 Order of preference as follows: m i. Hardwood hammocks Yes ii. Xeric oak scrub No a� c iii. Coastal strand Yes Q iv. Native beach No V. Xeric pine No 0 vi. Riverine Oak No vii. High marsh (saline) No a viii. Tidal freshwater marsh No ix. Other native habitats No Statement for Satisfaction of Criteria 1: The parcel consists primarily of maritime hammock, with some small patches of coastal scrub. Criteria 2: Human Social Values Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature -based recreation, and enhancement of the aesthetic setting of Collier County? YES Statement for Satisfaction of Criteria 2: This parcel is in the Urban Target Protection Area on Marco Island and has access from a public road. The parcel provides wildlife viewing and greenspace in a developed area. The parcel is too small to accommodate extensive trails but can be enjoyed from the sidewalk/road. Criteria 3: Water Resources Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? NO Statement for Satisfaction of Criteria 3: The parcel does not significantly protect water resources. Criteria 4: Biological and Ecological Value Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? YES 10 Packet Pg. 237 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) r Statement for Satisfaction of Criteria 4: The parcel contains migratory bird habitat and active c gopher tortoise burrows. W c.� Criteria 5: Enhancement of Current Conservation Lands 2 It Does the property enhance and/or protect the environmental value of current conservation lands m through function as a buffer, ecological link or habitat corridor? No a� c c Is this property within the boundary of another agency's acquisition project? No Q Statement for Satisfaction of Criteria 5: There are no known conservation lands adjacent to this parcel. It abuts homes on the west and north, a road to the east, and undeveloped land to the south. 11 Packet Pg. 238 11.A.n Initial Criteria Screening Report Owner Names: Diane Chestnut 3. Initial Screening Criteria 3.1 Ecological Values Folio Number: 57802400000 Date: July 6, 2022 (Revised August 29, 2022) 3.1.1 Vegetative Communities The parcel consists primarily of disturbed, maritime hammock, but does contain patches of coastal scrub on the southern edge and middle. Maritime hammock is a predominantly evergreen hardwood forest growing on stabilized coastal dunes. Some of the components of this category that were observed on the parcel include: gumbo limbo, seagrape, wild coffee, catclaw blackbead, cocoplum, marlberry, snowberry, hoopvine, and rouge plant. The scrub category represents a wide variety of species found in the coastal zone. Some of the components of this category that were observed on the parcel include: sand live oak, tough bully, prickly pear, and gopher apple. A large Brazilian pepper exists within the northeast corner of the parcel, and Burma reed lines the northern edge of the parcel. Other non-native, invasive plants are scattered throughout the parcel including guinea grass, tropical almond, Brazilian pepper, and umbrella tree. Table 4. Listed Plant Species Common Name Scientific Name State Status Federal Status Giant wild pine Tillandsia utriculata State Endangered n/a Hoopvine Trichostigma octandrum State Endangered n/a 12 al Packet Pg. 239 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Miles Diane Chestnut CLIP4 Priority Natural Communities Priority 1 (highest) Priority 2 Priority 3 Priority 4 Figure 4 - CLIP4 Priority Natural Communities al CON ATION �yy LLIER Cotlier C.-ty 13 Packet Pg. 240 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Miles Diane Chestnut Land Cover Residential, Med. Density - 2-5 Wk Dwelling Units[AC Transportation Urban Open Land Figure 5 - Florida Cooperative Land Cover Classification System CON - ATION �yy MER Goilier C`rouxty 14 Packet Pg. 241 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Figure 6 — Coastal scrub transitioning into maritime hammock Figure 7 — Southern boundary of parcel — coastal scrub transitioning into maritime hammock al 15 Packet Pg. 242 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 3.1.2 Wildlife Communities Active gopher tortoise burrows were observed on the parcel itself. Multiple active burrows were observed on the adjacent parcels to the south. The maritime hammock community within the Chestnut parcel also provides habitat for migratory bird species. Table S — Listed Wildlife Detected Common Name Scientific Name State Status Federal Status Mode of Detection Gopherus Active burrow observed Gopher tortoise Threatened n/A polyphemus during site visit Figure 8 — Active gopher tortoise burrow in NE corner of property 16 al Packet Pg. 243 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Miles Diane Chestnut Figure 9 - Wildlife Spotiol Data (i.e., telemetry, roosts, etc) CON ATION a LLIER Cdi County%;m 17 al Packet Pg. 244 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Miles Diane Chestnut VALUE 1 species 2-4 species 5-6 species 7 species 8-13 species Figure 10 - CLIP4 Potential Habitat Richness al CON - ATION �yy MER Goilier C`rouxty 18 Packet Pg. 245 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) r 3.1.3 Water Resources c The parcel does not significantly protect water resources, beyond adding very minimally to the surficial aquifer. The parcel and adjacent properties are comprised entirely of uplands. No wetlands exist on site, and the parcel is not within a wellfield protection zone. 2 Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Mapped soils 0° on this parcel show the entire site to be paola fine sand, 1 to 8 pct slopes — an excessively drained soil c found on coastal dunes on Marco Island. Q 19 Packet Pg. 246 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Miles Diane Chestnut Wellfield Protection Zones 1-YEAR 2-YEAR 5-YEAR 20-YEAR CLIP4 Aquifer Recharge Priority 1- HIGHEST Priority 2 Priority 3 Priority 4 Priority 5 Priority 6 Figure 11 - CLIP Aquifer Recharge Priority and Wellfield Protection Zones al CON ATION �yy LLIER Goilier C`rouxty 20 Packet Pg. 247 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Miles Diane Chestnut Soil Type DURBIN AND WULFERT MUCKS, FREQUENTLY FLOODED PAOLA FINE SAND, 1 TO 8 PCT SLOPES URBAN LAND-AQUENTS COMPLEX, ORGANIC SUBSTRATUM Figure 12 - Collier County Soil Survey al CON - ATION �yy LLIER Goilier C`rouxty 21 Packet Pg. 248 11.A.n Initial Criteria Screening Report Owner Names: Diane Chestnut k Folio Number: 57802400000 Date: July 6, 2022 (Revised August 29, 2022) al rRaUrQa rFR 0 0.05 0.1 Miles Diane Chestnut " LIDAR Value High : 104.644 Low: -4.11745 1 Figure 13 LIDAR Elevation Map CONSER% ATION C LLIER Co e-r County �r t. 22 Packet Pg. 249 11.A.n Initial Criteria Screening Report Owner Names: Diane Chestnut Folio Number: 57802400000 Date: July 6, 2022 (Revised August 29, 2022) 3.1.4 Ecosystem Connectivity This parcel does not provide direct connectivity to other conservation lands; however, there are undeveloped lands between this parcel and the Rookery Bay National Estuarine Research Reserve approximately 350 feet to the east. The parcel is within an urban, residential area with a road (Inlet Dr.) adjacent to the east (with undeveloped lots east of Inlet Dr.), single family residences to the north and west, and undeveloped parcels to the south. Miles - Diane Chestnut Otter Mound Preserve Managed Conservation Areas Other Conservation Areas Figure 14 - Conservation Lands COWiiiLMATION LLIER Co CC--ncyq" al 23 Packet Pg. 250 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 3.2 Human Values 3.2.1 Recreation This parcel is bordered by a road along its entire eastern edge. Birdwatching and photography would be encouraged from the road right of way. Providing access to the parcel with a short trail would not be recommended due to the small size of the parcel and the sensitivity and density of the vegetation 3.2.2 Accessibility The parcel would be visible from a public road. No pedestrian or vehicular access onto the parcel would be recommended. The parcel is within walking distance of many residences and commercial parking lots. Creating parking within the parcel would also not be recommended because of its small size, native vegetation, and wildlife utilization. If this parcel is acquired along with other parcels in the area, Conservation Collier will coordinate with the City of Marco Island regarding parking. Depending on location, the City of Marco Island has offered to assist in providing off-street parking on pervious material and the installation of signage consistent with the City's Land Development Codes. 3.2.3 Aesthetic/Cultural Enhancement This parcel is in the Urban Target Protection Area on Marco Island and has access from a public road. The parcel provides wildlife viewing and greenspace in a neighborhood where nearly every lot is developed. The parcel is too small to accommodate trails but can be enjoyed from the side of the road. 1k Figure 15 - Cultural/Aesthetic Attribute Photo 1 24 al Packet Pg. 251 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) r 3.3 Restoration and Management N 3.3.1 Vegetation Management c.� 3.3.1.1 Invasive Vegetation Approximately 30% of the parcel is covered with invasive vegetation — primarily Brazilian pepper. A ; large Brazilian pepper exists within the northeast corner of the parcel, and Burma reed lines the m northern edge of the parcel. Other non-native, invasive plants are scattered throughout the parcel including guinea grass, tropical almond, Brazilian pepper, and umbrella tree. Madagascar periwinkle is c also present in the groundcover. Q 3.3.1.2 Prescribed Fire The parcel contains primarily tropical hardwood hammock, which is not a fire dependent community 3.3.2 Remediation and Site Security No site security issues appear to exist within the parcel. Educational signage regarding the importance of the parcel for native wildlife could be installed to discourage trespass and littering. 3.3.3 Assistance Assistance with gopher tortoise monitoring on this parcel will be provided by the Audubon of the Western Everglades. Funding assistance for invasive/nuisance plant removal may be sought from the Florida Fish and Wildlife Conservation Commission. 3.4 Vulnerability 3.4.1 Zoning and Land Use The parcel is zoned RSF-3, Residential Single Family. Residential Single Family Districts are intended to be single-family residential areas of low density. Permitted uses include single-family dwellings, family care facilities (subject to the Land Development Code), and public parks and open space. The Future Land Use of the parcel is Low Density Residential — 0-4 units per acre. The lot is vulnerable to development for a home. 25 Packet Pg. 252 11.A.n Initial Criteria Screening Report Owner Names: Diane Chestnut uo Legend CD CityLimbs . (T, Rec/Open/CC/ST ---u: OverEay Distrins ® GC, Rer/0pen/GC/5T ------- Sp wIrr eament . P. Rer/Open/GC/ST C P—N PUD, PUD Zonling RMF-12, 111dfE-Famfly ® C-1/T, Ctnmuerclal 101IF-16, M wn-Family O C.1. CommertaE RMFF6, Mtdii-F—Ay ® C-3. Colsmaer w O RSF-2, Single Fam111' . C•4. Commetcia3 O RSF3, Single Family . Cam. Commercial o RSF-4, Sfngle Family - A. RW0Pe1VGC/SF RT, Residential Tourist a CON, Rec/Opeo/GC/ST O CheAtnul P-1 a-nar G a2s U.S 1.1z,aaG 1 Mid. dSMAIMER Bem the Cty elfAmrn Wand end av GT of O,a CeSer Cunty Pr pwry Apgra dle[Mtmanyub,V for thenfn wprtimdharem ddorldtW nNe —y ee,xendemneee d Ns uren,tanmt. Q nfamotia, abeam a mr refersr® e"y.. 2w.,a nlameeon a aaeMly under re iew elms ft- mange. Figure 16 —Zoning CITY OF MARCO ISLAND FUTURE LAND USE MAP FUTURE LAND USE LEGEND LOW DENSITY RESIDENTIAL VILLAGE COMMERCIAL 0-4 UNITS PER ACRE MEDDENSITY SACRESIDENTIAL :. ! COMMUNITY COMMERCIAL DBUIUM HIGHRESIDENTIAL TOWN CENTER l MIXED USE - UNITS PER AC HEAVY COMM E RCIAL -RESORTI RESIDENTIAL OA6 UNITS PER ACRE 0-26 HOTEIIMOTEL UNITS PRESERVATION !CONSERVATION -Private COMMUNITY FACILITY PRESERVATION l CONSERVATION - Fuhhr: PLANNED UNIT DEVELOPMENT Chestnut Parcel Mvewdesgee M1 U v nl Me,mlela�tl PWMac PU❑ N AAlama PL, �9 Blamed I11 Pe 11111 ThePUP's de6rgmLftl m ve Crays FLUM Neceaea adoption a! Ike gryd l9eM CarnPel,cuMe Plan. antl M1ence were reviewed anC Iwrl(! wnvlG9rh wiN tl! OpNifAhk 9rexM marNetl++�eM Fdn In ■N1l 671e0. H tre lime A Ipel! Mel approval ,dVd By Cityrautll pL]]fXllf] Rdp Revised, 0?1Nr 7 Figure 17—Future Land Use Folio Number: 57802400000 Date: July 6, 2022 (Revised August 29, 2022) W M �p ml Bao ` 61 Trr 620 �` J Mo ®1 der ut _ 0 al 26 Packet Pg. 253 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 3.4.2 Development Plans The parcel is not currently planned for development; however, its location near developed residential lots along a roadway makes it vulnerable to development. Although the gopher tortoises present on the parcel would make development cost prohibitive, development is still possible. 4. Management Needs and Costs Table 6 - Estimated Costs of Site Remediation, Improvements, and Management Management Initial Annual Comments Element Cost Recurring Cost Invasive Vegetation $7,500 $1,000 Removal Signage $5,000 $100 Educational signage and signage denoting the property as Conservation Collier preserve TOTAL $12,500 $1,100 5. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the ordinance are the Florida Communities Trust (FCT) and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff. Florida Communities Trust - Parks and Open Space Florida Forever grant program: The FCT Parks and Open Space Florida Forever grant program provides grant funds to local governments and nonprofit organizations to acquire conservation lands, urban open spaces, parks and greenways. Application for this program is typically made for pre -acquired sites up to two years from the time of acquisition. The Parks and Open Space Florida Forever grant program assists the Department of Environmental Protection in helping communities meet the challenges of growth, supporting viable community development and protecting natural resources and open space. The program receives 21 percent Florida Forever appropriation. Florida Forever Program: Staff has been advised that the Florida Forever Program is concentrating on funding parcels already included on its ranked priority list. This parcel is not inside a Florida Forever priority project boundary. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the programs. Additional Funding Sources: There are no additional funding sources known at this time. 27 al Packet Pg. 254 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 6. Secondary Criteria Scoring Form Property Name: Chestnut Target Protection Mailing Area: Marco Island Folio(s): 57802400000 Secondary Criteria Scoring Possible Points AwardedPercentage Points 1 - Ecological Value 160 73 46 2 - Human Value 80 36 45 3 - Restoration and Management 80 80 100 4 - Vulnerability 80 64 81 TOTAL SCORE 400 253 63 1 - ECOLOGICAL VALUES (40% of total) Possible AwardedComments Points Points 1.1 VEGETATIVE COMMUNITIES 200 160 1.1.1- Priority natural communities (Select highest score) a. Parcel contains CLIP4 Priority 1 communities (1130 - Rockland Hammock, 1210 - Scrub, 1213 - Sand Pine Scrub, 1214 - Coastal Maritime Scrub, 1312 - Scrubby Flatwoods, 1610 - Beach Dune, 1620 - Coastal 100 100 Hammock; Berm, 1630 - Coastal Grasslands, 1640 - Coastal Strand, or 1650 - Coastal Maritime Hammock) Scrub b. Parcel contains CLIP4 Priority 2 communities (22211 - Hydric Pine Flatwoods, 2221 - Wet Flatwoods, or 1311- Mesic Flatwoods) 60 c. Parcel contains CLIP4 Priority 3 communities (5250 - Mangrove Swamp, or 5240 - Salt Marsh) 50 d. Parcel contains CLIP4 Priority 4 communities (5250 - Mangrove Swamp) 25 1.1.2 - Plant community diversity (Select the highest score) a. Parcel has >_ 3 CLC native plant communities (Florida Cooperative Land Cover Classification System native plant communities) 20 Maritime b. Parcel has S 2 CLC native plant communities 10 10 Hammock; Coastal Scrub c. Parcel has 0 CLC native plant communities 0 1.1.3 - Listed plant species (excluding commercially exploited species) (Select the highest score) a. Parcel has >_5 CLC listed plant species 30 b. Parcel has 3-4 CLC listed plant species 20 c. Parcel has S 2 CLC listed plant species 10 10 Tillandsia utriculata d. Parcel has 0 CLC listed plant species 0 1.1.4 - Invasive Plant Infestation (Select highest score) a. 0 - 10% infestation 50 28 al Packet Pg. 255 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Large B.pepper in NE corner; b. 10 - 25% infestation 40 40 burma reed along north; other scattered plants c. 25 - 50% infestation 30 d. 50 - 75% infestation 20 e. >_75% infestation 10 1.2 - WILDLIFE COMMUNITIES 100 90 1.2.1- Listed wildlife species (Select the highest score) a. Listed wildlife species documented on the parcel 80 80 gopher tortoise b. Listed wildlife species documented on adjacent property 60 c CLIP Potential Habitat Richness >_5 species 40 d. No listed wildlife documented near parcel 0 1.2.2 - Significant wildlife habitat (Rookeries, roosts, denning sites, nesting grounds, high population densities, etc) (Select highest score) a. Parcel protects significant wildlife habitat (Please describe) 20 gopher b. Parcel enhances adjacent to significant wildlife habitat (Please tortoise; describe) 10 10 migratory bird habitat c. Parcel does not enhance significant wildlife habitat 0 1.3 - WATER RESOURCES 100 0 1.3.1- Aquifer recharge (Select the highest score) a. Parcel is located within a wellfield protection zone or within a CLIP4 Aquifer Recharge Priority 1 area 40 b. Parcel is located within a CLIP4 Aquifer Recharge Priority 2 or 3 area 30 c. Parcel is located within a CLIP4 Aquifer Recharge Priority 4 or 5 area 20 d. Parcel is located within a CLIP4 Aquifer Recharge Priority 6 area 0 0 1.3.2 - Surface Water Protection (Select the highest score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 30 b. Parcel is contiguous with and provides buffering for a creek, river, lake, canal or other surface water body 20 c. Parcel is contiguous with and provides buffering for an identified flowway 15 d. Wetlands exist on site 10 29 al Packet Pg. 256 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) e. Parcel does not provide opportunities for surface water quality enhancement 0 0 1.3.3 - Floodplain Management (Select all that apply) a. Parcel has depressional or slough soils 10 b. Parcel has known history of flooding and is likely to provide onsite water attenuation 10 c. Parcel provides storm surge buffering 10 d. Parcel does not provide floodplain management benefits 0 0 1.4 - ECOSYSTEM CONNECTIVITY 200 25 1.4.1 - Acreage (Select Highest Score) a. Parcel is >_ 300 acres 150 b. Parcel is >_ 100 acres 100 b. Parcel is >_ 50 acres 75 c. Parcel is >_ 25 acres 25 d. Parcel is >_ 10 acres 15 e. Parcel is < 10 acres 0 0 1.4.2 - Connectivity (Select highest score) a. Parcel is immediately contiguous with conservation lands 50 b. Parcel is not immediately contiguous, but parcels between it and nearby conservation lands are undeveloped 25 25 c. Parcel is isolated from conservation land 0 0 ECOLOGICAL VALUES TOTAL POINTS 600 275 ECOLOGICAL VALUES WEIGHTED SCORE (Awarded Points/Possible Points*160) 160 73 2 -HUMAN VALUES (20%) Possible Points AwardedComments Points 2.1- RECREATION 120 20 2.1.1- Compatible recreation activities (Select all that apply) a. Hunting 20 0 b. Fishing 20 0 c. Water -based recreation (paddling, swimming, etc) 20 0 d. Biking 20 0 e. Equestrian 20 0 f. Passive natural -resource based recreation (Hiking, photography, wildlife watching, environmental education, etc) 20 20 g. Parcel is incompatible with nature -based recreation 0 2.2 - ACCESSIBILITY 120 90 2.2.1- Seasonality (Select the highest score) a. Parcel accessible for land -based recreation year round 20 20 b. Parcel accessible for land -based recreation seasonally 10 c. Parcel is inaccessible for land -based recreation 0 30 al Packet Pg. 257 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 2.2.2 - Vehicle access (Select the highest score) a. Public access via paved road 50 50 b. Public access via unpaved road 30 C. Public access via private road 20 d. No public access 0 2.2.3 - Parking Availability (Select the highest score) a. Minor improvements necessary to provide on -site parking 40 b. Major improvements necessary to provide on -site parking (Requires site development plan) 25 b. Public parking available nearby or on adjacent preserve 20 c. Street parking available 10 10 d. No public parking available 0 2.2.4 - Pedestrian access (Select the highest score) a. Parcel is easily accessible to pedestrians (within walking distance of housing development) 10 10 b. Parcel is not easily accessible to pedestrians 0 2.3 - AESTHETICS/CULTURAL ENHANCEMENT 40 15 2.3.1- Aesthetic/cultural value (Choose all that apply) a. Mature/outstanding native vegetation 5 5 b. Scenic vistas 5 c. Frontage enhances aesthetics of public thoroughfare 10 10 d. Archaeological/historical structures present 15 e. Other (Please describe) 5 f. None 0 HUMAN VALUES TOTAL SCORE 280 125 HUMAN VALUES WEIGHTED SCORE (Awarded Points/Possible Points*80) 80 36 3 - RESTORATION AND MANAGEMENT (20%) Possible Awarded Comments Points Points 3.1 - VEGETATION MANAGEMENT 120 120 3.1.1- Invasive plant management needs (Select the highest score) a. Minimal invasive/nuisance plant management necessary to restore and maintain native plant communities (<30%) 100 100 b. Moderate invasive/nuisance plant management necessary to restore and maintain native plant communities (30-65%) 75 c. Major invasive/nuisance plant management necessary to restore and maintain native plant communities (>65%) 50 d. Major invasive/nuisance plant management and replanting necessary to restore and maintain native plant communities (>65%) 25 e. Restoration of native plant community not feasible 0 31 al Packet Pg. 258 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 3.1.2 - Prescribed fire necessity and compatibility (Select the highest score) a. Parcel contains fire dependent plant communities and is compatible with prescribed fire or parcel does not contain fire 20 20 dependent plant communities b. Parcel contains fire dependent plant communities and is 0 incompatible with prescribed fire 3.2 - REMEDIATION AND SITE SECURITY 50 50 3.2.1- Site remediation and human conflict potential (Dumping, contamination, trespassing, vandalism, other) (Select the highest score) Parcel is easily a. Minimal site remediation or human conflict issues predicted 50 50 accessible from sidewalk road. b. Moderate site remediation or human conflict issues predicted 20 (Please describe) c. Major site remediation or human conflict issues predicted (Please describe) 5 d. Resolving site remediation or human conflict issues not feasible 0 3.3 - ASSISTANCE 5 5 3.4.1- Management assistance by other entity a. Management assistance by other entity likely 5 5 b. Management assistance by other entity unlikely 0 RESTORATION AND MANAGEMENT TOTAL SCORE 175 175 RESTORATION AND MANAGEMENT WEIGHTED SCORE (Awarded 80 80 Points/Possible Points*80) 4 - VULNERABILITY (20%) Possible Awarded Comments Points Points 4.1 - ZONING AND LAND USE 130 130 4.1.1- Zoning and land use designation (Select the highest score) a. Zoning allows for Single Family, Multifamily, industrial or commercial 100 100 b. Zoning allows for density of no greater than 1 unit per 5 acres 75 c. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres 50 d. Zoning favors stewardship or conservation 0 4.1.2 - Future Land Use Type (Select the highest score) a. Parcel designated Urban 30 30 b. Parcel designated Estates, Rural Fringe Receiving and Neutral, Agriculture 25 32 al Packet Pg. 259 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) c. Parcel designated Rural Fringe Sending, Rural Lands Stewardship Area 5 d. Parcel is designated Conservation 0 4.2 - DEVELOPMENT PLANS 50 15 4.2.1- Development plans (Select the highest score) a. Parcel has been approved for development 20 b. SFWMD and/or USACOE permit has been applied for or SDP application has been submitted 15 c. Parcel has no current development plans 0 0 4.2.2 - Site characteristics amenable to development (Select all that apply) a. Parcel is primarily upland 10 10 b. Parcel is along a major roadway 10 c. Parcel is >10 acres 5 d. Parcel is within 1 mile of a current or planned commercial or multi -unit residential development 5 5 VULNERABILITY TOTAL SCORE 180 145 VULNERABILITY WEIGHTED SCORE (Awarded Points/Possible Points*80) 80 64 33 al Packet Pg. 260 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) 7. Additional Site Photos Snowberry Prickly pear, gopher apple, and tough bully al 34 Packet Pg. 261 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) Giant Wild Pine al 35 Packet Pg. 262 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) r APPENDIX 1— Critical Lands and Water Identification Maps (CLIP) Definitions y This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida v Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida m GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for Q acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 a N categories have also been combined into the Aggregated layer, which identifies 5 priority levels for o natural resource conservation. Below is a description of each of the three CLIP4 data layers used in this report. Fieure 4 - CLIP4 Prioritv Natural Communities Consists of 12 priority natural community types: upland glades, pine rocklands, seepage slopes, scrub, sandhill, sandhill upland lakes, rockland hammock, coastal uplands, imperiled coastal lakes, dry prairie, upland pine, pine flatwoods, upland hardwood forest, or coastal wetlands. These natural communities are prioritized by a combination of their heritage global status rank (G-rank) and landscape context, based on the Land Use Intensity Index (subset of CLIP Landscape Integrity Index) and FNAI Potential Natural Areas. Priority 1 includes G1-G3 communities with Very High or High landscape context. Priority 2 includes G1-G3 Medium and G4 Very High/High. Priority 3 includes G4 Medium and G5 Very High/High. Priority 5 is G5 Medium. This data layer was created by FNAI originally to inform the Florida Forever environmental land acquisition program. The natural communities were mapped primarily based on the FNAI/FWC Cooperative Land Cover (CLC) data layer, which is a compilation of best -available land cover data for the entire state. The CLC is based on both remote -sensed (from aerial photography, primarily from water management district FLUCCS data) and ground-truthed (from field surveys on many conservation lands) data. Fieure 9. Potential Habitat Richness CLIP4 Ma This CLIP version 4.0 data layer is unchanged from CLIP v3.0. FWC Potential Habitat Richness. Because SHCAs do not address species richness, FWC also developed the potential habitat richness layer to identify areas of overlapping vertebrate species habitat. FWC created a statewide potential habitat model for each species included in their analysis. In some cases, only a portion of the potential habitat was ultimately designated as SHCA for each species. The Potential Habitat Richness layer includes the entire potential habitat model for each species and provides a count of the number of species habitat models occurring at each location. The highest number of focal species co-occurring at any location in the model is 13. 36 Packet Pg. 263 11.A.n Initial Criteria Screening Report Folio Number: 57802400000 Owner Names: Diane Chestnut Date: July 6, 2022 (Revised August 29, 2022) r Figure 17: CLIP4 Aquifer Recharge Priority and Wellfield Protection Zones c N N High priorities indicate high potential for recharge to an underlying aquifer system (typically the v Floridan aquifer but could be intermediate or surficial aquifers in some portions of the state). The :2 2 highest priorities indicate high potential for recharge to springs or public water supplies. This figure It also includes Wellfield Protection Zones. Collier County Wellfield Protection Zones are referenced in 0° the Land Development Code and updated in 2010 by Pollution Control and Prevention Department c Staff. The public water supply wellfields, identified in section 3.06.06 and permitted by the SFWMD for Q potable water to withdraw a minimum of 100,000 average gallons per day (GPD), are identified as protected wellfields, around which specific land use and activity (regulated development) shall be y regulated under this section. o 37 Packet Pg. 264 11.A.o Conservation Collier Land Acquisition Program Project Design Report Chestnut Property Date: September 2023 Property Owner(s): Diane Greene Chestnut Folio: 57802400000 Location: 660 Inlet Drive, Marco Island, FL 34145 Size: 0.53 acres Purchase Price: $627,500 History of Proiect: Selected for the "A" Selected for the Purchase Offer Offer Accepted category, #1 priority, on "A" category, Made to Owner the Active Acquisition #1 priority, on List (AAL) by CCLAAC AAL b BCC 8/03/2022 12/13/2022 5/30/23 7/05/23 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Oualifications: The Chestnut parcel consists primarily of maritime hammock but does contain patches of coastal scrub. Both are unique and endangered plant communities within Collier County. It also offers human social values as it is visible and accessible from Inlet Dr., a public road. The parcel contains an estimated 18 gopher tortoises with potential habitat for burrowing owls and migratory bird species. Zoning, Growth Management and Land Use Overlays: The parcel is zoned RSF-3; Residential Single Family. The highest and best use of the site would be for single-family residential consistent with the current comprehensive land use plan affecting the property as well as zoning classification assigned to the site. Packet Pg. 265 11.A.o Projected Management Activities: Management of the parcel would entail removal and maintenance of invasive, exotic vegetation and installation of educational and informational signage. Estimated Management Costs: Management Element 2024 2025 2026 2027 2028 Exotics $7,500 $2,000 $2,000 $1,000 $1,000 Signage $200 $4,800 $100 $100 $100 Total $7,700 $6,800 $2,100 $1,100 $1,100 SEE PAGES 3 AND 4 FOR MAPS OF THE PARCEL. 2 Packet Pg. 266 11.A.o r� y�oq TFR DEVON CT H ua J _Z N Cop '/V D D OLDS CT n R �P�So 90 P L UOLOVV RD ` o Q- N1ClLyqrN CTLU Z CaX4M$g5 Cr J\�O mQ ADDISON CT (0 m co n z o HeGHTS Cr OSCEOLA CT m J, F 0 - CHESTNUT, DIANE G _ Otter Mound Preserve Conservation Areas 0.425 Miles 3 if 0.85 N r- o a m c a� .N a� 0 r U E 0 L IL N d CONS-E-R ATION U LLIER Co[tier Comm ;, y U 2 a Packet Pg. 267 11.A.o Miles Packet Pg. 268 11.A.o 7� c r m Ls Location of Chestnut in relation to recorded archaeological site CR00543 as m CR00543 El Packet Pg. 269 11.A.p Conservation Collier Folio Number. 58105440009 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between SOUTH TERRA CORPORATION, a FLORIDA CORPORATION, whose mailing address is 511 Washington St., PO 277, Norwood, MA 02062, (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112 (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be One Million, Six Hundred Twenty Thousand Dollars and 00/100 dollars ($1,620,000), (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 Packet Pg. 270 11.A.p Conservation Collier Folio Number: 58105440009 Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows: 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap Tax Proration, Owner's Non -Foreign Affidavit", as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. Packet Pg. 271 11.A.p Conservation Collier Folio Number: 58105440009 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. 4.012 If Purchaser shall fail to advise the Seller in writing of any such 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 epense, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of r , Packet Pg. 272 11.A.p Conservation Coiner Folio Number: 58105440009 termination within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 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. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred twenty (120) days from the date of this Agreement, ("inspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal 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. Packet Pg. 273 11.A.p Conservation Collier Folio Number: 58105440009 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement, if Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. VI. INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VII. POSSESSION 7.01 Purchaser shall be entitled to full possession of the Property at Closing. Vill. PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of current year taxes, and shall be paid by Seller. E IX. TERMINATION AND REMEDIES a 9.01 If Seller shall have failed to perform any of the covenants and/or agreements a contained herein which are to be performed by Seller, within ten (10) days of 0 written notification of such failure, Purchaser may, at its option, terminate this L 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 r a contract vendee, including the right to seek specific performance of this o Agreement. r c E s r Packet Pg. 274 11.A.p Conservation Collier Folio Number: 58105440009 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: 10.011 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, W proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other E property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. a a L 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. L d 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the c Property or any rights therein, nor enter into any agreements granting any CO person or entity any rights with respect to the Property or any part thereof, E �a Packet Pg. 275 11.A.p Conservation Collier Folio Number: 58105440009 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 threatened which affects the Property or which adversely affects Seller's ability Packet Pg. 276 11.A.p Conservation Collier Folio Number: 58105440009 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 g and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, N pursuant to or in connection with the application of any federal, state, local or o common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental o rl- Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, to 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 E the rights of Purchaser, hereunder, shall survive Closing and are not deemed ;v satisfied by conveyance of title. a a L 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. W 0 CO c m E t U 0 r r Packet Pg. 277 11.A.p Conservation Collier Folio Number: 58105440009 XI_ NOTICES 11.01 Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Attn: Sonja Stephenson Collier County Real Property Management 3335 Tamiami Trail East, Suite 102 Naples, Florida 34112 Telephone number: 239-252-8073 Fax number: 239-252-8876 If to Seller: Joanne Delapa 280 South Collier Blvd. Unit 2203 Marco Island, FL 34145-4869 Telephone number: 239-642-6255 With a copy to: Edward Olah P-&_8Gx 7_a.64._ PO Box 551 Ft --Aye 9,_Ft3-39+g Naples, FI. 34106 Telephone number: 239-682-6322 Fax: 239-866-390-4787 L 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. Packet Pg. 278 11.A.p Conservation Collier Folio Number: 58105440009 XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend, or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 If any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. �a Packet Pg. 279 11.A.p Conservation Collier Folio Number: 58105440009 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 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty or covenant not included in this Agreement or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the BOARD OF COUNTY COMMISSIONERS Circuit Court and Comptroller COLLIER COUNTY, FLORIDA By: Deputy Clerk RICK LOCASTRO, Chairman 1 Packet Pg. 280 11.A.p Conservation Collier Folio Number: 58105440009 0 U M L L t AS TO SELLER: in DATED: d r23COO ' WITNESS C cs V- fail% m By; m (Signaturey SELLE Name: JOANNE C. DELAPA tr >l , Title: (Print Witness Name) PRESIDENT, SOUTH TERRA CORPORATION Q BY EDWARD L. OLAH, HER ATTORNEY IN FACT J J c0a A (Sig ature) 0 c� L (Print Witness Name) Q r N V U I L d 0 U c O c� m c 0 U 0 ti co N a+ C N E N d L Q Q L 0 U Approved as to form and legality: L L(D r Ronald T. Tomasko, Assistant County Attorney /0 3E OS`a 12 Packet Pg. 281 11.A.p Conservation Collier Folio Number: 58105440009 EXHIBIT "A" LOT 2, BLOCK 403, MARCO BEACH UNIT 13, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 6, PAGES 92-99 OF THE PUBLIC RECORDS OF COLLIER COUNTY 33 Packet Pg. 282 INSTR 6412879 OR 6255 PG 1402 E-RECORDED 6/6/2023 2:00 PM PAGES CLERK OF THE CIRCUIT COURT AND COMPTROLLER, COLLIER COUNTY FLORIDA REC $18.50 11.A.p This instrument prepared by and please return to: Paul P. Pacchiana, Esq. 5621 Strand Blvd, Suite 210 Naples, Florida 34110-7303 239-596-0777 Property Appraiser's Parcel ID# 58105440009 i' REAL ESTATE SPECIFIC DURABLE POWER OF ATTORNEY f.. (Per F1a.Stat. §709.2101, et seq.) t KNOW ALL MEN'BY=fiESE PRESENTS: That, JOANNE C. DELAPA, as President of SOUTH TERRA CORPORA`TIOrN.-a Florida corporation, Principal, has made, constituted and appointed, and by these presenfstis make, constitute and appoint EDWARD L. OLAH, whose mailing address is 63 Thorncrest ,}Naples, FL 34113, as true and lawful attorney for myself and in my name, place and stead?.S�'&E WARD L. OLAH shall exercise all authority as my attorney in fact as provided in §709.210 et s� Florida Statutes. The attorney in fact herein named is granted the authority to sell, to cony& -to aintain, or to dispose of, the following described property, , ` t p perty, and to execute any and all dacet$' ecessary to effectuate the sale and/or conveyance, and to maintain, and to dispose of, the folotng described real property, to wit: Lot 2, Block 403, Marco Beach Unit 13, accordii #o the Plat thereof, recorded in Plat Book 6, Pages 92-99, of the PdQiel t ` rds of Collier County, Florida. Also known as 1125 Caxambas Drive, Marco Island, FL 34'�14�5 _t 's and such documents shall include, but not be limited to, contracts, deg s, , davits, bills of sale, closing statements, and such other instruments as may be required to carry but a purposes herein expressed, and the Principal named herein hereby gives and grants unto, salid,attomey, full power and authority to do and perform all and every act and thing whatsoever quisite and necessary to be done in and about the premises as fully, to all intents and purposes, as the Principal might or could do if personally present, with full power of substitution and revocation, hereby ratifying and confirming all that said attorney shall lawfully do or cause to be done by virtue hereof. This Durable Power of Attorney is not affected by subsequent incapacity of the Principal except as provided in §709.2101, et seq., Florida Statutes. Page 1 of 2 Packet Pg. 283 *** OR 6255 PG 1403 *** 11.A.p IN WITNESS WHEREOF, JOANNE C. DELAPA, as President of SOUTH TERRA CORPORATION, has hereunto set his hand and seal this.0?day of {l/{ n e, , 2023 Signed and sealed in the presence of (First Witness) Printed or tvnedt 0 iviG S STATE OF.....MM54) COUNTY OF c A1. The foregoing instrument was, aiio presence or [ ] online notarization, DELAPA, as President of SOUTH me or U who produced (seal) JO C. DELAPA, as President of S TERRA CORPORATION ,ed before me, by means of p(j physical 3y of LWAY0, , 2023, by JOANNE C. P RATION, V1 who is personally known to identification. Luc pion Expiros: 1 ."ARMS RMS SREMAN �=;. wry Public 1O iss ►h of Maachwe ., t�.,'°�°1"i"ion Expires I" Zs, 2030 ti Page 2 of 2 Packet Pg. 284 1 11.A.s I BCC Property Name: South Terra Corp Target Protection Area: Urban Estimated Market Value: $1,975,000 Conservation Collier Property Summary South Terra Corp — Marco Island Owner: South Terra Corp Acreage: 0.56 acres Highlights: • Location: Approx. 0.2 miles east of Otter Mound Preserve; 1125 Caxambas Dr., Marco Island • 3 of the 6 Initial Screening Criteria were met: Native plant community; human social values; biological and ecological values • Habitat: Coastal scrub; sand live oak, Brazilian pepper, cabbage palm, gumbo limbo • Listed Plants: giant wild pine (Tillandsia utriculata) and cardinal air plant (Tillandsia fasciculata) • Listed Wildlife: Gopher tortoise (Gopherus polyphemus) • Water Resource Values: Provides slight aquifer recharge; upland soils; no wetlands on site; buffers canal. • Connectivity: Parcel is not near other conservation land; adjacent to Cycle 10 Agua Colina parcel • Other Division Interest: None • Access: Adjacent to roadway; street parking available • Management Issues / Estimated Costs: Initial exotic removal estimated at $2,000 and ongoing annual estimated at $500; native plantings estimated at $4,000; interpretive signage estimated at $5,000 and ongoing annual estimated at $100. • Partnership Opportunities: Audubon of the Wester Everglades; City of Marco Island • Zoning/Overlays: RSF-3, Residential Single -Family • Surrounding land uses: Undeveloped; roadway; residential; canal • All Criteria Score: 253 out of 400; Restoration / Management and Vulnerability scores are high • Acquisition Considerations: Adjacent to Cycle 10 Agua Colina parcel; Within an identified archaeological site 1 Cycle 11 A Total Score: 253/400 180 160 160 140 120 100 80 80 80 80 80 72 62 60 39 40 20 0 1- Ecological 2 - Human Value 3-Restoration 4-Vulnerability Value and Management ■ Awarded Points ❑ Possible Points I Packet Pg. 285 1 BCC View of South Terra Corp parcel looking northeast View of South Terra Corp parcel looking southeast Conservation Collier Property Summary South Terra Corp — Marco Island 2 11.A.s Cycle 11 A MREAROGACT Legend } oRLFaNscr a wq+ror Annecy Barfield Application Received Cycle 10 parcel - Otter Mound Preserve REGOWACT I GALLEONAVE GALLEON cT MEDEIRA T I r gq p ALMERIA CT MACRO T 3 4 CON E-R-t(A U LHIR WINTEREERRY DR WISC Cr TION T""' Chestnut R j S & B Properties of Marco CT ADDI ON LT T. o South Terra Corp CT c, LA y 8INLETOR 1 0 0.5 1 Miles Packet Pg. 286 11.A.s Conservation Collier Initial Criteria Screening Report South Terra Corp Is I ION . .LIE It C C.` 1 !.Miles Owner Name: South Terra Corp Folio Number: 58105440009 (0.56 acres) Staff Report Date: August 3, 2022 Total Score: 253/400 200 160 150 100 72 80 80 80 62 80 50 39 0 1 - Ecological 2 - Human 3 - Restoration 4 - Vulnerability Value Value and Management ■ Awarded Points ❑ Possible Points m El Packet Pg. 287 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 Table of Contents Tableof Contents......................................................................................................................................... 2 1. Introduction........................................................................................................................................... 4 2. Summary of Property............................................................................................................................ 5 Figure 1 - Parcel Location Overview.........................................................................................................5 Figure2 - Parcel Close-up.........................................................................................................................6 2.1 Summary of Property Information....................................................................................................7 Table 1— Summary of Property Information.....................................................................................7 Figure 3 - Secondary Criteria Score....................................................................................................8 Table 2 - Secondary Criteria Score Summary.....................................................................................8 2.2 Summary of Assessed Value and Property Cost Estimates..............................................................8 Table 3. Assessed & Estimated Value................................................................................................9 2.2.1 Zoning, Growth Management and Conservation Overlays....................................................9 2.3 Initial Screening Criteria Satisfaction (Ord. 2002-63, Sec. 10)...................................................... 10 3. Initial Screening Criteria......................................................................................................................12 3.1 Ecological Values............................................................................................................................. 12 3.1.1 Vegetative Communities....................................................................................................... 12 Table 4. Listed Plant Species.................................................................................................... 12 Figure 4 - CLIP4 Priority Natural Communities........................................................................ 13 Figure 5 - Florida Cooperative Land Cover Classification System ............................................ 14 Figure 6 — Coastal scrub transitioning into maritime hammock .............................................. 15 Figure 7 — Southern boundary of parcel — coastal scrub transitioning into maritime hammock ................................................................................................................................................ 15 3.1.2 Wildlife Communities............................................................................................................ 16 Table 5 — Listed Wildlife Detected........................................................................................... 16 Figure 8 — Active gopher tortoise burrow in NE corner of property ........................................ 16 Figure 9 - Wildlife Spatial Data (i.e., telemetry, roosts, etc) .................................................... 17 Figure 10 - CLIP4 Potential Habitat Richness........................................................................... 18 3 1 3 Water Resources 19 . .................................................................................................................... Figure 11 - CLIP Aquifer Recharge Priority and Wellfield Protection Zones ............................ 20 Figure 12 - Collier County Soil Survey...................................................................................... 21 Figure 13 LIDAR Elevation Map............................................................................................... 22 3.1.4 Ecosystem Connectivity........................................................................................................ 23 2 m U m c c El Packet Pg. 288 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 Figure 14 - Conservation Lands............................................................................................... 23 m 3.2 Human Values................................................................................................................................. 24 m 3.2.1 Recreation............................................................................................................................. 24 m c 3.2.2 Accessibility........................................................................................................................... 24 Q 3.2.3 Aesthetic/Cultural Enhancement......................................................................................... 24 c Figure 15 - Cultural/ Aesthetic Attribute Photo 1.................................................................... 24 T 3.3 Restoration and Management....................................................................................................... 25 0 L_ 3.3.1 Vegetation Management...................................................................................................... 25 Q 3.3.1.1 Invasive Vegetation..................................................................................................... 25 m 3.3.1.2 Prescribed Fire............................................................................................................ 25 >, U 3.3.2 Remediation and Site Security.............................................................................................. 25 L 3.3.3 Assistance.............................................................................................................................. 25 0 3.4 Vulnerability.................................................................................................................................... 25 r_ 0 3.4.1 Zoning and Land Use............................................................................................................. 25 L Figure16 —Zoning ................................................................................................................... 26 N Figure17 —Future Land Use.................................................................................................... 26 c ti 3.4.2 Development Plans............................................................................................................... 27 c 4. Management Needs and Costs..............................................................................................................27 ti V Table 6 - Estimated Costs of Site Remediation, Improvements, and Management ................ 27 0 5. Potential for Matching Funds.............................................................................................................. 27 a W 06 6. Secondary Criteria Scoring Form......................................................................................................... 28 L 7. Additional Site Photos.........................................................................................................................34 E APPENDIX 1— Critical Lands and Water Identification Maps (CLIP) Definitions ...................................... 37 c) 3 Packet Pg. 289 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp 1. Introduction Folio Number: 58105440009 Date: August 3, 2022 The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). On November 3, 2020, the Collier County electors approved the Conservation Collier Re-establishment referendum with a 76.5% majority. This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 11th acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. The sole purpose of this report is to provide objective data to demonstrate how properties meet the criteria defined by the ordinance. The following sections characterize the property location and assessed value, elaborate on the initial and secondary screening criteria scoring, and describe potential funding sources, appropriate use, site improvements, and estimated management costs. 4 m as c c El Packet Pg. 290 Initial Criteria Screening Report Owner Names: South Terra Corp 2. Summary of Property BARBAROSACT a,S cQY"F oRLEANSCT N EWVA C7- . Annecy Barfield BEGONIA CT AN E GALLEON CT MEDEIRA T a -GALLEON � � p ti ALMERIA CT MACAO T WINTERBERRYOR WISC P`I� 00 �n O�G DEVON Of, Chestnut 11.A.s Folio Number: 58105440009 Date: August 3, 2022 Legend ® Application Received Cycle 10 parcel _ Otter Mound Preserve N CONS-E-R- ATION LLIER C01ber„�4y S & B Properties of Marco MCI kVAI NG Cr o o Agua Colina 4 SAS CT q � z ADOI ON CT >7 z L) South Terra Corp �Gk SCi OSCE LA � 0 0 X1 A )RIES i SINLETDR 0 0.5 1 Miles Figure 1 - Parcel Location Overview El 5 Packet Pg. 291 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 0 0.0125 0.025 Miles SOUTH TERRA CORP CONS-E-R AT ION LLIER Collier Gounty ' � Figure 2 - Porcel Close-up m m c c Ef Packet Pg. 292 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp 2.1 Summary of Property Information Table 1 — Summary of Property Information Folio Number: 58105440009 Date: August 3, 2022 Characteristic Value Comments Name South Terra Corp Folio Number 58105440009 Address: 1125 Caxambas Dr., Marco Island Target Protection Urban Marco Island Target Mailing Area Cycle 11 Area Size 0.56 acres Section, Township, and Range 517, Twn 52, R26 Zoning RSF-3, Residential RSF-3 maximum density is 3 units per gross acre Category/TDRs Single Family FEMA Flood Map X is Low flood risk and over most of the parcel; a small X and AE portion is AE - high -risk area having at least a 1/ annual Category chance of flooding Existing structures None Adjoining properties Undeveloped, Undeveloped property to the north and south, canal to the west, and roadway (Caxambas Dr.) to the east — with a and their Uses roadway, canal single family residence to the east of Scott Dr. Development Plans Submitted None Known Property Known The Caxambas Point Shell Midden archaeological site Irregularities archaeological site (8CR107) encompasses the entire subject parcel. Other County Dept None Parcel is within unincorporated Collier Interest m m c c El Packet Pg. 293 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 Total Score: 253/400 180 160 160 140 120 100 80 80 80 80 80 72 62 60 39 40 20 0 1 - Ecological Value 2 - Human Value 3 - Restoration and 4 - Vulnerability Management ■ Awarded Points ❑ Possible Points Figure 3 - Secondary Criteria Score Table 2 - Secondary Criteria Score Summary M m m c c El Criteria Awarded Weighted Points Possible Weighted Points Awarded/Possible Points 1- Ecological Value 72 160 45% 1.1 - Vegetative Communities 40 53 75% 1.2 - Wildlife Communities 27 27 100% 1.3 - Water Resources 5 27 20% 1.4 - Ecosystem Connectivity 0 53 0% 2 - Human Values 39 80 48% 2.1 - Recreation 6 34 17% 2.2 - Accessibility 26 34 75% 2.3 - Aesthetics/Cultural Enhancement 7 11 63% 3 - Restoration and Management 80 80 100% 3.1 - Vegetation Management 55 55 100% 3.2 - Remediation and Site Security 23 23 100% 3.3 - Assistance 2 2 100% 4 - Vulnerability 62 80 78% 4.1 - Zoning and Land Use 58 58 100% 4.2 - Development Plans 4 22 20% Total 253 400 63% n. Packet Pg. 294 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 2.2 Summary of Assessed Value and Property Cost Estimates 2 The interest being appraised is fee simple "as is" for the purchase of the site. A value of the parcel was It estimated using only one of the three traditional approaches to value, the sales comparison approach. It is based on the principal of substitution that an informed purchaser would pay no more for the rights c c in acquiring a particular real property than the cost of acquiring, without undue delay, an equally a desirable one. Three properties were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in this report and the Real Estate Services Department staff relied upon information solely provided by program staff. The valuation conclusion is limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. Q If the Board of County Commissioners choose to acquire the property, an appraisal by an independent Real Estate Appraiser will be obtained at that time. Pursuant to the Conservation Collier Purchase Policy, two appraisals are required for the South Terra Corp property which has an initial valuation greater than $500,000; 2 independent Real Estate Appraisers will value the subject property and the average of the two appraisal reports will determine the actual value of the subject property. Table 3. Assessed & Estimated Value Property owner Address Acreage Assessed EstimatedValue* Value** South Terra Corp 1125 Caxambas Dr. 0.56 $674,268 $1,975,000 * Assessed Value is obtained from the Property Appraiser's Website. The Assessed Value is based off the current use of the property. **The Estimated Market Value for the South Terra Corp parcel was obtained from the Collier County Real Estate Services Department in July 2022. 2.2.1 Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. The parcel is zoned Residential Single-Family-3. The maximum building density is 3 units per gross acre. E Packet Pg. 295 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 2.3 Initial Screening Criteria Satisfaction (Ord. 2002-63, Sec. 10) Criteria 1: Native Habitats Are any of the following unique and endangered plant communities found on the property? YES Order of preference as follows: i. ii. Hardwood hammocks Xeric oak scrub No YES iii. Coastal strand No iv. Native beach No V. Xeric pine No vi. Riverine Oak No vii. High marsh (saline) No viii. Tidal freshwater marsh No ix. Other native habitats No Statement for Satisfaction of Criteria 1: Approximately half the parcel consists of vegetation consistent with Coastal Oak Scrub. Criteria 2: Human Social Values Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature -based recreation, and enhancement of the aesthetic setting of Collier County? YES Statement for Satisfaction of Criteria 2: This parcel is in the Urban Target Protection Area on Marco Island and has access from a public road. The parcel provides wildlife viewing and greenspace in a developed area. The parcel is too small to accommodate extensive trails but can be enjoyed from the road. Additionally, there are significant cultural features in this area of Marco Island. There is evidence of a shell midden dating back 1500 years which is of importance both aesthetically and culturally to Collier County. Criteria 3: Water Resources Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? NO Statement for Satisfaction of Criteria 3: The parcel does not significantly protect water resources. Criteria 4: Biological and Ecological Value Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? YES 10 m as c c El Packet Pg. 296 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 Statement for Satisfaction of Criteria 4: The parcel contains many active gopher tortoise m burrows. m Criteria 5: Enhancement of Current Conservation Lands a� c Does the property enhance and/or protect the environmental value of current conservation lands a through function as a buffer, ecological link or habitat corridor? No c Is this property within the boundary of another agency's acquisition project? No Statement for Satisfaction of Criteria 5: There are no known conservation lands adjacent to this parcel. It abuts undeveloped land to the north and south, a canal to the west, and a roadway (Caxambas Dr.) to the east. 11 Packet Pg. 297 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp 3. Initial Screening Criteria 3.1 Ecological Values Folio Number: 58105440009 Date: August 3, 2022 3.1.1 Vegetative Communities The northern half of the parcel consists primarily of disturbed coastal scrub, containing sand live oak (Quercus geminata) and pricklypear (Opuntia mesacantha). Cabbage palm (Saba) palmetto), Gumbo limbo (Bursera simaruba), wild coffee (Psychotria nervosa), American beautyberry (Callicarpa americans), tough bully (Sideroxylon tenax), and thick coinvine (Dalbergia ecastaphyllum) are also present. The southern half of the parcel is cleared with a few small, scattered oaks and cabbage palms. Exotic plants present include Brazilian pepper (Schinus terebinthifolia), guineagrass (Urochloa maxima), Mother-in-law's tongue (Dracaena hyacinthoides), and life plant (Kalanchoe pinnata). Table 4. Listed Plant Species Common Name Scientific Name State Status Federal Status Giant wild pine Tillandsia utriculata State Endangered n/a Cardinal air plant Tillandsia fasciculata State Endangered n/a 12 m as c c El Packet Pg. 298 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 it o� C, s Q�Qr' ADDISON CT I T- fl F w J _Z Ill I 0 0.15 0.3 Miles SOUTH TERRA CORP CLIP4 Priority Natural Communities Priority 1 (highest) Priority 2 Priority 3 Priority 4 Figure 4 - CLIP4 Priority Noturol Communities m U m c c Ef CON ATION �yy LLIER Co&..-, C.-ty 13 Packet Pg. 299 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp 1 T 1 0 0.0225 Miles SOUTH TERRA CORP Land Cover Cultural - Estuarine Residential, Med. Density - 2-5 - Dwelling UnitslAC Transportation Figure 5 - Florida Cooperative Land Cover Classification System Folio Number: 58105440009 Date: August 3, 2022 0.045 32 d :- M m d c c El CON ATION �yy MER Goilier C`rouxty 14 Packet Pg. 300 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 Figure 6 — Coostol scrub Figure 7— Cleared southern half of property m m c c El 15 Packet Pg. 301 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 3.1.2 Wildlife Communities Multiple active gopher tortoise burrows were observed on the parcel. Native plant communities on the parcel would also provide cover and forage for wildlife. Table S — Listed Wildlife Detected Common Name Scientific Name State Status Federal Status Mode of Detection Gopherus Active burrow observed Gopher tortoise Threatened n/A polyphemus during site visit Figure 8 —Active gopher tortoise burrow on south side of parcel 16 m as c c El Packet Pg. 302 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 T 0 0.05 0.1 Miles SOUTH TERRA CORP Figure 9 - Wildlife Spotiol Data (i.e., telemetry, roosts, etc) CONSE-RYATION COLLIER 17 m m c c El Packet Pg. 303 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 o� o, �6 � 9s ADDISON CT H to J _z W I 0 0.15 0.3 Miles SOUTH TERRA CORP VALUE 1 species 2-4 species 5-6 species 7 species 8-13 species Figure 10 - CLIP4 Potential Habitat Richness d :- M m d c c CON E ATION �yy LLIER Collier c.,..ty -:",-� lim, 18 Packet Pg. 304 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 3.1.3 Water Resources 2 It The parcel does not significantly protect water resources, beyond adding very minimally to the surficial aquifer. The parcel and adjacent properties are comprised entirely of uplands. No wetlands exist on site, m U and the parcel is not within a wellfield protection zone. However, the parcel is adjacent to the canal, so conservation of the property in lieu of a house would benefit water quality. a Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Mapped soils on this parcel show the majority of the site to be Urban Land — Aquents Complex, Organic Substratum - consisting of materials that have been dug from different areas in the county and spread over muck soils for coastal urban development. Soils along the eastern edge are mapped as Paola Fine Sand, 1 to 8 pct slopes — an excessively drained soil found on coastal dunes on Marco Island. 19 Packet Pg. 305 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 m U m c c El I 0 0.0275 0.055 Miles SOUTH TERRA CORP Wellfield Protection Zones 1-YEAR 2-YEAR 5-YEAR 20-YEAR CLIP4 Aquifer Recharge Priority 1- HIGHEST Priority 2 Priority 3 Priority 4 CON ATION Priority 5 LLIER Priority 6 Goilier C`rouxty Figure 11 - CLIP Aquifer Recharge Priority and Wellfield Protection Zones 20 Packet Pg. 306 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp 1 , 0 0.0225 Miles SOUTH TERRA CORP Soil Type PAOLA FINE SAND, 1 TO 8 POT SLOPES URBAN LAND-AQUENTS COMPLEX, ORGANIC SUBSTRATUM _ WATER Figure 12 - Collier County Soil Survey Folio Number: 58105440009 Date: August 3, 2022 0.045 '\ I m m c c Ef CON ATION �yy LLIER Goilier C`rouxty 21 Packet Pg. 307 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 sr - a m a U I 0 0.0225 0.045 Miles SOUTH TERRA CORP LIDAR Value High : 104.644 Low :-4.11745 Figure 13 LIDAR Elevation Mop CONSE-R% ATION C LLIER Go e-r County _r t. 22 m m c c Ef Packet Pg. 308 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 3.1.4 Ecosystem Connectivity This parcel does not provide connectivity to other conservation lands. It is surrounded by undeveloped land to the north and south, a canal to the west, and a paved road (Caxambas Dr.) to the east. It is approximately 0.2 miles east of Otter Mound Preserve. a LU w J Z OLDS CT O -q� % 70, o_, z LUD�OW RD MCILVAINE CT 41 Q :�E ADDISON CT m co m m 2 n HQGHiS CT r r o U r' S INLET DR AL I 0 0.4 0.8 Miles CONS-E-RVATION COLLIER Ca ev County Figure 14 - Conservation Lands El 23 Packet Pg. 309 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 3.2 Human Values 2 3.2.1 Recreation m This parcel is bordered by a road along its entire eastern edge. Birdwatching and photography would be encouraged from the road right of way. Providing access to the parcel with a short trail would not be recommended due to the small size of the parcel and the sensitivity of the vegetation and gopher a tortoise burrows. 3.2.2 Accessibility The parcel would be visible from a public road. No pedestrian or vehicular access onto the parcel would be recommended. The parcel is within walking distance of many residences and street parking is available. Creating parking within the parcel would also not be recommended because of its small size, native vegetation, and wildlife utilization. If this parcel is acquired along with other parcels in the area, Conservation Collier will coordinate with the City of Marco Island regarding parking. Depending on location, the City of Marco Island has offered to assist in providing off-street parking on pervious material and the installation of signage consistent with the City's Land Development Codes. 3.2.3 Aesthetic/Cultural Enhancement This parcel is in the Urban Target Protection Area on Marco Island and has access from a public road. The parcel provides wildlife viewing and greenspace in a neighborhood where nearly every lot is developed. The parcel is too small to accommodate trails but can be enjoyed from the side of the road Archaeological Site 8CR107 encompasses the entire subject parcel. The Caxambas Point Shell Midden (8CR107) is characterized as an extensive multi -component black -earth and shell midden site covering most of the Caxambas area, which dates to the Late Archaic Period (4950-2700 B.P.) and the Glades I Period (2700-1200 B.P.). Additionally, significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel. Figure 15 — View of parcel looking north 24 Packet Pg. 310 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp 3.3 Restoration and Management Folio Number: 58105440009 Date: August 3, 2022 3.3.1 Vegetation Management 3.3.1.1 Invasive Vegetation Approximately 25% of the parcel is covered with invasive vegetation — 50% of the vegetated portion Brazilian pepper and mother -in-laws tongue is quite thick in some areas. 3.3.1.2 Prescribed Fire Prescribed fire would not be a necessary component of managing this parcel. 3.3.2 Remediation and Site Security No site security issues appear to exist within the parcel apart from minimal littering. Educational signage regarding the importance of the parcel for native wildlife could be installed to discourage trespass and littering. 3.3.3 Assistance Assistance with gopher tortoise monitoring on this parcel will be provided by the Audubon of the Western Everglades. m as c c El 3.4 Vulnerability 3.4.1 Zoning and Land Use The parcel is zoned RSF-3, Residential Single Family. Residential Single Family Districts are intended to be single-family residential areas of low density. Permitted uses include single-family dwellings, family care facilities (subject to the Land Development Code), and public parks and open space. The Future Land Use of the parcel is Low Density Residential — 0-4 units per acre. The lot is vulnerable to development for a home. 25 Packet Pg. 311 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Legend Q City Lmlts - CF. Rec/Open/GC/ST ---, Owday DWrins . GC, Rae/Open/CC/BT ------- SpxWTmatinmt - P, Ree/Open/GC/ST O pareds - PUD, FM Zoning RMF-12, Mu10-Famfly ® C-I/T. Ctmuoerdel . RMF-IG, Multi -Family O C-1, Commercial RMF.6, MuIU-Faintly . C-3. Carmrefcial o RSF-2, Si,& Family . C-S, Camnercfal Q RSF-3, Sinfje Family - C.S, Commeram Q RSFd, Sfatple Family - A, Rec/Opeo/GC/ST - RT, Residential Tourist Q CON, ReC/Opea/GC/ST Q S-th Terra Cap Ww 1:tz,DDD n ols 0.5 1 Moea DISCLAIMER Bom me City of Ma e-dantl ma Offim ufine CdWCount' Pmpenyappraiu nnr�m my Mbiiny br" n/arwaem Proriem harem a mnm.vannM me --y ar.ungelarees d — Ird—fi.. AM:rfa xv shown isf rref—pdy 2.amg nf-.— a _.Wy Inaar reri¢w antl—P. m mange. Figure 16—Zoning CITY OF MARCO ISLAND FUTURE LAND USE MAP FUTURE LAND USE LEGEND F7LOW DENSITY RESIDENTIAL VILLAGE COMMERCIAL Ud UNITS PER ACRE MEDIUM DENSITY RESIDENTIAL COMMUNITY COMMERCIAL Q6 UNITS PERACRE DENSITY RESIDENTIAL TOWN CENTER I MIXED USE -HIGH O-16 UNITS PER ACRE HEAVY COMMERCIAL - RESORT I RESIDENTIAL .6 UNITS HOTEU OTELU Q26 HOTEVMOTELUNITS PRESERVATION I CONSERVATION - Private COMMUNITY FACILITY PRESERVATION I CONSERVATION - Public PLANNED UNIT DEVELOPMENT South Terra Corp N T ..&sue anrneCA,a.aa.--.— [f+ nww emsv Pie U ft Da.lppnaa,rs.Tne PUv, �aenA ��w � VeFwp�gecWea atl®.re�alwe.,an�� _ }mama m�si�em vnu�me apParaere yrowm „dnaga,A,tt punie A eeeq sl ha Gina A Iber Goal approval. .. _ � aapPaa Dr cry corral: oprzTrzarr Map ReNsetl, DY1TT/ZOaT Figure 17 —Future Land Use Folio Number: 58105440009 Date: August 3, 2022 0 m U m c C Ef 26 Packet Pg. 312 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 3.4.2 Development Plans 2 It The parcel is not currently planned for development; however, its location near developed residential lots along a roadway makes it vulnerable to development. Although the gopher tortoises present on m U the parcel would make development cost prohibitive, development is still possible. c a 4. Acquisition Considerations Staff has no Acquisition Considerations at this time. However, if the Advisory Committee has Considerations expressed during the review of the ICSR and/or the Ranking meeting, staff will carry those forward in the Executive Summary to the Board of County Commissioners. 2t 5. Management Needs and Costs Table 6 - Estimated Costs of Site Remediation, Improvements, and Management Management Initial Annual Comments Element Cost Recurring Cost Invasive Vegetation $2,000 $500 Initial cost based on costs at Otter Mound Preserve Removal Native planting $4,000 Signage $5,000 $100 Educational signage and signage denoting the property as Conservation Collier preserve TOTAL $11,000 $600 If acquired staff would recommend planting the southern half of the parcel with native species that are desirable forage for gopher tortoise. 6. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the ordinance are the Florida Communities Trust (FCT) and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff. Florida Communities Trust - Parks and Open Space Florida Forever grant program: The FCT Parks and Open Space Florida Forever grant program provides grant funds to local governments and nonprofit organizations to acquire conservation lands, urban open spaces, parks and greenways. Application for this program is typically made for pre -acquired sites up to two years from the time of acquisition. The Parks and Open Space Florida Forever grant program assists the Department of Environmental Protection in helping communities meet the challenges of growth, supporting viable community development and protecting natural resources and open space. The program receives 21 percent Florida Forever appropriation. Florida Forever Program: Staff has been advised that the Florida Forever Program is concentrating on funding parcels already included on its ranked priority list. This parcel is not inside a Florida Forever priority project boundary. Additionally, the Conservation Collier Program has not been successful in 27 Packet Pg. 313 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding �-2 joint title between the programs. m Additional Funding Sources: There are no additional funding sources known at this time. c 7. Secondary Criteria Scoring Form a Property Name: South Terra Corp Target Protection Mailing Area: Marco Island Fol io(s): 58105440009 Secondary Criteria Scoring Possible Points AwardedPercentage Points 1 - Ecological Value 160 72 45 2 - Human Value 80 39 48 3 - Restoration and Management 80 80 100 4 - Vulnerability 80 62 78 TOTAL SCORE 400 253 63 1 -ECOLOGICAL VALUES (40% of total) Possible AwardedComments Points Points 1.1 VEGETATIVE COMMUNITIES 200 150 1.1.1- Priority natural communities (Select highest score) a. Parcel contains CLIP4 Priority 1 communities (1130 - Rockland Hammock, 1210 - Scrub, 1213 - Sand Pine Scrub, 1214 - Coastal NW portion Scrub, 1312 - Scrubby Flatwoods, 1610 - Beach Dune, 1620 - Coastal 100 100 is coastal Berm, 1630 - Coastal Grasslands, 1640 - Coastal Strand, or 1650 - scrub Maritime Hammock) b. Parcel contains CLIP4 Priority 2 communities (22211 - Hydric Pine Flatwoods, 2221 - Wet Flatwoods, or 1311 - Mesic Flatwoods) 60 c. Parcel contains CLIP4 Priority 3 communities (5250 - Mangrove Swamp, or 5240 - Salt Marsh) 50 d. Parcel contains CLIP4 Priority 4 communities (5250 - Mangrove Swamp) 25 1.1.2 - Plant community diversity (Select the highest score) a. Parcel has >_ 3 CLC native plant communities (Florida Cooperative Land Cover Classification System native plant communities) 20 coastal b. Parcel has S 2 CLC native plant communities 10 10 scrub; remnant hammock c. Parcel has 0 CLC native plant communities 0 1.1.3 - Listed plant species (excluding commercially exploited species) (Select the highest score) a. Parcel has >_5 CLC listed plant species 30 28 Packet Pg. 314 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 b. Parcel has 3-4 CLC listed plant species 20 C. Parcel has S 2 CLC listed plant species 10 Tillandsia fasciculata and utriculata d. Parcel has 0 CLC listed plant species 0 1.1.4 - Invasive Plant Infestation (Select highest score) a. 0 - 10% infestation 50 b. 10 - 25% infestation 40 40 c. 25 - 50% infestation 30 d. 50 - 75% infestation 20 e. >_75% infestation 10 1.2 - WILDLIFE COMMUNITIES 100 100 1.2.1- Listed wildlife species (Select the highest score) a. Listed wildlife species documented on the parcel 80 80 gopher tortoise b. Listed wildlife species documented on adjacent property 60 c CLIP Potential Habitat Richness >_5 species 40 d. No listed wildlife documented near parcel 0 1.2.2 - Significant wildlife habitat (Rookeries, roosts, denning sites, nesting grounds, high population densities, etc) (Select highest score) a. Parcel protects significant wildlife habitat (Please describe) 20 20 large gopher tortoise population b. Parcel enhances adjacent to significant wildlife habitat (Please describe) 10 c. Parcel does not enhance significant wildlife habitat 0 1.3 - WATER RESOURCES 100 20 1.3.1- Aquifer recharge (Select the highest score) a. Parcel is located within a wellfield protection zone or within a CLIP4 Aquifer Recharge Priority 1 area 40 b. Parcel is located within a CLIP4 Aquifer Recharge Priority 2 or 3 area 30 c. Parcel is located within a CLIP4 Aquifer Recharge Priority 4 or 5 area 20 d. Parcel is located within a CLIP4 Aquifer Recharge Priority 6 area 0 0 1.3.2 - Surface Water Protection (Select the highest score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 30 b. Parcel is contiguous with and provides buffering for a creek, river, lake, canal or other surface water body 20 20 c. Parcel is contiguous with and provides buffering for an identified flowway 15 29 m m c c El Packet Pg. 315 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 d. Wetlands exist on site 10 e. Parcel does not provide opportunities for surface water quality enhancement 0 0 1.3.3 - Floodplain Management (Select all that apply) a. Parcel has depressional or slough soils 10 b. Parcel has known history of flooding and is likely to provide onsite water attenuation 10 c. Parcel provides storm surge buffering 10 d. Parcel does not provide floodplain management benefits 0 0 1.4 - ECOSYSTEM CONNECTIVITY 200 0 1.4.1- Acreage (Select Highest Score) a. Parcel is >_ 300 acres 150 b. Parcel is >_ 100 acres 100 b. Parcel is >_ 50 acres 75 c. Parcel is >_ 25 acres 25 d. Parcel is >_ 10 acres 15 e. Parcel is < 10 acres 0 0 1.4.2 - Connectivity (Select highest score) a. Parcel is immediately contiguous with conservation lands 50 b. Parcel is not immediately contiguous, but parcels between it and nearby conservation lands are undeveloped 25 c. Parcel is isolated from conservation land 0 0 ECOLOGICAL VALUES TOTAL POINTS 600 270 ECOLOGICAL VALUES WEIGHTED SCORE (Awarded Points/Possible Points*160) 160 72 2 - HUMAN VALUES (20%) Possible Points Awarded Points Comments 2.1 - RECREATION 120 20 2.1.1- Compatible recreation activities (Select all that apply) a. Hunting 20 b. Fishing 20 c. Water -based recreation (paddling, swimming, etc) 20 d. Biking 20 e. Equestrian 20 f. Passive natural -resource based recreation (Hiking, photography, wildlife watching, environmental education, etc) 20 20 g. Parcel is incompatible with nature -based recreation 0 2.2 - ACCESSIBILITY 120 90 2.2.1- Seasonality (Select the highest score) a. Parcel accessible for land -based recreation year round 20 20 b. Parcel accessible for land -based recreation seasonally 10 30 m m c c El Packet Pg. 316 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 c. Parcel is inaccessible for land -based recreation 0 2.2.2 - Vehicle access (Select the highest score) a. Public access via paved road 50 50 b. Public access via unpaved road 30 c. Public access via private road 20 d. No public access 0 2.2.3 - Parking Availability (Select the highest score) a. Minor improvements necessary to provide on -site parking 40 b. Major improvements necessary to provide on -site parking (Requires site development plan) 25 b. Public parking available nearby or on adjacent preserve 20 c. Street parking available 10 10 d. No public parking available 0 2.2.4 - Pedestrian access (Select the highest score) a. Parcel is easily accessible to pedestrians (within walking distance of housing development) 10 10 b. Parcel is not easily accessible to pedestrians 0 2.3 - AESTHETICS/CULTURAL ENHANCEMENT 40 25 2.3.1- Aesthetic/cultural value (Choose all that apply) a. Mature/outstanding native vegetation 5 b. Scenic vistas 5 c. Frontage enhances aesthetics of public thoroughfare 10 10 d. Archaeological/historical structures present 15 15 e. Other (Please describe) 5 f. None 0 HUMAN VALUES TOTAL SCORE 280 135 HUMAN VALUES WEIGHTED SCORE (Awarded Points/Possible Points*80) 80 39 Possible Awarded 3 - RESTORATION AND MANAGEMENT (20%) Comments Points Points 3.1 - VEGETATION MANAGEMENT 120 120 3.1.1- Invasive plant management needs (Select the highest score) Will also a. Minimal invasive/nuisance plant management necessary to need to restore and maintain native plant communities (<30%) 100 100 plant cleared area b. Moderate invasive/nuisance plant management necessary to restore and maintain native plant communities (30-65%) 75 c. Major invasive/nuisance plant management necessary to restore and maintain native plant communities (>65%) 50 31 m m c c El Packet Pg. 317 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 d. Major invasive/nuisance plant management and replanting 25 necessary to restore and maintain native plant communities (>65%) e. Restoration of native plant community not feasible 0 3.1.2 - Prescribed fire necessity and compatibility (Select the highest score) a. Parcel contains fire dependent plant communities and is compatible with prescribed fire or parcel does not contain fire 20 20 dependent plant communities b. Parcel contains fire dependent plant communities and is 0 incompatible with prescribed fire 3.2 - REMEDIATION AND SITE SECURITY 50 50 3.2.1 - Site remediation and human conflict potential (Dumping, contamination, trespassing, vandalism, other) (Select the highest score) a. Minimal site remediation or human conflict issues predicted 50 50 b. Moderate site remediation or human conflict issues predicted 20 (Please describe) c. Major site remediation or human conflict issues predicted (Please 5 describe) d. Resolving site remediation or human conflict issues not feasible 0 3.3 - ASSISTANCE 5 5 3.3.1 - Management assistance by other entity a. Management assistance by other entity likely 5 5 AWE gopher tort b. Management assistance by other entity unlikely 0 RESTORATION AND MANAGEMENT TOTAL SCORE 175 175 RESTORATION AND MANAGEMENT WEIGHTED SCORE (Awarded 80 80 Points/Possible Points*80) 4 - VULNERABILITY (20%) Possible Awarded Comments Points Points 4.1 - ZONING AND LAND USE 130 130 4.1.1- Zoning and land use designation (Select the highest score) a. Zoning allows for Single Family, Multifamily, industrial or commercial 100 100 b. Zoning allows for density of no greater than 1 unit per 5 acres 75 c. Zoning allows for agricultural use /density of no greater than 1 50 unit per 40 acres d. Zoning favors stewardship or conservation 0 4.1.2 - Future Land Use Type (Select the highest score) a. Parcel designated Urban 30 30 b. Parcel designated Estates, Rural Fringe Receiving and Neutral, Agriculture 25 32 m m c c Packet Pg. 318 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 c. Parcel designated Rural Fringe Sending, Rural Lands Stewardship Area 5 d. Parcel is designated Conservation 0 4.2 - DEVELOPMENT PLANS 50 10 4.2.1- Development plans (Select the highest score) a. Parcel has been approved for development 20 b. SFWMD and/or USACOE permit has been applied for or SDP application has been submitted 15 c. Parcel has no current development plans 0 0 4.2.2 - Site characteristics amenable to development (Select all that apply) a. Parcel is primarily upland 10 10 b. Parcel is along a major roadway 10 c. Parcel is >10 acres 5 d. Parcel is within 1 mile of a current or planned commercial or multi -unit residential development 5 VULNERABILITY TOTAL SCORE 180 140 VULNERABILITY WEIGHTED SCORE (Awarded Points/Possible Points*80) 80 62 33 m m c c El Packet Pg. 319 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp 8. Additional Site Photos Tough bully Prickly pear Folio Number: 58105440009 Date: August 3, 2022 34 m Ef Packet Pg. 320 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Coinvine with Brazilian pepper in background Guineagrass Folio Number: 58105440009 Date: August 3, 2022 35 m U m c c Ef Packet Pg. 321 11.A.s Initial Criteria Screening Report Folio Number: 58105440009 Owner Names: South Terra Corp Date: August 3, 2022 APPENDIX 1— Critical Lands and Water Identification Maps (CLIP) Definitions 2 This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida m Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify m statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida a GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for T acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Below is a description of each of the three CLIP4 data layers used in this report. Fieure 4 - CLIP4 Prioritv Natural Communities Consists of 12 priority natural community types: upland glades, pine rocklands, seepage slopes, scrub, sandhill, sandhill upland lakes, rockland hammock, coastal uplands, imperiled coastal lakes, dry prairie, upland pine, pine flatwoods, upland hardwood forest, or coastal wetlands. These natural communities are prioritized by a combination of their heritage global status rank (G-rank) and landscape context, based on the Land Use Intensity Index (subset of CLIP Landscape Integrity Index) and FNAI Potential Natural Areas. Priority 1 includes G1-G3 communities with Very High or High landscape context. Priority 2 includes G1-G3 Medium and G4 Very High/High. Priority 3 includes G4 Medium and G5 Very High/High. Priority 5 is G5 Medium. This data layer was created by FNAI originally to inform the Florida Forever environmental land acquisition program. The natural communities were mapped primarily based on the FNAI/FWC Cooperative Land Cover (CLC) data layer, which is a compilation of best -available land cover data for the entire state. The CLC is based on both remote -sensed (from aerial photography, primarily from water management district FLUCCS data) and ground-truthed (from field surveys on many conservation lands) data. Fieure 9. Potential Habitat Richness CLIP4 Ma This CLIP version 4.0 data layer is unchanged from CLIP v3.0. FWC Potential Habitat Richness. Because SHCAs do not address species richness, FWC also developed the potential habitat richness layer to identify areas of overlapping vertebrate species habitat. FWC created a statewide potential habitat model for each species included in their analysis. In some cases, only a portion of the potential habitat was ultimately designated as SHCA for each species. The Potential Habitat Richness layer includes the entire potential habitat model for each species and provides a count of the number of species habitat models occurring at each location. The highest number of focal species co-occurring at any location in the model is 13. 37 Packet Pg. 323 11.A.s Initial Criteria Screening Report Owner Names: South Terra Corp Folio Number: 58105440009 Date: August 3, 2022 Figure 17: CLIP4 Aquifer Recharge Priority and Wellfield Protection Zones High priorities indicate high potential for recharge to an underlying aquifer system (typically the Floridan aquifer but could be intermediate or surficial aquifers in some portions of the state). The highest priorities indicate high potential for recharge to springs or public water supplies. This figure also includes Wellfield Protection Zones. Collier County Wellfield Protection Zones are referenced in the Land Development Code and updated in 2010 by Pollution Control and Prevention Department Staff. The public water supply wellfields, identified in section 3.06.06 and permitted by the SFWMD for potable water to withdraw a minimum of 100,000 average gallons per day (GPD), are identified as protected wellfields, around which specific land use and activity (regulated development) shall be regulated under this section. 38 m as c c El Packet Pg. 324 11.A.t Conservation Collier Land Acquisition Program Project Design Report South Terra Corp Property Date: September 2023 Property Owner(s): South Terra Corporation Folio: 58105440009 Location: 1125 Caxambas Drive Marco Island, FL 34145 Size: 0.56 acres Purchase Price: $1,620,000 History of Proiect: Selected for the "A" Selected for the Purchase Offer Offer Accepted category, #1 priority, on "A" category, Made to Owner the Active Acquisition #1 priority, on List (AAL) by CCLAAC AAL b BCC 8/03/2022 12/13/2022 5/10/23 5/12/23 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Oualifications: The South Terra Corp parcel contains coastal xeric oak scrub, a unique and endangered plant community within Collier County. It also offers human social values as it is visible and accessible from Caxambas Dr., a public road, and Archaeological Site 8CR107 encompasses the entire parcel. Finally, the parcel contains an estimated 29 gopher tortoises and potential habitat for burrowing owls and migratory bird species. While the parcel is not currently adjacent to conservation land, the property directly adjacent to the north, Agua Colina, is currently under consideration for purchase by the Conservation Collier Program. If acquired, together these parcels would total 1.19 acres of protected land. Additionally, the South Terra Corp parcel provides buffering for a manmade canal leading to Caxambas Bay. Zoning, Growth Management and Land Use Overlays: The parcel is zoned RSF-3; Residential Single Family. The highest and best use of the site would be for single-family residential consistent with the current comprehensive land use plan affecting the property as well as zoning classification assigned to the site. Packet Pg. 325 11.A.t Projected Management Activities: Management of the parcel would entail removal and maintenance of invasive, exotic vegetation; native plantings, and educational and informational signage. Estimated Management Costs: Management Element 2024 2025 2026 2027 2028 Exotics $2,000 $1,000 $1,000 $500 $500 Native Plantings $4,000 5ignage $200 $4,800 $100 $100 $100 Total $2,200 $9,800 $1,100 $600 $600 SEE PAGES 3 AND 4 FOR MAPS OF THE PARCEL. 2 Packet Pg. 326 11.A.t A H w z (YLOS ' I�VAI e 0 �q ADDiON CT m `z cr CT INLET OR a El 0 0.4 0.8 Miles SOUTH TERRACORP Otter Mound Preserve Managed Conservation Areas Conservation Areas CON S�E�Ik�+A,TI OI*1 CP LLIER L_. 3 Packet Pg. 327 Ir *.# a � ` •. \ /\ ���ak \ � � � � � �� �� \� � • .*_ \� - _ •�.� � k�� � _ % . .■..��� � � �� .�� � w .. �. f Fj | O 0.0425 mid SOUTH TERRA GO RP § zo m■�_ --� - � CON .- . AT,O N :LLtR m �r co_U 6: § k Q Packet Pg. 328 11.A.t Location of South Terra Corp in relation to recorded archaeological site CR00107 w r*t f South Terra Corp m m m a� c c Packet Pg. 329 11.A.0 Conservation Collier Folio Number: 58105400007 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between AGUA COLINA, a Florida Limited Liability Company, whose mailing address is PO Box 7154, Fort Myers, FL 33919, (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112 (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be One Million, One Hundred Twenty Thousand Dollars and 00/100 dollars ($1,120,000), (U.S. Currency) payable at time of closing. 111. 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 Packet Pg. 330 11.A.0 Conservation Collier Folio Number: 58105400007 Building, 3299 Tamiami Trail East, Naples, Florida. The procedure to be followed by the parties in connection with the Closing shall be as follows: 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap Tax Proration, Owner's Non -Foreign Affidavit", as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. Packet Pg. 331 11.A.0 Conservation Collier Folio Number: 58105400007 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. 3.03 Purchaser shall pay for the cost of recording the. Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seiler written notice of its intention to waive the applicable contingencies or to terminate this Agreement. 4.012 If Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seller shall have thirty (30) days to remedy any defects to convey good and marketable title at Seller's epense, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of Packet Pg. 332 3 11.A.0 Conservation Collier Folio Number: 58105400007 termination within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 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. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seiler shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred twenty (180) days from the date of this Agreement, ("Inspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal 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. Packet Pg. 333 11.A.0 Conservation Collier Folio Number: 58105400007 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. VI. INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VII. POSSESSION 7.01 Purchaser shall be entitled to full possession of the Property at Closing. VIII. PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the grass amount of current year taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. Packet Pg. 3 4: 11.A.0 Conservation Collier Folio Number: 58105400007 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: 10.011 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, Packet Pg. 335 11.A.0 Conservation Collier Folio Number: 58105400007 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 threatened which affects the Property or which adversely affects Seller's ability Packet Pg. 3 6 11.A.0 Conservation Collier Folio Number: 58105400007 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. Packet Pg. 337 11.A.0 Conservation Collier Folio Number: 58105400007 XI_ NOTICES 11.01 Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Attn: Sonja Stephenson Collier County Real Property Management 3335 Tamiami Trail East, Suite 102 Naples, Florida 34112 Telephone number: 239-252-8073 Fax number: 239-252-8876 If to Seller: Katherine Ferraro - President PO BOX 7154 Fort Myers, FL 33919 Telephone number: 239-218-2071 With a copy to: NIA 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Packet Pg. 338 11.A.0 Conservation Collier Folio Number: 58105400007 XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed .by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend, or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 If any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. Packet Pg. 339 10 11.A.0 Conservation Collier Folio Number: 58105400007 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 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty or covenant not included in this Agreement or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the BOARD OF COUNTY COMMISSIONERS Circuit Court and Comptroller COLLIER COUNTY, FLORIDA , Deputy Clerk Nm RICK LOCASTRO, Chairman Packet Pg. 3 11 11.A.0 Conservation Collier Folio Number: 58105400007 AS TO SELLER: �ej)Ye-,rpb 2aDATED. e/}' l , WITNESSES: �24 AJq - 101�&� (Signature) T4aMS a !3 - ><. (Print Witness Name) (signatureb (Print Witness me) Approved as to form and legality: Ronald T. Tomasko, Assistant County Attorney AGUA COLINA, a Florida Limited Liability Company Kathleen Ferraro, President Q Packet Pg. 341 12 11.A.0 Conservation Collier Folio Number: 58105400007 EXHIBIT "A" LOT 1, BLOCK 403, MARCO BEACH UNIT THIRTEEN, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 6, PAGE(S) 92 THROUGH 99, INCLUSIVE, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. Packet Pg. 342 13 11.A.y City of Marco Islancol, Ch,4 . June 15, 2021 Summer Araque Brown, MPA Conservation Collier Coordinator Collier County Parks and Recreation Division 3300 Santa Barbara Blvd Naples, FL 34116 Dear Ms. Araque Brown: I have received approval from the Marco Island City Council to continue my efforts to identify opei space on Marco Island that meets the criteria for consideration by Conservation Collier for acquisition Please accept the following three properties for nomination as potential acquisitions during this 10' Acquisition Cycle: • Property Address: 1830 WATSON RD., MARCO ISLAND FL., 34145 Owner: ADDISON M FISCHER REV TRUST Owner Address: P O BOX 7189, NAPLES FL., 34101 • Property Address: 1840 WATSON RD., MARCO ISLAND FL., 34145 Owner: DEBAETS, ROGER & MONIQUE Owner Address: PARLAAN 26, BREDENE, BELGIUM • Property Address: 1929 INDIAN HILL ST., MARCO ISLAND FL., 34145 Owner: AGUA COLINA LLC Owner Address: PO BOX 7154, FORT MYERS FL., 33919 All three sites have been identified as critical habitat by the Gopher Tortoise Survey being conducte on Marco Island by Audubon Western Everglades. Over 100 Gopher Tortoise burrows have bee identified on the three lots and there is ample room on the properties to use them to relocate GophE Tortoises that are being taken from lots on Marco Island that are under development. Currently thes tortoises are being taken to a central Florida site with much less suitable habitat. Many of them die a a consequence. Relocating them on Marco Island gives them a much better chance of survival. In addition, all three sites have archaeological and historical value. There is an archaeological di currently going underway on the 1929 Indian Hill St site. The dig is being conducted by Gene Erjave( the Chairman of the County Historical and Archaeological Preservation Board. He informed me toda that the other two lots on Watson also historical and archaeological value and been earmarked fc future exploration (if they don't get developed). 50 Bald Eagle Drive I Marco Island, Florida 34145 (239) 389-5000 1 www.cityofmarcoisland.com Packet Pg. 343 11.A.y Mr. Erjavec also informed me that two of the lots I previously nominated (1001 West Inlet Dr. Marco Island and 1021 West Inlet Dr. Marco Island) that are contiguous to the Otter Mound Preserve have major archaeological and historical significance that could greatly add to the value of the Otter Mound OU Preserve. M Q I strongly urge you to consider all five lots on Marco Island for acquisition. To have such a concentration of critical habitat that is both historically and archaeologically significant is extremely 2 rare. U L Thank you in advance for considering my request. 0 U Sincerely, `o Dr. Ric Blonna Councilman, Marco Island = 50 Bald Eagle Drive L) Marco Island FI, 34145 0 0 N Packet Pg. 344 11.A.z Conservation Collier Land Acquisition Program Project Design Report Agua Colina Property Date: October 2023 Property Owner(s): Agua Colina, LLC. Folio: 58105440009 Location: 1929 Indian Hill St, Marco Island, FL 34145 Size: 0.63 acres Purchase Price: $1,120,000 History of Proiect: Selected for the "A" Selected for the Purchase Offer Offer Accepted category, #1 priority, on "A" category, Made to Owner the Active Acquisition #1 priority, on List (AAL) by CCLAAC AAL b BCC 8/03/2022 12/13/2022 5/9/23 6/21/23 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Oualifications: The Agua Colina parcel contains coastal xeric oak scrub, a unique and endangered plant community within Collier County. It also offers human social values as it is visible and accessible from Indian Hill St. and Caxambas Dr., public roads, and Archaeological Site 8CR107 encompasses the entire parcel. A Phase 2 Cultural Resources Assessment Survey of the parcel resulted in the documentation of prehistoric and historic cultural resources across the entire property, including prehistoric human remains that consisted of redeposited or disturbed fragmentary bone scatter and 16 intact human burials representing a minimum of 28 individuals. Finally, the parcel contains an estimated 20 gopher tortoises and potential habitat for burrowing owls and migratory bird species. While the parcel is not currently adjacent to conservation land, the property directly adjacent to the south, South Terra Corp, is currently under consideration for purchase by the Conservation Collier Program. If acquired, together these parcels would total 1.19 acres of protected land. Additionally, the Agua Colina parcel provides buffering for a manmade canal leading to Caxambas Bay. Zoning, Growth Management and Land Use Overlays: The parcel is zoned RSF-3; Residential Single Family. The highest and best use of the site would be for single-family Packet Pg. 345 11.A.z residential consistent with the current comprehensive land use plan affecting the property as well as zoning classification assigned to the site. Projected Management Activities: Management of the parcel would entail removal and maintenance of invasive, exotic vegetation; native plantings, and educational and informational signage. Estimated Management Costs: Management Element 2024 2025 2026 2027 2028 Exotics $2,000 $1,000 $1,000 $500 $500 Native Plantings $4,000 Signage $200 $4,800 $100 $100 $100 Total $2,200 $9,800 $1,100 $600 $600 SEE PAGES 3 AND 4 FOR MAPS OF THE PARCEL. 2 Packet Pg. 346 11.A.z W z 01- CT L2JDr, L0 W RD 0- � z IV co ADDISON CT m U) z n m HjGHTS Cr OSCEOLA CTi A O D U ti 4r S INLET DR 2 0 0.25 0.5 0- Miles w AGUA COLINA LLC a� Otter Mound Preserve U) Managed Conservation Areas Conservation Areas a� 0 L m O Q CON ., ATION t C LLIER C d CA., Couxty U tv r r Q 3 Packet Pg. 347 11.A.z Il I 0.0125 Miles :7 0.025 T— [o CO6wLy C i1 N N v N O L- a. .O U Q NILWATION a+ LL1ER C d E � t V tC r Q Packet Pg. 348 11.A.z Location of Agua Colina in relation to recorded archaeological site CR00107 i4 do El Packet Pg. 349 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD iris � API r L r L 2.13 Acres of Vacant Commercial Land 181-221 S Barfield Drive Marco Island, Florida 34145 Prepared For: Collier County Board of County Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 Prepared By: 1919 Courtney Drive. Suite 14 Fort Myers, FL 33901 (239) 936-1991 www.carlsonnorris.com DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD " Carlson Norris Michael P. Jonas, MAI, AI-GRS State -Certified General Real Estate Appraiser RZ2623 March 2, 2023 Valuation and Advisory Services C. William Carlson, MAI, SRA State -Certified General Real Estate Appraiser RZ667 Collier County Board of County Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 RE: 2.13 Acres of Vacant Commercial land 181 — 221 S. Barfield Drive Marco Island, Florida 34145 Our File Number: 23-64 Purchase Order Number 45000223050 Dear Mr. Leonard: J. Lee Norris, MAI, SRA State -Certified General Real Estate Appraiser RZ643 At your request and authorization, Carlson, Norris, and Associates has 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 estimate of the subject property on an "as is" basis. The property which is the subject of this analysis is located at the addresses of 181 — 221 S. Barfield Drive in Marco Island, Florida 34145. The subject property contains four parcels that are irregular in shape that containing a total of 92,782 square feet or 2.13 acres. The property is vacant and is all uplands. The majority of the habitat is coastal strand, Bahia grass, Brazilian pepper, and Australian pine. Gopher tortoise nests were observed on the subject parcels. Relocation of these nests is required before potential construction could commence. The zoning classification of the subject property is C-3; Commercial Intermediate with a District Two (Barfield Subdistrict) Overlay. The future land use designation for the subject property is Community Commercial. There are public utilities available in the area. 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. Carlson, Norris, and Associates 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. 1919 Courtney Drive I Fort Myers, FL 33901 1 Phone 239.936.1991 1 www.carlsonnorris.com DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD March 2, 2023 Page 2 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 February 12, 2023, for its fee simple ownership and in its "as is" condition of: THREE MILLION FOUR HUNDRED THOUSAND DOLLARS ............................. ($3,400,000.00). The information provided within this appraisal is based on market data available at this juncture (date of value and date of the report). However, due to the significant uncertainty in property and capital markets, as well as the rapid unfolding of this event, it is indeterminable for the appraiser to quantify and assess the impact that this outbreak has had/or will have on real estate property values. Values and incomes may change more quickly and significantly than during more typical market conditions. It should be emphasized that the results of this appraisal analysis and the value conclusions reported herein are based on the effective date of the appraisal and the appraiser makes no representation as to the effect on the subject property of any unforeseen event subsequent to the effective date. Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimate contained herein. Carlson, Norris and Associates has been engaged by the First Bank to perform this appraisal. 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, CARLSON, NORRIS, & ASSOCIATES, DocuSigned by: 67A85045E6184E6... Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 EDocuSigned by: F6720F21ABF9422... Zachary Kazak State -registered trainee appraiser R124996 1919 Courtney Drive I Fort Myers, FL 33901 1 Phone 239.936.1991 1 www.carlsonnorris.com DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS AND ASSOCIATES AERIAL VIEW OF SITE 2.13 ACRES VACANT LAND 181 - 221 S BARFIELD DRIVE MARCO ISLAND, FL 34145 1 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES TABLE OF CONTENTS SUBJECT PHOTOGRAPH................................................................................................1 SECTION 1 - SUMMARY OF SALIENT FACTS...............................................................3 SECTION 2 - PREMISES OF THE APPRAISAL...............................................................5 INTENDEDUSE/USER........................................................................................................................................5 SCOPEOF WORK.............................................................................................................................................. 5 DATE OF VALUE/DATE OF REPORT.................................................................................................................. 8 SALESHISTORY................................................................................................................................................8 EXPOSURETIME...............................................................................................................................................9 MARKETINGTIME..............................................................................................................................................9 EXTRAORDINARY ASSUMPTIONS....................................................................................................................10 SECTION 3 - DESCRIPTION OF REAL ESTATE APPRAISED......................................12 COLLIER COUNTY AREA ANALYSIS................................................................................................................12 MARKETAREA ANALYSIS...............................................................................................................................27 LEGALDESCRIPTION......................................................................................................................................29 OWNEROF RECORD.......................................................................................................................................29 ASSESSEDVALUE AND TAXES.......................................................................................................................30 SITEDESCRIPTION..........................................................................................................................................31 AERIALMAP...................................................................................................................................................31 SUBJECT PROPERTY PHOTOGRAPHS.............................................................................................................34 SECTION 4 - HIGHEST AND BEST USE ANALYSIS....................................................39 HIGHEST AND BEST USE AS THOUGH VACANT...............................................................................................39 SECTION 5 - VALUATION OF THE SUBJECT.............................................................41 VALUE ESTIMATE BY THE COST APPROACH..................................................................................................41 VALUE ESTIMATE BY THE INCOME APPROACH..............................................................................................41 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH.........................................................................41 SECTION 6 - RECONCILIATION OF VALUE................................................................58 SECTION 7 - CERTIFICATION AND LIMITING CONDITIONS.....................................59 CERTIFICATION OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM.......................................................................59 CERTIFICATION OF ZACHARY KAZAK..............................................................................................................61 GENERAL ASSUMPTIONS & LIMITING CONDITIONS.........................................................................................63 SECTION 8 - ADDENDA................................................................................................68 SUBJECTLISTING...........................................................................................................................................69 NOTICETO PROCEED......................................................................................................................................71 ZONING& LAND USE......................................................................................................................................72 SOILMAP.......................................................................................................................................................81 CONSERVATION FEATURES SUMMARY OVERVIEW.........................................................................................82 FLOODMAP....................................................................................................................................................83 LICENSES........................................................................................................................................................ 84 QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM...................................................................85 QUALIFICATIONS OF ZACHARY KAZAK..........................................................................................................87 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 1 - Summary of Salient Facts Property Reference: 57199040005, 57199000003, 57198960005, 57198920003 PO Number: 4500223050 Property Type: Vacant Commercial Land Property Address: 181 — 221 S. Barfield Drive Marco Island, FL 34145 Report Format: Appraisal Report Date of Inspection: February 12, 2023 Date of "As Is" Value: February 12, 2023 Date of the Revised March 2, 2023 Report: Interest Appraised: Fee Simple Intended Use & User of The intended use of the appraisal is to assist the user, the Collier the Appraisal: County Government, and affiliates, in the potential acquisition of the subject property. Client: The client for this appraisal assignment is the Collier County Board of County Commissioners. Location & Access: The subject parcels are located on the corner of S Barfield Drive and Hawaii Court in Marco Island, Florida 34145. The subject has paved access from the east side of S Barfield Road. Site Description: The property is vacant and is all uplands. The majority of the habitat coastal strand, Bahia grass, Brazilian pepper, and Australian pine. At the time of inspection Gopher Tortoise nests could be observed. Relocation of the nests is required before potential construction could commence. Legal Description: Located in body of the report Comprehensive Land Community Commercial Use Plan: Zoning Classification: C-3; Intermediate Commercial — District Two (Barfield Subdistrict) Easements: None known. Encumbrances/Leases: None known. Improvements: None Oil, Gas and Mineral Not considered in this analysis Rights: Highest and Best Use The highest and best use of the subject site would be for limited as Vacant: commercial, limited residential or mixed use that is consistent with the current comprehensive land use plan affecting the property as well as zoning classification assigned to the site. Value Indications "As Cost Approach: Not Applied Is": Income Approach: Not Applied Sales Approach: $3,400,000 3 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Final Opinion of "As Is" $3,400,000 Value: Appraisal Firm: Carlson, Norris & Associates Appraiser: Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 Zachary Kazak State -registered trainee appraiser R124996 4 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 2 - Premises of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate market value of the subject property in fee simple ownership as described in this analysis under the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal Foundation. Use of Appraisal: To assist Collier County in the possible acquisition of the subject property. The Appraisal Client: The client for this appraisal the Collier County Board of County Commissioners. Intended Users of the Report: The intended users of this report are the Collier County Board of Commissioners and affiliates. 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 acreage sites and various commercial properties in 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 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. " 5 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES The scope of work has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given to the property's market area, physical characteristics as well as zoning, land use and highest and best use. The work performed for this assignment included but is not limited to: • Extent to which the property was identified o The property was identified by the folio numbers provided by Collier County Property Appraiser's office. • 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 conducted on February 12, 2023. Portions of the site inspected were only those with physical access. In addition to the ground level inspection, aerial photography was available through the Collier County Property Appraiser's office as well as Google Earth have been given consideration. • Type and extent of the market researched o Investigation of public records for the properties' zoning, land use, flood zone information, county property appraiser's records for attributes of the subject property itself. o Collection and analysis of sales of upland parcels within the City of Marco Island, Florida market area in order to form a market value opinion. A number of sales have been used in this analysis. The land sales have been verified by the buyer, seller, broker or representative thereof if available. o Type and extent of analysis applied • The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property, including land values, the attributes of competitive properties, and sales data for similar properties. o Reconciling the value indications from the appropriate approaches of value into final value opinions for the subject property; all as of the effective date of this report. o Preparation of a written report. 6 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES To develop the opinion of value, Carlson, Norris, and Associates 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 reliable value indications. Neither the Cost nor the Income Approaches were applied in this appraisal. The Cost Approach was not applied since there were no improvements to consider. Vacant land is typically not purchased for its ability to generate an income stream. Therefore, the Income Approach was not applied. Furthermore, the value conclusions reflect information about the subject properties and market conditions. This appraisal of the subject property 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 valued in this appraisal are those known as fee simple. Fee simple interest is defined as: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.", Market Value Definition: As defined in the Agencies' appraisal regulations, "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 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 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) 7 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES • 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 Value Estimate: February 12, 2023 Date of Property Inspection: February 12, 2023 Date of the Report: March 2, 2023 Sales History/Purchase Agreement: 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 analyst is aware of no sales contracts for the three- year period prior to this appraisal date. For 57199040005 and 57199000003 the current owner purchased these two parcels collectively on April 11, 2005, for $2,300,000. For 57198960005, the current owner purchased this parcel on February 16, 2002, for $200,000. For 57198920003, the current owner purchased this parcel on December 26, 2012, for $200,000. The subject parcels are currently actively listed for sale and have been listed for approximately two years. The current list price is $3,495,000 and has been reduced from approximately $3,595,000. The subject property has been under contract multiple times throughout the marketing time of two years with none of the contracts becoming finalized. To our knowledge, the property is not currently under contract for sale. Appraisal History: Carlson, Norris, and Associates has had no prior involvement with the subject property or the subject owner. 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). 8 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 properties 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. 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. An exposure time of twelve to eighteen months or less for the sale of the subject site appears to be reasonable and appropriate. This exposure time assumes the subject would have been competitively priced and aggressively promoted within the market area. 9 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Marketing Time: Marketing time is the period a prospective investor would forecast to sell the subject properties 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 subjects 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 properties. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated changes in market conditions following the date of appraisal. The future price for the subjects (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 types, 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 sale of the subject site will require a marketing time of approximately 12 - 18 months. Extraordinary Assumptions: An extraordinary assumption is defined as: "An assumption, directly related to a specific assignment, 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. Please note the following extraordinary assumptions: • An expert soil analysis 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 10 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 toxic or hazardous materials either at ground level or subsurface. The analyst is not an expert in the valuation of site contamination, and it is recommended that an expert be consulted. 11 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 3 - Description of Real Estate Appraised COLLIER COUNTY AREA ANALYSIS ti 5 dk YL7tM1 :urda s� � lu c �•loor I [�ansl Point 17 wkinghe [page 111 sous ew glon des Sanibel _ f:in Ooinl Bonil r gk ! I+ ' ri r' Ica � I14 Ml r Island "rgkades r I 1 I ' L - E,cr . pg ......... f.... Lvcr dcs 1 �. Litkes I he Bs} ` j M I�Iorida"zil4lelsadis 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 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 12 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES ranging from 740 Fahrenheit in January to 900 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 17t" 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. Chart Al: Coastal Counties Population, 1990 to 2045 Historic and Projected Population Charlotte, Collier, and Lee Counties 1200 1000 Ln 20t9 Source, Office of Economic and OemographicResearch 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 13 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 28t" 2020, allowing them to begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as the project's impact on approximately 700 acres of primary panther habitat is being heavily opposed by wildlife organizations such as the Conservancy 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 14 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 15 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 125 7.5 a 5.0 2.5 Air 2020 Iu12020 DS 2J'23 2�21 .p•=32'1 1u-�12 =02'1 212_ •i 2._2 _u12�22 Cc: 2:=2 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. Largest Industries Below is a breakdown of the largest industries In Collier County. Retail Trade Health Care and Social As si sta n ce Real Estate and Rental and Leasing Construction Accommodation and Food Services Other Services (except public Administration) Administrative and Support an Government Professional, Scientific, and Technical Services Finance and Insurance a is 16 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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. Ampany Name Employment NCH Healthcare System** 7,017 Collier County School District 5,604 k Collier County Local Government* 5,119 Publix Super Market 3,083 i Arlhrex, Inc.** 2,500 i Walmart 1,480 Ritz Carlton -Naples 1,450 k City of Naples 1,169 M Physicians Regional 950 0 Mooring Park 888 Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of 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. 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. 17 DocuSign Envelope ID: 4D50FBB2-53B 1 -4A94-8A1 D-22 1 ABC 1 43BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COST OF LIVING Collier Florida overall 113 1 C3.1 100 Grocery 107.7 102.8 100 Health 106.7 102.3 100 Housing 140.9 101.1 100 Median Home Cost $411,100 $294,900 $291,700 Utilities 98.6 101.3 100 Transportation 98.6 112.E 100 Miscellaneous 109.5 87.6 100 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%. -!me rate, federal funds rate, GOFI 11th District Cost of Funds Federal Discount Rate Fed Funds Rate (Current target rate 4.50-4.75). WSJ Prime Rate This Week Month Ago Year Ago 0.223 0.223 0.223 4.75 4.5 0.25 4.75 4.5 0.25 3.25 Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. 18 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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. 19 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S ,& ASSOCIATES Sao 450 400 350 300 250 200 150 1110 50 0 New Construction Building Permits Issued by Month r r r r r r r r r r r r N N N h N N N N N N N N " rn N N N N fit N N cv Cy N CV N CV fit N N N N N N N Cy N Cy +4 L L rC a 7 yLLy p> 0 �9 0 L �6 3-:5 M M CL Q> Q a ]an, Feb- 21 21 Mar- Apr- 21 21 May- 21 lun- 21 Jul- 21 Aug- 21 Sep- 21 Ort- 21 Nw- 1 21 Dec- Jan- 1 21 22 Few 22 Mar- 22 .Apr- May- 1 22 22 Jun- 22 Jul- 22 Aug- 22 Sep- 22 On- Nov- 22 1 22 Deo- 22 Jan- 23 ■Cammeroal 7 5 11 S 12 1 9 6 13 11 3 4 s 5 7 4 A 4 7 4 1 4 4 1 2LIR■ Mulltfamilg 11 19 11 6 € 17 it 1S 5 fi 12 9 10 12 1$ 3 1 $ Z 2 1 tGA 7■MFamily 35i195 39641-2 4€OA45 174 403 2M 330 2M 295 346 2ni 333 2S5 284 116 2A8 m 334 Z19 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. $850,000 $900,000 $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 6p� 6�h 0� 1�1 1Ay'1A9 W�^ 0Ay 4i� 9A� 9Ah 00°j oA, �Oh oA� ,�01 '+Oh ,�5� 'y01 'I;�h 'yam ,501 Z ti ti ti v ti ti v ti ti � ti ti ti ti ti ti v ti ti � ti January 2023 $7251,000 0 0.5% $721,035 change from Prior Period © 7.2% $675,999 change from Same Period Prior Year Sales Price is the mid -point (median) value where the price for half of the closed sales is higher and half is lower. 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 20 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 1-75 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. 21 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES SOUTHWEST FLORIDA INTERNATIONAL AIRPORT (RSW) TOTAL PASSENGERS Sourcc_ Lee County Port Authority Dcparhncnt of Communications and Marketing JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC. TOTAL 1983 49,549 73,462 72,491 67,966 52,045 69,837 92,880 115,955 594,185 1984 119,003 145,264 194,287 162,774 95,239 74,839 69,056 75,638 59,129 79,312 110,087 128,309 1,311,937 1985 141,374 179,502 252,168 209,759 132,641 105,550 105,729 104,585 76,252 99,949 121,252 174,208 1,701,969 1986 190,848 217,399 291,152 233,442 153,350 129,823 139,460 146,677 109,977 139,004 172,869 206,047 2,129,548 1987 227,394 233,523 367,799 311,189 217,286 166,567 171,679 166,045 131,943 171,499 222,977 249,162 2,687,053 1988 277,516 344,286 423,866 355,450 229,545 192,604 184,775 195,633 150,429 214,449 269,574 287,942 3,115,124 1989 321,471 366,349 424,953 346,751 226,327 196,417 194,298 194,431 160,363 223,199 273,635 302,398 3,231,092 19911 352,907 404,012 501,920 433,953 291,345 234,406 226,405 237,382 176,067 240,400 310,104 325,271 3,734.067 1"1 395,045 407,226 469,963 391,791 142,127 199,291 191,704 193,292 153,405 214,520 269,347 328,819 3,436.520 1992 340,820 385,415 452,125 353,761 241,220 221,217 233,395 223,537 191,768 221,033 294,867 333,503 3,472.661 1993 358,666 409,624 490,243 440,155 275,765 216,392 213,790 216,174 178,005 252,570 313,200 353,174 3,717,758 1994 386,371 432,144 563,626 455,235 291,419 232,057 232,079 234,627 201,421 260,543 338,805 376,741 4,005,067 1995 422,443 447,364 564,559 478,355 292,074 242,179 235,412 230,176 197,256 263,465 343,441 391,040 4,098,264 1996 424,428 503,291 600,771 497,808 321,316 262,798 252,172 246,512 193,200 272,350 336,544 405,157 4,317,347 1997 434,198 439,485 615,288 487,060 343,538 276,306 280,088 270,237 214,043 296,371 356,838 413,863 4,477,965 1998 460,928 5L2,930 615,067 536,563 333,403 237,839 288,98L 273,395 212,505 319,621 387,319 433,656 4,667,207 1999 483,370 529,469 660,327 542,397 362,220 309,563 311,150 290,900 242,774 340,743 392,063 432,277 4,897,253 2il11i1 466,953 551,169 670,815 572,411 392,469 337,616 339,233 315,998 261,012 374,093 449,628 476,816 5,207,212 1001 536,399 589,055 731,399 609,040 421,257 356,206 370,961 350,746 197,561 301,597 389,OD41 424,483 5,277,708 21102 478,012 559,190 705,181 553,196 389,791 332,341 327,939 309,889 246,369 349,719 430,742 502,789 5,185,648 21103 539,964 600,437 795,510 656,647 443,185 367,535 387,974 357,919 283,411 416,949 504,838 547,299 5,891.668 21104 591,333 710,426 361,842 726,340 502,700 443,125 462,743 407,670 319,237 481,945 585,828 643,441 6,73&630 21105 674,915 775,010 1,017,790 816,158 591,146 509,431 509,659 446,244 363,015 479,131 656,638 674,032 7,518,169 21106 725,195 774,929 997,869 847,758 574,963 505,252 502,598 446,415 363,245 513,426 660,658 725,909 7,643717 21107 783,207 841,727 L,081,425 924,919 603,870 525,258 535,264 488,539 387,452 537,606 651,495 688,9L4 9,049,676 21108 762,316 845,741 1,030,151 934,639 576,143 488,266 502,932 448,667 328,279 492,258 603,366 691,038 7,603,845 21109 732,851 809,990 985,267 949,915 524,520 461,295 492,063 454,927 359,743 470,931 598,478 676,078 7,415,958 21110 731,739 755,095 996,685 813,329 552,105 476,625 490,227 444,714 374,590 532,025 652,783 694,399 7,514,316 21111 726,322 790,124 1,073,918 907,832 587,633 473,332 457,194 420,105 351,881 469,145 612,470 667,789 7,537,745 21112 704,427 731,849 1,024,221 790,322 531,946 454,044 464,896 421,211 354,640 484,768 658,629 679,672 7,350,625 21113 755,232 927,147 1,115,937 815,978 576,713 473,208 467,946 414,303 333,175 478,376 639,047 735,739 7,637,801 21114 778,163 962,399 1,147,059 865,554 591,116 478,692 496,472 446,402 366,038 503,243 669,567 765,238 7,970,493 21115 854,953 906,039 1,181,382 902,669 (Y02,891 431,512 492,114 454,360 404,045 535,921 720,556 835,359 8,371,901 21116 918,929 989,945 1,269,961 900,594 606,833 492,413 494,074 431,729 391,844 550,316 727,634 840,501 8,604,673 21117 992,905 946,079 1,252,124 1,032,783 629,321 529,393 530,428 481,185 327,466 581,317 767,064 973,494 9,942,549 21118 965,981 1,053,817 1,379,728 939,957 668,665 546,159 561,039 501,023 418,256 569,553 810,283 959,717 9,373,178 21119 1,050,093 1,117,409 1,492,239 1,111,558 725,754 586,319 570,977 526,519 460,869 639,922 876,703 1,077,918 10,225,180 21121) 1,132,103 1,241,590 861,221 53,379 143,0041 237,706 256,418 231,283 255,926 417,305 500,468 64X,01 11 5,978,414 21121 686,563 725,735 1,162,342 1,107,004 946,3661 M39,377 814,471 647,534 551,041 769,524 996,908 1,085,569 10,322,434 2011 1.N4.816 1,149.618 1,514,046 1.'_21.628 836,379 663,141 671,225 620,532 515,077 432,667 312,305 8623681 10,343,802 The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO services for general aviation including fueling and catering. It is the home to charter airlines, aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the Collier County Sheriff's Aviation Unit, flight schools, the Humane Society, and over 40 additional aviation and non -aviation businesses. The airport encompasses approximately 732 acres of land, approximately two miles northeast of Old Naples with convenient access to major roads and Interstate-75. 22 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES POLITICAL -GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. 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. Collier County, Florida Fiscal Year 2 02 212 02 3 Summary of Budget by Fund FY 21122 FY 22123 % Fund Adopted Adopted Budget Fund Title No_ Budget Budget Change Total Budget by Fund 2.447.796,500 2,706,195,800 10.56% Less, Internal Services 109,198,800 112,2",900 2.75% Interfund Trimsfers 534,347,200 634,034,900 8.50% Net County Bud of 1.754,250,500 1,959,9554,000 11.73% 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. 23 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts -oriented baccalaureate degrees as well as some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida. 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. Figure 9. Collier County, FL Education Attainment by Level Comparison (Age 25+) (U' No schooling W Less than High School = High School or GED Some college or Associates Degree Bachelors Degree or higher 100% 0 M ■ N 0 . . 50% 0% Go"o Go�po Gou��� Goer! Go�0 Go�011 Go as trey �\ot\61 1,000t �e�d� Mo�toe wee �p),t"' G\aae5 Cn211o�e e p�a�aoQ 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. 86.4% of those living within Collier County have health insurance compared to 87.3% throughout Florida and 91.3% throughout the United States. The highest percentage of those without healthcare coverage is from people making $25,000 at 20.3%. 24 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Figure S: Percent of People with No Insurance by Income Group Figure 1: Percent of People with Health Insurance Hendry County Glades County Monroe County Broward County Collier County Lee County Florida Orlando-Deltona-Daytona Beach Charlotte County United States 0% 50% 100% SUMMARY Collier County Under $25k 1 /5 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. 25 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES LOCATION MAP Fort Myers 0 0 Cape Coral inlmokalee Estero 0 3 Bonita Springs Naples Marc � sland U�7�2C# Big Cypress National ++,,Preserve 4 l Everglades National Park Marathon Key 1Nest Big Pine Key a Bopnion Beach 0 Boca Raton 0 Fort Lauderdale a Hollywood Miami a D -lslamorada 26 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Market Area Map Briggs Boardwalk 4? 9 The Rookery at Marco Tiger.ail Reach41 u J Marriott M Islallid Beach RE Eagle Lakes Golf Club 92 4= Goodland t Wk, Island B Collier -Seri Cape Rory - Ten Thousai Islands Guilivan Bay Cape Rorr Morgan Beach 9 - Ten Cape Romano Thousa+ Dome House islands Market Area is defined as: "The geographic region from which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area. " Boundaries: The entirety of Marco Island was analyzed in the development of this report. 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 27 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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' It is our opinion the subject market area is currently in its growth stage. The market has shown increased activity. Industrial and commercial vacancy has been decreasing, rental and sales activity has been increasing, and permit activity for commercial and residential construction have been increasing. Public Transportation: Collier Area Transit (CAT) Maintenance/Condition: Varying levels of maintenance are evident throughout the subject market area. These conditions range from average to relatively new. Property Compatibility: This overall market area contains differing residential, industrial, and commercial enterprises from single and multi -family homes, professional to general office, offices, retail buildings, and warehouses. Appeal/Appearance: The market area has generally a good appeal. Depending on the specific immediate neighborhood, appearances range from average construction to newer -good quality structures. Development Potential: Development potential for industrial, commercial and residential property has increased over the past several years. This has resulted in increasing investor interest to develop commercial and residential property. Recent indicators point to a continuation of the improving real estate market with new construction noted. Neighborhood Access: Subject is located south of San Marco Road and east of N Collier Boulevard. There is commercial property at the intersection of S Barfield Drive and San Marco Road with surrounding residential. Financing: Most probable sources: Commercial Banks Typical Loan to Value Rate: 60% to 80% Interest Rate: 4.5% to 8% Supply of Vacant Tracts: Vacant land is available throughout the market with the majority in the eastern portion of the market area. Demand for Vacant Tracts: The supply appears to be in balance with demand at this time. Several recent indicators point to an improving real estate market for residential, industrial and commercial property. Traffic Pattern/Volume: AADT Vehicles per Day along S Barfield Drive and south of San DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Marco Road is 7,800. Allowable Uses in District: General business, office, retail, and residential uses. Characteristics of Land Immediate properties are commercial and residential usage. Usage: Vacancy rates: Commercial/Industrial: 5% - 75% Single Family: 3% - 8% Conclusion: Reports and real estate professionals alike suggest the real estate market is increasing in demand and prices. Vacant commercial land has shown good demand from developers. The City of Marco Island is continuing to see growth in the commercial sector. Commercial development along major roadways and at major intersections could be observed on the day of inspection. Development is curtailed by the development restrictions within the City of Marco Island, but nonetheless the demand continues to outweigh the supply of vacant commercial parcels. The analyst obtained copies of the legal description for the subject property from the most recent deeds of the subject parcels. Lots 21 and 22, Block 146, MARCO BEACH uKrr I-VB, according to the Plat thereof recorded in Plat Book 6, Pages 39 through. .4{,- the Public Records of Collicr County, Florida. Lot 20, Block 146, of Marco Beach Un*t Five, a subdivision according to the Plat hereof, as recorded in Plat Book-, Pages 39 through 46, of the Public Records of Collier County, Florida. C f Tax Folio 457199960005. Lot 19, Block 146, Marco Beach Unit 5, a subdivision according to the Plat thereof, recorded .iti Flat Book 6, Pages 39 through 46, of the Public Records of Collier.County, Florida.. - i Subject to reatrictions, res6rvations and easements of record, if any, and taxea subsequent to 2012._. f• Owner of Record: According to information obtained from the Collier County Property Appraiser's office the current owners of record for the subject parcels are listed as follows: 57199040005 and 57199000003 Annecy Marco LLC PO BOX 1810 Tampa, FL 33601 57198960005 201 Barfield LLC PO BOX 1810 Tampa, FL 33601 29 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 57198920003 Barfield Hawaii LLC PO BOX 1810 Tampa, FL 33601 Assessed Value and Taxes: According to the Collier County Tax Collector's Office the subject property is identified by its parcel numbers 57199040005, 57199000003, 57198960005, 57198920003. For the tax year of 2022 the subject property has a total assessed and taxable value of $1,677,395 with an annual tax burden of $19,219 (this includes $2,210 of Non -Ad Valorem taxes). Please note the 2020 through 2022 years tax analysis in tabular form that follows. 57199040005 Tax Analysis Year Assessed Value Taxable Value County Millage Rate Ad Valoreum Non -Ad -Valorem Tax Liability 2022 $552,240 $552,240 10.1400 $5,599.72 $1,105.20 $6,704.92 2021 $551,274 $551,274 10.8202 $5,969.63 $1,105.20 $7,074.83 2020 $501,128 $501,128 10.7625 $5,649.94 $1,105.20 $6,755.14 57199000003 Tax Analysis Year Assessed Value Taxable Value County MillageAd Rate Valoreum Non -Ad -Valorem Tax Liability 2022 $479,160 $479,160 10.1400 $4,858.68 $1,105.20 $5,963.88 2021 $478,322 $478,322 10.8202 $5,179.63 $1,105.20 $6,284.83 2020 $434,838 $434,838 10.7625 $4,902.25 $1,105.20 $6,007.45 57198960005 Tax Analysis Year Assessed Value Taxable Value County MillageAd Rate Valoreum Non -Ad -Valorem Tax Liability 2022 $241,758 $241,758 10.1400 $2,451.43 $0.00 $2,451.43 2021 $241,336 $241,336 10.8202 $2,613.35 $0.00 $2,613.35 2020 $219,396 1 $219,396 1 10.7625 1 $2,473.42 $0.00 $2,473.42 57198920003 Tax Analysis Year Assessed Value Taxable Value County MillageAd Rate Valoreum Non -Ad -Valorem Tax Liability 2022 $404,237 $404,237 10.1400 $4,098.95 $0.00 $4,098.95 2021 $403,531 $403,531 10.8202 $4,369.72 $0.00 $4,369.72 2020 $366,846 $366,846 10.7625 $4,135.73 $0.00 $4,135.73 Only the Collier County Property Appraiser's office can assess properties for taxation purposes. The actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission then multiplying this by the assessed value for the property. Should the millage rate or the assessed value change for the site the tax liability would be different from that as reported herein. Unpaid Taxes: The Collier County Tax Collector's web site has indicated that the 2022 taxes have not been paid. 30 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Description: We invite your attention to an aerial view showing the relative size and configuration 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 site. AERIAL OF SUBJECT w� r, jt%�411111 . General Site Information Parcel Number: 57199040005, 57199000003, 57198960005, 57198920003 Address: 181 — 221 S. Barfield Drive Marco Island, FL, 34145 Location: The subject property is located along the east side of the S Barfield Drive in Marco Island, Florida. The subject has paved access from the east side of S Barfield Drive and from Hawaii Circle. 31 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Physical Characteristics of the Site Site Dimensions: N/A Frontage The site has approximately 481 linear feet of frontage along S Barfield Drive. Site Area: 2.13 acres or 92,782 Square Feet Shape of Tract: Irregular Corner Influence: Yes Accessibility: The subject has a paved access road from S Barfield Drive Utilities to Site: Sewer City of Marco Island Water City of Marco Island Electric: Florida Power and Light Police and Fire: Collier County Sheriff / Marco Island Fire Easements: Typical utility easements appear to exist. Topography: The site appears to be predominantly uplands. Vegetation coastal strand, Bahia grass, Brazilian pepper, and Australian pine. In addition, Gopher Tortoise nests were observed at the time of inspection. The nests will need to relocated if development were to occur. Site Improvements: None Flood Designation: Majority is Flood Zone AE (Elevation 8) with small portions with Zone X, Flood Zone Panel 120426-12021 C0837H, Dated May 16, 2012. Soils: We have completed a web soil survey analysis via the USDA Natural Resource Conservation Service. A map with legend and descriptions of the soils for this analysis can be found in the addenda of the report. Soil conditions are a factor for future development. Wetlands: According to information from the national wetlands inventory website there are no wetlands on the subject site. Land Use Designation: Community Commercial Zoning: C-3; District Two (Barfield Subdistrict) Overlay Comprehensive Land Use Plan Classification: The subject's land use is designated as "Community Commercial". The Community Commercial future land use category is intended to provide a range of commercial uses at key intersections and nodes within the City outside of the Town Center/Mixed Use future land use category. These areas shall be comprised of retail, office and mixed -use land uses. Standard densities are limited to 12 du/acre, while the Bonus Density program may permit an additional 25 dwelling units, subject to the provisions of this Plan. Hotel/motel densities are limited to 26 du/acre. Intensity is limited to 0.75 FAR. 32 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES A complete description of the land use classification and the zoning designation are located within the addenda of this report. Zoning Classification: The subject has a zoning designation of C-3; Commercial. The purpose and intent of the commercial intermediate district (C-3) is to provide for a wider variety of goods and services in areas that have a higher degree of automobile traffic. This district is intended to be compatible with residential areas and is not intended to permit wholesaling, or activities which require outside storage of merchandise and equipment. The maximum density permissible in the commercial intermediate district shall not exceed the density rating system contained in the future land use element of the comprehensive plan. Overlay District Two (Barfield Subdistrict): The Barfield Subdistrict is to provide incentives for redevelopment that is directed towards supporting pedestrian, bicycle and vehicular access; and to enhance the image and architectural attractiveness of commercial development in overlay districts, and mixed -use development in overlay districts. 33 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S AND ASSOCIATES Subject Photographs go View: Looking north along S Barfield Drive with a view of the corner of the subject Photograph date: February 12, 2023 Taken by: Zachary Kazak View: Looking south along S Barfield Drive Photograph date: February 12, 2023 Taken by: Zachary Kazak 34 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Subject Photographs View: Looking at the corner of S Barfield Dr and Hawaii Ct. Photograph date: February 12, 2023 Taken by: Zachary Kazak View: Looking east towards the subject with view of the turtle nests Photograph date: February 12, 2023 Taken by: Zachary Kazak 35 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Subject Photographs View: Looking southernly at most southernly parcel Photograph date: February 12, 2023 Taken by: Zachary Kazak View: Looking northeasterly at the subject site Photograph date: February 12, 2023 Taken by: Zachary Kazak 36 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Subject Photographs View: Looking northwesterly at the subject site from an access road Photograph date: February 12, 2023 Taken by: Zachary Kazak View: Most northernly corner of the subject looking westerly Photograph date: February 12, 2023 Taken by: Zachary Kazak 37 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Subject Photographs View: Most northernly corner of the subject looking easterly Photograph date: February 12, 2023 Taken by: Zachary Kazak View: Looking toward subject interior Photograph date: February 12, 2023 Taken by: Zachary Kazak 38 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 4 - Highest and Best Use Analysis The principal of highest and best use is defined as: "The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth? Highest and Best Use "As Vacant" Legally Permissible Use: Factors that impact the legally permissible uses for the subject property include such things as the comprehensive land use plan classification, zoning classification, deed restrictions and government regulations. No specific deed restrictions are known relating to the property. The land use designation affecting the site is Community Commercial with a zoning classification of C-3 with District Two/Barfield Subdistrict Overlay. The current zoning and land use allows for limited commercial, limited residential, and mixed uses. There are legal aspects of the property which would eliminate industrial uses. Therefore, those uses which remain legally permissible do include commercial, limited residential, and mixed uses. Physically Possible Use: The physical aspects of the site impact legally permissible uses. The site is irregular in configuration, containing approximately 2.13 acres or 92,782 square feet of site area. The site is all uplands. Vegetation includes coastal strand, Bahia grass, Brazilian pepper, and Australian pine. The most likely access point is by a paved road leading from S Barfield Drive. The site has moderate vegetation and is all uplands. In addition, there are approximately 109 Gopher Tortoises on the subject site. These tortoises will need to be relocated prior to potential development. The estimated cost to relocate has been estimated later in the report. 39 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Most of the tortoises will need to be relocated off the site due to the density standards for tortoises. To this point the uses which are both legally permissible and physically possible support primarily limited commercial and residential uses with required site development costs. 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. Commercial, limited residential, and mixed uses while physically possible and legally permissible do not meet the test of economic and financially feasible. Land prices in this part of Collier County have exceeded what are typically paid for commercial properties in other areas of Southwest Florida, however, we do not believe at this value that limited commercial use would be economically and financially supported. Residential development continues to be the economic driver for jobs, population increases and the need for additional commercial properties. We do believe the subject property has current limited residential development potential. However, the physical characteristics that will have to be overcome will include the zoning height restrictions and ultimately affect the value of the raw land as it exists today. The legally permissible and physically possible uses which are economically feasible are for the sites to be used for limited commercial, limited residential, and mixed -use 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 test of maximum productivity is applied to the uses that have passed the first three tests. Additional analysis of the market forces of supply and demand may aid the process of use elimination. Economical and financially feasible uses support limited commercial, limited residential, and mixed -use development. 40 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 5 - Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: "A set of procedures through which a value indication is derived for the fee simple interest in a property by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive, deducting depreciation from the total cost, and adding the estimated land value. Adjustments may then be made to the indicated fee simple value of the subject property to reflect the value of the property interest being appraised." There are no improvements of significance on the subject property. The Cost Approach does not apply. 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 land is typically not purchased for its ability to generate income, the Income Approach does not apply. VALUE ESTIMATE BY THE SALES COMPARISON APPROACH Sales Comparison Approach is defined as: "A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, then applying appropriate units of comparison and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is 41 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES the most common and preferred method of land valuation when an adequate supply of comparable sales are available." The Sales Comparison Approach involves the comparison of properties similar to the subject, analyzing the differences between the sales and the subject property and correlating the results of the comparison of the sales to the subject into a value indication. We have searched for comparable sales of properties Collier County. We have also analyzed sales of commercial acreage parcels. We have researched and included four comparables and one listing for this analysis. The following map shows where each of the comparables is located along with the subject site. The following pages will include descriptions of the comparables used, along with an analysis grid and narrative for adjustments made. All sales have been researched and verified by a party to the transaction when possible. LAND SALES MAP dr V )ay - �1h� G s c} a d Ptie �tmMP , � �cudtan 2 �p� )ixie EEC.cLa �'i' yid 8 oGdC �j sale t = Island Pet,SittersQ L/ °'sdryc r hurch g The Island Country Club lop ,.1 to Ci s % lsla�Aa�ota - Mom4� e j Of Mr. Crab Cake rya LN2t UnitedChurch�of Marco Island 1 Photography 0 n. ca'Memories� p4` r by London Pyle r y an Marco is Church A f a 3. ❑ N n. and �ach� ;ess asort 7rco IL�1 a-ca Rd ' Air ❑'Space Mechanical Decor and Rental 17 fi ` 953 boo W 1 lhgeJar"nt Care N Marco Island IIsland Tommie Barfield Q Elementary School Tahiti Ru, P'.' p Nueduces Pye `mm�Rshrrd Ct Marco Island fishing Captain Rio Charters ov Sao Marco Rd pr 1 o a Sunshine::Ace Hardware 0 NAPA Auto Parts - 11P% r Marco Auto Part; Publix Super MA� at Shops of 'L Mackle Park 3 yn 0 v >• dy ¢' D Honeysuckle Ave rn Park m to m� s W Sensation 1 -Ra 42 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COMPARABLE 1 -40 k } w t _ l{ ` rM yii i Property Reference: Property Type: Commercial Vacant Land Address: 870 Park Avenue & 580 West Elkcam Circle Marco Island, FL 34145 County: Collier STRAP/ID: 57490600005 & 57490640007 Grantor: Small Brothers LLC Grantee: Gary R. Van Cleef Legal Data: Sale Date: April 28, 2022 Sale Price: $3,750,000 Sale Price per Sq. Ft.: $66.22 Sale Price per Acre: $2,884,615 Recording: I nstr#6247704 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Town Center/Mixed Use Zoning: C-4; Mixed Use District Overlay Highest and Best Use: Commercial Development CNA Data # 2744 43 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: N/A 56,628 square feet, 1.300 acres Irregular Appears level and mostly cleared None Full Public Available Above Average All Uplands Typical $3,750,000 Cash to Seller $66.22 $2,884,615 Denise Zervos, Agent, denise@contactplatinum.com Zack Kazak, February 22, 2023 No prior sales within three years Comments: This is the sale of two parcels that can be located along Park Avenue in Marco Island. The two parcels have great access with access points from three paved roadways. The parcels were originally listed at $3,900,000 before going under contract. The parcels were listed on the market for approximately a little over a week. The buyer purchased this property as an investment. The two parcels were vacant at the time of sale. The property is zoned C-4 with a District One Overlay. CNA Data # f��Ll:! 44 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COMPARABLE 2 Property Reference: Property Type: Commercial Vacant Land Address: 158 - 168 S Barfield Drive Marco Island, FL 34145 County: Collier STRAND: 57190680008 & 57190640006 Grantor: Greene Children's Limited Partnership Grantee: Marco Luxe LLC Legal Data: Sale Date: April 22, 2022 Sale Price: $2,100,000 Sale Price per Sq. Ft.: $58.79 Sale Price per Acre: $2,560,976 Recording: I nstr#6241806 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Community Commercial Zoning: C-3; District Two Overlay Highest and Best Use: Commercial Development CNA Data # 2743 45 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 180' x 209' 35,719 square feet, 0.820 acres Rectangular Appears level and mostly cleared None Full Public Available Above Average All Uplands Typical $2,100,000 Cash to Seller $58.79 $2,560,976 Paul Tateo - Broker, 239-296-2335 Zack Kazak, February 22, 2023 No prior sales within three years Comments: This is the sale of two vacant parcels that are located and have frontage along S Barfield Drive in Marco Island. The parcels were sold collectively. The parcels were listed at $1,796,000 with multiple offers close to the time of sale. The property was marketed close to one year before going under contract. The buyer had plans to build a luxury car storage facility on the site. This was an arm's length transaction. The parcel is zoned C-3 with Barfield subdistrict overlay. The property has above average access with two access points from two paved roadways. CNA Data # 2743 46 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COMPARABLE 3 Property Reference: Property Type: Commercial Vacant Land Address: 138 - 148 S Barfield Drive Marco Island, FL 34145 County: Collier STRAND: 57190720007 & 57190760009 Grantor: Sally J. Kramer Grantee: Southbound Leasing LLC Legal Data: Sale Date: April 11, 2022 Sale Price: $1,700,000 Sale Price per Sq. Ft.: $47.59 Sale Price per Acre: $2,073,171 Recording: I nstr#6241797 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Community Commercial Zoning: C-3; District Two Overlay Highest and Best Use: Commercial Development CNA Data # 2742 47 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 180' x 277' 35,719 square feet, 0.820 acres Rectangular Appears level and mostly cleared None Full Public Available Above Average All Uplands Typical $1,700,000 Cash to Seller $47.59 $2,073,171 Josh Conrad - Agent, 239-961-1644 Zack Kazak, February 22, 2023 No prior sales within three years Comments: This is the sale of two vacant parcels that are located and have frontage along S Barfield Drive in Marco Island. The parcels were sold collectively. The parcels were listed at $1,578,000 with multiple offers close to the time of sale. The property was marketed for over one year before going under contract. This was an arm's length transaction. The parcel is zoned C-3 with Barfield subdistrict overlay. The property has above average access with two access points from two paved roadways. CNA Data # PXLya 48 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COMPARABLE 4 PrODerty Reference: Property Type: Commercial Vacant Land Address: 1858 San Marco Road Marco Island, FL 34145 County: Collier STRAP/ID: 56807600000 Grantor: James D. Hull Revocable Trust Grantee: Peter Cosola Legal Data: Sale Date: March 25, 2022 Sale Price: $650,000 Sale Price per Sq. Ft.: $32.44 Sale Price per Acre: $1,413,043 Recording: I nstr#6238405 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Community Commercial Zoning: C-3; District Two Overlay Highest and Best Use: Commercial Development CNA Data # 2741 49 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 100' x 200' 20,038 square feet, 0.460 acres Rectangular Mostly cleared and appears level None Full Public Available Above Average All Uplands Typical $650,000 Cash to Seller $32.44 $1,413,043 Anna Pusz - Agent, 239-860-6370 Zack Kazak, February 22, 2023 No prior sales within three years Comments: This is the sale of a vacant commercial parcel that is located along San Marco Road in Marco Island. The parcel was originally listed at $690,000 and was on the market for over 1 year. There were no improvements onsite at the time of sale. The full range of public utilities is available. The parcel is zoned C-3 with Barfield subdistrict overlay. The property has above average access with two access points from two paved roadways. CNA Data # 2741 50 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES LISTING 1 (SUBJECT) Property Reference: Property Type: Commercial Vacant Land Address: 181 - 221 S Barfield Drive Marco Island, FL 34145 County: Collier STRAP/ID: 57199040005, 57199000003, 57198960005, 57198920003 Grantor: Annecy Marco LLC Legal Data: Survey Date: February 22, 2023 List Price: $3,495,000 List Price per Sq. Ft.: $37.67 List Price per Acre: $1,640,845 Recording: N/A Interest Conveyed: Fee Simple Land Use: Community Commercial Zoning: C-3; District Two Overlay Highest and Best Use: Commercial Development CNA Data # 2745 51 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: List Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: N/A 92,783 square feet, 2.130 acres Irregular Partially Wooded None Full Public Available Average All Uplands Typical $3,495,000 Conventional $37.67 $1,640,845 Keith Abed - Listing Agent, 239-398-4637 Zack Kazak, February 22, 2023 No prior sales within 3 years Comments: This is a listing for four commercial parcels that are located along S Barfield Drive in Marco Island. The parcels are currently listed for $3,495,000 with a small decrease from the original list price of $3,595,000 and have been on the market for over two years. The property has been under contract multiple times throughout the marketing time but have fallen through primarily because of the lack of permitting. There are gopher tortoises on the site which must be transported prior to development. CNA Data # 2745 52 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS AND ASSOCIATES Land Sales Adjustment Analysis - Qualitative Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Listing 1 (Subject) Location 181-121 S Barfield Drive Marco Island 870 Park Ave & 580 West Elkcam Cir Marco Island 158 - 168 S Barfield Drive Marco Island 138 - 148 S Barfield Drive Marco Island 1858 San Marco Road Marco Island 181 - 221 S Barfield Drive Marco Island Recording Instr#6247704 Instr#6241806 Instr#6241797 Instr#6238405 N/A Sales Price $3,750,000 $2,100,000 $1,700,000 $650,000 $3,495,000 Sale/Appraisal Date February 12, 2023 April 28, 2022 April 22, 2022 April 11, 2022 March 25, 2022 February 22, 2023 Parcel Size (sf) 92,782 56,628 35,719 35,719 20,038 92,782 Parcel Size (Acres) 2.13 1.30 0.82 0.82 0.46 2.13 Sale Price - $3,750,000 $2,100,000 $1,700,000 $650,000 $3,495,000 Sale Price per Square Foot $66.22 $58.79 $47.59 $32.44 $37.67 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conventional Conditions of Sale None noted Arm's Length Arm's Length Arm's Length None noted Expenditures Immediately after Sale $0 $0 $0 $0 $0 Market Conditions $0 $0 $0 $0 $0 Adjusted Sale Price $3,750,000 $2,100,000 $1,700,000 $650,000 $3,495,000 Adjusted Sale Price per Square Foot $66.22 $58.79 $47.59 $32.44 $37.67 Physical Properties Location Marco Island Marco Island Marco Island Marco Island Marco Island Marco Island Parcel Size (sf) 92,782 56,628 35,719 35,719 20,038 92,782 Land Use Community Commercial Town Center/Mixed Use Community Commercial Community Commercial Community Commercial Community Commercial Zoning C-3; District Two Overlay C-4; Mixed Use District Overlay C-3; District Two Overlay C-3; District Two Overlay C-3; District Two Overlay C-3; District Two Overlay Utilities Full Public Available Full Public Available Full Public Available Full Public Available Full Public Available Full Public Available Access Above Average Above Average Above Average Above Average Above Average Above Average Wetlands All Uplands All Uplands All Uplands All Uplands All Uplands All Uplands Physical Property Ratings Location Similar Similar Similar Similar Similar Parcel Size Superior Superior Superior Superior Similar Land Use Slightly Superior Similar Similar Similar Similar Zoning Slighlty Superior Similar Similar Similar Similar Utilities Similar Similar Similar Similar Similar Access Similar Similar Similar Similar Similar Wetlands Similar Similar Similar Similar Similar Overall Rating Superior Similar Similar Similar Similar 53 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Sales Analysis Our market research has encompassed sales from a geographic area which includes all of Marco Island. These comparable sales are located in Collier County with similar characteristics of the subject property and considered to be a good representation of the market. All of the comparable sales sold in 2022. The size of the comparable sales range from 20,038 square feet to 56,628 square feet. The sales range before any analysis is made is from a low of $32.44 per square foot to a high of $66.22 per square foot. The first analysis is for the base adjustments of property rights, financing, conditions of sale and market conditions which is also known as time as well as adjustments or considerations of expenditures immediately after sale. Property Rights Conveyed: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the real property rights involved in a transaction." The property rights conveyed for all of these transactions were fee simple and no adjustments were made. Financing Terms: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the financing terms of a transaction, also called cash equivalency adjustment." The sale transactions were a combination of cash and financing. None of these components were considered to impact the price paid and therefore no adjustment. Conditions of Sale: "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, e.g., when the comparable transaction is not an arms -length sale." All sales had relatively normal conditions, and no adjustments were made. 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, also called a time adjustment because the differences in dates of sale are often compared." The sale dates of the comparables took place from March 2022 through April 2022. While we know values have fluctuated in the past four to five years, it appears that the market conditions have been relatively stabilize during the period the sales transactions occurred through the date of appraisal. Therefore, no adjustments were made to the comparables for market conditions. 54 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Adjusted Price per Square Foot: The analyst has considered adjustments for property rights, financing, conditions of sale, and expenditures after sale and market conditions. The adjusted sales prices for the transactions range from $32.44 per square foot to a high of $66.22 per square foot. Quantitative Analysis: The next analysis considers the factors of location, parcel size, land use, zoning, utilities, access, and miscellaneous/wetlands. Location: The subject is located on the easterly side of S Barfield Drive. All of the comparable sales are located in similar urban areas and are located along major roadways in Marco Island. No adjustments were made to this category. Parcel Size: The subject property contains 92,782 square feet or 2.13 acres. The comparable sales range in size from 20,038 square feet to 56,628 square feet. We have rated all of the comparable sales as superior due to their smaller size and economies of scale Land Use: The subject property's land use is currently Community Commercial. Sales 2, 3, and 4 have the same land use as the subject. Sale 1 has a town center/mixed use land use designation which promotes a wider array of potential development. Sale 1 is regarded as slightly superior in this category. Zoning: The subject property's zoning is C-3 with a Barfield Subdistrict overlay. Sales 2, 3, and 4 have the same zoning as the subject. Sale 1 is regarded as slightly superior due to the C-4 zoning which allows for a wider array of potential development. Sale 1 is regarded as slightly superior in this category. Access: The subject property has paved access from multiple access points which is regarded as above average. All of the comparable sales can be accessed from multiple access points from multiple paved roadways. All of the comparable sales are regarded as similar in this category. Wetlands: The subject does not have any wetlands. All of the comparable sales do not have any wetlands onsite. 55 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Final Analysis: A summary of the sale price data presented above is shown in tabular form below. Adjusted Values Per Square Foot Value Maximum $66.22 Minimum $32.44 Mean Adjusted Price $48.54 Median Adjusted Price $47.59 Please note the statistical data for the final adjusted sale prices. Four sales were analyzed. Although active listings are beneficial in understanding current asking levels, they are not included because they have not met market acceptance. The adjusted prices on a per square foot basis range from $32.44 per square foot to $66.22 per square foot, with an average of $48.54 per square foot. Sales 2 and 3 are located across the street from the subject and have values ranging from $58.79 to $47.59 per square foot with an average of $53.19 per square foot and are regarded as similar. Sale 1 has a superior zoning and land use designation and is regarded as superior. Sales 2 and 3 will receive the most weight in the analysis and is due to the very close proximity and similar zoning/land use designation. Based on the analysis of these sales, the subject property's value is estimated at $52.00 per square foot. It is our opinion the market value of the subject property is $52.00 per square foot which equals $4,824,664 or $4,825,000 rounded. This is the value prior to consideration of the gopher tortoise relocation. Gopher Tortoise Relocation: Collier County has provided a property summary report which states there are 109 Gopher Tortoises on the subject parcels. The relocation of these tortoises is necessary if the site is going to be developed with improvements. Authorized Gopher Tortoise Agents were contacted to estimate how much the cost would relocate the tortoises. The estimated cost to relocate all 109 tortoises is $702,453. In addition, we have placed a 15% entrepreneurial profit based on the subject's concluded value which is $4,824,664. The total estimated cost to relocate all of the tortoises on the subject site is $1,429,968. The $1,429,968 will be subtracted from the "As Is" value of $4,825,000 to equal $3,394,696 or $3,400,000 rounded. Please see below for the estimate in tabular form. 56 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Gopher Tortoise Relocation Permitting Fee $ 234.00 Conservation Permit $ 36,504 Gopher Tortoise Agent Fee $ 15,530 Recipient Site Fee 109 x $6,000 per tortoise $ 654,000 Entrepreneurial Profit (15%) $ 723,700 Tota I: $ 1,429,968 Rounded: $ 1,430,000 57 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Section 6 -Reconciliation of Value Summary of "As Is" Value Conclusions Cost Approach Income Approach Sales Comparison Approach Not Applied Not Applied $3,400,000 The Cost Approach has been considered but was not used because there are no improvements. The Income Approach was considered but was not used. The subject property does not have income potential as is. The subject property are vacant upland parcels containing 92,782 square feet along the east side of S Barfield Drive. From a Sales Comparison perspective the valuation of the subject property has been measured on a per square foot basis. The comparables analyzed were also commercial parcels sold in similar market areas. The value estimate by this analysis is well supported by the sales utilized. 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 February 12, 2023, for its fee simple ownership and in its "as is" condition of: THREE MILLION FOUR HUNDRED THOUSAND DOLLARS Respectfully submitted, CARLSON, NORRIS & ASSOCIATES DocuSigned by: 67A85045E6184E6... Michael P. Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 EDocuSigned by: F9422 Zachary Kazak State -registered trainee appraiser R124996 ................... ($3,400,000.00). 58 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Section 7 - Certification and Limiting Conditions Certification of Michael Jonas, MAI, AI-GRS, CCIM I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • 1 have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results.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. • As of the date of this report, Michael Jonas has completed the continuing education program for Designated Members of the Appraisal Institute. 59 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES • 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. • Zachary Kazak, Registered Appraiser Trainee License: RI24996, contributed fifteen 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 February 12, 2023, for its fee simple ownership and in its "as is" condition of: THREE MILLION FOUR HUNDRED THOUSAND DOLLARS..............................($3,400,000.00). Respectfully submitted, CARLSON, NORRIS & ASSOCIATES DocuSigned by: B7A85045E6184E6... Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 60 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Certification of Zachary Kazak I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • 1 have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • Zachary Kazak has completed the requirements of the continuing education program of the Appraisal Institute. Certification is current through November 30, 2024. • Zachary Kazak has made a personal inspection of the property that is the subject of this report. • 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. • Zachary Kazak 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. 61 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES • Zachary Kazak 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. 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 February 12, 2023, for its fee simple ownership and in its "as is" condition of: THREE MILLION FOUR HUNDRED THOUSAND DOLLARS..............................($3,400,000.00). Respectfully submitted, CARLSON, NORRIS & ASSOCIATES EDocuSigned by: F9422 Zachary Kazak State -registered trainee appraiser RI24996 62 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 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. 63 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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 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. 64 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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 parry 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. 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. 65 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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 Assumptions: Extraordinary assumptions are defined as: "An assumption, directly related to a specific assignment, 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." 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 66 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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. • It is assumed the legal description utilized in this report is correct. 67 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Section 8 - Addenda 68 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES SUBJECT LISTING (02112023 2:35 pm REALTOR Report whh Photos - Lot, & Land Page4 of 11 List Price: $3,495.WD _ MLSN: 220461511 Sys: Active(12fZ2+2D) ,address: 181 N BARFIELD DR, MARC O ISLAND FL 34145 a ' GEOArea- M1D1 - Marco Island Property Class- Lot $ Land ' County_ Cagier DOMICDOM: 73W90 r Subdivision- MARCO ISLAND Property lO- 571990400D5 Sed-rownfRng: 9152+29 Subdivision #: 77371)0 Zoning: C-3 Lot: 22 Parcels- 4 Lot Type: Coaxnendal Lot Legal Unit 0 BlocklBldg: 145 Land Use Cade: 11;-V rrt Commcvaa Virtual Tour URL- Virtual Tour URL2: Development: MARCD ISLAND Other PIDs: 571990f]0003, 5719E9t36Ug5, 5719E9200133 Legal Desc: MARCD BCH UNIT 5 9LK 148 LOT 22 Listing Broker- Amermest Realty Detailed Property Information 11" 220081511 Property Irdnmration_ This 212 acre property consists of 4 separate parcels located adjacent of the Pudix anchored Shops of Marco Shopping Center at The major San Marco Road- South Barfield Drive intersection. The "Big Publbr' as Marko Islanders refer to it is currently under re -development and the Shopping Center will receive a modem faceliR All consecutive parcels are mned C-3 and allow fora variety o: purposes such as retail, office space, storage, educational servk e . finanaal services, museum, real estate and rental services, healthcare offices such as dental, physician, chiropraclor, optornetristand many more. A mixed use commercial - residential development was approved in 2064. The Shops of San Marco are visited by the moslalfluem residents of Marco Island and are closest to the Estate Area and Caxambas Island _ They have a tenant mix consisting of restaurants, Fitness studio, pos<office, apparel store and marry more. Several national brands are located within a one mile radius around the pin;ect Jocation such as Mutual Bank of Omaha, Ace Hardware, Dollar Tree, Physicians Regional CAinic. Nbw is the perfect time to start develoOrg your project on Marco Island. Approx. Lot Size: 52Dx275x52Uxl 10 - Property Appraiser OIRee Sewer: Assessment Paid Lot Size: Voter- Central Approx ScrR.Land: Trees: Rear Exposure: SE Cx nd Corer Elevation: land- Sidewalks,Streetl-ighls Let Description: 4 Lots. Irregular Shape Avail. Documents: Restrictions: Deeded view: City Utilities: Cable, Electric, Phone Line, Sewer, Trash CockfEcat Access: None Usage: Read: Subdivision Info: Removal, Underground Wring, Water Commeralal Waterfront Desc- None Access Road, Alley, City maintained, Paved Ro. Rn3ndall7ransaction Infonna5on ML# 220001511 Total Tax Bill: $E,755_Dg Application Fee: One Time Fees Tax Year: 25129 Spec Assessment- Spec Assessment: So Tax Cesc: City And County Land Lease: Land Lease: ae HOA Fee- Mandatory Cluh Fee- Mandatary Ciub Fee: SO HOA Description: Rea Lease Fee: Rea Lease Fee: So Master FICA Fee Other Fee: Other Fee: ae Assoc Mngmt Phone Min_ Days Of Lease- Condo Fee: Flom of LeasesNq-- Transfer fee: $ZI Approval: Management: Terms: Buyer FinancelCash Maintenance: None Possession: At Closing Special Info: Property Location: Not Applicable Subject to FIRPTA- No Presented Sy: dvx;haef.forhas 69 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 02TM2023 2:35 pm REALTOR Report with Photos - Lot & Lund -age e o Office Information M L# 220OD1511 Office Code: NAMVT' Agent to: N50752EI Office Name: Annerivest Really Agent Name: Stevan Bolsen OfficeAddress: 4851 Tamiami Tri N ate 258 Agent Phona: 239-2a3 -1332 NAPLES FL 341 D3 Agent Fax: 8DD-B3D-1198 Office Phone: 800.830.1198 Fact: 80"30-119C Agent Email: inruQbolsenteam-ocrn Co -List Office Code: NAMVF Co-ListAgent ID: N628721) Cc -List office Name: Amerivest Really Co -List Agent Name: Keith Abed Co -List Agent Phone_ 239-MG-4537 Co -List Agent Fax: 800.1330.110C Co -List Agent Email: abedkeit@gmail.com Settlement Agent Infornution ML# 22t1081511 Name: TBD Phone - Address: Email: Listing Infomsation MLA 220OB1511 Owner Name: Annecy Marco LLC Bonus Amount: Non -Rep Comp: 25% Variable Rate Comm: No Auction: No Joint Agency_ Target Marketing: Yes Foreclosure {RE4j: No Listing Date: 12lP2Y2920 Listing on Internet: Yes Potential Short Sale: No Date Expiration: Address on Internet Yes Short Sale Comp: Appointrnem Req- No Blogging: No Buyer Agent Comp: 2.5% Appointment Phone: AVM: No Trans Broker Comp: 2.5% Sro of Measurements: Property Appraiser Dffce Internet Sites: Broker Reciprocity. hlornes.com, ListHub, NaplesAuea.corr-, Realtor.com,;rllow Graup Showing Inst: Call Listing Agent Listing Type: Exclusive Agenoywih Exclusions Is there a sign on the property with Seller oontact information: No Contact Seller forShovmrg: "es Listing Broker available on contract presentation and negotiations: Yes Listing Broker will perform post oontraut. a ioes: No Limited Service Listing: `4r' Confidential Information ML# 220OB1511 Driving Directions ML# 2200B1511 Vtdeb waorabdfbeurvelliance witn recording capanrilty may be In asednbxiae premlaea. eanveminom abourambtbe wing nsciprtWata. 'The soum orthe `o�egong PMPE-y Irionr•.a-hr. IE a ^.Jt3ba E complaaor rran xgariraaon mats a memteror mE Bouthwest Florida L1uIHple Lisang P,erv[De. EaMM Pmeat Fl.tv3 ','r::'e_ s:^.:;r; ce er`:'i-;'ga9lzaLbn DWPsthe obpycghtmghts:n;M reepecaoe pmprlelar(database cenlplladcn, and reserye6 al such nr te. Cb +'¢ : _ . _ _ _ - . : - I^vlWleg, bm nm 11m1-d to, any:rrrormaven about me size or area or iv.E, Sauctum,, or INing space, E=ft as mom RmerE*in . SGL3rE .. - . :r a:rEi3ge IE'elleWed )3 be 3UVraiE. bui15 riot wxrdmed c7guwarteed. 7NE :nrcrmaam should be Inderar=-'=d before any person enLem rdD a iransal;Mn based upon it. Preserved 9y Michael.fonas 70 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES PURCHASE ORDER Send all Invoices to: C.oge Cmrrly Bmrdnf CaLnty Commissions Collier County Board of County Comrrissiones Pmcurernent Se oes ❑moon Alma Acmuts Payable Phone: 239-252-B407 3299 Tartiatni Td E Se 700 Fax: 23a732-0944 = Nao+es FL 24112-5742 Tax Exempt 85-6015i8KG1C-1 OR "ia hccapderkgca`,c:c[- k.:vn Vendor# 129351 KOVA APPRAISAL 16 CONSULTING SERVICES LLC 'BA CARLSON NORRIS A ASSOCIATES PO Box110870 NAPLES FL 3410D Please deliver to: CONSERVATION COLDER 330D SANTA BARBARA BLV❑ NAPLES FL 34116 Purchase drrlef number must appear on all related conespandence, shipping papers and invoices: Purchase order ro-:♦, 4500223050—OW2321323 arme ae-xn GDn OrYahGn Coll Oelway Bane: 09; 31=3 7emeo°Parnett Payade*nediatelyDraenet lb v Mam ial Desoripmn Order ft Unir Prier Per Unit HE; value OOO D CON.ppraisal- STARNESPARCEL 'X0 EA 1.00 1,900:_ 6'X= CON Appraisal -ANNECY BARFIELD PARCEL . ,90D EA 1.00 1,900. . Total net%Wue ew. talc USD 3,000.00 VENDOR Terms and Conditions The VENDOR agreesto cornplyWth all Purchase Order7errts and Condtwts as oud'rted on theCollig CountyProuLwnewSeMmas Divissa site: hap:�Ymw.calliercountyR.gw��ome'sfsou4dxurtertt'?id=74077, hou&V cidwery and payment terms. FuTherthe VENDOR alyees to: 1. Prrnidegoods and sevices outlined in this Purchase Order with the prioes, term, oeaMesy srehod and spscF.i ions listen above. 2. Notify department 2nmediatdy it mdeF WlYnern cannotocaras specified. 3. Send all zwmes to-: Cofer County Board of Caurty Conwrimioners Attn: Atsi Parable 3209 Tasnian Td E ate 700 Navies FL 34112-5742 OR ema9 by bocapcIBiQaoLeded.c The Purchase Order is addxraed under direv= of Cdlier Catnly Beard of Gouty Commissioners by- _L_ WYayta &xKha Herrem..Dimator, Aoaiemerk Services Division Eras 81.W 4pmmre irrr� PAX1 at 71 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES ZONING DIVISION 9. - COMMERCIAL INTERMEDIATE (C-3) DISTRICT Sec. 30-221. - Purpose and intent. The purpose and intent of the commercial intermediate district (C-3) is to provide for a wider variety of goods and services in areas that have a higher degree of automobile traffic. This district is intended to be compatible with residential areas and is not intended to permit wholesaling, or activities which require outside storage of merchandise and equipment. The maximum density permissible in the commercial intermediate district shall not exceed the density rating system contained in the future land use element of the comprehensive plan. (Ord. No. 01-22, § 1, 10-1-2001; Ord. No. 13-11, 2, 10-21-2013 ) Sec. 30-222. - Permitted uses. The following uses, as defined with a number from the North American Industry Classification System (1997), or as otherwise provided for within this section, are permitted as of right, or as uses accessory to permitted uses in the commercial intermediate district (C-3); uses permitted as of right in the C-1 and C-2 commercial zoning districts shall also be permitted as of right hereunder: (1) Admin housing/urban planning/community development (Groups 92511, 92512). (2) Administration of economic programs (Groups 92611, 92612, 92613, 92614, 92615). (3) Administration of environmental quality programs (Groups 92411, 92412). (4) Administration of human resource programs (Groups 92311, 92312, 92313, 92314). (5) Administrative and support services (Groups 56111, 56132, 56133, 56141, 56144, 56145, 56179, 56191, 56192, 56199, 561421, 561422, 561431, 561439, 561491, 561492, 561499, 561591, 561599). (6) Ambulatory health care services; dental or physician's office; chiropractor's office; optometrist office; mental health office; physical/occupational/speech therapist office; osteopath's office; or other miscellaneous health offices (Groups 62161, 62121, 62131, 62132, 62133, 62134, 621111, 621112, 621391, 621399). (7) Building material and garden equip and supplies dealers (Groups 44412, 44413, 44419, 44422). (8) Clothing and clothing accessories stores (Groups 44811, 44812, 44813, 44814, 44815, 44819, 44821, 44831, 44832). (9) Computer and electronic product manufacturing (Group 334611). 72 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES (10) Credit intermediation and related activities (Groups 52211, 52212, 52213, 52219, 52221, 52222, 52231, 52232, 52239, 522291, 522292, 522293, 522294, 522298). (11) Dental laboratories (Group 339116). (12) Educational services (Groups 61111, 61121, 61131, 61171, 611511). (13) Electronic and appliance stores (Groups 44312, 44313, 443111, 443112). (14) Food and beverage stores (Groups 44511, 44512, 44521, 44522, 44523, 44531, 45291, 445292, 445299). (15) Food manufacturing (Groups 31133, 31134, 311811). (16) Food service and drinking places (Groups 72211, 72231, 72232, 72233, 722211, 722212, 722213). (17) Funds, trusts and other financial vehicles (Groups 52511, 52512, 52519, 52599). (18) Furniture and home furnishings store (Groups 44211, 44221, 442291, 442299). (19) Furniture and related product manufacturing (Groups 33711, 337121, 337122). (20) Gasoline station (Groups 44711, 44719; without automotive and related repair services). (21) General government administration (Groups 92111, 92112, 92113, 92114, 92115, 92119). (22) General merchandise stores (Groups 45211, 45291, 45299). (23) Group care facilities (category I only); care units; nursing homes; assisted living facilities pursuant to F.S. § 400.402 and ch. 58A-5 F.A.C.; and continuing care retirement communities pursuant to F.S. ch. 651 and ch. 4-193 F.A.C.; all subject to the land development code. (24) Health and personal care stores (Groups 44611, 44612, 44613, 446191, 446199). (25) Information and data processing services (Groups 51412, 51421, 514191, 514199). (26) Insurance carriers and related activities (Groups 52413, 52421, 524113, 524114, 524126, 524127, 524128, 524292, 524298). (27) Justice, public order and safety activities (Groups 92215, 92219). (28) Marinas (Group 71393). 73 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES (29) Miscellaneous store retailers (Groups 45311, 45321, 45322, 45331, 45391, 45392, 453991, 453998) excluding recreational marijuana stores. (30) Monetary authority -central bank (Group 52111). (31) Motion picture and sound recording industries (Groups 51224, 51229). (32) Motor vehicle and parts dealers (Groups 44131, 44132). (33) Museums, historical sites and like institutions (Groups 71211, 71212, 71213, 71219). (34) Nonstore retailers (Groups 4541, 45421). (35) Ophthalmic goods manufacturing (Group 339115). (36) Perform arts, spectator sports and related industries (Groups 71111, 71141). (37) Personal and laundry services (Groups 81222, 81231, 81232, 81293, 81299, 812111, 812112, 812113, 812921, 812922). (38) Other personal care services (Group 812199 - Excluding tattoo parlor) (39) Pet Care (except Veterinary) Services (812910, excluding animal shelters, boarding, dog pounds, kennels, sitting and training pets). (40) Postal services (Group 49111). (41) Professional, scientific and technical services (Groups 54111, 54131, 54132, 54133, 54134, 54135, 54136, 54137, 54141, 54142, 54143, 54149, 54169, 54181, 54182, 54184, 54186, 54187, 54189, 54193, 54199, 541191, 541199, 541211, 541213, 541214, 541219, 541511, 541512, 541513, 541519, 541611, 541612, 541613, 541614, 541618, 541921, 541922). (42) Publishing industries (Groups 51114, 51121). (43) Real estate (Groups 53121, 53132, 53139, 531311, 531312). (44) Religious/like/professional/like organizations (Groups 81311, 81341, 81391, 81392, 81393, 81394, 81399, 813312). (45) Rental and leasing services (Groups 53223, 53242) (46) Repair and maintenance (Groups 81143, 81149, 811211, 811212, 811213, 811219, 811412). (47) Security, commodity contracts and like activities (Groups 52311, 52312, 52313, 52314, 52321, 52391, 52392, 52393, 523991, 523999). (48) Social assistance (Groups 62411, 62412, 62419, 62421, 62423, 62441, 624221, 624229). 74 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES (49) Space research and technology (Group 92711). (50) Sporting goods, hobby, book and music stores (Groups 45111, 45112, 45113, 45114, 45122, 451211, 451212). (51) Transportation support activities (Group 488111). (52) Wholesale trade (Group 42186). (Ord. No. 01-22, § 2, 10-1-2001; Ord. No. 10-08, § 2.1., 8-16-2010; Ord. No. 13-11 , § 2, 10-21-2013; Ord. No. 19-09 , § 2, 4-15-2019; Ord. No. 20-03 , § 3, 10-5-2020; Ord. No. 21-16 , § 2, 11-1-2021; Ord. No. 22-02 , § 2, 3-7-2022) Sec. 30-223. - Uses accessory to permitted uses. (1) Uses and structures that are accessory and incidental to the uses permitted as of right in the C-3 district. (2) Caretaker's residence, subject to the land development code. (Ord. No. 01-22, § 3, 10-1-2001; Ord. No. 13-11 , § 2, 10-21-2013) Sec. 30-224. - Conditional uses. The following uses are permissible as conditional uses in the commercial intermediate district (C-3), subject to the standards and procedures established in the land development code; uses permissible as conditional uses in the C-1 or C-2 commercial zoning districts shall also be permissible as conditional uses hereunder, unless listed as a permitted use in the C-3 district: (1) Perform arts, spectator sports and related industries (Groups 71111, 71112, 71119,71131,71132,71141,71151,711219). (2) Museums, historical sites and like institutions (Group 71219). (3) Amusement and recreation industries (Groups 71312, 71392, 71394, 71395, 71399). (4) Scenic and sightseeing transportation (Groups 48711, 48721, 48799). (5) Educational services (Groups 61141, 61142, 61143, 61161, 61162, 61163, 61171, 611512, 611513, 611519, 611691, 611692, 611699). (6) Administrative and support services (Groups 56131, 561599). (7) Rental and leasing services (Groups 53249, 532292). (8) Food service and drinking places (Groups 72211, 72231, 72232, 722211, 722212, 722213). 75 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES (9) Hospitals (Groups 62211, 62221, 62231). (10) Justice, public order and safety activities (Groups 92211, 92215). (11) Social assistance (Groups 62411, 62412, 62419, 62421, 62423, 62431, 62441, 624221, 624229). (12) Nursing and residential care facilities (Groups 62322, 623312). (13) Religious/like/professional/like organizations (Groups 813212, 813219, 813311, 813312, 813319). (14) Mixed residential and commercial uses only within the following architectural overlay districts and subject to the following criteria: I. Architectural overlay district two—b. (Collier Boulevard pedestrian tourist subdistrict (south section)) described and illustrated in section 30-628: a. Based upon surrounding land uses, location, and compatibility, the commercial uses in the development, hours of operation, dumpster locations, size of delivery trucks, and type of equipment may be limited; b. Residential and commercial uses may occupy the same floor of a building, provided the commercial uses are consistent with the C-1 and C-1/T zoning districts and residential uses are prohibited on the first habitable floor; c. The number of residential dwelling units shall be controlled by the dimensional standards of the C-3 district, together with the specific requirement that in no instance shall the residential uses exceed 50 percent of the gross floor area of the building or the density permitted under the growth management plan; d. Each residential dwelling unit shall contain the following minimum floor areas: efficiency and one -bedroom, 450 square feet; two -bedroom, 650 square feet; three - bedroom, 900 square feet; e. A minimum of 24 percent of the mixed -use development shall be maintained as open space. The following may be used to satisfy the open space requirements: areas used to satisfy water management requirements; landscaped areas; recreation areas; or setback areas not covered with impervious surface or used for parking (parking lot islands may not be used unless existing native vegetation is maintained); f. The mixed commercial/residential structure shall be designed to enhance compatibility of the commercial and residential uses through such measures as, but not limited to, minimizing noise associated with commercial uses; directing commercial lighting away from residential units; and separating pedestrian and vehicular access ways and parking areas from residential units, to the greatest extent possible; g. Maximum building height: Four stories, not to exceed 50 feet; 76 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES h. The maximum height of a mixed use structure shall be measured from the base flood elevation to the mid -point of the roof; i. The location of proposed uses within the site and the degree of compatibility of such uses with each other and surrounding property; j. The existing residential density and intensity of commercial use of surrounding property; k. The availability and location of utilities, services, and public facilities; and I. The access to and suitability of transportation systems and routes. II. Architectural overlay district two—c. (Barfield subdistrict) described and illustrated in section 30-628: a. Based upon surrounding land uses, location, and compatibility, the commercial uses in the development, hours of operation, dumpster locations, size of delivery trucks, and type of equipment may be limited; b. Residential and commercial uses may occupy the same floor of a building, provided the commercial uses are consistent with the C-1 and C-1/T zoning districts and residential uses are prohibited on the first habitable floor; c. The number of residential dwelling units shall be controlled by the dimensional standards of the C-3 district, together with the specific requirement that in no instance shall the residential uses exceed 50 percent of the gross floor area of the building or the density permitted under the growth management plan; d. Each residential dwelling unit shall contain the following minimum floor areas: efficiency and one -bedroom, 450 square feet; two -bedroom, 650 square feet; three - bedroom, 900 square feet; e. A minimum of 24 percent of the mixed use development shall be maintained as open space. The following may be used to satisfy the open space requirements: Areas used to satisfy water management requirements, landscaped areas, recreation areas, or setback areas not covered with impervious surface or used for parking (parking lot island may not be used unless existing native vegetation is maintained); f. The mixed commercial/residential structure shall be designed to enhance compatibility of the commercial and residential uses through such measures as, but not limited to, minimizing noise associated with commercial uses; directing commercial lighting away from residential units; and separating pedestrian and vehicular access ways and parking areas from residential units, to the greatest extent possible; g. Maximum building height: Two stories, not to exceed 35 feet; h. The maximum height of a mixed use structure shall be measured from the base flood elevation to the mid -point of the roof; 77 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES i. The location of proposed uses within the site and the degree of compatibility of such uses with each other and surrounding property; j. The existing residential density and intensity of commercial use of surrounding property; k. The availability and location of utilities, services, and public facilities; and I. The access to and suitability of transportation systems and routes. (15) Permitted use with less than 700 square feet gross floor area in the principal structure. (16) Soup kitchens, as defined by this code. (Ord. No. 01-22, § 4, 10-1-2001; Ord. No. 06-10, § 3, 8-21-2006; Ord. No. 07-01, § 2, 1-22-2007; Ord. No. 10-08, § 2.2., 8-16-2010; Ord. No. 13-11, 2, 10-21-2013 ) Sec. 30-225. - Dimensional standards. The following dimensional standards shall apply to all permitted, accessory, and conditional uses in the commercial intermediate district (C-3). (1) Minimum lot area: 10,000 square feet. (2) Minimum lot width: 75 feet. (3) Minimum yard requirements: a. Front yard: 25 feet. b. Side yard: 15 feet. c. Rear yard: 15 feet. d. Any yard abutting a residential parcel: 25 feet. e. Waterfront: 25 feet, except none for marinas. (4) Maximum height: 50 feet. (5) Minimum floor area of principal structure: 700 square feet gross floor area for each building on the ground floor. (6) Maximum lot coverage:76 percent of total lot area, subject to the land development code. (Ord. No. 01-22, § 5, 10-1-2001) 78 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Sec. 30-226. - Parking and loading, landscaping, lighting, signage, and architectural and site design standards. (a) Minimum off-street parking and off-street loading. As required in the land development code. (b) Landscaping. As required in the land development code. (c) Lighting. Pursuant to the city outdoor lighting ordinance. (d) Merchandise storage and display. Unless specifically permitted for a use, outside storage or display of merchandise is prohibited. (e) Signs. As required in the land development code. (f) Architectural and site design standards. (Reserved.) (Ord. No. 01-22, § 6, 10-1-2001) Secs. 30-227-30-240. - Reserved. Overlay district two (Collier Boulevard pedestrian tourist subdistricts (north and south), Barfield subdistrict and community center subdistrict). The purpose of architectural overlay district no. 2 (see overlay district exhibits two —a., two—b., two—c., and two—d. is to encourage development in conformance with the intended character (Mediterranean and Bermuda Island style, or a Southwest Florida Vernacular style) of the Collier Boulevard pedestrian tourist subdistrict, Barfield subdistrict, and community center subdistrict; to provide incentives for redevelopment that is directed towards supporting pedestrian, bicycle and vehicular access; and to enhance the image and architectural attractiveness of commercial development in overlay districts two —a. and two—d., and mixed use development in overlay districts two—b. and two—c. a. Minimum yard requirements: Front, side, and rear per existing commercial zoning regulation. b. For exterior building materials and style standards see supplemental illustration 8.2.2, on file in the office of the city clerk. Architectural overlay district two—c. (Barfield subdistrict) described and illustrated in section 30-628: a. Based upon surrounding land uses, location, and compatibility, the commercial uses in the development, hours of operation, dumpster locations, size of delivery trucks, and type of equipment may be limited; b. Residential and commercial uses may occupy the same floor of a building, except residential uses are prohibited on the first habitable floor; c. The number of residential dwelling units shall be controlled by the dimensional standards of the C-1, C-1/T district, together with the specific requirement that in no instance shall the residential uses exceed 50 79 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES percent of the gross floor area of the building or the density permitted under the growth management plan; d. Each residential dwelling unit shall contain the following minimum floor areas: efficiency and one -bedroom, 450 square feet; two -bedroom, 650 square feet; three -bedroom, 900 square feet; e. A minimum of 24 percent of the mixed use development shall be maintained as open space. The following may be used to satisfy the open space requirements: Areas used to satisfy water management requirements, landscaped areas, recreation areas, or setback areas not covered with impervious surface or used for parking (parking lot island may not be used unless existing native vegetation is maintained); f. The mixed commercial/residential structure shall be designed to enhance compatibility of the commercial and residential uses through such measures as, but not limited to, minimizing noise associated with commercial uses; directing commercial lighting away from residential units; and separating pedestrian and vehicular access ways and parking areas from residential units, to the greatest extent possible; g. Maximum building height: Two stories, not to exceed 35 feet; h. The maximum height of a mixed use structure shall be measured from the base flood elevation to the mid -point of the roof; i. The location of proposed uses within the site and the degree of compatibility of such uses with each other and surrounding property; j. The existing residential density and intensity of commercial use of surrounding property; k. The availability and location of utilities, services, and public facilities; and I. The access to and suitability of transportation systems and routes. (11) Veterinary services (Group 54194). (12) Social assistance (Groups 62411, 62412, 62419, 62421, 62423, 62441, 624221, 624229). (Ord. No. 01-20, § 4, 10-1-2001; Ord. No. 06-10, § 1, 8-21-2006; Ord. No. 07-01, § 1, 1-22- 2007; Ord. No. 13-11, 2, 10-21-2013 ) Future Land Use Policy 2.2.4: The Community Commercial future land use category is intended to provide a range of commercial uses at key intersections and nodes within the City outside of the Town Center/Mixed Use future land use category. These areas shall be comprised of retail, office and mixed -use land uses. Standard densities are limited to 12 du/acre, while the Bonus Density program may permit an additional 25 dwelling units, subject to the provisions of this Plan. Hotel/motel densities are limited to 26 du/acre. Intensity is limited to 0.75 FAR. 80 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES USDA SOIL MAP I I Collier County Area, Florida (FL621) Collier County Area, Florida (FL621) Map Unit Map Unit Name Acres Percent of in Symbol Aen 01 A01 35 St. Augustine, 2.2 100.011/6 Organic substratum -Urban land complex, g to 2 percent slopes Totals for Area of 2.2 100.0% Interest 81 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Conservation Features Summary Overview Protect Name: #23-64 — 2.13 Acres of Vacant Commercial Land, 181-221 S Barfield Drive Marco Island, Florida 34145 Folio numbers with owner(s) of record: 57199040005 and 57199000003 Annecy Marco LLC PO BOX 1810 Tampa, FL 33601 57198960005 201 Barfield LLC PO BOX 1810 Tampa, FL 33601 57198920003 Barfield Hawaii LLC PO BOX 1810 Tampa, FL 33601 Zoning and overlays: C-3; Intermediate Commercial — District Two (Barfield Subdistrict) Zoning Considerations for TDR's, PHU, other endangered species: Yes — Gopher Tortoise Was the cost to mitigate wetlands or endangered species taken into consideration? If Yes, provide details. - Yes Scope of proposed mitigation: The analysts have included the estimated cost to relocate the estimated 109 Gopher Tortoises on the subject parcels. Land Area: 2.13 acres or 92,782 Square Feet Access for the parcel taken into consideration: Yes Highest and Best Use: Limited commercial, limited residential or mixed -use development Date of estimated value: February 12, 2023 Estimated value: $3,400,000 82 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES do i-_ FLOOD MAP 4 appmomere 3peauon Geed on user ntput Wknou[ Eax Flood Elese M HI ` CrtzsSernonswmt s°u, Annwl Chance and does nolrrpt�rnlmavthotrtatAv �e.e WIxi BFf or depth waMr Surlace Deraoaa PIN praprl{yip�avpn SPECIAL FLOOC Flpodway Cdstel T. ns[41 HAZARD AREAS R¢{platorx _.. Bxe Fiwd Lfewndn One �B:E� selected Fk o*mpwurtlar• L1mkdStuey P.2`b +�+nual Charre Flood xaiard. Areas hrxdkoan 5—da,g DOW 0atd-0-hae of SL ennuel ehence hood vnth ate nge w Dow u dept h kss than one too[ or wth drat. P - C"Slal Traraect BaSellde areas of tgFs titan one aquarc m+le= x OTHER plea aaemine MAP PANELS 'Au Ppw Future Canddwns 116 Annual FEATURES NTd_Vopl a Feature ...:. L ® Ot �'""�"� ``-'" Chance Fbod Hamrd GENERAL ---- Charm L CuH@et or Btotm Seunr EfFern.e toftFe; OTHER AREAS OF A— W. Am—d FFeod Anh eue to Leree_�--"— , -, STRIICTUPE5 ..... Ft Levee. btka. w1`1-c—lt Arta pl gmir¢y Flpdd HiZild -' FLOOI]HAI U11 Areawnh Fbod Hekdueto Levee_n: Othm—e mtetted Alga OTRER AREAS ®a'a'1� wmer pesaurce RsTem urea 83 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC 143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES APPRAISERS' LICENSES LICENSE FOR MICHAEL JONAS, MAI, AI-GRS rsnn Desa,nS, G-- db3pr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN 15 CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475. FLORIDA STATUTES JONAS, MICHAEL PAUL 1919 COURTNEY DRIVE STE 14 FORT MYERS FL 341C9 s LE !M 3 EXPIRATION DATE. NOVEMBER 30, 2024 Always verify licenses online at MyRoridaLicease.com Do not alter this document in any form. 0� This Is your license. It is unlawful foranyone other than the licensee to use this document. LICENSE FOR ZACHARY KAZAK Melanie S. Griffin. Secretary Melanie S Grimn, Secretary dbpr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE REGISTERED TRAINEE APPRAISER HEREIN HAS REGISTERED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES �s KAZAK, ZACHARY DAVID 1534 RANSOM STREET FORT MYERS FL 33901 LICENSE NUMBER: R124996� EXPIRATION DATE: NOVEMBER30,2024 Always verify licenses online at MyFloridalicense.com Do not alter this document in any form. 4s This is your license. It is unlawful for anyone other than the licensee to use this document. 0 84 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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: ReviewTheory-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 85 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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 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 86 DocuSign Envelope ID: 4D50FBB2-53B1-4A94-8A1D-221ABC143BFD COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES QUALIFICATIONS OF ZACHARY D. KAZAK REGISTERED TRAINEE APPRAISER RI24996 EDUCATION: Edward Waters College — Bachelor of Business Administration — Management PROFESSIONAL EDUCATION: Basic Residential Appraisal Principles — November 2020 Basic Residential Appraisal Procedures — December 2020 Residential Property Inspection for Appraisers - 2022 Florida Appraisal Law — 2020, 2022 National USPAP Update — 2020, 2022 Florida Appraisal Laws and Regulations — 2022 Income Approach Overview — 2022 Cost Approach Overview - 2022 National Appraising for Supervisor and Trainee — December 2020 EXPERIENCE: 2021-Present: Carlson, Norris and Associates, Inc. Fort Myers, Florida PROFESSIONAL MEMBERSHIP: Certification State -Registered Trainee Appraiser RI24996 Properties appraised/assisted include: retail centers, commercial buildings, industrial buildings, warehouses, professional offices, medical offices, office/warehouse condominiums, vacant commercial land, vacant industrial land, special use properties, and other miscellaneous properties. 87 40 Carroll & Carroll Real Estate Appraisers & Consultants APPRAISAL REPORT FOR THE CONSERVATION COLLIER PROGRAM AND THE COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS SUBJECT PROPERTY: 181-221 S. BARFIELD DRIVE MARCO ISLAND, FL 34145 AT THE REQUEST OF: ROOSEVELT LEONARD, R/W-AC SR. REVIEW APPRAISER COLLIER COUNTY FACILITIES MANAGEMENT/REAL PROPERTY 3335 TAMIAMI TRAIL E., STE. 101 NAPLES, FL 34112 ASSIGNMENT NO.: 6280-TS APPRAISAL EFFECTIVE DATE: FEBRUARY 8, 2023 DATE OF REPORT: MARCH 2, 2023 6280 Report Table of Contents Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS.........................................................1 CONSERVATION FEATURES SUMMARY OVERVIEW................................................................. 3 CERTIFICATION..................................................................................................................................... 5 SCOPEOF WORK................................................................................................................................... 7 ESTATEAPPRAISED.............................................................................................................................. 8 DEFINITION OF MARKET VALUE..................................................................................................... 9 ASSUMED EXPOSURE TIME................................................................................................................ 9 AREAINFORMATION........................................................................................................................10 MARKETAREA..................................................................................................................................... 20 PROPERTY INFORMATION............................................................................................................... 31 SITEDESCRIPTION.......................................................................................................................... 35 SUBJECTPHOTOGRAPHS.............................................................................................................. 37 ENVIRONMENTAL CONTAMINATION.................................................................................... 43 NATURAL RESOURCE CONCERNS............................................................................................ 44 ZONING.............................................................................................................................................. 49 ASSESSMENTAND TAXES............................................................................................................ 51 FLOODZONE DATA....................................................................................................................... 52 TRANSACTIONAL HISTORY........................................................................................................ 53 CURRENTSTATUS........................................................................................................................... 53 HIGHESTAND BEST USE................................................................................................................... 54 CONSIDERATION OF APPROACHES............................................................................................. 55 SALES COMPARISON APPROACH................................................................................................. 56 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 57 VACANT LAND COMPARABLES................................................................................................ 58 LAND SALES ADJUSTMENT GRID.............................................................................................. 63 ESTIMATEOF VALUE..................................................................................................................... 69 ADDENDA............................................................................................................................................. 70 Carroll 8v Carroll 6280 Report Summary of Important Data & Conclusions SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report could be misleading. PROPERTY INFORMATION Property Identification 181-221 S. Barfield Drive, Marco Island, FL 34145 Property Description A total of 2.13 gross acres or 92,952 square feet of vacant commercially zoned land located along the east side of S. Barfield Drive in Marco Island, Florida. Property Type Vacant Commercial Land Owners of Record Annecy Marco, LLC, 201 Barfield, LLC, and Barfield Hawaii, LLC Property ID # 57199040005, 57199000003, 57198960005, 57198920003 CLIENT INFO & VALUE CONCLUSIONS Client Collier County Facilities Management Department Intended Use To assist the Conservation Collier Program and the Collier County Board of County Commissioners. Intended Users Conservation Collier Program and the Collier County Board of County Commissioners. Appraisal Effective Date February 8, 2023 Date of Report March 2, 2023 Date of Inspection February 8, 2023 Purpose of Appraisal Estimate market value "As Is" Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Value $2,880,000 GENERALINFO Appraiser Timothy W. Sunyog, MAI State -Certified General Appraiser RZ 3288 Scope of Work All applicable approaches to value were developed. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS I was provided with a Conservation Collier Initial Screening Report conducted on the subject property dated July 6, 2022. A gopher tortoise survey conducted by Island Environmental & Marine Services in May 2017 identified 219 potentially occupied burrows within the four parcels. As stated in their report, "With 219 potentially occupied burrows on the properties, it is estimated that there could be up to 110 Gopher Tortoises (average tortoise density) inhabiting this property." Due to the age of the report, it is unknown how many gopher tortoises were on site as of the effective date of the report. For purposes of this appraisal, I have assumed there are 110 estimated tortoises. I reserve the right to revise the appraisal and Carroll 8s Carroll 1 6280 Report Summary of Important Data & Conclusions the estimate of market value if an updated report is conducted. HYPOTHETICAL CONDITIONS None Carroll & Carroll 6280 Report Conservation Summary Overview CONSERVATION FEATURES SUMMARY OVERVIEW Project Name: Annecy/Barfield Appraisal Project Folio Number & Owner(s) of Record: 57199040005,57199000003,57198960005,57198920003 Annecy Marco, LLC, 201 Barfield, LLC, and Barfield Hawaii, LLC Zoning/Overlays: C-3 - Commercial Intermediate District (City of Marco Island) Zoning Considerations for TDR's, PHU, other endangered species: Gopher Tortoises, Burrowing Owls, and Bald Eagles Was the cost to mitigate wetlands or endangered species taken into consideration? Yes, the Conservation Collier Initial Screening Report indicates that the property has approximately 219 burrows or a total of 110 estimated tortoises on site. The report provided was from 2017, so it is unknown how many tortoises are currently on the property. Based on information presented by Nancy Richie, owner of Island Environmental & Marine Services, LLC, the time and cost associated with relocating gopher tortoises has increased considerably. Currently, the recipient sites in the area are charging $6,000/tortoise, plus the FWC Permit/Mitigation fee, and an Agent fee. The time required to obtain all permits is approximately 8-12 weeks. The total costs associated with relocating each tortoise is approximately $7,000-$8,000. The total estimated costs to relocate approximately 110 tortoises on the subject site could be as much as $770,000 or $7,000 per tortoise. According to the Initial Screening Report, six areas within the southern parcel were cordoned off with post and rope for burrowing owls. At the time of their inspection, three burrowing owls were observed by Program staff. The report also states that the open Bahia grass fields could accommodate nesting burrowing owls. Burrowing owls can be mitigated by filling in or removing the burrows during the non -nesting season. There are associated costs, but the costs are minimal. The property currently features an active eagle's nest located along the northern boundary, which provides development challenges blocking construction and development during certain months of the year and within various radiuses of the nest. The impact of the eagle's nest was taken into consideration in my valuation. Carroll & Carroll 3 6280 Report Conservation Summary Overview Scope of Proposed Mitigation: Relocate the gopher tortoises, mitigate the burrowing owls, and monitor the condition of the eagle's nest. Land Area: 2.13 gross acres or 92,952 square feet Access for the Parcel Taken Into Consideration: Full -service access from S. Barfield Drive and Hawaii Circle. Highest and Best Use: The highest and best use of the site, as though vacant, is that it be held until such time as development is financially feasible or be developed with an office or retail use by an owner - user that doesn't meet the test of financial feasibility. The gopher tortoises, burrowing owls, and eagle nest will have to be taken into consideration at that time. Date of Estimated Value: February 8, 2023 Estimated Value: $2,880,000 Carroll 8v Carroll 4 6280 Report Certification CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property and the comparable sales. 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 our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. In the three years immediately prior to acceptance of this assignment, I have not performed any services regarding the subject property as an appraiser, or in any other capacity. I have no bias with respect to the property that is the subject of this report or 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. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. No one other than the undersigned prepared the analyses, opinions and conclusions concerning real estate that are set forth in this report. Carroll 8v Carroll 5 6280 Report Certification As of the date of this report, I have completed the requirements of the continuing education program of the State of Florida, and for Designated Members of the Appraisal Institute. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Carroll 8s Carroll 6 6280 Report Scope of Work SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Inspected the subject property and the comparable sales • Reviewed aerial photographs, land use plans, the Land Development Code, the Conservation Collier Initial Criteria Screening Report and other documentation • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use • Researched vacant land comparable sales, listings, and pending sales • Developed the sales comparison approach • Estimated the market value of the fee simple estate • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion Sources of market data included local and regional MLS systems, Costar, LoopNet, public records, and interviews with real estate brokers. Carroll & Carroll 7 6280 Report Estate Appraised ESTATE APPRAISED The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple Absolute is synonymous with Fee Simple. The Dictionary of Real Estate Appraisal, Seventh Edition, published 2022 by the Appraisal Institute, defines Fee Simple Estate 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. We consider easements, but only to the extent that they are known to us. Appraisal of the fee simple means that an improved property is vacant and available to be put to its highest and best use. Carroll & Carroll 8 6280 Report Definition of Market Value DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) 1112,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 9 and 12 months. Carroll & Carroll 9 6280 Area Anal AREA INFORMATION COLLIER COUNTY ANALYSIS An analysis of geography, transportation, population, employment, income, and education for Collier County is performed using data provided by Site to Do Business, Florida Office of Economic & Demographic, United States Department of Labor, all recognized source(s). .soar+ ;firmeenn-'AFnrl Mym �61 Shell Paint UIle9 0 Anna n� vas C.lyo �Bi9gar �' aTr�c'r-�arA le& Cdy °Ponta F;assa . '•��,' S n Carins Palk . lhlnndo xnlhel x'-.nFor[ Myer Beads Este1lilo �' VhN a G rcon u[ q Bonia snores Sprin�gs Naples P yanderhill beach E.- Vanoe�ti:l .14NaPl`_ -- o near Ga!e Eela�lesy - - q,l Alligator Al9 �7FAlllga[oI AIF�Mas CilY— � — - AlOgyior.glleY��,e' Florida State riJ " u�ngr.�vha-n.I _ Plieeocukae N Y ,ulndlan Cup e s c '� _ _ _ _ _ Aosnruarian . 'Swamp Isles of Csynl Pala' .Imnme- - - .0-— 9 Match Isla a � — 1 a-asmr, - Lip I. P— maRilT 1'hnu.a nA 'I Iriend. 30 km . o ra I Cily - %Tla 190 Frn� Ci!yo: F swebi o STDB'�NLIIVEcam -- I 20 m gay TOr Sirr To Da 8usrrtess Pond GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. About 63% of the land area is in public ownership, is set aside for environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild, and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. Most of the county is less than 15 feet above mean sea level. Although changes in elevation Carroll & Carroll 10 6280 Area Anal are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is in north Collier County and is the agricultural center of the region. POPULATION "The social forces studied by appraisers primarily relate to population characteristics. The demographic composition of the population reveals the potential demand for real estate, which makes the proper analysis and interpretation of demographic trends important in an appraiser's analysis." The total population, it's composition by age and gender, and the rate of household formation and dissolution strongly influence real property values. (The Appraisal of Real Estate 141h Edition) 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 so,000 Collier County Population 2000 2005 2010 2016 2020 2025 2030 2035 2040 Florida Office of Economic & Demograpkic Research and Esri forecasts 2 02 0 Collier County's population has continued to increase year after year. The population has increased 9.24% as of 2020 from 2016. The population forecasts through 2025 calls for a continued steady growth cycle with an estimated 8.93% population growth from 2020 to 2025. Carroll & Carroll 11 6280 Report Area Analysis Collier County for years has been one of the nations' fastest growing counties, historically outperforming the state. Population increases began in 2010, trending once again towards outperforming the state. Strong growth is expected at 5 to 10% annually through 2025. Population Change (State vs County) 30?'0 25°l0 d° a � 20910 U �+ 1596 04 N% a w 5% 0% 2000 2005 2010 2D16 2021 2025 Year Florida Glace of Economic & Demographic Research and Esri forecasts 2020 -Collier County -Florida Collier County is a popular retirement destination. As of 2020, 55.6% of the County's residents are over the age of 45. The 2025 forecasts depict an aging community with 56.2% of the population 45 years of age or older. Population by Age ■ 2010 ❑ 2020 ■ 2025 Oh 5A 10-14 15-24 25-34 35-44 45.54 55-64 65-74 75-54 35+ Age U.S. Cen=5 Bureau, Census 2010 Summary File 1. Ersi forecasts for 2020 and 2025 Carroll 8& Carroll 12 6280 Area Anal EMPLOYMENT Collier County is a largely service based economy with 37.6% of the employees in the leisure, hospitality, education, and health service industries and 21.4% in professional, business, financial and other services. Trade, transportation, & utilities along with government jobs account for 27.9% of the County's employees. Industries such as natural resources/mining, construction, and manufacturing make up only 5.4% of the market. 2020 EMPLOYED BY INDUSTRY- COLLIER COUNTY Mining & Manufacturing Leisure & Hopitality Trade, portation & Rilties Education & Hea Rlh Se"Aces Office of Econamxc & Denwgraphfc Research, www.edr.sfafe fl.us Top 11 Largest Employers Collier County -2019 Rank Company Employees 1 Publix Super Market 8,728 2 NCH Healthcare System 7,017 3 Collier County School District 5,604 4 Collier County Local Government 5,119 5 Arthrex, Inc 2,500 6 Ritz Carlton- Naples 1,450 7 City of Naples 1,169 8 Moorings Park 888 9 News-Press/Naples Daily News 840 10 Physicians Regional 950 11 Seminole Casino 800 Source: www.swfleda.com/top-100-employers/ as reported in 2019 The unemployment rate in Collier County exceeded the state average by a slight margin in the years 2009 and 2010. The unemployment rate then declined through 2016 as the economy improved and, until recently, Collier County's unemployment rates decreased more rapidly the state. Carroll & Carroll 13 6280 Area Anal Unemployntent Rate (County vs State) 2020 2015 2015 2014 2013 2012 2011 2010 2009 0.0% 2_0% 4.0% 6.0% 8.0% 14.0 12.0% 14.0% ■ Colier County ■ State of Florida United Swes E"rfmmuf L4rbnrr8errc rrg11A- yr 5fafi5licslLAi.f SwdsricsMfip INCOME Collier County's per capita income and median household income levels are higher than state statistics. The most substantial difference between Collier County and the state is the large percentage difference in household incomes above $100,000 where Collier County exceeds the state by over 9%. Collier County's percentage household incomes ranging from $25,000 to $99,999 mirror that of the state but is significantly lower in the percentage of household incomes under $25,000. Income levels vary greatly within different areas of Collier County, and so, will be discussed in greater detail in the Market Area descriptions. TRANSPORTATION The transportation system reflects local geography, population densities and the primary motivators of tourism, service industry employment, the construction industry, agriculture, and leisure activities. ROADS The earliest roads were coastal, extending from north to south in the early twentieth century with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami Trail because it was built to connect Tampa and Miami. Where it passes through the coastal community US-41 is a four or six lane divided highway with landscaped medians, curb and gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal arterial and one that defines several important boundaries. Often there is a noticeable land value difference east and west of US-41 because the affluent coastal population prefers to shop and trade close to home. As the highway turns southeast from downtown Naples toward Miami the Trail defines the boundary of the coastal management zone which affects Carroll & Carroll 14 6280 Report Area Anal development densities and storm evacuation requirements. The eastern segment of US-41 is a designated national scenic highway popular with tourists, especially during the winter season as they seek adventure in the Everglades. A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood streets extend into the urban area east and west from US-41. North -south arterials and major collectors are established about one mile apart. From west to east, these include Goodlette-Frank Road, Airport -Pulling Road, Livingston Road, Santa Barbara Boulevard and Collier Boulevard. The east -west grid is spaced about two miles apart; from north to south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84), and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4 lane divided highways. East of Collier Boulevard the road system reflects the economies of scale of Golden Gate Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles east of CR-951, is the principal east -west collector. Everglades Boulevard (2 lane and asphalt surfaced) is the north -south major collector extending south from Immokalee Road 14 miles to the grade separation at I-75 where it continues into the Picayune Strand State Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier County is planning to extend east -west collectors through the Estates along the alignment of Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north -south connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road) north to Golden Gate Boulevard. Interstate highway 75 (I-75) was extended from north to south through Collier County in the mid-1980s along a flood -proof route about five miles inland. Directly east of the City of Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty- one miles east of the coastal community is an interchange at State Road 29; the last interchange in Collier County. Collier County and the FDOT continue to study the feasibility of an interchange at Everglades Boulevard. The advent of I-75 signaled a change in the relationship of Collier County to the rest of Florida and the United States. While US-41 was the only north -south arterial, Collier County was dominated by the conservative mid -western influences of seasonal residents and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road access to Collier was made much more convenient to the northeast via connections with I-4 Carroll & Carroll 15 6280 Revort Area Anal and I-95. This had the effect of broadening Collier's market exposure and it stimulated growth. The extension of I-75 south into Dade County promoted better access for European tourists and made Collier County transient lodging attractive for east coast weekenders. Strategic connections exist where Collier Boulevard and CR-92 extend south and west from US-41 providing access to the City of Marco Island from the greater Naples area and from Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural center of Immokalee with points north, with the Naples coastal community via CR-846, with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which is the western gateway to Everglades National Park and the 10,000 Islands region of Collier's southwest coast. The road transportation system is well planned, well maintained, and operating at acceptable capacity. Ambitious road construction projects undertaken in anticipation of growth projections and funded by impact fees have caught up with development. The road system reflects Collier's position at the southerly limit of development on Florida's west coast. MASS TRANSIT Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes Department, provides inexpensive alternative transportation throughout the county linking major employment centers of Naples with Marco Island and Immokalee. There are several circulation routes with stops at the County government complex, hospitals, and major shopping establishments. The system accommodates bicycle transport and personal items. The same County department administers the Collier Area Para Transit system which provides subsidized transportation services for the disabled and economically disadvantaged. This is a successful and growing system that connects people with jobs, essential services, and shopping while reducing transportation costs and road congestion. AIRPORTS Collier County is supported by a system of five public airports. Southwest Florida International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute drive via I-75 from the Collier center of population. This facility serves the five county southwest Florida regions offering domestic and international air carrier service. It is modern, convenient, and has planned expansion to keep up with regional growth. Naples Municipal Airport (APF) owned by the City of Naples and operated by the independently constituted Naples Airport Authority which derives its revenue principally from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown Naples. It serves the coastal community and is especially convenient to affluent residents Carroll & Carroll 16 6280 Report Area Anal who own private aircraft, to the corporate convention business of the large beachfront hotels, and to essential services like mosquito control, Emergency Medical Services (EMS), the Sheriff's office, and private air ambulance services. The two paved runways (5/23 @ 5,290' and 14/32 @ 5,000') will support jets including the G4 and Challenger series. Naples airport is tower controlled and fully certified for commercial operations and is home to several aircraft charter services and flight training schools. In 2005, Naples Municipal Airport accommodated 163,434 aircraft operations, a record high. Annual operations decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479, which is a 5.2% increase from the previous year. Due to its downtown location, Naples airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise abatement measures. The Collier County Airport Authority owns and operates airports at Marco Island, in Everglades City, and at Immokalee. These are primarily funded through fuel sales and hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation facility on the mainland four miles northeast of Marco Island. The single paved runway (17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is available. This airport is convenient to Marco Island residents and to the corporate convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a weekend drag racing strip. The airport is in a Florida Rural Enterprise Zone and a HUB Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign Trade Zone. To date, the economic potential of this airport is largely unrealized. However, the field is active as a training destination for coastal -based flight schools, it hosts aerial firefighting and crop -dusting operations, and it bases numerous private aircraft. The Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres is within walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400') supports itinerant coastal traffic and half a dozen -based aircraft. Fuel, a comfortable pilot center and bicycles are available. The aviation community is well supported. The greater Naples area is the beneficiary the winter season influx of corporate executives and affluent individuals who can afford luxury private jet travel. Carroll & Carroll 17 6280 Area Anal MARINE TRANSPORTATION There is no deep -water port and no commercial marine activity other than that associated with commercial fishing, charter sport fishing, and the marine towing services that support the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six feet at mean low water. The US Coast Guard maintains a dredged and well -marked intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island. Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to the Marine Industries Association of Collier County, as of early 2019 there were 22,749 registered vessels in Collier County. Seasonally, excursions from Marco Island to Key West and from Ft. Myers Beach to Key West are scheduled daily. EDUCATION The Collier County School District provides public education to about 51,905 students encompassing grades K-12. There are a total of 48 public schools consisting of 29 elementary, 10 middle, 8 high schools and one K-12 (Everglades City School). There are also 12 alternative school programs. In addition to the public school system there are numerous private schools scattered throughout the county. The Collier County School District continues to receive a "B" grade by the State of Florida Department of Education. By definition, an "A" or 'B" grade delineates high performance. Between 2015 and 2020 the school district had an overall population growth of more than 6,000 students. 52,000 30,000 = 48,000 r u 46,000 W 44,000 3 42,000 40,000 38,000 2020 University Enrollement 2012 Ave Maria University: 1,129 Florida SouthWestern State College: 15,389 Hodges University: 1,676 Florida Gulf Coast University: 15,373 Collier County Public Schools Enrollment 2013 2014 2015 2016 2020 Year h d ip:ll ru smn. c d f i ers cironl s. ca m Collier County is also home to several colleges and accredited universities. Three colleges have campuses in Collier County: Ave Maria University, Hodges University and Florida Southwestern State College (formerly Edison Community College). Ave Maria University is Carroll & Carroll 18 6280 Revort Area Anal a private catholic university that offers both undergraduate and graduate programs including a law school has around 1,129 students. Florida Southwestern State College with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year degree programs for 15,389 students, and Hodges University is a private four-year college that offers bachelors and master's degrees in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located in southern Lee County) is one of the state's fastest growing institutions and home to over 15,373 students. CONCLUSION At the southerly limit of urban development on Florida's west coast, Collier County offers the climate, natural resources, and sporting opportunities to support a superb retirement community. The quality of infrastructure, schools, and social services is what one would expect of such an area. We are experiencing a surge in new development projected to take us through the next several years. In the long term, the attractions of the climate and location, and the stability of fixed -account affluence promise continuing prosperity although probably without the strong emphasis on new development. Carroll & Carroll 19 6280 Market Area MARKET AREA Market Area is defined as: "The geographic region from which a majority of demand comes and in which the majority of competition is located." (The Dictionary of Real Estate Appraisal Th Edition) "A market area is defined in terms of the market for a specific category of real estate and thus is the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users." (The Appraisal of Real Estate 151h Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES The subject property is located in the southwestern portion of the county made up of the island communities of Marco Island, Isles of Capri and Goodland: 148MMZ?ck Bay dolt & Gauntry CM1 ISI of Capri Old Grove 9 ~,1raafps. Addisarr88y CaRl el Marco Island i r a I EBY BiRakw Good :rsn Tripod Koy Gaxamb4s 8$y Helen Key Carroll & Carroll 20 6280 Market Area Introduction Marco Island is located 15 miles south of Naples and is the most southerly beachfront community on Florida's west coast. The island offers an unusual mix of vegetation and geography including low mangrove swamps, Gulf beaches and high scrub sand dunes. Marco Island is one of the oldest settlements on Florida's Southwest Coast. For many years, the island supported two small fishing villages with little change. During the early 1960's and the 1970's Deltona Corporation implemented a large-scale development plan affecting almost all of Marco Island. This was the last of the great dredge and fill developments and it resulted in a community with a strong water orientation and a resort atmosphere. Marco Island was incorporated in 1997. Isles of Capri is a waterfront residential community lying 1/4 mile north of Marco Island across the Marco River and insulated from Marco Island and other nearby development by natural mangrove waterways and deep -water navigable channels. A relatively small central business district is surrounded by single and multi -family residential development. The business district hosts a single convenience store, several commercial fishing establishments, private and commercial marinas, boat storage, a fire/rescue station, a few small offices and retail stores, and two restaurants. Isle of Capri is quiet and quaint. The residential component is about 90% built up and the commercial component is 60-70% built up. Most of the business section has water frontage or access with only a small portion in the center that is non -waterfront. Non -waterfront commercial sites struggle as the surrounding residential neighborhood is insufficient to support more commercial development, and Isles of Capri is well off the arterial road system. There is a trend toward consolidation of waterfront commercial parcels for larger, private marina development supporting large, inland PUDs. Goodland is a one square mile island fishing village of about 400 residents, nearly surrounded by water with one winding access road connecting to the mainland. Located in an unincorporated area of Collier County, the village is immediately adjacent to the eastern Marco Island city limits. The populated area of Marco Island is approximately one mile to the northwest, separated from Goodland by coastal mangroves and shallow waterways. Marco Island and Goodland are located in the northernmost portion of the Ten Thousand Islands in the eastern Gulf of Mexico and west of the Everglades National Park. The deep - water channel that borders Goodland offers excellent passage to the north and south and was a major factor in Goodland's development. Goodland and the surrounding habitable islands and hammocks were initially inhabited by aboriginal peoples as early as 4000 BC and much later were home to Calusa Indians. The Indian population was decimated by diseases spread by Spanish explorers in the 15th Carroll & Carroll 21 6280 Report Market Area century. The Calusa shell mounds survived to serve as the base for the first roads through the hammocks to the old villages of Caxambas Bay and Marco. The parcels surrounding Buzzard Bay constitute the current main waterfront commercial district in Goodland. Environmental Influences This area is desired because of mild winter weather, easy access to miles of beaches, and navigable waterways. The subtropical weather allows for year-round recreational opportunities. Swimming and shelling are popular activities. Marco Island offers public access to a mainland beach and local boaters have access to beaches on nearby islands. Boating and fishing are supported by the hundreds of private boat docks along the Marco and Isle of Capri canal systems. Boat launch facilities are located throughout the market area and seasonal residents and tourists have access to boating activities through local marinas and charter boats. Bicycling, walking, and jogging are supported by an extensive network of connected biking and walking paths. Multiple tennis and pickle ball courts are available, as well as fitness centers. There is only one golf course located in this market area; but, Collier County has more golf courses per capita than most areas in the United States and multiple courses can be easily accessed by City residents and visitors. This area is known for its clean environment and healthy lifestyle. Development has occurred on Marco Island in such a way that the open -space and lush landscaping give the appearance of a well -manicured, tropical paradise. Development on Isle of Capri and Goodland has maintained the small community, fishing village appeal. Nuisances and hazards are primarily associated with mosquitoes and hurricanes. Most of the area, particularly the low spots, are subject to flooding during tropical storm conditions, and mosquitoes are a perennial problem difficult to control due to the proximity of wetlands. Governmental Influences The City of Marco Island has a "council-manager" form of government operating under a city charter. City council consists of a mayor and six city council members elected at -large. The tax burden in the City is higher than the surrounding unincorporated area because of higher property values and millage rates. This is in response to resident expectations of higher standards, and exceptional service. Maintenance of public structures and facilities is above average. City government has zoning, and comprehensive plan ordinances designed to promote development and redevelopment; to protect the character and property values of the city; Carroll & Carroll 22 6280 Report Market Area to protect economic value as it relates to tourist -oriented community; and to maintain and enhance the attractive nature of the city. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Marco Island Police Department serves the City of Marco Island with backup from the Collier County Sheriff's Department as needed. Naples/Marco Island has been reported as one of the Florida's safest cities in which to retire. Transportation This market area is accessed by only two main roadways, Collier Boulevard (SR-951) and San Marco Road (SR-92). Collier Boulevard is a six -lane, major arterial road linking Marco Island in south Collier County with Immokalee Road near the north county line. The Collier Boulevard thoroughfare anchors a grid of arterial roads, spaced about 2 miles apart, that serve the greater Naples coastal community which lies to the west. Development along Collier Boulevard north of Marco Island is scattered with residential developments and clusters of commercial development located mainly at major intersections. Collier Boulevard runs the entire length of Marco Island. The majority of commercial devilment, hotels and high density residential on the Island are located along the Collier Boulevard corridor. San Marco Road is a 2-lane asphalt paved road that leaves US-41 at Royal Palm Hammock in Collier Seminole State Park extending southwest approximately 6.5 miles to the east side of Marco Island at Goodland. There is no development between US-41 and Goodland. San Marco Road is the preferred road to Florida's east coast and serves as a secondary emergency evacuation route. San Marco continues onto Marco Island and it serves as a secondary corridor for commercial and institutional uses. The connector roads and residential streets are laid out in a grid pattern that provides adequate traffic flow. It also furnishes easy access to the beaches and main arterial roadways. Commercial development exists at every major intersection; but the intersections are designed with proper turns lanes and signaling to provide for adequate traffic movement. The road network easily handles traffic demand in the off-season, May through December. Traffic more than doubles in January, February, March and April because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road network usually handles peak traffic demand without major delays. Public transportation is limited. A County transit bus services part of this area; but it is not heavily utilized. Carroll & Carroll 23 6280 Report Market Area The Marco Island Executive Airport is conveniently located to Marco Island, Goodland and Isles of Capri. It provides affordable, convenient, safe hassle -free air travel. AV gas and jet fuel are available on -site. Airport staff provides personal service to customers and arranges for ground transportation and local reservations upon request. It is managed by Collier County Airport Authority. Social Influences This southwestern most area experienced growth similar to that of the region as a whole. During the last twenty-year growth cycle the island developed as a transient resort and seasonal retirement center. The population increases dramatically during the winter months. Marco Island is the demographic center of the market area with the neighboring island communities of Isles of Capri and Goodland home to very few full-time residents. Population increased 47.8% from 1990 to 2000. The twenty-year period from 2000 to 2020 experienced a slowing growth trend with population increasing on 19.2%. Population projections through 2025 continue the increasing growth pattern. US Census Bureau, Esri forecasts, 2020 population is 19,328 with a projected growth to 20,628 (6.7% growth) by 2025. This slowing trend is largely due to the attributable to the increasingly limited supply of vacant land suitable for residential development. The median age in the sub -market area is 66.6, considerably higher than the county average of 50.4. A total of 71.5% of the population is 55 and older. The median household income is $91,496 which is approximately 22% higher than the county's median household income of $71,593. Of the 25 locations included in the Economic Policy Institute's dataset for Florida, Naples -Marco Island is the 21st most expensive. The dominant population is well educated. A total of 46.1% have a bachelor's or professional degree and 19.8% have some college education. There is a high degree of community involvement through civic organizations, neighborhood groups, social service organizations and political committees. Carroll & Carroll 24 6280 Report Market Area esri® Demographic . _ Profile Marco/Capri/Goodland Prepared by Esri Area: 29.85 square miles Summary Census 2010 2020 2025 Population 17,618 19,328 20,628 Households 8,841 9,858 10,557 Families 5,972 6,560 6,998 Average Household Size 1.99 1.96 1.95 Owner Occupied Housing Units 7,532 8,210 8,830 Renter Occupied Housing Units 1,309 1,648 1,727 Median Age 63.2 66.6 68.0 Trends: 2020-2025 Annual Rate Area State National Population 1.31 % N/A 0.72% Households 1.38% N/A 0.72% Families 1.30% N/A 0.64% Owner HHs 1.47% N/A 0.72% Median Household Income 2.18% N/A 1.60% 2020 2025 Households by Income Number Percent Number Percent <$15,000 673 6.8% 607 5.7% $15,000 - $24,999 535 5.4% 470 4.5% $25,000- $34,999 577 5.9% 534 5.1% $35,000 - $49,999 917 9.3% 885 8.4% $50,000- $74,999 1,364 13.8% 1,372 13.0% $75,000 - $99,999 1,206 12.2% 1,308 12.4% $100,000 - $149,999 1,615 16.41/o 1,801 17.1% $150,000 - $199,999 1,102 11.2% 1,334 12.6% $200,000+ 1,869 19.01/0 2,246 21.3% Median Household Income $91,496 $101,932 Average Household Income $136,379 $152,690 Per Capita Income $69,559 $78,144 Census 2010 2020 2025 Population by Age Number Percent Number Percent Number Percent 0-4 353 2.0% 317 1.6% 332 1.6% 5-9 462 2.6% 410 2.1% 428 2.1% 10 - 14 504 2.91/0 475 2.51/o 465 2.3% 15 - 19 484 2.7% 422 2.2% 445 2.2% 20 - 24 394 2.2% 344 1.8% 317 1.5% 25 - 34 828 4.7% 872 4.5% 792 3.8% 35 - 44 1,084 6.2% 1,176 6.1% 1,326 6.4% 45 - 54 2,076 11.8% 1,477 7.6% 1,449 7.0% 55 - 64 3,338 18.9% 3,364 17.4% 3,021 14.6% 65 - 74 4,587 26.0% 5,087 26.3% 5,694 27.6% 75 - 84 2,784 15.8% 4,008 20J1/o 4,656 22.6% 85+ 724 4.1% 1,376 7.1% 1,703 8.3% Census 2010 2020 2025 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 16,919 96.0% 18,326 94.81/o 19,392 94.0% Black Alone 91 0.5% 122 0.6% 152 0.7% American Indian Alone 19 0.1% 21 0.1% 23 0.1% Asian Alone 193 1.1% 312 1.6% 411 2.0% Pacific Islander Alone 6 0.0% 9 0.0% 11 0.1% Some Other Race Alone 272 1.5% 377 2.0% 451 2.2% Two or More Races 118 0.7% 161 0.8% 188 0.9% Hispanic Origin (Any Race) 1,201 6.8% 1,639 8.5% 2,013 9.8% Data Note: Income is expressed in current dollars. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. February 23, 2021 =sn Page 1 of 2 Carroll & Carroll 25 6280 Market Area esri® e _ o min Marco/Capri/Good land Area: 29.85 square miles Trends 2020-2025 2- � v fl- 1.4- 1.2 - �; 1- m � 0.8 - 0.6 - 0.4 - a 0.2 - 0- Population Population by Age 25- 20 - 15 - U L a 10- 5- 0- 0-4 5-9 Households 7 Families Owner HHs Median HH Income 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2020 Household Income 2020 Population by Race $35K-$49K 9.3% 90 $50K-$74K $25K-$34K 13.8% 5.9% 80 $15K-$24K 5.4% 70 $75K-$99K <$15K 60 12.2% $1o0K-$1 16.4 % u 50 L a 40 30 ooK+ 20 9.0% 10 $150K-$199K 11.2% 0 White Black Am. Ind. Asian Pacific Other Two+ 2020 Percent Hispanic Origin:8.5% Prepared by Esri ■ Area State ■ USA ■ 2020 ■ 2025 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. ©2021 Esri February 23, 2021 Page 2 of 2 Carroll & Carroll 26 6280 Market Area Economic Influences This area's income levels are higher than the County's average. The average household income in 2020 was $136,379 which is 20.4% more than the county average $108,633. In the subject market area, 46.6% of the households have annual incomes greater than $100,000, compared to the county figure of 35.1% and 19% have incomes greater than $200,000. The median home value is $596,517 which is substantially higher than the County's median home value of $369,596. The higher median home value can be attributable to the large number of waterfront properties in the market area. Total number of housing units in the market area is 20,088, of which, 40.9% are owner occupied and only 8.2% are renter occupied. There are no large apartment complexes in this market reflecting the limited number of renters and rental options. The Marco Island submarket is very seasonal indicated by the 50.9% vacancy rate, which includes seasonal rentals. Development trends: Residential Residential development density varies from 2 units per acre in the estates area, to as high as 26 units per acre in the luxury high rise beach front developments clustered along western edge of the island. The typical density is 4 to 8 units per gross acre. The majority of the residential development in this neighborhood is single family canal or waterfront with direct or indirect Gulf access. Multi -family development, not including the luxury, beach front high rises, is limited and scattered throughout the island. The resort/vacation atmosphere promoted by the abundance of waterfront development and island atmosphere attract a wealthier demographic with financial resources adequate to own more than one home, and to live comfortably enjoying seasonal residence. Such individuals expect commercial and professional services to be convenient and they are willing to pay for convenience and good quality. Commercial Commercial development in this neighborhood includes banks, office buildings, industrial, professional offices/medical, retail centers, restaurants, hotels and anchored shopping centers. Reflecting the overall characteristics of the surrounding residential the existing commercial development represents some of the newer, modern, and highest quality within the county. Marco Island is served by four commercial centers. Old Marco Village, located at the north end of Bald Eagle Drive, is the oldest commercial area on the island. This area has become tourist oriented with the majority of commercial establishments being retail shops and restaurants. Carroll & Carroll 27 6280 Report Market Area The second commercial center is located at the intersection of Bald Eagle Drive and North Collier Boulevard. This is the heart of commercial/industrial activity. The sewage treatment plant, electrical substation, solid waste incinerator, fire station and sheriff's department substation are all located here. Major shopping centers anchored by grocery stores and small businesses including hardware stores, mini -storage buildings, automotive repair shops and part stores are also located here. The third commercial center is located at the intersection of San Marco Road and Barfield Drive. This is an area of recent development and has been identified through Collier County's Growth Management Plan as a community commercial activity center. Commercial development includes shopping centers anchored by grocery stores, banks, service stations, hardware shops and other businesses serving the general population. This is the commercial area serving the immediate needs of the Estates Area on south Marco Island. The fourth commercial district is a corridor located along Collier Boulevard. This commercial strip primarily serves the tourist population visiting local hotels and beachfront condominiums. Commercial establishments include retail stores, restaurants, and real estate offices. The Esplanade Shoppes, Residences and Marina is the flagship mixed -use development within the subject neighborhood. Located at the northwest corner of Collier Boulevard and West Elkcam Circle; within the Town Center Commercial District; the Esplanade benefits from 1,100 feet of waterfront along the southern edge of Smokehouse Bay. This coastal Italian -style village consisting of upscale retailers, small specialty stores, fine dining and luxury waterfront residences is an attractive tourist destination. With nearly 50,000 square feet of retail and office space, 72 multi -family waterfront residences and a 77-boat-slip marina the Esplanade is the largest planned mixed -use development on Marco Island. Marco Island is currently developing a Midtown Plan which is an overlay district mainly covering the Bald Eagle Drive, North Collier Boulevard and Elkcam Circle commercial center. The objectives of the overlay are to 1. Ensure that midtown continues to serve as the center of culture, commerce and civic life for the residents and visitors of Marco Island 2. Encourage new investment in buildings and businesses within midtown to provide employment and an enhanced tax base 3. Build upon the natural assets of midtown as well as the tropical small town character qualities that have attracted people to live on and visit Marco Island 4. strengthen the variety and quality of available goods and services within midtown 5. Develop a clear and consistent message about the unique attributes of midtown 6. Recognize that the residents and merchants of midtown are both important as stewards of the livability and quality of life in the community. Carroll & Carroll 28 6280 Report Market Area MARKET AREA BUSINESS UMMA Total Businesses 1,192 Total Employees 10,462 Total Population 19,328 Employee/Pop. Ratio 54.1 Industry by NAICS codes Businesses Employees Health Care/Social Assitance 57 1,627 Accon-unodation/Food Service 102 2,493 Finance/Ittsttrance/Real Estate 1% 1,137 Retail Trade 143 1,124 Other Services 119 719 Constrxtctiott 113 659 Profes-3ional/5cieittific/Tech 91 337 Transportation 51 323 Public Administration 39 210 rats/Entertainment/Recreation 46 223 Management/Administratirnt 53 166 Education 12 12 Information 24 146 Manufacturing 16 67 Wholesale Trade 14 72 Utility 2 10 Unclassified Establishments 141 8 U.S. Ce?mu Bweru. C'e?rsus 2 07 0 Sung vy File 7. Dzsfo?wxsls far2020 ivrd2025 The service and retail industries dominate the market area business sector with the financial/real estate industry a close third. Most service employees commute daily from the greater Naples area or points north. The large number of employees in the service sector is impacted by the beachfront hotels including; the JW Marriott Marco Island, Marriott's Crystal Shores, Hilton Marco Island, and the Marco Island Beach Resort. Carroll & Carroll 29 6280 Report Market Area MARKET AREA LIFE CYCLE Market areas often pass through a four -stage life cycle of growth, stability, decline, and revitalization. • 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. Marco Island has led the recovery and continues thrive with increasing population and activity in all sectors. The market area is considered to be in a period of growth. CONCLUSION This continues to be a strong market area because it occupies a strategic southwest coastal location consisting of several island communities each unique in character and appeal. Access to the water, particularly in the form of waterfront home sites, drives this market. No new waterfront home sites are being developed. As population increases, demand for waterfront living is expected to support a steady increase in property values. Carroll & Carroll 30 6280 Report Propertv Information PROPERTY INFORMATION Carroll 8v Carroll 31 6280 Report Property Information ;n 181 S. Barfield Dr. (Annecy Marco, LLC) 191 S. Barfield Dr. (Annecy Marco, LLC) Carroll & Carroll 32 6280 Report Property Information 201 S. Barfield Dr. (201 Barfield, LLC) 221 S. Barfield Dr. (Barfield Hawaii, LLC) Carroll & Carroll 33 6280 Proverty Information �' 4 a s o�•q9„ o° 4 ° a 9 a 1 0 < l6 � ti10� r o'3.f536"� J i y e � ' ♦ I.YS' h'a pq'eI a tD w k 73 •`3' N 7 ODE �¢li l8 er .3� o• � � l�'•r.�•� 19 t` h A� eo dl+ ° �� p ww y 1 0 •5 a4 2d a b °o ° E a' P P, � 9 � o - � al•6.`g_�` e a• � t 79• ag �S5 a a, µk4l.5 0 �; •- 5 3�2•. / O. ♦ OA s3 �-�F7+1 - .,a •�• � ` + � - h'1 P`� m 9��Y �_ l�A sa O 7'y d3' i=46�3 14.3�P' g �. �R '�s. ^ f'� •yl '�. . R9 v. Carroll & Carroll 34 6280 Report Property Information SITE DESCRIPTION Legal Description Lot 19, 20, 21, and 22, Block 146, Marco Beach Unit 5, according to the map or plat thereof as recorded in Plat Book 6, Pages 39 through 46, of the Public Records of Collier County, Florida. Property ID# 57199040005, 57199000003, 57198960005, 57198920003 Owner of Record Annecy Marco, LLC, 201 Barfield, LLC, and Barfield Hawaii, LLC Size I was not provided with a boundary survey of the subject parcel. The size of the parcel is based on the legal description obtained for the most recent warranty deed and the square footage reported by the Collier County Property Appraiser. 2.13 gross acres or 92,952 square feet Easements None Shape Irregular The subject is bisected by Griffis Way and consists of a north parcel containing 67,687 square feet and a south parcel containing 25,265 square feet. Frontage The subject fronts for a total of 480 feet along the east side of S. Barfield Drive. Access The subject is provided right-in/right-out access from S. Barfield Drive and the southern parcel is provided access from Hawaii Circle. There is also an alley (Griffis Way) that bisects 221 S. Barfield Drive and 201 S. Barfield Drive. Griffis Way connects to S. Barfield Drive and extends along the east side of the property. Topography Based on my physical inspection, the property is sloping from east to west and above road grade. Ground Cover The majority of the site has been cleared. I was provided with a Conservation Collier Initial Screening Report conducted on the subject property and dated July 6, 2022. The northern parcels do not contain any intact native vegetative communities and the eastern half of the southern parcel contains disturbed coastal scrub. There are some scattered native trees on the property, but the majority of the property is covered in mowed Bahia grass. The parcels Carroll & Carroll 35 6280 Report Property Information primarily contain various exotic vegetation including Australian pines, Brazilian pepper, guinea grass, and tropical almond. Utilities The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. Adequate capacity exists to support full utilization of the site. The subject has the ability to connect to the sewer system. The sewer assessment for 201 and 221 S. Barfield Drive have been paid in full and the remining balance for 181 and 191 S. Barfield Drive is $6,093.80. Surrounding Land Uses Located to the north is the Shops of Marco, a Publix anchored shopping center. Located to the east of the subject is single-family residential, to the south is Hawaii Circle, and located to the west across S. Barfield Drive is a mix of improved and vacant commercial properties. Site Improvements None Carroll & Carroll 36 6280 Report Property Information SUBJECT PHOTOGRAPHS View to the north along S. Barfield Drive. (Photo Taken February 8, 2023) View to the south along S. Barfield Drive. (Photo Taken February 8, 2023) Carroll & Carroll 37 6280 Report Property Information View to the southeast from the northwest corner of the property. (Photo Taken February 8, 2023) View to the east along the northern boundary. (Photo Taken February 8, 2023) Carroll & Carroll 38 6280 Report Property Information View to the east from S. Barfield Drive. (Photo Taken February 8, 2023) View to the northeast from corner of S. Barfield Dr. and Griffis Way. (Photo Taken February 8, 2023) Carroll 8v Carroll 39 6280 Report Property Information View to the north along Griffis Way. (Photo Taken February 8, 2023) View to the southeast from the northwest corner of the South Parcel. (Photo Taken February 8, 2023) Carroll & Carroll 40 6280 Report Property Information View to the east from S. Barfield Dr. of the South Parcel. (Photo Taken February 8, 2023) View to the northeast from corner of S. Barfield Dr. and Hawaii Circle. (Photo Taken February 8, 2023) Carroll & Carroll 41 6280 Report Property Information View to the north along the eastern boundary of the South Parcel. (Photo Taken February 8, 2023) View of gopher tortoises on the property. (Photo Taken February 8, 2023) Carroll & Carroll 42 6280 Report Propertv Information ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment No Available Impact on Value None Disclaimer Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. Carroll & Carroll 43 6280 Report Propertv Information NATURAL RESOURCE CONCERNS Condition of Subject I The majority of the site has been cleared. I was provided with a Conservation Collier Initial Screening Report conducted on the subject property and dated July 6, 2022. The northern parcels do not contain any intact native vegetative communities and the eastern half of the southern parcel contains disturbed coastal scrub. There are some scattered native trees on the property, but the majority of the property is covered in mowed Bahia grass. The parcels primarily contain various exotic vegetation including Australian pines, Brazilian pepper, guinea grass, and tropical almond. The property has a significant amount of active gopher tortoise burrows with much of the site supporting a habitat suitable for gopher tortoises. A gopher tortoise survey conducted by Island Environmental & Marine Services in May 2017 identified 219 potentially occupied burrows within the four parcels. As stated in their report, "With 219 potentially occupied burrows on the properties, it is estimated that there could be up to 110 Gopher Tortoises (average tortoise density) inhabiting this property." In Florida, gopher tortoises are listed as threatened and both the tortoise and burrow are protected under state law. The gopher tortoises must be relocated with permits obtained from the FWC for relocating before any land clearing or development takes place. According to the Initial Screening Report, six areas within the southern parcel were cordoned off with post and rope for burrowing owls. At the time of their inspection, three burrowing owls were observed by Program staff. The report also states that the open Bahia grass fields could accommodate Carroll & Carroll 44 6280 Report Property Information nesting burrowing owls. An eagle nest (CO059) has existed on the northern parcel since at least 2019. The nest is located along the northern boundary in an Australian pine. Two eaglets successfully fledged from the nest during the 2022 nesting season. It is likely that the eagle pair will rebuild their nest in the same location for the 2023 season. Shawnlei Breeding, Audubon EagleWatch Program Manager, informed Program staff that it is fairly common for eagle pairs to rebuild nests located in Australian pine trees each season as they tend to fall apart after each season. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. Natural Resource Audits Available No Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser's required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise required to discover them. Carroll & Carroll 45 6280 Report Property Information Initial Criteria Screening Report Folio Number(s): 57199040005, 57199000003, 57198960005, 57198920003 Owner Names: Annecy Marco LLC, 201 Barfield LLC, Barfield Hawaii LLC Date: July 6, 2022 0.05 N-11 e s Annecy Barfield Bald Eagle Nest Figure 8 - Wildlife Spatial Data (i.e., telemetry, roosts, etc) CON ATION LLIER CouNty 17 Carroll & Carroll 46 6280 Report Propertv Information FUTURE LAND USE Ordinance or Plan City of Marco Island Future Land Use Designation Community Commercial Purpose of Designation The purpose of this category is to provide for centers of activity that serve the need of the surrounding community. Mixed -use reisdential/commercial uses are permitted. Carroll 8v Carroll 47 6280 Report Propertv Information N A City of Marco Island CITY OF MARCO ISLAND 2040 FUTURE M-1 Map Created:612021 2040 COMPREHENSIVE PLAN LAND USE MAP Source: City of Marco Island tsm a,000 qsm 4� Carroll 8v Carroll 48 6280 Report Propertv Information ZONING Ordinance or Land Development City of Marco Island Code Zoning C-3 - Commercial Intermediate District within the Overlay District Two - Barfield Subdistrict Purpose or Intent of Zoning The purpose and intent of the commercial intermediate district (C-3) is to provide for a wider variety of goods and services in areas that have a higher degree of automobile traffic. This district is intended to be compatible with residential areas and is not intended to permit wholesaling, or activities which require outside storage of merchandise and equipment. The minimum lot size is 10,000 square feet and the minimum lot width is 75 feet. The maximum lot coverage ratio is 76% and the maximum building height is 50 feet. The subject is a legally conforming lot. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. Carroll 8v Carroll 49 6280 Property Information 348 �Ouh ; ly I 55 1842 1 v+j I 72i + 1731 ; 758 ; 6] I f ; 1A3 145 838 174t - + 165 + IdS - ++ I C- 3 167 + 751 155 Y 1836 OL 1 ' 177 1T8 I 1730 1740 RSF— 4 r + 1'5 7A'32 D p p i OVERLAY 6E5 TRECT a 123 175 + + TWO-c_ Q° P. 1ss BARFEEL❑ SUBDISTRICT 1731 1828 r' laze • + 1m 11-: 11 19, 1741 181 7! ar 261 ,r 208 r , by ! 191 + 1820 ]825 I pr 1 1720 211 + 218 ht 201 1812 1821 850 221 I r ~ + _ 1w8 181E I 228 lr r 1813 1848 C-3 S'� M4 f y 1741 ,75i rS 1800 1844 1805 RSF-3 - ,�42 _ C- W i 321 oH'�W,lri Cir RS F-4 - -' a, m ,7g6 Ir 1i86 q t 1724 1782 RSF- Carroll 8v Carroll 50 6280 Report Propertv Information ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID 57199040005, 57199000003, 57198960005, 57198920003 Assessment and Tax Year 2022 Combined Land Assessment $1,677,395 Improvement Assessment $0 Total Assessment $1,677,395 10% CAP ($0) AG Exemption ($0) Taxable Value $1,677,395 Ad Valorem Taxes $17,008.78 Non- Ad Valorem Taxes $2,210.40 Total Taxes $19,219.18 Taxing Authority/jurisdiction Collier County As of the appraisal effective date the 2022 taxes have been paid. The non -ad valorem taxes are for the annual payment for the sewer assessment. The subject's remaining balance is $6,093.80. Carroll & Carroll 51 6280 Report Propertv Information FLOOD ZONE DATA Flood Zone X and AE-8 Flood Zone Comments Zone X — Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone AE — Areas of inundation by the 1% annual -chance flood, including areas with the 2% wave run-up, elevation less than 3 feet above the ground, and areas with wave heights less than 3 feet. Required elevation 8 feet. Community Panel Number 12021C0837H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps Carroll & Carroll 52 6280 Report Propertv Information TRANSACTIONAL HISTORY Sales History There have been no transactions or transfers of ownership in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract The subject is currently listed for sale. The asking price is $3,495,000 or $37.60 per square foot. The property has been on the market for 726 days or 24.52 months. According to the listing history the list price began at $3,600,000 on December 23, 2020 and was reduced to $3,495,000 on January 13, 2022. I interviewed the listing agent, Keith Abed, who said that they have had considerable interest, but the majority of the buyers have had interest developing storage facilities and even a hotel, which are not permitted uses in the C-3 district. He also said that they buyer has not had any recent studies completed on the number of active gopher tortoises on the property. Carroll & Carroll 53 6280 Report Highest and Best Use HIGHEST AND BEST USE DEFINITION The Dictionary of Real Estate Appraisal, T" Edition, published 2022 by the Appraisal Institute, defines Highest and Best Use 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. METHOD There are four criteria that must be met in order for a use to be the highest and best use for a given property. The highest and best use must be: • Legally permissible. • Physically Possible. • Financially feasible. • Maximally productive. Ordinarily these criteria are considered sequentially, each step narrowing the range of alternative uses being considered. ANALYSIS SITE AS THOUGH VACANT Legally Permissible: The subject is currently zoned C-3 - Intermediate Commercial. The Comprehensive Plan and zoning ordinance are consistent in identifying the property for a commercial type use. Mixed -use development is permitted as a conditional use which would require City of Marco Island approval. The site meets the minimum requirements for development. Physically Possible: The physical location, shape/size, topography and access characteristics suggest some type of commercial office or retail development. The size is appropriate for a single user, or for a multi -tenant building. The property has a significant amount of active gopher tortoise burrows with much of the site supporting a habitat suitable for gopher tortoises. There was a total of 219 potentially active burrows observed, 13 abandon burrows, and a total of 28 estimated tortoises on site. In order to develop the site, the gopher tortoises must be relocated with permits obtained from the FWC for the relocating. According to the Initial Screening Report, six areas within the southern parcel were cordoned off with post and rope for burrowing owls. At the time of their inspection, three Carroll 8s Carroll 54 6280 Report Highest and Best Use burrowing owls were observed by Program staff. Burrowing owls can be mitigated by filling in or removing the burrows during the non -nesting season. Permits have to be obtained and there are associated costs, but the costs are minimal. There is also an eagle nest on the northern parcel. The nest is located along the northern boundary in an Australian pine. Two eaglets successfully fledged from the nest during the 2022 nesting season and it is likely that the eagle pair will rebuild their nest in the same location for the 2023 season. Financially Feasible: The office market has not recovered sufficiently to support new construction. The retail market has recovered and rental rates continue to increase due to the lack of well -located commercial space on Marco Island. The subject's location is on the south end of the San Marco Road and S. Barfield Drive intersection and limited new development has occurred in this area. Recent development/redevelopment is driven almost exclusively by owner -user activity or are being developed for national tenants. I have also not seen any new, integrated mixed - use development (residential above retail) in this location. Overall, development in this location does not appear to be financially feasible. Maximally Productive: The highest and best use of the site, as though vacant, is that it be held until such time as development is financially feasible or be developed with an office or retail use by an owner -user that doesn't meet the test of financial feasibility. The gopher tortoises, burrowing owls, and eagle nest will have to be taken into consideration at that time. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. Carroll & Carroll 55 6280 Report Sales Comparison Approach SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales comparable to the subject. The intention was to find comparable sales in similar locations that offer similar functional utility. Four closed sales and one current listing were identified as the best available for analysis. The sales were analyzed on the basis of the total dollar amount, dollars per gross acre of land area, and dollars per square foot of gross land area. These units of value are commonly employed by the local real estate market and it lends itself well to the analysis. The dollars per square foot of gross land area was concluded to be the best unit of comparison. Comparable land sales data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Carroll & Carroll 56 6280 Report Sales Comparison Approach VACANT LAND COMPARABLE 1 ADDRESS 158/168 S. Barfield Drive, Marco Island, FL 34145 PROPERTY ID NO. 57190680008 & 57190640006 SALE PRICE $2,100,000 UNIT AREA 36,000 sq. ft. UNIT PRICE $58.33 per sq. ft. DATE OF RECORDING April 22, 2022 O.R. BOOK -PAGE 6117/2596 CONTRACT DATE Unknown GRANTOR Greene Children' Limited Partnership GRANTEE Marco Luxe, LLC FINANCING Cash to seller TOPO-ELEVATION Level GROUND COVER Cleared LAND USE DESIGNATION Community Commercial ZONING C-3 - Commercial Intermediate IMPROVEMENTS None UTILITIES All Available PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lots 7 & 8, Block 83, Marco Beach Unit Five, according to the map or plat thereof as recorded in Plat Book 6, Pages 39 through 46, of the Public Records of Collier County, Florida. VERIFICATION This property sold in April of 2022 for $2,100,000 or for $58.33 per square foot. Confirmed as an arm's length transaction by Paul Tateo, broker involved with the transaction. Mr. Tateo indicated that the buyer had originally submitted an offer for $1,700,000, but another broker submitted an offer for $1,800,000. The lots were eventually bid up to $2,100,000. The buyer plans to construct car condominiums. Carroll & Carroll 58 6280 Report Sales Comparison Approach VACANT LAND COMPARABLE 2 ADDRESS 138/148 S. Barfield Drive, Marco Island, FL 34145 PROPERTY ID NO. 57190720007 & 57190760009 SALE PRICE $1,700,000 UNIT AREA 36,000 sq. ft. UNIT PRICE $47.22 per sq. ft. DATE OF RECORDING April 11, 2022 O.R. BOOK -PAGE 6117/2585 CONTRACT DATE March 10, 2022 GRANTOR Sally J. Kramer GRANTEE Southbound Leasing, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Community Commercial ZONING C-3 - Commercial Intermediate IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lots 9 & 10, Block 83, Marco Beach Unit Five, according to the map or plat thereof as recorded in Plat Book 6, Pages 39 through 46, of the Public Records of Collier County, Florida. VERIFICATION This property sold in April of 2022 for $1,700,000 or for $47.22 per square foot. Confirmed as an arm's length transaction by Paul Tateo, broker involved with the transaction. Mr. Tateo indicated the buyer purchased this property to develop car/storage condos. The lots were listed for $1,578,000 and were on the market for 10 days. Carroll & Carroll 59 6280 Report Sales Comparison Approach VACANT LAND COMPARABLE 3 ADDRESS 1858 San Marco Road, Marco Island, FL 34145 PROPERTY ID NO. 56807600000 SALE PRICE $650,000 UNIT AREA 19,624 sq. ft. UNIT PRICE $33.12 per sq. ft. DATE OF RECORDING March 25, 2022 O.R. BOOK -PAGE 6114/1999 CONTRACT DATE February 18, 2022 GRANTOR James D. Hull GRANTEE Peter Cosola FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Community Commercial ZONING C-3 - Commercial Intermediate IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lot 21, Block 70, Marco Beach Unit Two, according to the map or plat thereof as recorded in Plat Book 6, Pages 25 through 31, of the Public Records of Collier County, Florida. VERIFICATION Verified with Ann Pusz, listing agent. She verified the sale price and the arm's-length nature. The lot was listed for $690,000 and was on the market 274 days. Carroll & Carroll 60 6280 Report Sales Comparison Approach VACANT LAND COMPARABLE 4 ADDRESS 580 W. Elkcam Circle & 870 Park Avenue, Marco Island, FL 34145 PROPERTY ID NO. 57490640007 & 57490600005 SALE PRICE $3,750,000 UNIT AREA 50,656 sq. ft. UNIT PRICE $74.03 per sq. ft. DATE OF RECORDING April 28, 2022 O.R. BOOK -PAGE 6122/3228 CONTRACT DATE Unknown GRANTOR Small Bothers Marco, LLC GRANTEE Gary R. Van Cleef FINANCING Cash to seller TOPO-ELEVATION Level and at road grade. GROUND COVER Cleared LAND USE DESIGNATION Town Center/Mixed Use ZONING C-4 - General Commercial IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lot 15 and 16, Block 797, Maro Beach Unit Six, according to the map or plat thereof, as recorded in Plat Book 12, Page 53, of the Public Records of Collier County, Florida. VERIFICATION The property was purchased specifically because it is one of a few properties on Marco Island that are not deed restricted against hotel construction. The purchaser was well informed about hotel development on Marco Island. The property can be developed with 34 hotel units. Carroll & Carroll 61 6280 Report Sales Comparison Approach VACANT LAND COMPARABLE 5 (LISTING) ADDRESS 1824 San Marco Road, Marco Island, FL 34145 PROPERTY ID NO. 56807720003 SALE PRICE $1,300,000 UNIT AREA 23,158 sq. ft. UNIT PRICE $56.14 per sq. ft. DATE OF RECORDING N/A O.R. BOOK -PAGE N/A CONTRACT DATE N/A GRANTOR Mario Sebastianelli GRANTEE N/A FINANCING N/A TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Community Commercial ZONING C-3 - Commercial Intermediate IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lot 24, Block 70, Marco Beach Unit Two, according to the map or plat thereof as recorded in Plat Book 6, Pages 25 through 31, of the Public Records of Collier County, Florida. VERIFICATION Verified through SWFL MLS. Carroll & Carroll 62 6280 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 LISTING PROPERTY IDENTIFICATION 181-221 158-168 138-148 1858 San Marco 580 W. Elkcam 1824 San Marco S. Barfield Dr. S. Barfield Dr. S. Barfield Dr. Rd. Circle Rd. SALE PRICE N/A $2,100,000 $1,700,000 $650,000 $3,750,000 $1,300,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 CONDITIONS OF SALE Market Adjacent Owner Market Market Market Market -400,000 0 0 0 0 BUILDING IMPROVEMENTS None None None None None None 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller N/A Equivalent 0 0 0 0 0 ADJUSTED SALE PRICE N/A $1,700,000 $1,700,000 $650,000 $3,750,000 $1,300,000 Recording Date N/A 04/17/22 04/11/22 03/25/22 04/28/22 02/08/23 Months Prior To Effective Date 02/08/23 9.76 9.96 10.52 9.40 0.00 MARKET CHANGE ADJUSTMENT N/A 4.9% 5.0% 5.3% 4.7% 0.0% ADJUSTED SALE PRICE N/A $1,782,988 $1,784,665 $684,188 $3,926,282 $1,300,000 Parcel Area in Gross Acres 2.13 0.83 0.83 0.45 1.16 0.53 Parcel Area in Gross Sq. Ft. 92,952 36,000 36,000 19,624 50,656 23,158 TOTAL DOLLAR AMOUNT ? $1,782,988 $1,784,665 $684,188 $3,926,282 $1,300,000 PRICE PER ACRE ? $2,148,179 $2,150,198 $1,520,418 $3,384,726 $2,452,830 PRICE PER SQ. FT. ? 49.53 49.57 34.86 77.51 $56.14 LOCATION ADDRESS S. Barfield Dr. S. Barfield Dr. S. Barfield Dr. San Marco Rd. Elkcam Cirle San Marco Rd. CORNER LOT Yes No No No Yes No SIGNALIZED INTERSECTION No No No No No No OVERALL LOCATION Average Similar Similar Similar Superior Similar 0% 0% 0% -15% 0% UTILITIES All Available Similar Similar Similar Similar Similar SEWER ASSESSEMENT PAID No Yes Yes Yes Yes Yes 0% 0% -1% 0% 0% COMP. PLAN CC CC CC CC Town Center CC ZONING C-3 C-3 C-3 C-3 C-4 C-3 0% 0% 0% -10% 0% SIZE IN ACRES 2.13 0.83 0.83 0.45 1.16 0.53 SHAPE/CONFIGURATION Irregular Similar Similar Similar Similar Similar 0% 0% 0% 0% 0% PHYSICAL CHARACTERISTICS Mostly Cleared Superior Superior Superior Superior Superior GOPHER TORTOISES PRESENT Yes No No No No No NUMBER OF BURROWS 219 0 0 0 0 0 BURROWING OWLS PRESENT Yes No No No No No EAGLE NEST Yes No No No No No -35% -35% -35% -35% -35% GROSS ADJUSTMENT N/A 35% 35% 36% 60% 35% INDICATION OF VALUE ? $32.02 1 $32.05 1 $22.35 30.88 1 $36.23 Carroll 8v Carroll 63 6280 Report Sales Comparison Approach DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a "market" transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • Comparable 1 was purchased by the adjacent owner. It was confirmed with the buyer's broker, that they had originally submitted an offer for $1,700,000 and then another buyer came along and the price was bid up to $2,100,000. The buyer's broker felt like the buyer overpaid for the property. Comparable 1 was adjusted downward $400,000, which was the premium the adjacent owner paid to acquire the property. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were Carroll & Carroll 64 6280 Report Sales Comparison Approach demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • None of the comparable sales required adjustment in this category. FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. Market conditions make accurate measurement of this adjustment difficult. The land market is composed of end users, so we are not seeing the pattern of investor/speculator sale and resale that lends itself to good matched paired analysis. However, a trend of increasing value is inferred by generally increasing sale prices, increasing listing prices, and the limited supply of commercial land on Marco Island. I was unable to find any paired sales to measure market changes rates due to the lack of sales. However, there is demand given the lack of available commercial property on Marco Island. Given the age of the sales, a market change rate of 0.50% or 6.00% annually was applied to the comparable sales. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • Comparable 4 is located at the corner of W. Elkcam Circle and Park Avenue, within the town center area of Marco Island. This is a superior location given its central location on the Island. Comparable 4 was adjusted downward 15% for its superior location. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. The sewer assessments for Comparables 1, 2, 3, 4, and 5 have been paid. The subject is on an annual payment plan. The sewer assessment for 201 and 221 S. Barfield Drive Carroll & Carroll 65 6280 Report Sales Comparison Approach have been paid in full and the remining balance for 181 and 191 S. Barfield Drive is $6,093.80. Comparables 1, 2, 3, 4, 5, and 6 were adjusted downward $6,093.80 since their assessments have been paid. The percentage adjustment is calculated by dividing $6,093.80 by the adjusted sale price. COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. Comparable 4 is zoned C-4 — General Commercial and it has a future land use of Town Center/Mixed Use. The property is also approved for hotel development. This type zoning/approvals are in high demand on the island. Due to the demand for C-4/hotel approved land and conversations with brokers active in the market, it appears buyers are willing to pay a premium. Comparable 4 was adjusted downward 10%. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • The Conservation Collier Initial Screening Report indicates that the property has approximately 219 burrows or a total of 110 estimated tortoises on site. The report provided was from 2017, so it is unknown how many tortoises are currently on the property. Based on information presented by Nancy Richie, owner of Island Environmental & Marine Services, LLC, the time and cost associated with relocating gopher tortoises has increased considerably. Currently, the recipient sites in the area are charging $6,000/tortoise, plus the FWC Permit/Mitigation fee, and an Agent fee. The time required to obtain all permits is approximately 8-12 weeks. The total costs associated Carroll & Carroll 66 6280 Report Sales Comparison Approach with relocating each tortoise is approximately $7,000-$8,000. The total estimated costs to relocate approximately 110 tortoises on the subject site could be as much as $770,000 or $7,000 per tortoise. Comparables 1, 2, 3, 4, and 5 had no tortoises and were adjusted downward 20% for their superior physical characteristic. According to the Initial Screening Report, six areas within the southern parcel were cordoned off with post and rope for burrowing owls. At the time of their inspection, three burrowing owls were observed by Program staff. The report also states that the open Bahia grass fields could accommodate nesting burrowing owls. Burrowing owls can be mitigated by filling in or removing the burrows during the non -nesting season. There are associated costs, but the costs are minimal and therefore no adjustment was required. The property currently features an active eagle's nest located along the northern boundary, which provides development challenges blocking construction and development during certain months of the year and within various radiuses of the nest. None of the comparables are known to have similar development challenges; therefore, a negative 15% adjustment was applied to all comparables. Carroll & Carroll 67 6280 Report Sales Comparison Approach RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Sq. Ft. of Land Area 1 $32.02 2 $32.05 3 $22.35 4 $30.88 5 $36.23 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject site, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparable 2 is the strongest indicator of value. It is one of the most recent sales and required the least amount of adjustments. Comparable 2 was weighted 40%. Comparable 1 is also a recent sale and adjacent to Comparable 2. Comparable 1 is also similar to the subject, but it did require a large adjustment for the premium paid by the adjacent owner and therefore was weighted 20%. Comparable 3 is also a good indicator of value. It is similar to the subject, but is clearly a low indicator of value compared to the other comparables. Comparable 3 was weighted 20%. Comparable 4 is a recent sale, but it required the largest number of adjustments and was weighted 20%. Comparable 5 is a current listing. I typically don't weight listings, but they tend to set an upper limit. The subject should be less than $36.23 per square foot. The range of unit value indications is from $22.35 to $36.23 per square foot. The arithmetic mean of Comparables 1, 2, 3, and 4 is $29.33 per square foot and the median is $31.45 per square foot. The weighting process discussed above reflects a unit value of $30.41 per square foot. Carroll & Carroll 68 6280 Report Sales Comparison Approach Based on the range of values and giving strong consideration to Comparables 1 and 2, I concluded to $31.00 per square foot, which is between the median and the weighted average. ESTIMATE OF VALUE $31.00 per square foot results in an indication of value for the subject as of February 8, 2023 of $2,881,512 (92,952 gross square feet x $31.00 per square foot) which rounds to $2,880,000. CARROLL & CARROLL J� Timothy W. Sunyog, MAI Cert Gen RZ3288 Carroll & Carroll 69 6280 Report Addenda ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Qualificationsof Appraiser................................................................................................. 2 Carroll 8v Carroll 6280 Report Addenda ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS I was provided with a Conservation Collier Initial Screening Report conducted on the subject property dated July 6, 2022. A gopher tortoise survey conducted by Island Environmental & Marine Services in May 2017 identified 219 potentially occupied burrows within the four parcels. As stated in their report, "With 219 potentially occupied burrows on the properties, it is estimated that there could be up to 110 Gopher Tortoises (average tortoise density) inhabiting this property." Due to the age of the report, it is unknown how many gopher tortoises were on site as of the effective date of the report. For purposes of this appraisal, I have assumed there are 110 estimated tortoises. I reserve the right to revise the appraisal and the estimate of market value if an updated report is conducted. None HYPOTHETICAL CONDITIONS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. Carroll 8v Carroll 6280 Addenda 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "bested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection we were sensitive to obvious signs of contamination and we reported anything unusual. However, we are not qualified to render professional opinions regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. 14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are not required to give further consultation, testimony, or to be in attendance in court. Carroll & Carroll 6280 Report Addenda /40 Carroll & Carroll Real Estate Appraisers & Consultants Timothy W. Sunyog, MAI CERT GEN RZ3288 PROFESSIONAL RECOGNITION State -Certified General Real Estate Appraiser RZ3288 Earned 12-15-08 MAI Designation Appraisal Institute Earned 06-24-15 PROFESSIONAL EXPERIENCE Carroll & Carroll Appraisers & Consultants, LLC, Naples, FL— Principal/Full Time Commercial Real Estate Appraiser, January 2018 - Present Carroll & Carroll, Inc., Naples, FL, Full Time Commercial Real Estate Appraiser, August 2005 -August 2006 & July 2007 — December 2017 Realvest Appraisal Services, Inc., Maitland, FL, Associate Appraiser, September 2006 -June 2007 Florida Real Estate Sales Associate - February 2014 — Present Qualified Expert Witness, Circuit Court EDUCATION Rollins College, Bachelor of Arts — Economics - May 2004 Argus Valuation — DCF Training, February 2012 Continuing Education — Tim Sunyog has met the continuing education requirements of the State of Florida and the Appraisal Institute a 00 d *51Is] 1/e1w3*9141/e11I [III• V Appraisal Institute — Florida Gulf Coast Chapter (President) Appraisal Institute — Leadership Development & Advisory Council (LDAC) Naples Area Board of Realtors CIVIC INVOLVEMENT Education Foundation — Connect Now Initiative Relay for Life Naples Junior Chamber PRACTICE INCLUDES ASSIGNMENTS INVOLVING Vacant Land Multifamily Properties Office Buildings Subdivisions Ad Valorem Tax Analysis Condemnation Agricultural Properties Commercial Condos Retail Centers Buy/Sell Decisions Litigation FEMA 50% Rule Appraisals Churches Industrial Buildings Restaurants Self -Storage Facilities Estate Settlement Carroll & Carroll 6280 Report Addenda Ron DeSantis, Governor STATE OF FLORIDA Melanie S. Griffin, Secretary d bFl a pr DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES SUNYOG, TIMOTHY WILLIAM 2805 HORSESHOE DRIVE SOUTH SUITE 100 y NAPLES FL 34104 k LICENSE NUMBER: RZ3288 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Carroll 8v Carroll 40 Carroll & Carroll Real Estate Appraisers & Consultants APPRAISAL REPORT FOR THE CONSERVATION COLLIER PROGRAM AND THE COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS SUBJECT PROPERTY: 660 INLET DRIVE MARCO ISLAND, FL 34145 AT THE REQUEST OF: ROOSEVELT LEONARD, R/W-AC SR. REVIEW APPRAISER COLLIER COUNTY FACILITIES MANAGEMENT/REAL PROPERTY 3335 TAMIAMI TRAIL E., STE. 101 NAPLES, FL 34112 ASSIGNMENT No.: 6316-1-TS APPRAISAL EFFECTIVE DATE: MARCH 5, 2023 DATE OF REPORT: APRIL 4, 2023 6316 Report Table of Contents Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS.........................................................1 CONSERVATION FEATURES SUMMARY OVERVIEW................................................................. 3 CERTIFICATION..................................................................................................................................... 5 SCOPEOF WORK................................................................................................................................... 7 ESTATEAPPRAISED.............................................................................................................................. 8 DEFINITION OF MARKET VALUE..................................................................................................... 9 ASSUMED EXPOSURE TIME................................................................................................................ 9 AREAINFORMATION........................................................................................................................10 MARKETAREA..................................................................................................................................... 20 PROPERTY INFORMATION............................................................................................................... 31 SITEDESCRIPTION.......................................................................................................................... 33 SUBJECTPHOTOGRAPHS.............................................................................................................. 35 ENVIRONMENTAL CONTAMINATION.................................................................................... 37 NATURAL RESOURCE CONCERNS............................................................................................ 38 ZONING.............................................................................................................................................. 42 ASSESSMENTAND TAXES............................................................................................................ 44 FLOODZONE DATA....................................................................................................................... 45 TRANSACTIONAL HISTORY........................................................................................................ 46 CURRENTSTATUS........................................................................................................................... 46 HIGHEST AND BEST USE................................................................................................................... 47 CONSIDERATION OF APPROACHES............................................................................................. 49 SALES COMPARISON APPROACH................................................................................................. 50 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 51 VACANT LAND COMPARABLES................................................................................................ 52 LAND SALES ADJUSTMENT GRID.............................................................................................. 60 ESTIMATE OF VALUE..................................................................................................................... 66 ADDENDA............................................................................................................................................. 67 Carroll 8v Carroll 6316 Report Summary of Important Data & Conclusions SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report could be misleading. PROPERTY INFORMATION Property Identification 660 Inlet Drive, Marco Island, FL 34145 Property Description A 0.53 gross acres or 23,087 square foot vacant residential lot located along the west side of Inlet Drive in Marco Island, Florida. Property Type Vacant Land Owner of Record Diane G. Chestnut Property ID # 57802400000 CLIENT INFO & VALUE CONCLUSIONS Client Collier County Facilities Management Department Intended Use To assist the Conservation Collier Program and the Collier County Board of County Commissioners. Intended Users Conservation Collier Program and the Collier County Board of County Commissioners. Appraisal Effective Date March 5, 2023 Date of Report April 4, 2023 Date of Inspection March 5, 2023 Purpose of Appraisal Estimate market value "As Is" Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Value $645,000 GENERALINFO Appraiser Timothy W. Sunyog, MAI State -Certified General Appraiser RZ 3288 Scope of Work All applicable approaches to value were developed. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS I was provided with a Conservation Collier Initial Screening Report conducted on the subject property dated July 6, 2022 (Revised August 29, 2022). The report indicated that active gopher tortoise burrows were observed on the property, but an exact number was not specified. Melissa Hennig, Environmental Specialist I with Collier County Parks and Recreation Conservation Collier Program informed me that Florida Audubon conducted a survey a couple of years ago and identified 37 potentially occupied burrows. For purposes of this appraisal, I have relied on the Florida Audubon survey to determine the number of tortoises on the property. I reserve the right to revise the appraisal and the estimate Carroll &, Carroll 1 6316 Report Summary of Important Data & Conclusions of market value if an updated report is conducted which specifies the number of active gopher tortoises. HYPOTHETICAL CONDITIONS None Carroll &s Carroll 2 6316 Report Conservation Summary Overview CONSERVATION FEATURES SUMMARY OVERVIEW Project Name: Chestnut Appraisal Project Folio Number & Owner(s) of Record: 57802400000 Diane G. Chestnut Zoning/Overlays: RSF-3 — Residential Single -Family District (City of Marco Island) Zoning Considerations for TDR's, PHU, other endangered species: Gopher Tortoises Was the cost to mitigate wetlands or endangered species taken into consideration? Yes, the Conservation Collier Initial Screening Report indicates that active gopher tortoise burrows were observed on the property, but an exact number was not specified. Melissa Hennig, Environmental Specialist I with Collier County Parks and Recreation Conservation Collier Program informed me that Florida Audubon conducted a survey a couple of years ago and identified 37 potentially occupied burrows which translates into approximately 18-19 tortoises. Currently, the recipient sites in the area are charging $6,000/tortoise, plus the FWC Permit/Mitigation fee, and an Agent fee. The time required to obtain all permits is approximately 8-12 weeks. The total costs associated with relocating each tortoise is approximately $7,00048,000. The total estimated costs to relocate all approximately 19 tortoises on the subject site is approximately $133,000 ($7,000 per tortoise x 19 tortoises). Scope of Proposed Mitigation: Relocate the gopher tortoises. Land Area: 0.53 gross acres or 23,087 square feet Access for the Parcel Taken Into Consideration: Full -service access from Inlet Drive. Highest and Best Use: To relocate the gopher tortoises and develop the site with a single-family residence. Date of Estimated Value: March 5, 2023 Carroll 8s Carroll 3 6316 Report Conservation Summary Overview Estimated Value: $645,000 Carroll 8s Carroll 6316 Report Certification CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property and the comparable sales. 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 our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no knowledge of having any current or prospective interest in Subject property and have not performed any prior services regarding Subject property within the last three years, as an appraiser or in any other capacity. I have no bias with respect to the property that is the subject of this report or 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. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. No one other than the undersigned prepared the analyses, opinions and conclusions concerning real estate that are set forth in this report. Carroll 8v Carroll 5 6316 Certification As of the date of this report, I have completed the requirements of the continuing education program of the State of Florida, and for Designated Members of the Appraisal Institute. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Carroll & Carroll 6 6316 Report Scope of Work SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Inspected the subject property and the comparable sales • Reviewed aerial photographs, land use plans, the Land Development Code, the Conservation Collier Initial Criteria Screening Report and other documentation • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use • Researched vacant land comparable sales, listings, and pending sales • Developed the sales comparison approach • Estimated the market value of the fee simple estate • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion Sources of market data included local and regional MLS systems, Costar, LoopNet, public records, and interviews with real estate brokers. Carroll & Carroll 7 6316 Report Estate Appraised ESTATE APPRAISED The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple Absolute is synonymous with Fee Simple. The Dictionary of Real Estate Appraisal, Seventh Edition, published 2022 by the Appraisal Institute, defines Fee Simple Estate 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. We consider easements, but only to the extent that they are known to us. Appraisal of the fee simple means that an improved property is vacant and available to be put to its highest and best use. Carroll & Carroll 8 6316 Report Definition of Market Value DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH)1[ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 4 and 6 months. Carroll & Carroll 9 6316 Area Anal AREA INFORMATION COLLIER COUNTY ANALYSIS An analysis of geography, transportation, population, employment, income, and education for Collier County is performed using data provided by Site to Do Business, Florida Office of Economic & Demographic, United States Department of Labor, all recognized source(s). .s: ter+ ;firmeenn-'AFnrl Mym �61 Shell Paint UIle9 0 Anna n� la_s C.lyo �Bi9gar �' aTr�c'r�arA le& Cdy °Ponta F;assa . '•��,' S n Carins Palk . IlhlnnI xnl hel x'-.nFor[ Myer Beads Este1lilo �' VhN a G rcon u[ q Bonia snores Sprin�gs Naples P yanderhill beach E.- Vanoe�ti:l o nuar Ga!e 5 !I Isles of Cs �ynl I'al�n Hfl�i nn r J- Marcn Isla nee I 30 km 20 mi' nEelales - - �Aa AHlgamr Al49 _sue Alllga[oI AIMas CilY—� -.. — All � Bd ' Flmlda State r i J " u�•ngr.� vha-n.I _ Mieeocukae N Y �,ulndlan Aosnrvarian ❑aar nrm - .. — I Jessie .- - ._ .. wills - otr I v T&malfil7' I rlendr' o raI c-`. STMB:�NLINE.iamTraal ea_I Prn�cilyo; Swb++! TOr Sirr To Da 8dsrrtess — GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. About 63% of the land area is in public ownership, is set aside for environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild, and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. Most of the county is less than 15 feet above mean sea level. Although changes in elevation Carroll & Carroll 10 6316 Area Anal are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is in north Collier County and is the agricultural center of the region. POPULATION "The social forces studied by appraisers primarily relate to population characteristics. The demographic composition of the population reveals the potential demand for real estate, which makes the proper analysis and interpretation of demographic trends important in an appraiser's analysis." The total population, it's composition by age and gender, and the rate of household formation and dissolution strongly influence real property values. (The Appraisal of Real Estate 141h Edition) s00,0oo 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 so,000 Collier County Population 2000 2005 2010 2016 2020 2025 2030 2035 2040 Florida Office of Economic & Demograpkic Research and Esri forecasts 2 02 0 Collier County's population has continued to increase year after year. The population has increased 9.24% as of 2020 from 2016. The population forecasts through 2025 calls for a continued steady growth cycle with an estimated 8.93% population growth from 2020 to 2025. Carroll & Carroll 11 6316 Report Area Analysis Collier County for years has been one of the nations' fastest growing counties, historically outperforming the state. Population increases began in 2010, trending once again towards outperforming the state. Strong growth is expected at 5 to 10% annually through 2025. Population Change (State vs County) 30?'0 25°l0 d° a � 20910 U �+ 1596 04 N% a w 5% 0% 2000 2005 2010 2D16 2021 2025 Year Florida Glace of Economic & Demographic Research and Esri forecasts 2020 -Collier County -Florida Collier County is a popular retirement destination. As of 2020, 55.6% of the County's residents are over the age of 45. The 2025 forecasts depict an aging community with 56.2% of the population 45 years of age or older. Population by Age ■ 2010 ❑ 2020 ■ 2025 Oh 5A 10-14 15-24 25-34 35-44 45.54 55-64 65-74 75-54 35+ Age U.S. Cen=5 Bureau, Census 2010 Summary File 1. Ersi forecasts for 2020 and 2025 Carroll 8& Carroll 12 6316 Area Anal EMPLOYMENT Collier County is a largely service based economy with 37.6% of the employees in the leisure, hospitality, education, and health service industries and 21.4% in professional, business, financial and other services. Trade, transportation, & utilities along with government jobs account for 27.9% of the County's employees. Industries such as natural resources/mining, construction, and manufacturing make up only 5.4% of the market. 2020 EMPLOYED BY INDUSTRY- COLLIER COUNTY Mining & Manufacturing Leisure & Hopitality Trade, portation & Rilties Education & Hea Rlh Se"Aces Office of Econamxc & Denwgraphfc Research, www.edr.sfafe fl.us Top 11 Largest Employers Collier County -2019 Rank Company Employees 1 Publix Super Market 8,728 2 NCH Healthcare System 7,017 3 Collier County School District 5,604 4 Collier County Local Government 5,119 5 Arthrex, Inc 2,500 6 Ritz Carlton- Naples 1,450 7 City of Naples 1,169 8 Moorings Park 888 9 News-Press/Naples Daily News 840 10 Physicians Regional 950 11 Seminole Casino 800 Source: www.swfleda.com/top-100-employers/ as reported in 2019 The unemployment rate in Collier County exceeded the state average by a slight margin in the years 2009 and 2010. The unemployment rate then declined through 2016 as the economy improved and, until recently, Collier County's unemployment rates decreased more rapidly the state. Carroll & Carroll 13 6316 Area Anal Unemployntent Rate (County vs State) 2020 2015 2015 2014 2013 2012 2011 2010 2009 0.0% 2_0% 4.0% 6.0% 8.0% 14.0 12.0% 14.0% ■ Colier County ■ State of Florida United Swes E"rfmmuf L4rbnrr8errc rrg11A- yr SfafislicslLAUSwdsricsMfip INCOME Collier County's per capita income and median household income levels are higher than state statistics. The most substantial difference between Collier County and the state is the large percentage difference in household incomes above $100,000 where Collier County exceeds the state by over 9%. Collier County's percentage household incomes ranging from $25,000 to $99,999 mirror that of the state but is significantly lower in the percentage of household incomes under $25,000. Income levels vary greatly within different areas of Collier County, and so, will be discussed in greater detail in the Market Area descriptions. TRANSPORTATION The transportation system reflects local geography, population densities and the primary motivators of tourism, service industry employment, the construction industry, agriculture, and leisure activities. ROADS The earliest roads were coastal, extending from north to south in the early twentieth century with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami Trail because it was built to connect Tampa and Miami. Where it passes through the coastal community US-41 is a four or six lane divided highway with landscaped medians, curb and gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal arterial and one that defines several important boundaries. Often there is a noticeable land value difference east and west of US-41 because the affluent coastal population prefers to shop and trade close to home. As the highway turns southeast from downtown Naples toward Miami the Trail defines the boundary of the coastal management zone which affects Carroll & Carroll 14 6316 Report Area Anal development densities and storm evacuation requirements. The eastern segment of US-41 is a designated national scenic highway popular with tourists, especially during the winter season as they seek adventure in the Everglades. A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood streets extend into the urban area east and west from US-41. North -south arterials and major collectors are established about one mile apart. From west to east, these include Goodlette-Frank Road, Airport -Pulling Road, Livingston Road, Santa Barbara Boulevard and Collier Boulevard. The east -west grid is spaced about two miles apart; from north to south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84), and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4 lane divided highways. East of Collier Boulevard the road system reflects the economies of scale of Golden Gate Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles east of CR-951, is the principal east -west collector. Everglades Boulevard (2 lane and asphalt surfaced) is the north -south major collector extending south from Immokalee Road 14 miles to the grade separation at I-75 where it continues into the Picayune Strand State Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier County is planning to extend east -west collectors through the Estates along the alignment of Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north -south connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road) north to Golden Gate Boulevard. Interstate highway 75 (I-75) was extended from north to south through Collier County in the mid-1980s along a flood -proof route about five miles inland. Directly east of the City of Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty- one miles east of the coastal community is an interchange at State Road 29; the last interchange in Collier County. Collier County and the FDOT continue to study the feasibility of an interchange at Everglades Boulevard. The advent of I-75 signaled a change in the relationship of Collier County to the rest of Florida and the United States. While US-41 was the only north -south arterial, Collier County was dominated by the conservative mid -western influences of seasonal residents and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road access to Collier was made much more convenient to the northeast via connections with I-4 Carroll & Carroll 15 6316 Report Area Anal and I-95. This had the effect of broadening Collier's market exposure and it stimulated growth. The extension of I-75 south into Dade County promoted better access for European tourists and made Collier County transient lodging attractive for east coast weekenders. Strategic connections exist where Collier Boulevard and CR-92 extend south and west from US-41 providing access to the City of Marco Island from the greater Naples area and from Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural center of Immokalee with points north, with the Naples coastal community via CR-846, with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which is the western gateway to Everglades National Park and the 10,000 Islands region of Collier's southwest coast. The road transportation system is well planned, well maintained, and operating at acceptable capacity. Ambitious road construction projects undertaken in anticipation of growth projections and funded by impact fees have caught up with development. The road system reflects Collier's position at the southerly limit of development on Florida's west coast. MASS TRANSIT Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes Department, provides inexpensive alternative transportation throughout the county linking major employment centers of Naples with Marco Island and Immokalee. There are several circulation routes with stops at the County government complex, hospitals, and major shopping establishments. The system accommodates bicycle transport and personal items. The same County department administers the Collier Area Para Transit system which provides subsidized transportation services for the disabled and economically disadvantaged. This is a successful and growing system that connects people with jobs, essential services, and shopping while reducing transportation costs and road congestion. AIRPORTS Collier County is supported by a system of five public airports. Southwest Florida International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute drive via I-75 from the Collier center of population. This facility serves the five county southwest Florida regions offering domestic and international air carrier service. It is modern, convenient, and has planned expansion to keep up with regional growth. Naples Municipal Airport (APF) owned by the City of Naples and operated by the independently constituted Naples Airport Authority which derives its revenue principally from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown Naples. It serves the coastal community and is especially convenient to affluent residents Carroll & Carroll 16 6316 Report Area Anal who own private aircraft, to the corporate convention business of the large beachfront hotels, and to essential services like mosquito control, Emergency Medical Services (EMS), the Sheriff's office, and private air ambulance services. The two paved runways (5/23 @ 5,290' and 14/32 @ 5,000') will support jets including the G4 and Challenger series. Naples airport is tower controlled and fully certified for commercial operations and is home to several aircraft charter services and flight training schools. In 2005, Naples Municipal Airport accommodated 163,434 aircraft operations, a record high. Annual operations decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479, which is a 5.2% increase from the previous year. Due to its downtown location, Naples airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise abatement measures. The Collier County Airport Authority owns and operates airports at Marco Island, in Everglades City, and at Immokalee. These are primarily funded through fuel sales and hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation facility on the mainland four miles northeast of Marco Island. The single paved runway (17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is available. This airport is convenient to Marco Island residents and to the corporate convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a weekend drag racing strip. The airport is in a Florida Rural Enterprise Zone and a HUB Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign Trade Zone. To date, the economic potential of this airport is largely unrealized. However, the field is active as a training destination for coastal -based flight schools, it hosts aerial firefighting and crop -dusting operations, and it bases numerous private aircraft. The Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres is within walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400') supports itinerant coastal traffic and half a dozen -based aircraft. Fuel, a comfortable pilot center and bicycles are available. The aviation community is well supported. The greater Naples area is the beneficiary the winter season influx of corporate executives and affluent individuals who can afford luxury private jet travel. Carroll & Carroll 17 6316 Area Anal MARINE TRANSPORTATION There is no deep -water port and no commercial marine activity other than that associated with commercial fishing, charter sport fishing, and the marine towing services that support the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six feet at mean low water. The US Coast Guard maintains a dredged and well -marked intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island. Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to the Marine Industries Association of Collier County, as of early 2019 there were 22,749 registered vessels in Collier County. Seasonally, excursions from Marco Island to Key West and from Ft. Myers Beach to Key West are scheduled daily. EDUCATION The Collier County School District provides public education to about 51,905 students encompassing grades K-12. There are a total of 48 public schools consisting of 29 elementary, 10 middle, 8 high schools and one K-12 (Everglades City School). There are also 12 alternative school programs. In addition to the public school system there are numerous private schools scattered throughout the county. The Collier County School District continues to receive a "B" grade by the State of Florida Department of Education. By definition, an "A" or 'B" grade delineates high performance. Between 2015 and 2020 the school district had an overall population growth of more than 6,000 students. 52,000 30,000 = 48,000 r u 46,000 W 44,000 3 42,000 40,000 38,000 2020 University Enrollement 2012 Ave Maria University: 1,129 Florida SouthWestern State College: 15,389 Hodges University: 1,676 Florida Gulf Coast University: 15,373 Collier County Public Schools Enrollment 2013 2014 2015 2016 2020 Year h d ip:ll ru smn. c d f i ers cironl s. ca m Collier County is also home to several colleges and accredited universities. Three colleges have campuses in Collier County: Ave Maria University, Hodges University and Florida Southwestern State College (formerly Edison Community College). Ave Maria University is Carroll & Carroll 18 6316 Report Area Anal a private catholic university that offers both undergraduate and graduate programs including a law school has around 1,129 students. Florida Southwestern State College with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year degree programs for 15,389 students, and Hodges University is a private four-year college that offers bachelors and master's degrees in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located in southern Lee County) is one of the state's fastest growing institutions and home to over 15,373 students. CONCLUSION At the southerly limit of urban development on Florida's west coast, Collier County offers the climate, natural resources, and sporting opportunities to support a superb retirement community. The quality of infrastructure, schools, and social services is what one would expect of such an area. We are experiencing a surge in new development projected to take us through the next several years. In the long term, the attractions of the climate and location, and the stability of fixed -account affluence promise continuing prosperity although probably without the strong emphasis on new development. Carroll & Carroll 19 6316 Market Area MARKET AREA Market Area is defined as: "The geographic region from which a majority of demand comes and in which the majority of competition is located." (The Dictionary of Real Estate Appraisal Th Edition) "A market area is defined in terms of the market for a specific category of real estate and thus is the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users." (The Appraisal of Real Estate 151h Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES The subject property is located in the southwestern portion of the county made up of the island communities of Marco Island, Isles of Capri and Goodland: 148MMZ?ck Bay dolt & Gauntry CM1 ISI of Capri Old Grove 9 ~,1raafps. Addisarr88y CaRl el Marco Island i r a I EBY BiRakw Good :rsn Tripod Koy Gaxamb4s 8$y Helen Key Carroll & Carroll 20 6316 Market Area Introduction Marco Island is located 15 miles south of Naples and is the most southerly beachfront community on Florida's west coast. The island offers an unusual mix of vegetation and geography including low mangrove swamps, Gulf beaches and high scrub sand dunes. Marco Island is one of the oldest settlements on Florida's Southwest Coast. For many years, the island supported two small fishing villages with little change. During the early 1960's and the 1970's Deltona Corporation implemented a large-scale development plan affecting almost all of Marco Island. This was the last of the great dredge and fill developments and it resulted in a community with a strong water orientation and a resort atmosphere. Marco Island was incorporated in 1997. Isles of Capri is a waterfront residential community lying 1/4 mile north of Marco Island across the Marco River and insulated from Marco Island and other nearby development by natural mangrove waterways and deep -water navigable channels. A relatively small central business district is surrounded by single and multi -family residential development. The business district hosts a single convenience store, several commercial fishing establishments, private and commercial marinas, boat storage, a fire/rescue station, a few small offices and retail stores, and two restaurants. Isle of Capri is quiet and quaint. The residential component is about 90% built up and the commercial component is 60-70% built up. Most of the business section has water frontage or access with only a small portion in the center that is non -waterfront. Non -waterfront commercial sites struggle as the surrounding residential neighborhood is insufficient to support more commercial development, and Isles of Capri is well off the arterial road system. There is a trend toward consolidation of waterfront commercial parcels for larger, private marina development supporting large, inland PUDs. Goodland is a one square mile island fishing village of about 400 residents, nearly surrounded by water with one winding access road connecting to the mainland. Located in an unincorporated area of Collier County, the village is immediately adjacent to the eastern Marco Island city limits. The populated area of Marco Island is approximately one mile to the northwest, separated from Goodland by coastal mangroves and shallow waterways. Marco Island and Goodland are located in the northernmost portion of the Ten Thousand Islands in the eastern Gulf of Mexico and west of the Everglades National Park. The deep - water channel that borders Goodland offers excellent passage to the north and south and was a major factor in Goodland's development. Goodland and the surrounding habitable islands and hammocks were initially inhabited by aboriginal peoples as early as 4000 BC and much later were home to Calusa Indians. The Indian population was decimated by diseases spread by Spanish explorers in the 15th Carroll & Carroll 21 6316 Report Market Area century. The Calusa shell mounds survived to serve as the base for the first roads through the hammocks to the old villages of Caxambas Bay and Marco. The parcels surrounding Buzzard Bay constitute the current main waterfront commercial district in Goodland. Environmental Influences This area is desired because of mild winter weather, easy access to miles of beaches, and navigable waterways. The subtropical weather allows for year-round recreational opportunities. Swimming and shelling are popular activities. Marco Island offers public access to a mainland beach and local boaters have access to beaches on nearby islands. Boating and fishing are supported by the hundreds of private boat docks along the Marco and Isle of Capri canal systems. Boat launch facilities are located throughout the market area and seasonal residents and tourists have access to boating activities through local marinas and charter boats. Bicycling, walking, and jogging are supported by an extensive network of connected biking and walking paths. Multiple tennis and pickle ball courts are available, as well as fitness centers. There is only one golf course located in this market area; but, Collier County has more golf courses per capita than most areas in the United States and multiple courses can be easily accessed by City residents and visitors. This area is known for its clean environment and healthy lifestyle. Development has occurred on Marco Island in such a way that the open -space and lush landscaping give the appearance of a well -manicured, tropical paradise. Development on Isle of Capri and Goodland has maintained the small community, fishing village appeal. Nuisances and hazards are primarily associated with mosquitoes and hurricanes. Most of the area, particularly the low spots, are subject to flooding during tropical storm conditions, and mosquitoes are a perennial problem difficult to control due to the proximity of wetlands. Governmental Influences The City of Marco Island has a "council-manager" form of government operating under a city charter. City council consists of a mayor and six city council members elected at -large. The tax burden in the City is higher than the surrounding unincorporated area because of higher property values and millage rates. This is in response to resident expectations of higher standards, and exceptional service. Maintenance of public structures and facilities is above average. City government has zoning, and comprehensive plan ordinances designed to promote development and redevelopment; to protect the character and property values of the city; Carroll & Carroll 22 6316 Report Market Area to protect economic value as it relates to tourist -oriented community; and to maintain and enhance the attractive nature of the city. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Marco Island Police Department serves the City of Marco Island with backup from the Collier County Sheriff's Department as needed. Naples/Marco Island has been reported as one of the Florida's safest cities in which to retire. Transportation This market area is accessed by only two main roadways, Collier Boulevard (SR-951) and San Marco Road (SR-92). Collier Boulevard is a six -lane, major arterial road linking Marco Island in south Collier County with Immokalee Road near the north county line. The Collier Boulevard thoroughfare anchors a grid of arterial roads, spaced about 2 miles apart, that serve the greater Naples coastal community which lies to the west. Development along Collier Boulevard north of Marco Island is scattered with residential developments and clusters of commercial development located mainly at major intersections. Collier Boulevard runs the entire length of Marco Island. The majority of commercial devilment, hotels and high density residential on the Island are located along the Collier Boulevard corridor. San Marco Road is a 2-lane asphalt paved road that leaves US-41 at Royal Palm Hammock in Collier Seminole State Park extending southwest approximately 6.5 miles to the east side of Marco Island at Goodland. There is no development between US-41 and Goodland. San Marco Road is the preferred road to Florida's east coast and serves as a secondary emergency evacuation route. San Marco continues onto Marco Island and it serves as a secondary corridor for commercial and institutional uses. The connector roads and residential streets are laid out in a grid pattern that provides adequate traffic flow. It also furnishes easy access to the beaches and main arterial roadways. Commercial development exists at every major intersection; but the intersections are designed with proper turns lanes and signaling to provide for adequate traffic movement. The road network easily handles traffic demand in the off-season, May through December. Traffic more than doubles in January, February, March and April because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road network usually handles peak traffic demand without major delays. Public transportation is limited. A County transit bus services part of this area; but it is not heavily utilized. Carroll & Carroll 23 6316 Report Market Area The Marco Island Executive Airport is conveniently located to Marco Island, Goodland and Isles of Capri. It provides affordable, convenient, safe hassle -free air travel. AV gas and jet fuel are available on -site. Airport staff provides personal service to customers and arranges for ground transportation and local reservations upon request. It is managed by Collier County Airport Authority. Social Influences This southwestern most area experienced growth similar to that of the region as a whole. During the last twenty-year growth cycle the island developed as a transient resort and seasonal retirement center. The population increases dramatically during the winter months. Marco Island is the demographic center of the market area with the neighboring island communities of Isles of Capri and Goodland home to very few full-time residents. Population increased 47.8% from 1990 to 2000. The twenty-year period from 2000 to 2020 experienced a slowing growth trend with population increasing on 19.2%. Population projections through 2025 continue the increasing growth pattern. US Census Bureau, Esri forecasts, 2020 population is 19,328 with a projected growth to 20,628 (6.7% growth) by 2025. This slowing trend is largely due to the attributable to the increasingly limited supply of vacant land suitable for residential development. The median age in the sub -market area is 66.6, considerably higher than the county average of 50.4. A total of 71.5% of the population is 55 and older. The median household income is $91,496 which is approximately 22% higher than the county's median household income of $71,593. Of the 25 locations included in the Economic Policy Institute's dataset for Florida, Naples -Marco Island is the 21st most expensive. The dominant population is well educated. A total of 46.1% have a bachelor's or professional degree and 19.8% have some college education. There is a high degree of community involvement through civic organizations, neighborhood groups, social service organizations and political committees. Carroll & Carroll 24 6316 Report Market Area esri® Demographic . _ Profile Marco/Capri/Goodland Prepared by Esri Area: 29.85 square miles Summary Census 2010 2020 2025 Population 17,618 19,328 20,628 Households 8,841 9,858 10,557 Families 5,972 6,560 6,998 Average Household Size 1.99 1.96 1.95 Owner Occupied Housing Units 7,532 8,210 8,830 Renter Occupied Housing Units 1,309 1,648 1,727 Median Age 63.2 66.6 68.0 Trends: 2020-2025 Annual Rate Area State National Population 1.31 % N/A 0.72% Households 1.38% N/A 0.72% Families 1.30% N/A 0.64% Owner HHs 1.47% N/A 0.72% Median Household Income 2.18% N/A 1.60% 2020 2025 Households by Income Number Percent Number Percent <$15,000 673 6.8% 607 5.7% $15,000 - $24,999 535 5.4% 470 4.5% $25,000- $34,999 577 5.9% 534 5.1% $35,000 - $49,999 917 9.3% 885 8.4% $50,000- $74,999 1,364 13.8% 1,372 13.0% $75,000 - $99,999 1,206 12.2% 1,308 12.4% $100,000 - $149,999 1,615 16.41/o 1,801 17.1% $150,000 - $199,999 1,102 11.2% 1,334 12.6% $200,000+ 1,869 19.01/0 2,246 21.3% Median Household Income $91,496 $101,932 Average Household Income $136,379 $152,690 Per Capita Income $69,559 $78,144 Census 2010 2020 2025 Population by Age Number Percent Number Percent Number Percent 0-4 353 2.0% 317 1.6% 332 1.6% 5-9 462 2.6% 410 2.1% 428 2.1% 10 - 14 504 2.91/0 475 2.51/o 465 2.3% 15 - 19 484 2.7% 422 2.2% 445 2.2% 20 - 24 394 2.2% 344 1.8% 317 1.5% 25 - 34 828 4.7% 872 4.5% 792 3.8% 35 - 44 1,084 6.2% 1,176 6.1% 1,326 6.4% 45 - 54 2,076 11.8% 1,477 7.6% 1,449 7.0% 55 - 64 3,338 18.9% 3,364 17.4% 3,021 14.6% 65 - 74 4,587 26.0% 5,087 26.3% 5,694 27.6% 75 - 84 2,784 15.8% 4,008 20J1/o 4,656 22.6% 85+ 724 4.1% 1,376 7.1% 1,703 8.3% Census 2010 2020 2025 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 16,919 96.0% 18,326 94.81/o 19,392 94.0% Black Alone 91 0.5% 122 0.6% 152 0.7% American Indian Alone 19 0.1% 21 0.1% 23 0.1% Asian Alone 193 1.1% 312 1.6% 411 2.0% Pacific Islander Alone 6 0.0% 9 0.0% 11 0.1% Some Other Race Alone 272 1.5% 377 2.0% 451 2.2% Two or More Races 118 0.7% 161 0.8% 188 0.9% Hispanic Origin (Any Race) 1,201 6.8% 1,639 8.5% 2,013 9.8% Data Note: Income is expressed in current dollars. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. February 23, 2021 =sn Page 1 of 2 Carroll & Carroll 25 6316 Market Area esri® e _ o min Marco/Capri/Good land Area: 29.85 square miles Trends 2020-2025 2- � v fl- 1.4- 1.2 - �; 1- m � 0.8 - 0.6 - 0.4 - a 0.2 - 0- Population Population by Age 25- 20 - 15 - U L a 10- 5- 0- 0-4 5-9 Households 7 Families Owner HHs Median HH Income 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2020 Household Income 2020 Population by Race $35K-$49K 9.3% 90 $50K-$74K $25K-$34K 13.8% 5.9% 80 $15K-$24K 5.4% 70 $75K-$99K <$15K 60 12.2% $1o0K-$1 16.4 % u 50 L a 40 30 ooK+ 20 9.0% 10 $150K-$199K 11.2% 0 White Black Am. Ind. Asian Pacific Other Two+ 2020 Percent Hispanic Origin:8.5% Prepared by Esri ■ Area State ■ USA ■ 2020 ■ 2025 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. ©2021 Esri February 23, 2021 Page 2 of 2 Carroll & Carroll 26 6316 Market Area Economic Influences This area's income levels are higher than the County's average. The average household income in 2020 was $136,379 which is 20.4% more than the county average $108,633. In the subject market area, 46.6% of the households have annual incomes greater than $100,000, compared to the county figure of 35.1% and 19% have incomes greater than $200,000. The median home value is $596,517 which is substantially higher than the County's median home value of $369,596. The higher median home value can be attributable to the large number of waterfront properties in the market area. Total number of housing units in the market area is 20,088, of which, 40.9% are owner occupied and only 8.2% are renter occupied. There are no large apartment complexes in this market reflecting the limited number of renters and rental options. The Marco Island submarket is very seasonal indicated by the 50.9% vacancy rate, which includes seasonal rentals. Development trends: Residential Residential development density varies from 2 units per acre in the estates area, to as high as 26 units per acre in the luxury high rise beach front developments clustered along western edge of the island. The typical density is 4 to 8 units per gross acre. The majority of the residential development in this neighborhood is single family canal or waterfront with direct or indirect Gulf access. Multi -family development, not including the luxury, beach front high rises, is limited and scattered throughout the island. The resort/vacation atmosphere promoted by the abundance of waterfront development and island atmosphere attract a wealthier demographic with financial resources adequate to own more than one home, and to live comfortably enjoying seasonal residence. Such individuals expect commercial and professional services to be convenient and they are willing to pay for convenience and good quality. Commercial Commercial development in this neighborhood includes banks, office buildings, industrial, professional offices/medical, retail centers, restaurants, hotels and anchored shopping centers. Reflecting the overall characteristics of the surrounding residential the existing commercial development represents some of the newer, modern, and highest quality within the county. Marco Island is served by four commercial centers. Old Marco Village, located at the north end of Bald Eagle Drive, is the oldest commercial area on the island. This area has become tourist oriented with the majority of commercial establishments being retail shops and restaurants. Carroll & Carroll 27 6316 Report Market Area The second commercial center is located at the intersection of Bald Eagle Drive and North Collier Boulevard. This is the heart of commercial/industrial activity. The sewage treatment plant, electrical substation, solid waste incinerator, fire station and sheriff's department substation are all located here. Major shopping centers anchored by grocery stores and small businesses including hardware stores, mini -storage buildings, automotive repair shops and part stores are also located here. The third commercial center is located at the intersection of San Marco Road and Barfield Drive. This is an area of recent development and has been identified through Collier County's Growth Management Plan as a community commercial activity center. Commercial development includes shopping centers anchored by grocery stores, banks, service stations, hardware shops and other businesses serving the general population. This is the commercial area serving the immediate needs of the Estates Area on south Marco Island. The fourth commercial district is a corridor located along Collier Boulevard. This commercial strip primarily serves the tourist population visiting local hotels and beachfront condominiums. Commercial establishments include retail stores, restaurants, and real estate offices. The Esplanade Shoppes, Residences and Marina is the flagship mixed -use development within the subject neighborhood. Located at the northwest corner of Collier Boulevard and West Elkcam Circle; within the Town Center Commercial District; the Esplanade benefits from 1,100 feet of waterfront along the southern edge of Smokehouse Bay. This coastal Italian -style village consisting of upscale retailers, small specialty stores, fine dining and luxury waterfront residences is an attractive tourist destination. With nearly 50,000 square feet of retail and office space, 72 multi -family waterfront residences and a 77-boat-slip marina the Esplanade is the largest planned mixed -use development on Marco Island. Marco Island is currently developing a Midtown Plan which is an overlay district mainly covering the Bald Eagle Drive, North Collier Boulevard and Elkcam Circle commercial center. The objectives of the overlay are to 1. Ensure that midtown continues to serve as the center of culture, commerce and civic life for the residents and visitors of Marco Island 2. Encourage new investment in buildings and businesses within midtown to provide employment and an enhanced tax base 3. Build upon the natural assets of midtown as well as the tropical small town character qualities that have attracted people to live on and visit Marco Island 4. strengthen the variety and quality of available goods and services within midtown 5. Develop a clear and consistent message about the unique attributes of midtown 6. Recognize that the residents and merchants of midtown are both important as stewards of the livability and quality of life in the community. Carroll & Carroll 28 6316 Report Market Area MARKET AREA BUSINESS UMMA1 Total Businesses 1,192 Total Employees 10,462 Total Population 19,328 Employee/Pop. Ratio 54.1 Industry by NAICS codes Businesses Employees Health Care/Social Assitarkce 57 1,627 Accon-unodation/Food Service 102 2,493 Finance/Ittsttrance/Real Estate 1% 1,137 Retail Trade 143 1,124 Other Services 119 719 Constritctioit 113 659 Profes-3ional/5cieittific/Tech 91 337 Transportation 51 323 Public Administration 39 210 Arks/Entertainment/Recreation 46 223 Management/Administratirnt 53 166 Education 12 12 Information 24 146 Manufacturing 16 67 Wholesale Trade 14 72 Utility 2 10 Unclassified Establishments 141 8 U.S. Ce?mu Bweru. C'e?rsus 2 07 0 Sung vy File 7. Dzsfo?wxsls far2020 ivrd2025 The service and retail industries dominate the market area business sector with the financial/real estate industry a close third. Most service employees commute daily from the greater Naples area or points north. The large number of employees in the service sector is impacted by the beachfront hotels including; the JW Marriott Marco Island, Marriott's Crystal Shores, Hilton Marco Island, and the Marco Island Beach Resort. Carroll & Carroll 29 6316 Report Market Area MARKET AREA LIFE CYCLE Market areas often pass through a four -stage life cycle of growth, stability, decline, and revitalization. • 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. Marco Island has led the recovery and continues thrive with increasing population and activity in all sectors. The market area is considered to be in a period of growth. CONCLUSION This continues to be a strong market area because it occupies a strategic southwest coastal location consisting of several island communities each unique in character and appeal. Access to the water, particularly in the form of waterfront home sites, drives this market. No new waterfront home sites are being developed. As population increases, demand for waterfront living is expected to support a steady increase in property values. Carroll & Carroll 30 6316 Report Property Information PROPERTY INFORMATION Islesrot Caen f+ f { tf �J I 'Hi wa. 851 ,n s M�ecq isiand -u.Island �` M arcc� Isl Rd 1 Cal Museu. III san marCn.Rd v{ Subject than it AL I ickmana ms Island ey Fred Key Fleler} Key Carroll & Carroll 31 6316 Report Proverty Information 0 0,• o ..._ ,,' o -tea" -�_ 20 a> a Iz"46'aa" N' r=/52ffi58" 4"�§ k�5. w.o __5�5�°�': ��N..xx�� y7d•wl -304� A A Z3 _ 9 � ti$ .. L N�?9 395d" a_ a_/z 39'ac• � � `n Rpra o1 -�__ 2�0_ra• R%r�/� �.s s 5 � .q .9s.o3' a:/s o,2:98", y- RAoln+- DRplNAGS � zSx Bf' 3/sa ' 12A•lwa,6/ IYl c7 EO Ngq'39' /�.y9' L .ead/w! �dio! Q • ?3 tF - S. 1ga./so.ca' ' a �t c�.S s�✓E 30• '`�3$ s� t'74 A ❑ IA eoz.7a• � � !7 m� a oti o\• 4A0/qL Qm 16 • s" /zs ^, o' h„k- n�6e � 6 m `ems. � ���_ �z. ,PeP,s. 4q' Sd• `' 2��7 �. ,7 b s'6,�a. �90 A` P•s 306� H 12 q� o a A hr �✓ �r �./ W _ Ar 1i M� lgsr !• nnY $7�o39j 4 a'R i669� q ° ry p?• �.> ass, °ry ^':/'--: 10 17 Po o, 30 18 Carroll 8v Carroll 32 6316 Report Property Information SITE DESCRIPTION Legal Description Lot 16, Block 305, Marco Beach Unit 9, according to the map or plat thereof as recorded in Plat Book 6, Pages 69 through 73, inclusive, of the Public Records of Collier County, Florida. Property ID# 57802400000 Owner of Record Diane G. Chestnut Size I was not provided with a boundary survey of the subject parcel. The size of the parcel is based on the legal description obtained for the most recent warranty deed and the square footage reported by the Collier County Property Appraiser. 0.53 gross acres or 23,087 square feet Easements None Shape Rectangular Frontage The subject fronts for 125 feet along the west side of Inlet Drive. Access The subject is provided both physical and legal access from Inlet Drive. Topography Based on my physical inspection, the property is generally level with a gradual slope from north to south. Ground Cover The property is in its native state and has never been cleared. I was provided with a Conservation Collier Initial Screening Report conducted on the subject property and dated July 6, 2022 (Revised August 29, 2022). The report indicates a maritime hammock with some small patches of costal scrub plant community. The property supports a variety of native plants typical in the area. The observations included gumbo -limbo, seagrape, wild coffee, catclaw blackbead, coco plum, marlberry, snowberry, hoopvine, rouge plant, sand live oak, tough bully, prickly pear, and gopher apple. A large Brazilian pepper exists within the northeast corner of the parcel, and Burma reed lines the northern edge of the parcel. Other exotic vegetation includes guinea grass, tropical almond, Brazilian pepper, and umbrella tree. Utilities The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. Adequate Carroll & Carroll 33 6316 Report Property Information capacity exists to support full utilization of the site. The subject has the ability to connect to the sewer system. The current annual payment for the sewer assessment is $1,770.96 with a remaining balance of $12,512.91. Surrounding Land Uses The subject is surrounded by both vacant residential lots and improved single-family residential. Site Improvements None Carroll 8v Carroll 34 6316 Report Property Information SUBJECT PHOTOGRAPHS View to north along Inlet Drive. (Photo Taken March 5, 2023) View to the south along Inlet Drive. (Photo Taken March 5, 2023) Carroll & Carroll 35 6316 Report Property Information View to the west from Inlet Drive. (Photo Taken March 5, 2023) View to the northwest from Inlet Drive. (Photo Taken March 5, 2023) Carroll &, Carroll 36 6316 Report Propertv Information ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment No Available Impact on Value None Disclaimer Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. Carroll & Carroll 37 6316 Report Propertv Information NATURAL RESOURCE CONCERNS Condition of Subject The property is in its native state and has never been cleared. I was provided with a Conservation Collier Initial Screening Report conducted on the subject property and dated July 6, 2022 (Revised August 29, 2022). The report indicates a maritime hammock with some small patches of costal scrub plant community. The property supports a variety of native plants typical in the area. The observations included gumbo -limbo, seagrape, wild coffee, catclaw blackbead, coco plum, marlberry, snowberry, hoopvine, rouge plant, sand live oak, tough bully, prickly pear, and gopher apple. A large Brazilian pepper exists within the northeast corner of the parcel, and Burma reed lines the northern edge of the parcel. Other exotic vegetation includes guinea grass, tropical almond, Brazilian pepper, and umbrella tree. According to the Conservation Collier Initial Screening Report, active gopher tortoise burrows were observed on the property. There were also multiple active burrows on the parcel to the south. Melissa Hennig, Environmental Specialist I with Collier County Parks and Recreation Conservation Collier Program informed me that Florida Audubon conducted a survey a couple of years ago and identified 37 potentially occupied burrows which translates into approximately 18-19 tortoises. In Florida, gopher tortoises are listed as threatened and both the tortoise and burrow are protected under state law. The gopher tortoises must be relocated with permits obtained from the FWC for relocating before any land clearing or development takes place. Although none were observed in the Initial ort, there is also the potential for Carroll & Carroll 38 6316 Report Property Information burrowing owls to exist on the site. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. Natural Resource Audits Available No Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser's required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise re uired to discover them. Carroll 8v Carroll 39 6316 Report Propertv Information FUTURE LAND USE Ordinance or Plan City of Marco Island Comprehensive Plan Future Land Use Designation Low Density Residential Purpose of Designation The Low Density Residential future land use category consists of predominantly single-family residential areas that are located interior to the island, and in other areas where it is appropriate to protect existing neighborhoods. This category provides low density housing proximate to the City's commercial nodes and public facilities. Non- residential uses land uses, including mixed -use developments, are not permitted. This category has a standard density range from one dwelling unit per acre (1 du/acre) to four dwelling units per acre (4 du/acre). Bonus densities are not allowed. Carroll & Carroll 40 6316 Report Propertv Information N A City of Marco Island CITY OF MARCO ISLAND 2040 FUTURE M-1 Map Created:612021 2040 COMPREHENSIVE PLAN LAND USE MAP Source: City of Marco Island tsm a,000 qsm 4� Carroll 8v Carroll 41 6316 Report Propertv Information ZONING Ordinance or Land Development City of Marco Island Code Zoning RSF-3 — Residential Single -Family District Purpose or Intent of Zoning It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. The RSF districts are intended to be single-family residential areas of low density. Below are the development requirements as set forth in the Estate Zoning District: Minimum Lot Area: 10,000 square feet Minimum Lot Width: 80 feet Maximum Building Height: 35 feet Minimum Floor Area: 1,500 sq. ft. The subject property is a legal conforming lot. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in my workfile. Carroll & Carroll 42 6316 Report Property Information :-A - i , 620 '1 661 RS F-3 aeo 671 6so RSF-3 �0 aa1 6ea +r 6so + 700 1020 RSF-3 C:- 1300 7M 7 v.d 1wt - a leas 71i 701 aj p -_ 7DC 3G 720 721 RSF-3 ,zo Devon Ct 731 729 'At 1791 ' 730 - Carroll & Carroll 43 6316 Report Propertv Information ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID 57802400000 Assessment and Tax Year 2022 Land Assessment $368,007 Improvement Assessment $0 Total Assessment $368,007 10% CAP ($149,539) AG Exemption ($0) Taxable Value $218,468 Ad Valorem Taxes $2,882.06 Non- Ad Valorem Taxes $1,770.96 Total Taxes $4,653.02 Taxing Authority/Jurisdiction Collier County As of the appraisal effective date the 2022 taxes have been paid. The non -ad valorem taxes are for the annual payment for the sewer assessment. The subject's remaining balance is $12,512.91. Carroll & Carroll 44 6316 Report Propertv Information FLOOD ZONE DATA Flood Zone X Flood Zone Comments Zone X — Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Community Panel Number 12021C0837H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps Carroll 8v Carroll 45 6316 Report Propertv Information TRANSACTIONAL HISTORY Sales History There have been no transactions or transfers of ownership in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract To my knowledge, the subject is not currently listed for sale or under contract. Carroll & Carroll 46 6316 Report Highest and Best Use HIGHEST AND BEST USE DEFINITION The Dictionary of Real Estate Appraisal, 7h Edition, published 2022 by the Appraisal Institute, defines Highest and Best Use 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. METHOD There are four criteria that must be met in order for a use to be the highest and best use for a given property. The highest and best use must be: • Legally permissible. • Physically Possible. • Financially feasible. • Maximally productive. Ordinarily these criteria are considered sequentially, each step narrowing the range of alternative uses being considered. ANALYSIS SITE AS THOUGH VACANT Legally Permissible: The zoning ordinance and Growth Management Plan are consistent in identifying the property for a residential use. The site meets the minimum requirements for development. Physically Possible: The site is level and at road grade and could be developed as a single-family home site. The location, surrounding land uses, and the size of the property suggest some type of single-family use. The property has active gopher tortoise burrows with much of the site supporting a habitat suitable for gopher tortoises. Melissa Hennig, Environmental Specialist I with Collier County Parks and Recreation Conservation Collier Program informed me that Florida Audubon conducted a survey a couple of years ago and identified 37 potentially occupied burrows which translates into approximately 18-19 tortoises. In order to develop the site, the gopher tortoises must be relocated with permits obtained from the FWC for the relocating. Carroll & Carroll 47 6316 Report Highest and Best Use Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Single-family residential development is financially feasible. Maximally Productive: The maximally productive use is that the gopher tortoises be relocated and the site developed with a single-family residence. Carroll 8v Carroll 48 6316 Report Highest and Best Use CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. Carroll 8v Carroll 49 6316 Report Sales Comparison Approach SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales comparable to the subject. The intention was to find comparable sales in similar locations that offer similar functional utility. Four closed sales and two pending sales were identified as the best available for analysis. The sales were analyzed on the basis of the total dollar amount, dollars per gross acre of land area, and dollars per square foot of gross land area. These units of value are commonly employed by the local real estate market and it lends itself well to the analysis. The dollars per square foot of gross land area was concluded to be the best unit of comparison. Comparable land sales data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Carroll & Carroll 50 •- '. subject - }� 4JF r Comp 5*^` i� # Comp 1 y AI Comp'4 Comp 310 � � �� ,. • Lfqlr Ll �� imp s� 6316 Report Sales Comparison Approach VACANT LAND COMPARABLE 1 ADDRESS 790 Inlet Drive, Marco Island, FL 34145 PROPERTY ID NO. 58120960001 SALE PRICE $850,000 UNIT AREA 25,694 sq. ft. UNIT PRICE $33.08 per sq. ft. DATE OF RECORDING June 17, 2022 O.R. BOOK -PAGE 6144/1268 CONTRACT DATE May 1, 2022 GRANTOR Robert and Susan Davidson GRANTEE Wojciech and Elzbieta Kocemba FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None UTILITIES All available. The sewer assessment has been paid. PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lot 22, Block 425, Marco Beach Unit Thirteen, a subdivision according to the plat thereof as recorded in Plat Book 6, Pages 92 through 99, of the Public Records of Collier County, Florida. VERIFICATION Verified with Tim Mason, listing agent. He verified the sale price and the arm's-length nature. The lot was listed for $1,000,000 and was on the market 88 days. Carroll & Carroll 52 6316 Report Sales Comparison Approach VACANT LAND COMPARABLE 2 ADDRESS 1021 W Inlet Drive, Marco Island, FL 34145 PROPERTY ID NO. 58108760003 SALE PRICE $700,000 UNIT AREA 20,753 sq. ft. UNIT PRICE $33.73 per sq. ft. DATE OF RECORDING April 04, 2022 O.R. BOOK -PAGE 6108/1611 CONTRACT DATE February 2, 2022 GRANTOR Robert and Suzanne Upson GRANTEE Dennis R. Albaugh FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None UTILITIES All available. The sewer assessment has been paid. PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lot 1, Block 406, Marco Beach Unit Thirteen, a subdivision according to the plat thereof as recorded in Plat Book 6, Pages 92 through 99, of the Public Records of Collier County, Florida. VERIFICATION Verified through Public Records. The lot was listed for $699,000 and was on the market 282 days. Carroll & Carroll 53 6316 Report Sales Comparison Approach VACANT LAND COMPARABLE 3 ADDRESS 881 Inlet Drive, Marco Island, FL 34145 PROPERTY ID NO. 58119800004 SALE PRICE $749,000 UNIT AREA 23,285 sq. ft. UNIT PRICE $32.17 per sq. ft. DATE OF RECORDING March 15, 2022 O.R. BOOK -PAGE 6104/2925 CONTRACT DATE February 18, 2022 GRANTOR Good -Rich Florida Land Company, LLC GRANTEE Frank R. Vegely FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None UTILITIES All available. The sewer assessment has been paid. PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lot 17, Block 424, Marco Beach Unit Thirteen, a subdivision according to the plat thereof as recorded in Plat Book 6, Pages 92 through 99, of the Public Records of Collier County, Florida. VERIFICATION Verified through Public Records. The lot was listed for $749,000 and was on the market 30 days. Carroll & Carroll 54 6316 Report Sales Comparison Approach VACANT LAND COMPARABLE 4 ADDRESS 1775 Watson Road, Marco Island, FL 34145 PROPERTY ID NO. 25840000805 SALE PRICE $340,000 UNIT AREA 12,632 sq. ft. UNIT PRICE $26.92 per sq. ft. DATE OF RECORDING February 16, 2023 O.R. BOOK -PAGE 6217/315 CONTRACT DATE Unknown GRANTOR WSA Development Group, LLC GRANTEE Lago Capital Investments, Inc. FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None UTILITIES All available PRIOR SALES Sold December 14, 2021 for $250,000. LEGAL DESCRIPTION Lot 5, Caxambas Estates 2nd Replat, according to the plat thereof as recorded in Plat Book 24, Pages 56 and 57, of the Public Records of Collier County, Florida. VERIFICATION Verified with Cal Montenegro, listing agent and seller. He verified the sale price and the arms -length nature. The lot was listed for $449,000 and was on the market 214 days. He said the discount was due to the fact that the lot had approximately 30 gopher tortoise burrows and he said it was going to be $90,000 to $120,000 to mitigate them. Carroll & Carroll 55 6316 Report Sales Comparison Approach VACANT LAND COMPARABLE 5 (PENDING) ADDRESS 720 Inlet Drive, Marco Island, FL 34145 PROPERTY ID NO. 58120680006 SALE PRICE $875,000 UNIT AREA 22,651 sq. ft. UNIT PRICE $38.63 per sq. ft. DATE OF RECORDING N/A O.R. BOOK -PAGE N/A CONTRACT DATE February 17, 2023 GRANTOR Gregory and Jennifer Pascale GRANTEE N/A FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None UTILITIES All available PRIOR SALES Sold June 22, 2021 for $350,000. LEGAL DESCRIPTION Lot 15, Block 425, Marco Beach Unit Thirteen, according to the plat thereof as recorded in Plat Book 6, Page 92, of the Public Records of Collier County, Florida. VERIFICATION Verified with Jason Peach, listing agent. The lot went pending February 17, 2023. He was unable to disclose the contract price, but said it was close to the asking price. The lot was listed for $875,000 and was on the market 50 days. Jason said he had a couple of interested Carroll & Carroll 56 6316 Sales Comparison Approach parties. All of the gopher tortoises have been removed. I interviewed Nancy Richie who said that 31 tortoises were removed for a total cost of approximately $200,000. Carroll & Carroll 57 6316 Report Sales Comparison Approach VACANT LAND COMPARABLE 6 (PENDING) ADDRESS 1001 W. Inlet Drive, Marco Island, FL 34145 PROPERTY ID NO. 58109200009 SALE PRICE $699,000 UNIT AREA 19,166 sq. ft. UNIT PRICE $36.47 per sq. ft. DATE OF RECORDING N/A O.R. BOOK -PAGE N/A CONTRACT DATE February 17, 2023 GRANTOR Raja and Suzy Khoury GRANTEE N/A FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None UTILITIES All available PRIOR SALES Sold February 11, 2021 for $275,000. LEGAL DESCRIPTION Lot 1, Block 407, Marco Beach Unit Thirteen, according to the plat thereof as recorded in Plat Book 6, Page 92, of the Public Records of Collier County, Florida. Carroll & Carroll 58 6316 Report Sales Comparison Approach VERIFICATION Verified with Jason Peach, listing agent. The lot went pending February 17, 2023. He was unable to disclose the contract price, but said it was close to the asking price. The lot was listed for $699,000 and was on the market 165 days. There are no gopher tortoises on the lot. Carroll & Carroll 59 6316 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 PENDING PENDING PROPERTY IDENTIFICATION 660Inlet 790Inlet 1021 W. Inlet 881 Inlet 1775 Watson 720Inlet 1001 W. Inlet Drive Dr. Dr. Dr. Rd. Dr. Dr. SALE PRICE N/A $850,000 $700,000 $749,000 $340,000 $875,000 $699,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Pending Pending 0 0 0 0 -43,750 -34,950 BUILDING IMPROVEMENTS None None None None None None None 0 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller N/A N/A Equivalent 0 0 0 0 0 0 ADJUSTED SALE PRICE N/A $850,000 $700,000 $749,000 $340,000 $831,250 $664,050 Recording Date N/A 06/17/22 04/04/22 03/15/22 02/16/23 03/05/23 03/05/23 Months Prior To Effective Date 03/05/23 8.58 11.01 11.67 0.56 0.00 0.00 MARKET CHANGE ADJUSTMENT N/A 8.6% 11.0% 11.7% 0.6% 0.0% 0.0% ADJUSTED SALE PRICE N/A $922,929 $777,087 836,408 341,900 831,250 664,050 Parcel Area in Gross Acres 0.53 0.59 0.48 0.53 0.29 0.52 0.44 Parcel Area in Gross Sq. Ft. 23,087 25,694 20,753 23,285 12,632 22,651 19,166 TOTAL DOLLAR AMOUNT ? $922,929 $777,087 $836,408 $341,900 $831,250 $664,050 PRICE PER ACRE ? $1,564,286 $1,632,537 1,566,307 1,178,966 1598,558 $1,509,205 PRICE PER SQ. FT. ? $35.92 $37.44 $35.92 $27.07 $36.70 $34.65 LOCATION ADDRESS Inlet Dr. Inlet Dr. W. Inlet Dr. Inlet Dr. Watson Rd. Inlet Dr. Inlet Dr. CORNER LOT No Yes Yes No No No Yes WATERFRONT No No No No No No No OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar 0% 0% 0% 0% 0% 0% UTILITIES All Available Similar Similar Similar Similar Similar Similar SEWER ASSESSEMENT PAID No Yes Yes Yes Yes Yes Yes -1% -2% -1% -4% -2% -2% COMP. PLAN Low Den. Res. Low Den. Res. Low Den. Res. Low Den. Res. Low Den. Res. Low Den. Res. Low Den. Res. ZONING RSF-3 RSF-3 RSF-3 RSF-3 RSF-3 RSF-3 RSF-3 0% 0% 0% 0% 0% 0% SIZE IN ACRES 0.53 0.59 0.48 0.53 0.29 0.52 0.44 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar 0% 0% 0% 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Native Veg. Cleared/Native Cleared Cleared Native Veg. Cleared GOPHER TORTOISES PRESENT Yes No No No Yes No Yes NUMBER OF BURROWS 37 0 0 0 30 0 6 (see discussion of adjustments on pg 63) -14% -22% -21% -8% -16% -17% GROSS ADJUSTMENT I N/A 16% 24% 22% 12% 18% 19% INDICATION OF VALUE I? $3U.26 28.56 27.88 23.86 30.27 28.15 Carroll 8s Carroll 60 6316 Report Sales Comparison Approach DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a "market" transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • Comparables 5 and 6 are pending sales, but the listing agent was unable to disclose the contract price. Given the historical list to sale price ratios (94.92% for 2022), I adjusted the two Comparables downward 5% each. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. Carroll & Carroll 61 6316 Report Sales Comparison Approach • None of the comparable sales required adjustment in this category. FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. Land values in the estates area of Marco Island have been appreciating due to the demand for residential lots. The buyers include a mix of individuals who plan to build a home, investors, and speculative home builders. Sales are presented below that have sold and resold throughout Marco Island with the majority being waterfront lots. The land market saw the greatest increases from 2021 to 2022. The resales from 2022 to 2023 indicate change rates slightly less than 1.00% per month. Interviews with realtors indicate that there is increasing demand for lots in the Estate sub -market due to the higher elevations. Address Prior Sale Recent Sale Months Prior Sale Price Recent Sale Price Appreciation Monthly Change 820 Caxambas Dr. 02/11/21 01/18/22 11.21 $350,000 $515,000 47.14% 4.21% 1775 Watson Rd. 12/14/21 02/16/23 14.10 $250,000 $340,000 36.00% 2.55% 931 E. Inlet Dr. 02/05/21 01/09/23 23.11 $999,000 $2,000,000 100.20% 4.34% 1031 E. Inlet Dr. 08/16/21 08/26/22 12.33 $1,500,000 $2,240,000 49.33% 4.00% 1645 Ludlow Rd. 04/01/21 02/06/23 22.22 $1,240,000 $2,400,000 93.55% 4.21% 1391 Cutler Ct. 11/04/21 01/26/23 14.73 $1,525,000 $2,250,000 47.54% 3.23% 1309 Auburndale Ave. 01/31/22 09/19/22 7.59 $349,000 $371,100 6.33% 0.83% 154 Kirkwood St. 02/18/22 09/01/22 6.41 $295,000 $335,000 13.56% 2.12% 756 Orchid Ct. 11/04/21 01/03/23 13.97 $1,050,000 $1,410,000 34.29% 2.45% 1858 Apataki Ct. 10/06/21 01/20/23 15.48 $1,325,000 $1,250,000 -5.66% -0.37% 1260 Apricot Ave. 05/07/21 07/22/22 14.50 $217,500 $360,000 65.52% 4.52% 498 Spinnaker Dr. 03/04/22 02/24/23 11.74 $1,225,000 $1,350,000 10.20% 0.87% AVG 2.92% The sales utilized in the report range from a pending sale to over 11 months old. Based on the wide range of market change rates and age of the Comparable sales, I applied a market change rate of 1.00% per month or 12.00% annually. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • None of the comparable sales required adjustment in this category. Carroll & Carroll 62 6316 Report Sales Comparison Approach UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. • The sewer assessments for Comparables 1, 2, 3, 4, 5, and 6 have been paid. The subject is on an annual payment plan. The current annual payment for the sewer assessment is $1,770.96 with a remaining balance of $12,512.91. Comparables 1, 2, 3, 4, 5, and 6 were adjusted downward $12,512.91since their assessments have been paid. The percentage adjustment is calculated by dividing $12,512.91 by the adjusted sale price. The adjustment for Comparable 1 is a downward 1.36% or $12,512.91/$922,929. COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparable sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. The Conservation Collier Initial Screening Report indicates that active gopher tortoise burrows were observed on the property, but an exact number was not specified. Melissa Hennig, Environmental Specialist I with Collier County Parks and Recreation Conservation Collier Program informed me that Florida Audubon conducted a survey a couple of years ago and identified 37 potentially occupied burrows which translates into approximately 18-19 tortoises. Carroll & Carroll 63 6316 Report Sales Comparison Approach Based on information presented by Nancy Richie, owner of Island Environmental & Marine Services, LLC, the time and cost associated with relocating gopher tortoises has increased considerably. Currently, the recipient sites in the area are charging $6,000/tortoise, plus the FWC Permit/Mitigation fee, and an Agent fee. The time required to obtain all permits is approximately 8-12 weeks. The total costs associated with relocating each tortoise is approximately $7,000-$8,000. The total estimated costs to relocate all 19 tortoises on the subject site is approximately $133,000 or $7,000 per tortoise. Comparables 1, 2, 3, and 5 have no tortoises and were each adjusted downward $133,000 or the calculated percentage. Comparable 4 has approximately 15 active tortoises and Comparable 6 has 3 tortoises. Both were adjusted downward the difference in cost to relocate the tortoises compared to the subject's costs. The adjustments are presented below. Comparables 2 and 3 are cleared and are superior to the subject. They were both adjusted downward 5% each. PHYSICAL CHARACTERISTICS ADJUSTMENT GRID Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Adjusted Sale Price $922,929 $777,087 $836,408 $341,900 $831,250 $664,050 Number of Tortoises 0 0 0 15 0 3 Relocation Costs ($7,000/tortoise) Relocation Costs for Subject $133,000 $133,000 $133,000 $133,000 $133,000 $133,000 Relocation Costs for Comp. $00 $00 L0 $105,000 $0 $21,000 Net Difference $133,000 $133,000 $133,000 $28,000 $133,000 $112,000 Percentage Adjustment (Net Difference/Adjusted Sale Price) -14% -17% -16% -8% -16% -17% Vegetation 0% -5% -5% 0% 0% 0% Total Net Adjustment -14% -22% -21% -8% -16% -17% Carroll & Carroll 64 6316 Report Sales Comparison Approach RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Sq. Ft. of Land Area 1 $30.26 2 $28.56 3 $27.88 4 $23.86 5 $30.27 6 $28.15 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject site, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 1, 2, and 3 are good indicators of value. Comparable 1 received slightly more weight because it is the most recent of the three. Comparable 1 was weighted 30% and Comparables 2 and 3 were weighted 25% each. Comparable 4 is the most recent sale, but it required a large adjustment for gopher tortoises and it is a smaller and narrower lot. It should also be noted that it is now relisted for $525,000. Comparable 4 was weighted 20%. Comparables 5 and 6 are pending sales that are similar to the subject. I was unable to confirm the contact prices, but the subject's unit value should be similar to Comparables 5 and 6. The range of unit value indications is from $23.86 to $30.27 per square foot. The arithmetic mean of Comparables 1, 2, 3, and 4 is $27.64 per square foot and the median is $28.22 per square foot. The weighting process discussed above reflects a unit value of $27.96 per square foot. Based on the range of values, I concluded to $28.00 per square foot. Carroll & Carroll 65 6316 Report ESTIMATE OF VALUE Sales Comparison Approach $28.00 per square foot results in an indication of value for the subject as of March 5, 2023 of $646,436 (23,087 gross square feet x $28.00 per square foot) which rounds to $645,000. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Carroll & Carroll 66 6316 Report Addenda ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Qualificationsof Appraiser................................................................................................. 2 Carroll 8v Carroll 6316 Report Addenda ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS I was provided with a Conservation Collier Initial Screening Report conducted on the subject property dated July 6, 2022 (Revised August 29, 2022). The report indicated that active gopher tortoise burrows were observed on the property, but an exact number was not specified. Melissa Henning, Environmental Specialist I with Collier County Parks and Recreation Conservation Collier Program informed me that Florida Audubon conducted a survey a couple of years ago and identified 37 potentially occupied burrows. For purposes of this appraisal, I have relied on the Florida Audubon survey to determine the number of tortoises on the property. I reserve the right to revise the appraisal and the estimate of market value if an updated report is conducted which specifies the number of active gopher tortoises. None HYPOTHETICAL CONDITIONS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. Carroll &, Carroll 6316 Addenda 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "bested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection we were sensitive to obvious signs of contamination and we reported anything unusual. However, we are not qualified to render professional opinions regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. 14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are not required to give further consultation, testimony, or to be in attendance in court. Carroll & Carroll 6316 Report Addenda /40 Carroll & Carroll Real Estate Appraisers & Consultants Timothy W. Sunyog, MAI CERT GEN RZ3288 PROFESSIONAL RECOGNITION State -Certified General Real Estate Appraiser RZ3288 Earned 12-15-08 MAI Designation Appraisal Institute Earned 06-24-15 PROFESSIONAL EXPERIENCE Carroll & Carroll Appraisers & Consultants, LLC, Naples, FL— Principal/Full Time Commercial Real Estate Appraiser, January 2018 - Present Carroll & Carroll, Inc., Naples, FL, Full Time Commercial Real Estate Appraiser, August 2005 -August 2006 & July 2007 — December 2017 Realvest Appraisal Services, Inc., Maitland, FL, Associate Appraiser, September 2006 -June 2007 Florida Real Estate Sales Associate - February 2014 — Present Qualified Expert Witness, Circuit Court EDUCATION Rollins College, Bachelor of Arts — Economics - May 2004 Argus Valuation — DCF Training, February 2012 Continuing Education — Tim Sunyog has met the continuing education requirements of the State of Florida and the Appraisal Institute a 00 d *51Is] 1/e1w3*9141/e11I [III• V Appraisal Institute — Florida Gulf Coast Chapter (President) Appraisal Institute — Leadership Development & Advisory Council (LDAC) Naples Area Board of Realtors CIVIC INVOLVEMENT Education Foundation — Connect Now Initiative Relay for Life Naples Junior Chamber PRACTICE INCLUDES ASSIGNMENTS INVOLVING Vacant Land Multifamily Properties Office Buildings Subdivisions Ad Valorem Tax Analysis Condemnation Agricultural Properties Commercial Condos Retail Centers Buy/Sell Decisions Litigation FEMA 50% Rule Appraisals Churches Industrial Buildings Restaurants Self -Storage Facilities Estate Settlement Carroll & Carroll 6316 Report Addenda Ron DeSantis, Governor STATE OF FLORIDA Melanie S. Griffin, Secretary d bFl a pr DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES SUNYOG, TIMOTHY WILLIAM 2805 HORSESHOE DRIVE SOUTH SUITE 100 y NAPLES FL 34104 k LICENSE NUMBER: RZ3288 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Carroll 8v Carroll RKL APPRAISAL AND CON SUITING REAL ESTATE APPRAISAL REPORT CHESTNUT Residential Land 660 Inlet Drive Marco Island, Collier County, Florida, 34145 PREPARED FOR: Mr. Roosevelt Leonard Supervisor — Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 P.O. Number 4500223051 ACHI L M. ZUCCHI, MAI, CCIM C. LOWRY, MAI, CPA 0UIS C. BOSBITT, MAI EFFECTIVE DATE OF THE APPRAISAL: April 15, 2023 DATE OF THE REPORT: May 12, 2023 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2023-100 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Chestnut 660 Inlet Drive Marco Island, Florida *RKL AI SAL AND CON Sit LTIN G May 12, 2023 Mr. Roosevelt Leonard Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Chestnut 660 Inlet Drive, Marco Island, Collier County, Florida, 34145 P.O. Number 4500223051 RKL File Number: 2023-100 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The intended users for the assignment are Conservation Collier and the Collier County Board of Commissioners, and the intended use of the appraisal is to assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject is a vacant residential parcel of land containing an area of 0.536 acres, or 23,366 square feet located within the RSF-3, Residential Single -Family District. It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com Mr. Roosevelt Leonard Collier County May 12, 2023 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple April 15, 2023 $610,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Ass um tions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com CHESTNUT TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... 1 Conservation Features Summary Overview....................................................................... 2 IntroductionInformation..................................................................................................... 3 SubjectIdentification...................................................................................................... 3 Current Ownership and Property History....................................................................... 3 AppraisalScope.............................................................................................................. 3 Client, Intended User, and Intended Use........................................................................ 4 Definition of Market Value............................................................................................. 4 Definition of Property Rights Appraised........................................................................ 4 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 4 Scopeof Work................................................................................................................ 5 EconomicAnalysis............................................................................................................. 6 NationalEconomic Analysis........................................................................................... 6 Florida Economic Analysis............................................................................................. 8 Collier County Area Analysis....................................................................................... 10 MarketArea Analysis................................................................................................... 27 Property Description and Analysis................................................................................... 32 SiteAnalysis................................................................................................................. 32 Real Estate Taxes and Assessments.............................................................................. 42 Highestand Best Use.................................................................................................... 43 ValuationMethodology.................................................................................................... 46 AnalysesApplied.......................................................................................................... 47 Sales Comparison Approach......................................................................................... 48 Reconciliation............................................................................................................... 57 Final Value Conclusion................................................................................................. 57 Certification...................................................................................................................... 58 Assumptions and Limiting Conditions............................................................................. 60 Addenda Appraiser Qualifications Property Information ..... Comparable Data ........... Addendum A Addendum B Addendum C CHESTNUT SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Chestnut 660 Inlet Drive, Marco Island, Collier County, Florida, 34145 Owner: Diane Greene Chestnut Legal Description: Lot 16, Block 305 of Marco Beach Unit Nine, a Subdivision according to the Plat thereof as recorded in Plat Book 6, Page(s) 69 through 73, of the Public Records of Collier County, Florida. Tax Identification: 57802400000 Intended Use: The intended use is to assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. Intended User(s): Conservation Collier and the Collier County Board of Commissioners PROPERTY Land Area: Total: 0.54 acres; 23,366 square feet Flood Zone: Zone X Zoning: RSF-3, Residential Single -Family District Highest and Best Use As Vacant Residential development Exposure Time 12 months Marketing Period 12 months VALUE INDICATIONS Value Range of Comparables: $22.00 to $31.00 per square foot Reconciled Value(s): As Is Value Conclusion(s) $610,000 Effective Date(s) April 15, 2023 Property Rights Fee Simple The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Ass um tions: None. Page 1 CHESTNUT CONSERVATION FEATURES SUMMARY OVERVIEW CONSERVATION FEATURES SUMMARY OVERVIEW Project Name: Chestnut Folio numbers with owner(s) of record: 57802400000 Zoning and overlays: RSF-3 within Low Density Residential 0-4 Units per Acre future land use Zoning Considerations for TDR's, PHU, other endangered species: According to a Conservation Collier Initial Criteria Screening Report dated August 29, 2022, the parcel contains migratory bird habitat and active gopher tortoise burrows. Active gopher tortoise burrows were observed on the parcel itself. Multiple active burrows were observed on the adjacent parcels to the south. The maritime hammock community within the Chestnut parcel also provides habitat for migratory bird species. According to the Collier County Parks and Recreation Conservation Collier Program, the site has 37 potentially occupied gopher tortoise burrows indicating approximately 18-19 Gopher Tortoises. Environmental issues are beyond our scope of expertise. The appraiser is reporting data from reports provided for the purpose of this appraisal. Was the cost to mitigate wetlands or endangeredpecies taken into consideration? Yes, for the gopher tortoises, according to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." According to a Conservation Collier Initial Criteria Screening Report dated August 29, 2022, a large Brazilian pepper exists within the northeast corner of the parcel, and Burma reed lines the northern edge of the parcel. Other non-native, invasive plants are scattered throughout the parcel including guinea grass, tropical almond, Brazilian pepper, and umbrella tree. The estimated initial cost for invasive vegetation removal is $7,500 with recurring costs of $1,000 per year. Scope of proposed miti ag tion: According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." Land Area: 0.536 acres or 23,366 square feet Access for the parcel taken into consideration: Yes, access is average. Highest and Best Use: Residential development Date of estimated value: April 15, 2023 Estimated value: $610,000 Page 2 CHESTNUT INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Chestnut 660 Inlet Drive, Marco Island, Collier County, Florida, 34145 Legal Description: Lot 16, Block 305 of Marco Beach Unit Nine, a Subdivision according to the Plat thereof as recorded in Plat Book 6, Page(s) 69 through 73, of the Public Records of Collier County, Florida. Tax Identification: 57802400000 The subject is a vacant residential parcel of land containing an area of 0.536 acres, or 23,366 square feet located within the RSF-3, Residential Single -Family District. It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Diane Greene Chestnut. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is not currently listed for sale, or under contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past five years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions Page 3 CHESTNUT INTRODUCTION INFORMATION • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Conservation Collier and the Collier County Board of Commissioners. The intended use is for assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is April 15, 2023. The date of inspection was April 15, 2023. The date of the report is May 12, 2023. Page 4 CHESTNUT INTRODUCTION INFORMATION SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A complete on site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 5 CHESTNUT NATIONAL ECONOMIC ANALYSIS ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on May 3, 2023. Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage -backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of March 2023. Real GDP is projected to grow at a rate of 0.4% in 2023, a decrease from the previous December projection of 0.5%. The unemployment projection for 2023 decreased from 4.6% to 4.5%. The Core PCE inflation projection also increased from 3.5% to 3.6% in 2023. Page 6 CHESTNUT NATIONAL ECONOMIC ANALYSIS Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, under their individual assumptions of projected appropriate monetary policy, March 2023 Percent Median1 Central'n-denry2 Rsn9e9 Variable 2023 2024 24M Longer 2M 2021 2025 lnffv 2023 2024 M25 longer run run run Chang,. in ncaJ GDP 0.4 1.2 1_9 1.8 0.0-0.8 1.0-15 1.7-2.1 1.7-2.0 -0-2-1.3 03-2.0 1.5-22 1.6-2.5 De-ber pmjectiun 0.5 1.6 1.8 1.8 0.4-1.0 1.2-2.0 1.6-2.0 ' 1.7-2.0 -O.&J.0 0.5-2.4 1.4-2.3 1.6-2.5 IIneu,yluyment rate 4.5 4.6 4.6 4.0 4.0 4.7 4.3 4.9 4.3 4.8 3.8 4.3 3.9 4.8 4.0 5.2 3.9 4.9 3.5 4.7 Dnrnmbrr prnj-tion 4.6 4.6 4.5 4.0 4.4-4.7 4.3-4S 4.0-4.7 3-8-4.3 4.0-53 4.0-5.0 3.9-4-8 3.5-4.9 PC F, inflation 3.3 2.5 2.1 2.0 3-0-3-8 2.2-2.8 2.0-22 2.0 2.9-4-1 2.0-3.5 2.0-3-0 2.0 Ll ee ber pmjecti- 3.1 2.5 2.1 2.0 2.9-3.5 2.3-2.7 2.0-2.2 2A 2.6-4.1 2.2-3.5 2.".0 2.0 Cure PCE u&atw.4 3.6 2.6 2.1 3.5 3.9 2.3 2.8 2.0 2.2 3.5 4.1 2.1 3.1 2.0 3.0 Der .mbrr prnjc tion 3.5 2.5 2.1 3.2-3-7 2.3-2.7 2.0-2.2 3.0-3-8 22-3.0 2.0-3-0 Memo: Projected apprnpriatc policy path Federal funds rate 5.] 4.3 3-1 2.5 5-1-5-6 3-9-5-1 2.0-3.3 2.4-2.6 4.9-5.9 3.4-5.6 2."-6 23-3.6 I)ec�m6er pmjectkm 5.1 4.1 3.1 P 2.5 5.1-5.4 3.9-1.9 2.6-3.9 2.3-2.5 4.9 5.6 3.1 5.6 2.4 5.6 2.3-0.3 According to Freddie Mac Chief Economist Sam Khater, if interest rates were to drop, the outlook for the mortgage market in 2023 will be bright. "Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of millennial renters will provide support to the purchase market," Sam Khater, said in a December 2022 statement. According to an December 2022 report by Lawrence Yun, chief economist at the National Association of Realtors, home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 - an increase of just 0.3% from this year ($384,500). "Half of the country may experience small price gains, while the other half may see slight price declines," Yun said. Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages. According to the National Association of Real Estate Investment Trusts' (NAREIT) 2023 Outlook, REITs are well -positioned to navigate economic and market uncertainty in 2023 due to strong operational performance and balance sheets. "Despite economic headwinds and weakness in valuations, equity REITs have proven to be quite resilient from an operational perspective, and it is clear that REITs are well -positioned for ongoing economic uncertainty in 2023." The firm noted that data from the Nareit T-Tracker in the third quarter of 2022 highlighted solid year -over -year growth in funds from operations (FFO), net operating income (NOI), and same -store NOI. Quarterly FFO increased to $19.9 billion in the third quarter, a 14.9% increase from a year ago and an all-time high. While the pandemic took a toll on the operational performance of equity REITs, there's no question that it has recovered and surpassed pre -pandemic levels. Nareit also noted how REITs historically perform during and after a recession. For example, REITs have historically outperformed private real estate during a recession and in the four quarters after a recession. REITs have also historically outperformed their equity market counterpart before, during, and after recessions. The 2023 CBRE U.S. Real Estate Market Outlook projects high interest rates and a recession will make 2023 a challenging year for commercial real estate. "Though inflation eased in late 2022, it was still running at more than 7%. The Fed will continue raising rates until it sees a marked reduction in inflation nearer to its 2% target. Page 7 CHESTNUT FLORIDA ECONOMIC ANALYSIS Weakening fundamentals and higher cost of capital will generally lower asset values." However, CBRE expects the recession will not be particularly deep as corporate finances are in good shape and employers will shun excessive layoffs to avoid losing employees in a tight market for skilled labor. While consumer confidence is highly subdued, average household debt is low compared with the onset of previous recessions. These factors suggest a moderate downturn, with unemployment unlikely to breach the 6% level. Inflation will be significantly lower by the second half of 2023, setting the stage for falling interest rates and the beginning of a new cycle that will last to the 2030s. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2023, the global real estate industry faces transformational shifts in how buildings will be used, valued, and transacted in 2023 and beyond following a pandemic - fueled course correction. "Ongoing uncertainty in the global economy could impact the industry even more. In the near term, the potential for regional or global recession or stagnation looms —and these impacts would be felt across financial services sectors." The economy is top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. "Revenue expectations for 2023 are mixed among those surveyed-40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Last year's results were much more optimistic: 80% expected revenues to increase in 2022. As a result, more respondents (33%) are planning to cut costs compared to last year, when only 6% planned to make cuts." According to the PwC Emerging Trends in Real Estate 2023, the real estate industry is moving beyond what it perceives as cyclical headwinds i.e., rising interest rates, declining gross domestic product (GDP), sinking deal flows — and taking a long-term approach to real estate assets. The mood among the real estate professionals we interviewed for this year's "Emerging Trends" is cautious optimism. Their plan: Ride out the current slump and reposition their firms for another period of sustained growth and strong returns. According to J.P. Morgan Chase 2023 commercial real estate outlook, there may be challenges ahead. "Retail is at a crossroads, and the future of office space is unclear. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. But there are a few bright spots in the commercial real estate forecast. Multifamily properties continue to perform well, and the hot streak for industrial properties remains." As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, after a historically low rate of change between 2020 and 2021, the U.S. resident population increased by 0.4%, or 1,256,003, to 333,287,557 in 2022. Florida was the fastest -growing state in 2022, with an annual population increase of 1.9%, resulting in a total resident population of 22,244,823. It was also the second largest -gaining state behind Texas, with an increase of 416,754 residents. Net migration was the largest contributing component of change to Florida's growth, adding 444,484 residents. "While Florida has often been among the largest -gaining Page 8 CHESTNUT FLORIDA ECONOMIC ANALYSIS states," Kristie Wilder, a demographer in the Population Division at the Census Bureau noted, "this was the first time since 1957 that Florida has been the state with the largest percent increase in population. According to the Summer 2022 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida's economy, as measured by real Gross State Product, will expand at an average annual rate of just 1.0% from 2022 to 2025. Real Gross State Product will mildly contract during the recession as growth will slow to -0.2% in 2023, turn positive in 2024, and growth begins to accelerate in 2025 to 1.7%. Payroll job growth in Florida will begin to falter during the recession but not in every sector. After year -over -year growth of -4.9% in 2020, the labor market rebounded to 4.6% in 2021. With job growth expected to be 4.3% in 2022, payroll employment will contract by 0.6% in 2023 and again by 1.5% in 2024 before expanding by 0.6% in 2025. Housing starts will be suppressed by the Pasta Bowl Recession and higher mortgage rates. Rapid house price appreciation will vanish over this period as supply catches up with demand dampened by rising mortgage rates, decreasing affordability, and the recession. The Florida & Metro Forecast was prepared prior to the impact of Hurricane Ian. Thus, the outlook does not reflect the impacts of the storm, which at a state level may not turn out to be as significant as they will be, at least in the near term, for the metropolitan areas that bore the brunt of the storm's impact. The unemployment rate in Florida has fallen from its May 2020 peak of 14.2% and stands at 2.7% as of August 2022. When unemployment spiked to 14.2% in May of 2020, it was 2.9 percentage points higher than the peak level of unemployment from the Great Recession. This unprecedented surge in unemployment occurred over just three months, while it took two -and -a -half years for the unemployment rate to reach its peak in the Great Recession. Table 1. Annual Summary of the University of Central Florida's Forecast for Florida 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personal Income and GSP Personal Income (Bil- 5) 1023.1 1087.2 1139.3 1210.D 1325.0 1382.0 1434.6 1491.0 1566.9 Florida.(%Ch Year ago) 7.2 6.3 4.3 6.2 9.6 4.2 3.8 3.9 5.1 U.S.(%Ch Year ago) 4.7 5.1 4.1 6.5 7.5 3.2 5.0 4.3 4.4 Personal Income (B11. 2012$) 952.4 9968 1037.5 1080.3 1136.7 1115.2 1120.8 1145.3 1182.1 Florida.(%Ch Year ago) 5.5 4.7 4.1 4.1 5.2 -1.9 0.5 2.2 3.2 U.S.(%Ch Year ago) 2.8 2.9 2.5 5.3 3.5 -2.9 1.5 2.5 2.6 ❑isp. Income (Bil- 2012$) 839.9 892.4 928.1 973.9 1014.0 973.5 994.4 1032.5 1065.6 Flo rida.(%Ch Year ago) 3.5 6.2 4.0 4.9 4.2 -4.1 2.1 3.8 32 U.S.(%Ch Year ago) 2.3 3.4 2.3 6.2 2.3 -5.3 3.2 4.1 2.6 GSP (Bil. $) 1002.6 1057.9 1116.4 1106.0 1226.3 1335.2 1390.4 1433.5 1488.8 (%Ch Year ago) 5.2 5.5 5.5 -0.9 10.9 8.9 4.1 3.1 3.9 GSP (Bil. 2012$) 913.0 943.5 971.6 944.0 1008.7 1028.3 1026.1 1D33.6 1051.2 (%Ch Year ago) 3.6 3.3 3.0 -2.8 6.9 1.9 -02 0.7 1.7 Employment and Labor Force (Household Survey % Change Year Ago) Employment 2.2 2.5 2.1 -4.9 4.6 4.3 -0.6 -1.5 0_6 Labor Force 1.7 1.3 1.5 -1.7 2.2 2.7 2.0 0.8 0.7 FL Unemployment Rate (%) 4.3 3.7 3.2 8.3 4.6 3.2 4.7 5.8 5.6 U.S. Unemployment Rate (%) 4.4 3.9 3.7 8.1 5.4 3.6 4.2 4.7 4.8 Page 9 CHESTNUT COLLIER COUNTY AREA ANALYSIS COVID-19 Governor Ron DeSantis issued a "safer -at-home" order on April 3, 2020 in an effort to limit the spread of coronavirus. Governor DeSantis announced on April 29, 2020 that he would lift the "safer -at-home" order on May 4, 2020. Retailers and restaurants are allowed to reopen in limited capacities while movie theaters, gyms, bars, and face-to-face personal service providers (such as barbers and nail salons) will remain closed. Phase One of the three-phase "Safe. Smart. Step -by -Step" plan excludes Miami -Dade, Broward, and Palm Beach counties. As of September 25, 2020 Governor DeSantis announced Florida would be entering Phase 3 in reopening the state, meaning restaurants, bars, salons and other businesses will be allowed to reopen under full capacity. On May 3, 2021, Governor DeSantis signed an executive order that immediately suspended the state's remaining COVID-19 public health restrictions. As of November 29, 2021, Governor DeSantis again announced the state will not be issuing any lockdowns or restrictions. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County's population increases up to 25% between November and April due to seasonal residents and short-term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County's economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Distance to Other Major Markets Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in five of the six Southwest Florida counties with the greatest growth (2010- 2020) in Lee County and the second highest in Collier County. Lee County maintained the highest growth rate of the six counties from 2020 to 2022. Page 10 CHESTNUT COLLIER COUNTY AREA ANALYSIS Table 3. Population and Population Change for Counties in Florida, 2000 to 2022 State and County Population 2022 2020 2010 Percent Change 2020 2010 2000 2000 to 2022 to 2020 to 2010 FLORIDA 22,276,132 21,538,187 18,801,332 15,982,824 3.4 14.6 17.6 Charlotte 196,742 186,847 159,978 141,627 5.3 16.8 13.0 Collier 390,912 375,752 321,520 251,377 4.0 16.9 27.9 Glades 12,273 12,126 12,884 10,576 1.2 -5.9 21.8 Hendry 40,633 39,619 39,140 36,210 2.6 1.2 8.1 Lee 802,178 760,822 618,754 440,888 5.4 23.0 40.3 Sarasota 452,378 434,006 379,448 325,961 4.2 14.4 16.4 Sources: US Census Bureau (2020, 2010, and 2000 Census) and Universityof Florida, Bureau of Economic and Business Research (2022 Estimates). Page 11 CHESTNUT COLLIER COUNTY AREA ANALYSIS The following table shows the projected population through 2050. As shown, Lee County also has the highest projected growth rates with Collier County as a close second. Projections of Florida Population by County 2025-2050 County Projections, April 1 and State 2025 2030 2035 2040 2045 2050 CHARLOTTE Low Medium High 188,800 190,900 190,200 188,000 185,100 203,000 215,700 225,800 234,300 241,900 217,200 240,500 261,400 280,600 298,800 181,600 248,800 315,900 COLLIER Low 383,700 390,500 392,500 391,100 387,600 383,300 Medium 408,200 433,900 455,100 472,700 487,600 501,000 High 432,700 477,300 517,700 554,200 587,600 618,800 GLADES Low 11,700 11,400 11,100 10,700 10,400 10,100 Medium 12,500 12,700 12,900 13,000 13,100 13,200 High 13,200 14,000 14,600 15,200 15,800 16,200 HENDRY Low 39,900 39,700 39,200 38,600 37,900 37,300 Medium 42,000 43,400 44,500 45,300 46,000 46,600 High 44,100 47,100 49,700 52,000 54,000 55,900 LEE Low 800,500 832,000 848,400 855,500 856,800 855,300 Medium 851,600 924,500 983,700 1,033,800 1,077,800 1,118,100 High 902,700 1,016,900 1,118,900 1,212,100 1,298,700 1,380,800 SARASOTA Low 439,700 444,000 443,300 440,200 435,600 429,800 Medium 467,700 493,300 514,000 532,000 547,900 561,800 High 495,800 542,700 584,700 623,700 660,200 693,900 Source: Bureau of Economic and Business Research, Florida Population Studies, Bulletin 192 U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country's 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2022-2023 25 Best Places to Retire is dominated by Pennsylvania and Florida metro areas. Pensacola is the top Florida market at No. 3 behind Lancaster and Harrisburg, PA. Naples is No. 6 overall while Sarasota is No. 11. Naples is ranked 12th overall in the 2022-2023 Best Places to Live report released by U.S. News & World Report in May 2022. Cape Coral -Fort Myers fell from No. 43 to No. 100 while Sarasota -Bradenton maintained its No. 9 ranking. According to data released by the National Association of Realtors in November 2022, half of the top 10 most expensive markets were in California. Naples I Marco Island was the 8th most expensive and only Florida market in the top ten. Page 12 CHESTNUT COLLIER COUNTY AREA ANALYSIS Employment The local economy is largely dependent on the real estate market. Covid-19 negatively impacted overall employment and the service and leisure and hospitality sectors in particular; however, jobs continue to return as the market improves. Tourism drives much of the Collier County area's economy, with leisure and hospitality composing almost 20% of the workforce. The following table shows the Collier County Employment by Industry as well as historical and projected job growth. NAPLES EMPLOYMENT BY INDUSTRY IN THOUSANDS Year End 2022 Industry Manufacturing Trade, Transportation and Utilities rrnancial Actmnes Government Natural Resources, Mining and Construction Education and Health Services Professional and Business Services Information Leisure and Hospitality Other Services Total Employment CIJRRENTJOBS C U RRE NT G ROVVTH Jobs LO Market u5 5 0.4 2.69% 1 2.83% 31 1.0 4 8D% 2.68% 23 1.4 5.93% 1.86% 10 1.0 0.42% 1.81% 13 0.6 1.80% 0.64% 20 22 7.91 % 3.43% 25 0.9 3.17% 3.09% 20 0.8 3.62% 3.49% 1 0.4 3.23% 4.63% 30 1.8 3.32% 6.13% 10 1.5 3.67% 2.68% 95 1.0 3.84% 2.951% JOB GROWTH (YOY) 15% Forecast 10 YR HISTORICAL 5 YR FORECAST Market us Market u5 6.85% 0.75% D.77% 0.11% 2.89% 1.25% D.33% 0.07% 2.30% 0.64% I D.32% 0.03% 3.52% LI-42% �D.59% 020% 0.27% 0.17% ' 1.68% 0.55% 7.42% 2.49% D.78% 0.34% 3.19% 1.65% 1.13% 0.64% 4.19% 2.15% 126% 0.44% -0.86% 1.31 % -0.49% 0.35%_ 2.54% 1.32% D.93% 1.18% 2.21% 0.51% 0.52% 0.42% 3.28% 1.28% 0.87% 0.46% Source: Oxford Economics LQ = Location Quotient 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 ■ Naples ■ United States Source: Oxford Economics Page 13 CHESTNUT COLLIER COUNTY AREA ANALYSIS The following table shows employment projections through 2030 by the Florida Department of Economic Opportunity. As shown, the construction industry has the largest projected growth rate of 16.6% followed by Education and Health Services (12.7%). JOBS BY INDUSTRY CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES Employment NAICS Title 2022 2030 Growth Percent Growth Total, All Industries 570,705 622,709 52,004 9.1 Agriculture, Forestry, Fishing and Hunting 7,834 7,200 -634 -8.1 Mining 420 466 46 11.0 Construction 61,755 72,022 10,267 16.6 Manufacturing 13,931 14,805 874 6.3 Trade, Transportation and Utilities 100,302 107,182 6,880 6.9 Information 4,973 5,029 56 1.1 Financial Activities 26,943 29,341 2,398 8.9 Professional and Business Services 70,219 76,888 6,669 9.5 Education and Health Services 108,593 122,385 13,792 12.7 Leisure and Hospitality 82,935 90,974 8,039 9.7 Other Services (except Public Administration) 21,884 24,391 2,507 11.5 Government 66,345 71,937 5,592 8.4 Self Employed and Unpaid Family Workers, All Jobs 44,152 44,487 335 0.8 Source: Florida Department of Economic Opportunity Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 13.1 % in April 2020. The preliminary reported unemployment rate in February 2023 was only 2.5%. The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. The 2020 annual rate was 7.3%. The annual rate declined to 3.7% in 2021 and 2.8% in 2022. Page 14 CHESTNUT COLLIER COUNTY AREA ANALYSIS Lacal Area Unemployment Statisti€s Series Id: Not Sea so n al ly Adju sted Area: Area Type: Stater Regioni Division: Measure: 12. 2, LAU C N 1202100000 0 0-00 3 Collier County, FL Counties and equivalents Florida unemployment rate 01/13 01/14 01/15 01/16 01/17 01/18 01/19 01/20 01/21 01/22 01/23 Month As of February 2023, the unemployment rate for the State of Florida was 2.5%, down from the peak in May 2020 of 14.2%. On a national level, the unemployment rate in February 2023 was 3.6%, a decrease from the peak in April 2020 of 14.7%. Collier County currently has a similar February rate, at 2.5% to state levels and a lower rate than national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2012 through November 2022. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. With the exception of Leisure and Hospitality, all sectors have regained all lost jobs and have exceeded 2019 levels. Page 15 CHESTNUT COLLIER COUNTY AREA ANALYSIS Naples - Immokalee - Marco Island Service- % Goods % Mining, Logging, & % Leisure and % All Employees, % Year Providing Change Producing Change Const. Change Hospitality Change Total Nonfarm Change 2012 106,600 3.1% 12,100 5.2% 9,400 4.4% 23,600 4.4% 118,700 3.3% 2013 109,700 2.9% 13,500 11.6% 10,500 11.7% 24,400 3.4% 123,300 3.9% 2014 114,500 4.49/o 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,900 5.49/o 2015 119,100 4.0% 17,000 10.4% 13,600 12.49/o 26,500 3.9% 136,100 4.8% 2016 124,000 4.1% 18,700 10.0% 14,900 9.6% 27,500 3.8% 142,600 4.85o 2017 126,300 1.9% 19,400 3.79,o 15,400 3.4% 28,300 2.9% 145,600 2.1% 2018 129,600 2.69/o 21,500 10.89/0 17,200 11.7% 29,100 2.8% 151,000 3.79/o 2019 133,200 2.85o 22,400 4.2% 17,700 2.9% 30,000 3.1% 155,600 3.0% 2020 126,300 -5.2% 22,100 -1.3% 17,200 -2.8% 25,600 -14.7% 148,400 -4.6% 2021 132,400 4.8% 23,100 4.5% 18,000 4.7% 28,000 9.4% 155,500 4.89,o 2022* 137,000 3.8% 24,900 7.89/o 19,500 8.2% 29,600 7.0% 161,800 4.49/o *Through November 2022; percentage increase in comparison to November 2021 Y!D Source: U.S. Department of Labor Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region's success. The table below provides a few examples of some key employers in Southwest Florida. • Industrial Biotechnology, Algencl Biofuels - Global Headquarters • Medical Devices, Arthrex, Inc. -Global Headquarters • Womer's Specialty Apparel Retailer, Chicds FAS - Global Headquarters + Specialty Electronics Manufacturer, Fox Electronics - Global Corporate Headquarters + Global IT Research and Advising, Gartner, Inc. • Vehicle Rentals and Sales, Hertz Inc. - Global Headquarters • Subsidiary Pittsburgh Glass Works, Lynx Services LLC - Customers Service Center • Manufacturing Fluid Management, Shaw Developmerrt - GlDbal Headquarters • Agricultural and Food Manufacturer, U.S. Sugar Corporation - Headquarters Healthcare, 21 st Century 0 ncol ogy - Global Headquarters Page 16 CHESTNUT COLLIER COUNTY AREA ANALYSIS The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Rank Company SWFL Employees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc. 3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn -Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc. 1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc. 1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp. 1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yum! Brands, Inc. 1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators January 2023 report prepared by Florida Gulf Coast University shows Collier, Lee, and Charlotte County's tourist tax revenues. Collier County's tourist tax revenues amounted to $4.6 million in September 2022, down 6 percent compared to both September 2021 and August 2022. Page 17 CHESTNUT COLLIER COUNTY AREA ANALYSIS W 6,5 0 5.0 5.5 5.0 a 4.5 > 4.0 m 3.5 12 3.0 3 2.5 H 2.0 t 1.5 a+ C 0 1.0 2 W Chart 5: Coastal County Tourist Tax Revenues County Tourist Tax Revenue - 2017 to present All Data Seasonally Adjusted ------ - - - - -- Lee --'---------- - - -- - - - - ---- - --- -- -- Charlotte ---1F-I-FA---.1- 1 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Source: Local CountyTourism, Tax, and Econornit Deuelop rnenI Reports and seasonal adjuAnn en# by R E R I Development Growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County and was recently ranked as one of the Top 20 Selling Master -Planned Communities in the United States. It has maintained the top ranking in the Naples -Fort Myers market for the past eight years. Ave Maria reported a total of 586 new home sales in 2022, a decrease from the record breaking 646 new home sales in 2021, but still the highest-ranking commumity in all of Collier County. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The village is the first of three planned 1,000-acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for Page 18 CHESTNUT COLLIER COUNTY AREA ANALYSIS civic government, and institutional buildings. In a near unanimous decision, the Collier County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. The commissioners approved Brightshore, another rural village with thousands of proposed homes in December 2022. There are more than $1 billion in new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 was completed in December 2022, Tower 400 currently under construction) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 4th Quarter 2022 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 18.6% increase in home prices (all -transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 15.22% over the past year (4Q 2021 - 4Q 2022) which was 1st in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square -foot, six -story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed -use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development is anchored by The Page 19 CHESTNUT COLLIER COUNTY AREA ANALYSIS Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building leased by Physicians Regional Medical Healthcare; and StorQuest a 110,000 square foot self -storage facility. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit-down dining, a full -service bar, three bars for beer and wine, wine room with samples on tap, a wood - fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor -outdoor seating. Paradise Coast Sports Complex, is Collier County's new $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man-made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres of land along City Gate Boulevard North and will feature a 100,000 square foot indoor water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The resort is expected to open in the summer of 2024. It will bring in more than 200 construction jobs, plus an additional 600 full-time and part-time jobs once open. Investment Trends The following CoStar data shows Collier County trends in the Multi -Family, Retail, Office, and Industrial sectors as of the first quarter 2023. According to the CoStar report, multi -family investment activity picked up in recent quarters with over $425 million trading over the last two quarters. A significant improvement when compared to 2022Q3 when no transactions took place. Confirmed cap rates average 4.0% over the past 12 months. Page 20 CHESTNUT COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price/Unit Chg (YOY) $5B $582.8M 4.0% 6.3% 12 MO SALES VOLUME Total Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market Transactions 10 - Cap Rate 6.2% 4.5% 9.4% 4.0% Sales Volume $582.8M $1.7M $138.6M Sale PricelUnit $330.61K $212.5K $450K $334.3K Properties Sold 10 - Sale Prlce $58.3M $1.7M $138.6M Transacted Units 1.BK 8 400 Sale vs Asking Price 22.6% 22.6% 22.6% Average Units 176 8 400 % Leased at Sale 97.7% 93.0 % 100% Market Sale Price/Unit Market Cap Rate ,000 a.o°i° ,000 ,000 7.0% /00000 6.0% ,000 5.0% ,000 4.0% ,000 3.0% ,000 • 2.0% '000 1.0% $0 r J 0.0% 1-� - 13 14 15 16 17 18 19 20 21 22 23 13 14 15 16 17 18 19 20 21 22 23 Sales Volume DO M DO M DO M DO M DO M DO M DO M $OM 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% ' 100% ' 0% - -100% -200% �� 1 13 14 15 16 17 18 19 20 21 22 23 According to the CoStar Report, retail investment activity has been consistent in the market but recently has not met the near -historic amount of activity recorded in 22Q2. Nearly $328 million has traded in the past 12 months. The price per SF has been on the rise, averaging $330/SF, significantly higher than the national average of $250/SF. Page 21 CHESTNUT COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PricelSF Chg (YOY) $7.9B $379.2M 5.4% 10.0% 12 MO SALES VOLUME Total Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market Transactions 86 - Cap Rate 5_2% 4_2% 6-7 % 5-4 % Sales Volume 5379.2,A $125K $31-7M Sale PricelSF $385 $15 $21K $327 Properties Sold 74 - - Sale Price $5-31M $125K $31-71A - Transacted SF 1 M 602 126-91K Sale vs Asking Price -2-8% -34-3 % 20-0 % Average SF 12K 602 126-91K % Leased at Sale 96-5% 0% 100 % Market Sale Price/SF Market Cap Rate $350 8.0% 5300 7.0% $250 6.0% 5.0% $200 4.0% $150 3.0% $100 2 0% $50 1.0% $ 0 i i i i i i i i i i i 1 0.0% 13 14 15 16 17 18 19 20 21 22 23 13 14 15 16 17 18 19 20 21 22 23 Sales Volume 12 MID Sales Vol Growth $450M 160% $400M or 10 $�� 120% 95 5300M 10096 $250M 600% $200M 40% $150M 20% _ $100M -20% ■ . -- $50M $OMmoil L 0% -60% 13 14 15 16 17 18 19 20 21 22 23 13 14 15 16 17 18 19 20 21 22 23 According to the CoStar Report, office investment has reached a five-year low in Collier County, with just $52.2 million trading in the past 12 months. Activity has been extremely limited so far this year with less than $5 million in total sales volume. Page 22 CHESTNUT COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price1SF Chg [YOY] $2.7B $49.5M 7.1 % 3.8% 12 MO SALES VOLUME Total Lowest Highest 12 Ma SALES PRICE Average Loviest Highest Market Transactions 47 Cap Rate 6.0 % 6.0 % 6.0 % 7.1 % Sales Volume $49.5M $155.9K $7M Sale PricelSF $160 $4 $474 $266 Properties Sold 32 - - Sale Price $1.7M $155.9K $7M - Transacted SF 415.7K 378 60K Sale vs Aslang Price -6.8 % -18.6 % 2.6 % Average SF 8.8K 378 60K % Leased at Sale 94.4 % 0 % 100% Market Sale Price/SF $300 $250 $200 $150 $100 $50 $0 13 14 15 16 17 18 19 20 21 22 23 Sales Volume $250 M $200 M $150M $100M $50M $0M 13 14 15 16 17 18 19 20 21 22 23 7.8% Market Cap Rate 7.6% 7.4% 7.2% 7.0% 6.8% 6.6% 6.4% 1 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 200% 150% 100% 50% 0% Emma WM ��- -50% ■ ., 100% 13 14 15 16 17 18 19 20 21 22 23 According to the CoStar report, industrial investment activity has picked up in a meaningful way in 2023, with the 23Q1 equaling more than double the amount of volume recorded in 22Q4. 100 properties have traded for a total sales volume of $91.7 million over the past year, as such industrial sales are typically for under $1 million. Page 23 CHESTNUT COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PrIce1SF Chg (YOY) $2.6B $83.6M 6.4% 14.9% 12 MC SALES VOLUME Total Lowest Highest 12 Ma SALES PRICE Average Lowest Highest Markel Transactions 102 - Cap Rate 6.5 % 4 0% 10.1 % 6 4 % Sales Volume $85M $96K $9.8M Sale Pnce1SF $211 $10 $947 $180 Properties Sold 54 - - Sale Price $1.6M $9BK $9.8M - Transacted SF 637 5K 293 107 6K Sale vs Asking Price -6.1 % -15 fi % 0 % Average SF 6.3K 293 107.6K Industrial % Leased at Sale �M! 99.8 % 932 % 100 % Market Sale Pwe/SF Market Cap Rate $200 $130 $160 $140 $120 $100 $80 $60 $ 40 $20 $o 13 14 15 16 17 18 19 20 21 22 23 Sales Volume 3160M 3140M S120M 51ooM $80M $60M $40M $20 M milli SOM 13 14 15 16 17 18 19 20 21 22 23 Income 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 13 14 15 16 17 10 19 20 21 22 23 12 Mo Sales Vol Growth 200% 150% 100% 50% 0% �— Elm -50% 13 14 15 16 17 18 19 20 21 22 23 Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $127,724 and a per capita income of $53,839. Page 24 CHESTNUT COLLIER COUNTY AREA ANALYSIS 2022 2027 Households by Immune Number Percent Number Percent <"5,000 11,127 6.6% 7,976 4.7 % $15,000 - $24,999 7,648 4.7°/6 5,439 3.2 $25,000 - $34,999 12,047 7.4 % 9,389 5.5 $35,000 - $49,999 15,540 9.61/o 13,416 7.8 $50,000 - $74,999 24,586 15.1% 23,755 13.9 $75,000 - $99,999 22,121 13.6% 23,445 13.7% $100,000 - $149,999 31,277 19.2% 37,671 22.0 $150,000 - $199,999 14,206 8.7% 19,735 11.5 $200,000+ 24,469 15.0 % 30,079 17.6 J Median Household Income $85,162 $101,707 Average Household Income $127,724 $148,920 Per Capita Income $53,839 $63,006 Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021 with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed price (year over year). The December 2022 Market Report released by NABOR shows overall closed sales declined by 34.8% in 2022 vs. 2021. Inventory is beginning to rebound, increasing 106.3% to 2,465 properties in December 2022 from 1,195 properties in December 2021. Overall median closed price for single family and condominium units increased 29.2% in 2022 as compared to 2021. Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest Florida on September 28, 2022, and caused widespread wind and storm surge damage. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Page 25 CHESTNUT Collier County Area Map r San Carlos'Pa rk% , ,or Estero I sro Ray CREW Oin[ Pen Strand Corkscrew s I al I I Bonita Springs 1}r' North Naples Pelican Bay Vineyards Rural Es[a[es Florida Pan [her Na[ionaJ I WeVife Refuge at Golden Gale [- l 43 I I~ I Naples x r Picayune S[rand Sau[hNaples Scale Forest I �``{ Subject Fakaha[chee Strand I L =r� Preserve State Park INai'tolsl _x ��;,r } I at I �Rtiokery rg9yi�� �' �r A � • National Es[uarine?i'i lr�� Big Cypress yr'S} M1iIL 7'r lNr4e t.. TI•t', al National Preserve G4,ilivan Bey t � �LL• IK Page 26 CHESTNUT MARKET AREA ANALYSIS MARKET AREA ANALYSIS Boundaries The subject is located in the City of Marco Island, which became incorporated in 1997. The island features six miles of beach and over 100 miles of waterways within its 24 square miles. A map of the market area follows this section. Market Area Access and Linkages Primary access to the area is via Collier Boulevard; however, the southern portion of the island can be accessed by State Road 92, otherwise known as San Marco Road. A $25 million improvement project for the main bridge to the island, Jolley Bridge, was completed in late 2011. A second parallel span was built with money from the American Recovery and Reinvestment Act of the federal stimulus package. The new two-lane span carries southbound traffic and the older span carries northbound traffic. Furthermore, median improvements were completed along Collier Boulevard. Irrigation, additional plants and trees have been installed to help with safety and aesthetics along the State Road 951 corridor between Marco Island and Naples. Public transportation is provided by Collier Area Transit (CAT); however, the primary mode of transportation in the market area is the automobile. Demand Generators Major employers include numerous hotels on the island including Marriott Marco and Hilton, as well as grocery stores Publix and Winn -Dixie. Marco Island became its own municipality in 1997 creating many positions for local residents. Primarily Marco Island's economy is based on tourism, therefore restaurants and numerous local retailers and service related positions are the primary employers. Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for Marco Island. The table was developed using data from STDBOnline.com. Page 27 CHESTNUT MARKET AREA ANALYSIS Gesri- Marco Island City, FL Prepared by Esri Marco Island City, FL (1243093) Geography: Place Summary Census 2010 Census 2020 2022 2027 Population 16,393 15,760 15,761 15,788 Households 8,201 7,957 7,982 8,056 Families 5,505 - 5,307 5,330 Average Household Size 2.00 1.98 1.97 1.96 Owner Occupied Housing Units 7,033 - 7,016 7,118 Renter Occupied Housing Units 1,167 - 967 937 Median Age 63.5 - 67.5 66.9 Trends: 2022-2027 Annual Rate Area state National Population 0.03 % 0.61 J 0.25 J Households 0.18 % 0.62 J 0.31 J Families 0.09 % 0.59 J 0.28 J Owner HHs 0.29 % 0.83 N. 0.53 Median Household Income 2.75 % 3.75 N. 3.12,' 2022 2027 Households by Income Number Percent Number Percent <$15,000 560 7.01 358 4.4,' $15,000 - $24,999 242 3.0 N. 142 1.8 $25,000 - $34,999 481 6.0 N. 296 3.7 $35,000 - $44,999 540 6.6% 374 4.6 $50,000 - $74,999 949 11.9 N. 962 11.9 $75,000 - $94,999 989 12.4 % 1,147 14.2 $100,000 - $149,999 1,373 17.2 N. 1,435 17.8% $150,000 - $149,999 975 11.0 % 1,025 12.7 $200,000+ 1,973 24.7% 2,317 28.8% Median Household Income $105,944 $121,357 Average Household Income $164,521 $191,140 Per Capita Income $83,362 $97,586 Development Trends Renovations to The Island Plaza Center (located at the northwest corner of Bald Eagle Drive and N. Collier Boulevard) were completed in 2018. Upgrades included a covered loggia, renovated facade, clock tower, improved access and pedestrian crossing. In May 2015, Marco Island Marriott Beach Resort, Golf Club & Spa unveiled details of a $250 million expansion to add nearly 100 guest rooms, double its meeting and event space to attract more conferences and exhibits, and pave the way for its conversion to an upscale JW Marriott -branded resort. Additionally the dining room was redesigned, the pool decks were enlarged and guest rooms and bathrooms were reconfigured. The expansion project doubled the Marriott's meeting and event space to a total of 100,000 square feet and provide 810 guestrooms and suites. The property had 726 guestrooms. The renovations and rebranding were completed in January 2017. Additionally, an $80 million project for Marriott Vacation Club at the Crystal Shores resort commenced in early 2015. The project is composed of two new residential towers housing 152 new two- and three -bedroom luxury villas over a new two -level parking deck, pools, fountains, a new sales center and other resort amenities. The work also includes conversion of other space within one of the existing towers into additional villa units. The new towers opened in early 2018. Page 28 CHESTNUT MARKET AREA ANALYSIS Outlook and Conclusions Recent development activity has picked up. Collier County commissioners unanimously approved a controversial high-rise development proposed for Isles of Capri, four mangrove islands connected by Capri Boulevard just north of Marco Island (shown in quadrant B7 of the following map) in January 2023. The development is proposed on a 5.32-acre site and is approved for 80 condominium units in three nine story buildings. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Page 29 CHESTNUT MARKET AREA ANALYSIS Market Area Map MARCO ISLAND Page 30 CHESTNUT Market Area Map noble San Mack ` IL' // Marco Island ucfl Rd 4 :j e rTm maximum 30 MPH 1ra harrneillow sCi gr Speed or 20... ,e Map data @2023 Page 31 CHESTNUT SITE ANALYSIS PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. Land Summary Gross Land Area Gross Land Area Parcel ID (Acres) (Sq Ft) 57802400000 0.54 23,366 SITE Location: The subject is located along the west side of Inlet Drive in The Estate Section of Marco Island. Current Use of the Property: Vacant residential lot. Shape: The site is generally rectangular in shape. Road Frontage/Access: The subject property has average access with frontage as follows: • Inlet Drive: 125 feet The site has an average depth of 189 feet. It is not a corner lot. Visibility: Average Topography: The subject appears level with significant vegetation and no known areas of wetlands. Soil Conditions: According to a Conservation Collier Initial Criteria Screening Report dated August 29, 2022, the entire site consists of Paola Fine Sand, 1 to 8 pct slopes — an excessively drained soil found on coastal dunes on Marco Island. We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: LCEC Sewer: Municipal sewer Water: Municipal water Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is street lighting along Inlet Drive. • Sidewalks: There are sidewalks along Inlet Drive. • Curbs and Gutters: There are no curbs or gutters. • Curb Cuts: The subject has no curb cuts. • Landscaping: According to a Conservation Collier Initial Criteria Screening Report dated August 29, 2022, the parcel consists primarily of disturbed, maritime hammock, but does contain patches of coastal scrub on the southern edge and middle. Maritime hammock is a predominantly evergreen hardwood forest growing on stabilized coastal dunes. Some Page 32 CHESTNUT SITE ANALYSIS of the components of this category that were observed on the parcel include: gumbo limbo, seagrape, wild coffee, catclaw blackbead, cocoplum, marlberry, snowberry, hoopvine, and rouge plant. The scrub category represents a wide variety of species found in the coastal zone. Some of the components of this category that were observed on the parcel include: sand live oak, tough bully, prickly pear, and gopher apple. A large Brazilian pepper exists within the northeast corner of the parcel, and Burma reed lines the northern edge of the parcel. Other non-native, invasive plants are scattered throughout the parcel including guinea grass, tropical almond, Brazilian pepper, and umbrella tree. The estimated initial cost for invasive vegetation removal is $7,500 with recurring costs of $1,000 per year. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone X, which is not classified as a flood hazard area. FEMA Map Number: 12021C 0837H FEMA Map Date: May 16, 2012 The subject is not in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: According to a Conservation Collier Initial Criteria Screening Report dated August 29, 2022, the parcel contains migratory bird habitat and active gopher tortoise burrows. Active gopher tortoise burrows were observed on the parcel itself. Multiple active burrows were observed on the adjacent parcels to the south. The maritime hammock community within the Chestnut parcel also provides habitat for migratory bird species. According to the Collier County Parks and Recreation Conservation Collier Program, the site has 37 potentially occupied gopher tortoise burrows indicating approximately 18-19 Gopher Tortoises. Environmental issues are beyond our scope of expertise. The appraiser is reporting data from reports provided for the purpose of this appraisal. Encumbrance / Easements: A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: The site is heavily vegetated with migratory bird habitat and approximately 18-19 Gopher Tortoises. Gopher Tortoise Burrows According to a Conservation Collier Initial Criteria Screening Report dated August 29, 2022, active gopher tortoise burrows were observed on the parcel itself. Multiple active burrows were observed on the adjacent parcels to the south. The maritime hammock community within the Chestnut parcel also provides habitat for migratory bird species. According to the Collier County Parks and Recreation Conservation Collier Program, the Page 33 CHESTNUT SITE ANALYSIS site has 37 potentially occupied gopher tortoise burrows indicating approximately 18-19 Gopher Tortoises. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." Additionally, Ms. Ritchie noted "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." Zoning Code Zoning Authority Zoning Description Permitted Uses Current Use Legally Conforming Zoning Change Likely Minimum Lot Area (SF) Minimum Floor Area Minimum Street Frontage (Feet) Front Set Back Distance (Feet) Rear Set Back Distance (Feet) Side Yard Distance (Feet) ZONING RSF-3 Marco Island RSF-3, Residential Single -Family District Single-family dwellings; Family care facilities subject to the land development code; and Public parks and open space The subject is legal and conforming use. A zoning change is unlikely. 10,000 1,500 Corner lot 95 feet; Interior lot 80 feet 25 feet 25 feet Lots with <100' - 7.5 feet; Lots with >100' - 8 feet; 10' minimum setback from seawall Maximum Density/FAR 3 units per acre Maximum Building Height (Feet) 35 Future Land Use Designation Low Density Residential 0-4 Units per Acre Page 34 CHESTNUT SITE ANALYSIS Zoning Map 500 S r� �9r 600 G 6 6zo 640 050 690 RSF-3 600 700 700 ~ 5 716 e. m h 720 RSF-3 021 505 500 1 � 631 t 6G1 t aoo aiP} 641 ■ � t am Zoning: Single Family a5i MUNICODEEINK More info ZONING RSF-3 64a ACRES 4.96 ez� DESCRIPTION Single Family PUD NAME 660 ORDINANCE 1 aS1 ORDINANCE 1 DATE ORDINANCE 2 690 ORDINANCE 2 DATE PETITION 1020 PREVIOUSZONING SPECIAL TREATMENT N 1wo Zaom [o �r Vitt.,r 182I 4-F 1835 a. 711 5 701 a � i 700 RSF-3 fi 2 ] 7U5;J... Page 35 CHESTNUT SITE ANALYSIS Aerial Page 36 CHESTNUT SITE ANALYSIS Flood Map National Flood Hazard Layer FIRMette OFEMA o zsa soo 1,000 isoo z:000 s,oUu Basemap: uses Natipnaf Map: pRhaimagefy. Data refreshed Oc0pbe{ 2a20 Legend wbnau Raae Flam Flevaxian IRFE7 SPE,M FlA00 W.M1eBFE or DepAzo�xE. no ,vr, re ca IWNip AREAS Regulemry Fbotrway 02%Annue1 r:h— Flood H-ard. Areas of d%anrruel eMnre amtl wnM1 average tlepM less Men me botorwiin drainage areas of ksstMn om square mik �x ��Mare f;wtlhimz l%Amusl r�nan� Ram ream tmev OTHER AREAS OF Nee waM1 Retlurnd Aom RisN tlue m Levee. 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The ry FRL and aRextire inwmratwn maT maaye nr become auveraaded b<ne,. data aaertMe. llns may im�e is void ff the one or more of th blbvn ng map elements do rrotappee r besemep hnbels, legend. amle Mr. mavareanaR Bate. mmmarirry' iaentreera. FIRM panel number, end FlRM effectne aeR. Map images for meppm and unrmdemrzed areas cannot M used for reg%letory purposes. Page 37 CHESTNUT SITE ANALYSIS Plat Map y0 a=rs'OR J6" 12A • rmzeJ'— srese R„diet i8 202.TQ• R4e'MJ 11..R..9d• 8a 1 13 116 s❑' 1 1B��aL 0 q B5. FX e 305 20 4 i 'o'� �# y��.`J mg o f-1 A•95.90" dam` . a � e-9 4 `au59 T 3 A•l5.03" ' RpOfAL �pAll4AGE y �I� 7 co r% N D9S3.1E E�. L 31S P� e N,y�.�p'S$"�. y, i7$� 18 6A54 '., ` e=/❑ Sd 26' d:9e4a'4a" M Y 17 1 a 11 mLl: S�s� RAOI,gL e. 4g is �� y IP o 4 4� w, p 9 * !1 M � -fix Q6 18 PLAT Page 38 CHESTNUT SITE ANALYSIS Site Photographs Inlet Drive — Southerly Inlet Drive — Northerly (Photo Taken on April 15, 2023) Page 39 .� � F � CHESTNUT SITE ANALYSIS Site Photographs 41 r Typical Site View from adjacent parcel Typical Site View (Photo Taken on April 15, 2023) Page 41 CHESTNUT REAL ESTATE TAXES AND ASSESSMENTS REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non -homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non -homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non -homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The property tax identification number and assessed value of the property for tax year 2022 are as follows: ASSESSED VALUES Tax Identification Number 57802400000 Land Assessed Value $368,007 Building Assessed Value $0 10% Assessment Cap - 149 359 Total Assessed Value $218,648 Totals Total Land Assessed Value $368,007 Total Building Assessed Value $0 10% Assessment Cap -$149,359 Total Assessment $218,648 Total Assessment per Square Foot $9.36 Total Assessment per Land Acre $407,622 Rates, Taxes, More Tax Rate 1.01 % Ad Valorem Tax Amount $2,882 Special Assessment Amount $1,771 Special Assessment Comments Estate Total Tax Liability $4,653 Property Tax Comments The 2021 and 2022 taxes have been paid. The School Board millage is applied to the uncapped assessed value. The tax assessment for subject property is currently $9.36 per square foot, or $15.75 per square foot excluding the assessment cap. Based on our valuation analysis, the subject's assessment appears low, but reasonable. Page 42 CHESTNUT HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject site is 0.54 acres or 23,366 square feet with 125 feet of frontage along Inlet Drive. According to a Conservation Collier Initial Criteria Screening Report dated August 29, 2022, the parcel contains many active gopher tortoise burrows. According to the Collier County Parks and Recreation Conservation Collier Program, the site has 37 potentially occupied gopher tortoise burrows indicating approximately 18-19 Gopher Tortoises. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." Additionally, Ms. Ritchie noted "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." The subject's utilities are typical and adequate for the market area. The site is generally rectangular in shape. 1 The Dictionary of Real Estate Appraisal 7t' ed. (Chicago: Appraisal Institute, 2022) Page 43 CHESTNUT HIGHEST AND BEST USE The site is located mostly in FEMA flood zone X with a portion in Zone AE per FEMA Flood Map Number: 12021C 0837H, dated May 16, 2012. Zone AE is not classified as a flood hazard area. Legally Permissible The subject site is zoned RSF-3, Residential Single -Family District (RSF-3). It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only single-family residential uses are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory, particulary single family, is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. On this basis, barring unforeseen changes in the market, a well -designed single-family product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Residential development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, residential development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Page 44 CHESTNUT HIGHEST AND BEST USE Most Probable Buyer Considering the size, class, and location of the property, the most probable buyer is an owner -user. Page 45 CHESTNUT VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 46 CHESTNUT VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 47 CHESTNUT SALES COMPARISON APPROACH SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a parry to the transaction. For this analysis, we use the price per square foot as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 48 CHESTNUT SALES COMPARISON APPROACH Comp Address Date Price City Land SF Price Per Land SF Sale Comments Subject 660 Inlet Drive 4/1512023 Marco Island 23,366 1 790 hrlet Dr 6/17/2022 $850,000 Heavily vegetated lot located at comer of Inlet Drive and Olds Cf. Lot was listed in Feb 2022 for $1 million. Seller's agent confirmed the lot has never been built on and had a lot Marco Island 25,694 $33.08 of gopher tortoises. The buyerwas going to do a tortoise survey on the property, but went ahead and purchased it without knowing exactly how many were onsite. 2 720Inlet Dr 3/31/2023 $750,000 Heavily vegetated lot located along west side of Inlet Drive. Parcel sold in June 2021 for $350,000. It was listed in Dec. 2022 for $875,000. According to the previous listing there were 44 burrows or 22 gopher tortoises on the site. According to the buyer's agent, the Marco Island 22,929 $32.71 sellerpaid forthe gophertortoise relocation. The seller's agent reported the tortoises had been removed at a cost of$80,000. 3 1001 W Inlet Dr 3/6r2023 $610,000 Partially cleared lot located at the comer of W. Inlet Drive and Addison 0. Parcel sold in Feb. 2021 for $275,000. It was fisted in Sept. 2022 for $799,999 and reduced several times Marco Island 18,878 $32.31 finally to $699,000. 4 1780 Ludlow Rd 6/24/2022 $550,000 Partially cleared lot located at the comer of Ludlow Road and W. Inlet Drive. Parcel sold in May 2021 for $244,000. It was listed in June 2021 for $1,395,000 and increased to $1,495,000 as a proposed 2,375 SF, four-bedwomplus den home with a 35' boat slip at Esplanade Marina on Smokehouse Bay. The lot was then listed vacant for $550,000. Marco Island 12,142 $45.30 According to both the seller and buyer's agent, the boat slip was not included in the purchase price; however, the buyer assumed a contract the sellerhad with a builder fora newbuild. According to the seller's agent the price included only the lot. The seller credited $15,000 for gopher tortoises. 5 556 Spinnaker Dr 3/30/2023 $570,000 Cleared lot located along south side of Spinnaker Dr. Lot sold in Jan 2022 for $555,000 and in April 2022 for $682,500. Listed in Dec. 2022 for $645,000. Listing agent confirmed the lot was listed for less than the April 2022 purchase while the seller was aware the lot Marco Island 20,774 $2744 had gopher tortoises and burrowing owls, they were not aware ofthe costs associated with permits and relocation. She said the total wets were estimated at $75,000. Comparables Map -I - Marco 3glandl lkly I Map data COM Page 49 CHESTNUT SALES COMPARISON APPROACH Comparables Map — Immediate Area oogle N Page 50 CHESTNUT SALES COMPARISON APPROACH Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 51 CHESTNUT SALES COMPARISON APPROACH Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Chestnut 790 Inlet Dr 720 Inlet Dr 1001 W Inlet Dr 1780 Ludlow Rd 556 Spinnaker Dr Address 660Inlet Drive 790Inlet Dr 720Inlet Dr 1001 W Inlet Dr 1780 Ludlow Rd 556 Spinnaker Dr City Marco Island Marco Island Marco Island Marco Island Marco Island Marco Island Date 4/15/2023 6/17/2022 3/31/2023 3/6/2023 6/24/2022 3/30/2023 Price $850,000 $750,000 $610,000 $550,000 $570,000 Land SF 23,366 25,694 22,929 18,878 12,142 20,774 Land SF Unit Price $33.08 $32.71 $32.31 $45.30 $27.44 Transaction Adjustments Property Rights Fee Simple Fee Simple 0.0"/ Fee Simple 0.00/ Fee Simple 0.00/, Fee Supple 0.00/ Fee Simple 0.0% Financing Cash 0.00/0 Cash 0.01/. Cash 0.00/o Cash 0.00/0 Cash 0.0% Conditions of Sale Ands length 0.00/0 Ands length 0.00/0 Antis length 0.00/, Amr's length 0.00/0 Arm's length 0.0% Adjusted Land SF Unit Price $33.08 $32.71 $32.31 $45.30 $27A4 Market Trends Through 4/15/2023 5.0% 4.1% 0.20/. 0.5% 4.0% 0.2% Adjusted Land SF Unit Price $34.44 $32.78 $32.49 $47.12 $27.50 Location Good Sirnilar Similar Similar Similar Similar %Adjustmen t 00/ 00/ 00/ 0% 0^/ $Adjustment 23,366 $0.00 25,694 $0.00 22,929 $0.00 18,878 $0.00 12,142 $0.00 20,774 Land SF %Adjustment 00/0 00/0 01/. -20% 00/0 $Adjustment Native and emtic $0.00 Heavily vegetated $0.00 Heavily vegetated $0.00 Partially cleared -$9.42 Partially cleared $0.00 Cleared Topography vegetation %Adjustment 00/0 00/ -10% -10% -15% $Adjustment Rectangular MOL $0.00 Slightly irregular $0.00 Trapezoid -$3.25 Rectangular -S4.71 Rectangular MOL -S4.12 Rectangular Shape %Adjustment 00/ 00/ 01/ 0% 00/ $Adjustment RSF-3 $0.00 RSF-3 $0.00 RSF-3 $0.00 RSF-3 $0.00 RSF4 $0.00 RSF-3 Zoning %Adjustment 0"/ 00/ 00/ 0% 0% $Adjustment Gopher Tortoises $0.00 Gopher Tortoises $0.00 22 Gopher Tortoises $0.00 None known $0.00 $15,000 credit to buyer $0.00 Gopher Tortoises and Environmental Is sues relocated by seller for Gopher Tortoises Burrowing Owls -$75,000 %Adjustment -10% -15% -15% -10% -5% $Adjustment -$3.44 -$4.92 -$4.87 44.71 -$1.37 Adjusted Land SF Unit Price $31.00 $27.86 $24.36 $28.27 $22.00 Net Adjustments -10.00/1 -15.011. -25.0% -40.00/0 -20.01/. Gross Adjustments 10.0% 15.0% 25.01/. 40.01/. 20.0% Page 52 CHESTNUT SALES COMPARISON APPROACH Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends There is an insufficient number of off -water lot sales to develop a trend analysis; therefore, waterfront sales are analyzed. The following graph developed from the Southwest Florida MLS shows the pricing trend of Waterfront, Gulf Access residential lots in Marco Island over the past year, excluding outliers. Gulf Access Lot Trend SCcm S35o Oc S300,00 . 52s0 00 • • • $200.00 • • 5150,o0 + • • ... 510cm •• . • • • . . + $sa o0 so,ao 2/8/2@2 3/30/2022 5f19/2 22 2/8/2022 8/27/2022 10V1612022 12/5/2022 1/24/2023 3/n/2023 5/4j2023 The survey included 67 transactions. Prices per square foot ranged from $34.16 to $339.30 per square foot and averaged $134.57 per square foot. The graph indicates an increasing trend in sales prices over the past year. However, it is noted this is unadjusted raw data of improved sales and does not relate directly to the subject. Page 53 CHESTNUT SALES COMPARISON APPROACH As discussed, residential inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. According to the February 2023 Market Report released by the Naples Area Board of Realtors (NABOR), single-family home closed sales in Collier County (excluding Marco Island) decreased 17.4% in February 2023 compared to closed sales in February 2022. The inventory of homes for sale increased by 120% in February 2023 as compared to February 2022. According to the Southwest Florida MLS, the total number of residential lot sales on Marco Island decreased by approximately 46% in January 2023 compared to January 2022, by approximately 42% in February 2023 compared to February 2022, and by approximately 32% in March 2023 compared to March 2022. The following graph shows the Sale Price vs. List Price Ratios for lots in Marco Island since 2018. As shown, the Sale/List ratio declined to 87.1 % in December 2022 and has rebounded slightly in 2023 to 94.3% in January, 21.7% in February, and 92.8% in March. Overall ratios are declining from the 95-99% range during 2021 and 2022. 100-0% 98-0 96-0% 994-0% c ca CL 92-0% 90-0% .0% -0% ,4] :14 `I 1Y V' VF^J _ Close %-ceto List Price Ratio Time frame is from ]an 2018 to Mar 2023 City is 'Marco Island' Results calculated from 909 listings Page 54 CHESTNUT SALES COMPARISON APPROACH Based on the previous analysis, we have applied a 5.0% annual adjustment. Location With the exception of Comparable 5, the comparables are all located within the immediate proximity of the subject; therefore, no location adjustments are required. Comparable 5 is located on the northern end of the island only six houses from Tigertail Beach. The lot previously sold in April 2022 for $682,500 or $32.85 per square foot; however, the buyer was unaware of the amount of costs associated with the gopher tortoise and burrowing owls on the lot at the time of sale. No adjustments for location could be supported; therefore, none are made. Size The subject is similar in size to Comparables 1, 2, 3, and 5. Size and price per square foot are typically inversely related; therefore comparable 4 is adjusted downward for its smaller size. Topography The subject is heavily vegetated with native and exotic plants similar to Comparables 1 and 2. Comparables 3, 4, and 5 are either partially cleared or completely cleared. They are all adjusted downward accordingly. Configuration The subject is generally rectangular in shape similar to Comparables 3, 4, and 5. Comparables 1 and 2 are slightly irregular and trapezoidal in shape. No adjustments could be supported for configuration; therefore, none are made. Zoning All of the comparables are similar in terms of zoning type; therefore, no adjustments are required. Environmental Issues According to a Conservation Collier Initial Criteria Screening Report dated August 29, 2022, the parcel contains many active gopher tortoise burrows. According to the Collier County Parks and Recreation Conservation Collier Program, the site has 37 potentially occupied gopher tortoise burrows indicating approximately 18-19 Gopher Tortoises. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, recipient sites in the area are charging $6,000/tortoise for relocation excluding FWC Permit/Mitigation fee and the Agent fee. The estimated costs to relocate the gopher tortoises is $108,000 to $114,000. The listing agent for Comparable 1 noted there were gopher tortoises on the lot; however, neither the buyer nor the seller conducted a survey to count the number of burrows. The number of gopher tortoises was unknown at time of sale. The buyer likely underestimated Page 55 CHESTNUT SALES COMPARISON APPROACH the number and costs associated with their removal similar to the seller of Comparable 5. It is adjusted downward accordingly. Comparable 2 had 22 gopher tortoises which were relocated by a previous owner at no cost to the buyer. Therefore, it is adjusted downward accordingly. Comparable 3 had no known environmental issues or gopher tortoises and is adjusted downward accordingly. The buyer of Comparable 4 was given a $15,000 credit for the removal of several gopher tortoises on site. It is superior to the subject and adjusted downward accordingly. Comparable 5 had gopher tortoises and burrowing owls on site. The listing agent estimated the relocation and permitting costs at $75,000. It is slightly superior to the subject and adjusted downward accordingly. Sales Comparison Approach Conclusion All of the value indications have been considered. Comparable 1 has the least net adjustments; however, it is the oldest sale, and the buyer likely underestimated the number and costs associated with the gopher tortoise removal. Comparable 5 is most similar in terms of the costs associated with mitigating the endangered species; however, it is located on the northern end of the island. Based on the previous analysis, I arrive at my final reconciled per square foot value of $26.00. Land Value Ranges & Reconciled Values Number of Comparables: 5 Unadjusted Adjusted % a Low: $27.44 $22.00-19.83% High: $45.30 $31.00-31.56% Average: $34.17 $26.70-21.86% Reconciled Value/Unit Value: $26.00 Subject Size: 23,366 Indicated Value: $607,504 Reconciled Final Value: $610,000 Page 56 CHESTNUT RECONCILIATION RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of April 15, 2023, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple April 15, 2023 $610,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assum tions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12 months. Page 57 CHESTNUT CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 58 CHESTNUT 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 59 CHESTNUT ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 60 CHESTNUT ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 61 CHESTNUT ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 62 CHESTNUT ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 63 CHESTNUT ADDENDA - APPRAISER QUALIFICATIONS ADDENDA *Rn CHESTNUT ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS *Rn CHESTNUT ADDENDUM A - APPRAISER QUALIFICATIONS *PSI AISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACHI L M. ZUCCHI, MAI, CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 C. LOWRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOSBITT, MAI www.rklac.com CHESTNUT ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Government. Relations: Appraisal Institute National (2022) Prof Standards & Guidance: Appraisal Institute National (2023) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. *Rn CHESTNUT ADDENDUM A - APPRAISER QUALIFICATIONS `e... Ron DeSantK Governor Melanie S. Griffin, Secretary a dbpr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES 1� - ZUCCHI, MCHEL M 4500 EXECUTIVE DRIVE SUITE 233 NAPLES FL 34119 x r LICENSE NUMBER: RZ2984� EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not aster this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Rn+ CHESTNUT ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION +RKL Collier County Property Appraiser Property Summary Parcel No 57802400000 Site Address 660 INLET Site City MARCO *Disclaimer DR ISLAND Name / Address CHESTNUT, DIANE G 12 MARCO LAKE DR City MARCO ISLAND State I FL Site Zone 34145 *Note Zip 134145 Map No. Strap No. Section Township Range Acres *Estimated 71316 777000 305 1671316 16 52 26 0.53 Legal MARCO BCH UNIT 9 BLK 305 LOT 16 OR 1198 PG 1509 Millage Area 9 58 Millage Rates 9 *Calculations Sub./Condo 777000 - MARCO BEACH UNIT 9 School Other Total Use Code 9 0 - VACANT RESIDENTIAL 4.459 5.681 10.14 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book -Page Amount 06/01/86 1198-1509 $ 0 06/01/83 1027-193 $ 55,000 06/01/80 871-735 $ 0 08/01/77 703-1964 $ 0 2022 Certified Tax Roll (Subject to Change) Land Value $ 368,007 +) Improved Value $ 0 (_) Market Value $ 368,007 (-) 10% Cap $ 149,539 (_) Assessed Value $ 218,468 (_) School Taxable Value $ 368,007 (_) Taxable Value $ 218,468 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Parcel No 57802400000 Site Address 660 INLET Site City MARCO *Disclaimer DR ISLAND Name / Address CHESTNUT, DIANE G 12 MARCO LAKE DR City MARCO ISLAND Site Zone 34145 *Note Permits (Provided for reference purposes only, *Full Disclaimer. ) Tax Yr I Issuer Permit # CO Date Tmp CO Final Bldg Type Land # Calc Code Units 10 SQUARE FOOT 23365.54 Building/Extra Features # I Year Built I Description I Area Adi Area RrsIOT-f�a#tkY w it RAMCO FORM L0 Cq (14 W Q ! cm tfl,A t uta , Executed this f day of May , A. D. 1986 . by UNA L. GREENE, a married voman first party, to DIANE GREENE CHESTNUT whose postof f ice address is 1850 Apataki Court Plarco Island, Florida 33937 second party: (Wherever used herein the terms 'first party" and 'second party" shall include singular and plural, heirs, legal representadvei, and assigns of individuals, and the successors and assigns of corporations, Wherever the context to admitt or requires.) dtiQSSdhp That the said first party, for and in consideration of the sum of $10.00 In hand paid by the said second party. the receipt whereof is hereby acknourledgerl, does hereby remise, re- lease and quit -claim unto the said second party forever, all the right, title, interest, claim and demand which the said first party has in and to file following described lot, piece or parcel of land, situate, lying and being In the County of Collier State of Florida , to -wit: Lot 16, Block 305 of Marco Beach Unit NINE, a Subdivision according to the Plat,- thereof, recorded in Plat Book 6, Page 69 through 73, of the Public Records of Collier County, Florida. Subject to estrictions, reservations, and easements of record and real estate taxefor the year 1986 and subsequent years. Grantor warrants tJ*t this is vacant, unimproved ground and not homestead propetiy df the grantor nor her husband. NC21Vet1 ' Docu rentary Stomp Tax: Collier County, Florida , WilmJReaganClerk byl, � J,,-T 'f0 IIt< C Wd tO 101d the same togefh *iuil belonging or in anywise appertaining, and all the estade,, soever of the said first party, either in law or equity, to fhb' second party forever. In W'tM Whfft0f, The said first patty has sig first above written. Sianed/sealed and delivAd in presence of: Witness ZS2.../ ............ Witn s TATE OF FLORIDA, COUNTY OF Collier Une L. and singular the appurtenances thereunto title, interest, lien, equity and claim what- 7roper use, benefit and behoof of the said these presents the day and year I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State aforesaid and in the County aforesaid to take acknowledgments, personally appeared Una L. Greene to me known to be the person described in and who executed the foregoing instrument and he acknowledged before me that he executed the same. ,.� WITNESS my hand and official seal in the County and late fst id day of May A. D. 1986 ..No.. r ry is ..... .. �' r) State of Flori a My commission pires: FROST & JACOBS This htsirrinietil prepared by: Walter W. Jackson, Esquire Address 985 N. Collier Blvd. Marco Island, Florida 33937 Notary Public, State of Ronald, My Commission Expires May 6, 1989 Iondsd Tluu buy Isla • Insurance, lag, 5.,.. .aai .. C3 cm asm cc CHESTNUT ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA +RKL CHESTNUT ADDENDUM C - COMPARABLE DATA Transaction ID 7826 Date 6/ 17/2022 Name 790 Inlet Dr Price $850,000 Address 790 Inlet Dr Price Per Land SF $33.08 City Marco Island Transaction Type Closed Sale Grantor Robert J and Susan J Financing Cash Davidson, individually and as co -trustees Grantee Wojciech and Elzbieta Property Rights Fee Simple Kocemba Tax ID 58120960001 Days on Market Off MLS Sale Verification Date 4/19/2023 Book/Page or Reference 6144 / 1268 Sale Verification Source Timothy RMason w/ Premiere Doc Plus Realty Co. Arm's length Sale History No ands length transactions Conditions of Sale in last 3 years Site Acres 0.59 Topography Heavily vegetated Land SF 25,694 Zoning RSF-3 Primary Frontage Feet 177 Flood Zone Zone X Primary Frontage Street Inlet Dr Dimensions Generally 177' x 183' Utilities All public Shape Slightly irregular Comments Heavily vegetated lot located at corner of Inlet Drive and Olds Ct. Lot was listed in Feb 2022 for $1 million. Seller's agent confirmed the lot has never been built on and had a lot of gopher tortoises. The buyer was going to do a tortoise survey on the property, but went ahead and purchased it without knowing exactly how many were onsite. *Rn CHESTNUT ADDENDUM C - COMPARABLE DATA Transaction ID 7825 Date 3/31/2023 Name 720Inlet Dr Price $750,000 Address 720 Inlet Dr Price Per Land SF $32.71 City Marco Island Transaction Type Closed Sale Grantor Gregory T. and Jennifer Lynn Financing Cash Pascale Grantee Louis G. Licari and Alyce M. Property Rights Fee Simple D'Amato Licari, trustees Tax ID 58120680006 Days on Market 50 Sale Verification Date 4/19/2023 Book/Page or Reference 6231 / 1423 Sale Verification Source Kelsey Mitchellw/ Keller Doc Williams LLC Arms length Sale History June 2021 for $350,000 Conditions of Sale Site Acres 0.53 Topography Heavily vegetated Land SF 22,929 Zoning RSF-3 Primary Frontage Feet 100 Flood Zone Zone X Primary Frontage Street Inlet Dr Dimensions Generally I x 175' Utilities All public Shape Trapezoid Comments Heavily vegetated lot located along west side of Inlet Drive. Parcel sold in June 2021 for $350,000. It was listed in Dec. 2022 for $875,000. According to the previous listing there were 44 burrows or 22 gopher tortoises on the site. According to the buyer's agent, the seller paid for the gopher tortoise relocation. The seller's agent reported the tortoises had been removed at a cost of $80,000. *Rn CHESTNUT ADDENDUM C - COMPARABLE DATA Transaction ID 7824 Date 3/6/2023 Name 1001 W hilet Dr Price $610,000 Address 1001 W hilet Dr Price Per Land SF $32.31 City Marco Island Transaction Type Closed Sale Grantor Raja Nicholas Khoury and Financing Cash Suzy Anne Khoury Grantee David Paul Strong and Vy Property Rights Fee Simple Nguyen, Joint Tenants Tax ID 58109200009 Days on Market 165 Sale Verification Date 4/19/2023 Book/Page or Reference 6222 / 3310 Sale Verification Source Jason M Peach w/ EXP Realty Doc LLC Conditions of Sale Ands length Sale History Feb 2021 for $275,000 Site Acres 0.43 Topography Partially cleared Land SF 18,878 Zoning RSF-3 Primary Frontage Feet 143 Flood Zone Zone AE Primary Frontage Street hilet Dr Dimensions 143' x 132' Utilities All public Shape Rectangular Comments Partially cleared lot located at the corner of W. Inlet Drive and Addison Ct. Parcel sold in Feb. 2021 for $275,000. It was listed in Sept. 2022 for $799,999 and reduced several tunes finally to $699,000. *Rn CHESTNUT ADDENDUM C - COMPARABLE DATA Transaction ID 7828 Date 6/24/2022 Name 1780 Ludlow Rd Price $550,000 Address 1780 Ludlow Rd Price Per Land SF $45.30 City Marco Island Transaction Type Closed Sale Grantor Kim H. Masterson Financing Cash Grantee Jose L. and Lidalia M. Lago, Property Rights Fee Simple Co -Trustees Tax ID 25840000863 Days on Market 194 Sale Verification Date 4/20/2023 Book/Page or Reference 6146 / 3079 Sale Verification Source Scott Needles w/ John R. Doc Wood Properties Conditions of Sale Arms length Sale History May 21 for $244,000 Site Acres 0.28 Topography Partially cleared Land SF 12,142 Zoning RSF-4 Primary Frontage Feet 133 Flood Zone Zone AE Primary Frontage Street Ludlow Rd Dimensions Generally 84' x 135' Utilities All public S hape Rectangular MOL Comments Partially cleared lot located at the corner of Ludlow Road and W. Inlet Drive. Parcel sold in May 2021 for $244,000. It was listed in June 2021 for $1,395,000 and increased to $1,495,000 as a proposed 2,375 SF, four -bedroom plus den home with a 35' boat slip at Esplanade Marina on Smokehouse Bay. The lot was then listed vacant for $550,000. According to both the seller and buyer's agent, the boat slip was not included in the purchase price; however, the buyer assumed a contract the seller had with a builder for a new build. According to the seller's agent the price included only the lot. The seller credited $15,000 for gopher tortoises. RKT A� row CHESTNUT ADDENDUM C - COMPARABLE DATA Transaction ID 7827 Date 3/30/2023 Name 556 Spinnaker Dr Price $570,000 Address 556 Spinnaker Dr Price Per Land SF $27.44 City Marco Island Transaction Type Closed Sale Grantor Jose Rafael Alvarez -Valdivia Financing Cash Grantee Samuolis Properties, LLC Property Rights Fee Simple Tax ID 58049520001 Days on Market 23 Sale Verification Date 4/19/2023 Book/Page or Reference 6231 / 2388 Sale Verification Source Priscilla Morris w/ Engel & Doc Volkers Marco Island AmYs length Sale 11story 1/22 - $555,000; 4/22 - $682,500 Conditions of Sale Site Acres 0.48 Topography Cleared Land SF 20,774 Zoning RSF-3 Primary Frontage Feet 100 Flood Zone Zone AE Primary Frontage Street Spinnaker Dr Dimensions Irregular Utilities All public Shape Rectangular Comments Cleared lot located along south side of Spinnaker Dr. Lot sold in Jan 2022 for $555,000 and in April 2022 for $682,500. Listed in Dec. 2022 for $645,000. Listing agent confirmed the lot was listed for less than the April 2022 purchase while the seller was aware the lot had gopher tortoises and burrowing owls, they were not aware of the costs associated with permits and relocation. She said the total costs were estimated at $75,000. R w DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 arlson Prepared For: orris 0.56 Acres of Vacant Residentia 1125 Ca amdas Dr Marco Island, Florida 3414 Collier County Board of County Commissioners Attention: Roosevelt Leonard, RJW-ACC Senior Review Appraiser Real Property Management 33.35 Tamiami Trail East, Suite 101 Naples, Florida 34112 Prepared By: r ' 1919 Courtney Drive. Suite 14 Fart Myersr FL 33991 (239) 936-1991 ww. w.carlsoDnorri5.com DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 Ll Carlson Norris Real Estate Valuation Experts Trusted since 1985 April 25, 2023 Collier County Board of County Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 RE: 0.56 Acres of Vacant Residential Land 1125 Caxambas Dr Marco Island, Florida 34145 Our File Number: 23-165 Purchase Order Number 45000223050 Dear Mr. Leonard: At your request and authorization, Carlson, Norris, and Associates has 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 estimate of the subject property on an "as is" basis. The property which is the subject of this analysis is located at the addresses of 1125 Caxambas Drive in Marco Island, Florida 34145. The subject property contains a parcel irregular in shape containing a total of 24,394 square feet or 0.56 acres. The property is vacant and is all uplands. The northern half of the parcel consists of vegetation including Coastal scrub, Cabbage palm and Brazilian pepper. The southern half is cleared with a few small, scattered oaks and cabbage palms. The zoning classification of the subject property is RSF-3 Residential Single Family. The future land use designation for the subject property is Low Density Residential. There are public utilities available in the area. A more detailed description of the subject can be found in the body of the 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. Carlson, Norris, and Associates 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. 1919 Courtney Drive I Fort Myers, FL 33901 1 Phone 239.936.1991 1 www.carlsonnorris.com DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 April 25, 2023 Page 2 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: ONE MILLION SIX HUNDRED -SIXTY THOUSAND DOLLARS ........................... ($1,660,000.00). 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 estimate contained herein. Carlson, Norris and Associates has been engaged by the First Bank to perform this appraisal. 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, CARLSON, NORRIS, & ASSOCIATES, DocuSigned by: 67A85045E6184E6... Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 DocuSigned by: (�oUn t� A �t, vW �w 85FDE7990ADA466... Hannah Dwyer State -registered trainee appraiser R125089 1919 Courtney Drive I Fort Myers, FL 33901 1 Phone 239.936.1991 1 www.carlsonnorris.com DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS AND ASSOCIATES AERIAL VIEW OF SITE 0.56 ACRES OF VACANT LAND 1125 CAXAMBAS DRIVE MARCO ISLAND, FL 34145 1 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES TABLE OF CONTENTS SUBJECT PHOTOGRAPH................................................................................................I SECTION 1 - SUMMARY OF SALIENT FACTS...............................................................3 CONSERVATION FEATURES SUMMARY OVERVIEW...........................................................................................4 SECTION 2 - PREMISES OF THE APPRAISAL...............................................................5 INTENDEDUSE/USER........................................................................................................................................5 SCOPEOF WORK.............................................................................................................................................. 5 DATE OF VALUE/DATE OF REPORT..................................................................................................................8 SALESHISTORY................................................................................................................................................8 EXPOSURETIME...............................................................................................................................................8 MARKETINGTIME..............................................................................................................................................9 EXTRAORDINARY ASSUMPTIONS....................................................................................................................10 SECTION 3 - DESCRIPTION OF REAL ESTATE APPRAISED......................................I I COLLIER COUNTY AREA ANALYSIS................................................................................................................11 MARKETAREA ANALYSIS...............................................................................................................................26 LEGALDESCRIPTION......................................................................................................................................28 OWNEROF RECORD.......................................................................................................................................28 ASSESSEDVALUE AND TAXES.......................................................................................................................28 SITEDESCRIPTION..........................................................................................................................................29 AERIALMAP...................................................................................................................................................29 SUBJECT PROPERTY PHOTOGRAPHS.............................................................................................................33 SECTION 4 - HIGHEST AND BEST USE ANALYSIS....................................................36 HIGHEST AND BEST USE AS THOUGH VACANT...............................................................................................36 SECTION 5 - VALUATION OF THE SUBJECT.............................................................38 VALUE ESTIMATE BY THE COST APPROACH..................................................................................................38 VALUE ESTIMATE BY THE INCOME APPROACH..............................................................................................38 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH.........................................................................38 SECTION 6 - RECONCILIATION OF VALUE................................................................55 SECTION 7 - CERTIFICATION AND LIMITING CONDITIONS.....................................56 CERTIFICATION OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM.......................................................................56 CERTIFICATION OF HANNAH DWYER...............................................................................................................58 GENERAL ASSUMPTIONS & LIMITING CONDITIONS.........................................................................................60 SECTION 8 - ADDENDA................................................................................................64 SUBJEST PROPERTY CARD.................................................................................................65 ZONING& LAND USE......................................................................................................................................66 SOILMAP.......................................................................................................................................................88 WETLANDSMAP.............................................................................................................................................89 FLOODMAP....................................................................................................................................................90 LICENSES........................................................................................................................................................ 91 QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM...................................................................92 QUALIFICATIONS OF HANNAH DWYER...........................................................................................................94 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 1 - Summary of Salient Facts Property Reference: 58105440009 PO Number: 4500223050 Property Type: Vacant Commercial Land Property Address: 1125 Caxambas Drive Marco Island, FL 34145 Report Format: Appraisal Report Date of Inspection: April 12, 2023 Date of "As Is" Value: April 12, 2023 Date of the Revised April 25, 2023 Report: Interest Appraised: Fee Simple Intended Use & User of The intended use of the appraisal is to assist the user, the Collier the Appraisal: County Government, and affiliates, in the potential acquisition of the subject property. Client: The client for this appraisal assignment is the Collier County Board of County Commissioners. Location & Access: The subject parcel is located on the western side of Caxambas Dr in Marco Island, Florida 34145. The subject has paved access along its eastern border from public road Caxambas Dr. Site Description: The site is vacant and appears to be predominantly uplands. The northern half of the parcel consists of vegetation including Coastal scrub, Cabbage palm and Brazilian pepper. The southern half is cleared with a few small, scattered oaks and cabbage palms. In addition, Gopher Tortoise nests were observed at the time of inspection. The nests will need to be relocated if development were to occur. Legal Description: Located in body of the report Comprehensive Land Low Density Residential Use Plan: Zoning Classification: RSF-3; Residential Single Family Easements: None known. Encumbrances/Leases: None known. Improvements: None Oil, Gas and Mineral Not considered in this analysis Rights: Highest and Best Use The highest and best use of the subject site would be for single-family as Vacant: residential consistent with the current comprehensive land use plan affecting the property as well as zoning classification assigned to the site. K1 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Value Indications "As Cost Approach: Not Applied Is": Income Approach: Not Applied Sales Approach: $1,660,000 Final Opinion of "As Is" $1,660,000 Value: Appraisal Firm: Carlson, Norris & Associates Appraiser: Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 Hannah Dwyer State -registered trainee appraiser R125089 Conservation Features Summary Overview PrOlect Name: South Terra Corp Appraisal Project Folio numbers with owner(s) of record: 58105440009 South Terra Corp 511 Washington St PO 277 Norwood, MA 02062 Zoning and Overlays: RSF-3 Residential Single Family Zoning Considerations for TDR's, PHU, other endangered species: Yes -Gopher Tortoise Was the cost to mitiaate wetlands or endanaered species taken into consideration? If Yes, provide details. Yes Scope of proposed mitigation: The analysts have included the estimated cost to relocate the estimated 30 Gopher Tortoises on the subject parcel as well a percentage adjustment for possible cultural resources on site. Land Area: 0.56 acres or 24,394 square feet Access for the parcel taken into consideration - Yes -Access is from public road Caxambas Dr. on the subjects eastern edge. Highest and Best Use: Single -Family Residential Date of estimated value: April 12, 2023 Estimated value: $1,660,000 4 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 2 - Premises of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate market value of the subject property in fee simple ownership as described in this analysis under the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal Foundation. Use of Appraisal: To assist Collier County in the possible acquisition of the subject property. The Appraisal Client: The client for this appraisal the Collier County Board of County Commissioners. Intended Users of the Report: The intended users of this report are the Collier County Board of Commissioners and affiliates. 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 acreage sites and various commercial properties in 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 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 work has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given to the property's market area, 5 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES physical characteristics as well as zoning, land use and highest and best use. The work performed for this assignment included but is not limited to: • Extent to which the property was identified o The property was identified by the folio numbers provided by Collier County Property Appraiser's office. • 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 conducted on April 12, 2023. Portions of the site inspected were only those with physical access. In addition to the ground level inspection, aerial photography was available through the Collier County Property Appraiser's office as well as Google Earth have been given consideration. • Type and extent of the market researched o Investigation of public records for the properties' zoning, land use, flood zone information, county property appraiser's records for attributes of the subject property itself. o Collection and analysis of sales of upland parcels within the City of Marco Island, Florida market area in order to form a market value opinion. • A number of sales have been used in this analysis. The land sales have been verified by the buyer, seller, broker or representative thereof if available. o Type and extent of analysis applied • The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property, including land values, the attributes of competitive properties, and sales data for similar properties. o Reconciling the value indications from the appropriate approaches of value into final value opinions 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 performed an appraisal as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, 6 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Norris and Associates, Inc. used the Sales Comparison Approach to develop reliable value indications. Neither the Cost nor the Income Approaches were applied in this appraisal. The Cost Approach was not applied since there were no improvements to consider. Vacant land is typically not purchased for its ability to generate an income stream. Therefore, the Income Approach was not applied. Furthermore, the value conclusions reflect information about the subject properties and market conditions. This appraisal of the subject property 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 valued in this appraisal are those known as fee simple. Fee simple interest is defined as: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. "' Market Value Definition: As defined in the Agencies' appraisal regulations, "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 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. " 7 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES (Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75, Number 237, Page 77472) Date of Value Estimate: April 12, 2023 Date of Property Inspection: April 12, 2023 Date of the Report: April 25, 2023 Sales History/Purchase Agreement: 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 analyst is aware of no sales contracts for the three- year period prior to this appraisal date. To our knowledge, the property is not currently under contract or being offered for sale. Appraisal History: Carlson, Norris, and Associates has had no prior involvement with the subject property or the subject owner. 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 properties would have been offered prior to a hypothetical market value sale on the effective date of appraisal. It is a 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) 8 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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. 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. An exposure time of twelve to eighteen months or less for the sale of the subject site appears to be reasonable and appropriate. This exposure time assumes the subject would have been competitively priced and aggressively promoted within the market area. Marketing Time: Marketing time is the period a prospective investor would forecast to sell the subject properties 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 subjects 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 properties. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated changes in market conditions following the date of appraisal. The future price for the subjects (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 9 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES trends, real estate markets in general, supply/demand characteristics for the property types, 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 sale of the subject site will require a marketing time of approximately 12 - 18 months. Extraordinary Assumptions: An extraordinary assumption is defined as: "An assumption, directly related to a specific assignment, 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. Please note the following extraordinary assumptions: • An expert soil analysis 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 toxic or hazardous materials either at ground level or subsurface. The analyst is not an expert in the valuation of site contamination, and it is recommended that an expert be consulted. • If supplied with a cultural resource assessment survey, it may impact the outcome of this report. It is recommended that a cultural resource survey be obtained. 10 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 3 - Description of Real Estate Appraised COLLIER COUNTY AREA ANALYSIS ti 5 dk YL7tM1 :urda s� � lu c �•loor I [�ansl Point 17 wkinghe [page 111 sous ew glon des Sanibel _ f:in Ooinl Bonil r gk ! I+ ' ri r' Ica � I14 Ml r Island "rgkades r I 1 I ' L - E,cr . pg ......... f.... Lvcr dcs 1 �. Litkes I he Bs} ` j M I�Iorida"zil4lelsadis 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 businessman 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 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 11 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES ranging from 740 Fahrenheit in January to 900 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 17t" 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. Chart Al: Coastal Counties Population, 1990 to 2045 Historic and Projected Population Charlotte, Collier, and Lee Counties 1200 1000 Ln 20t9 Source, Office of Economic and OemographicResearch 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 12 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 28t" 2020, allowing them to begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as the project's impact on approximately 700 acres of primary panther habitat is being heavily opposed by wildlife organizations such as the Conservancy 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 13 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 14 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 125 7.5 a 5.0 2.5 Air 2020 Iu12020 DS 2J'23 2�21 .p•=32'1 1u-�12 =02'1 212_ •i 2._2 _u12�22 Cc: 2:=2 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. Largest Industries Below is a breakdown of the largest industries In Collier County. Retail Trade Health Care and Social As si sta n ce Real Estate and Rental and Leasing Construction Accommodation and Food Services Other Services (except public Administration) Administrative and Support an Government Professional, Scientific, and Technical Services Finance and Insurance a is 15 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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. Ampany Name Employment NCH Healthcare System** 7,017 Collier County School District 5,604 k Collier County Local Government* 5,119 Publix Super Market 3,083 i Arlhrex, Inc.** 2,500 i Walmart 1,480 Ritz Carlton -Naples 1,450 k City of Naples 1,169 M Physicians Regional 950 0 Mooring Park 888 Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of 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. 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. 16 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COST OF LIVING Collier Flofida overall 113 1 C3.1 100 Grocery 107.7 102.8 100 Health 106.7 1 C2.3 100 Housing 140.9 101.1 100 Median Home Cost $411,100 $294,900 $291,700 Utilities 98.6 101.3 100 Transportation 98.6 112.E 100 Miscellaneous 1095 87.6 100 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%. Prime rate, federal funds rate, COFI Updated: 2023-02-07 This Week Month Ago Year Ago 11th District Cost of Funds 0.223 0.223 0.223 Federal Discount Rate 4.75 4.5 0.25 Fed FundsRate (Current target rate 4.50-4.75) 4.75 4.5 0.25 WSJ Prime Rate 7.75 _ 3.25 Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. 17 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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. 18 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N ORRIS ,& ASSOCIATES Sao 450 400 350 300 250 200 150 100 s0 0 New Construction Building Permits Issued by Month r r r r r r r r r r r r N N N h N N N N N N N N " CY N N N N fit N N cv CY N CV N N fit N N N N N N N s;1 N C; +4 L L rC a 7 yLLy p> 0 �9 0 L �6 3-:5 M M CL Q> Q a ]an, Feb- 21 21 Mar- Apr- 21 21 May- 21 lun- 21 Jul- 21 Aug- 21 Sep- 21 Ort- 21 Nw- 1 21 Dec- Jan- 1 21 22 Few 22 Mar- 22 .Apr- May- 1 22 22 Jun- 22 Jul- 22 Aug- 22 Sep- 22 On- Nov- 22 1 22 Deo- 22 Jan- 23 ■Cammeroal 7 5 11 S 12 1 9 6 13 11 3 4 s 5 7 4 A 4 7 4 1 4 4 1 2LIR■ Mulltfamilg 11 19 11 6 € 17 it 1S 5 fi 12 9 10 12 1$ 3 1 $ Z 2 1 tGA 7■MFamily 35i195 39641-2 4€OA45 174 403 2M 330 2M 295 346 2ni 333 2S5 284 116 2A8 m 334 Z19 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. $850,000 $900,000 $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 6p� 6�h 0� 1�1 1Ay'1A9 W�^ 0Ay 4i� 9A� 9Ah 00°j oA, �Oh oA� ,�01 '+Oh ,�5� 'y01 'I;�h 'yam ,501 Z ti ti ti v ti ti v ti ti � ti ti ti ti ti ti v ti ti � ti January 2023 $7251,000 0 0.5% $721,035 change from Prior Period © 7.2% $675,999 change from Same Period Prior Year Sales Price is the mid -point (median) value where the price for half of the closed sales is higher and half is lower. 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 19 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 1-75 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. 20 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES SOUTHWEST FLORIDA INTERNATIONAL AIRPORT (RSW) TOTAL PASSENGERS Sourcc_ Lee County Port Authority Dcparhncnt of Communications and Marketing JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC. TOTAL 1983 49,549 73,462 72,491 67,966 52,045 69,837 92,880 115,955 594,185 1984 119,003 145,264 194,287 162,774 95,239 74,839 69,056 75,638 59,129 79,312 110,087 128,309 1,311,937 1985 141,374 179,502 252,168 209,759 132,641 105,550 105,729 104,585 76,252 99,949 121,252 174,208 1,701,969 1986 190,848 217,399 291,152 233,442 153,350 129,823 139,460 146,677 109,977 139,004 172,869 206,047 2,129,548 1987 227,394 233,523 367,799 311,189 217,286 166,567 171,679 166,045 131,943 171,499 222,977 249,162 2,687,053 1988 277,516 344,286 423,866 355,450 229,545 192,604 184,775 195,633 150,429 214,449 269,574 287,942 3,115,124 1989 321,471 366,349 424,953 346,751 226,327 196,417 194,298 194,431 160,363 223,199 273,635 302,398 3,231,092 19911 352,907 404,012 501,920 433,953 291,345 234,406 226,405 237,382 176,067 240,400 310,104 325,271 3,734.067 1"1 395,045 407,226 469,963 391,791 142,127 199,291 191,704 193,292 153,405 214,520 269,347 328,819 3,436.520 1992 340,820 385,415 452,125 353,761 241,220 221,217 233,395 223,537 191,768 221,033 294,867 333,503 3,472.661 1993 358,666 409,624 490,243 440,155 275,765 216,392 213,790 216,174 178,005 252,570 313,200 353,174 3,717,758 1994 386,371 432,144 563,626 455,235 291,419 232,057 232,079 234,627 201,421 260,543 338,805 376,741 4,005,067 1995 422,443 447,364 564,559 478,355 292,074 242,179 235,412 230,176 197,256 263,465 343,441 391,040 4,098,264 1996 424,428 503,291 600,771 497,808 321,316 262,798 252,172 246,512 193,200 272,350 336,544 405,157 4,317,347 1997 434,198 439,485 615,288 487,060 343,538 276,306 280,088 270,237 214,043 296,371 356,838 413,863 4,477,965 1998 460,928 5L2,930 615,067 536,563 333,403 237,839 288,98L 273,395 212,505 319,621 387,319 433,656 4,667,207 1999 483,370 529,469 660,327 542,397 362,220 309,563 311,150 290,900 242,774 340,743 392,063 432,277 4,897,253 2il11i1 466,953 551,169 670,815 572,411 392,469 337,616 339,233 315,998 261,012 374,093 449,628 476,816 5,207,212 1001 536,399 589,055 731,399 6D9,040 421,257 356,206 370,961 350,746 197,561 301,597 389,OD41 424,483 5,277,708 21102 478,012 559,190 705,181 553,196 389,791 332,341 327,939 309,889 246,369 349,719 430,742 502,789 5,185,648 21103 539,964 600,437 795,510 656,647 443,185 367,535 387,974 357,919 283,411 416,949 504,838 547,299 5,891.668 21104 591,333 710,426 361,842 726,340 502,700 443,125 462,743 407,670 319,237 481,945 585,828 643,441 6,73&630 21105 674,915 775,010 1,017,790 816,158 591,146 509,431 509,659 446,244 363,015 479,131 656,638 674,032 7,518,169 21106 725,195 774,929 997,869 847,758 574,963 505,252 502,598 446,415 363,245 513,426 660,658 725,909 7,643717 21107 783,207 841,727 L,081,425 924,919 603,870 525,258 535,264 488,539 387,452 537,606 651,495 688,9L4 9,049,676 21108 762,316 845,741 1,030,151 934,639 576,143 488,266 502,932 448,667 328,279 492,258 603,366 691,038 7,603,845 21109 732,851 809,990 985,267 949,915 524,520 461,295 492,063 454,927 359,743 470,931 598,478 676,078 7,415,958 21110 731,739 755,095 996,685 813,329 552,105 476,625 490,227 444,714 374,590 532,025 652,783 694,399 7,514,316 21111 726,322 790,124 1,073,918 9D7,832 587,633 473,332 457,194 420,105 351,881 469,145 612,470 667,789 7,537,745 21112 704,427 731,849 1,024,221 790,322 531,946 454,044 464,896 421,211 354,640 484,768 658,629 679,672 7,350,625 21113 755,232 927,147 1,115,937 815,978 576,713 473,208 467,946 414,303 333,175 478,376 639,047 735,739 7,637,801 21114 778,163 962,399 1,147,059 865,554 591,116 478,692 496,472 446,402 366,038 503,243 669,567 765,238 7,970,493 21115 854,953 906,039 1,181,382 902,669 (Y02,891 431,512 492,114 454,360 404,045 535,921 720,556 835,359 8,371,901 21116 918,929 989,945 1,269,961 900,594 606,833 492,413 494,074 431,729 391,844 550,316 727,634 840,501 8,604,673 21117 992,905 946,079 1,252,124 1,032,783 629,321 529,393 530,428 481,185 327,466 581,317 767,064 973,494 9,942,549 21118 965,981 1,053,817 1,379,728 939,957 668,665 546,159 561,039 501,023 418,256 569,553 810,283 959,717 9,373,178 21119 1,050,093 1,117,409 1,492,239 1,111,558 725,754 586,319 570,977 526,519 460,869 639,922 876,703 1,077,918 10,225,180 21121) 1,132,103 1,241,590 861,221 53,379 143,0041 237,706 256,418 231,283 255,926 417,305 500,468 64X,01 11 5,978,414 21121 686,563 725,735 1,162,342 1,107,004 946,3661 M39,377 814,471 647,534 551,041 769,524 996,908 1,085,569 10,322,434 2012 1.N4.816 1,149.618 1,514,046 1.'_21.628 836,379 663,141 671,225 620,532 515,077 432,667 312,305 8623681 10,343,802 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. 21 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES POLITICAL -GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. 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. Collier County, Florida Fiscal Year 2 02 212 02 3 Summary of Budget by Fund FY 21122 FY 22123 % Fund Adopted Adopted Budget Fund Title No_ Budget Budget Change Total Budget by Fund 2.447.796,500 2,706,195,800 10.56% Less, Internal Services 109,198,800 112,2",900 2.75% Interfund Trimsfers 534,347,200 634,034,900 8.50% Net County Bud of 1.754,250,500 1,959,9554,000 11.73% 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. 22 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts -oriented baccalaureate degrees as well as some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida. 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. Figure 9. Collier County, FL Education Attainment by Level Comparison (Age 25+) (U' No schooling W Less than High School = High School or GED Some college or Associates Degree Bachelors Degree or higher 100% 0 M ■ N 0 . . 50% 0% Go"o Go��,,� Gou��� Goer! Go�0 Go�011 Go as trey �\ot\61 1,000t �e�d� Mo�toe wee �p),t"' G\aae5 Cn211o�e e p�a�aoQ 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. 86.4% of those living within Collier County have health insurance compared to 87.3% throughout Florida and 91.3% throughout the United States. The highest percentage of those without healthcare coverage is from people making $25,000 at 20.3%. 23 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Figure S: Percent of People with No Insurance by Income Group Figure 1: Percent of People with Health Insurance Hendry County Glades County Monroe County Broward County Collier County Lee County Florida Orlando-Deltona-Daytona Beach Charlotte County United States 0% 50% 100% SUMMARY Collier County Under $25k 1 /5 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. 24 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES LOCATION MAP SSFa 54t a o -� Venice a Port Charlotte O ¢ Englewood ' Fork Myers 0 0 Cape Coral Bonita Springs oNor-h Nap es Naples Marc s and ati SUBJECT Warathor, 11 Key VsresI B'g Pir.e KLy Port S1. LJCle 0 "5#uart ,Jupiter West Palm Beach 0 Y Boynton Beach 0 Boca Raton Fort Lauderdale 0 Hollywood Miami Coral Gabes-> o 0 Kendaill Homestead 0 Key Largo O ,7Taverr.ier Is'amarada 25 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Market Area Map .. SRSLf 3f„NO UMBREL1A )STAND LANNON ISLAND © ROYAL PALM JOHNSON fS[ANO h,�l7rm Island NAMV0CR iX L F -'APPI STW ARSE ALBERT?SLANO ISLAND CHARfrr ISLAND OLD GROVE TVPTL E lSLAN.^, P l ffRy PLAU Mamo Island SUBJECT Market Area is defined as: "The geographic region from which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area." Boundaries: The entirety of Marco Island was analyzed in the development of this report. 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: 26 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES • 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' It is our opinion the subject market area is currently in its growth stage. The market has shown increased activity. Industrial and commercial vacancy has been decreasing, rental and sales activity has been increasing, and permit activity for commercial and residential construction have been increasing. Public Transportation: Collier Area Transit (CAT) Maintenance/Condition: Varying levels of maintenance are evident throughout the subject market area. These conditions range from average to relatively new. Property Compatibility: This overall market area contains differing residential, industrial, and commercial enterprises from single and multi -family homes, professional to general office, offices, retail buildings, and warehouses. Appeal/Appearance: The market area has generally a good appeal. Depending on the specific immediate neighborhood, appearances range from average construction to newer -good quality structures. Development Potential: Development potential for industrial, commercial and residential property has increased over the past several years. This has resulted in increasing investor interest to develop commercial and residential property. Recent indicators point to a continuation of the improving real estate market with new construction noted. Neighborhood Access: Subject is located east of S Barfield Drive with surrounding residential. Financing: Most probable sources: Commercial Banks Typical Loan to Value Rate: 60% to 80% Interest Rate: 4.5% to 8% Supply of Vacant Tracts: Vacant land is available throughout the market with the majority in the eastern portion of the market area. Demand for Vacant Tracts: The supply appears to be in balance with demand at this time. Several recent indicators point to an improving real estate market for residential, industrial and commercial property. Traffic Pattern/Volume: AADT Vehicles per Day along S Barfield Drive and south of San Marco Road is 7,800. Allowable Uses in District: General business, office, retail, and residential uses. Characteristics of Land Immediate properties are commercial and residential usage. Usage: 27 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Vacancy rates: Commercial/Industrial: 5% - 75% Single Family: 3% - 8% Conclusion: Reports and real estate professionals alike suggest the real estate market is increasing in demand and prices. Vacant residential land has shown good demand. The City of Marco Island is continuing to see growth in the residential sector and residential development near the subject could be observed on the day of inspection. The analyst obtained copies of the legal description for the subject property from the most recent deed dated December 271, 1990 in OR Book 1582 Page 2104. Lot 2r .$ C 4�3, %Marco Beach Unit 13, according to the Plat- ereof, recorded in plat Rook 6. Pages 92-99 of the Public itlrC'ords Of Collier COunty# Florida. Owner of Record: According to information obtained from the Collier County Property Appraiser's office the current owner of record for the subject parcel is listed as follows: SOUTH TERRA CORP 511 WASHINGTON ST PO 277 NORWOOD, MA 02062 Assessed Value and Taxes: According to the Collier County Tax Collector's Office the subject property is identified by its parcel number 58105440009. For the tax year of 2022 the subject property has a total assessed and taxable value of $569,510 with an annual tax burden of $12,052.98 (this includes $1,770.96 of Non -Ad Valorem taxes). Please note the 2020 through 2022 years tax analysis in tabular form that follows. 58105440009 Tax Analysis Year Assessed Value Taxable Value County Millage Rate Ad Valoreum Non -Ad- Valorem Tax Liability 2022 $569,510 $569,510 10.1400 $10,282.02 $1,770.96 $12,052.98 2021 $517,736 $517,736 10.8202 $6,367.28 $1,770.96 $8,138.24 2020 $470,669 $470,669 10.7625 $5,065.57 $1,770.96 $6,836.53 Only the Collier County Property Appraiser's office can assess properties for taxation purposes. The actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission then multiplying this by the assessed value for the property. Should the millage rate or 28 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES the assessed value change for the site the tax liability would be different from that as reported herein. Unpaid Taxes: The Collier County Tax Collector's web site has indicated that there are no unpaid taxes for the subject. Site Description: We invite your attention to an aerial view and plat map showing the relative size and configuration 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 site. AERIAL VIEW OF SUBJECT 29 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES PLAT MAP C] C4 to r7 General Site Information Parcel Number: 58105440009 Address: 1125 Caxambas Drive Marco Island, FL, 34145 Location: The subject property is located along the west side of Caxambas Drive in Marco Island, Florida. The subject has paved access along its eastern border from public road Caxambas Dr. Physical Characteristics of the Site Site Dimensions: N/A Frontage The site has approximately 211.02 feet of frontage along Caxambas Drive. Site Area: 0.56 acres or 24,394 Square Feet Shape of Tract: Irregular Corner Influence: Yes Accessibility: The subject has paved access from the western side of Caxambas Drive 30 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Utilities to Site: Sewer City of Marco Island Water City of Marco Island Electric: Florida Power and Light Police and Fire: Collier County Sheriff / Marco Island Fire Easements: Typical utility easements appear to exist. Topography: The site appears to be predominantly uplands. The northern half of the parcel consists of vegetation including Coastal scrub, Cabbage palm and Brazilian pepper. The southern half is cleared with a few small, scattered oaks and cabbage palms. In addition, Gopher Tortoise nests were observed at the time of inspection. The nests will need to be relocated if development were to occur. Site Improvements: None Flood Designation: Majority is Flood Zone X, with a small portion being Flood Zone AE (Elevation 10) Flood Zone Panel 12021 C0837H, dated May 16, 2012. A copy of the flood zone map for the subject can be found in the addenda of this report. Soils: We have completed a web soil survey analysis via the USDA Natural Resource Conservation Service. The site consists of Paola Fine Sand and Urban Land. A map with legend and descriptions of the soils for this analysis can be found in the addenda of the report. Soil conditions are a factor for future development. Wetlands: According to information from the national wetlands inventory website there are no wetlands present on the subject site. Please see a copy of the wetlands map in the addenda. Land Use Designation: Low Density Residential Zoning: RSF-3; Residential Single Family Comprehensive Land Use Plan Classification: The subject's land use is designated as "Low Density Residential". The Low Density Residential future land use category consists of predominantly single-family residential areas that are located interior to the island, and in other areas where it is appropriate to protect existing neighborhoods. This category provides low density housing proximate to the City's commercial nodes and public facilities. Non-residential uses land uses, including mixed - use developments, are not permitted. This category has a standard density range from one dwelling unit per acre (1 du/acre) to four dwelling units per acre (4 du/acre). Bonus densities are not allowed. A complete description of the land use classification and the zoning designation are located within the addenda of this report. 31 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Zoning Classification: The subject has a zoning designation of RSF-3; Residential Single Family. The purpose and intent of the residential single-family districts is to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. The RSF districts are intended to be single-family residential areas of low density. The nature of the uses allowed, either by right or by conditional approval, reflect the desire to promote orderly residential development and uses that will compliment the existing built environment, and comply with underlying minimum standards, density provisions, and aesthetics. It is further intended that this division shall be liberally construed to effect such intent and purpose. Permitted uses include: (1) Single-family dwellings. (2) Family care facilities subject to the land development code. (3) Public parks and open space. Accessory Uses Include: (1) Uses and structures that are accessory and incidental to uses permitted as of right in the RSF districts. (2) Private docks, subject to chapter 54, article IV. (3) Home occupations, subject to chapter 30, article III. (4) Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or preliminary subdivision plat for that development. Please see below for the dimensional standards and regulations that apply to the RSF-3 District. RSF 2 RSF 3 RSF 4 Maximum density units pergross ac) Minimum lot area 20r000 s.f. 10,000 s.f. 7500 s.f. Minimum lot width 120 ft. 95 ft. (corner) 75 ft. (comer) 0 ft. (interior) 70 ft. (interior) Minimum depth of: 1. Front yard 25 ft. 25 ft. 25 ft. 2. Rear yard 25 ft. 25 ft. 25 ft. 3. Side yard Lots with G100 ft. Th ft.* Lots with <100 ft.-7'fi ft.* Lots with <100 ft. Th ft.* Lots with >100 ft.-8 ft.* Lots with >100 ft.-8 ft,* Lots with >100 ft.—S ft.* Minimum floor area (living area 1,500 s.f. 1,500 s.f. 1.500 s.f. 32 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS AND ASSOCIATES Subject Photographs View: Looking north along Caxambas Drive. Subject to the left Photograph date: April 12, 2023 Taken by: Hannah Dwyer View: Looking south along Caxambas Drive. Subject to the right Photograph date: April 12, 2023 Taken by: Hannah Dwyer 33 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Subject Photographs View: Looking westerly across subject Photograph date: April 12, 2023 Taken by: Hannah Dwyer View: Looking northwest across subject. Gopher burrows can be seen Photograph date: April 12, 2023 Taken by: Hannah Dwyer 34 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Subject Photographs View: Looking northerly across subject Photograph date: April 12, 2023 Taken by: Hannah Dwyer 35 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 4 - Highest and Best Use Analysis The principal of highest and best use is defined as: "The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth? Highest and Best Use "As Vacant" Legally Permissible Use: Factors that impact the legally permissible uses for the subject property include such things as the comprehensive land use plan classification, zoning classification, deed restrictions and government regulations. No specific deed restrictions are known relating to the property. The land use designation affecting the site is Low Density Residential with a zoning classification of RSF-3 Residential Single -Family. The current zoning and land use allows for predominantly single-family residential development up to 3du/per gross acre. Therefore, those uses which remain legally permissible do include single- family residential. Physically Possible Use: The physical aspects of the site impact legally permissible uses. The site is irregular in configuration, containing approximately 0.56 acres or 24,394 square feet of site area. The site is all uplands. The northern half of the parcel consists of vegetation including Coastal scrub, Cabbage palm and Brazilian pepper. The southern half is cleared with a few small, scattered oaks and cabbage palms. In addition, there are approximately 30 Gopher Tortoises on the subject site. These tortoises will need to be relocated prior to potential development. The estimated cost to relocate has been estimated later in the report. Most of the 36 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES tortoises will need to be relocated off the site due to the density standards for tortoises. The subject is also part of Caxambas Point Shell Midden archeological site which covers most of the Caxambas area. However, as previously noted, a cultural resource assessment survey has not been done in order to determine if there are any significant cultural resources present that could have a potential impact on development. If found to have archeological significance, this could affect the permitting and developing process. To this point the uses which are both legally permissible and physically possible support primarily single-family residential uses with required site development costs. 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. Residential development continues to be the economic driver for jobs and population increases. We do believe the subject property has current limited residential development potential. However, the physical characteristics that will have to be overcome will include the mitigation costs for the gopher tortoises and possible costs associated with being in a known archeological site and ultimately affect the value of the raw land as it exists today. The legally permissible and physically possible uses which are economically feasible are for the sites to be used for limited single-family residential. 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 test of maximum productivity is applied to the uses that have passed the first three tests. Additional analysis of the market forces of supply and demand may aid the process of use elimination. Economical and financially feasible uses support limited single-family residential. 37 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Section 5 - Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: "A set of procedures through which a value indication is derived for the fee simple interest in a property by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive, deducting depreciation from the total cost, and adding the estimated land value. Adjustments may then be made to the indicated fee simple value of the subject property to reflect the value of the property interest being appraised." There are no improvements of significance on the subject property. The Cost Approach does not apply. 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 land is typically not purchased for its ability to generate income, the Income Approach does not apply. 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 38 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES the most common and preferred method of land valuation when an adequate supply of comparable sales are available." The Sales Comparison Approach involves the comparison of properties similar to the subject, analyzing the differences between the sales and the subject property and correlating the results of the comparison of the sales to the subject into a value indication. We have searched for comparable sales of properties Collier County. We have also analyzed sales of commercial acreage parcels. We have researched and included four comparables and one listing for this analysis. The following map shows where each of the comparables is located along with the subject site. The following pages will include descriptions of the comparables used, along with an analysis grid and narrative for adjustments made. All sales have been researched and verified by a party to the transaction when possible. LAND SALES MAP Sil • Y F y{ wet at • Z V y ! .4 NT 39 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COMPARABLE 1 Property Reference: Property Type: Residential Land Vacant Land Address: 1031 E Inlet Dr Marco Island, FL 34145 County: Collier Location: West side of E Inlet Dr STRAND: 58108360005 Grantor: Blue Parrot Properties LLC Grantee: Optimal Partners Legal Data: Sale Date: August 26, 2022 Sale Price: $2,240,000 Sale Price per Sq. Ft.: $102.85 Sale Price per Acre: $4,480,000 Recording: 6168-13 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Low Density Residential Zoning: RSF-3 Residential Single Family Highest and Best Use: Single Family Residential CNA Data # 2834 40 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 125' x 175' 21,780 square feet, 0.500 acres Square Level and Cleared No All Available From E Inlet Dr None Adverse Apparent None Adverse Apparent $2,240,000 Cash to Seller $102.85 $4,480,000 William Aiuto-Agent , 239-537-2102 Hannah Dwyer, April 20, 2023 $1,500,000 on 8/16/21 and $949,000 on 3/3/21 Comments: This is the sale of a cleared and level single-family residential lot off the east side of E Inlet Dr in Marco Island. The property has a 125' seawall and water frontage. The seawall is new as of 2021. At the time of sale the lot was vacant and unimproved with construction having begun recently for a new residence. The agent involved stated that an archeological survey had been completed for the property which revealed no cultural resources of significance that would effect the property or the sale price and construction has begun for a single-family residence. The property was on the market for 47 days and sold just under the asking price. CNA Data # 2834 41 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COMPARABLE 2 PrODerty Reference: Property Type: Residential Land Vacant Land Address: 1115 Caxambas Dr Marco Island, FL 34145 County: Collier Location: West side of Caxambas Dr STRAND: 58105480001 Grantor: Michael Oliverio-Indv. and Trustee Grantee: BTL Holdings, LLC Legal Data: Sale Date: June 08, 2022 Sale Price: $1,950,000 Sale Price per Sq. Ft.: $89.53 Sale Price per Acre: $3,900,000 Recording: 6141-3029 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Low Density Residential Zoning: RSF-3 Residential Single Family Highest and Best Use: Single Family Residential CNA Data # 2836 42 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 125' x 175' 21,780 square feet, 0.500 acres Square Level and partially cleared No All Available From Caxambas Dr None Adverse Apparent None Adverse Apparent $1,850,000 Conventional $84.94 $3,700,000 Tony Oliverio-Agent Familiar with Sale, 239-394-8121 Hannah Dwyer, April 20, 2023 $1,240,000 on 4/22/22 Comments: This is the sale of a single-family residential lot off the west side of Caxambas Dr in Marco Island. The property's western border is covered in vegetation with the eastern portion somewhat cleared with scattered brush. There are known gopher tortoise habitats on site as well as being a known archeological site. An archeological survey was done which indicated the lot did have some cultural resources on site, but had been cleared for development. The agent stated that an estimate to mitigate the gopher tortoise habitats on site is around $100,000, but the real number will be unknown until a mitigation process begins. The property was put on the market shortly after sale and has been listed for an asking price of $2,500,000 since mid June of 2022. The listing agent stated that there has been no serious inquires into the property due primarily to the above mentioned features. CNA Data # 2836 43 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES COMPARABLE 3 Property Reference: Property Type: Residential Land Vacant Land Address: 1085 Caxambas Dr Marco Island, FL 34145 County: Collier Location: West side of Caxambas Dr STRAND: 58105600001 Grantor: Gary Van Cleef and Anthony Oliverio Grantee: Paul Robey and Jennifer Robey -Trusts Legal Data: Sale Date: April 14, 2022 Sale Price: $2,250,000 Sale Price per Sq. Ft.: $103.31 Sale Price per Acre: $4,500,000 Recording: 6113-2631 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Low Density Residential Zoning: RSF-3 Residential Single Family Highest and Best Use: Single Family Residential CNA Data # 2831 44 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Sale Analysis: Sale Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 125' x 175' 21,780 square feet, 0.500 acres Square Level and Cleared No All Available From Caxambas Dr None Adverse Apparent None Adverse Apparent $2,250,000 Cash to Seller $103.31 $4,500,000 Tony Oliverio-Owner/Agent, 239-394-8121 Hannah Dwyer, April 20, 2023 $1,600,000 on 2/11/22 and $990,000 on 2/9/21 Comments: This is the sale of a cleared and level single-family residential lot off the west side of Caxambas Dr in Marco Island. A new seawall was installed in 2016. The agent familiar with the sale provided details on an archeological survey that was done on the site which indicated that there was no real impact on the land or pricing. The property was on the market for a little under two months at an original asking price of $2,995,000 before being reduced to $2,595,000. The new owners each have an undivided 50% interest in the property. The property is currently back on them market after the new owners decided not to build, at a listing price of $2,475,000. CNA Data # 2831 45 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES ACTIVE LISTING 1 PrODerty Reference: Property Type: Residential Land Vacant Land Address: 1115 Caxambas Dr Marco Island, FL 34145 County: Collier Location: West side of Caxambas Dr STRAP/ID: 58105480001 Grantor: BTL Holdings, LLC Grantee: N/A Legal Data: Listing Date: January 25, 2023 List Price: $2,500,000 List Price per Sq. Ft.: $114.78 List Price per Acre: $5,000,000 Recording: N/A Interest Conveyed: N/A Deed Conveyed: N/A Land Use: Low Density Residential Zoning: RSF-3 Residential Single Family Highest and Best Use: Single Family Residential CNA Data # 2830 46 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Listing Analysis: List Price: Financing: Price per SF: Price per Acre: Listing Confirmation: Verification: Verifying Appraiser: Sale History: 125' x 175' 21,780 square feet, 0.500 acres Square Partially Cleared No All Available From Caxambas Dr None Adverse Apparent None Adverse Apparent $2,500,000 N/A $114.78 $5, 000, 000 Tony Oliverio-Agent, 239-394-8121 Hannah Dwyer, April 20, 2023 $1,950,000 on 6/8/22 and $1,240,000 on 4/22/22 Comments: This is the active listing of a single-family residential lot off the west side of Caxambas Dr in Marco Island. The property's western border is covered in vegetation with the eastern portion somewhat cleared with scattered brush. There are known gopher tortoise habitats on site as well as being a known archeological site. An archeological survey was done which indicated the lot did have some cultural resources on site but had been cleared for development. The agent stated that an estimate to mitigate the gopher tortoise habitats on site is around $100,000, but the real number will be unknown until a mitigation process begins. The listing agent stated that there has been no serious inquiries into the property due primarily to the above -mentioned features. The property has been on the market since mid -June 2022. CNA Data # 2830 47 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES ACTIVE LISTING 2 PrODerty Reference: Property Type: Residential Land Vacant Land Address: 1938 Indian Hill St Marco Island, FL 34145 County: Collier Location: Off Indian Hill St STRAP/ID: 58108360005 Grantor: Indian Hill Holdings LLC Grantee: N/A Legal Data: Sale Date: July 29, 2022 Sale Price: $2,200,000 Sale Price per Sq. Ft.: $84.18 Sale Price per Acre: $3,666,667 Recording: N/A Interest Conveyed: N/A Deed Conveyed: N/A Land Use: Low Density Residential Zoning: RSF-3 Residential Single Family Highest and Best Use: Single Family Residential CNA Data # 2835 48 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Site Data: Site Dimensions: Site Size: Shape: Topography: Corner/Visibility Influence: Utilities: Access: Wetlands/Uplands: Soils: Listing Analysis: List Price: Financing: Price per SF: Price per Acre: Sale Confirmation: Verification: Verifying Appraiser: Sale History: 125' x 175' 26,136 square feet, 0.600 acres Square Level and Cleared No All Available From Indian Hill Dr None Adverse Apparent None Adverse Apparent $2,200,000 N/A $84.18 $3,666,667 John R Wood Properties -Listing Coordinator, 239-248- 4163 Hannah Dwyer, April 20, 2023 No sales in prior 5 years Comments: This is the listing of vacant land located off Indian Hill Dr in Marco Island. The lot is heavily overgrown and is elevated 54' on a hill. The property contains gopher tortoise habitats as well as possible cultural resources. The listing coordinator stated that they do not have an archeological survey to determine the impact of possible cultural resources that may be on the property. Mitigation would be required if found, as well as mitigation for removal of the gopher tortoise habitats. The coordinator stated that there has been no offers or interest in the property so far, especially after Hurricane Ian hit. The property has a 50% water access rights and use for the dock at the bottom of Indian Hill. CNA Data # 2835 49 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, NORRIS AND ASSOCIATES Land Sales Adjustment Analysis - Quantitative Criteria Subject Sale 1 Sale 2 Sale 3 Active Listing 1 Active Listing 2 Location 1125 Caxambas Dr Marco Island 1031 E Inlet Dr Marco Island 1115 Caxambas Dr Marco Island 1085 Caxambas Dr Marco Island 1115 Caxambas Dr Marco Island 1938 Indian Hill St Marco Island Recording 6168-13 6141-3029 6113-2631 Sales Price - $2,240,000 $1,950,000 $2,250,000 $2,500,000 $2,200,000 Sale/Appraisal Date April 12, 2023 August26, 2022 June 8, 2022 April 14, 2022 January25, 2023 July29, 2022 Parcel Size (sf) 24,394 21,780 21,780 21,780 21,780 26,136 Parcel Size (Acres) 0.56 0.50 0.50 0.50 0.50 0.60 Sale Price - $2,240,000 $1,950,000 $2,250,000 $2,500,000 $2,200,000 Sale Price per Square Foot $102.85 $89.53 $103.31 $114.78 $84.18 Transactional Adjustments Property Rights Fee Simple Fee Simple Fee Simple N/A N/A Financing Cash to Seller Conventional Cash to Seller N/A N/A Conditions of Sale Arm's Length N/A Arm's Length N/A N/A Expenditures Immediately after Sale $0 $0 $0 $0 $0 Market Conditions $0 $0 $0 $0 $0 Adjusted Sale Price $2,240,000 $1,850,000 $2,250,000 $2,500,000 $2,200,000 Adjusted Sale Price per sq. ft. $102.85 $84.94 $103.31 $114.78 $84.18 Physical Properties Location Marco Island Marco Island Marco Island Marco Island Marco Island Marco Island Parcel Size (sf) 24,394 21,780 21,780 21,780 21,780 26,136 Land Use Low Density Residential Law Density Residential Low Density Residential Low Density Residential Low Density Residential Low Density Residential Zoning RSF-3 Residential Single Family SF-3 Residential Single Famil RSF-3 Residential Single Famil SF-3 Residential Single Famil RSF-3 Residential Single Family RSF-3 Residential Single Famil Utilities Al Available Al Available Al Available Al Available All Available All Available Access From Caxambas Dr From E Inlet Dr From Caxambas Dr From Caxambas Or From Caxambas Dr From Indian Hill Dr Topography/Site Condition Partially cleared with vegetation Cleared and Level Partially cleared with vegetation Cleared and Level Partially cleared with vegetation Covered in Full Vegetation Water Frontage/Feet Yes/67 feet Yes/125 feet Yes/125 feet Yes/125 feet Yes/125 feet None Miscellaneous None Seawall None Seawall None 50 % Water Rights and Use of Dock Physical Property Adjustments Location 0% 0% 0% 0% 0% Parcel Size 0% 0% 0% 0% 0% Land Use 0% 0% 0% 0% 0% Zoning 0% 0% 0% 0% 0% Utilities 0% 0% 0% 0% 0% Access 0% 00 0% 0% 0% Topography/Site Condition -5% 0% -5% 0% 0% Water Frontage/Feet -5% -5% -5% -5% 5% Miscellaneous -10 % 0% -10 % 0% 0% Overall Percentage of Adjustments -20% -5% -20% -5% 5% Final Adjusted Sale Price per Sq. Ft. 1 $82.28 1 $80.69 1 $82.64 1 $109.04 1 $88.38 50 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Sales Analysis Our market research has encompassed sales from a geographic area which includes all of Marco Island. These comparable sales are located in Collier County with similar characteristics of the subject property and considered to be a good representation of the market. All of the comparable sales sold in 2022. The size of the comparable sales are all 21,780 square feet. The sales range before any analysis is made is from a low of $89.53 per square foot to a high of $103.31 per square foot. The first analysis is for the base adjustments of property rights, financing, conditions of sale and market conditions which is also known as time as well as adjustments or considerations of expenditures immediately after sale. Property Rights Conveyed: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the real property rights involved in a transaction." The property rights conveyed for all of these transactions were fee simple and no adjustments were made. Financing Terms: "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the financing terms of a transaction, also called cash equivalency adjustment." The sale transactions were a combination of cash and financing. None of these components were considered to impact the price paid and therefore no adjustments were made. Conditions of Sale: "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, e.g., when the comparable transaction is not an arm's-length sale." All sales had relatively normal conditions, and no adjustments were made. 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, also called a time adjustment because the differences in dates of sale are often compared." The sale dates of the comparables took place from April 2022 through August 2022. While we know values have fluctuated in the past four to five years, it appears that the market conditions have been relatively stable during the period the sales transactions occurred through 51 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES the date of appraisal. Therefore, no adjustments were made to the comparables for market conditions. Adjusted Price per Square Foot: The analyst has considered adjustments for property rights, financing, conditions of sale, and expenditures after sale and market conditions. No adjustments were made in these categories. Quantitative Analysis: The next analysis considers the factors of location, parcel size, land use, zoning, utilities, access, and miscellaneous/wetlands. Location: The subject is located on the west side of Caxambas Drive. All of the comparable sales are located in close proximity to the subject on the same street or nearby streets. No adjustments were made to this category. Parcel Size: The subject property contains 24,394 square feet or 0.56 acres. The comparable sales are all 21,780 square feet. No adjustments were made to the comparable sales. Land Use: The subject property has a land use of Low Density Residential. All of the comparable sales share the same land use designation, no adjustments were necessary. Zoning: The subject property's zoning is RSF-3 single-family residential. The sales all share the same zoning classification, no adjustments were necessary. Access: The subject property has paved access from Caxambas Dr. All of the comparable sales can be accessed from similar paved roadways. All of the comparable sales are regarded as similar in this category. Topography/Site Condition: The subject is partially covered with vegetation. Sales 1 and 3 are cleared and level and were adjusted downward 5%. The remaining sale 2 was considered similar. Water Frontage/Feet: The subject has 67+/- feet of water frontage. All of the sales had more water frontage with 125 feet and were adjusted downward 5%. Miscellaneous: Sales 2 and 3 have seawalls lining the 125 feet of water frontage which is considered superior to the subject. These sales were adjusted downward 10%. 52 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Final Analysis: A summary of the sale price data presented above is shown in tabular form below. Reconciliation of Sales Comparison Approach Range of Values Adj. Sales Price Per SF Maximum $82.64 Minimum $80.69 Mean $81.87 Median $82.28 Final Per Sq. Ft. Estimate $82.00 Please note the statistical data for the final adjusted sale prices. Three sales and two active listings were analyzed. Although active listings are beneficial in understanding current asking levels, they are not included as they have not met market acceptance. The adjusted prices on a per square foot basis range from $80.69 per square foot to $82.64 per square foot, with an average of $81.87 per square foot and median of $82.28 per square foot. All of the sales are located in close proximity to the subject with the same zoning and land use classifications. Sale 2 is located next to the subject and is also considered the most similar overall in physical characteristics. Based on the analysis of these sales, it is our opinion the subject property's value is estimated at $82.00 per square foot. Multiplying $82.00 per square foot by the subjects 24,394 square feet equals $2,000,308 or $2,000,000 rounded. This is the value prior to consideration of the gopher tortoise relocation and cultural resource factor. Gopher Tortoise Relocation: Collier County has provided a property summary report which states there are 30 Gopher Tortoises on the subject parcel. The relocation of these tortoises is necessary if the site is going to be developed with improvements. Authorized Gopher Tortoise agents were contacted to estimate how much the cost would relocate the tortoises. The estimated cost to relocate the tortoises is $6,600 per tortoise, plus permitting and agent fees. The Gopher Tortoise need and ingress and egress in each burrow and therefore the number of tortoises to multiply by is divided by two, which equals 15. The total estimated cost to relocate all of the tortoises on the subject site is $140,000. Please see the chart below. 53 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Gopher Tortoise Relocation Permitting Fee $ 234.00 Conservation Permit $ 26,325 Gopher Tortoise Agent Fee $ 16,530 Recipient Site Fee 15x $6,600 pertortoise $ 99,000 Total: $ 142,089 Rounded: $ 140,000 Cultural Resource Discussion: As previously mentioned, the subject property is part of the known archeological site called the Caxambas Point Shell Midden. The subject has not been subjected to a cultural resource survey to determine the impact, if any, this has on the site. If significant cultural resources were to be found on site, it could impact development and accrue costs for permitting, mitigation and archaeologist supervision. We have applied a 10% reduction to the "as -is" value of $2,000,000 which equals $200,000, for entrepreneurial incentive. Subtracting both the costs associated with the Gopher Tortoise relocation as well as the Cultural Resource impact from the total "as -is" value of $2,000,000 equals a value of $1,660,000. 54 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Section 6 -Reconciliation of Value Summary of "As Is" Value Conclusions Cost Approach Income Approach Sales Comparison Approach Not Applied Not Applied $1,660,000 The Cost Approach has been considered but was not used because there are no improvements. The Income Approach was considered but was not used. The subject property does not have income potential as is. The subject property is vacant land containing 24,394 square feet located along the west side of Caxambas Drive. From a Sales Comparison perspective the valuation of the subject property has been measured on a per square foot basis. The comparables analyzed were also residential parcels sold in the same market area. The value estimate by this analysis is well supported by the sales utilized. An analysis for the subject property estimated costs associated with the subjects Gopher Tortoise burrows as well as being part of an archeological area was conducted. 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: ONE MILLION SIX HUNDRED -SIXTY THOUSAND DOLLARS Respectfully submitted, CARLSON, NORRIS & ASSOCIATES DocuSigned by: 67A85045E6184E6... Michael P. Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 DocuSigned by: (�oUn I� A �t, vW I�w SSFDE7990ADA466... Hannah Dwyer State -registered trainee appraiser R125089 ($1,660,000.00). 55 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Section 7 - Certification and Limiting Conditions Certification of Michael Jonas, MAI, AI-GRS, CCIM I certify to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • 1 have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results.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. As of the date of this report, Michael Jonas has completed the continuing education program for Designated Members of the Appraisal Institute. 56 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES • 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: R125089, contributed fifteen 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: ONE MILLION SIX HUNDRED -SIXTY THOUSAND DOLLARS...........................($1,660,000.00). Respectfully submitted, CARLSON, NORRIS & ASSOCIATES DocuSigned by: B7A85045E6184E6... Michael Jonas, MAI, AI-GRS, CCIM State -certified general real estate appraiser RZ2623 57 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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. • 1 have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The 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. • No one has provided significant real property appraisal assistance to the persons signing this report. 58 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES • 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: ONE MILLION SIX HUNDRED -SIXTY THOUSAND DOLLARS...........................($1,660,000.00). Respectfully submitted, CARLSON, NORRIS & ASSOCIATES DocuSigned by: (�oUn I� A �t, vW I�w 85FDE7990ADA466... Hannah Dwyer State -registered trainee appraiser R125089 59 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 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. 60 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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 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. 61 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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. 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. 62 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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 Assumptions: Extraordinary assumptions are defined as: "An assumption, directly related to a specific assignment, 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." 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 63 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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 toxic or hazardous materials either at ground level or subsurface. The analyst is not an expert in the valuation of site contamination, and it is recommended that an expert be consulted. • If supplied with a cultural resource assessment survey, it may impact the outcome of this report. It is recommended that a cultural resource survey be obtained. Section 8 - Addenda 64 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES PROPERTY APPRAISER CARD Collier County Property Appraiser Property Summary Paroel No 59105440009 site AddlMe'.gs infer 1C4 LAMBAS OR I Site Cky I p I Si6r4falU145 SOUTH TERRA CORD S11 WASHINGfON ST PO 277 City NORWOOD State I MA Zip 102062 Map No, Serail No. Section T0. 49hip Range Atres !L 7817, 7?8&* 403 27B17 17 S2 26 0.S6 Legal MARCO BCH UNIT 13 BILK 402 LOT 2 OR 1582 M 2 1 " Millage Area • 59 Millag Rates � *Cdu�latio�ts Sui1Aondo 779900 - MARCD BEACH LIN IT 1S School 011ter Total !!se Code @ 0 - VACANT RESIDENTIAL 4AS4 SAB1 10.14 Latest Sales History (Naft oil Salsa an falmd dar tip Qnf wWollty) Date Boolepage Amount 12131/90 1582-2104 S 163,5W 0SM/87 1270-602 $163,500 OMM/82 962-761 $U 06mrm MAIM S 65,000 2022 Certified flax Roll fS bjaxt to Chmrwy Land %blue $ 1,590,316 €t} Improxed Value $ 0 €-} KwhetVakio $ 1,5I0,31fi €-} 10%Cap $ 1,010,806 €-} Assessed Value S 50,510 €-} Stbool Tamable %10ue $ 1,580.31 fi €-} Taxable Value $ 569.510 I? all Yaluaa alia m fir, •gvl0 this pard u r bwd afba thr Fln l Tax Rd 65 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES ZONING DIVISION 2. - RESIDENTIAL SINGLE-FAMILY DWELLING (RSF) DISTRICTS • Sec. 30-81. - Intent and purpose. It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. The RSF districts are intended to be single-family residential areas of low density. The nature of the uses allowed, either by right or by conditional approval, reflect the desire to promote orderly residential development and uses that will compliment the existing built environment, and comply with underlying minimum standards, density provisions, and aesthetics. It is further intended that this division shall be liberally construed to effect such intent and purpose. (Ord. No. 01-15, § 1, 9-17-2001) • Sec. 30-82. - Permitted uses. The following uses are permitted as of right in all the residential single-family districts: Single-family dwellings. Family care facilities subject to the land development code. Public parks and open space. (Ord. No. 01-15, § 2, 9-17-2001) • Sec. 30-83. - Accessory uses. The following uses are permitted as uses accessory to permitted uses in all the residential single-family districts (RSF): Uses and structures that are accessory and incidental to uses permitted as of right in the RSF districts. Private docks, subject to chapter 54, article IV Home occupations, subject to chapter 30, article III. Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or preliminary subdivision plat for that development. (Ord. No. 01-15, § 3, 9-17-2001) 66 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES • Sec. 30-84. - Conditional uses. The following uses are permissible as conditional uses in all the residential single- family residential districts (RSF), subject to the standards and procedures established in the LDC: Churches and houses of worship. Schools, public and private. Guesthouses. Underlying lot(s) must total one acre (43,560 square feet) or more. The living area of a guesthouse shall not be larger than 40 percent of the air-conditioned, enclosed living area (excluding garages, carports, patios, porches, utility areas and the like) of the principal dwelling. A guesthouse shall not be used for commercial purposes, including leasing or renting. Similarly, if a main residence is leased rented, a guesthouse may not be occupied by the property owner. Childcare centers and adult day care centers. Group care facilities (category I and 11) as defined in the land development code. Nautical garages which meets the following requirements: The nautical garage shall consist of a single cut -in boat slip; The nautical garage and cut -in boat slip does not extend into the side yard and front yard setbacks established for residential single-family waterfront homes pursuant to section 30-85(a) of this Code. Seawalls constructed within the above referenced side yard setback will not have any structure, including deadmen and tiebacks below grade or within six foot platted utility easements; The nautical garage is located beneath the primary structure of the principal residence. Notwithstanding anything contained in this Code to the contrary, no portion of the nautical garage structure shall be within the residential single-family principal structure rear yard setback dimensional standard set forth in section 30- 85(a), however the cut -in boat slip may be within the rear yard setback; The nautical garage and cut -in boat slip complies with all federal and state requirements and permits, including, but not limited to the requirements and permits of the state department of environmental protection and the U.S. Army Corps of Engineers; provided, that required federal and state permits need not be obtained prior to issuance of the conditional use but must be obtained before commencement of development of the nautical garage and boat slip cut -in, as required by state law; A flushing analysis, utilizing generally accepted hydrodynamic models, of the potential impact of the nautical garage and cut -in boat slip has been performed pursuant to the guidelines of the state department of environmental protection (FDEP), requirements of the state statutes, and a water quality certification under the Clean Water Act, 33 U.S.C. 1341, has been obtained. The flushing analysis shall demonstrate that flushing of the boat slip cut -in or boat basin meets FDEP standards and, requirements of Florida Statutes and the Clean Water Act; 67 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES The nautical garage and cut -in boat slip meets the requirements of section 30-64(3) of this Code, with section 30-64(3)b., to also include navigable ingress and egress from the adjacent waterway(s) and section 30-64(3)d. to include the number of, proximity to and location of the proposed nautical garage and cut -in boat slip to other docking facilities, including other nautical garages and their net impact on the adjacent canals and waterways. All other attributes of the property, relating to compatibility with adjacent properties and waterways, shall be considered including but not limited to the size of facility, massing, bulk, engineering of the seawall to assure stability; and The construction of a nautical garage prohibits the property owner's ability to construct any additional boat lifts, docks, or boat docking facilities with the exception of a marginal dock. In the case of property with a nautical garage and a cut -in boat slip, a lift shall not be permitted as part of a marginal dock. All boats docked in the cut -in slip shall be moored totally within the nautical garage. Recreational vehicle compatible garage as part of the home structure. At the time of conditional use approval, a concept plan must be submitted by the applicant that depicts the garage door width and height based on the size of the recreational vehicle. The concept plan height and width measurements shall be a condition of the approved conditional use. (Ord. No. 01-15, § 4, 9-17-2001; Ord. No. 17-02 , § 3, 8-7-2017; Ord. No. 18-09 , § 3, 5-21-2018) Sec. 30-85. - Dimensional standards and regulations. Generally. The following dimensional standards and regulations shall apply as presented to all permitted uses within the various residential single-family (RSF) districts. RSF 2 RSF 3 RSF 4 Maximum density 2 3 4 units per gross ac Minimum lot area 20,000 s.f. 10,000 s.f. 7,500 s.f. Minimum lot width 120 ft. 95 ft. (corner) 75 ft. (corner) 80 ft. (interior) 70 ft. (interior) Minimum depth of: 1. Front yard 25 ft. 25 ft. 25 ft. 2. Rear yard 25 ft. 25 ft. 25 ft. 3. Side yard Lots with <100 ft.— Lots with <100 ft.— Lots with <100 ft.— 7'/z ft.* 7'/2 ft.* 7'/2 ft.* Lots with >100 ft.— Lots with >100 ft.— Lots with >100 ft.- 8 ft.* 8 ft.* 8 ft.* Minimum floor area 1,500 s.f. 1,500 s.f. 1,500 s.f. (living area * Ten -foot minimum setback from seawall. Accessory structure setbacks. 68 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Accessory structures must be constructed simultaneously with or following the construction of the principal structure. Freestanding utility storage structures of any type or material are prohibited. Utility storage structures (sheds) shall be physically attached to, and architecturally integrated into the principal structure. Such attachment may be located below the base flood elevation if devoted solely to storage use. Maximum height. Principal structures: Thirty-five feet as measured from required base flood elevation, or applicable measurement point, to the mean height level between eaves and ridge of a gable, hip or gambrel roof. Accessory structures: Twenty feet as measured from existing ground elevation on average of the subject parcel except for attached screen enclosures which may equal the maximum height permitted for the principal structure. The height limitations do not apply to spires, belfries, cupolas, approved communications towers, water tanks, fire towers when operated by a branch of government, ventilators, chimneys, or other appurtenances usually required to be placed above the roof level. Human occupancy, even casual use, is prohibited except for routine maintenance. (Ord. No. 01-15, § 5, 9-17-2001; Ord. No. 18-09 , § 4, 5-21-2018; Ord. No. 19-08 , § 3, 3-18-2019) Sec. 30-86. - Supplemental standards and regulations. Deed restrictions. Significant portions of the city are subject to recorded deed restrictions. As the city is not responsible for enforcement of private deed restrictions, it is incumbent upon individuals to know what private restrictions may apply to their property. Exceptions to required yards. Exceptions to required yards are set forth in section 30-1004(a). Boat docking facilities. Pursuant to chapter 54, article IV. Kitchens in dwelling units. A dwelling unit may have a second kitchen provided all rooms in the dwelling unit are, and remain, internally accessible. Utility structures. Utility storage structures (sheds) shall be physically attached to, and architecturally integrated into the principal structure. Such attachment may be located below the base flood elevation if devoted solely to storage use. No freestanding utility shed of any type or material shall be permitted. Home occupations. Pursuant to chapter 30, article III. Parking. 69 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES All new single-family dwelling units shall provide at least two stabilized off-street parking spaces, inclusive of garage area. All other permitted and conditional uses shall meet the parking requirements contained in the land development code. Vehicles shall be parked on the property on surfaces specified in section 30-483. Recreational vehicle parking. The parking of recreational vehicles is prohibited except as follows: When vehicle is parked within the confines of a fully enclosed structure such that it cannot be seen from any abutting property or public right-of-way. When parked in the open on the driveway of the property for a period of time not to exceed 24 hours to allow for loading and unloading. Upon receipt of a permit from the code enforcement division provided that: Parking shall not exceed seven days for the purpose of loading, unloading, minor repairs, and cleaning prior to or after a trip. The permit shall be affixed to the vehicle in a conspicuous place. Prior to the expiration of the seven-day permit, a second seven-day permit may be issued upon a finding by the code enforcement division that the permittee has complied with permit conditions. A maximum of four permits, or 28 total days, may be granted in any single calendar year. In no event shall recreational vehicles be used for living or sleeping purposes. Boat and boat trailer parking. The parking of a boat and boat trailers is prohibited except as follows: When boat or boat trailer is parked within the confines of a fully enclosed structure such that it cannot be seen from any abutting property, public way, or waterway. On a temporary basis, not to exceed eight hours, for the purpose of loading, unloading, and cleaning. When moored, berthed, or stored on an approved boat docking facility. The display of a boat for sale is prohibited. Commercial vehicle parking. Pursuant to the land development code. Outdoor lighting (including docking facilities). Pursuant to city outdoor lighting standards. Garage and yard sales. Garage and yard sales are prohibited except as follows: Upon the issuance of a permit. A two-day permit may be issued for a garage sale, lawn sale, or similar private home sales every 12 months. The permitted garage/yard sale shall be valid for no more than two days. 70 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES The permit shall authorize the use of a temporary sign located on the permitted property. No sgnage shall be placed off -site or upon the public right-of-way. Items offered for sale shall be generally recognized as household goods and wares. Pre -packaged, bulk items, vehicles, construction materials (i.e., doors, windows, fixtures) shall not be displayed or offered for sale. Vehicle sales. The display of vehicles for sale is prohibited except as follows: Upon the issuance of a permit. A permit may be issued for vehicle sales as follows: One permit per calendar year for private vehicle sales. The permit shall be for a maximum of 14 days. Any vehicle offered for sale shall have a valid license plate and be parked on the driveway or an impervious surface intended for vehicle parking, with the permit clearly affixed in the window of the vehicle. One "for sale" sign shall be allowed, affixed to the window of the vehicle. Permits shall only be issued to the title-holder of the vehicle who shall either be the owner of the subject property, or able to produce an affidavit of permission from the property owner. No vehicle for sale shall be parked on a vacant residential lot or in the public right- of-way. No more than one vehicle at a time may be offered for sale. Signage standards. Pursuant to land development code. Fences and walls. Height. Fences or privacy walls placed within required yards shall be limited to six feet in height except that no fence placed between the front building line and the front property line of lots or parcels less than 1.25 acres in size shall be greater than four feet in height. Fences or walls placed within the required rear yard of waterfront lots one acre or less in size shall be limited to four feet in height. Corner lots shall maintain fences or walls at three feet within sight triangle areas, as shall fences or walls abutting points of vehicular ingress/egress from residential lots. Up to four six-foot entry posts may be incorporated as part of an approved fence in the front yard(s). Materials. Fences and walls shall be constructed of conventional building materials such as, but not limited to concrete block, brick, wood, decorative iron or steel. Coated chain -link fencing shall only be allowed in side yards beyond the front yard setback, and in rear yards. 71 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Fences and walls shall be constructed to present the finished side of the fence or wall to the adjoining lot or any abutting right-of-way. Flagpoles. One flagpole is permitted and shall not exceed 25 feet in height above finished grade. A flagpole over 15 feet in height shall require a building permit prior to installation. Up to three noncommercial flags may be flown from an approved flagpole. Satellite dishes; antennae; towers. One satellite dish having a diameter of 36 inches or less shall be allowed without a permit if the dish is attached to the side or rear of the principal structure and within allowed protrusion limits. Satellite dishes over 36 inches in diameter, antennae(s) or other signal receiving or transmitting equipment to be located on a single family lot must be reviewed and permitted by the city. The installation of antennae(s) or other signal receiving/transmitting equipment that creates electrical interference or is deemed to be out of scale or character of the neighborhood is prohibited unless a compelling public purpose can be established by the applicant, and acknowledged by the city. The maximum permitted height for antennae attached to a residential structure is 40 feet, 35 feet for approved, freestanding towers. The maximum permitted height for approved freestanding towers is 35 feet. Additional height may be requested under the variance provisions contained in the LDC. All existing satellite dishes located on a single-family lot with a diameter of 36 inches or greater shall be removed by December 31, 2003. Children's play equipment. Children's play equipment (swings, slides, etc.) shall be allowed in side and rear yards. Equipment that is attached to the ground shall be setback a minimum of 7.5 feet from any side or rear property line. No owner shall allow such play equipment to become dilapidated, deteriorated, structurally unsound, unsightly or a safety hazard. (Ord. No. 01-15, § 6, 9-17-2001; Ord. No. 10-04, § 2.3., 4-19-2010; Ord. No. 10-08, § 2.5., 8-16-2010; Ord. No. 18-09 , § 5, 5-21-2018) Sec. 30-87. - Minimum landscaping. Minimum landscaping shall be provided pursuant to the land development code. 72 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Areas adjacent to the subject residential lot located within the public right-of-way are subject to conditions contained in the city right-of-way ordinance. (Ord. No. 01-15, § 7, 9-17-2001) • Sec. 30-88. - Structural and site design guidelines. Recommended design guidelines have been established to help owners, architects, landscape architects, and builders to become active participants in the development of the community, by encouraging design quality, and by promoting architectural and site design elements that complement and enhance the surrounding built environment. The city shall review and approve all applicable projects for consistency with the following minimum standards. However, in any event, the city may return building plans for revisions where in the city's judgment, the massing, architectural style, roofline, or other features, or site elements are inconsistent with the intent and purpose of these guidelines. An appeal may be brought within 30 days from rendition by the department to the city planning board for recommendation to city council for those cases that cannot be resolved at staff level. Staff shall describe the areas of concern, inconsistencies, and/or departure(s) from this article. Fees for this appeal process are outlined in the city fees schedule for the appeal of administrate decision. Roofs, general. Roof design plays an important role in breaking down the massing of a large residence. By utilizing different roof volumes that correspond with the interior rooms, a larger building is visually broken down into smaller elements. To avoid massing, roofs shall provide one of the following: Changes in roof pitch or roof plane. Roof pitch of greater than 4:12. A mixture of roof types (i.e., gables and hips). Roof composition and detail elements. The introduction of composition elements such as dormers, cupolas, and other ornamentation is encouraged to customize the mass of individual homes. Generous overhangs, built-up fascia and the use of cornice trim under the soffits adds an additional level of detail to distinguish homes. Building plans shall demonstrate desired roof composition and detail elements, but are not required for building plan approval. Walls, general. The scale relationship of each building component should relate to the overall massing of the structure. Changes in the mass are required on the street side facade of the structure, and encouraged, but not required, on two or more sides of the structure. 73 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES Windows and doors. Windows are one of the major components of the structure and provide definition and the architecture of the residence. New structures shall provide architectural detailing, banding or other trim detail at windows along the front facade. Feature windows, additional banding/trim on other windows, and operable shutters scaled to match the window size are encouraged, but not required for building plan approval. The entrance to the home shall be one of the most prominent elements of the facade. Sidelight windows, decorative glass, and transoms add visual interest to the door, and are encouraged, but not required for building plan approval. Garages. To further emphasize the subordinate role of the garage area to the total structural mass, one of the following shall be required: The width of the garage door(s) shall not exceed 45 percent of the front facing facade. The measurement of the 45 percent shall be based on the distance, in linear feet, of the front facing facade; The garage shall be a side -loading garage; The garage shall be setback or set forward a minimum of two feet behind or in front of the plane of the front facade; or No garage door shall exceed ten feet above grade. To further enhance street appeal, windows on the garage wall facing the street and extra thick (16-inch) walls at the garage opening are encouraged, but not required for building plan approval. Garages for recreational vehicles shall be granted by conditional use in the RSF zoning district. Garage door height and width shall be determined as part of the conditional use process. Porches, verandahs, loggias, and balconies. These elements are highly encouraged, but not required, and should be designed to take advantage of prevailing breezes, create shade, break down the mass of the structure, and extend indoor living to the outside. Elements such as columns with five -inch+ diameters, balconies with decorative support brackets, and porches/loggias/verandahs greater than five feet deep by eight feet in length are encouraged, but not required for building plan approval. Stilt home requirements. Additional landscaping shall be provided for stilt home structures that have unenclosed space on any front or side yard. 74 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES The portion of the stilt home not enclosed, excluding the driveway entrance, shall provide vegetative screening at a height of four feet at installation, and shall be maintained at a minimum height of six feet. Painted lattice can be utilized to support and enhance the vegetative screening. Driveways. Vehicle access facilities shall be constructed as described in section 30-483. Vehicle access facilities shall have a minimum setback of 7.5 feet from any property line for front -loading garages or five feet for side -loading garages. The setback is required to facilitate the installation and maintenance of landscape materials. Site drainage. Site plans shall contain sufficient detail and information to allow for a review of proposed on -site drainage management. Erosion control. Site plans shall contain sufficient detail and information to allow for a review of proposed on -site erosion control. Appropriate erosion control devices, including property adjacent to seawalls, shall be installed prior to the initiation of construction, and shall be maintained throughout completion of the project. Failure to maintain approved erosion control devices shall result in prompt code enforcement action and the suspension of on -site inspections until rectified. Unusual site topography. On any lot where the average pre -development grade is greater than 18 inches above or 18 inches below the average crown of the adjacent road, the applicant shall incorporate the abutting right-of-way area into the site plans submitted for review. The site plan shall contain sufficient detail of existing and proposed conditions within the abutting right-of-way area to facilitate review of proposed driveways, sidewalks, erosion control, utilities, and other improvements such as stormwater management. (Ord. No. 01-15, § 8, 9-17-2001; Ord. No. 10-04, § 2.4., 4-19-2010; Ord. No. 16-01 , § 2, 1-19-2016; Ord. No. 18-09 , § 6, 5-21-2018) Sec. 30-89. - Penalties for violation. Pursuant to F.S. § 162.22, a person found to be in violation of this division may be charged with a fine, not to exceed $500.00, and may be sentenced to a definite term of imprisonment, not to exceed 60 days. Each violation or noncompliance shall be considered a separate and district offense. Further, each day of continued violation or noncompliance shall be considered as a separate offense. Violation of this division may also be prosecuted before the city code enforcement board. (Ord. No. 01-15, § 10, 9-17-2001) 75 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES • Sec. 30-90. - Rental registration program. Definitions. Certificate of transient rental compliance means the document that is issued by the city that bears the words "transient rental certificate of compliance" and evidences that the person or entity, in whose name the document is issued, has complied with the provisions of this section relating to transient rentals. Garbage which is included in the definition of "litter," as defined in section 18-32 of the City of Marco Island Code of Ordinances. Noise is defined as any sounds emanating from the transient public lodging establishment that can be heard from any adjacent or non -adjacent property. This includes, but is not limited to, human sounds, animal sounds, electronically generated sounds, musically generated sounds, or any other sounds that would not be heard if the transient public lodging establishment were not occupied. Any other sounds not applicable in this section shall be subject to sections 18-104 and 18- 105 of the City of Marco Island Code of Ordinances. Residential property as used as a transient rental under this section shall be defined as a single family home public lodging establishment. See definition of "vacation rental/transient rental" below. Responsible party shall mean the owner, or the person designated by the owner, of the property to be called upon to answer for the maintenance of the property and the conduct and acts of transient occupants of residential properties. The responsible party shall be able to physically respond to the property within one hour after notification. Sleeping room shall mean a room or space within a dwelling unit, primarily designed and used or intended to be used for sleeping purposes, excluding, kitchens, bathrooms, shower rooms, water closet compartments, laundries, pantries, foyers, connecting corridors, garages, closets and storage space. Living rooms and/or family rooms may be utilized for sleeping if, and only if, permanent sleeping furniture is provided such as a sleeper sofa. Transient Occupants means any person, or guest or invitee of such person, who occupies or is in actual or apparent control or possession of residential property for a period of less than 30 days, registered as required pursuant to this section. It shall be a rebuttable presumption that any person who holds themselves out as being an occupant or guest of an occupant of the transient rental is a transient occupant. Vacation rental/transient rental. F.S. § 509.013(4)(a), defines transient public lodging establishments as follows: "Public lodging establishment" includes a transient public lodging establishment as defined in subparagraph a. Transient public lodging establishment means any unit, group of units, dwelling, building, or group of buildings within a single complex of buildings which is rented to guests more than three times in a calendar year for periods of less than 30 days or one calendar month, whichever is less, or which is advertised or held out to the public as a place regularly rented to guests. The definition contained in subsection (i) shall apply to any individually or collectively owned RSF zoned single-family home, irrespective of the number of 76 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES bedrooms, that is rented to transient occupants (guests) more than three times in a calendar year for periods of less than 30 days, or which is advertised or held out to the public as a place regularly rented to transient occupants. Tenant, tenants, or group of tenants are defined as transient occupant(s) or guests. Registration required. It is unlawful for any person to allow another person to occupy any residential property that is a single-family, RSF zoned, house or dwelling unit as a transient rental within the City of Marco Island, or offer such property for rent as a transient rental within the City of Marco Island, unless the person has registered the property as a transient rental property with the City of Marco Island, or designee, and the transient rental property has been issued a certificate of transient rental compliance in accordance with the provisions of this section. An application for registration as a transient rental is deemed pending when the application has been filed, all applicable fees have been paid to the city pursuant to section 30-90(c), Code of Ordinances of the City of Marco Island, Florida, a certificate of transient rental compliance has not been issued for the property and the application has not been rejected. A registration application rejected as incomplete is not pending. Notwithstanding subsection (a) above, a person may allow another person to occupy a residential property, for which a certificate of transient rental compliance has not been issued, as a transient rental, when an application is pending if: The residential property has an effective or pending license as a transient rental classification of public lodging establishment issued by the Florida Department of Business and Professional Regulations; and The residential property is not in violation of any section of the Code of Ordinances of the City of Marco Island; and An application for registration of the residential property as a transient rental has been filed pursuant to section 30-90(c) and all applicable fees have been paid; and That said occupancy of the transient rental was scheduled prior to June 30, 2023, as evidenced by a written and validly executed transient occupancy agreement or contract provided to the city manager, or his/her designee. The residential property has no fines or liens, payable to the City of Marco Island, outstanding at the time of application. Transient rental shall be registered annually. Application for transient rental registration. A separate application for registration of a transient rental shall be made to the city manager or his/her designee for each dwelling unit, as the term is defined in section 30-90(a) of the City of Marco Island, Florida, Land Development Code, proposed for use as a transient rental and shall set forth at a minimum: The legal description of the property offered for rental (i.e., address, lot, block and subdivision name); 77 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Name, address, electronic mail address, and phone number of owner of said property; name, address, electronic mail address, and emergency contact phone number of responsible party for said property, which shall be a 24-hour, seven days a week contact phone number. That the phone number for the responsible party will be answered 24 hours a day, seven days a week by the responsible party. Acknowledgements by owner of the following: That all overnight vehicles associated with the transient rental must be parked within a driveway located on the subject property and said driveway is constructed in compliance with the Code of Ordinances of the City of Marco Island. That it shall be unlawful to allow or make any noise or sound that exceeds the limits set forth in section 30-90(i), transient rental noise control. That the owner shall comply with all applicable city, county, state and federal laws, rules, regulations, ordinances and statutes. That no solid waste container shall be located at the curb for pickup before 6:00 p.m. of the day prior to pick up, and solid waste container shall be removed before 7:00 p.m. of the day of pickup; That whoever, without being authorized, licensed, or invited, willfully enters or remains in any structure or conveyance of a property, or, having been authorized, licensed, or invited, is warned by the owner or lessee, to depart the property and refuses to do so, commits the offense of trespass in a structure or conveyance. That other properties are not jointly shared commodities and should not be considered available for use by transient occupants of the property subject of the application; and Proof of owner's current ownership of the property; Proof of registration with the Florida Department of Revenue for sales tax collection (for Collier County Sales Tax); and Proof of licensure with the Florida Department of Business and Professional Regulation for a transient public lodging establishment. Minimum insurance requirements: Every short-term rental property licensed pursuant to this section shall continuously maintain liability insurance appropriate to cover the short-term rental use, including any necessary policy endorsements, with a minimum of at least $1,000,000.00 or solely conduct each short-term rental transaction through a platform that provides equal or greater liability insurance coverage to cover the short-term rental use. Evidence of insurance: Every applicant shall tender to the City of Marco Island, or designee, the certificates of insurance certifying that insurance of the types and in the amounts required by this chapter are in full force and effect at all times; and Proof of compliance with subsection 30-90(h). Submission of an incomplete registration application form shall result in rejection of the application. 78 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES An application for the modification of a transient rental registration is required when any of the following changes to the transient rental are proposed: A change in the gross square footage. A change in the number of bedrooms. A change in the maximum occupancy. A change in the number of parking spaces, or a change in the location of parking spaces. Upon completion of the changes or alterations to the transient rental property or the transient rental operation the owner shall notify the city, or designee, within ten days of completion. A new certificate of compliance may be issued if the conditions of section 30-90(c)(1) have been met and all required permits have been issued for the changes or alterations. Fee and costs for registration. The City of Marco Island shall charge a transient rental registration administrative fee. The Marco Island City Council, upon adoption of this Ordinance, will determine the amount of the fee, per year, together with a consideration as to whether this fee is refundable or nonrefundable. The Marco Island City Council shall determine the funding method for the registration program, and adopt the fee by resolution. This annually -imposed fee is subject to yearly adjustment and will be calculated as the total cost of the program, including administrative and enforcement costs, divided by the number of transient rental homes. This fee will include the cost of the yearly fire inspection fee. Each fiscal year, the city manager, director of finance and any other designated personnel, will determine the new program cost administration fee that will be adjusted to reflect any shortage or overage for the new fiscal year. It is the intention of the program to be administered to not generate a profit or loss for the program. This program will ensure that all direct and indirect costs will be recovered according to Government Accounting Principles and will not be recovered by tax dollars. The Marco Island City Council shall determine all funding aspects of the program. The first year administration fee, shall be determined by the Marco Island City Council, and shall be assessed on per transient rental home basis. No registration can be completed if a home has outstanding fees, fines or liens owed to the City of Marco Island for any reason(s). Proof of payment of any outstanding fees, fines or liens shall be submitted prior to the issuance of any certificate of transient rental compliance. Responsible party required. Whenever any property is required to be registered under this section, the owner shall appoint a natural person to serve as the responsible party for service of notices as are specified herein, and notices given to the responsible party shall be sufficient to satisfy any requirement of notice to the owner. An initial responsible party shall be designated, and name submitted with the application for registration, and the city manager or his/her designee shall thereafter be notified of any change of responsible party within ten days of such change. Further, it is the affirmative duty of the responsible party to: 79 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Provide all guests prior to occupancy of the property with a written summary, printed in the English and Spanish language, of applicable City of Marco Island Ordinances concerning noise, vehicle parking, garbage, and common area usage. The summary shall include citations to the applicable City of Marco Island Ordinances and instructions on how to access the complete written text. The summary shall be posted in the interior of the structure, prominently near the main entrance of the establishment. Maintain all properties under their control in compliance with the Code of Ordinances of the City of Marco Island, Florida. See that the provisions of this section are complied with and promptly address any violations of this section or any violations of law which may come to the attention of the responsible party. Be available with authority to address and coordinate solutions to problems with the transient rental of the property 24 hours a day, seven days a week. Be situated close enough to the property as to be able to respond in person within one hour of being notified by a transient rental occupant, law enforcement officer, a city manager designated rental compliance officer/employee, emergency personnel, or the city, of issues related to the transient rental. Responsible party shall respond when requested. Maintain, or arrange for the maintenance, of the entire property free of garbage and litter, provided however, that this subsection shall not prohibit the storage of garbage and litter in authorized receptacles for collection. Conduct an on -site inspection of the transient rental at the end of each rental period to assure continued compliance with the requirements of this section and any applicable state regulations. False information. It shall be unlawful for any person to give any false or misleading information in connection with the application for registration required by this section. Transient rental applications shall be sworn to under penalty of perjury. Any owner of any transient rental who engages in fraudulent advertising or activity shall be considered as engaging in a violation of this section. Minimum requirements for issuance of a certificate of compliance. The city manager or his/her designee may issue a certificate of compliance to the applicant upon proof of the following: The owner or responsible party completes the City of Marco Island Transient Rental registration application form. The transient rental registration administrative fee has been paid to the City of Marco Island. A signed and witnessed responsible party authorization letter (sample provided with transient rental application form). The letter will be signed by both the owner and responsible party and both signatures will be witnessed. A Florida Department of Revenue certificate of registration for purposes of collecting and remitting tourist development taxes, sales surtaxes and/or transient rental taxes. 80 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES A Florida Department of Business and Professional Regulation license as a transient public lodging establishment. An affidavit, demonstrating maintaining initial and on -going compliance with transient rental standards contained herein, plus any other applicable local, state and federal laws, regulations and standards to include, but not be limited to F.S. ch. 509, and Chapter 61 C and 69A, Florida Administrative Code, as may be amended from time to time; and That the transient rental has satisfied the fire safety inspection requirements, annually, as provided in section 30-90(h), of the Code of Ordinances of the City of Marco Island. Submission of the insurance document(s) referenced in section 30-90(c). That the transient rental is not subject to a suspension pursuant to section 30-90(k) Transient rental standards. The following standards shall govern the use of any transient rental as a permitted use: Minimum life/safety requirements: Swimming pool, spa and hot tub safety. A swimming pool, spa or hot tub shall comply with the current standards of the "Residential Swimming Pool Safety Act, F.S. ch. 515, as may be amended from time to time. Dwelling units. All dwelling units shall meet the single-family dwelling minimum requirements of sections 30-81 through 30-89 and section 30-10, definitions of a dwelling, single-family or one family of the Code of Ordinances of the City of Marco Island, Florida, as may be amended from time to time. Smoke and carbon monoxide (CO) detection and notification system. A smoke and carbon monoxide (CO) detection and notification system within the transient rental unit shall be installed, operational and interconnected/hard-wired and receive primary power from the building wiring. The smoke and carbon monoxide (CO) detection and notification system will be continually maintained and tested consistent with the requirements of Section R314, Smoke Alarms, and Section R315, Carbon Monoxide Alarms, of the Florida Building Code —Residential. Fire extinguisher. A portable, multi -purpose dry chemical 2A:10B:C fire extinguisher shall be installed, inspected and maintained in accordance with NFPA 10 on each floor/level of the unit. The extinguisher(s) shall be installed on the wall in an open common area or in an enclosed space with appropriate markings visibly showing the location. That all overnight vehicles associated with the Transient Rental must be parked within a garage and/or on a driveway located on the subject property and in compliance with the Code of Ordinances of the City of Marco Island. Included in the yearly registration fee described in section 30-90(d) is the cost of a Marco Island Fire Department Fire Safety inspection. This inspection shall be conducted by a City of Marco Island Licensed Fire Inspector and shall be completed in accordance with any applicable state and local fire safety regulations. This inspection, and any required corrections/modifications must be completed prior to the issuance of a transient rental certificate of compliance. 81 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Maximum occupancy. The occupancy of a transient rental shall not exceed: Two persons per sleeping (bedroom) room. The number of bedrooms shall match the building plans or records if no plans exist, and shall be used in determining the number of sleeping rooms at the transient rental. Any advertisement or hold out for rental of the transient property must reflect and match the number of Bedrooms on record with the City of Marco Island Building Department or Collier County. The maximum number of persons allowed to gather at a transient rental shall not exceed one and one-half times the maximum occupants authorized to stay overnight at that site, as shown on the certificate of compliance, and in no event shall a gathering exceed 20 persons. After 10:00 p.m., the number of occupants shall not exceed the maximum occupancy described in section 30-90(h)(2)a, above plus a maximum of two additional persons. By way of example only, the maximum number of occupants past 10:00 p.m. in a three -bedroom house is eight. This subsection shall not apply to owner -occupied transient rentals when the property owner is physically present on the site during the gathering. Up to two persons are exempt from and shall not count towards the occupancy limits set in subsection (h)(2)b above. Solid waste handling and containment. City solid waste containers shall be provided. Appropriate screening and storage requirements for solid waste containers shall apply per any development approval. For purposes of this section, a solid waste container shall not be placed at curbside before 6:00 p.m. of the day prior to solid waste pickup, and the solid waste container shall be removed from curbside before 7:00 p.m. of the day of pickup. Minimum transient occupancy agreement wording. The transient occupancy agreement shall contain the minimum information as provided for in subsections 30- 90(h)(1), (4), and (5). The transient occupant responsible for all guests and occupancy payments will sign the transient occupancy agreement acknowledging the rules. The wording of such an agreement shall contain a clause indicating that the occupant(s) acknowledge the rules and will agree to vacate the premises in the event of a violation of this section upon request by the owner or responsible party and whereas any such vacation shall occur not more than 12 hours upon such request. Minimum transient occupancy information. The transient rental occupants shall be provided with a summary of the information required in the agreement described in subsection 30-90(h)(4) with instructions on how to access the full text and the owner shall post the following conspicuously within the establishment: A statement advising the occupant that any sound shall not be plainly audible for a period of one minute or longer at a distance of 25 feet or more when measured from the source property line between the hours of 10:00 p.m. and 7:00 a.m. daily and at a distance of 50 feet or more when measured from the source property line between the hours of 7:00 a.m. and 10:00 p.m. daily. The parking restrictions for occupant vehicles. Any applicable boat storage and docking regulations and restrictions. A sketch or photograph of the location of the off-street parking spaces. 82 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES The days and times of trash pickup. The notice of sea turtle nesting season and sea turtle lighting regulations, if applicable. The location of the nearest hospital; and The City's non -emergency police phone number. There shall be posted, in a conspicuous location a legible copy of the building evacuation map —minimum eight and one-half inches by 11 inches. Designation of a transient rental responsible party capable of meeting the duties provided in subsection 30-90(e). Advertising. Any advertising of the transient rental unit shall conform to information included in the transient rental certificate of compliance and the property's approval, particularly as this pertains to maximum occupancy. A statement stating "it is unlawful for a sexual offender or sexual predator to occupy this residence" if so determined pursuant to subsection 30-90(h)(8) of this Code and the certificate of compliance number shall be included in all advertising. Sexual offenders and sexual predators. It is unlawful for any property owner or designated representative to allow another person to occupy any residential property as a transient rental within the City of Marco Island, as a transient occupant if such property owner or designated representative knew or should have known that it will be occupied by a person prohibited from establishing a permanent residence or temporary residence at said residential property pursuant to the Marco Island Code of Ordinances, section 18-200, if such place, structure, or part thereof, trailer or other conveyance, is located within 2,500 feet of any school, designated public school bus stop, child day care facility, park or playground or other place where children regularly congregate. Property owner or designated representative shall determine prior to submission of an application for a certificate of compliance whether the transient rental property is located in an area unlawful sexual offenders or sexual predators to occupy pursuant to section 18-200 of the Marco Island Code of Ordinances. Posting of certificate of compliance. The certificate of compliance shall be posted on the back of or next to the interior of the main entrance door and shall include at a minimum the name, address and phone number of the responsible party, the maximum occupancy of the transient rental and a statement stating "it is unlawful for a sexual offender or sexual predator to occupy this residence" if so determined pursuant to subsection 30-90(h)(8). That all overnight vehicles associated with the transient rental must be parked within a garage or on the subject transient rental driveway in compliance with the Code of Ordinances of the City of Marco Island. Other standards. Any other standards contained with the Code of Ordinances of the City of Marco Island to include, but not be limited to: transient rental noise, setbacks, stormwater and similar provisions. Transient rental noise control. Notwithstanding existing noise regulations contained in article IV [of chapter] 18 of the Marco Island Code of Ordinances, the use of a RSF property as a transient 83 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES rental is a "public lodging" use of a home in a residential neighborhood. As such, a much stricter/quieter set of noise parameters must be defined for this application. For any RSF property being used as a transient rental, the noise regulations shall be defined as: Any noise shall not be plainly audible for a period of one minute or longer at a distance of 25 feet or more when measured from the source property line between the hours of 10:00 p.m. and 7:00 a.m. daily and at a distance of 50 feet or more when measured from the source property line between the hours of 7:00 a.m. and 10:00 p.m., daily." For all other noise applications, [chapter 18] article IV of the Marco Island Code of Ordinances shall apply. Expiration of registration and certificates of compliance. All registrations for which a certificate of compliance has been issued under the provisions of this section shall be valid for no more than one year, and all registrations and certificates of compliance shall expire each year. The application for renewal must be submitted no later than 60 days prior to the expiration date. Dates for renewal and applicable late renewal fees shall be established by resolution of the City Council of the City of Marco Island, or designee, in accordance with section 30-90(d), and shall be charged to an application for renewal submitted prior to the expiration date but after the 60 days required by this section. All applications for renewal received after the annual expiration date shall be processed as a new application and subject to all applicable fees. Penalties and offenses. Any certificate of rental compliance issued pursuant to this section may be or suspended by the magistrate pursuant to subsection (k)(4) of this section. Such suspension is in addition to any penalty provided herein. Offenses/violations. Non-compliance with any provisions of this section shall constitute a violation of this section. Separate violations. Each day a violation exists shall constitute a separate and distinct violation. Remedies/enforcement. Violations of this section shall be subject to penalties as part of a progressive enforcement program with the primary focus on compliance and compatibility with adjoining properties, versus penalties and legal actions. To accomplish a safe and effective transient rental program it is key that transient rental responsible parties are responsive and responsible in the management of the property for compliance with this section. Any person, persons, transient rental owner, guilty of violating any of the provisions of this section shall be deemed guilty of a civil infraction. The amount of the civil penalty may be up to $250.00 for the first violation, up to $500.00 for the second violation within a 12 month period, up to $1,000.00 for the third violation within a 12- month period, up to $2,000.00 for the fourth violation within a 12-month period, up to 84 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES $4,000.00 for the fifth violation within a 12-month period, and up to $5,000.00 for the sixth and any subsequent violations within a 12-month period. Any person who operates a transient rental and fails to register as required in sections (c) and (d) of this section shall be subject to a daily fine of $1,000.00 for each day the transient rental is operated without a valid transient rental certificate of compliance. Additional remedies. Nothing contained herein shall prevent the City of Marco Island from seeking all other available remedies which may include, but not be limited to, suspension of a transient rental certificate of compliance, injunctive relief, liens and other civil and criminal penalties as provided by law, as well as referral to other enforcing agencies. Suspension of transient rental certificate of compliance. In addition to any fines and any other remedies described herein or provided for by law, a magistrate may suspend a transient rental certificate of compliance in accordance with the following: Suspension time frames. Upon a fourth violation of this section within 24 months the transient rental certificate may be suspended for a period of up to 180 calendar days at the discretion of the magistrate. Upon a fifth violation of this section within 24 months the transient rental certificate may be suspended for a period of up to 365 calendar days at the discretion of the magistrate. For each additional violation of this section within 24 months the transient rental certificate may be suspended for a period of up to an additional 30 calendar days at the discretion of the magistrate, up to a maximum period of 12 months. For example, the sixth violation shall be for 395 calendar days; the seventh violation shall be for 415 calendar days, and so on. A Transient rental certificate of compliance shall be subject to temporary suspension beginning five working days after a citation is issued for a violation of the Florida Building Code, or Florida Fire Prevention Code. Such suspension shall remain in place until the transient rental is reinspected, and it is determined that the violation no longer exists by the city, in accordance with subsection (4)b, below. Suspension restrictions. A transient rental may not provide transient rental occupancy during any period of suspension of a transient rental certificate. This provision shall not prevent a transient rental owner from exercising a long-term rental (any rental 30 continuous days or more) during a suspension period. However, in the event a transient occupant does not occupy the transient rental for at least 30 continuous days, the transient rental owner cannot initiate a new rental lease until the full 30-day period has elapsed. A transient rental that enables and executes transient rental occupancy for any period less than 30 continuous days during a suspension period shall be considered to be in violation of this section and shall be subject to the enforcement penalties of this section. The suspension shall begin immediately following notice, commencing either; At the end of the current transient rental lease period; or 85 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Within 30 calendar days, whichever date commences earlier, or as otherwise determined by the magistrate. Operation during any period of suspension shall be deemed a violation pursuant to this section and shall be subject to daily fine, up to $1,000.00 or to the maximum amount as otherwise provided in Florida Statutes for repeat violations, for each day that the transient rental operates during a period of suspension. An application for a renewal may be submitted during the period of suspension: however, no certificate of compliance may be issued for the transient rental until the period of suspension has expired. A transient rental certificate of compliance cannot be reinstated from suspension if any fines, liens, fees are outstanding and due to the City of Marco Island. In accordance with section 30-90(b)(2), any transient rental property where the transient rental certificate of compliance has been suspended, is not legally eligible to be advertised as a short-term rental property during the period of suspension. The City of Marco Island, or designee, will notify the responsible party with regard to a suspension. Complaints. Whenever a violation of this section occurs, or is alleged to have occurred, any person may file a written complaint. Such complaint, stating fully the causes and basis thereof, shall be filed with the city manager or his/her designee. The city manager or his/her designee shall promptly record such complaint, investigate, and take action thereon in accordance with this section. A violation and/or complaint may also be filed by telephone directly to the City of Marco Island, or designee, rental hotline. This number will be published, when operational, on the city website and via local newspapers. Operation of the Hotline will be determined by the city manager and/or his or her designee. Enforcement. The provisions of this section shall be enforced as provided in [chapter] 14—code enforcement, of the Code of Ordinances of the City of Marco Island, Florida. Rental registration program administration. The Marco Island City Council shall be responsible for the implementation and funding for the program described in this section. Rental registration program subordination. Upon any determination that short term rentals are illegal on Marco Island, this section shall not apply for any such illegal rental(s) and the illegal rental(s) shall cease to operate in accordance with the provisions herein. However, in the event that any other rental in the RSF district that is not deemed illegal and that is defined by Florida State Statutes as a "public lodging establishment" or any transient rental that is not a primary or principal residence of the renting party, any such rental shall be governed and regulated by this section. (Ord. No. 22-08 , § 2, 12-5-2022) 86 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES Future Land Use Policy 3.1.2 The Low Density Residential future land use category consists of predominantly single-family residential areas that are located interior to the island, and in other areas where it is appropriate to protect existing neighborhoods. This category provides low density housing proximate to the City's commercial nodes and public facilities. Non-residential uses land uses, including mixed -use developments, are not permitted. This category has a standard density range from one dwelling unit per acre (1 du/acre) to four dwelling units per acre (4 du/acre). Bonus densities are not allowed. 87 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES USDA SOIL MAP Map Unit Legend Map Unit Sym bnl Map UnIt Narne Acras in A01 Percent of A01 35 St. Augustine, organic 0.4 68.8% substraturn,Urban Land complex. 0 to 2 percent slopes 126 Paola fine sand -Urban land 0.2 31.2% complex, 1 to 8 percent slopes Totals for Area of Interest 0.6 100 O% 88 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES WETLANDS MAP U.S. Fish and Wildlife Seirvice "; National Wetlands Inventory Wetlands Ap d123, 2023 S re o nei. spon nee miha a � o s �®n Ma wss �u e Wetlands hace tlaG shown on lltis map. 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T3A5 map Image Is uoltl I! ere one of more yi [M1e Idfowing map elemenlitlo nIX appear: hasemap Imagery. flppezpne lanes. legenq wale Lal. map erea[Ian Rate. fxxnmanny ieentlllers FIRM pane' wmhet ane FlRM elreMlse Bare. Map Imagefor r mappee arN emlzeo axeas cannot oe use¢rm regulatory purer .o 90 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES APPRAISERS' LICENSES LICENSE FOR MICHAEL JONAS, MAI, AI-GRS _ Ron neSantis. Governor Melanie S. Griffin. Secretary dbpr ,, STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES JONAS, MICHAEL PAUL 1919 COURTNEY DRIVE STE 14 ,j• FORT MYERS FL 34101 LICENSENUMBER: RZ2623 EXPIRATION DATE: NOVEMBER30,2024 Always verify licenses online at Myinoridal-icense.com o„ „o 4 +. Do not alter this document in any form. r fry �- This Is your kense. It Is unlawful for anyone other than the licensee to use this document. ❑- !ram LICENSE FOR HANNAH DWYER Ron ne5antis, Gaverrwr Melanie 5. Griffin, Secretary =- dk�pr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE REGISTERED TRAINEE APPRAISER HEREIN HAS REGISTERED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES fDWYER, HANNAH 3414 SE 19TH PL CAPE CORAL FL 33904 , EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com ❑� k,Y'{1rn ❑� L JSe Tb Do not alter this document in any form. lic , This is your license. It is unlawful for anyone other than the licensee to use this document. Olrr�{ . 91 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES 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 92 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS, & ASSOCIATES 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 93 DocuSign Envelope ID: 8C6F6E14-4C14-466F-9832-08AD21958544 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C A R L S O N, N O R R I S, & ASSOCIATES QUALIFICATIONS OF HANNAH V. DWYER STATE -REGISTERED TRAINEE APPRAISER R125089 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 R125089 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. 94 RKL APPRAISAL AND CON SUITING REAL ESTATE APPRAISAL REPORT SOUTH TERRA CORP Residential Land 1125 Caxambas Drive Marco Island, Collier County, Florida, 34145 PREPARED FOR: Mr. Roosevelt Leonard Supervisor — Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 P.O. Number 4500223051 ACHI L M. ZUCCHI, MAI, CCIM C. LOWRY, MAI, CPA 0UIS C. BOSBITT, MAI EFFECTIVE DATE OF THE APPRAISAL: April 15, 2023 DATE OF THE REPORT: April 21, 2023 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2023-091 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com South Terra Corp 1125 Caxambas Drive Marco Island, Florida *RKL AI SAL AND CON Sit LTIN G April 21, 2023 Mr. Roosevelt Leonard Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal South Terra Corp 1125 Caxambas Drive, Marco Island, Collier County, Florida, 34145 P.O. Number 4500223051 RKL File Number: 2023-091 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The intended users for the assignment are Conservation Collier and the Collier County Board of Commissioners, and the intended use of the appraisal is to assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject is a vacant residential parcel of land containing an area of 0.57 acres, or 24,789 square feet located within the RSF-3, Residential Single -Family District. It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com Mr. Roosevelt Leonard Collier County April 21, 2023 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple April 15, 2023 $1,780,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: I None. Extraordinary Assumptions: According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the Caxambas Point Shell Midden archaeological site (8CR107) encompasses the entire subject parcel. Additionally, the report noted "significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel." A Cultural Resources Assessment Survey (CRAS) was not provided for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of an assessment survey. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC (;A,6u1' l' �g� Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com SOUTH TERRA CORP TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... I Conservation Features Summary Overview....................................................................... 2 IntroductionInformation..................................................................................................... 3 SubjectIdentification...................................................................................................... 3 Current Ownership and Property History....................................................................... 3 AppraisalScope.............................................................................................................. 3 Client, Intended User, and Intended Use........................................................................ 4 Definition of Market Value............................................................................................. 4 Definition of Property Rights Appraised........................................................................ 4 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 4 Scopeof Work................................................................................................................ 5 EconomicAnalysis............................................................................................................. 6 NationalEconomic Analysis........................................................................................... 6 Florida Economic Analysis............................................................................................. 8 Collier County Area Analysis....................................................................................... 10 MarketArea Analysis................................................................................................... 27 Property Description and Analysis................................................................................... 32 SiteAnalysis................................................................................................................. 32 Real Estate Taxes and Assessments.............................................................................. 44 Highestand Best Use.................................................................................................... 45 ValuationMethodology.................................................................................................... 48 AnalysesApplied.......................................................................................................... 49 Sales Comparison Approach......................................................................................... 50 Reconciliation............................................................................................................... 59 Final Value Conclusion................................................................................................. 59 Certification...................................................................................................................... 60 Assumptions and Limiting Conditions............................................................................. 62 Addenda Appraiser Qualifications Property Information ..... Comparable Data ........... Addendum A Addendum B Addendum C SOUTH TERRA CORP SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: South Terra Corp 1125 Caxambas Drive, Marco Island, Collier County, Florida, 34145 Owner: South Terra Corp Legal Description: Lot 2, Block 403 of Marco Beach Unit Thirteen, according to the Plat thereof as recorded in Plat Book 6, Page(s) 92 through 99, inclusive, of the Public Records of Collier County, Florida. Tax Identification: 58105440009 Intended Use: The intended use is to assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. Intended User(s): Conservation Collier and the Collier County Board of Commissioners PROPERTY Land Area: Total: 0.57 acres; 24,789 square feet Flood Zone: Zone Mostly X with a portion AE Zoning: RSF-3, Residential Single -Family District Highest and Best Use As Vacant Residential development Exposure Time 12 months Marketing Period 12 months VALUE INDICATIONS Value Range of Comparables: $59.44 to $79.33 per square foot Reconciled Value(s): As Is Value Conclusion(s) $1,780,000 Effective Date(s) April 15, 2023 Property Rights Fee Simple The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the Caxambas Point Shell Midden archaeological site (8CR107) encompasses the entire subject parcel. Additionally, the report noted "significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel." A Cultural Resources Assessment Survey (CRAS) was not provided for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of an assessment survey. Page 1 SOUTH TERRA CORP CONSERVATION FEATURES SUMMARY OVERVIEW CONSERVATION FEATURES SUMMARY OVERVIEW Project Name: South Terra Corp Folio numbers with owner(s) of record: 58105440009 Zoning and overlays: RSF-3 within Low Density Residential 0-4 Units per Acre future land use Zoning Considerations for TDR's, PHU, other endangered species: According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, multiple active gopher tortoise burrows were observed on the parcel. Native plant communities on the parcel would also provide cover and forage for wildlife. The Conservation Collier Property Summary estimates 30 gopher tortoises on the site. Several gopher tortoises and burrows were observed during our inspection. Environmental issues are beyond our scope of expertise. The appraiser is reporting data from reports provided for the purpose of this appraisal. Was the cost to mitigate wetlands or endangered species taken into consideration? Yes, for the gopher tortoises, according to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, approximately 25% of the parcel is covered with invasive vegetation — 50% of the vegetated portion. Brazilian pepper and Mother -In -Laws tongue is quite thick in some areas. The estimated initial cost for invasive vegetation removal is $2,000 with recurring costs of $500 per year. The southern portion of the lot is cleared. Scope of proposed miti ag tion: According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the Caxambas Point Shell Midden archaeological site (8CR107) encompasses the entire subject parcel. Additionally, the report noted "significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel." I reserve the right to readdress my value opinion, if necessary, upon receipt of an assessment survey. Land Area: 0.569 acres or 24,789 square feet Access for the parcel taken into consideration: Yes, access is average. Highest and Best Use: Residential development Date of estimated value: April 15, 2023 Estimated value. $1,780,000 Page 2 SOUTH TERRA CORP INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: South Terra Corp 1125 Caxambas Drive, Marco Island, Collier County, Florida, 34145 Legal Description: Lot 2, Block 403 of Marco Beach Unit Thirteen, according to the Plat thereof as recorded in Plat Book 6, Page(s) 92 through 99, inclusive, of the Public Records of Collier County, Florida. Tax Identification: 58105440009 The subject is a vacant residential parcel of land containing an area of 0.57 acres, or 24,789 square feet located within the RSF-3, Residential Single -Family District. It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is South Terra Corp. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions • the expectations of parties who are regularly intended users for similar assignments; and Page 3 SOUTH TERRA CORP INTRODUCTION INFORMATION • what an appraiser's peer's actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Conservation Collier and the Collier County Board of Commissioners. The intended use is for assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is April 15, 2023. The date of inspection was April 15, 2023. The date of the report is April 21, 2023. Page 4 SOUTH TERRA CORP INTRODUCTION INFORMATION SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A complete on site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the Caxambas Point Shell Midden archaeological site (8CR107) encompasses the entire subject parcel. Additionally, the report noted "significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel." A Cultural Resources Assessment Survey (CRAS) was not provided for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of an assessment survey. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 5 SOUTH TERRA CORP NATIONAL ECONOMIC ANALYSIS ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on March 22, 2023. Recent indicators point to modest growth in spending and production. Job gains have picked up in recent months and are running at a robust pace; the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4.75 to 5 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. The Committee anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage -backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of March 2023. Real GDP is projected to grow at a rate of 0.4% in 2023, a decrease from the previous December projection of 0.5%. The unemployment projection for 2023 decreased from 4.6% to 4.5%. The Core PCE inflation projection also increased from 3.5% to 3.6% in 2023. Page 6 SOUTH TERRA CORP NATIONAL ECONOMIC ANALYSIS Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, under their individual assumptions of projected appropriate monetary policy, March 2023 Pe nt Wdian' Central Tendency- Rn W Variable M23 202424 2025 L.*- 20'13 2024 2025 Luger 2023 2024 W25 Louger run run nm Change in nerd CDP 04 12 1.9 L8 0-0-0-8 1.0-1 5 1-7-2.1 ; 1-7-2-0 -02-1-3 0-3-2-0 1_5-22 1-6-2-5 D ber pmjectiun 0.5 1.6 1.8 1.8 0.4-1.0 1.3-2.0 1.6-2.0 ' 1.7-2.0 .0.5-1.0 0.5-2.4 1.4-2.3 1.6-2.5 Lneu,yluyment rate 4.5 4.6 4.6 4.o 4.0 4.7 4.3 4.9 4.3 4.8 3.8 4.3 3.9 4.8 4.0 5.2 3.9 4.9 3.5 4.7 Dcrnmbrr projoction 4.6 4.6 4.5 4.0 4.4-4.7 4.3-4-8 4.0-4.7 ; 3-8-4.3 4.0-5-3 4-0-5.0 3.8-4-8 3-5-4.6 PCR inflation 3-3 2.5 2.1 2.0 3-0-3-8 22-2$ 20-22 2.0 2.9-41 20-3-5 20-3-0 2.0 1>-ber pmjectiun 3.1 2.5 2.1 2.0 2.9-3.5 2.3-2.7 20-2.2 2.0 2.6-4.1 2.".5 2.0 3.0 2.0 Curse PCE u&utw.4 3.6 2.6 2.1 3.5 3.9 2.3 2.8 2.0 2.2 3.5 4.1 2.1 3.1 2.0 3.0 ❑er .mb- prnjc tion 3.5 2.5 2.1 3.2-3-7 2.3-2.7 2.0-2.2 3.0-3-8 22-3.0 2.0-3-0 Memu: Pruj-ted appmpriata policy path Federal funds rate 5-1 4.3 3-1 2.5 5--1-5_6 3-" 7 29-3-9 24-2.6 4.9-5-9 3-4-5-6 2 4-5.6 2.3-3-6 December pmjecti„++ 5.1 4.1 3.1 2.5 5.1-5.4 3.9-4.9 2.6-3.9 2.3-2.5 4.9--5.6 3.1-5.6 2.4 5.6 2.3-3.3 According to Freddie Mac Chief Economist Sam Khater, if interest rates were to drop, the outlook for the mortgage market in 2023 will be bright. "Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of millennial renters will provide support to the purchase market," Sam Khater, said in a December 2022 statement. According to an December 2022 report by Lawrence Yun, chief economist at the National Association of Realtors, home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 - an increase of just 0.3% from this year ($384,500). "Half of the country may experience small price gains, while the other half may see slight price declines," Yun said. Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages. According to the National Association of Real Estate Investment Trusts' (NAREIT) 2023 Outlook, REITs are well -positioned to navigate economic and market uncertainty in 2023 due to strong operational performance and balance sheets. "Despite economic headwinds and weakness in valuations, equity REITs have proven to be quite resilient from an operational perspective, and it is clear that REITs are well -positioned for ongoing economic uncertainty in 2023." The firm noted that data from the Nareit T-Tracker in the third quarter of 2022 highlighted solid year -over -year growth in funds from operations (FFO), net operating income (NOI), and same -store NOI. Quarterly FFO increased to $19.9 billion in the third quarter, a 14.9% increase from a year ago and an all-time high. While the pandemic took a toll on the operational performance of equity REITs, there's no question that it has recovered and surpassed pre -pandemic levels. Nareit also noted how REITs historically perform during and after a recession. For example, REITs have historically outperformed private real estate during a recession and in the four quarters after a recession. REITs have also historically outperformed their equity market counterpart before, during, and after recessions. The 2023 CBRE U.S. Real Estate Market Outlook projects high interest rates and a recession will make 2023 a challenging year for commercial real estate. "Though inflation eased in late 2022, it was still running at more than 7%. The Fed will continue raising rates until it sees a marked reduction in inflation nearer to its 2% target. Page 7 SOUTH TERRA CORP FLORIDA ECONOMIC ANALYSIS Weakening fundamentals and higher cost of capital will generally lower asset values." However, CBRE expects the recession will not be particularly deep as corporate finances are in good shape and employers will shun excessive layoffs to avoid losing employees in a tight market for skilled labor. While consumer confidence is highly subdued, average household debt is low compared with the onset of previous recessions. These factors suggest a moderate downturn, with unemployment unlikely to breach the 6% level. Inflation will be significantly lower by the second half of 2023, setting the stage for falling interest rates and the beginning of a new cycle that will last to the 2030s. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2023, the global real estate industry faces transformational shifts in how buildings will be used, valued, and transacted in 2023 and beyond following a pandemic - fueled course correction. "Ongoing uncertainty in the global economy could impact the industry even more. In the near term, the potential for regional or global recession or stagnation looms —and these impacts would be felt across financial services sectors." The economy is top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. "Revenue expectations for 2023 are mixed among those surveyed-40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Last year's results were much more optimistic: 80% expected revenues to increase in 2022. As a result, more respondents (33%) are planning to cut costs compared to last year, when only 6% planned to make cuts." According to the PwC Emerging Trends in Real Estate 2023, the real estate industry is moving beyond what it perceives as cyclical headwinds i.e., rising interest rates, declining gross domestic product (GDP), sinking deal flows — and taking a long-term approach to real estate assets. The mood among the real estate professionals we interviewed for this year's "Emerging Trends" is cautious optimism. Their plan: Ride out the current slump and reposition their firms for another period of sustained growth and strong returns. According to J.P. Morgan Chase 2023 commercial real estate outlook, there may be challenges ahead. "Retail is at a crossroads, and the future of office space is unclear. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. But there are a few bright spots in the commercial real estate forecast. Multifamily properties continue to perform well, and the hot streak for industrial properties remains." As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, after a historically low rate of change between 2020 and 2021, the U.S. resident population increased by 0.4%, or 1,256,003, to 333,287,557 in 2022. Florida was the fastest -growing state in 2022, with an annual population increase of 1.9%, resulting in a total resident population of 22,244,823. It was also the second largest -gaining state behind Texas, with an increase of 416,754 residents. Net migration was the largest contributing component of change to Florida's growth, adding 444,484 residents. "While Florida has often been among the largest -gaining Page 8 SOUTH TERRA CORP FLORIDA ECONOMIC ANALYSIS states," Kristie Wilder, a demographer in the Population Division at the Census Bureau noted, "this was the first time since 1957 that Florida has been the state with the largest percent increase in population. According to the Summer 2022 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida's economy, as measured by real Gross State Product, will expand at an average annual rate of just 1.0% from 2022 to 2025. Real Gross State Product will mildly contract during the recession as growth will slow to -0.2% in 2023, turn positive in 2024, and growth begins to accelerate in 2025 to 1.7%. Payroll job growth in Florida will begin to falter during the recession but not in every sector. After year -over -year growth of -4.9% in 2020, the labor market rebounded to 4.6% in 2021. With job growth expected to be 4.3% in 2022, payroll employment will contract by 0.6% in 2023 and again by 1.5% in 2024 before expanding by 0.6% in 2025. Housing starts will be suppressed by the Pasta Bowl Recession and higher mortgage rates. Rapid house price appreciation will vanish over this period as supply catches up with demand dampened by rising mortgage rates, decreasing affordability, and the recession. The Florida & Metro Forecast was prepared prior to the impact of Hurricane Ian. Thus, the outlook does not reflect the impacts of the storm, which at a state level may not turn out to be as significant as they will be, at least in the near term, for the metropolitan areas that bore the brunt of the storm's impact. The unemployment rate in Florida has fallen from its May 2020 peak of 14.2% and stands at 2.7% as of August 2022. When unemployment spiked to 14.2% in May of 2020, it was 2.9 percentage points higher than the peak level of unemployment from the Great Recession. This unprecedented surge in unemployment occurred over just three months, while it took two -and -a -half years for the unemployment rate to reach its peak in the Great Recession. Table 1. Annual Summary of the University of Central Florida's Forecast for Florida 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personal Income and GSP Personal Income (Bil- 5) 1023.1 1087.2 1139.3 1210.D 1325.0 1382.0 1434.6 1491.0 1566.9 Florida.(%Ch Year ago) 7.2 6.3 4.3 6.2 9.6 4.2 3.8 3.9 5.1 U.S.(%Ch Year ago) 4.7 5.1 4.1 6.5 7.5 3.2 5.0 4.3 4.4 Personal Income (B11. 2012$) 952.4 9968 1037.5 1080.3 1136.7 1115.2 1120.8 1145.3 1182.1 Florida.(%Ch Year ago) 5.5 4.7 4.1 4.1 5.2 -1.9 0.5 2.2 3.2 U.S.(%Ch Year ago) 2.8 2.9 2.5 5.3 3.5 -2.9 1.5 2.5 2.6 ❑isp. Income (Bil- 2012$) 839.9 892.4 928.1 973.9 1014.0 973.5 994.4 1032.5 1065.6 Flo rida.(%Ch Year ago) 3.5 6.2 4.0 4.9 4.2 -4.1 2.1 3.8 32 U.S.(%Ch Year ago) 2.3 3.4 2.3 6.2 2.3 -5.3 3.2 4.1 2.6 GSP (Bil. $) 1002.6 1057.9 1116.4 1106.0 1226.3 1335.2 1390.4 1433.5 1488.8 (%Ch Year ago) 5.2 5.5 5.5 -0.9 10.9 8.9 4.1 3.1 3.9 GSP (Bil. 2012$) 913.0 943.5 971.6 944.0 1008.7 1028.3 1026.1 1D33.6 1051.2 (%Ch Year ago) 3.6 3.3 3.0 -2.8 6.9 1.9 -02 0.7 1.7 Employment and Labor Force (Household Survey % Change Year Ago) Employment 2.2 2.5 2.1 -4.9 4.6 4.3 -0.6 -1.5 0_6 Labor Force 1.7 1.3 1.5 -1.7 2.2 2.7 2.0 0.8 0.7 FL Unemployment Rate (%) 4.3 3.7 3.2 8.3 4.6 3.2 4.7 5.8 5.6 U.S. Unemployment Rate (9%) 4.4 3.9 3.7 8.1 5.4 3.6 4.2 4.7 4.8 Page 9 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS COVID-19 Governor Ron DeSantis issued a "safer -at-home" order on April 3, 2020 in an effort to limit the spread of coronavirus. Governor DeSantis announced on April 29, 2020 that he would lift the "safer -at-home" order on May 4, 2020. Retailers and restaurants are allowed to reopen in limited capacities while movie theaters, gyms, bars, and face-to-face personal service providers (such as barbers and nail salons) will remain closed. Phase One of the three-phase "Safe. Smart. Step -by -Step" plan excludes Miami -Dade, Broward, and Palm Beach counties. As of September 25, 2020 Governor DeSantis announced Florida would be entering Phase 3 in reopening the state, meaning restaurants, bars, salons and other businesses will be allowed to reopen under full capacity. On May 3, 2021, Governor DeSantis signed an executive order that immediately suspended the state's remaining COVID-19 public health restrictions. As of November 29, 2021, Governor DeSantis again announced the state will not be issuing any lockdowns or restrictions. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County's population increases up to 25% between November and April due to seasonal residents and short-term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County's economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Distance to Other Major Markets Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in five of the six Southwest Florida counties with the greatest growth (2010- 2020) in Lee County and the second highest in Collier County. Lee County maintained the highest growth rate of the six counties from 2020 to 2022. Page 10 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Table 3. Population and Population Change for Counties in Florida, 2000 to 2022 State and County 2022 Population 2020 2010 2000 Percent Change 2020 2010 2000 to 2022 to 2020 to 2010 FLORIDA 22,276,132 21,538,187 18,801,332 15,982,824 3.4 14.6 17.6 Charlotte 196,742 186,847 1S9,978 141,627 S.3 16.8 13.0 Collier 390,912 375,752 321, S20 251,377 4.0 16.9 27.9 Glades 12,273 12,126 12,884 10,576 1.2 -5.9 21.8 Hendry 40,633 39,619 39,140 36,210 2.6 1.2 8.1 Lee 802,178 760,822 618,754 440,888 5.4 23.0 40.3 Sarasota 452,378 434,006 379,448 325,961 4.2 14.4 16.4 Sources: US Census Bureau (2020, 2010, and 2000 Census) and Universityof Florida, Bureau of Economic and Business Research (2022 Estimates). Page 11 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS The following table shows the projected population through 2050. As shown, Lee County also has the highest projected growth rates with Collier County as a close second. Projections of Florida Population by County 2025-2050 County Projections, April 1 and State 2025 2030 2035 2040 2045 2050 CHARLOTTE Low Medium High 188,800 190,900 190,200 188,000 185,100 203,000 215,700 225,800 234,300 241,900 217,200 240,500 261,400 280,600 298,800 181,600 248,800 315,900 COLLIER Low 383,700 390,500 392,500 391,100 387,600 383,300 Medium 408,200 433,900 455,100 472,700 487,600 501,000 High 432,700 477,300 517,700 554,200 587,600 618,800 GLADES Low 11,700 11,400 11,100 10,700 10,400 10,100 Medium 12,500 12,700 12,900 13,000 13,100 13,200 High 13,200 14,000 14,600 15,200 15,800 16,200 HENDRY Low 39,900 39,700 39,200 38,600 37,900 37,300 Medium 42,000 43,400 44,500 45,300 46,000 46,600 High 44,100 47,100 49,700 52,000 54,000 55,900 LEE Low 800,500 832,000 848,400 855,500 856,800 855,300 Medium 851,600 924,500 983,700 1,033,800 1,077,800 1,118,100 High 902,700 1,016,900 1,118,900 1,212,100 1,298,700 1,380,800 SARASOTA Low 439,700 444,000 443,300 440,200 435,600 429,800 Medium 1 467,700 493,300 514,000 532,000 547,900 561,800 High 1 495,800 542,700 584,700 623,700 660,200 693,900 Source: Bureau of Economic and Business Research, Florida Population Studies, Bulletin 192 U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country's 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2022-2023 25 Best Places to Retire is dominated by Pennsylvania and Florida metro areas. Pensacola is the top Florida market at No. 3 behind Lancaster and Harrisburg, PA. Naples is No. 6 overall while Sarasota is No. 11. Naples is ranked 12th overall in the 2022-2023 Best Places to Live report released by U.S. News & World Report in May 2022. Cape Coral -Fort Myers fell from No. 43 to No. 100 while Sarasota -Bradenton maintained its No. 9 ranking. According to data released by the National Association of Realtors in November 2022, half of the top 10 most expensive markets were in California. Naples I Marco Island was the 8th most expensive and only Florida market in the top ten. Page 12 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Employment The local economy is largely dependent on the real estate market. Covid-19 negatively impacted overall employment and the service and leisure and hospitality sectors in particular; however, jobs continue to return as the market improves. Tourism drives much of the Collier County area's economy, with leisure and hospitality composing almost 20% of the workforce. The following table shows the Collier County Employment by Industry as well as historical and projected job growth. NAPLES EMPLOYMENT BY INDUSTRY IN THOUSANDS Year End 2022 Industry Manufacturing Trade, Transportation and Utilities rrnancial Actmnes Government Natural Resources, Mining and Construction Education and Health Services Professional and Business Services Information Leisure and Hospitality Other Services Total Employment CIJRRENTJOBS C U RRE NT G ROVVTH Jobs LO Market us 5 0.4 2.69% 1 2.83% 31 1.0 4 8D% 2.68% 23 1.4 5.93% 1.86% 10 1.0 0.42% 1.81% 13 0.6 1.80% 0.64% 20 22 7.91 % 3.43% 25 0.9 3.17% 3.09% 20 0.8 3.62% 3.49% 1 0.4 3.23% 4.63% 30 1.8 3.32% 6.13% 10 1.5 3.67% 2.68% 95 1.0 3.84% 2.951% JOB GROWTH (YOY) 15% Forecast 10 YR HISTORICAL 5 YR FORECAST Market us Market us 6.85% 0.75% D.77% 0.11% 2.89% 1.25% D.33% 0.07% 2.30% 0.64% I D.32% 0.03% 3.52% LI-42% �D.59% 020% 0.27% 0.17% ' 1.68% 0.55% 7.42% 2.49% D.78% 0.34% 3.19% 1.65% 1.13% 0.64% 4.19% 2.15% 126% 0.44% -0.86% 1.31 % -0.49% 0.35%_ 2.54% 1.32% D.93% 1.18% 2.21% 0.51% 0.52% 0.42% 3.28% 1.28% 0.87% 0.46% Source: Oxford Economics LQ = Location Quotient 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 ■ Naples ■ United States Source: Oxford Economics Page 13 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS The following table shows employment projections through 2030 by the Florida Department of Economic Opportunity. As shown, the construction industry has the largest projected growth rate of 16.6% followed by Education and Health Services (12.7%). JOBS BY INDUSTRY CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES Emolovment NAICS Title 2022 2030 Growth Growth Total, All Industries 570,705 622,709 52,004 9.1 Agriculture, Forestry, Fishing and Hunting 7,834 7,200 -634 -8.1 Mining 420 466 46 11.0 Construction 61,755 72,022 10,267 16.6 Manufacturing 13,931 14,805 874 6.3 Trade, Transportation and Utilities 100,302 107,182 6,880 6.9 Information 4,973 5,029 56 1.1 Financial Activities 26,943 29,341 2,398 8.9 Professional and Business Services 70,219 76,888 6,669 9.5 Education and Health Services 108,593 122,385 13,792 12.7 Leisure and Hospitality 82,935 90,974 8,039 9.7 Other Services (except Public Administration) 21,884 24,391 2,507 11.5 Government 66,345 71,937 5,592 8.4 Self Employed and Unpaid Family Workers, All Jobs 44,152 44,487 335 0.8 Source: Florida Department of Economic Opportunity Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 13.5% in April 2020. The preliminary reported unemployment rate in November 2022 was only 2.7%. The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. The 2020 annual rate was 7.5% and the 2021 annual rate declined to 3.7%. Page 14 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Series Id: LAUCN120210000000003 Not Seasonally Adjusted Area: Area Type: State] Region jD ivislon: Measure: 12. 2, Collier County, FL Counties and equivalents Florida unemplDyment rate 01/12 01/13 U1/14 U1/15 U1/16 01/17 01/18 01/19 U1/20 01/21 01/22 Month As of November 2022, the unemployment rate for the State of Florida was 2.6%, down from the peak in May 2020 of 13.9%. On a national level, the unemployment rate in November 2022 was 3.7%, a decrease from the peak in April 2020 of 14.7%. Collier County currently has a similar November rate, at 2.7% to state levels and a lower rate than national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2012 through November 2022. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. With the exception of Leisure and Hospitality, all sectors have regained all lost jobs and have exceeded 2019 levels. Page 15 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Naples - Immokalee - Marco Island Service- % Goods % Mining, Logging, & % Leisure and % All Employees, % Year Providing Change Producing Change Const. Change Hospitality Change Total Nonfarm Change 2012 106,600 3.1% 12,100 5.2% 9,400 4.49/o 23,600 4.4% 118,700 3.3% 2013 109,700 2.9% 13,500 11.69/o 10,500 11.7% 24,400 3.4% 123,300 3.9% 2014 114,500 4.49/o 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,900 5.49/o 2015 119,100 4.0•5/0 17,000 10.4% 13,600 12.49/o 26,500 3.9% 136,100 4.89/o 2016 124,000 4.1% 18,700 10.0•D 14,900 9.69,o 27,500 3.8% 142,600 4.89/o 2017 126,300 1.9% 19,400 3.79/. 15,400 3.49to 28,300 2.9% 145,600 2.1% 2018 129,600 2.6% 21,500 10.896 17,200 11.7% 29,100 2.8% 151,000 3.7% 2019 133,200 2.8% 22,400 4.2% 17,700 2.9% 30,000 3.1% 155,600 3.0% 2020 126,300 -5.2% 22,100 -1.3% 17,200 -2.8% 25,600 -14.7% 148,400 -4.6% 2021 132,400 4.8516 23,100 4.5% 18,000 4.7% 28,000 9.4% 155,500 4.8% 2022* 137,000 3.8% 24,900 7.85o 19,500 8.2% 29,600 7.0% 161,800 4.4% *Through November 2022; percentage increase in comparison to November 2021 YTD Source: U.S. Depart me nt of Labor Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region's success. The table below provides a few examples of some key employers in Southwest Florida. • Industrial Biotechnology, Algenol Biofuels - Global Headquarters • Medical Devices, Arthrex, Inc. - Global Headquarters • Womer's Specialty Apparel Retailer, Chicds FAS - Global Headquarters • Specialty Electronics Manufacturer, Fox Electronics - Global Corporate Headquarters • Global IT Research and Advising, Gartner, Inc. • Vehicle Rentals and Sales, Hertz Inc. - Global Headquarters • Subsidiary Pittsburgh Glass Works, Lynx Services LLC - Customers Service Center • Manufacturing Fluid Management, Shaw oevelopmerrt - Global Headquarters ■ Agricultural and Food Manufacturer, U.S. Sugar Corporation - Headquarters Healthcare, 21 st Century Oncology -Global Headquarters Page 16 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Rank Company SWFLEmployees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc. 3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn -Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc. 1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc. 1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp. 1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yum! Brands, Inc. 1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators January 2023 report prepared by Florida Gulf Coast University shows Collier, Lee, and Charlotte County's tourist tax revenues. Collier County's tourist tax revenues amounted to $4.6 million in September 2022, down 6 percent compared to both September 2021 and August 2022. Page 17 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS W 6,5 0 5.0 5.5 5.0 a 4.5 > 4.0 m 3.5 12 3.0 3 2.5 H 2.0 t 1.5 a+ C 0 1.0 2 W Chart 5: Coastal County Tourist Tax Revenues County Tourist Tax Revenue - 2017 to present All Data Seasonally Adjusted ------ - - - - -- Lee --'---------- - - -- - - - - ---- - --- -- -- Charlotte ---1F-I-FA---.1- 1 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Source: Local CountyTourism, Tax, and Econornit Deuelop rnenI Reports and seasonal adjuAnn en# by R E R I Development Growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County and was recently ranked as one of the Top 20 Selling Master -Planned Communities in the United States. It has maintained the top ranking in the Naples -Fort Myers market for the past eight years. Ave Maria reported a total of 586 new home sales in 2022, a decrease from the record breaking 646 new home sales in 2021, but still the highest-ranking commumity in all of Collier County. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The village is the first of three planned 1,000-acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for Page 18 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS civic government, and institutional buildings. In a near unanimous decision, the Collier County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. The commissioners approved Brightshore, another rural village with thousands of proposed homes in December 2022. There are more than $1 billion in new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 was completed in December 2022, Tower 400 currently under construction) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 3rd Quarter 2022 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 25.8% increase in home prices (all -transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 22.7% over the past year (3Q 2021 - 3Q 2022) which was 1st in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square -foot, six -story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed -use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development is anchored by The Page 19 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building leased by Physicians Regional Medical Healthcare; and StorQuest a 110,000 square foot self -storage facility. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit-down dining, a full -service bar, three bars for beer and wine, wine room with samples on tap, a wood - fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor -outdoor seating. Paradise Coast Sports Complex, is Collier County's new $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man-made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres of land along City Gate Boulevard North and will feature a 100,000 square foot indoor water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The resort is expected to open in the summer of 2024. It will bring in more than 200 construction jobs, plus an additional 600 full-time and part-time jobs once open. Investment Trends The following CoStar data shows Collier County trends in the Multi -Family, Retail, Office, and Industrial sectors as of year end 2022. According to the CoStar report, Collier County may not see many trades, but investor sentiment remains bullish. Confirmed cap rates average 3.7% over the past 12 months. The market cap rate has fallen over the past year, and the rate in the metro is structurally lower than those across the country. Annual sales volume has averaged $221 million over the past five years, and the 12-month high in investment volume over that stretch hit $536 million. In the past 12 months specifically, $515 million worth of assets sold. Page 20 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PricelUnit Chg IYOY] $4.9B $535.6M 3.9% 13.2% 12 MO SALES VOLUME Transactions Sales Volume Properties Sold Transacted Units Average ants Total Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market 9 Cap Rate 3.7% 3.4% 4.0% 3.9% S535.61,1 S1.7t�l $142.6M Sale PncelUnit $294K $157.1K $528.5K $342.2K 9 - Sale Price $66.9M $1.7M $142.6M 1.81K 8 368 Sale vs Asking Price 0.6 % 0.6 % 0.6 % 202 8 368 % Leased at Sale 99.0 % 96.0 % 100 % Market Sale Price/Unit $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 0,001 $50, 000 $0 13 14 15 16 17 18 19 20 21 22 23 Sales Volume $600 M $500 M $400 M $300 M $200 M $100M $oM 13 14 15 16 17 18 19 20 21 22 23 S.o°i° Market Cap Rate 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% , 100% 0% - -100% -200% 1­ 13 14 15 16 17 18 19 20 21 22 23 According to the Costar Report, annual retail sales volume in Collier County averaged $264 million over the past five years, and the 12-month high in investment volume hit $524 million over that stretch. In the past 12 months specifically, $359 million worth of retail assets sold. The market cap rate has fallen over the past year to 5.5%, the lowest cap rate that has been seen in Collier County during the last five year. The rate is structurally lower than those across the country. Page 21 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price/SF Chg (YOY) $7.6B 12 MO SALES VOLUME $366.1 M Total Lowest Highest 5.5% 10.3% 12 MO SALES PRICE Average Lowest Highest Market Transactions 88 - Cap Rate 5.0 % 4.3 % 5.7 % 5.5 % Sales Volume $366.1M $125K $31.71A Sale PricelSF $327 $15 $2K $318 Properties Sold 74 - - Sale Price $4.911V $125K $31.71A - Transacted SF 1.1M 319 126.9K Sale vs Asking Price -1.2% 42.6% 19.1 % Average SF 13.1K 319 126.91K % Leased at Sale 98.1% 9.0% 100 % Market Sale PriceISF Market Cap Rate $350 3.0% $300 7.0% $250 6.0% 5.0% $200 4.0% $150 3.O% $100 2 0% $50 1.O% $0 i i i i i i i i i i i I O.C% I� 13 14 15 15 17 18 19 20 21 22 23 13 14 15 16 17 16 19 20 21 22 23 Sales Volume $450M $400M $350M $250M ' $250M $200M —IB - $150M $100M $50M $OM 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 160% 140% 120% 1 00% 80% 60% 40% 20% -20% -4O% -6O% 13 14 15 16 17 18 19 20 21 22 23 According to the CoStar Report, annual office sales volume averaged $112 million over the past five years in Collier County, and the 12-month high in investment volume hit $239 million over that stretch. In the past 12 months specifically, $84.5 million worth of office assets sold. The market cap rate has fallen over the past year to 7.0% and is close to the country's average. The current rate is the lowest cap rate seen in Collier County during the past five years. Page 22 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price1SF Chg (YOY) $2.7B $75.1 M 7.0% 4.8% 12 MO SALES VOLUME Total Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market Transactions 56 - Cap Rate 6.0 % 6.0 % 6.0 % 7.0 % Sales Volume $75.1M $165K $7M Sale PrioaISF $153 $4 $2K $267 Properties Sold 45 - - Sale Price $1 8M $165K $7M - Transacted SF 564.7K 378 69.8K Sale vs Asking Price -5.6 % -18.6 % 5.7 % Average SF 10.1 K 378 69.8K % Leased at Sale 93.8% 0% 100% $300 $250 $200 $150 $100 $50 $0 $250 M $200 M $150M $100M $50M $0M Market Sale Price/SF �1 13 14 15 16 17 18 19 20 21 22 23 Sales Volume 13 14 15 16 17 18 19 20 21 22 23 7.8% Market Cap Rate 7.6% 7.4% 7.2% 7.0% \v/ 6.8% 6.6% 6.4% 1-1 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 200% 150% 100% 50% -■ ' 0% ■ ■_■ . -50% -100% 13 14 15 16 17 18 19 20 21 22 23 According to the CoStar Report, annual sales volume has averaged $86.9 million over the past five years, and the 12-month high in investment volume hit $164 million over that stretch. In the past 12 months specifically, $106 million worth of industrial assets sold. Logistics facilities drove recent sales volume, accounting for $68.7 million in confirmed transactions. Market prices rose by more than 10% and are above the country's average. The market cap rate has dropped since last year. It is the lowest cap rate that has been seen in Collier County during the past five years, but is still higher than the country's average yeild. Page 23 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PrIce1SF Chg JYOY) $2.5B $108.9M 6.5% 15.3% 12 MO SALES VOLUME Total Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market Transactions 89 - Cap Rate 5.7% 4.0 % 7.0 % 6.4 % Sales Volume $108 9M $99 5K $9 SM Sale Price/SF $204 $10 $947 $173 Properties Sold 60 - - Sale Price $1.7M $99.5K $9.8M - Transacted SF 675.2K 293 107.6K Sale vs Asking Price -3.7% -15.6% 0 % Average SF 7.7K 293 107.6K Industrial % Leased at Sale 99.7% 87.5 % 100 % Market Sale Price/SF W-__M Market Cap Rate $200 $180 $160 $140 — $120 $100 $80 f $60 $40 $20 $0 13 14 15 16 17 18 19 20 21 22 23 Sales Volume $160M $140M $120M $100M $80M $60M $40M $20M $0M 13 14 15 16 17 18 19 20 21 22 23 Income 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% �F 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 200% 150% 100% 50% 0% -50% 13 14 15 16 17 18 19 20 21 22 23 Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $127,724 and a per capita income of $53,839. Page 24 SOUTH TERRA CORP COLLIER COUNTY AREA ANALYSIS 2022 2027 Households by Immune Number Percent Number Percent <$15,000 11,127 6.6% 7,976 4.70% $15,000 - $24,999 7,648 4.7°/6 5,439 3.2 $25,000 - $34,999 12,047 7.4 % 9,389 5.5 $35,000 - $49,999 15,540 9.6 % 13,416 7.8 $50,000 - $74,999 24,586 15.1% 23,755 13.9 $75,000 - $99,999 22,121 13.6% 23,445 13.7% $100,000 - $149,999 31,277 19.2% 37,671 22.0 $150,000 - $199,999 14,206 8.7% 19,735 11.5 $200,000+ 24,469 15.0 % 30,079 17.6 J Median Household Income $85,162 $101,707 Average Household Income $127,724 $148,920 Per Capita Income $53,839 $63,006 Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021 with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed price (year over year). The November 2022 Market Report released by NABOR shows overall closed sales have declined by 34.3% in November 2022 YTD. Overall median closed price for single family and condominium units increased 31.0% in 2022 Year-to- date as compared to 2021 Year-to-date. Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest Florida on September 28, 2022, and caused widespread wind and storm surge damage. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Page 25 SOUTH TERRA CORP Collier County Area Map r San Carlos'Pa rk% , ,or Estero I sro Ray CREW Oin[ Pen Strand Corkscrew s I al I I Bonita Springs 1}r' North Naples Pelican Bay Vineyards Rural Es[a[es Florida Pan [her Na[ionaJ I WeVife Refuge at Golden Gale [- l 43 I I~ I Naples x r Picayune S[rand Sau[hNaples Scale Forest I �``{ Subject Fakaha[chee Strand I L =r� Preserve State Park INai'tolsl _x ��;,r } I at I �Rtiokery rg9yi�� �' �r A � • National Es[uarine?i'i lr�� Big Cypress yr'S} M1iIL 7'r lNr4e t.. TI•t', al National Preserve G4,ilivan Bey t � �LL• IK Page 26 SOUTH TERRA CORP MARKET AREA ANALYSIS MARKET AREA ANALYSIS Boundaries The subject is located in the City of Marco Island, which became incorporated in 1997. The island features six miles of beach and over 100 miles of waterways within its 24 square miles. A map of the market area follows this section. Market Area Access and Linkages Primary access to the area is via Collier Boulevard; however, the southern portion of the island can be accessed by State Road 92, otherwise known as San Marco Road. A $25 million improvement project for the main bridge to the island, Jolley Bridge, was completed in late 2011. A second parallel span was built with money from the American Recovery and Reinvestment Act of the federal stimulus package. The new two-lane span carries southbound traffic and the older span carries northbound traffic. Furthermore, median improvements were completed along Collier Boulevard. Irrigation, additional plants and trees have been installed to help with safety and aesthetics along the State Road 951 corridor between Marco Island and Naples. Public transportation is provided by Collier Area Transit (CAT); however, the primary mode of transportation in the market area is the automobile. Demand Generators Major employers include numerous hotels on the island including Marriott Marco and Hilton, as well as grocery stores Publix and Winn -Dixie. Marco Island became its own municipality in 1997 creating many positions for local residents. Primarily Marco Island's economy is based on tourism, therefore restaurants and numerous local retailers and service related positions are the primary employers. Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for Marco Island. The table was developed using data from STDBOnline.com. Page 27 SOUTH TERRA CORP MARKET AREA ANALYSIS Gesri- Marco Island City, FL Prepared by Esri Marco Island City, FL (1243093) Geography: Place Summary Census 2010 Census 2020 2022 2027 Population 16,393 15,760 15,761 15,788 Households 8,201 7,957 7,982 8,056 Families 5,505 - 5,307 5,330 Average Household Size 2.00 1.98 1.97 1.96 Owner Occupied Housing Units 7,033 - 7,016 7,118 Renter Occupied Housing Units 1,167 - 967 937 Median Age 63.5 - 67.5 66.9 Trends: 2022-2027 Annual Rate Area state National Population 0.03 % 0.61 J 0.25 J Households 0.18 % 0.62 J 0.31 J Families 0.09 % 0.59 J 0.28 J Owner HHs 0.29 % 0.83 N. 0.53 Median Household Income 2.75 % 3.75 N. 3.12,' 2022 2027 Households by Income Number Percent Number Percent <$15,000 560 7.01 358 4.4,' $15,000 - $24,999 242 3.0 N. 142 1.8 $25,000 - $34,999 481 6.0 N. 296 3.7 $35,000 - $44,999 540 6.6% 374 4.6 $50,000 - $74,999 949 11.9 N. 962 11.9 $75,000 - $94,999 989 12.4 % 1,147 14.2 $100,000 - $149,999 1,373 17.2 N. 1,435 17.8% $150,000 - $149,999 975 11.0 % 1,025 12.7 $200,000+ 1,973 24.7% 2,317 2B.8% Median Household Income $105,944 $121,357 Average Household Income $164,521 $191,140 Per Capita Income $83,362 $97,586 Development Trends Renovations to The Island Plaza Center (located at the northwest corner of Bald Eagle Drive and N. Collier Boulevard) were completed in 2018. Upgrades included a covered loggia, renovated facade, clock tower, improved access and pedestrian crossing. In May 2015, Marco Island Marriott Beach Resort, Golf Club & Spa unveiled details of a $250 million expansion to add nearly 100 guest rooms, double its meeting and event space to attract more conferences and exhibits, and pave the way for its conversion to an upscale JW Marriott -branded resort. Additionally the dining room was redesigned, the pool decks were enlarged and guest rooms and bathrooms were reconfigured. The expansion project doubled the Marriott's meeting and event space to a total of 100,000 square feet and provide 810 guestrooms and suites. The property had 726 guestrooms. The renovations and rebranding were completed in January 2017. Additionally, an $80 million project for Marriott Vacation Club at the Crystal Shores resort commenced in early 2015. The project is composed of two new residential towers housing 152 new two- and three -bedroom luxury villas over a new two -level parking deck, pools, fountains, a new sales center and other resort amenities. The work also includes conversion of other space within one of the existing towers into additional villa units. The new towers opened in early 2018. Page 28 SOUTH TERRA CORP MARKET AREA ANALYSIS Outlook and Conclusions Recent development activity has picked up. Collier County commissioners unanimously approved a controversial high-rise development proposed for Isles of Capri, four mangrove islands connected by Capri Boulevard just north of Marco Island (shown in quadrant B7 of the following map) in January 2023. The development is proposed on a 5.32-acre site and is approved for 80 condominium units in three nine story buildings. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Page 29 SOUTH TERRA CORP MARKET AREA ANALYSIS Market Area Map MARCO ISLAND Page 30 SOUTH TERRA CORP Market Area Map ■ San Maroo Rd 04Ay k Page 31 SOUTH TERRA CORP SITE ANALYSIS PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. Land Summary Parcel ID Gross Land Area Gross Land Area (Acres) (Sq Ft) 58105440009 0.57 24,789 SITE Location: The subject is located along the west side of Caxambas Drive with approximately 65 feet of canal frontage. Current Use of the Property: Vacant residential lot. Shape: The site is roughly a trapezoid. Road Frontage/Access: The subject property has average access with frontage as follows: • Caxambas Drive: 211 feet • Highland Waterway Canal: 65 feet The site has an average depth of 174 feet. It is not a corner lot. Visibility: Average Topography: The subject has level topography at grade and no known areas of wetlands. Soil Conditions: According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the soil types consist of Urban Land — Aquents Complex, Organic Substratum - consisting of materials that have been dug from different areas in the county and spread over muck soils for coastal urban development. Soils along the eastern edge are mapped as Paola Fine Sand, 1 to 8 pct slopes — an excessively drained soil found on coastal dunes on Marco Island. We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: LCEC Sewer: Municipal sewer Water: Municipal water Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is street lighting along Caxambas Drive. • Sidewalks: There are no sidewalks. • Curbs and Gutters: There are no curbs or gutters. • Curb Cuts: The subject has no curb cuts. • Seawall: According to the property appraiser the subject has Page 32 SOUTH TERRA CORP SITE ANALYSIS a 65-foot seawall that was installed in 1969. The seawall is substantially overgrown, and the condition is unknown. • Landscaping: The northern portion of the lot is heavily vegetated. According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, approximately half the parcel consists of vegetation consistent with Coastal Oak Scrub. Native habitats including Hardwood hammocks, Coastal strand, Native beach, Xeric pine, Riverine Oak, High marsh (saline), Tidal freshwater marsh, and Xeric oak scrub (a unique and endangered plant community) were observed. The report noted the following non-native plant species observed including Brazilian pepper, guineagrass, Mother-in-law's tongue, and life plant. According to a Conservation Collier Initial Criteria Screening Report, approximately 25% of the parcel is covered with invasive vegetation — 50% of the vegetated portion. Brazilian pepper and mother -in-laws tongue is quite thick in some areas. The estimated initial cost for invasive vegetation removal is $2,000 with recurring costs of $500 per year. The southern portion of the lot is cleared. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located mostly in FEMA flood zone X with a portion in Zone AE. Zone AE is classified as a flood hazard area. FEMA Map Number: 12021C 0837H FEMA Map Date: May 16, 2012 A small portion of the lot is located in Flood Zone AE. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, multiple active gopher tortoise burrows were observed on the parcel. Native plant communities on the parcel would also provide cover and forage for wildlife. The Conservation Collier Property Summary estimates 30 gopher tortoises on the site. Several gopher tortoises and burrows were observed during our inspection. Environmental issues are beyond our scope of expertise. The appraiser is reporting data from reports provided for the purpose of this appraisal. Encumbrance / Easements: A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the Caxambas Point Shell Midden archaeological site (8CR107) encompasses the entire subject parcel. Additionally, the report noted "The Caxambas Point Shell Midden (8CR107) is characterized as an extensive multi - component black -earth and shell midden site covering most of the Caxambas area, which dates to the Late Archaic Period (4950- 2700 B.P.) and the Glades I Period (2700-1200 B.P.). Page 33 SOUTH TERRA CORP SITE ANALYSIS Additionally, significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel." Gopher Tortoise Burrows According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the property contains many active gopher tortoises. The Conservation Collier Property Summary reports an estimated 30 gopher tortoises on the site. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." Additionally, Ms. Ritchie noted "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." Zoning Code Zoning Authority Zoning Description Permitted Uses Current Use Legally Conforming Zoning Change Likely Minimum Lot Area (SF) Minimum Floor Area Minimum Street Frontage (Feet) Front Set Back Distance (Feet) Rear Set Back Distance (Feet) Side Yard Distance (Feet) ZONING RSF-3 Marco Island RSF-3, Residential Single -Family District Single-family dwellings; Family care facilities subject to the land development code; and Public parks and open space The subject is legal and conforming use. A zoning change is unlikely. 10,000 1,500 Corner lot 95 feet; Interior lot 80 feet 25 feet 25 feet Lots with <100' - 7.5 feet; Lots with >100' - 8 feet; 10' minimum setback from seawall Maximum Density/FAR 3 units per acre Maximum Building Height (Feet) 35 Future Land Use Designation Low Density Residential 0-4 Units per Acre Page 34 SOUTH TERRA CORP SITE ANALYSIS Zoning Map 1 T5B W3fg � �d� 841 `� 8B0 611 e2B 9 a6"' F-4 1TT5 1T83d 1829 g30 do Sag •,'` 9. ,� �JF-3 �,� 1 T/B 831 Se5 83e a1B �t 89, 1820 8T5 ♦"Pr 1 T51 1 T51 1TT1+1T81 84T 920 901 &51 ,fat 870 885 l �K 930 S50 �, 880 85e 855 031 1 B11 1 Zoe _ SkKjla FamMy 85B 03S 936 3ra aaa ,901 MUNlCOfJE LINK Mon: info �i aTB `, 1938 qY ZONING RSE-3 BTz B71 9aa ae1 ve^ � � �.:� ACRES 0820 Beo aa9 1° eT, \ d:d DESCRIPTION Single Fe ^^^ Sal RSF-3 �0 1Bze PUDNAME eTB s90 B81 ORDINANCE t 9 B 919 sm ORDINANCE 1 DATE 1 T8B iT00 BT5 ,SaB BBB 901 B1b B1, � ORDINANCE Ad clso� Ct ,B9 ORCINANCE2 DATE PETITION 1731 1E2, 1a3, ,sal 1B1 PREVIOUS ZONING 1010 SPECIAL TREATMENT N 9 T80 101 v 1011 1rc21 aoo..M ct ,ass ,az3 ,oze 890 zoom co 1TB 1oz, 1a2, lase 1 ]81 1841 1ma 1O4e 1013 ,520 1838 10! 1840 1550 , 030 �s ,r,lee or ,Ba, 1881 18U9 ,818 1829 10� , 3aB ,eSB ,BT, gas toe 1� Sea ,o1a /S ,� 1825 Page 35 SOUTH TERRA CORP SITE ANALYSIS Aerial Page 36 SOUTH TERRA CORP SITE ANALYSIS Flood Map National Flood Hazard Layer FIRMette t: PLMA Legend �' •i� 4 ZRI4f Z.TnJ. � M'IEL9 Feer[1 VrJ'`1 (E`e 20426 r c�r;' aF �iaxco �s�.nrm (ELA0 4 { ell L r � �.- Zone AE _te t �l Subject 0 250 Soo 1,000 f,600 2,000 ' B—ap..G5 Natlonal Map.. 0.ftimage7- Oata ,.,ached Oct ber.2020 adE�m„m�BfE, sREpwL FlooR � or pepMv,,.....o. w, �e.n HAZARD AR£45 Regvle ory Flmtlway 62# 0.nnunl ['.6anre Food Haard, area of 1%annual cM1ance flootl wbN eoerage aepM Iesz Man orm rapt m,.eM1 aminage areas of less Men one sgwre mile xaax Fa[ure �'.vndi[icns SM Mnual �� Nance Flme HazaN xwrax Rea wilM1 Reduc<tl Fkoe Rrsh aae b OTHER AHER5 RF Lrvee_See Notts. 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The NF — eifeclrveinformation may cM1artge or ,aroma superseded by new dam vrer— map imege'n mN it Me one or more of Me fclbwing map of appear besemep imagery, Howl mrm labels, leg ne,smMnbae rnap creetlon Bete,mmmuniry MemPien — panel number antl FlRM eRMwe tlate.Mapimagesior umeppee antl unmotlemizM areas wnnoL4e usea for egulamry Purposes Page 37 SOUTH TERRA CORP SITE ANALYSIS Plat Map Iag 49' d- 3�N, v you N� iy0020i5�A 54.45' 9ia n ar�a� 1 m3 q1P $ �o�w A'�i o �9S 37`.r.3.. �.taSd711E A.S5.T5 36 3d N.88°DyJ1"� ❑ �'a p��" N8B°Q7JJ C, °pT If'�• �75' 17:7' a M IS H fl gp� pl N w s V, 6� 36 30 .Nl � 1 4 -1 •I 1 4 1 M =r wr Page 38 SOUTH TERRA CORP SITE ANALYSIS Site Photographs Caxambas Drive — Southerly Caxambas Drive — Northerly (Photo Taken on April 15, 2023) Page 39 SOUTH TERRA CORP SITE ANALYSIS Site Photographs Typical Site View and two Gopher Tortoises Typical Site View — Easterly (Photo Taken on April 15, 2023) Page 40 SOUTH TERRA CORP SITE ANALYSIS Site Photographs Typical Site View — Northerly Typical Site View — Vegetated Northern Portion (Photo Taken on April 15, 2023) Page 41 SOUTH TERRA CORP SITE ANALYSIS Site Photographs Gopher Tortoise Burrow Gopher Tortoise Burrow (Photo Taken on April 15, 2023) Page 42 SOUTH TERRA CORP SITE ANALYSIS Site Photographs Site View across canal from vacant lot along Scott Drive Canal view Southerly from vacant lot along Scott Drive (Photo Taken on April 15, 2023) Page 43 SOUTH TERRA CORP REAL ESTATE TAXES AND ASSESSMENTS REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non -homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non -homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non -homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The property tax identification number and assessed value of the property for tax year 2022 are as follows: ASSESSED VALUES Tax Identification Number 58105440009 Land Assessed Value $1,580,316 Building Assessed Value $0 10% Assessment Cap -$1,010,806 Total Assessed Value $569,510 Totals Total Land Assessed Value $1,580,316 Total Building Assessed Value $0 10% Assessment Cap -$1,010,806 Total Assessment $569,510 Total Assessment per Square Foot $22.97 Total Assessment per Land Acre $1,000,750 Rates, Taxes, More Tax Rate 1.01 % Ad Valorem Tax Amount $10,282 Special Assessment Amount $1,771 Special Assessment Comments Estate Total Tax Liability $12,053 Property Tax Comments The 2021 and 2022 taxes have been paid. The School Board millage is applied to the uncapped assessed value. The tax assessment for subject property is currently $22.97 per square foot, or $63.75 per square foot excluding the assessment cap. Based on our valuation analysis, the subject's assessment appears reasonable. Page 44 SOUTH TERRA CORP HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject site is 0.57 acres or 24,789 square feet with 211 feet of frontage along Caxambas Drive and 65 feet of frontage along the Highland Waterway Canal. According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the Caxambas Point Shell Midden archaeological site (8CR107) encompasses the entire subject parcel. Additionally, the report noted "significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel." A Cultural Resources Assessment Survey (CRAS) was not provided for the purpose of this appraisal. According to a Conservation Collier Initial Criteria Screening Report, multiple active gopher tortoise burrows were observed on the parcel. The Conservation Collier Property Summary estimates 30 gopher tortoises on the site. Several gopher tortoises and burrows were observed during our inspection. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." 1 The Dictionary of Real Estate Appraisal 7t' ed. (Chicago: Appraisal Institute, 2022) Page 45 SOUTH TERRA CORP HIGHEST AND BEST USE Additionally, Ms. Ritchie noted "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." The subject's utilities are typical and adequate for the market area. The site is roughly a trapezoid. The site is located mostly in FEMA flood zone X with a portion in Zone AE per FEMA Flood Map Number: 12021C 0837H, dated May 16, 2012. Zone AE is not classified as a flood hazard area. Legally Permissible The subject site is zoned RSF-3, Residential Single -Family District (RSF-3). It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only single-family residential uses are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory, particulary single family, is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. On this basis, barring unforeseen changes in the market, a well -designed single-family product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Residential development is the only use that meets the tests of physically possible, legally Page 46 SOUTH TERRA CORP HIGHEST AND BEST USE permissible, and financially feasible. Therefore, residential development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size, class, and location of the property, the most probable buyer is an owner -user. Page 47 SOUTH TERRA CORP VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 48 SOUTH TERRA CORP VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 49 SOUTH TERRA CORP SALES COMPARISON APPROACH SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched six comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per square foot as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 50 SOUTH TERRA CORP SALES COMPARISON APPROACH Comp Address Date Price City Land SF Price Per Land SF Sale Comments Subject 1125 Caammbas Drive 4/15/2023 Marro Island 24,789 1 1115 Cammbas Dr 6/8/2022 $1,950,000 Partially cleared canal front lot with old (1969) seawall According to listing agent, Tony Ofiverio, a Phase 2 archaeological survey reported some cultural resource deposits; however, they have a Phase 3 mitigation plan. According to Tony, the cost will be fairly nominal. There are gopher tortoises present which will cost and estimated $300,000 to relocate. The property was purchased in April 2022 for $1,240,000. It was not publicly Marco Island 21,780 $89.53 listed on MLS, the sellers responded to an unsolicited offer. The lot was then resold (also off MLS) for $1,950,000 in June 2022. It was then listed on MLS on June 16, 2022 for $2.5 million with minimal activity. 2 1085 Caxambas Dr 4/14/2022 $2,250,000 Cleared canal front lot with seawall installed in 2016. Archaeological survey reported there are no cultural resource deposits. Lot was listed for $2,995,000 in February 2022 and reduced to $2,595,000 in March 2022. Lot was last purchased in February 2022 for Marco Island 21,780 $103.31 $1,600,000 as an offmarket transaction fromm unsolicited offer. Lot was relisted on 1/25/23 for $2.5 nrillion. The listing price was reduced to $2.475 rra ion on 4/12/23. 3 530 Conover CT 3/29/2023 $2,350,000 Flag shaped cleared lot located at end ofcmal with 160 feet of canal frontage as well as frontage along Conover Ct and Collingswood Ave. New seawall was installed in 2022. Lot was listed for $2.7 million in October 2022 and was reduced to $2.5 million in Feb. Marro Island 22,369 $105.06 2023. 4 1391 Cutler Cr 1/26/2023 $2,250,000 Flag shaped cleared lot located at end ofcanalwith 170 feet of canal frontage as well as frontage along Cutler Ct and S Heatherwood Dr. New seawallwas installed in 2022. Lot Marco Island 22,328 $100.77 was fisted for $2.9 million in April 2022 and was reduced to $2.65 million in Dec. 2022. 5 931 E Inlet Dr 1/10/2023 $2,000,000 Cleared canal front lot with seawall installed 2017. Located at end of canalwith 200 feet of water frontage. Lot sold in 2/21 for $999,000. It was relisted in March 2022 for $3.3 million and decreased to $2.499 in April 2022. Lot was enlisted for $2.5 milon in January 2023. Marco Island 27,261 $73.36 The price was reduced to $2.475 rmllion on 3/7/23 and pended with contingencies on 4/6/23. 6 1645 Ludlow Road 2/6/2023 $2,400,000 Cleared canal front lot with new seawall installed in 2022 (Cost of $49,000 reported on pemrit). Home plans were included. Lot sold in 4/21 for $1.24 million. It was relisted in Marro Island 24,941 $96.23 August 2022 for $2.8 nr lhon and decreased to $2.57 million in Dec. 2022. Comparables Map 9 Winterberry Park i tier data @= Page 51 SOUTH TERRA CORP SALES COMPARISON APPROACH Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 52 SOUTH TERRA CORP SALES COMPARISON APPROACH Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Name South Terra Corp 1115 Carambas Dr 1085 Casambas Dr 530 Conover Cr 1391 Cutler CT 931 E Inlet Dr 1645 Ludlow Road Address 1125 Cammbas Drive 1115 Caxambas Dr 1085 Caxambas Dr 530 Conover Cr 1391 Cutler Cr 931 E Inlet Dr 1645 Ludlow Road City Maroo Island Marco Island Marco Island Marco Island Marco Island Mareo Island Marco Island Date 4/15/2023 6/8/2022 M14/2022 3/29/2023 1/26/2023 1/10/2023 2/6/2023 Price $1,950,000 $2,250,000 $2,350,000 $2,250,000 $2,000,000 $2,400,000 Land SF 24,789 21,780 21,780 22,369 22,328 27,261 24,941 Land SF Unit Price $89.53 $103.31 $105.06 $100.77 $73.36 $96.23 Transaction Adjustments Property Rights Fee Simple Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Cash 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Conditions of Sale Amts length 0.0% Ands length 0.0% Amts length 0.0% Arm's length 0.0% Ana's length 0.0% Ands length 0.0% Adjusted Land SF Unit Price $89.53 $10331 $105.06 $100.77 $7336 $96.23 Market Trends Through 4/15/2023 5.0% 4.2% 5.0% 0.2% 1.1% 1.3% 0.9% AdjustedLand SFUnit Price $93.33 $108.49 $105.30 $101.84 $74.30 $97.11 Location Good Sinnilar Sirmitar Sind., Similar Simlar Sinn. %Adjustment 0^/0 0% 0% 0% 0% 0% $Adjustment 24,789 $0.00 21,780 $0.00 21,780 $0.00 22,369 $0.00 22,328 $0.00 27,261 $0.00 24,941 Land SF Adjustment -5% -5% -5% -5% 0"/0 0% $Adjustruent Native and exotic -54.67 Partially cleared with -$5.42 Cleared with new (2016) -$5.26 -$5.09 Cleared with new (2022) Cleared with new (2022) $0.00 $0.00 Cleared with new (2017) Cleared with new (2022) Topography vegetation with old old seawall seawall seawall seawall seawall seawall seawall %Adjustnsmt 0^/0 -5% -5% -5% -5% -5% $Adjustment Tmpemidal; End of $0.00 Rectangular -$5.42 Rectangular -$5.26 Flag shaped -$5.09 Flag shaped $3.72 Irregular -$4.86 Rectangular Shape Canal %Adjustment -10% -10% -10% -10% -51 -10% $Adjustment RSF-3 -$9.33 RSF-3 -$10.85 RSF-3 -$10.53 RSF-3 -$10.18 RSF-3 -$3.72 RSF-3 $9.71 RSF-3 Zoning Adjustment P. 0^/0 0% 0% 01/. 0% Adjustment Gopher Tortoises; $0.00 Gopher tortoises & $0.00 None (mown $0.00 None known $0.00 None (mown $0.00 None known $0.00 None known Environmental Issues Likely Cultural Cultural resource resource deposits deposits %Adjustruent 0^/0 -10% -10% -10% -10% .10% $Adjustrrent $0.00 -$10.85 -$10.53 -$10.18 -$7.43 -$9.71 Adjusted land SF Unit Price $7933 $75.94 $73.71 $71.29 $59A4 $72.83 Net Adjustments -15.0% -30.09/6 -30.0% -30.0% -20.0% -25A% Gross Adjustments 15.0% 30.0% 30.0% 30.0% 20.0% 25.0% Page 53 SOUTH TERRA CORP SALES COMPARISON APPROACH Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends The following graph developed from the Southwest Florida MLS shows the pricing trend of Waterfront, Gulf Access residential lots in Marco Island over the past year, excluding outliers. $4X00 $35000 530600 5250 00 SM00 MGM $100.00 $50,00 50,00 2/8/2@2 Gulf Access Lot Trend 3/30/2022 5/19/2022 71W2022 8/27/2022 1Of16f2022 12/5/2022 1/24/2023 3/]5/2023 514/2023 The survey included 67 transactions. Prices per square foot ranged from $34.16 to $339.30 per square foot and averaged $134.57 per square foot. The graph indicates an increasing trend in sales prices over the past year. However, it is noted this is unadjusted raw data of improved sales and does not relate directly to the subject. Page 54 SOUTH TERRA CORP SALES COMPARISON APPROACH It is also noted that Comparables 1, 2, and 5 have all be relisted since the most recent sale. All three were listed for $2,500,000. Comparable 1 is still listed at $2.5 million or $115 per square foot. Comparables 2 and 5 were both reduced to $2.475 million or $114 and $91 per square foot over in March and April. Comparable 5 pended with contingencies on April 6, 2023. As discussed, residential inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. According to the February 2023 Market Report released by the Naples Area Board of Realtors (NABOR), single-family home closed sales in Collier County (excluding Marco Island) decreased 17.4% in February 2023 compared to closed sales in February 2022. The inventory of homes for sale increased by 120% in February 2023 as compared to February 2022. According to the Southwest Florida MLS, the total number of residential lot sales on Marco Island decreased by approximately 46% in January 2023 compared to January 2022, by approximately 42% in February 2023 compared to February 2022, and by approximately 32% in March 2023 compared to March 2022. The following graph shows the Sale Price vs. List Price Ratios for lots in Marco Island since 2018. As shown, the Sale/List ratio declined to 87.1 % in December 2022 and has rebounded slightly in 2023 to 94.3% in January, 21.7% in February, and 92.8% in March. Overall ratios are declining from the 95-99% range during 2021 and 2022. Page 55 SOUTH TERRA CORP SALES COMPARISON APPROACH -IrLn-n°V -0 4-0% 00 c i] CL 92-0% 0-0% 88.0% &6.0% ,14 _ Close Priceto List Prioe Ratio Time frame is from Jan 2019 to Mar 2023 City is 'Marco Island' Results calculated from 909 listings Based on the previous analysis, we have applied a 5.0% annual adjustment. Location The comparables are all canal front lots within the immediate proximity of the subject; therefore, no location adjustments are required. Size The subject is similar in size to Comparables 5 and 6. Size and price per square foot are typically inversely related; therefore comparables 1, 2, 3, and 4 are adjusted downward for their smaller size. Topography / Seawall The subject is heavily vegetated with native and exotic plants. According to the property appraiser the subject has a 65-foot seawall that was installed in 1969. The seawall is substantially overgrown, and the condition is unknown. Page 56 SOUTH TERRA CORP SALES COMPARISON APPROACH Comparables 1 has an old (1969) seawall similar to the subject. It is partially cleared and considered similar to the subject. Comparables 2, 3, 4, 5, and 6 were all cleared lots with new seawalls. They are all adjusted downward accordingly. Configuration The subject is trapezoidal in shape with only 65-feet of canal frontage near the end of the canal. Comparables 1, 2, and 6 are all rectangular with approximately 125 feet of canal frontage. Comparables 3 and 4 are both flag shaped and located at the end of the canal with 160-170 feet of total canal frontage. Comparables 1, 2, 3, 4, and 6 are all superior to the subject and adjusted downward accordingly. Comparable 5 is irregular in shape. The developable area is generally pie shaped and the lot has a total of approximately 200 feet of canal frontage wrapping around to the end of the canal. The lot has extensive canal frontage and is considered superior to the subject. Zoning All of the comparables are similar in terms of zoning type; therefore, no adjustments are required. Environmental Issues The subject and the comparables are all located in an Archaeological Sensitive Area of Marco Island. According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the Caxambas Point Shell Midden archaeological site (8CR107) encompasses the entire subject parcel. Additionally, the report noted "The Caxambas Point Shell Midden (8CR107) is characterized as an extensive multi -component black -earth and shell midden site covering most of the Caxambas area, which dates to the Late Archaic Period (4950- 2700 B.P.) and the Glades I Period (2700-1200 B.P.). Additionally, significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel." According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, multiple active gopher tortoise burrows were observed on the parcel. The Conservation Collier Property Summary estimates 30 gopher tortoises on the site. Several gopher tortoises and burrows were observed during our inspection. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, recipient sites in the area are charging $6,000/tortoise for relocation excluding FWC Permit/Mitigation fee and the Agent fee. Comparable 1 has a significant number of gopher tortoises. The listing agent estimated the cost to relocate the tortoises at approximately $300,000 which is more than the Page 57 SOUTH TERRA CORP SALES COMPARISON APPROACH subject. Additionally, a Phase 2 Archaeological Survey reported some cultural resource deposits. However, according to the listing agent, a Phase 3 Study reported a mitigation plan with a fairly nominal cost. Overall it is considered similar to the subject. Comparables 2, 3, 4, 5, and 6 have no known environmental issues and are adjusted downward accordingly. Sales Comparison Approach Conclusion All of the value indications have been considered. Finally, it is noted that Comparable 5 was relisted and is currently pending as of April 6, 2023 with contingencies. The most recent asking price was $2,475,000 or $90.79 per square foot. The pending contract price is confidential; however, the listing agent reported she hoped to close on the site shortly. Based on the previous analysis, and considering the large size of the subject lot as well as the environmental issues, I arrive at my final reconciled per square foot value of $72.00. Land Value Ranges & Reconciled Values Number of Comparables: 6 Unadjusted Adjusted % A Low: $73.36 $59.44-18.98% High: $105.06 $79.33-24.49% Average: $94.71 $72.09-23.88% Reconciled Value/Unit Value: $72.00 Subject Size: 24,789 Indicated Value: $1,784,827 Reconciled Final Value: $1,780,000 Page 58 SOUTH TERRA CORP RECONCILIATION RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of April 15, 2023, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple April 15, 2023 $1,780,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: I None. Extraordinary Assumptions: According to a Conservation Collier Initial Criteria Screening Report dated August 3, 2022, the Caxambas Point Shell Midden archaeological site (8CR107) encompasses the entire subject parcel. Additionally, the report noted "significant prehistoric and historic cultural resources were uncovered within the adjacent property to the north of this parcel. It is highly likely that significant cultural resources also exist on the South Terra Corp parcel." A Cultural Resources Assessment Survey (CRAS) was not provided for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of an assessment survey. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12 months. Page 59 SOUTH TERRA CORP CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 60 SOUTH TERRA CORP 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 61 SOUTH TERRA CORP ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 62 SOUTH TERRA CORP ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 63 SOUTH TERRA CORP ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 64 SOUTH TERRA CORP ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 65 SOUTH TERRA CORP ADDENDA - APPRAISER QUALIFICATIONS ADDENDA *Rn SOUTH TERRA CORP ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS *Rn SOUTH TERRA CORP ADDENDUM A - APPRAISER QUALIFICATIONS *PSI AISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACHI L M. ZUCCHI, MAI, CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 C. LOWRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOSBITT, MAI www.rklac.com SOUTH TERRA CORP ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Government. Relations: Appraisal Institute National (2022) Prof Standards & Guidance: Appraisal Institute National (2023) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. *Rn SOUTH TERRA CORP ADDENDUM A - APPRAISER QUALIFICATIONS `e... Ron DeSantK Governor Melanie S. Griffin, Secretary a dbpr STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES 1� - ZUCCHI, MCHEL M 4500 EXECUTIVE DRIVE SUITE 233 NAPLES FL 34119 x r LICENSE NUMBER: RZ2984� EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not aster this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Rn+ SOUTH TERRA CORP ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION *Rn Collier County Property Appraiser Property Summary Site Address 1125 MARCO Parcel No 58105440009 *Disclaimer CAXAMBAS DR Site City ISLAND Name / Address SOUTH TERRA CORP 511 WASH INGTON ST PO 277 City NORWOOD State I MA Site Zone 34145 *Note Zip 102062 Map No. Strap No. Section Township Range Acres *Estimated 71317 778800 403 271317 17 52 26 0.56 Legal MARCO BCH UNIT 13 BLK 403 LOT 2 OR 1582 PG 2104 Millage Area O 58 Millage Rates la *Calculations Sub./Condo 778800 - MARCO BEACH UNIT 13 School Other Total Use Code O 0 - VACANT RESIDENTIAL 4.459 5.681 10.14 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book -Page Amount 12/31/90 1582-2104 $ 163,500 05/01/87 1270-602 $ 163,500 03/01/82 962-761 $ 0 06/01/76 1 739-844 j $ 65,000 2022 Certified Tax Roll (Subject to Change) Land Value $ 1,580,316 +) Improved Value (_) Market Value (-) 10% Cap $ 0 $ 1,580,316 $ 1,010,806 (_) Assessed Value $ 569,510 (_) School Taxable Value (_) Taxable Value $ 1,580,316 $ 569,510 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Address 1125 MARCO Parcel No 58105440009 *Disclaimer CAXAMBAS DR Site City ISLAND Name / Address SOUTH TERRA CORP 511 WASHINGTON ST PO 277 City NORWOOI Site Zone 34145 *Note Permits (Provided for reference purposes only, *Full Disclaimer. ) Tax Yr I Issuer I Permit # I CO Date I Tmp CO I Final Bldg I Type Land Buildinq/Extra Features # # Year Built Description Area Adj Area 10 1969 SEAWALL 65 65 Calc Code Units 10 SQUARE FOOT 24789.27 �A[f-C3( NZ01 ''i582 01y42670 �' �210(: RECC-r'_l 2001 CO'_UEO COL'.iTY PACE This instrument was prepared by: SCUDERI 4 CHILDS -0� 909 North Collier Blvd. 5.40 IN A R R A N T Y D E E D tarco Island, FL 33937 a JJ ?H S INDE13'DRH, made this, T IJi\day of .cicI 19+�" between ! _ ANNE C. DELAPA and ANTHONY F. DELAPA, as Trustees of bela South Realty and'individuallyTrust qof the'YCounty of State of , grantor*, and ',SOUTHERRA CORPORATION, a Florida Corporation post `'office address is P.O.. Box 244, Westwood, MA 02090 of tCounty of , State of Massachusetts, grantee* WITNESSETH. That said grantor, for and in consideration of the sum of TEN and :-7--------- — ---------------- no/100------ Dollars, and other good valuable considerations to said grantor in hand paid,14 said grantee, the receipt whereof is hereby acknowledged, as granted, bargained and sold to the said grantee, and antee's heirs and assigns forever, the following described 1' situated lying and being in Collier County, Florida, to-vitei' Lot 2,'.:: Block 403, the Plat„i. bAreoft -= of the Public R& - SUBJECT to ;4n'=gx -- recorded in Offic 000603 with a"r Rec=h•zd $ Receiratl 5 ,. COLLIER COIJN?1'.CLLIM Or o Beach Unit 13, according to rded in Plat Book 6, Pages 92-99 of Collier County, Florida. '-. Mortgage to Susanne Gerey, ecords Book 001270, Page 1 amount of $130,800.00. and said grantor does hereby fully;.. ralt•rthe title to said land, and will defend the same against tYhe, lawful claims of all persons whomsoever. -'Grantor" and 'grantee' are used for- - gglar or plural, as context requires. IN WITNESS WHEREOF, Grantor has hereunto 9et,gr kor'�,s hand and seal the day and year first above written. - Signed, sealed and delivered In our presence: (Seal) �.J G and individually (Seal) , aTrd'�.ndividually (Sea) 4 Seal] STATE OF COUNTY OF i t h I I HEREBY CERTIFY that on this day before me, an off>lcer dug e - qualified to take acknowledgments, personally appeared JOANNE C. DELAPA and ANTHONY F. DELAPA, Trustees and individually.' to me known to be the person described in and who executed'_the - foregoing instrument and acknowledged before me .that he- executed the same. WITNESS my hand and official seal in the County and State'. -last, - aforesaid this day of Notary. Public:' My commission ex ires: ' K75 SOUTH TERRA CORP ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA *Rn SOUTH TERRA CORP ADDENDUM C - COMPARABLE DATA Transaction ID 7738 Date 6/8/2022 Name 1115 Caxambas Dr Price $1,950,000 Address 1115 Caxambas Dr Price Per Land SF $89.53 City Marco Island Transaction Type Closed Sale Grantor Michael A. Oliverio as Financing Cash Trustee Grantee BTL Holdings LLC Property Rights Fee Simple Tax ID 58105480001 Days on Market Off MLS Sale Verification Date 7/12/2022 Book/Page or Reference 6141/3029 Sale Verification Source Anthony Oliverio w/ Coldwell Doc Banker Realty Arm's length Sale ffistory 4/22 for $1.24 million Conditions of Sale Site Acres 0.50 Topography Partially cleared with old seawall Land SF 21,780 Zoning RSF-3 Primary Frontage Feet 125 Flood Zone X Primary Frontage Street Caxambas Dr Dimensions 125' x 174' Utilities All public Shape Rectangular Comments Partially cleared canal front lot with old (1969) seawall. According to listing agent, Tony Oliverio, a Phase 2 archaeological survey reported some cultural resource deposits; however, they have a Phase 3 mitigation plan. According to Tony, the cost will be fairly nominal. There are gopher tortoises present which will cost and estimated $300,000 to relocate. The property was purchased in April 2022 for $1,240,000. It was not publicly listed on MIS, the sellers responded to an unsolicited offer. The lot was then resold (also offMLS) for $1,950,000 in June 2022. It was then listed on MLS on June 16, 2022 for $2.5 million with minimal activity. *Rn SOUTH TERRA CORP ADDENDUM C - COMPARABLE DATA Transaction ID 7739 Date Name 1085 Caxambas Dr Price Address 1085 Caxambas Dr Price Per Land SF City Marco Island Transaction Type Grantor Cary Van Cleef and Anthony Financing Oliverio Grantee Paul Robey, Trustee and Property Rights Jennifer Robey, Trustee Tax ID 58105600001 Days on Market 41 Sale Verification Date Book/Page or Reference 6113/2631 Sale Verification Source Doc Antis length Sale Ifistory Conditions of Sale Acres 0.50 Site Topography Land SF 21,780 Zoning Primary Frontage Feet 125 Flood Zone Primary Frontage Street Caxambas Dr Dimensions Utilities All public Shape Comments 4/14/2022 $2,250,000 $103.31 Closed Sale Cash Fee Simple 7/12/2022 Anthony Oliverio w/ Coldwell Banker Realty 2/21 for $990,000 and 2/22 for $1.6 million Cleared with new (2016) seawall RSF-3 AE 125' x 174' Rectangular Cleared canal front lot with seawall installed in 2016. Archaeological survey reported there are no cultural resource deposits. Lot was listed for $2,995,000 in February 2022 and reduced to $2,595,000 in March 2022. Lot was last purchased in February 2022 for $1,600,000 as an off market transaction from an unsolicited offer. Lot was relisted on 1/25/23 for $2.5 million. The listing price was reduced to $2.475 million on 4/ 12/23. *Rn SOUTH TERRA CORP ADDENDUM C - COMPARABLE DATA Transaction ID 7814 Date 3/29/2023 Name 530 Conover CT Price $2,350,000 Address 530 Conover CT Price Per Land SF $105.06 City Marco Island Transaction Type Closed Sale Grantor John N Di Blanda and Cecilia Financing Cash J Di Blanda, individually and as Trustees Grantee Stephen J. Jones and Melanie Property Rights Fee Simple R Sanchez -Jones Tax ID 57804880000 Days on Market 116 Sale Verification Date 4/18/2023 Book/Page or Reference 6231/2538 Sale Verification Source Larry Caruso w/ Premier Doc Sotheby's International Realty Conditions of Sale Arm's length Sale Flistory Sold in 3/2021 for $950,000 Site Acres 0.51 Topography Cleared with new (2022) seawall Land SF 22,369 Zoning RSF-3 Primary Frontage Feet 133 Flood Zone Zone AE Primary Frontage Street Conover Ct Dimensions Generally 140' x 150' Utilities All public Shape Flag shaped Comments Flag shaped cleared lot located at end of canal with 160 feet of canal frontage as well as frontage along Conover Ct and Collingswood Ave. New seawall was installed in 2022. Lot was listed for $2.7 million in October 2022 and was reduced to $2.5 million in Feb. 2023. *Rn SOUTH TERRA CORP ADDENDUM C - COMPARABLE DATA Transaction ID 7815 Date 1/26/2023 Name 1391 Cutler CT Price $2,250,000 Address 1391 Cutler CT Price Per Land SF $100.77 City Marco Island Transaction Type Closed Sale Grantor Brian C. and Sharon Lynn Financing Cash Davies Grantee Tyler J. Reno Property Rights Fee Simple Tax ID 57809400003 Days on Market 278 Sale Verification Date 4/18/2023 Book/Page or Reference 6212/2787 Sale Verification Source Janice RBroyles w/ John R. Doc Wood Properties Conditions of Sale Arms length Sale History Sold in 11/2021 for $1,525,000 Site Acres 0.51 Topography Cleared with new (2022) seawall Land SF 22,328 Zoning RSF-3 Primary Frontage Feet 115 Flood Zone Zone AE Primary Frontage Street Cutler Ct Dimensions Generally 145' x 150' Utilities All public Shape Flag shaped Comments Flag shaped cleared lot located at end of canal with 170 feet of canal frontage as well as frontage along Cutler Ct and S Heatherwood Dr. New seawall was installed in 2022. Lot was listed for $2.9 million in April 2022 and was reduced to $2.65 million in Dec. 2022. *Rn SOUTH TERRA CORP ADDENDUM C - COMPARABLE DATA Transaction ID 7736 Date 1/ 10/2023 Name 931 Ehilet Dr Price $2,000,000 Address 931 E Inlet Dr Price Per Land SF $73.36 City Marco Island Transaction Type Closed Sale Grantor Alan D. and Malinda R Financing Cash Bloomingdale, individually Grantee Cary J. Hoagland as Trustee Property Rights Fee Simple of the ChristopherM. Tax ID 58108720001 Days on Market 296 Sale Verification Date 2/28/2023 Book/Page or Reference 6208/3886 Sale Verification Source Doug Davis w/ Coldwell Doc Banker Realty Ands length Sale Ffistory 2/21 for $999,000 Conditions of Sale Site Acres 0.63 Topography Cleared with new (2017) seawall Land SF 27,261 Zoning RSF-3 Primary Frontage Feet 336 Flood Zone AE Primary Frontage Street EInlet Drive Dimensions Irregular Utilities All public Shape Irregular Comments Cleared canal front lot with seawall installed 2017. Located at end of canal with 200 feet of water frontage. Lot sold in 2/21 for $999,000. It was relisted in March 2022 for $3.3 million and decreased to $2.499 in April 2022. Lot was relisted for $2.5 million in January 2023. The price was reduced to $2.475 million on 3/7/23 and pended with contingencies on 4/6/23. *,Rn SOUTH TERRA CORP ADDENDUM C - COMPARABLE DATA Transaction ID 7737 Date 2/6/2023 Name 1645 Ludlow Road Price $2,400,000 Address 1645 Ludlow Road Price Per Land SF $96.23 City Marco Island Transaction Type Closed Sale Grantor Paer and Ingrid Mahnhagen Financing Cash Grantee Marco and Judith Santamaria Property Rights Fee Simple Tax ID 58115280000 Days on Market 153 Sale Verification Date 2/28/2023 Book/Page or Reference 6213/2338 Sale Verification Source Joseph A Bartos, PA w/ Doc Premiere Plus Realty Co. Arms length Sale History 4/21 for $1.24 million Conditions of Sale Site Acres 0.57 Topography Cleared with new (2022) seawall Land SF 24,941 Zoning RSF-3 Primary Frontage Feet 126 Flood Zone X Primary Frontage Street Ludlow Road Dimensions 126'x200' Utilities All public Shape Rectangular Comments Cleared canal front lot with new seawall installed in 2022 (Cost of $49,000 reported on permit). Home plans were included. Lot sold in 4/21 for $1.24 million. It was relisted in August 2022 for $2.8 million and decreased to $2.57 million in Dec. 2022. Rn* 40 Carroll & Carroll Real Estate Appraisers & Consultants APPRAISAL REPORT FOR THE CONSERVATION COLLIER PROGRAM AND THE COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS SUBJECT PROPERTY: 1929 INDIAN MILL STREET MARCO ISLAND, FL 34145 AT THE REQUEST OF: ROOSEVELT LEONARD, R/W-AC SR. REVIEW APPRAISER COLLIER COUNTY FACILITIES MANAGEMENT/REAL PROPERTY 3335 TAMIAMI TRAIL E., STE. 101 NAPLES, FL 34112 ASSIGNMENT NO.: 6265-TS APPRAISAL EFFECTIVE DATE: FEBRUARY 8, 2023 DATE OF REPORT: MARCH 1, 2023 6265 Report Table of Contents Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS.........................................................1 CONSERVATION FEATURES SUMMARY OVERVIEW................................................................. 3 CERTIFICATION..................................................................................................................................... 5 SCOPEOF WORK................................................................................................................................... 7 ESTATEAPPRAISED.............................................................................................................................. 8 DEFINITION OF MARKET VALUE..................................................................................................... 9 ASSUMED EXPOSURE TIME................................................................................................................ 9 AREAINFORMATION........................................................................................................................10 MARKETAREA..................................................................................................................................... 20 PROPERTY INFORMATION............................................................................................................... 31 SITEDESCRIPTION.......................................................................................................................... 34 SUBJECTPHOTOGRAPHS.............................................................................................................. 36 ENVIRONMENTAL CONTAMINATION.................................................................................... 41 NATURAL RESOURCE CONCERNS............................................................................................ 42 ZONING.............................................................................................................................................. 46 ASSESSMENTAND TAXES............................................................................................................ 48 FLOODZONE DATA....................................................................................................................... 49 TRANSACTIONAL HISTORY........................................................................................................ 50 CURRENTSTATUS........................................................................................................................... 50 HIGHESTAND BEST USE................................................................................................................... 51 CONSIDERATION OF APPROACHES............................................................................................. 52 SALES COMPARISON APPROACH................................................................................................. 53 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 54 VACANT LAND COMPARABLES................................................................................................ 55 LAND SALES ADJUSTMENT GRID.............................................................................................. 61 ESTIMATEOF VALUE..................................................................................................................... 68 ADDENDA............................................................................................................................................. 69 Carroll 8v Carroll 6265 Report Summary of Important Data & Conclusions SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report could be misleading. PROPERTY INFORMATION Property Identification 1929 Indian Hill Street, Marco Island, FL 34145 Property Description A 0.64-acre vacant waterfront residential lot located at the southwest corner of Indian Hill Street and Caxambas Drive in Marco Island, Florida. Property Type Vacant Land Owner of Record Agua Colina, LLC Property ID # 58105400007 CLIENT INFO & VALUE CONCLUSIONS Client Collier County Facilities Management Department Intended Use To assist the Conservation Collier Program and the Collier County Board of County Commissioners. Intended Users Conservation Collier Program and the Collier County Board of County Commissioners. Appraisal Effective Date February 8, 2023 Date of Report March 1, 2023 Date of Inspection February 8, 2023 Purpose of Appraisal Estimate market value "As Is" Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Value $1,100,000 GENERALINFO Appraiser Timothy W. Sunyog, MAI State -Certified General Appraiser RZ 3288 Scope of Work All applicable approaches to value were developed. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS A Phase 2 Cultural Resources Assessment Survey was conducted and documented prehistoric and historic cultural resources across the entire project area, including prehistoric human remains that consisted of a redeposited or disturbed fragmentary bone scatter and intact human burials. Intact human burials were only found to occur on the fringe of the proposed building footprint's southwest section located in the central portion of the site. I asked for, but was not provided with the associated costs to mitigate the human remains. If costs are obtained, I reserve the right to reconsider my value conclusion. I was provided with a Conservation Collier Initial Screening Report conducted on the subject Carroll 8s Carroll 1 6265 Report Summary of Important Data & Conclusions property dated November 8, 2021. The report indicated a total of 41 potentially active burrows observed and a total of 20 estimated gopher tortoises on site. Due to the age of the report, it is unknown how many gopher tortoises were on site as of the effective date of the report. For purposes of this appraisal, I have assumed there are 20 estimated tortoises. I reserve the right to revise the appraisal and the estimate of market value if an updated report is conducted. HYPOTHETICAL CONDITIONS None Carroll 8s Carroll 2 6265 Report Conservation Summary Overview CONSERVATION FEATURES SUMMARY OVERVIEW Project Name: Agua Colina Appraisal Folio Number & Owner(s) of Record: 58105400007 Agua Colina, LLC Zoning/Overlays: RSF-3 — Residential Single -Family District (City of Marco Island) Zoning Considerations for TDR's, PHU, other endangered species: Gopher Tortoises and prehistoric remains. Was the cost to mitigate wetlands or endangered species taken into consideration? Yes, the Conservation Collier Initial Screening Report indicates that the property has approximately 41 potentially active burrows observed and a total of 20 estimated tortoises on site. Currently, the recipient sites in the area are charging $6,000/tortoise, plus the FWC Permit/Mitigation fee, and an Agent fee. The time required to obtain all permits is approximately 8-12 weeks. The total costs associated with relocating each tortoise is approximately $7,00048,000. The total estimated costs to relocate all 20 tortoises on the subject site is approximately $140,000 ($7,000 per tortoise x 20 tortoises). I was also provided with a Phase 2 Cultural Resources Assessment Survey. The survey was conducted by Advanced Archaeology, Inc. and dated July 2017. The study was conducted to survey, document, and assess any archeological resources within an 80 foot by 80 foot building footprint located in the middle of the site, with the primary goal to determine if any intact human burials occur within this area. The assessment resulted in documenting prehistoric and historic cultural resources across the entire project area, including prehistoric human remains that consisted of a redeposited or disturbed fragmentary bone scatter and intact human burials. Intact human burials were only found to occur on the fringe of the building footprint's southwest section. The prehistoric remains negatively impact the subject property and the comparable sales were adjusted accordingly. Scope of Proposed Mitigation: Relocate the gopher tortoises and preserve any intact human remains which cannot be impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. At the time of the survey, the current owner agreed to have an archaeologist present on site to monitor any ground - disturbing activities as a result of construction. Carroll 8v Carroll 3 6265 Report Conservation Summary Overview Land Area: 0.64 gross acres or 27,780 square feet Access for the Parcel Taken Into Consideration: Full -service access from Indian Hill Street and Caxambas Drive. Highest and Best Use: The highest and best use is that the gopher tortoises be relocated and the site developed with a single-family residence not impacting the prehistoric remains. Date of Estimated Value: February 8, 2023 Estimated Value: $1,100,000 Carroll 8v Carroll 4 6265 Report Certification CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property and the comparable sales. 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 our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I previously appraised the property July 1, 2022 for Collier County. I have had no other relationship to the client or the property within the three years prior to accepting this assignment. I have no bias with respect to the property that is the subject of this report or 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. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. No one other than the undersigned prepared the analyses, opinions and conclusions concerning real estate that are set forth in this report. Carroll 8v Carroll 5 6265 Certification As of the date of this report, I have completed the requirements of the continuing education program of the State of Florida, and for Designated Members of the Appraisal Institute. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Carroll & Carroll 6 6265 Report Scope of Work SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Inspected the subject property and the comparable sales • Reviewed aerial photographs, land use plans, the Land Development Code, the Conservation Collier Initial Criteria Screening Report and other documentation • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use • Researched vacant land comparable sales, listings, and pending sales • Developed the sales comparison approach • Estimated the market value of the fee simple estate • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion Sources of market data included local and regional MLS systems, Costar, LoopNet, public records, and interviews with real estate brokers. Carroll & Carroll 7 6265 Report Estate Appraised ESTATE APPRAISED The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple Absolute is synonymous with Fee Simple. The Dictionary of Real Estate Appraisal, Seventh Edition, published 2022 by the Appraisal Institute, defines Fee Simple Estate 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. We consider easements, but only to the extent that they are known to us. Appraisal of the fee simple means that an improved property is vacant and available to be put to its highest and best use. Carroll & Carroll 8 6265 Report Definition of Market Value DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) 1112,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 9 and 12 months. Carroll & Carroll 9 6265 Area Anal AREA INFORMATION COLLIER COUNTY ANALYSIS An analysis of geography, transportation, population, employment, income, and education for Collier County is performed using data provided by Site to Do Business, Florida Office of Economic & Demographic, United States Department of Labor, all recognized source(s). .s: ter+ ;firmeenn-'AFnrl Mym �61 Shell Paint UIle9 0 Anna n� la_s C.lyo �Bi9gar �' aTr�c'r�arA le& Cdy °Ponta F;assa . '•��,' S n Carins Palk . IlhlnnI xnl hel x'-.nFor[ Myer Beads Este1lilo �' VhN a G rcon u[ q Bonia snores Sprin�gs Naples P yanderhill beach E.- Vanoe�ti:l o nuar Ga!e 5 !I Isles of Cs �ynl I'al�n Hfl�i nn r J- Marcn Isla nee I 30 km 20 mi' nEelales - - �Aa AHlgamr Al49 _sue Alllga[oI AIMas CilY—� -.. — All � Bd ' Flmlda State r i J " u�•ngr.� vha-n.I _ Mieeocukae N Y �,ulndlan Aosnrvarian ❑aar nrm - .. — I Jessie .- - ._ .. wills - otr I v T&malfil7' I rlendr' o raI c-`. STMB:�NLINE.iamTraal ea_I Prn�cilyo; Swb++! TOr Sirr To Da 8dsrrtess — GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. About 63% of the land area is in public ownership, is set aside for environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild, and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. Most of the county is less than 15 feet above mean sea level. Although changes in elevation Carroll & Carroll 10 6265 Area Anal are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is in north Collier County and is the agricultural center of the region. POPULATION "The social forces studied by appraisers primarily relate to population characteristics. The demographic composition of the population reveals the potential demand for real estate, which makes the proper analysis and interpretation of demographic trends important in an appraiser's analysis." The total population, it's composition by age and gender, and the rate of household formation and dissolution strongly influence real property values. (The Appraisal of Real Estate 141h Edition) s00,0oo 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 so,000 Collier County Population 2000 2005 2010 2016 2020 2025 2030 2035 2040 Florida Office of Economic & Demograpkic Research and Esri forecasts 2 02 0 Collier County's population has continued to increase year after year. The population has increased 9.24% as of 2020 from 2016. The population forecasts through 2025 calls for a continued steady growth cycle with an estimated 8.93% population growth from 2020 to 2025. Carroll & Carroll 11 6265 Report Area Analysis Collier County for years has been one of the nations' fastest growing counties, historically outperforming the state. Population increases began in 2010, trending once again towards outperforming the state. Strong growth is expected at 5 to 10% annually through 2025. Population Change (State vs County) 30?'0 25°l0 d° a � 20910 U �+ 1596 04 N% a w 5% 0% 2000 2005 2010 2D16 2021 2025 Year Florida Glace of Economic & Demographic Research and Esri forecasts 2020 -Collier County -Florida Collier County is a popular retirement destination. As of 2020, 55.6% of the County's residents are over the age of 45. The 2025 forecasts depict an aging community with 56.2% of the population 45 years of age or older. Population by Age ■ 2010 ❑ 2020 ■ 2025 Oh 5A 10-14 15-24 25-34 35-44 45.54 55-64 65-74 75-54 35+ Age U.S. Cen=5 Bureau, Census 2010 Summary File 1. Ersi forecasts for 2020 and 2025 Carroll 8& Carroll 12 6265 Area Anal EMPLOYMENT Collier County is a largely service based economy with 37.6% of the employees in the leisure, hospitality, education, and health service industries and 21.4% in professional, business, financial and other services. Trade, transportation, & utilities along with government jobs account for 27.9% of the County's employees. Industries such as natural resources/mining, construction, and manufacturing make up only 5.4% of the market. 2020 EMPLOYED BY INDUSTRY- COLLIER COUNTY Mining & Manufacturing Leisure & Hopitality Trade, portation & Rilties Education & Hea Rlh Se"Aces Office of Econamxc & Denwgraphfc Research, www.edr.sfafe fl.us Top 11 Largest Employers Collier County -2019 Rank Company Employees 1 Publix Super Market 8,728 2 NCH Healthcare System 7,017 3 Collier County School District 5,604 4 Collier County Local Government 5,119 5 Arthrex, Inc 2,500 6 Ritz Carlton- Naples 1,450 7 City of Naples 1,169 8 Moorings Park 888 9 News-Press/Naples Daily News 840 10 Physicians Regional 950 11 Seminole Casino 800 Source: www.swfleda.com/top-100-employers/ as reported in 2019 The unemployment rate in Collier County exceeded the state average by a slight margin in the years 2009 and 2010. The unemployment rate then declined through 2016 as the economy improved and, until recently, Collier County's unemployment rates decreased more rapidly the state. Carroll & Carroll 13 6265 Area Anal Unemployntent Rate (County vs State) 2020 2015 2015 2014 2013 2012 2011 2010 2009 0.0% 2_0% 4.0% 6.0% 8.0% 14.0 12.0% 14.0% ■ Colier County ■ State of Florida United Swes E"rfmmuf L4rbnrr8errc rrg11A- yr SfafislicslLAUSwdsricsMfip INCOME Collier County's per capita income and median household income levels are higher than state statistics. The most substantial difference between Collier County and the state is the large percentage difference in household incomes above $100,000 where Collier County exceeds the state by over 9%. Collier County's percentage household incomes ranging from $25,000 to $99,999 mirror that of the state but is significantly lower in the percentage of household incomes under $25,000. Income levels vary greatly within different areas of Collier County, and so, will be discussed in greater detail in the Market Area descriptions. TRANSPORTATION The transportation system reflects local geography, population densities and the primary motivators of tourism, service industry employment, the construction industry, agriculture, and leisure activities. ROADS The earliest roads were coastal, extending from north to south in the early twentieth century with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami Trail because it was built to connect Tampa and Miami. Where it passes through the coastal community US-41 is a four or six lane divided highway with landscaped medians, curb and gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal arterial and one that defines several important boundaries. Often there is a noticeable land value difference east and west of US-41 because the affluent coastal population prefers to shop and trade close to home. As the highway turns southeast from downtown Naples toward Miami the Trail defines the boundary of the coastal management zone which affects Carroll & Carroll 14 6265 Revort Area Anal development densities and storm evacuation requirements. The eastern segment of US-41 is a designated national scenic highway popular with tourists, especially during the winter season as they seek adventure in the Everglades. A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood streets extend into the urban area east and west from US-41. North -south arterials and major collectors are established about one mile apart. From west to east, these include Goodlette-Frank Road, Airport -Pulling Road, Livingston Road, Santa Barbara Boulevard and Collier Boulevard. The east -west grid is spaced about two miles apart; from north to south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84), and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4 lane divided highways. East of Collier Boulevard the road system reflects the economies of scale of Golden Gate Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles east of CR-951, is the principal east -west collector. Everglades Boulevard (2 lane and asphalt surfaced) is the north -south major collector extending south from Immokalee Road 14 miles to the grade separation at I-75 where it continues into the Picayune Strand State Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier County is planning to extend east -west collectors through the Estates along the alignment of Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north -south connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road) north to Golden Gate Boulevard. Interstate highway 75 (I-75) was extended from north to south through Collier County in the mid-1980s along a flood -proof route about five miles inland. Directly east of the City of Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty- one miles east of the coastal community is an interchange at State Road 29; the last interchange in Collier County. Collier County and the FDOT continue to study the feasibility of an interchange at Everglades Boulevard. The advent of I-75 signaled a change in the relationship of Collier County to the rest of Florida and the United States. While US-41 was the only north -south arterial, Collier County was dominated by the conservative mid -western influences of seasonal residents and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road access to Collier was made much more convenient to the northeast via connections with I-4 Carroll & Carroll 15 6265 Revort Area Anal and I-95. This had the effect of broadening Collier's market exposure and it stimulated growth. The extension of I-75 south into Dade County promoted better access for European tourists and made Collier County transient lodging attractive for east coast weekenders. Strategic connections exist where Collier Boulevard and CR-92 extend south and west from US-41 providing access to the City of Marco Island from the greater Naples area and from Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural center of Immokalee with points north, with the Naples coastal community via CR-846, with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which is the western gateway to Everglades National Park and the 10,000 Islands region of Collier's southwest coast. The road transportation system is well planned, well maintained, and operating at acceptable capacity. Ambitious road construction projects undertaken in anticipation of growth projections and funded by impact fees have caught up with development. The road system reflects Collier's position at the southerly limit of development on Florida's west coast. MASS TRANSIT Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes Department, provides inexpensive alternative transportation throughout the county linking major employment centers of Naples with Marco Island and Immokalee. There are several circulation routes with stops at the County government complex, hospitals, and major shopping establishments. The system accommodates bicycle transport and personal items. The same County department administers the Collier Area Para Transit system which provides subsidized transportation services for the disabled and economically disadvantaged. This is a successful and growing system that connects people with jobs, essential services, and shopping while reducing transportation costs and road congestion. AIRPORTS Collier County is supported by a system of five public airports. Southwest Florida International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute drive via I-75 from the Collier center of population. This facility serves the five county southwest Florida regions offering domestic and international air carrier service. It is modern, convenient, and has planned expansion to keep up with regional growth. Naples Municipal Airport (APF) owned by the City of Naples and operated by the independently constituted Naples Airport Authority which derives its revenue principally from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown Naples. It serves the coastal community and is especially convenient to affluent residents Carroll & Carroll 16 6265 Revort Area Anal who own private aircraft, to the corporate convention business of the large beachfront hotels, and to essential services like mosquito control, Emergency Medical Services (EMS), the Sheriff's office, and private air ambulance services. The two paved runways (5/23 @ 5,290' and 14/32 @ 5,000') will support jets including the G4 and Challenger series. Naples airport is tower controlled and fully certified for commercial operations and is home to several aircraft charter services and flight training schools. In 2005, Naples Municipal Airport accommodated 163,434 aircraft operations, a record high. Annual operations decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479, which is a 5.2% increase from the previous year. Due to its downtown location, Naples airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise abatement measures. The Collier County Airport Authority owns and operates airports at Marco Island, in Everglades City, and at Immokalee. These are primarily funded through fuel sales and hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation facility on the mainland four miles northeast of Marco Island. The single paved runway (17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is available. This airport is convenient to Marco Island residents and to the corporate convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a weekend drag racing strip. The airport is in a Florida Rural Enterprise Zone and a HUB Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign Trade Zone. To date, the economic potential of this airport is largely unrealized. However, the field is active as a training destination for coastal -based flight schools, it hosts aerial firefighting and crop -dusting operations, and it bases numerous private aircraft. The Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres is within walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400') supports itinerant coastal traffic and half a dozen -based aircraft. Fuel, a comfortable pilot center and bicycles are available. The aviation community is well supported. The greater Naples area is the beneficiary the winter season influx of corporate executives and affluent individuals who can afford luxury private jet travel. Carroll & Carroll 17 6265 Area Anal MARINE TRANSPORTATION There is no deep -water port and no commercial marine activity other than that associated with commercial fishing, charter sport fishing, and the marine towing services that support the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six feet at mean low water. The US Coast Guard maintains a dredged and well -marked intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island. Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to the Marine Industries Association of Collier County, as of early 2019 there were 22,749 registered vessels in Collier County. Seasonally, excursions from Marco Island to Key West and from Ft. Myers Beach to Key West are scheduled daily. EDUCATION The Collier County School District provides public education to about 51,905 students encompassing grades K-12. There are a total of 48 public schools consisting of 29 elementary, 10 middle, 8 high schools and one K-12 (Everglades City School). There are also 12 alternative school programs. In addition to the public school system there are numerous private schools scattered throughout the county. The Collier County School District continues to receive a "B" grade by the State of Florida Department of Education. By definition, an "A" or 'B" grade delineates high performance. Between 2015 and 2020 the school district had an overall population growth of more than 6,000 students. 52,000 30,000 = 48,000 r u 46,000 W 44,000 3 42,000 40,000 38,000 2020 University Enrollement 2012 Ave Maria University: 1,129 Florida SouthWestern State College: 15,389 Hodges University: 1,676 Florida Gulf Coast University: 15,373 Collier County Public Schools Enrollment 2013 2014 2015 2016 2020 Year h d ip:ll ru smn. c d f i ers cironl s. ca m Collier County is also home to several colleges and accredited universities. Three colleges have campuses in Collier County: Ave Maria University, Hodges University and Florida Southwestern State College (formerly Edison Community College). Ave Maria University is Carroll & Carroll 18 6265 Revort Area Anal a private catholic university that offers both undergraduate and graduate programs including a law school has around 1,129 students. Florida Southwestern State College with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year degree programs for 15,389 students, and Hodges University is a private four-year college that offers bachelors and master's degrees in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located in southern Lee County) is one of the state's fastest growing institutions and home to over 15,373 students. CONCLUSION At the southerly limit of urban development on Florida's west coast, Collier County offers the climate, natural resources, and sporting opportunities to support a superb retirement community. The quality of infrastructure, schools, and social services is what one would expect of such an area. We are experiencing a surge in new development projected to take us through the next several years. In the long term, the attractions of the climate and location, and the stability of fixed -account affluence promise continuing prosperity although probably without the strong emphasis on new development. Carroll & Carroll 19 6265 Market Area MARKET AREA Market Area is defined as: "The geographic region from which a majority of demand comes and in which the majority of competition is located." (The Dictionary of Real Estate Appraisal Th Edition) "A market area is defined in terms of the market for a specific category of real estate and thus is the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users." (The Appraisal of Real Estate 151h Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES The subject property is located in the southwestern portion of the county made up of the island communities of Marco Island, Isles of Capri and Goodland: 148MMZ?ck Bay dolt & Gauntry CM1 ISI of Capri Old Grove 9 ~,1raafps. Addisarr88y CaRl el Marco Island i r a I EBY BiRakw Good :rsn Tripod Koy Gaxamb4s 8$y Helen Key Carroll & Carroll 20 6265 Market Area Introduction Marco Island is located 15 miles south of Naples and is the most southerly beachfront community on Florida's west coast. The island offers an unusual mix of vegetation and geography including low mangrove swamps, Gulf beaches and high scrub sand dunes. Marco Island is one of the oldest settlements on Florida's Southwest Coast. For many years, the island supported two small fishing villages with little change. During the early 1960's and the 1970's Deltona Corporation implemented a large-scale development plan affecting almost all of Marco Island. This was the last of the great dredge and fill developments and it resulted in a community with a strong water orientation and a resort atmosphere. Marco Island was incorporated in 1997. Isles of Capri is a waterfront residential community lying 1/4 mile north of Marco Island across the Marco River and insulated from Marco Island and other nearby development by natural mangrove waterways and deep -water navigable channels. A relatively small central business district is surrounded by single and multi -family residential development. The business district hosts a single convenience store, several commercial fishing establishments, private and commercial marinas, boat storage, a fire/rescue station, a few small offices and retail stores, and two restaurants. Isle of Capri is quiet and quaint. The residential component is about 90% built up and the commercial component is 60-70% built up. Most of the business section has water frontage or access with only a small portion in the center that is non -waterfront. Non -waterfront commercial sites struggle as the surrounding residential neighborhood is insufficient to support more commercial development, and Isles of Capri is well off the arterial road system. There is a trend toward consolidation of waterfront commercial parcels for larger, private marina development supporting large, inland PUDs. Goodland is a one square mile island fishing village of about 400 residents, nearly surrounded by water with one winding access road connecting to the mainland. Located in an unincorporated area of Collier County, the village is immediately adjacent to the eastern Marco Island city limits. The populated area of Marco Island is approximately one mile to the northwest, separated from Goodland by coastal mangroves and shallow waterways. Marco Island and Goodland are located in the northernmost portion of the Ten Thousand Islands in the eastern Gulf of Mexico and west of the Everglades National Park. The deep - water channel that borders Goodland offers excellent passage to the north and south and was a major factor in Goodland's development. Goodland and the surrounding habitable islands and hammocks were initially inhabited by aboriginal peoples as early as 4000 BC and much later were home to Calusa Indians. The Indian population was decimated by diseases spread by Spanish explorers in the 15th Carroll & Carroll 21 6265 Report Market Area century. The Calusa shell mounds survived to serve as the base for the first roads through the hammocks to the old villages of Caxambas Bay and Marco. The parcels surrounding Buzzard Bay constitute the current main waterfront commercial district in Goodland. Environmental Influences This area is desired because of mild winter weather, easy access to miles of beaches, and navigable waterways. The subtropical weather allows for year-round recreational opportunities. Swimming and shelling are popular activities. Marco Island offers public access to a mainland beach and local boaters have access to beaches on nearby islands. Boating and fishing are supported by the hundreds of private boat docks along the Marco and Isle of Capri canal systems. Boat launch facilities are located throughout the market area and seasonal residents and tourists have access to boating activities through local marinas and charter boats. Bicycling, walking, and jogging are supported by an extensive network of connected biking and walking paths. Multiple tennis and pickle ball courts are available, as well as fitness centers. There is only one golf course located in this market area; but, Collier County has more golf courses per capita than most areas in the United States and multiple courses can be easily accessed by City residents and visitors. This area is known for its clean environment and healthy lifestyle. Development has occurred on Marco Island in such a way that the open -space and lush landscaping give the appearance of a well -manicured, tropical paradise. Development on Isle of Capri and Goodland has maintained the small community, fishing village appeal. Nuisances and hazards are primarily associated with mosquitoes and hurricanes. Most of the area, particularly the low spots, are subject to flooding during tropical storm conditions, and mosquitoes are a perennial problem difficult to control due to the proximity of wetlands. Governmental Influences The City of Marco Island has a "council-manager" form of government operating under a city charter. City council consists of a mayor and six city council members elected at -large. The tax burden in the City is higher than the surrounding unincorporated area because of higher property values and millage rates. This is in response to resident expectations of higher standards, and exceptional service. Maintenance of public structures and facilities is above average. City government has zoning, and comprehensive plan ordinances designed to promote development and redevelopment; to protect the character and property values of the city; Carroll & Carroll 22 6265 Report Market Area to protect economic value as it relates to tourist -oriented community; and to maintain and enhance the attractive nature of the city. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Marco Island Police Department serves the City of Marco Island with backup from the Collier County Sheriff's Department as needed. Naples/Marco Island has been reported as one of the Florida's safest cities in which to retire. Transportation This market area is accessed by only two main roadways, Collier Boulevard (SR-951) and San Marco Road (SR-92). Collier Boulevard is a six -lane, major arterial road linking Marco Island in south Collier County with Immokalee Road near the north county line. The Collier Boulevard thoroughfare anchors a grid of arterial roads, spaced about 2 miles apart, that serve the greater Naples coastal community which lies to the west. Development along Collier Boulevard north of Marco Island is scattered with residential developments and clusters of commercial development located mainly at major intersections. Collier Boulevard runs the entire length of Marco Island. The majority of commercial devilment, hotels and high density residential on the Island are located along the Collier Boulevard corridor. San Marco Road is a 2-lane asphalt paved road that leaves US-41 at Royal Palm Hammock in Collier Seminole State Park extending southwest approximately 6.5 miles to the east side of Marco Island at Goodland. There is no development between US-41 and Goodland. San Marco Road is the preferred road to Florida's east coast and serves as a secondary emergency evacuation route. San Marco continues onto Marco Island and it serves as a secondary corridor for commercial and institutional uses. The connector roads and residential streets are laid out in a grid pattern that provides adequate traffic flow. It also furnishes easy access to the beaches and main arterial roadways. Commercial development exists at every major intersection; but the intersections are designed with proper turns lanes and signaling to provide for adequate traffic movement. The road network easily handles traffic demand in the off-season, May through December. Traffic more than doubles in January, February, March and April because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road network usually handles peak traffic demand without major delays. Public transportation is limited. A County transit bus services part of this area; but it is not heavily utilized. Carroll & Carroll 23 6265 Report Market Area The Marco Island Executive Airport is conveniently located to Marco Island, Goodland and Isles of Capri. It provides affordable, convenient, safe hassle -free air travel. AV gas and jet fuel are available on -site. Airport staff provides personal service to customers and arranges for ground transportation and local reservations upon request. It is managed by Collier County Airport Authority. Social Influences This southwestern most area experienced growth similar to that of the region as a whole. During the last twenty-year growth cycle the island developed as a transient resort and seasonal retirement center. The population increases dramatically during the winter months. Marco Island is the demographic center of the market area with the neighboring island communities of Isles of Capri and Goodland home to very few full-time residents. Population increased 47.8% from 1990 to 2000. The twenty-year period from 2000 to 2020 experienced a slowing growth trend with population increasing on 19.2%. Population projections through 2025 continue the increasing growth pattern. US Census Bureau, Esri forecasts, 2020 population is 19,328 with a projected growth to 20,628 (6.7% growth) by 2025. This slowing trend is largely due to the attributable to the increasingly limited supply of vacant land suitable for residential development. The median age in the sub -market area is 66.6, considerably higher than the county average of 50.4. A total of 71.5% of the population is 55 and older. The median household income is $91,496 which is approximately 22% higher than the county's median household income of $71,593. Of the 25 locations included in the Economic Policy Institute's dataset for Florida, Naples -Marco Island is the 21st most expensive. The dominant population is well educated. A total of 46.1% have a bachelor's or professional degree and 19.8% have some college education. There is a high degree of community involvement through civic organizations, neighborhood groups, social service organizations and political committees. Carroll & Carroll 24 6265 Report Market Area esri® Demographic . _ Profile Marco/Capri/Goodland Prepared by Esri Area: 29.85 square miles Summary Census 2010 2020 2025 Population 17,618 19,328 20,628 Households 8,841 9,858 10,557 Families 5,972 6,560 6,998 Average Household Size 1.99 1.96 1.95 Owner Occupied Housing Units 7,532 8,210 8,830 Renter Occupied Housing Units 1,309 1,648 1,727 Median Age 63.2 66.6 68.0 Trends: 2020-2025 Annual Rate Area State National Population 1.31 % N/A 0.72% Households 1.38% N/A 0.72% Families 1.30% N/A 0.64% Owner HHs 1.47% N/A 0.72% Median Household Income 2.18% N/A 1.60% 2020 2025 Households by Income Number Percent Number Percent <$15,000 673 6.8% 607 5.7% $15,000 - $24,999 535 5.4% 470 4.5% $25,000- $34,999 577 5.9% 534 5.1% $35,000 - $49,999 917 9.3% 885 8.4% $50,000- $74,999 1,364 13.8% 1,372 13.0% $75,000 - $99,999 1,206 12.2% 1,308 12.4% $100,000 - $149,999 1,615 16.41/o 1,801 17.1% $150,000 - $199,999 1,102 11.2% 1,334 12.6% $200,000+ 1,869 19.01/0 2,246 21.3% Median Household Income $91,496 $101,932 Average Household Income $136,379 $152,690 Per Capita Income $69,559 $78,144 Census 2010 2020 2025 Population by Age Number Percent Number Percent Number Percent 0-4 353 2.0% 317 1.6% 332 1.6% 5-9 462 2.6% 410 2.1% 428 2.1% 10 - 14 504 2.91/0 475 2.51/o 465 2.3% 15 - 19 484 2.7% 422 2.2% 445 2.2% 20 - 24 394 2.2% 344 1.8% 317 1.5% 25 - 34 828 4.7% 872 4.5% 792 3.8% 35 - 44 1,084 6.2% 1,176 6.1% 1,326 6.4% 45 - 54 2,076 11.8% 1,477 7.6% 1,449 7.0% 55 - 64 3,338 18.9% 3,364 17.4% 3,021 14.6% 65 - 74 4,587 26.0% 5,087 26.3% 5,694 27.6% 75 - 84 2,784 15.8% 4,008 20J1/o 4,656 22.6% 85+ 724 4.1% 1,376 7.1% 1,703 8.3% Census 2010 2020 2025 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 16,919 96.0% 18,326 94.81/o 19,392 94.0% Black Alone 91 0.5% 122 0.6% 152 0.7% American Indian Alone 19 0.1% 21 0.1% 23 0.1% Asian Alone 193 1.1% 312 1.6% 411 2.0% Pacific Islander Alone 6 0.0% 9 0.0% 11 0.1% Some Other Race Alone 272 1.5% 377 2.0% 451 2.2% Two or More Races 118 0.7% 161 0.8% 188 0.9% Hispanic Origin (Any Race) 1,201 6.8% 1,639 8.5% 2,013 9.8% Data Note: Income is expressed in current dollars. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. February 23, 2021 =sn Page 1 of 2 Carroll & Carroll 25 6265 Market Area esri® e _ o min Marco/Capri/Good land Area: 29.85 square miles Trends 2020-2025 2- � v fl- 1.4- 1.2 - �; 1- m � 0.8 - 0.6 - 0.4 - a 0.2 - 0- Population Population by Age 25- 20 - 15 - U L a 10- 5- 0- 0-4 5-9 Households 7 Families Owner HHs Median HH Income 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2020 Household Income 2020 Population by Race $35K-$49K 9.3% 90 $50K-$74K $25K-$34K 13.8% 5.9% 80 $15K-$24K 5.4% 70 $75K-$99K <$15K 60 12.2% $1o0K-$1 16.4 % u 50 L a 40 30 ooK+ 20 9.0% 10 $150K-$199K 11.2% 0 White Black Am. Ind. Asian Pacific Other Two+ 2020 Percent Hispanic Origin:8.5% Prepared by Esri ■ Area State ■ USA ■ 2020 ■ 2025 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. ©2021 Esri February 23, 2021 Page 2 of 2 Carroll & Carroll 26 6265 Market Area Economic Influences This area's income levels are higher than the County's average. The average household income in 2020 was $136,379 which is 20.4% more than the county average $108,633. In the subject market area, 46.6% of the households have annual incomes greater than $100,000, compared to the county figure of 35.1% and 19% have incomes greater than $200,000. The median home value is $596,517 which is substantially higher than the County's median home value of $369,596. The higher median home value can be attributable to the large number of waterfront properties in the market area. Total number of housing units in the market area is 20,088, of which, 40.9% are owner occupied and only 8.2% are renter occupied. There are no large apartment complexes in this market reflecting the limited number of renters and rental options. The Marco Island submarket is very seasonal indicated by the 50.9% vacancy rate, which includes seasonal rentals. Development trends: Residential Residential development density varies from 2 units per acre in the estates area, to as high as 26 units per acre in the luxury high rise beach front developments clustered along western edge of the island. The typical density is 4 to 8 units per gross acre. The majority of the residential development in this neighborhood is single family canal or waterfront with direct or indirect Gulf access. Multi -family development, not including the luxury, beach front high rises, is limited and scattered throughout the island. The resort/vacation atmosphere promoted by the abundance of waterfront development and island atmosphere attract a wealthier demographic with financial resources adequate to own more than one home, and to live comfortably enjoying seasonal residence. Such individuals expect commercial and professional services to be convenient and they are willing to pay for convenience and good quality. Commercial Commercial development in this neighborhood includes banks, office buildings, industrial, professional offices/medical, retail centers, restaurants, hotels and anchored shopping centers. Reflecting the overall characteristics of the surrounding residential the existing commercial development represents some of the newer, modern, and highest quality within the county. Marco Island is served by four commercial centers. Old Marco Village, located at the north end of Bald Eagle Drive, is the oldest commercial area on the island. This area has become tourist oriented with the majority of commercial establishments being retail shops and restaurants. Carroll & Carroll 27 6265 Report Market Area The second commercial center is located at the intersection of Bald Eagle Drive and North Collier Boulevard. This is the heart of commercial/industrial activity. The sewage treatment plant, electrical substation, solid waste incinerator, fire station and sheriff's department substation are all located here. Major shopping centers anchored by grocery stores and small businesses including hardware stores, mini -storage buildings, automotive repair shops and part stores are also located here. The third commercial center is located at the intersection of San Marco Road and Barfield Drive. This is an area of recent development and has been identified through Collier County's Growth Management Plan as a community commercial activity center. Commercial development includes shopping centers anchored by grocery stores, banks, service stations, hardware shops and other businesses serving the general population. This is the commercial area serving the immediate needs of the Estates Area on south Marco Island. The fourth commercial district is a corridor located along Collier Boulevard. This commercial strip primarily serves the tourist population visiting local hotels and beachfront condominiums. Commercial establishments include retail stores, restaurants, and real estate offices. The Esplanade Shoppes, Residences and Marina is the flagship mixed -use development within the subject neighborhood. Located at the northwest corner of Collier Boulevard and West Elkcam Circle; within the Town Center Commercial District; the Esplanade benefits from 1,100 feet of waterfront along the southern edge of Smokehouse Bay. This coastal Italian -style village consisting of upscale retailers, small specialty stores, fine dining and luxury waterfront residences is an attractive tourist destination. With nearly 50,000 square feet of retail and office space, 72 multi -family waterfront residences and a 77-boat-slip marina the Esplanade is the largest planned mixed -use development on Marco Island. Marco Island is currently developing a Midtown Plan which is an overlay district mainly covering the Bald Eagle Drive, North Collier Boulevard and Elkcam Circle commercial center. The objectives of the overlay are to 1. Ensure that midtown continues to serve as the center of culture, commerce and civic life for the residents and visitors of Marco Island 2. Encourage new investment in buildings and businesses within midtown to provide employment and an enhanced tax base 3. Build upon the natural assets of midtown as well as the tropical small town character qualities that have attracted people to live on and visit Marco Island 4. strengthen the variety and quality of available goods and services within midtown 5. Develop a clear and consistent message about the unique attributes of midtown 6. Recognize that the residents and merchants of midtown are both important as stewards of the livability and quality of life in the community. Carroll & Carroll 28 6265 Report Market Area MARKET AREA BUSINESS UMMA1 Total Businesses 1,192 Total Employees 10,462 Total Population 19,328 Employee/Pop. Ratio 54.1 Industry by NAICS codes Businesses Employees Health Care/Social Assitarkce 57 1,627 Accon-unodation/Food Service 102 2,493 Finance/Ittsttrance/Real Estate 1% 1,137 Retail Trade 143 1,124 Other Services 119 719 Constritctioit 113 659 Profes-3ional/5cieittific/Tech 91 337 Transportation 51 323 Public Administration 39 210 Arks/Entertainment/Recreation 46 223 Management/Administratirnt 53 166 Education 12 12 Information 24 146 Manufacturing 16 67 Wholesale Trade 14 72 Utility 2 10 Unclassified Establishments 141 8 U.S. Ce?mu Bweru. C'e?rsus 2 07 0 Sung vy File 7. Dzsfo?wxsls far2020 ivrd2025 The service and retail industries dominate the market area business sector with the financial/real estate industry a close third. Most service employees commute daily from the greater Naples area or points north. The large number of employees in the service sector is impacted by the beachfront hotels including; the JW Marriott Marco Island, Marriott's Crystal Shores, Hilton Marco Island, and the Marco Island Beach Resort. Carroll & Carroll 29 6265 Report Market Area MARKET AREA LIFE CYCLE Market areas often pass through a four -stage life cycle of growth, stability, decline, and revitalization. • 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. Marco Island has led the recovery and continues thrive with increasing population and activity in all sectors. The market area is considered to be in a period of growth. CONCLUSION This continues to be a strong market area because it occupies a strategic southwest coastal location consisting of several island communities each unique in character and appeal. Access to the water, particularly in the form of waterfront home sites, drives this market. No new waterfront home sites are being developed. As population increases, demand for waterfront living is expected to support a steady increase in property values. Carroll & Carroll 30 6265 Report Property Information PROPERTY INFORMATION Carroll & Carroll 31 6265 Report Property Information y? 540, a ``BSS wgcw A 4=95°B753' F `t(0 3y2 M 3 a N8B°0711'"E. ppff+ t )V,B8°D7%!G• 175' 17j' M d ! P Carroll & Carroll 32 6265 Report A_ � rewa ae xer 0.n.If.1f'(IM J SaMq x9 Fntrl; I1.0.W - > W E / , �6y��Q���uf�at/ F- J � Fpnd wt Nu1 tr a.v axons \ l.`-BSI IM�b) [2�IC N • I£MGM Pena sx I na s ti v o��920 'Po / orw nisei ¢ k YM1S � AMYINLGXCAL wT i >S J ¢.non•. s.aw' I Cac Prramm�l--- / � I '� v•c•xr 0�0 5/Y av� aO 5. e.1 / Lot 2 PYW2J PnA Twq aAr am +PrbPs�a \ �/ SST}.TY' w AREA..0 SQIAE wuJ aI RET fEEf Nw tr MITT I �aa"r,`a'nK HIGHLAND �\ W A T E R W A Y ELLYA:TIcImS RE BASED ON L GEODC 611DAL DATUM OF 1929.UNLESS OWISE INCrGTm. I *� PROPEIIM LIES IN FL000 20NE AE 11,3'(HM 29) AE 10.0' MUM/PANEL J1204 26 0M7 H, DATED 5-16-2012 fLOOO ZONE LINE IS APPROXIMATE GRAPHIC SCALE 0 20 10 60 Information le al D_.._�... escript on As Fro~ by dA f kDT T. 910 4" MARCO HEACN WWT RARTEEN AS RECZIR,,W !N PLAT WOK 6 A7 PACES 9a n0OUGH SB OF ?W PUT RECORDS Of COLUER L M,, FLORIDA. 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LW iryoi a wi`u �co.r° Gi®srue as �r r'V°`mM v awt °'s.fr "a a'rK-06A'\�ii'tiaaue�sA.ia r`a r,v �'ae xe >K ¢.oin wweea u.. a wm¢n an oo£,oa m nrwEr ¢An w xma,s m xnen wye .'�..rr w s.Aars, ox vyrnx u wuxerm wnl¢rr ymm mmrt v wu anon a uvuxn ar rMnl r'�iura°xox°o.•w'a o�omr°9Fsmaewx. u¢m sssml- ml a air Tsx rx: � u � .aalc n a xor a R mEL twyr¢ a n®ral nary ..n TR NOT RENEWED MAP OF BOUNDARY AND TOPOGRAPHIC SURVEY Carroll & Carroll 33 6265 Report Property Information SITE DESCRIPTION Legal Description Lot 1, Block 403, Marco Beach Unit Thirteen, according to the map or plat thereof as recorded in Plat Book 6, Pages 92 through 99, inclusive, of the Public Records of Collier County, Florida. Property ID# 58105400007 Owner of Record Agua Colina, LLC Size I was provided with a boundary survey of the subject parcel conducted by A. Trigo & Associates, Inc. and dated December 28, 2012. 0.64 gross acres or 27,780 square feet Easements There is a 6' wide drainage and utility easement extending along the southwest and southeast sides of the lot. These type easements are typical of the area and do not negatively impact the lot. Shape Irregular Frontage The subject fronts for approximately 140 feet along Indian Hill Street and for 150 feet along Caxambas Drive. The subject also has approximately 58 feet of waterfronta e. Access The subject is provided both physical and legal access from Indian Hill Street and Caxambas Drive. Topography Based on my physical inspection, the property is sloping from north to south from road grade down to the water. Ground Cover The property is in its native state and has never been cleared. I was provided with a Conservation Collier Initial Screening Report conducted on four parcels located on Marco Island and dated November 8, 2021. The FLUCCS map indicates a costal scrub plant community. The property supports a variety of native plants typical in the area. My observations included gumbo -limbo, coco plum, seagrapes, sand live oaks, cabbage palms, and various exotic vegetation. Utilities The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. Adequate capacity exists to support full utilization of the site. The subject has the ability to connect to the sewer system. The current annual payment for the sewer assessment is Carroll & Carroll 34 6265 Report Property Information $1,770.96 with a remaining balance of $12,512.91. Surrounding Land Uses The subject is surrounded by both vacant residential lots and improved single-family residential. Site Improvements None Carroll 8v Carroll 35 6265 Report Property Information SUBJECT PHOTOGRAPHS View to northwest along Caxambas Drive. (Photo Taken February 8, 2023) View to the southeast along Caxambas Drive. (Photo Taken February 8, 2023) Carroll 8v Carroll 36 6265 Report Property Information View to the southwest from Indian Hill Street. (Photo Taken February 8, 2023) View to the northeast along Indian Hill Street. (Photo Taken February 8, 2023) Carroll & Carroll 37 6265 Report Property Information View to the south from the northern corner of the site. (Photo Taken February 8, 2023) View to the northwest along the eastern boundary. (Photo Taken February 8, 2023) Carroll 8v Carroll 38 6265 Report Property Information View to the southeast from Indian Hill Street. (Photo Taken February 8, 2023) View to the northeast of the waterfrontage. (Photo Taken February 8, 2023) Carroll & Carroll 39 6265 Report Property Information View to the south down the canal. (Photo Taken February 8, 2023) Carroll & Carroll 40 6265 Report Propertv Information ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment No Available Impact on Value None Disclaimer Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. Carroll & Carroll 41 6265 Report Propertv Information NATURAL RESOURCE CONCERNS Condition of Subject The property is in its native state and has never been cleared. I was provided with a Conservation Collier Initial Screening Report conducted on four parcels located on Marco Island and dated November 8, 2021. The FLUCCS map indicates a costal scrub plant community. The property supports a variety of native plants typical in the area. My observations included gumbo -limbo, coco plum, seagrapes, sand live oaks, cabbage palms, and various exotic vegetation. The property has a significant amount of active gopher tortoise burrows with much of the site supporting a habitat suitable for gopher tortoises. There was a total of 41 potentially active burrows observed. In Florida, gopher tortoises are listed as threatened and both the tortoise and burrow are protected under state law. The gopher tortoises must be relocated with permits obtained from the FWC for relocating before any land clearing or development takes place. Although none were observed in the Initial Screening Report, there is also the potential for burrowing owls to exist on the site. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. I was also provided with a Phase 2 Cultural Resources Assessment Survey. The survey was conducted by Advanced Archaeology, Inc. and Carroll & Carroll 42 6265 Report Property Information dated July 2017. The study was conducted to survey, document, and assess any archeological resources within an 80 foot by 80 foot building footprint located in the middle of the site, with the primary goal to determine if any intact human burials occur within this area. The assessment resulted in documenting prehistoric and historic cultural resources across the entire project area, including prehistoric human remains that consisted of a redeposited or disturbed fragmentary bone scatter and intact human burials. Intact human burials were only found to occur on the fringe of the building footprint's southwest section. The conclusions of the survey indicate that any intact human remains are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. At the time of the survey, the current owner agreed to have an archaeologist present on site to monitor any ground -disturbing activities as a result of construction. Natural Resource Audits Available No Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser's required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise re uired to discover them. Carroll & Carroll 43 6265 Report Propertv Information FUTURE LAND USE Ordinance or Plan City of Marco Island Comprehensive Plan Future Land Use Designation Low Density Residential Purpose of Designation The Low Density Residential future land use category consists of predominantly single-family residential areas that are located interior to the island, and in other areas where it is appropriate to protect existing neighborhoods. This category provides low density housing proximate to the City's commercial nodes and public facilities. Non- residential uses land uses, including mixed -use developments, are not permitted. This category has a standard density range from one dwelling unit per acre (1 du/acre) to four dwelling units per acre (4 du/acre). Bonus densities are not allowed. Carroll & Carroll 44 6265 Report Propertv Information N A City of Marco Island CITY OF MARCO ISLAND 2040 FUTURE M-1 Map Created:612021 2040 COMPREHENSIVE PLAN LAND USE MAP Source: City of Marco Island tsm a,000 qsm 4� Carroll 8v Carroll 45 6265 Report Propertv Information ZONING Ordinance or Land Development City of Marco Island Code Zoning RSF-3 — Residential Single -Family District Purpose or Intent of Zoning It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. The RSF districts are intended to be single-family residential areas of low density. Below are the development requirements as set forth in the Estate Zoning District: Minimum Lot Area: 10,000 square feet Minimum Lot Width: 80 feet Maximum Building Height: 35 feet Minimum Floor Area: 1,500 sq. ft. The subject property is a legal conforming lot. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in my workfile. Carroll & Carroll 46 6265 Report Property Information S5� 880 899 ♦♦ `rA 1911 909� 10C3 19-C + �p ♦ l® ' a RSF-3 Q ♦f 1938 979 1901 y90 870 1930 910 h 9fi1 �� 1130 880 889 C Q1 920 RS F-73 ra v 090 1120 1929 930 931 1125 900 1919 940 s91 RAF-3 910 911 1115 950 1001 1100 921 1105 920 960 1090 loll 1095 930 931 979 -- 1021 0 1065 1000 941 Carroll & Carroll 47 6265 Report Propertv Information ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID 58105400007 Assessment and Tax Year 2022 Land Assessment $1,773,645 Improvement Assessment $0 Total Assessment $1,773,645 10% CAP ($1,026,160) AG Exemption ($0) Taxable Value $747,485 Ad Valorem Taxes $12,155.13 Non- Ad Valorem Taxes $1,770.96 Total Taxes $13,926.09 Taxing Authority/Jurisdiction Collier County As of the appraisal effective date the 2022 taxes have been paid. The non -ad valorem taxes are for the annual payment for the sewer assessment. The subject's remaining balance is $12,512.91. Carroll & Carroll 48 6265 Report Propertv Information FLOOD ZONE DATA Flood Zone X and AE-10 Flood Zone Comments Zone X — Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone AE — Areas of inundation by the 1% annual -chance flood, including areas with the 2% wave run-up, elevation less than 3 feet above the ground, and areas with wave heights less than 3 feet. Required elevation 10 feet. Community Panel Number 12021C0837H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps Carroll & Carroll 49 6265 Report Propertv Information TRANSACTIONAL HISTORY Sales History There have been no transactions or transfers of ownership in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract The subject was previously listed for $1,800,000 and had been on the market 361 days before the listing expired. I interviewed the listing agent Jim Prange, who said he had some interest, but no offers. He felt like the amount of vegetation on the lot restricted the view and its potential to prospective buyers. He also said that the prehistoric remains were also concerning for the interested parties. The lot had also been previously listed for $1,800,000 from May 2018 to May 2019. Carroll & Carroll 50 6265 Report Highest and Best Use HIGHEST AND BEST USE DEFINITION The Dictionary of Real Estate Appraisal, Th Edition, published 2022 by the Appraisal Institute, defines Highest and Best Use 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. METHOD There are four criteria that must be met in order for a use to be the highest and best use for a given property. The highest and best use must be: • Legally permissible. • Physically Possible. • Financially feasible. • Maximally productive. Ordinarily these criteria are considered sequentially, each step narrowing the range of alternative uses being considered. ANALYSIS SITE AS THOUGH VACANT Legally Permissible: The zoning ordinance and Growth Management Plan are consistent in identifying the property for a residential use. The site meets the minimum requirements for development. Physically Possible: The site is level and at road grade and could be developed as a single-family home site. The location, surrounding land uses, and the size of the property suggest some type of single-family use. The property has a significant amount of active gopher tortoise burrows with much of the site supporting a habitat suitable for gopher tortoises. There was a total of 41 potentially active burrows observed. In order to develop the site, the gopher tortoises must be relocated with permits obtained from the FWC for the relocating. The property also has the presence of prehistoric remains that will require monitoring during any land clearing and development. Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Single-family residential development is financially feasible. Carroll 8v Carroll 51 6265 Report Highest and Best Use Maximally Productive: The maximally productive use is that the gopher tortoises be relocated and the site developed with a single-family residence not impacting the prehistoric remains. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. Carroll 8v Carroll 52 6265 Report Sales Comparison Approach SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales comparable to the subject. The intention was to find comparable sales in similar locations that offer similar functional utility. Five closed sales and one current listing were identified as the best available for analysis. The sales were analyzed on the basis of the total dollar amount, dollars per gross acre of land area, and dollars per square foot of gross land area. These units of value are commonly employed by the local real estate market and it lends itself well to the analysis. The total dollar amount was concluded to be the best unit of comparison. Comparable land sales data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Carroll & Carroll 53 x f es �1 t .w kv lip �'Compi motif �. Comp 4' - t Y� kit AF d J � a AD a . r 4 FIN - ' � r Subject Ito ,w6'rr CX .. 1� OJ i r 4 . a Camp 3 yC rl 6265 Report Sales Comparison Approach VACANT LAND COMPARABLE 1 ADDRESS 1645 Ludlow Road, Marco Island, FL 34145 PROPERTY ID NO. 58115280000 SALE PRICE $2,400,000 UNIT AREA 0.57 acres UNIT PRICE $4,191,652 per acre DATE OF RECORDING February 06, 2023 O.R. BOOK -PAGE 6213/2338 CONTRACT DATE January 20, 2023 GRANTOR O.H. and Ingrid Malmhagen GRANTEE Marco and Judith Santamaria FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None. A new seawall was recently completed. UTILITIES All available PRIOR SALES Sold April 1, 2021 for $1,240,000. LEGAL DESCRIPTION Lot 6, Block 417, Marco Beach Unit 13, according to the plat thereof recorded in Plat Book 6, Pages 92 to 99, Public Records of Collier County, FL. VERIFICATION Verified through Public Records and SWFL MLS. The lot was listed for $2,570,000 and was on the market 153 days. Carroll & Carroll 55 6265 Report Sales Comparison Approach VACANT LAND COMPARABLE 2 ADDRESS 931 E. Inlet Drive, Marco Island, FL 34145 PROPERTY ID NO. 58108720001 SALE PRICE $2,000,000 UNIT AREA 0.63 acres UNIT PRICE $3,195,774 per acre DATE OF RECORDING January 10, 2023 O.R. BOOK -PAGE 6208/3886 CONTRACT DATE December 31, 2022 GRANTOR Alan and Malinda Bloomingdale GRANTEE Gary Hoagland, Trustee FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS The lot is improved with a concrete seawall that was built in 2017. UTILITIES All available PRIOR SALES Sold February 5, 2021 for $999,000. LEGAL DESCRIPTION Lot 26, Block 405, Marco Beach Unit Thirteen, according to the plat thereof as recorded in Plat Book 6, Page 92, of the Public Records of Collier County, Florida. VERIFICATION Verified with Doug Davis, listing agent. He verified the sale price and the arms -length nature. The lot was listed for $2,499,000 and was on the market 296 days. The lot has over 200 feet of waterfrontage. Carroll & Carroll 56 6265 Report Sales Comparison Approach VACANT LAND COMPARABLE 3 ADDRESS 1031 E. Inlet Drive, Marco Island, FL 34145 PROPERTY ID NO. 58108360005 SALE PRICE $2,240,000 UNIT AREA 0.50 acres UNIT PRICE $4,460,544 per acre DATE OF RECORDING August 26, 2022 O.R. BOOK -PAGE 6168/13 CONTRACT DATE August 10, 2022 GRANTOR Blue Parrot Properties, LLC GRANTEE Optimal Partners FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None UTILITIES All available PRIOR SALES Sold August 16, 2021 for $1,500,000. LEGAL DESCRIPTION Lot 17, Block 405, Marco Beach Unit Thirteen, according to the map or plat thereof as recorded in Plat Book 6, Pages 92 through 99, inclusive, of the Public Records of Collier County, Florida. VERIFICATION Verified through Public Records and the prior listing. The property was listed for $2,475,000 and was on the market 47 days. The lot had a new seawall installed in May 2021. Carroll & Carroll 57 6265 Report Sales Comparison Approach VACANT LAND COMPARABLE 4 ADDRESS 1391 Cutler Court, Marco Island, FL 34145 PROPERTY ID NO. 57809400003 SALE PRICE $2,250,000 UNIT AREA 0.51 acres UNIT PRICE $4,389,556 per acre DATE OF RECORDING January 26, 2023 O.R. BOOK -PAGE 6212/2787 CONTRACT DATE January 16, 2023 GRANTOR Brian and Sharon Sallade GRANTEE Tyler J. Reno FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family The lot is improved with a concrete seawall that was built in 2022. The lot was previously IMPROVEMENTS improved with a single-family residence that has been razed. UTILITIES All available PRIOR SALES Sold November 4, 2021 for $1,525,000. LEGAL DESCRIPTION Lot 10, Block 322, Marco Beach Unit Nine, according to the plat thereof as recorded in Plat Book 6, Page 69 through 73, of the Public Records of Collier County, Florida. VERIFICATION Verified through Public Records and SWFL MLS. The lot was listed for $2,650,000 and was on the market 278 days. The lot has 160 feet of waterfrontage. Carroll & Carroll 58 6265 Report Sales Comparison Approach VACANT LAND COMPARABLE 5 ADDRESS 1115 Caxambas Drive, Marco Island, FL 34145 PROPERTY ID NO. 58105480001 SALE PRICE $1,950,000 UNIT AREA 0.50 acres UNIT PRICE $3,883,063 per acre DATE OF RECORDING June 08, 2022 O.R. BOOK -PAGE 6141/3029 CONTRACT DATE Less than 30 days prior GRANTOR 1115 Caxambas Drive Land Trust GRANTEE BTL Holdings, LLC FINANCING Conventional Financing TOPO-ELEVATION Level and at road grade GROUND COVER Cleared/Native Vegetation LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS None UTILITIES All available. Sewer assessment paid. PRIOR SALES Sold April 22, 2022 for $1,240,000. LEGAL DESCRIPTION Lot 3, Block 403, Marco Beach Unit Thirteen, according to the map or plat thereof as recorded in Plat Book 6, Pages 92 through 99, inclusive, of the Public Records of Collier County, Florida. VERIFICATION Verified with Tony Oliverio, listing agent. He verified the sale price and the arm's-length nature. He said the property was partially cleared, had some human remains on the site, and approximately $300,000 of gopher tortoise removal. The lot has 125 feet of water frontage. The property is now listed for $2,500,000. Carroll & Carroll 59 6265 Report Sales Comparison Approach 4.\ ` - a. VACANT LAND COMPARABLE 6 (LISTING) ADDRESS 530 Conover Court, Marco Island, FL 34145 PROPERTY ID NO. 57804880000 SALE PRICE $2,500,000 UNIT AREA 0.51 acres UNIT PRICE $4,901,873 per acre DATE OF RECORDING N/A O.R. BOOK -PAGE N/A CONTRACT DATE February 21, 2023 GRANTOR John Diblanda Revocable Trust and Cecilia Deiblanda Revocable Trust GRANTEE N/A FINANCING N/A TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Low Density Residential ZONING RSF-3 - Residential Single Family IMPROVEMENTS The lot is improved with a concrete seawall that was built in 2022. UTILITIES All available PRIOR SALES Sold March 3, 2021 for $950,000. LEGAL DESCRIPTION Lot 1, Block 310, Marco Beach Unit Nine, according to the plat thereof as recorded in Plat Book 6, Page 69 through 73, of the Public Records of Collier County, Florida. VERIFICATION The lot was listed for $2,500,000 and was on the market 116 days before it went pending. The lot has 160 feet of waterfrontage. Carroll & Carroll 60 6265 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP »4 COMP #5 COMP #6 LISTING PROPERTY IDENTIFICATION 1929 Indian 1645 Ludlow 931 E. Inlet 1031 E. Inlet 1391 Cutler 1115 Caxambas 530 Conover Hill Street Rd. Dr. Dr. Ct. Dr. Ct. SALE PRICE N/A $2,400,000 $2,000,000 $2,240,000 $2,250,000 $1,950,000 $2,500,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Market Listing 0 0 0 0 0 -125,000 BUILDING IMPROVEMENTS Buildings No No No No No No No Seawall No Yes Yes Yes Yes Yes Yes Dock No No No No Yes No No 0 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Conventional N/A Equivalent 0 0 0 0 0 0 ADJUSTED SALE PRICE N/A $2,400,000 $2,000,000 $2,240,000 $2,250,000 $1,950,000 $2,375,000 Recording Date N/A 02/06/23 01/10/23 08/26/22 01/26/23 06/08/22 02/08/23 Months Prior To Effective Date 02/08/23 0.07 0.95 5.46 0.43 8.05 0.00 MARKET CHANGE ADJUSTMENT N/A 0.1 % 1.0% 5.5 % 0.4 % 8.1% 0.0 % ADJUSTED SALE PRICE N/A $2,401,578 $2,019,066 2,362,235 $2,259,615 $2,107,051 $2,375,000 Parcel Area in Gross Acres 0.64 0.57 0.63 0.50 0.51 0.50 0.51 Parcel Area in Gross Sq. Ft. 27,780 24,941 27,261 21,875 22,328 21,875 22,216 TOTAL DOLLAR AMOUNT ? 2,401,578 $2,019,066 $2,362,235 2,259,615 2,107,051 2,375,000 PRICE PER ACRE 7 4,213,295 3,204,867 4,724,471 4 430,618 4,214,103 4,656,863 PRICE PER SQ. FT. ? $96.29 $74.06 $107.99 $101.20 $96.32 $106.90 LOCATION ADDRESS Indian Hill St. Ludlow Rd. E. Inlet Dr. E. Inlet Dr. Cutler Ct. Caxambas Dr. Conover Ct. CORNER LOT Yes No Yes No Yes No Yes WATERFRONT Yes Yes Yes Yes Yes Yes Yes OVERALL LOCATION Average Superior Similar Superior Similar Superior Similar -15% 0% -15% 0% -15% 0% UTILITIES All Available Similar Similar Similar Similar Similar Similar SEWER ASSESSEMENT PAID No Yes Yes Yes Yes Yes Yes -1% -1% -1% -1% -1% -1% COMP. PLAN Low Den. Res. Low Den. Res. Low Den. Res. Low Den. Res. Low Den. Res. Low Den. Res. Low Den. Res. ZONING RSF-3 RSF-3 RSF-3 RSF-3 RSF-3 RSF-3 RSF-3 0% 0% 0% 0% 0% 0% SIZE IN ACRES 0.64 0.57 0.63 0.50 0.51 0.50 0.51 SHAPEICONFIGURATION Irregular Superior Superior Superior Superior Superior Superior FRONT FEET 58 125 200 125 160 125 160 -10 % -10 % -10 % -10 % -10 % -10 % PHYSICAL CHARACTERISTICS Native Veg. Cleared Cleared Cleared Cleared Cleared/Native Cleared GOPHER TORTOISES PRESENT Yes No No No No Yes No NUMBER OF BURROWS 41 40+ PREHISTORIC REMAINS Yes No No No No Minimal No -30 % -30 % -30 % -30 % -15% -30 % GROSS ADJUSTMENT N/A i 56 % 41 % 56 % 41 % 41 % 41 % INDICATION OF VALUE ? 1,068,197 1,198,927 1,050,493 1,343,256 1,251,718 1,412,487 Carroll 8s Carroll 61 6265 Report Sales Comparison Approach DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a "market" transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • Comparable 6 is a current listing that went pending after the effective date of the appraisal. Given the historical list to sale price ratios (94.92% for 2022), I adjusted Comparable 6 downward 5%. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. Carroll & Carroll 62 6265 Report Sales Comparison Approach • The subject is a vacant site with no improvements, including no seawall. All six Comparables were improved with a seawall. Instead of making an adjustment, the adjustment for a seawall will be accounted for at the end of the sales comparison approach. FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. Land values in the estates area of Marco Island have been appreciating due to the demand for residential lots. The buyers include a mix of individuals who plan to build a home, investors, and speculative home builders. Sales are presented below that have sold and resold throughout Marco Island with the majority being waterfront lots. The land market saw the greatest increases from 2021 to 2022. The resales from 2022 to 2023 indicate change rates slightly less than 1.00% per month. Interviews with realtors indicate that there is increasing demand for lots in the Estate sub -market due to the higher elevations. Address Prior Sale Recent Sale Months Prior Sale Price Recent Sale Price Appreciation Monthly Change 820 Caxambas Dr. 02/11/21 01/18/22 11.21 $350,000 $515,000 47.14% 4.21% 1775 Watson Rd. 12/14/21 02/16/23 14.10 $250,000 $340,000 36.00% 2.55% 931 E. Inlet Dr. 02/05/21 01/09/23 23.11 $999,000 $2,000,000 100.20% 4.34% 1031 E. Inlet Dr. 08/16/21 08/26/22 12.33 $1,500,000 $2,240,000 49.33% 4.00% 1645 Ludlow Rd. 04/01/21 02/06/23 22.22 $1,240,000 $2,400,000 93.55% 4.21% 1391 Cutler Ct. 11/04/21 01/26/23 14.73 $1,525,000 $2,250,000 47.54% 3.23% 1309 Auburndale Ave. 01/31/22 09/19/22 7.59 $349,000 $371,100 6.33% 0.83% 154 Kirkwood St. 02/18/22 09/01/22 6.41 $295,000 $335,000 13.56% 2.12% 756 Orchid Ct. 11/04/21 01/03/23 13.97 $1,050,000 $1,410,000 34.29% 2.45% 1858 Apataki Ct. 10/06/21 01/20/23 15.48 $1,325,000 $1,250,000 -5.66% -0.37% 1260 Apricot Ave. 05/07/21 07/22/22 14.50 $217,500 $360,000 65.52% 4.52% 498 Spinnaker Dr. 03/04/22 02/24/23 11.74 $1,225,000 $1,350,000 10.20% 0.87% AVG 2.92% The sales utilized in the report range from less than a month to 8 months old. Based on the wide range of market change rates and age of the Comparable sales, I applied a market change rate of 1.00% per month or 12.00% annually. Carroll & Carroll 63 6265 Report Sales Comparison Approach LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • The subject is a corner lot, similar to Comparables 2, 4, and 6. Based on a paired sales analysis, corner waterfront lots tend to sell at a discount as indicated by the difference between Comparables 2 and 3. Comparables 1, 3, and 5 were adjusted downward 15% each for their non -corner locations. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. The sewer assessments for Comparables 1, 2, 3, 4, 5, and 6 have been paid. The subject is on an annual payment plan. The current annual payment for the sewer assessment is $1,770.96 with a remaining balance of $12,512.91. Comparables 1, 2, 3, 4, 5, and 6 were adjusted downward $12,512.91since their assessments have been paid. The percentage adjustment is calculated by dividing $12,512.91 by the adjusted sale price. COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparable sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • Comparables 1, 2, 3, 4, 5, and 6 all have superior shapes and waterfrontage and were adjusted downward 10% each. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, Carroll & Carroll 64 6265 Report Sales Comparison Approach drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • The Conservation Collier Initial Screening Report indicates that the property has approximately 41 gopher tortoise burrows which would typically equate to the potential for 20 gopher tortoises. Based on information presented by Nancy Richie, owner of Island Environmental & Marine Services, LLC, the time and cost associated with relocating gopher tortoises has increased considerably. Currently, the recipient sites in the area are charging $6,000/tortoise, plus the FWC Permit/Mitigation fee, and an Agent fee. The time required to obtain all permits is approximately 8-12 weeks. The total costs associated with relocating each tortoise is approximately $7,000-$8,000. The subject and Comparable 5 have a significant number of burrows and therefore no adjustment was required. Comparables 1, 2, 3, 4, and 6 had no tortoises and were adjusted downward 10% for their superior physical characteristic. • The subject also has prehistoric remains on site. I was provided with a Phase 2 Cultural Resources Assessment Survey. The conclusions of the survey indicate that any intact human remains are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. At the time of the survey, the current owner agreed to have an archaeologist present on site to monitor any ground - disturbing activities as a result of construction. The prehistoric remains impact the development potential and increase the development costs. I searched for recent sales of similar situations in the Marco Island area, but I was unable to find any recent sales to measure the impact of the prehistoric remains. According to the listing agent of Comparable 5, there were prehistoric remains found on the site, but outside the proposed building footprint. I also interviewed Jim Prange, listing agent of the subject property, and he said that he was aware of another lot on Key Marco that had prehistoric remains. He said it went pending multiple times, but due to the remains, the buyers would back out. It should also be noted that the subject property sold in 2007 for $1,000,000. Comparing the subject sale price to other waterfront sales at the time indicates a discount in the 25- 45% range, which accounts for all the inferior characteristics of the subject property. The prehistoric remains negatively impact the subject property based on the information presented above and the lack of interest and offers from the lowest priced Carroll & Carroll 65 6265 Sales Comparison Approach waterfront lot in the estates. Comparables 1, 2, 3, 4, and 6 were adjusted downward 20% for the presence of prehistoric remains. Because Comparable 5 had some remains, it was adjusted downward 15%. Carroll & Carroll 66 6265 Report Sales Comparison Approach RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Adjusted Sale Price (Indicated for Subject) 1 $1,068,197 2 $1,198,927 3 $1,050,493 4 $1,343,256 5 $1,251,718 6 $1,412,487 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject site, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 1, 2, 3, 4, and 5 are all good indicators of value. No one sale is better than the other and they were all given equal weight. Comparable 6 is a current listing. I typically don't weight listings, but they tend to set an upper limit of value. The subject should be less than $1,412,487. The range of unit value indications is from $1,050,493 to $1,412,487. The arithmetic mean of the closed sales is $1,182,518 and the median is $1,198,927. Based on the range of values, I concluded to a preliminary indication of value of $1,180,000. This is the value if the subject were improved with a concrete seawall. All of the sales included a concrete seawall, with most having new seawalls installed within the past couple of years. The subject has approximately 58 feet of waterfrontage. I interviewed an engineer/marine contractor who said that the costs for concrete seawalls are in the $1,000 to $1,250 per linear foot range plus an additional 10% for permitting, engineering, etc. Therefore, the cost for the subject's seawall could range from $63,800 to $79,750. Given the shortage of materials and demand for marine construction work, the cost is likely to be at the upper end of the range. Deducting the costs of a concrete seawall, indicates a final indication of value of $1,100,250 ($1,180,000 - $79,750) which rounds to $1,100,000. Carroll & Carroll 67 6265 Report Sales Comparison Approach ESTIMATE OF VALUE The final indication of value of the subject property as of February 8, 2023 was $1,100,000. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Carroll & Carroll 68 6265 Report Addenda ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Qualificationsof Appraiser................................................................................................. 2 Carroll 8v Carroll 6265 Report Addenda ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS A Phase 2 Cultural Resources Assessment Survey was conducted and documented prehistoric and historic cultural resources across the entire project area, including prehistoric human remains that consisted of a redeposited or disturbed fragmentary bone scatter and intact human burials. Intact human burials were only found to occur on the fringe of the proposed building footprint's southwest section located in the central portion of the site. I asked for, but was not provided with the associated costs to mitigate the human remains. If costs are obtained, I reserve the right to reconsider my value conclusion. I was provided with a Conservation Collier Initial Screening Report conducted on the subject property dated November 8, 2021. The report indicated a total of 41 potentially active burrows observed and a total of 20 estimated gopher tortoises on site. Due to the age of the report, it is unknown how many gopher tortoises were on site as of the effective date of the report. For purposes of this appraisal, I have assumed there are 20 estimated tortoises. I reserve the right to revise the appraisal and the estimate of market value if an updated report is conducted. None HYPOTHETICAL CONDITIONS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. Carroll 8v Carroll 6265 Addenda 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "vested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection we were sensitive to obvious signs of contamination and we reported anything unusual. However, we are not qualified to render professional opinions regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. 14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are not required to give further consultation, testimony, or to be in attendance in court. Carroll & Carroll 6265 Report Addenda /40 Carroll & Carroll Real Estate Appraisers & Consultants Timothy W. Sunyog, MAI CERT GEN RZ3288 PROFESSIONAL RECOGNITION State -Certified General Real Estate Appraiser RZ3288 Earned 12-15-08 MAI Designation Appraisal Institute Earned 06-24-15 PROFESSIONAL EXPERIENCE Carroll & Carroll Appraisers & Consultants, LLC, Naples, FL— Principal/Full Time Commercial Real Estate Appraiser, January 2018 - Present Carroll & Carroll, Inc., Naples, FL, Full Time Commercial Real Estate Appraiser, August 2005 -August 2006 & July 2007 — December 2017 Realvest Appraisal Services, Inc., Maitland, FL, Associate Appraiser, September 2006 -June 2007 Florida Real Estate Sales Associate - February 2014 — Present Qualified Expert Witness, Circuit Court EDUCATION Rollins College, Bachelor of Arts — Economics - May 2004 Argus Valuation — DCF Training, February 2012 Continuing Education — Tim Sunyog has met the continuing education requirements of the State of Florida and the Appraisal Institute a 00 d *51Is] 1/e1w3*9141/e11I [III• V Appraisal Institute — Florida Gulf Coast Chapter (President) Appraisal Institute — Leadership Development & Advisory Council (LDAC) Naples Area Board of Realtors CIVIC INVOLVEMENT Education Foundation — Connect Now Initiative Relay for Life Naples Junior Chamber PRACTICE INCLUDES ASSIGNMENTS INVOLVING Vacant Land Multifamily Properties Office Buildings Subdivisions Ad Valorem Tax Analysis Condemnation Agricultural Properties Commercial Condos Retail Centers Buy/Sell Decisions Litigation FEMA 50% Rule Appraisals Churches Industrial Buildings Restaurants Self -Storage Facilities Estate Settlement Carroll & Carroll 6265 Report Addenda Ron DeSantis, Governor STATE OF FLORIDA Melanie S. Griffin, Secretary d bFl a pr DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES SUNYOG, TIMOTHY WILLIAM 2805 HORSESHOE DRIVE SOUTH SUITE 100 y NAPLES FL 34104 k LICENSE NUMBER: RZ3288 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Carroll 8v Carroll RKL APPRAISAL AND CON SUITING REAL ESTATE APPRAISAL REPORT AGUA COLINA PARCEL Residential Land 1929 Indian Hill Street Marco Island, Collier County, Florida, 34145 PREPARED FOR: Mr. Roosevelt Leonard Supervisor — Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 P.O. Number 4500223051 ACHI L M. ZUCCHI, MAI, CCIM C. LOWRY, MAI, CPA 0UIS C. BOSBITT, MAI EFFECTIVE DATE OF THE APPRAISAL: February 19, 2023 DATE OF THE REPORT: March 2, 2023 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2023-061 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Agua Colina Parcel 1929 Indian Hill Street Marco Island, Florida *RKL AI SAL AND CON Sit LTIN G March 2, 2023 Mr. Roosevelt Leonard Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Agua Colina Parcel 1929 Indian Hill Street, Marco Island, Collier County, Florida, 34145 P.O. Number 4500223051 RKL File Number: 2023-061 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The intended users for the assignment are Conservation Collier and the Collier County Board of Commissioners, and the intended use of the appraisal is to assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject is a vacant residential parcel of land containing an area of 0.64 acres, or 27,780 square feet located within the RSF-3, Residential Single -Family District. It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com Mr. Roosevelt Leonard Collier County March 2, 2023 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): Appraisal Premise Market Value, As Is VALUE CONCLUSIONS Interest Appraised Fee Simple Date of Value February 19, 2023 Value Conclusion $1,140,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: I None. Extraordinary Assumptions: According to a Phase 2 Cultural Resources Assessment Survey (CRAS) prepared by Advanced Archaeology, Inc. dated July 2017, prehistoric human remains were documented. Intact human remains (burials) are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. Furthermore, an archaeologist must be present on site to monitor any ground - disturbing activities as a result of construction. Any original sediment that may be excavated from the site will be sifted for cultural material, and any recovered human remains will be analyzed and reinterred in an area of the site that will not be impacted by development. The costs associated with these mitigation efforts are not known and are estimated for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of estimated mitigation costs. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC (,;.a v1 ' 1 - �0� Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com AGUA COLINA PARCEL TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... 1 Conservation Features Summary Overview....................................................................... 2 Introduction Information..................................................................................................... 4 SubjectIdentification...................................................................................................... 4 Current Ownership and Property History....................................................................... 4 AppraisalScope.............................................................................................................. 4 Client, Intended User, and Intended Use........................................................................ 5 Definition of Market Value............................................................................................. 5 Definition of Property Rights Appraised........................................................................ 5 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 6 Scopeof Work................................................................................................................ 6 EconomicAnalysis............................................................................................................. 8 NationalEconomic Analysis........................................................................................... 8 Florida Economic Analysis........................................................................................... 10 Collier County Area Analysis....................................................................................... 12 MarketArea Analysis................................................................................................... 29 Property Description and Analysis................................................................................... 34 SiteAnalysis................................................................................................................. 34 Real Estate Taxes and Assessments.............................................................................. 50 Highestand Best Use.................................................................................................... 51 ValuationMethodology.................................................................................................... 54 AnalysesApplied.......................................................................................................... 55 Sales Comparison Approach......................................................................................... 56 Reconciliation............................................................................................................... 65 Final Value Conclusion................................................................................................. 65 Certification...................................................................................................................... 67 Assumptions and Limiting Conditions............................................................................. 69 Addenda Appraiser Qualifications Property Information ..... Comparable Data ........... Addendum A Addendum B Addendum C AGUA COLINA PARCEL SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Agua Colina Parcel 1929 Indian Hill Street, Marco Island, Collier County, Florida, 34145 Owner: Agua Colina, LLC Legal Description: Lot 1, Block 403 of Marco Beach Unit Thirteen, according to the Plat thereof as recorded in Plat Book 6, Page(s) 92 through 99, inclusive, of the Public Records of Collier County, Florida. Tax Identification: 58105400007 Intended Use: The intended use is to assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. Intended User(s): Conservation Collier and the Collier County Board of Commissioners PROPERTY Land Area: Total: 0.64 acres; 27,780 square feet Flood Zone: Zone Mostly X with a portion AE Zoning: RSF-3, Residential Single -Family District Highest and Best Use As Vacant Residential development Exposure Time 12 months Marketing Period 12 months VALUE INDICATIONS Value Range of Comparables: $40.57 to $60.75 per square foot Reconciled Value(s): As Is Value Conclusion(s) $1,140,000 Effective Date(s) February 19, 2023 Property Rights Fee Simple The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: According to a Phase 2 Cultural Resources Assessment Survey (CRAS) prepared by Advanced Archaeology, Inc. dated July 2017, prehistoric human remains were documented. Intact human remains (burials) are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. Furthermore, an archaeologist must be present on site to monitor any ground - disturbing activities as a result of construction. Any original sediment that may be excavated from the site will be sifted for cultural material, and any recovered human remains will be analyzed and reinterred in an area of the site that will not be impacted by development. The costs associated with these mitigation efforts are not known and are estimated for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of estimated mitigation costs. Page 1 AGUA COLINA PARCEL CONSERVATION FEATURES SUMMARY OVERVIEW CONSERVATION FEATURES SUMMARY OVERVIEW Project Name: Agua Colina Parcel Folio numbers with owner(s) of record: 58105400007 Zoning and overlays:—RSF-3 within Low Density Residential 0-4 Units per Acre future land use Zoning Considerations for TDR's, PHU, other endangered species: According to a Conservation Collier Initial Criteria Screening Report dated November 8, 2021, the property has evidence of active gopher tortoise borrows. The report also noted a significant amount of gopher tortoise burrows and habitat observed on the parcel to the south. The Screen Report reports an estimated 41 potentially active occupied borrows on the site. Several gopher tortoise burrows were observed during our inspection. Environmental issues are beyond our scope of expertise. The appraiser is reporting data from reports provided for the purpose of this appraisal. Additionally, a Phase 2 Cultural Resources Assessment Survey (CRAS) prepared by Advanced Archaeology, Inc. dated July 2017 was provided for the purpose of this appraisal. Advanced Archaeology, Inc. previously conducted a Phase 1 CRAS (Mankowski and Erjavec 2013) and Phase 2 CRAS (Mankowski, Provan, Harris, Erjavec 2014) on the project parcel, which determined that evidence of prehistoric and historic cultural deposits, including prehistoric human remains was found across the entire project parcel within shovel tests, test units and as surface finds. The Phase 2 resulted in documenting prehistoric and historic cultural resources across the entire property parcel, including prehistoric human remains that consisted of a redeposited or disturbed fragmentary bone scatter and intact human burials. The overall characteristics and extent of the human remains found, suggests that this component (Caxambas Point Shell Midden - 1929 Indian Hill Street Component) of 8CR107 was extensively used as a prehistoric cemetery. The total MNI for the intact burials was 8, most of which could not be given estimations for age or sex due to the fragmentation and lack of intact individuals. There was one known infant, and seven adults. Was the cost to mitigate wetlands or endangeredpecies taken into consideration? Yes, for the gopher tortoises, according to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." The costs associated with the mitigation efforts for the human remains are not known and are estimated for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of estimated mitigation costs. Scope of proposed mitigation: According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." Page 2 AGUA COLINA PARCEL CONSERVATION FEATURES SUMMARY OVERVIEW According to a Phase 2 Cultural Resources Assessment Survey (CRAS) prepared by Advanced Archaeology, Inc. dated July 2017, prehistoric and historic cultural resources, including prehistoric human remains, were documented as a result of this Phase 2 archaeological evaluation. Intact human burials were only found to occur on the fringe of the building footprint's southwest section. This assessment indicated that this site component of 8CR107 is capable of providing insights on prehistoric mortuary practices and site specialization in the region. It is the consultant's opinion, that the 1929 Indian Hill Street Component of site 8CR107 exhibits characteristics that qualifies it as eligible for listing on the National Register of Historic Places; however, the owner of the 1929 Indian Hill Street parcel, Agua Colina, LLC., has indicated that it objects to be listed on the National Register of Historic Places. The owner of the 1929 Indian Hill Street parcel has proposed to build a private residential house (80 foot by 80 foot building footprint) on the property, and understands that any intact human remains (burials) are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. Furthermore, the owner has agreed to have an archaeologist present on site to monitor any ground -disturbing activities as a result of construction. Any original sediment that may be excavated from the site will be sifted for cultural material, and any recovered human remains will be analyzed and reinterred in an area of the site that will not be impacted by development. Land Area: 0.64 acres or 27,780 square feet Access for the parcel taken into consideration: Access is average. Highest and Best Use: Residential development Date of estimated value: February 19, 2023 Estimated value: $1,140,000 Page 3 AGUA COLINA PARCEL INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Agua Colina Parcel 1929 Indian Hill Street, Marco Island, Collier County, Florida, 34145 Legal Description: Lot 1, Block 403 of Marco Beach Unit Thirteen, according to the Plat thereof as recorded in Plat Book 6, Page(s) 92 through 99, inclusive, of the Public Records of Collier County, Florida. Tax Identification: 58105400007 The subject is a vacant residential parcel of land containing an area of 0.64 acres, or 27,780 square feet located within the RSF-3, Residential Single -Family District. It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Agua Colina, LLC. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject was previously listed on July 7, 2021 for $1,800,000 by James Prange of Premier Sotheby's International Realty. The listing expired on July 3, 2022. According to Mr. Prange, there were several inquiries while the lot was listed, but once the buyers were notified of the bones on site, they lost interest. Despite the extended time on the market Mr. Prange did not think the asking price should be reduced. He mentioned the good elevation and good view; however, because the site is so overgrown buyers cannot walk the lot to see the view. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; Page 4 AGUA COLINA PARCEL INTRODUCTION INFORMATION • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Conservation Collier and the Collier County Board of Commissioners. The intended use is for assist with the acquisition decisions by Conservation Collier and the Collier County Board of Commissioners. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) Page 5 AGUA COLINA PARCEL INTRODUCTION INFORMATION PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is February 19, 2023. The date of inspection was February 19, 2023. The date of the report is March 2, 2023. SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A complete on site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Anal Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Page 6 AGUA COLINA PARCEL INTRODUCTION INFORMATION Extraordinary Assumptions: According to a Phase 2 Cultural Resources Assessment Survey (CRAS) prepared by Advanced Archaeology, Inc. dated July 2017, prehistoric human remains were documented. Intact human remains (burials) are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. Furthermore, an archaeologist must be present on site to monitor any ground -disturbing activities as a result of construction. Any original sediment that may be excavated from the site will be sifted for cultural material, and any recovered human remains will be analyzed and reinterred in an area of the site that will not be impacted by development. The costs associated with these mitigation efforts are not known and are estimated for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of estimated mitigation costs. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 7 AGUA COLINA PARCEL NATIONAL ECONOMIC ANALYSIS ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on February 1, 2023. Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased somewhat but remains elevated. Russia's war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty. The Committee is highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4.5 to 4.75 percent (its highest level since 2007). The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage -backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of December 2022. Real GDP is projected to grow at a rate of 0.5% in 2023, a decrease from the previous September projection of 1.2%. The unemployment projection for 2023 increased from 4.4% to 4.6%. The Core PCE inflation projection also increased to 3.5% in 2023. Page 8 AGUA COLINA PARCEL NATIONAL ECONOMIC ANALYSIS Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, under their individual assumptions of projected appropriate monetary policy, December 2022 P Yd.. Median' C tnJ Undea y' rs"e1 A22 2023 I 2024 `20'25 Longer 2022 2023 1 2024 2025 1 Longer 2022 202:i 2024 I 2025 Longer Variable run run run Cban6, iv -I GDP 0-5 0-5 1-6 18 1-8 0-4-0-5 0-4-t 0 1.3-2.0 1-6-2.0 1-7 2-0 02-0-5 -0-5-1-0 0-5-2A 14-23 i 1.6-2.5 September p j-tiun 0.2 1.2 1.7 1.8 1.8 0.1-0.3 0.&A.4 L4-2.0 L6-2.0 ' 1.7-2.0 OA-0.5 -0.3r1.9 Lo-2.6 L4-2.4 ' L6-2.2 Uneu.playmeuC rnte 3.7 Co 4.6 4.5 4.0 3.7 4A 4.7 4.3 4.8 4.0 4.7 3.8 4.3 3.7 3.9 4.0 5.3 4.0 5.0 3A 4.8 i 3.5 4.8 September projo tion 3.8 4A 4A 4.3 4.0 3.8-3.9 4-".5 4.6-4.6 4.0-4.5 3.8 4.3 3.7-4_0 3.7-0.0 3.7-4_7 3T-4.6 i 3.5-4.5 PCP. inflation 5.6 3.1 2.6 2.1 2.0 5.6-5.8 2.9-3.5 2.3r2.7 2.0-2-2 i 2.0 5S-1_9 2.6-4-1 2.2-35 2.0-3.0 2.6 September p j-tlon 5.4 2.8 2.3 2.0 2.0 5.3-5.7 2.6-0.5 2.1-2.6 2.0-2.2 i 2.0 5.0-6.2 2.4-4.1 2.0-3.0 2.0-2.5 2.0 Core PCE inflation° 4.8 3.5 2.5 2.1 4.7 4.8 3.2 3.7 2.3 2.7 2.0 2.2 i 4.6 5.0 3.0 3.8 2.2 30 20 3.0 September projcrtion 4-6 3-1 2.3 2.1 4 4-_6 3-0-34 2 2-2.6 20-2.2 ; 4.3--4.8 28-3-5 20-2 8 2_¢2.5 , Memo: Proj_ct ] app-wiatn policy R th PAd J funds rate 4A 5.1 4.1 3.1 2.5 4.4 5.1-5.4 3-9-4-9 2.6-3.9 ' 23-25 4.4 4.9-0.6 3.1-5.6 2.4-5.6 2.3-33 September p j-tion 1 4.4 4.6 3.9 2.9 2.5 14.1-4.4 4.4-4.9 3.4-4.4 2.4-3A 2.3-2.5 13.9-4.6 3.9-4.9 2.6-4.6 2.4-4.6 2.3-3.0 According to Freddie Mac Chief Economist Sam Khater, if interest rates were to drop, the outlook for the mortgage market in 2023 will be bright. "Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of millennial renters will provide support to the purchase market," Sam Khater, said in a December 2022 statement. According to an December 2022 report by Lawrence Yun, chief economist at the National Association of Realtors, home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 - an increase of just 0.3% from this year ($384,500). "Half of the country may experience small price gains, while the other half may see slight price declines," Yun said. Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages. According to the National Association of Real Estate Investment Trusts' (NAREIT) 2023 Outlook, REITs are well -positioned to navigate economic and market uncertainty in 2023 due to strong operational performance and balance sheets. "Despite economic headwinds and weakness in valuations, equity REITs have proven to be quite resilient from an operational perspective, and it is clear that REITs are well -positioned for ongoing economic uncertainty in 2023." The firm noted that data from the Nareit T-Tracker in the third quarter of 2022 highlighted solid year -over -year growth in funds from operations (FFO), net operating income (NOI), and same -store NOI. Quarterly FFO increased to $19.9 billion in the third quarter, a 14.9% increase from a year ago and an all-time high. While the pandemic took a toll on the operational performance of equity REITs, there's no question that it has recovered and surpassed pre -pandemic levels. Nareit also noted how REITs historically perform during and after a recession. For example, REITs have historically outperformed private real estate during a recession and in the four quarters after a recession. REITs have also historically outperformed their equity market counterpart before, during, and after recessions. The 2023 CBRE U.S. Real Estate Market Outlook projects high interest rates and a recession will make 2023 a challenging year for commercial real estate. "Though inflation eased in late 2022, it was still running at more than 7%. The Fed will continue raising rates until it sees a marked reduction in inflation nearer to its 2% target. Page 9 AGUA COLINA PARCEL FLORIDA ECONOMIC ANALYSIS Weakening fundamentals and higher cost of capital will generally lower asset values." However, CBRE expects the recession will not be particularly deep as corporate finances are in good shape and employers will shun excessive layoffs to avoid losing employees in a tight market for skilled labor. While consumer confidence is highly subdued, average household debt is low compared with the onset of previous recessions. These factors suggest a moderate downturn, with unemployment unlikely to breach the 6% level. Inflation will be significantly lower by the second half of 2023, setting the stage for falling interest rates and the beginning of a new cycle that will last to the 2030s. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2023, the global real estate industry faces transformational shifts in how buildings will be used, valued, and transacted in 2023 and beyond following a pandemic - fueled course correction. "Ongoing uncertainty in the global economy could impact the industry even more. In the near term, the potential for regional or global recession or stagnation looms —and these impacts would be felt across financial services sectors." The economy is top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. "Revenue expectations for 2023 are mixed among those surveyed-40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Last year's results were much more optimistic: 80% expected revenues to increase in 2022. As a result, more respondents (33%) are planning to cut costs compared to last year, when only 6% planned to make cuts." According to the PwC Emerging Trends in Real Estate 2023, the real estate industry is moving beyond what it perceives as cyclical headwinds i.e., rising interest rates, declining gross domestic product (GDP), sinking deal flows — and taking a long-term approach to real estate assets. The mood among the real estate professionals we interviewed for this year's "Emerging Trends" is cautious optimism. Their plan: Ride out the current slump and reposition their firms for another period of sustained growth and strong returns. According to J.P. Morgan Chase 2023 commercial real estate outlook, there may be challenges ahead. "Retail is at a crossroads, and the future of office space is unclear. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. But there are a few bright spots in the commercial real estate forecast. Multifamily properties continue to perform well, and the hot streak for industrial properties remains." As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, after a historically low rate of change between 2020 and 2021, the U.S. resident population increased by 0.4%, or 1,256,003, to 333,287,557 in 2022. Florida was the fastest -growing state in 2022, with an annual population increase of 1.9%, resulting in a total resident population of 22,244,823. It was also the second largest -gaining state behind Texas, with an increase of 416,754 residents. Net migration was the largest contributing component of change to Florida's growth, adding 444,484 residents. "While Florida has often been among the largest -gaining Page 10 AGUA COLINA PARCEL FLORIDA ECONOMIC ANALYSIS states," Kristie Wilder, a demographer in the Population Division at the Census Bureau noted, "this was the first time since 1957 that Florida has been the state with the largest percent increase in population. According to the Summer 2022 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida's economy, as measured by real Gross State Product, will expand at an average annual rate of just 1.0% from 2022 to 2025. Real Gross State Product will mildly contract during the recession as growth will slow to -0.2% in 2023, turn positive in 2024, and growth begins to accelerate in 2025 to 1.7%. Payroll job growth in Florida will begin to falter during the recession but not in every sector. After year -over -year growth of -4.9% in 2020, the labor market rebounded to 4.6% in 2021. With job growth expected to be 4.3% in 2022, payroll employment will contract by 0.6% in 2023 and again by 1.5% in 2024 before expanding by 0.6% in 2025. Housing starts will be suppressed by the Pasta Bowl Recession and higher mortgage rates. Rapid house price appreciation will vanish over this period as supply catches up with demand dampened by rising mortgage rates, decreasing affordability, and the recession. The Florida & Metro Forecast was prepared prior to the impact of Hurricane Ian. Thus, the outlook does not reflect the impacts of the storm, which at a state level may not turn out to be as significant as they will be, at least in the near term, for the metropolitan areas that bore the brunt of the storm's impact. The unemployment rate in Florida has fallen from its May 2020 peak of 14.2% and stands at 2.7% as of August 2022. When unemployment spiked to 14.2% in May of 2020, it was 2.9 percentage points higher than the peak level of unemployment from the Great Recession. This unprecedented surge in unemployment occurred over just three months, while it took two -and -a -half years for the unemployment rate to reach its peak in the Great Recession. Table 1. Annual Summary of the University of Central Florida's Forecast for Florida 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personal Income and GSP Personal Income (Bil- 5) 1023.1 1087.2 1139.3 1210.D 1325.0 1382.0 1434.6 1491.0 1566.9 Florida.(%Ch Year ago) 7.2 6.3 4.3 6.2 9.6 4.2 3.8 3.9 5.1 U.S.(%Ch Year ago) 4.7 5.1 4.1 6.5 7.5 3.2 5.0 4.3 4.4 Personal Income (B11. 2012$) 952.4 9968 1037.5 1080.3 1136.7 1115.2 1120.8 1145.3 1182.1 Florida.(%Ch Year ago) 5.5 4.7 4.1 4.1 5.2 -1.9 0.5 2.2 3.2 U.S.(%Ch Year ago) 2.8 2.9 2.5 5.3 3.5 -2.9 1.5 2.5 2.6 ❑isp. Income (Bil- 2012$) 839.9 892.4 928.1 973.9 1014.0 973.5 994.4 1032.5 1065.6 Flo rida.(%Ch Year ago) 3.5 6.2 4.0 4.9 4.2 -4.1 2.1 3.8 32 U.S.(%Ch Year ago) 2.3 3.4 2.3 6.2 2.3 -5.3 3.2 4.1 2.6 GSP (Bil. $) 1002.6 1057.9 1116.4 1106.0 1226.3 1335.2 1390.4 1433.5 1488.8 (%Ch Year ago) 5.2 5.5 5.5 -0.9 10.9 8.9 4.1 3.1 3.9 GSP (Bil. 2012$) 913.0 943.5 971.6 944.0 1008.7 1028.3 1026.1 1D33.6 1051.2 (%Ch Year ago) 3.6 3.3 3.0 -2.8 6.9 1.9 -02 0.7 1.7 Employment and Labor Force (Household Survey % Change Year Ago) Employment 2.2 2.5 2.1 -4.9 4.6 4.3 -0.6 -1.5 0_6 Labor Force 1.7 1.3 1.5 -1.7 2.2 2.7 2.0 0.8 0.7 FL Unemployment Rate (%) 4.3 3.7 3.2 8.3 4.6 3.2 4.7 5.8 5.6 U.S. Unemployment Rate (9%) 4.4 3.9 3.7 8.1 5.4 3.6 4.2 4.7 4.8 Page 11 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS COVID-19 Governor Ron DeSantis issued a "safer -at-home" order on April 3, 2020 in an effort to limit the spread of coronavirus. Governor DeSantis announced on April 29, 2020 that he would lift the "safer -at-home" order on May 4, 2020. Retailers and restaurants are allowed to reopen in limited capacities while movie theaters, gyms, bars, and face-to-face personal service providers (such as barbers and nail salons) will remain closed. Phase One of the three-phase "Safe. Smart. Step -by -Step" plan excludes Miami -Dade, Broward, and Palm Beach counties. As of September 25, 2020 Governor DeSantis announced Florida would be entering Phase 3 in reopening the state, meaning restaurants, bars, salons and other businesses will be allowed to reopen under full capacity. On May 3, 2021, Governor DeSantis signed an executive order that immediately suspended the state's remaining COVID-19 public health restrictions. As of November 29, 2021, Governor DeSantis again announced the state will not be issuing any lockdowns or restrictions. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County's population increases up to 25% between November and April due to seasonal residents and short-term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County's economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Distance to Other Major Markets Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in five of the six Southwest Florida counties with the greatest growth (2010- 2020) in Lee County and the second highest in Collier County. Lee County maintained the highest growth rate of the six counties from 2020 to 2022. Page 12 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS Table 3. Population and Population Change for Counties in Florida, 2000 to 2022 State and County Population 2022 2020 2010 Percent Change 2020 2010 2000 2000 to 2022 to 2020 to 2010 FLORIDA 22,276,132 21,538,187 18,801,332 15,982,824 3.4 14.6 17.6 Charlotte 196,742 186,847 159,978 141,627 5.3 16.8 13.0 Collier 390,912 375,752 321,520 251,377 4.0 16.9 27.9 Glades 12,273 12,126 12,884 10,S76 1.2 -S.9 21.8 Hendry 40,633 39,619 39,140 36,210 2.6 1.2 8.1 Lee 802,178 760,822 618,754 440,888 5.4 23.0 40.3 Sarasota 452,378 434,006 379,448 325,961 4.2 14.4 16.4 Sources: US Census Bureau (2020, 2010, and 2000 Census) and Universityof Florida, Bureau of Economic and Business Research (2022 Estimates). Page 13 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS The following table shows the projected population through 2050. As shown, Lee County also has the highest projected growth rates with Collier County as a close second. Projections of Florida Population by County 2025-2050 County I Projections, April 1 and State 2025 2030 2035 2040 2045 2050 CHARLOTTE Low Medium High 188,800 190,900 190,200 188,000 185,100 203,000 215,700 225,800 234,300 241,900 217,200 240,500 261,400 280,600 298,800 181,600 248,800 315,900 COLLIER Low 383,700 390,500 392,500 391,100 387,600 383,300 Medium 408,200 433,900 455,100 472,700 487,600 501,000 High 432,700 477,300 517,700 554,200 587,600 618,800 GLADES Low 11,700 11,400 11,100 10,700 10,400 10,100 Medium 12,500 12,700 12,900 13,000 13,100 13,200 High 13,200 14,000 14,600 15,200 15,800 16,200 HENDRY Low 39,900 39,700 39,200 38,600 37,900 37,300 Medium 42,000 43,400 44,500 45,300 46,000 46,600 High 44,100 47,100 49,700 52,000 54,000 55,900 LEE Low 800,500 832,000 848,400 855,500 856,800 855,300 Medium 851,600 924,500 983,700 1,033,800 1,077,800 1,118,100 High 902,700 1,016,900 1,118, 900 1,212,100 1,298,700 1,380,800 SARASOTA Low 439,700 444,000 443,300 440,200 435,600 429,800 Medium 467,700 493,300 514,000 532,000 547,900 561,800 High 495,800 542,700 584,700 623,700 660,200 693,900 Source: Bureau of Economic and Business Research, Florida Population Studies, Bulletin 192 U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country's 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2022-2023 25 Best Places to Retire is dominated by Pennsylvania and Florida metro areas. Pensacola is the top Florida market at No. 3 behind Lancaster and Harrisburg, PA. Naples is No. 6 overall while Sarasota is No. 11. Naples is ranked 12th overall in the 2022-2023 Best Places to Live report released by U.S. News & World Report in May 2022. Cape Coral -Fort Myers fell from No. 43 to No. 100 while Sarasota -Bradenton maintained its No. 9 ranking. According to data released by the National Association of Realtors in November 2022, half of the top 10 most expensive markets were in California. Naples I Marco Island was the 8th most expensive and only Florida market in the top ten. Page 14 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS Employment The local economy is largely dependent on the real estate market. Covid-19 negatively impacted overall employment and the service and leisure and hospitality sectors in particular; however, jobs continue to return as the market improves. Tourism drives much of the Collier County area's economy, with leisure and hospitality composing almost 20% of the workforce. The following table shows the Collier County Employment by Industry as well as historical and projected job growth. NAPLES EMPLOYMENT BY INDUSTRY IN THOUSANDS Year End 2022 Industry Manufacturing Trade, Transportation and Utilities Retail Trade Financial Activities Government Natural Resources, Mining and Construction Education and Health Services Professional and Business Services Information Leisure and Hospitality Other Services Total Employment JOB GROWTH (YOY) 15% 10% 5% 0% -5 % -10% -15% 1 1 1 1 I I 1 1 1 1 1 CORRENTJOBS CURRENT GROWTH 10 YR HISTORICAL 5 YR FORECAST Jobs LCI Market us Market us Market us 5 0.4 2.69% 2.83% 6.85% 0.75% D.77% 0.11% 31 1.0 4.8D% 2.68% 2.89% 1.25% D.33% 0.07% 23 1.4 5.93% 1.86% 2.30% 0.64% 1 D.32% 0.03% 10 1.0 0.42% 1.81% 0.64% 1 3.52% 1.42% ' 027% 0.17% D.59% 1.68% 0.20% 0.55% 13 0.6 1.8D% 20 22 7.91% 3.43% 7.42% 2.49% D.78% 0.34% 25 0.9 3.17% 3.09% 3.19% 1.65% 1.13% 0.64% 20 08 3.62% 349% 4.83% 6.13% 4.19% 2.15% 126% -0.86% 1.31 % -0.49% 2.54% 1.32% D.93% 044% 0.35% 1.18% 1 0.4 3.23% 30 1.8 3.32% 10 15 3.67% 298% 221% 051% 0.52% 042% LO 3.84% 2.95 % 3.28% 1.28% 0.87% 0.46% Forecast I 1 I Source: Oxford Economics LO = Location Quotient 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 ■ Naples E United States Source: Oxford Economics Page 15 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS The following table shows employment projections through 2030 by the Florida Department of Economic Opportunity. As shown, the construction industry has the largest projected growth rate of 16.6% followed by Education and Health Services (12.7%). JOBS BY INDUSTRY CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES Employment NAICS Title 2022 2030 Growth Percent Growth Total, All Industries 570,705 622,709 52,004 9.1 Agriculture, Forestry, Fishing and Hunting 7,834 7,200 -634 -8.1 Mining 420 466 46 11.0 Construction 61,755 72,022 10,267 16.6 Manufacturing 13,931 14,805 874 6.3 Trade, Transportation and Utilities 100,302 107,182 6,880 6.9 Information 4,973 5,029 56 1.1 Financial Activities 26,943 29,341 2,398 8.9 Professional and Business Services 70,219 76,888 6,669 9.5 Education and Health Services 108,593 122,385 13,792 12.7 Leisure and Hospitality 82,935 90,974 8,039 9.7 Other Services (except Public Administration) 21,884 24,391 2,507 11.5 Government 66,345 71,937 5,592 8.4 Self Employed and Unpaid Family Workers, All Jobs 44,152 44,487 335 0.8 Source: Florida Department of Economic Opportunity Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 13.5% in April 2020. The preliminary reported unemployment rate in November 2022 was only 2.7%. The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. The 2020 annual rate was 7.5% and the 2021 annual rate declined to 3.7%. Page 16 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS Series Id: LAUCN120210DODDD0003 Not Seasonally Adjusted Area: Collier County, FL Area Type: Counties and equivalents Statel Region jo ivision: Florida Measure: unemplGyment rate 12. 2, U1/12 U1/1J 01/14 U1/1b U1/ib U1/1/ U1/ib U1/19 U1/20 U1/21 U1/22 Month As of November 2022, the unemployment rate for the State of Florida was 2.6%, down from the peak in May 2020 of 13.9%. On a national level, the unemployment rate in November 2022 was 3.7%, a decrease from the peak in April 2020 of 14.7%. Collier County currently has a similar November rate, at 2.7% to state levels and a lower rate than national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2012 through November 2022. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. With the exception of Leisure and Hospitality, all sectors have regained all lost jobs and have exceeded 2019 levels. Page 17 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS Naples - Immokalee - Marco Island Service- % Goods % Mining, Logging, & % Leisure and % All Employees, % Year Providing Change Producing Change Const. Change Hospitality Change Total Nonfarm Change 2012 106,600 3.1% 12,100 5.2% 9,400 4.49/o 23,600 4.4% 118,700 3.3% 2013 109,700 2.9% 13,500 11.6% 10,500 11.7% 24,400 3.4% 123,300 3.9% 2014 114,500 4.49/. 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,900 5.4946 2015 119,100 4.0•D 17,000 10.4% 13,600 12.4% 26,500 3.9% 136,100 4.89/o 2016 124,000 4.1% 18,700 10.0•D 14,900 9.69/o 27,500 3.8% 142,600 4.89/o 2017 126,300 1.9% 19,400 3.79/. 15,400 3.49/. 28,300 2.9% 145,600 2.1% 2018 129,600 2.69/o 21,500 10.8% 17,200 11.7% 29,100 2.8% 151,000 3.7% 2019 133,200 2.89/o 22,400 4.2% 17,700 2.9% 30,000 3.1% 155,600 3.0% 2020 126,300 -5.2% 22,100 -1.3% 17,200 -2.8% 25,600 -14.7% 148,400 -4.6% 2021 132,400 4.8% 23,100 4.5% 18,000 4.7% 28,000 9.4% 155,500 4.89/o 2022* 137,000 3.89/. 24,900 7.8% 19,500 8.2% 29,600 7.0% 161,800 4.4% *Through November 2022; percentage increase in comparison to November 2021 YTD Source: U.S. Department of Labor Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region's success. The table below provides a few examples of some key employers in Southwest Florida. • Industrial Biotechnology, Algenal Biofuels - Global Headquarters • Medical Devices, Arthrex, Inc. - Global Headquarters • WornWs Specialty Apparel Retailer, Chico's FAS - Global Headquarters • Specialty Electronics Manufacturer, Fox Electronics - Global Corporate Headquarters • Global IT Research and Advising, Gartner, Inc. • Vehicle Rentals and Sales, Hertz Inc. -Global Headquarters ■ Subsidiary Pittsburgh Glass Works, Lynx Services LLC - Customers Service Center • Manufacturing Fluid Management, Shaw Development - Global Headquarters • Agricultural and Food Manufacturer, U.S. Sugar Corporation - Headquarters • Healthcare, 21stCentury Oncology -Global Headquarters Page 18 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Rank Company SWFL Employees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc. 3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn -Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc. 1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc. 1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp. 1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yum! Brands, Inc. 1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators January 2023 report prepared by Florida Gulf Coast University shows Collier, Lee, and Charlotte County's tourist tax revenues. Collier County's tourist tax revenues amounted to $4.6 million in September 2022, down 6 percent compared to both September 2021 and August 2022. Page 19 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS W 6,5 C 5.0 5.5 5.0 a 4.5 > 4.0 m 3.5 12 3.0 3 2.5 H 2.0 t 1.5 a+ C 0 1.0 2 W Chart 5: Coastal County Tourist Tax Revenues County Tourist Tax Revenue - 2017 to present All Data Seasonally Adjusted ------ - - - - -- Lee --'---------- - - -- - - - - ---- - --- -- -- Charlotte ---1F-I-FA---.1- 1 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Source: Local CountyTourism, Tax, and Econornit deuelop rnenI Reports and seasonal adjuAnn en# by R E R I Development Growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County and was recently ranked as one of the Top 20 Selling Master -Planned Communities in the United States. It has maintained the top ranking in the Naples -Fort Myers market for the past eight years. Ave Maria reported a total of 586 new home sales in 2022, a decrease from the record breaking 646 new home sales in 2021, but still the highest-ranking commumity in all of Collier County. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The village is the first of three planned 1,000-acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for Page 20 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS civic government, and institutional buildings. In a near unanimous decision, the Collier County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. The commissioners approved Brightshore, another rural village with thousands of proposed homes in December 2022. There are more than $1 billion in new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 was completed in December 2022, Tower 400 currently under construction) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 3rd Quarter 2022 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 25.8% increase in home prices (all -transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 22.7% over the past year (3Q 2021 - 3Q 2022) which was 1st in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square -foot, six -story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed -use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development is anchored by The Page 21 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYsIs Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building leased by Physicians Regional Medical Healthcare; and StorQuest a 110,000 square foot self -storage facility. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit-down dining, a full -service bar, three bars for beer and wine, wine room with samples on tap, a wood - fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor -outdoor seating. Paradise Coast Sports Complex, is Collier County's new $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man-made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres of land along City Gate Boulevard North and will feature a 100,000 square foot indoor water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The resort is expected to open in the summer of 2024. It will bring in more than 200 construction jobs, plus an additional 600 full-time and part-time jobs once open. Investment Trends The following CoStar data shows Collier County trends in the Multi -Family, Retail, Office, and Industrial sectors as of year end 2022. According to the CoStar report, Collier County may not see many trades, but investor sentiment remains bullish. Confirmed cap rates average 3.7% over the past 12 months. The market cap rate has fallen over the past year, and the rate in the metro is structurally lower than those across the country. Annual sales volume has averaged $221 million over the past five years, and the 12-month high in investment volume over that stretch hit $536 million. In the past 12 months specifically, $515 million worth of assets sold. Page 22 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PricelUnit Chg IYOY] $4.9B $535.6M 3.9% 13.2% 12 MO SALES VOLUME Transactions Sales Volume Properties Sold Transacted Units Average ants Total Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market 9 Cap Rate 3.7% 3.4% 4.0% 3.9% S535.61,1 S1.7t�l $142.6M Sale PricelUnit $294K $157.1K $528.5K $342.2K 9 - Sale Price $66.9M $1.7M $142.6M 1.81K 8 368 Sale vs Asking Price 0.6 % 0.6 % 0.6 % 202 8 368 % Leased at Sale 99.0 % 96.0 % 100 % Market Sale Price/Unit $400,000 $350,000 $300,000 $250,000 $200,000 $10,000 $100,000 $50, 000 $0 13 14 15 16 17 18 19 20 21 22 23 Sales Volume $600 M $500 M $400 M $300M - - $200 M w 7 $100M $oM 13 14 15 16 17 18 19 20 21 22 23 s.o°io Market Cap Rate 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% 0% -100% -200% 1­ 13 14 15 16 17 18 19 20 21 22 23 According to the CoStar Report, annual retail sales volume in Collier County averaged $264 million over the past five years, and the 12-month high in investment volume hit $524 million over that stretch. In the past 12 months specifically, $359 million worth of retail assets sold. The market cap rate has fallen over the past year to 5.5%, the lowest cap rate that has been seen in Collier County during the last five year. The rate is structurally lower than those across the country. Page 23 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price1SF Chg IYOYt $7.6B $366.1 M 5.5% 16.3% 12 MO SALES VOLUME Total Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market Transactions 88 - Cap Rate 5.0 % 4.3 % 5.7 % 5.5 % Sales Volume $366.1M $125K $31.7M Sale PricelSF $327 $15 $2K $318 Properties Sold 74 - - Sale Price $4.9M $125K $31.7M - Transacted SF 1.1M 319 126.9K Sale vs Asking Price -12% 42.6% 19.1 % Average SF 13.1 K 319 126.9K % Leased at Sale 96.1% 9.0% 100 % Market Sale PliceISF $350 $300 $250 $200 $150 $100 $50 $0 13 14 15 16 17 10 19 20 21 22 23 Sales Volume $450M mom S350M S300M S250M $200M s 150M Slow $50M $OM - 13 14 15 16 17 18 19 20 21 22 23 Market Cap Rate S.0% 7.0% 6.0% 5.0% 4.C% 3.0% 2.0% 1.0% 0.0% r F 13 14 15 15 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 160% 140% 120% 100% 80% 60% 40% 20% 4% -20% -40% �60% F- y� 13 14 15 15 17 18 19 20 21 22 23 According to the CoStar Report, annual office sales volume averaged $112 million over the past five years in Collier County, and the 12-month high in investment volume hit $239 million over that stretch. In the past 12 months specifically, $84.5 million worth of office assets sold. The market cap rate has fallen over the past year to 7.0% and is close to the country's average. The current rate is the lowest cap rate seen in Collier County during the past five years. Page 24 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price1SF Chg jYOY] $2.7B $75.1 M 7.0% 4.8% 12 MO SALES VOLUME Total Lowest Highest 12 Ma SALES PRICE Average Lowest Highest Market Transactions 56 - Cap Rate 6.0 % 6.0 % 6.0 % 7.0 % Sales Volume $75.1M $165K $7M Sale Price1SF $153 $4 $2K $267 Properties Sold 45 - - Sale Price $1.8M $165K $7M - Transacted SF 564.7K 378 69.8K Sale vs Aslang Price -5.6% -18.6 % 5.7 % Average SF 10.1 K 378 69.8K % Leased at Sale 93.8% 0% 100 % Market Sale Price/SF $300 $250 $200 $150 / $100 $50 $0 13 14 15 16 17 18 19 20 21 22 23 Sales Volume $250 M $200 M $150M $100M $50M $0m 13 14 15 16 17 18 19 20 21 22 23 7.8% Market Cap Rate 7.6% 7.% 7.2% 7.0% 6.8% 6.6% 6.4% 1 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 200 % 150 % 100 50 % 1 0% ■_■ -50% -100% 13 14 15 16 17 18 19 20 21 22 23 According to the Costar Report, annual sales volume has averaged $86.9 million over the past five years, and the 12-month high in investment volume hit $164 million over that stretch. In the past 12 months specifically, $106 million worth of industrial assets sold. Logistics facilities drove recent sales volume, accounting for $68.7 million in confirmed transactions. Market prices rose by more than 10% and are above the country's average. The market cap rate has dropped since last year. It is the lowest cap rate that has been seen in Collier County during the past five years, but is still higher than the country's average yeild. Page 25 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price1SF Chg IYOY) $2.5B $108.9M 6.5% 15.3% 12 MO SALES VOLUME Total Transactions 89 Sales Volume $108.9M Prcperties Sold 60 Transacted SF 675.21K Average SF 7.7K Market Sale Price/SF Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market - Cap Rate 5.7% 4.0 % 7.0 % 6.4 % $99.51K $9.SM Sale Price1SF S204 $10 $947 $173 - - Sale Price $1 7M $99.5K $9.8M - 293 107.61K Sale vs Asking Price -3.7% -15.6% 0 % 293 107.61K Industrial % Leased at Sale Jr 99.7% 87.5% 100% Market Can Rate $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 13 14 15 16 17 18 19 20 21 22 23 Sales Volume $160M $140M $120M $0 M $8. 0M $60M $40M , $20M $OM 13 14 15 16 17 18 19 20 21 22 23 Income 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 200% 150% 100% • 50% 0% �! -50% ' 13 14 15 16 17 18 19 20 21 22 23 Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $127,724 and a per capita income of $53,839. Page 26 AGUA COLINA PARCEL COLLIER COUNTY AREA ANALYSIS 2022 2027 Households by Income Number Percent Number Percent <$15,000 11,127 6.8 % 7,976 4.70A $15,000 - $24,999 7,648 4.7°/o 5,439 3.2 $25,000 - $34,999 12,047 7.4 % 9,389 5.5 J $35,000 - $49,999 15,640 9.6°/o 13,416 7.8 $50,000 - $74,999 24,586 15.1°/o 23,755 13.9 $75,000 - $99,999 22,121 13. 6% 23,445 13.7 J $100,000 - $149,999 31,277 19.2°/o 37,671 22.0 $150,000 - $199,999 14,206 8.7°/o 19,735 11.5 $200,000+ 24,469 15.0 % 30,079 17.6 J Median Household Income $85,162 $101,707 Average Household Income $127,724 $148,920 Per Capita Income $53,839 $63,006 Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021 with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed price (year over year). The November 2022 Market Report released by NABOR shows overall closed sales have declined by 34.3% in November 2022 YTD. Overall median closed price for single family and condominium units increased 31.0% in 2022 Year-to- date as compared to 2021 Year-to-date. Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest Florida on September 28, 2022, and caused widespread wind and storm surge damage. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Page 27 AGUA COLINA PARCEL Collier County Area Map San Carlos Perk �•• I Estero _J sro Ray CREW Flint Pen Strand 1 dl i Bonita Springs i North Naples I� I ------------- ' 1 1 S Corkscrew Pe IAen bey Vineyards Rural Emotes Florida Pan [her Na[ionaJ Wrfdfife Refuge at Golden Ge[e (s� Naples C Picayune Strand SaulhNaples S[ateFvrest 1 {. Subject L �951 �' � r akaila[chee Strand � `t = Preserve State Park Maico lsl �'ti+ • i dt I National Estuarine?.i's i,: ,i;�" A 1 Big Cypress National PreserveOwn 80Y f s� - - ---------- - - - - -- ---� Page 28 AGUA COLINA PARCEL MARKET AREA ANALYSIS MARKET AREA ANALYSIS Boundaries The subject is located in the City of Marco Island, which became incorporated in 1997. The island features six miles of beach and over 100 miles of waterways within its 24 square miles. A map of the market area follows this section. Market Area Access and Linkages Primary access to the area is via Collier Boulevard; however, the southern portion of the island can be accessed by State Road 92, otherwise known as San Marco Road. A $25 million improvement project for the main bridge to the island, Jolley Bridge, was completed in late 2011. A second parallel span was built with money from the American Recovery and Reinvestment Act of the federal stimulus package. The new two-lane span carries southbound traffic and the older span carries northbound traffic. Furthermore, median improvements were completed along Collier Boulevard. Irrigation, additional plants and trees have been installed to help with safety and aesthetics along the State Road 951 corridor between Marco Island and Naples. Public transportation is provided by Collier Area Transit (CAT); however, the primary mode of transportation in the market area is the automobile. Demand Generators Major employers include numerous hotels on the island including Marriott Marco and Hilton, as well as grocery stores Publix and Winn -Dixie. Marco Island became its own municipality in 1997 creating many positions for local residents. Primarily Marco Island's economy is based on tourism, therefore restaurants and numerous local retailers and service related positions are the primary employers. Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for Marco Island. The table was developed using data from STDBOnline.com. Page 29 AGUA COLINA PARCEL MARKET AREA ANALYSIS Gesri- Marco Island City, FL Prepared by Esri Marco Island City, FL (1243093) Geography: Place Summary Census 2010 Census 2020 2022 2027 Population 16,393 15,760 15,761 15,788 Households 8,201 7,957 7,982 8,056 Families 5,505 - 5,307 5,330 Average Household Size 2.00 1.98 1.97 1.96 Owner Occupied Housing Units 7,033 - 7,016 7,118 Renter Occupied Housing Units 1,167 - 967 937 Median Age 63.5 - 67.5 66.9 Trends: 2022-2027 Annual Rate Area state National Population 0.03 % 0.61 J 0.25 J Households 0.18 % 0.62 J 0.31 J Families 0.09 % 0.59 J 0.28 J Owner HHs 0.29 % 0.83 N. 0.53 Median Household Income 2.75 % 3.75 N. 3.12,' 2022 2027 Households by Income Number Percent Number Percent <$15,000 560 7.01 358 4.4,' $15,000 - $24,999 242 3.0 N. 142 1.8 $25,000 - $34,999 481 6.0 N. 296 3.7 $35,000 - $44,999 540 6.6% 374 4.6 $50,000 - $74,999 949 11.9 N. 962 11.9 $75,000 - $94,999 989 12.4 % 1,147 14.2 $100,000 - $149,999 1,373 17.2 N. 1,435 17.8% $150,000 - $149,999 975 11.0 % 1,025 12.7 $200,000+ 1,973 24.7% 2,317 2B.8% Median Household Income $105,944 $121,357 Average Household Income $164,521 $191,140 Per Capita Income $83,362 $97,586 Development Trends Renovations to The Island Plaza Center (located at the northwest corner of Bald Eagle Drive and N. Collier Boulevard) were completed in 2018. Upgrades included a covered loggia, renovated facade, clock tower, improved access and pedestrian crossing. In May 2015, Marco Island Marriott Beach Resort, Golf Club & Spa unveiled details of a $250 million expansion to add nearly 100 guest rooms, double its meeting and event space to attract more conferences and exhibits, and pave the way for its conversion to an upscale JW Marriott -branded resort. Additionally the dining room was redesigned, the pool decks were enlarged and guest rooms and bathrooms were reconfigured. The expansion project doubled the Marriott's meeting and event space to a total of 100,000 square feet and provide 810 guestrooms and suites. The property had 726 guestrooms. The renovations and rebranding were completed in January 2017. Additionally, an $80 million project for Marriott Vacation Club at the Crystal Shores resort commenced in early 2015. The project is composed of two new residential towers housing 152 new two- and three -bedroom luxury villas over a new two -level parking deck, pools, fountains, a new sales center and other resort amenities. The work also includes conversion of other space within one of the existing towers into additional villa units. The new towers opened in early 2018. Page 30 AGUA COLINA PARCEL MARKET AREA ANALYSIS Outlook and Conclusions Recent development activity has picked up. Collier County commissioners unanimously approved a controversial high-rise development proposed for Isles of Capri, four mangrove islands connected by Capri Boulevard just north of Marco Island (shown in quadrant B7 of the following map) in January 2023. The development is proposed on a 5.32-acre site and is approved for 80 condominium units in three nine story buildings. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Page 31 AGUA COLINA PARCEL MARKET AREA ANALYSIS Market Area Map MARCO ISLAND Page 32 AGUA COLINA PARCEL Market Area Map ZZ)TfV � � San Maroc Rd 92 7%Markla park s� - w A ■ • ■ - Map data2023 Page 33 AGUA COLINA PARCEL SITE ANALYSIS PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection, public records, and a Boundary Survey dated December 28, 2012 prepared by A. Trigo & Associates, Inc. Land Summary Parcel ID Gross Land Area Gross Land Area (Acres) (Sq Ft) 58105400007 0.64 27,780 SITE Location: The subject is located at the southwest corner of Indian Hill Street and Caxambas Drive with 58 feet of canal frontage. Current Use of the Property: Vacant residential lot. Shape: The site is roughly rectangular. Road Frontage/Access: The subject property has average access with frontage as follows: • Indian Hill Street: 179 feet • Caxambas Drive: 135 feet • Highland Waterway Canal: 58 feet The site has an average depth of 141 feet. It is a corner lot. Visibility: Average Topography: The subject has level topography at grade and no known areas of wetlands. Soil Conditions: According to a Conservation Collier Initial Criteria Screening Report dated November 8, 2021, the soil types consist of Urban Land -Aquents Complex, Organic Substratum and Paola Fine Sand, 1 to 8 PCT Slopes. According to a Phase 2 Cultural Resources Assessment Survey dated July 2017 prepared by Advanced Archaeology, Inc, extensive shell and black -earth midden complex (8CR107) with prominent mounds and other shell -constructed prehistoric features, created by the local Indian inhabitants from two thousand years of shell refuse deposits. We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: LCEC Sewer: Municipal sewer Water: Municipal water Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is street lighting along Caxambas Drive. Page 34 AGUA COLINA PARCEL SITE ANALYSIS • Sidewalks: There are no sidewalks. • Curbs and Gutters: There are no curbs or gutters. • Curb Cuts: The subject has no curb cuts. • Seawall: According to the property appraiser the subject has a 58-foot seawall that was installed in 1969. The seawall is substantially overgrown, and the condition is unknown. • Landscaping: The subject is heavily vegetated. According to a Conservation Collier Initial Criteria Screening Report dated November 8, 2021, native plant species including Gumbo - limbo, Beautyberry, Coco plum, Seagrape, Jamaica - dogwood, Florida fishpoiseon tree, Sand live oak, Cabbage Palm, and Giant wild-pine/Giant airplant were observed. The report noted the following non-native plant species observed including Century Plant, Life Plant/Cathedral bells, Priclypear, and Brazilian pepper. According to a Conservation Collier Initial Criteria Screening Report, exotic plants constitute between 25% and 50% of the plant cover with an estimated initial cost to remove the exotics of $3,000 with recurring costs of $1,000 per year. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located mostly in FEMA flood zone X with a portion in Zone AE. Zone AE is classified as a flood hazard area. FEMA Map Number: 12021C 0837H FEMA Map Date: May 16, 2012 The subject is partially in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: According to a Conservation Collier Initial Criteria Screening Report dated November 8, 2021, the property has evidence of active gopher tortoise borrows. The report also noted a significant amount of gopher tortoise burrows and habitat observed on the parcel to the south. The Screen Report reports an estimated 41 potentially active occupied borrows on the site. Several gopher tortoise burrows were observed during our inspection. Environmental issues are beyond our scope of expertise. The appraiser is reporting data from reports provided for the purpose of this appraisal. Encumbrance / Easements: A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: A Phase 2 Cultural Resources Assessment Survey (CRAS) prepared by Advanced Archaeology, Inc. dated July 2017 was provided for the purpose of this appraisal. Advanced Archaeology, Inc. previously conducted a Phase 1 CRAS (Mankowski and Erjavec 2013) and Phase 2 CRAS (Mankowski, Provan, Harris, Erjavec 2014) on the project parcel, which determined that evidence of prehistoric and historic cultural deposits, including prehistoric human remains was found across Page 35 AGUA COLINA PARCEL SITE ANALYSIS the entire project parcel within shovel tests, test units and as surface finds. The Phase 2 resulted in documenting prehistoric and historic cultural resources across the entire property parcel, including prehistoric human remains that consisted of a redeposited or disturbed fragmentary bone scatter and intact human burials. The overall characteristics and extent of the human remains found, suggests that this component (Caxambas Point Shell Midden - 1929 Indian Hill Street Component) of 8CR107 was extensively used as a prehistoric cemetery. The total MNI for the intact burials was 8, most of which could not be given estimations for age or sex due to the fragmentation and lack of intact individuals. There was one known infant, and seven adults. Phase 2 Cultural Resources Assessment Survey (CRAS) Conclusions and Recommendations Followings are excerpts from the Assessment Survey: In conclusion, prehistoric and historic cultural resources, including prehistoric human remains, were documented as a result of this Phase 2 archaeological evaluation. Intact human burials were only found to occur on the fringe of the building footprint's southwest section. This assessment indicated that this site component of 8CR107 is capable of providing insights on prehistoric mortuary practices and site specialization in the region. It is the consultant's opinion, that the 1929 Indian Hill Street Component of site 8CR107 exhibits characteristics that qualifies it as eligible for listing on the National Register of Historic Places; however, the owner of the 1929 Indian Hill Street parcel, Agua Colina, LLC., has indicated that it objects to be listed on the National Register of Historic Places. The owner of the 1929 Indian Hill Street parcel has proposed to build a private residential house (80 foot by 80 foot building footprint) on the property, and understands that any intact human remains (burials) are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. Furthermore, the owner has agreed to have an archaeologist present on site to monitor any ground -disturbing activities as a result of construction. Any original sediment that may be excavated from the site will be sifted for cultural material, and any recovered human remains will be analyzed and reinterred in an area of the site that will not be impacted by development. Gopher Tortoise Burrows According to a Conservation Collier Initial Criteria Screening Report dated November 8, 2021, the property has evidence of active gopher tortoise borrows. The report also noted a significant amount of gopher tortoise burrows and habitat observed on the parcel to the south. The Screen Report reports an estimated 41 potentially active occupied borrows on the site. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Page 36 AGUA COLINA PARCEL SITE ANALYSIS Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." Additionally, Ms. Ritchie noted "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." Zoning Code Zoning Authority Zoning Description Permitted Uses Current Use Legally Conforming Zoning Change Likely Minimum Lot Area (SF) Minimum Floor Area Minimum Street Frontage (Feet) Front Set Back Distance (Feet) Rear Set Back Distance (Feet) Side Yard Distance (Feet) ZONING RSF-3 Marco Island RSF-3, Residential Single -Family District Single-family dwellings; Family care facilities subject to the land development code; and Public parks and open space The subject is legal and conforming use. A zoning change is unlikely. 10,000 1,500 Corner lot 95 feet; Interior lot 80 feet 25 feet 25 feet Lots with <100' - 7.5 feet; Lots with >100' - 8 feet; 10' minimum setback from seawall Maximum Density/FAR 3 units per acre Maximum Building Height (Feet) 35 Future Land Use Designation Low Density Residential 0-4 Units per Acre Page 37 AGUA COLINA PARCEL SITE ANALYSIS Zoning Map a„ ,8=, w �a�i•_ 1711 1 RSF'3 e„ o sao aae „,RSF—q Atltlisnn Ct RSF-3 - � m"6 s4, 880 e„ 620 `� B4'e • ��A re 818 RSF-3�'° \ se cv2 s3, aw \� Page 38 AGUA COLINA PARCEL SITE ANALYSIS Aerial Page 39 AGUA COLINA PARCEL SITE ANALYSIS Flood Map National Flood Hazard Layer FIRMette FTMA 0 25D 500 1000 7500 20W ' 1.O,uuu 9asemap: MW National Map: OrtA—Very. Dais ref ¢shed O ber, 2020 Legend wnnaac ease Dnaa ElevaMn (eEE7 sPECIAL RL09 VfM 9FEo�DePWzorcae.ao.,w,�m HR2ARDARE0.5 RegWemry Floaerv'SY 02%Annuel I;Mnne Flnotl Haertl, Rress of a%anruel drence flootl wRn average depgr kssthan oce fwtor wish drainage .rem a lea'uan ar. aaaare mils �__ ", fErmrre canaaiarra xwArmum .tonne Flma Hmem=m=. Aree wan Retlrrrxtl flootl Rink tice m OTHER AiiEAS OE Levce. See Notez. z...s ROOD HAZARD Nea witlr Aaotl R'sktice mLewc Conn x Aree of MmimelFlmdFlarxtl raex s� Effxriw LOMRz OTHER ARFAS Nee of Dndetermined Flaod Hazartl w.o GENERAL --- r:Mnnel, r'alreR orSmrm Sewer sTRDt'HIREs l i i i i l i levee. Dike. or Flnotlrrall .etas sce[nns wbn 1%Mnuel f.M1enee ° WeM Swface E3'wation — — — (:wstel Transact — Dare Fbob Elevation lice (Ef£I mmmm. umaarsma>• mrEwimion Raaneary — mlTmnsee[9esahne OTHER _ Rofile Beufine FFANRES HydmgrePhic FeaCare DigaN flat' Available NO DigHaI DNS Areilehle `il_ MAP PANELS Oeunappetl The pin dbpleyed on rM1e map'rs an approvirrete pimaaarrea M Ina aeerana aoea rmt revramm m eathorimtive pmpertT beation. This map complies wnM1 FF1a0.4smnderdsfor r%e use N digrtd Road maps it n is not wW as desmiMd below. The besemapznown mmplies wirM1 FEMA's besemep aoana�y vaneema The fleet nxrerd:,r m,Nlm, b derfu'd anealyfmm the au[norilatix NFlIL ,2023.t i Atria'' b}T£MA. m a map wasexported on 3/2�2023 et ii 33 Rhl erd dcesnol reflect cnangesor amentlmentssubsegcent N tnis tlMe an6 rce.Tne xfl1L end pel4,— imarmatianmat mange or became werseded ' nex data overtime. This map image is wN tl Iheone a more of the following map elements tlR rrmappee r: Msemap imagery flwtl mne labels. legentl, srak bar, ma n dme_ commanby itlemlfiers pnel namher, effectite — end.d FlRRW dam M .Mepimeges for eppM and unmotlemrtetl areas mnnm M us d Pot regWemry WRmsea Page 40 AGUA COLINA PARCEL SITE ANALYSIS Survev showing proposed Building Footprint and Test Units °ar�w G,r � r r rm ,� .r3a.z- ♦ .�� •a�mm�w � c-a ra'. ,-na• � ��� Omy c9oaere .w¢sm vn+ r.K-..rtr. —a re / ew-1JfXrtew/ AW E-U0 : —RTS' e�-4' - •$° 1d"l w c aro�+H.uw' C1 L—W, yi-a or' �•L*:' * ` �:- 47 \f- V S.n?R' \ Illf' - y l � - s .. ■ © © .. 4 Afanvn9nl /f 13 EMI 1 "'M'24' W AF£• +'ti+M ➢Yf Mai .! uaH�) n 9 Ferna cif VN a H 5579'fr' r S dBaYrr' w 56+70'f.-L ae. �rnr .9eoyr Mr Ma11 nesr7a crr MM; H! G H L AN1D - A T r n . v Figure 6. Survey of the 1929 Indian Hill Street parcel showing the proposed house footprint and test units. r ■ = Previously excavated Phase 2 test unit (2 m. sgaure) with intact humal burials ❑ = Previously excavaled Phase 2 test unit (2m. sqaure) with redeposited/fragmentary human remains 11 ■ = Test unit with intact human burial (1 m. square) ❑ = Test unit wAh redepcsitedlfragmentary human remains (1 m. square) n s 1t Vet- - = Proposed house Footprint Page 41 &GU w Eo INA PARCEL SITE ANALYSIS Plat Map Jo & § �.� . 36\ a / # a f ® & 544 +-65. 7' � k 3 36 3§ .� - \ 17 ' \ * m� 7«' . ° *A O75 & » a 7y � 75' r� 07 . o 4 k \ { 3 . § % AGUA COLINA PARCEL SITE ANALYSIS Site Photographs Indian Hill Street — Westerly Indian Hill Street — Easterly (Photo Taken on February 19, 2023) Page 43 AGUA COLINA PARCEL SITE ANALYSIS Site Photographs Caxambas Drive — Southerly Caxambas Drive — Northerly (Photo Taken on February 19, 2023) Page 44 AGUA COLINA PARCEL SITE ANALYSIS Site Photographs Site View — Westerly from Caxambas Drive Site View — Southerly from Indian Hill Street (Photo Taken on February 19, 2023) Page 45 AGUA COLINA PARCEL SITE ANALYSIS Site Photographs Typical Site View Typical Site View (Photo Taken on February 19, 2023) Page 46 AGUA COLINA PARCEL SITE ANALYSIS Site Photographs Gopher Tortoise Burrow Gopher Tortoise Burrow (Photo Taken on February 19, 2023) Page 47 t Mi�yiYl- zf 4 �f�.FtR AZ FISH 'Pn l' - tT`I:i" VVVVVV 44 F � �£ v / � t t K C I AGUA COLINA PARCEL SITE ANALYSIS Site Photographs Site View at end of canal from vacant lot along Scott Drive Canal view Southerly from vacant lot along Scott Drive (Photo Taken on February 19, 2023) Page 49 AGUA COLINA PARCEL REAL ESTATE TAXES AND ASSESSMENTS REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non -homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non -homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non -homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The property tax identification number and assessed value of the property for tax year 2022 are as follows: ASSESSED VALUES Tax Identification Number 58105400007 Land Assessed Value $1,773,645 Building Assessed Value $0 10% Assessment Cap -$1,026,160 Total Assessed Value $747,485 Totals Total Land Assessed Value $1,773,645 Total Building Assessed Value $0 10% Assessment Cap -$1,026,160 Total Assessment $747,485 Total Assessment per Square Foot $26.91 Total Assessment per Land Acre $1,172,082 Rates, Taxes, More Tax Rate 1.63% Ad Valorem Tax Amount $12,155 Special Assessment Amount $1,771 Special Assessment Comments Estate Total Tax Liability $13,926 Property Tax Comments The 2021 and 2022 taxes have been paid. The School Board millage is applied to the uncapped assessed value. The tax assessment for subject property is currently $26.91 per square foot, or $63.85 per square foot excluding the assessment cap. Based on our valuation analysis, the subject's assessment appears high. Page 50 AGUA COLINA PARCEL HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject site is 0.64 acres or 27,780 square feet with 179 feet of frontage along Indian Hill Street, 135 feet along Caxambas Drive, and 58 feet of frontage along the Highland Waterway Canal. The following excepts are from a Phase 2 Cultural Resources Assessment Survey (CRAS). "In conclusion, prehistoric and historic cultural resources, including prehistoric human remains, were documented as a result of this Phase 2 archaeological evaluation. Intact human burials were only found to occur on the fringe of the building footprint's southwest section. This assessment indicated that this site component of 8CR107 is capable of providing insights on prehistoric mortuary practices and site specialization in the region. It is the consultant's opinion, that the 1929 Indian Hill Street Component of site 8CR107 exhibits characteristics that qualifies it as eligible for listing on the National Register of Historic Places; however, the owner of the 1929 Indian Hill Street parcel, Agua Colina, LLC., has indicated that it objects to be listed on the National Register of Historic Places." "The owner of the 1929 Indian Hill Street parcel has proposed to build a private residential house (80 foot by 80 foot building footprint) on the property, and understands that any intact human remains (burials) are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. Furthermore, the owner has agreed to have an archaeologist present on site to monitor any ground -disturbing activities as a result of construction. Any original sediment that 1 The Dictionary of Real Estate Appraisal 7t' ed. (Chicago: Appraisal Institute, 2022) Page 51 AGUA COLINA PARCEL HIGHEST AND BEST USE may be excavated from the site will be sifted for cultural material, and any recovered human remains will be analyzed and reinterred in an area of the site that will not be impacted by development." Additionally, according to a Conservation Collier Initial Criteria Screening Report dated November 8, 2021, the property has evidence of active gopher tortoise borrows. The report also noted a significant amount of gopher tortoise burrows and habitat observed on the parcel to the south. The Screen Report reports an estimated 41 potentially active occupied borrows on the site. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, "The FWC Permit application requires a burrow survey <90 days by an FWC Gopher Tortoise Agent; site plan showing property boundaries and footprint of house and showing the locations of the burrows in reference to the footprint, and several other reports. The application also requires a reservation letter from the FWC approved recipient site that states the number of tortoises relocated and their ID# that will be used on the paperwork/chain of custody." Additionally, Ms. Ritchie noted "Currently, the recipient sites in our area are charging $6,000/tortoise. As far as time, she notes "From start to finish, with factors of the acreage of the property, number of burrows, building permit completeness, the process once the FWC application is submitted, can take anywhere between 8-12 weeks, +/-4 weeks." The subject's utilities are typical and adequate for the market area. The site is roughly rectangular. The site is located mostly in FEMA flood zone X with a portion in Zone AE per FEMA Flood Map Number: 12021C 0837H, dated May 16, 2012. Zone AE is classified as a flood hazard area. Legally Permissible The subject site is zoned RSF-3, Residential Single -Family District (RSF-3). It is the intent and purpose of this division to establish residential single-family (RSF) district regulations to provide comprehensive standards for uses and activities on lands primarily intended for detached, single-family residences. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only single-family residential uses are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate Page 52 AGUA COLINA PARCEL HIGHEST AND BEST USE continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. On this basis, barring unforeseen changes in the market, a well -designed single-family product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Residential development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, residential development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size, class, and location of the property, the most probable buyer is an owner -user. Page 53 AGUA COLINA PARCEL VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 54 AGUA COLINA PARCEL VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 55 AGUA COLINA PARCEL SALES COMPARISON APPROACH SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched six comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per square foot as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 56 AGUA COLINA PARCEL SALES COMPARISON APPROACH Comp Address Date Price City Land SF Price Per Land SF Sale Comments Subject 19291ndia. Hill Street 2/19/2023 Mamo Island 27,780 1 1115 Caxambas Dr 6/8/2022 $1,950,000 Partially cleared canal front lot with old (1969) seawall According to listing agent, Tony Oliverio, a Phase 2 archaeological survey reported some cultural resource deposits; however, they have a Phase 3 mitigation plan. According to Tony, the cost will be fairly nominal. There are gopher tortoises present which will cost and estimated $300,000 to relocate. The property was pumhased in April 2022 for $1,240,000. It was not publicly Mamo Island 21,780 $89.53 listed on MIS, the sellers responded to an unsolicited offer. The lot was then resold (also offMLS) for $1,950,000 in June 2022. It was then listed on MLS on June 16, 2022 for $2.5 million with minimal activity. 2 1085 Caxambas Dr 4/14/2022 $2,250,000 Cleared canal front lot with seawall installed in 2016. Archaeological survey reported there are no cultural resource deposits. Lot was listed for $2,995,000 in February 2022 and reduced to $2,595,000 in March 2022. Lot was last purchased in February 2022 for Mamo Island 21,780 $103.31 $1,600,000 as an offninket transaction froman unsolicited offer. Lot was relisted on 1/25/23 for $2.5 million 3 1031 EInlet Drive 8/26/2022 $2,240,000 Cleared canal front lot with seawall installed in 2021. A Cultural Resources Assessment Survey dated Dec. 2019 reported no cultural resource deposits regarded as eligible for listing in the National Register of Historical Places. Lot previously sold in March 2021 for Mamo Island 21,780 $102.85 $949,000 and for $1,500,000 in August 2021. It was relisted for $2,475,000 in June 2022. 4 1558 Heights Cr 9/31/2022 $2,900,000 Cleared canal front lot (home was demolished in 2022) with seawall installed in 8/2022 (Cost of $49,600 reported on permit). Lot previously sold in 11/2021 for $2 Million. It was Marco Island 21,980 $131.94 relisted in September 2022 for $6.9 million and reduced in Feb 2023 to $6.4 million. 5 931 E Inlet Dr 1/10/2023 $2,000,000 Cleared canal front lot with seawall installed 2017. Located at end ofcanal with 200 feet of water frontage. Lot sold in 2/21 for $999,000. It was mlisted in March 2022 for $3.3 million and decreased to $2.499 in April 2022. Lot has been relisted for $2.5 million in January Marco Island 27,261 $73.36 2023. 6 1645 Ludlow Road 2/6/2023 $2,400,000 Cleared canal front lot with new seawall installed in 2022 (Cost of $49,000 reported on permit). Home plans were included. Lot sold in 4/21 for $1.24 million. It was relisted in Marco Island 24,941 $96.23 August 2022 for $2.8 million and decreased to $2.57 million in Dec. 2022. Comparables Map $aw adorectt 0 0001 0wtaga CA r amol Roberts 'as:1�0 -E I - OidsC# r"4 $ }� K� L.O."er fVP U11 Preser we 3 A lb David Key Map data C2M Page 57 AGUA COLINA PARCEL SALES COMPARISON APPROACH Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 58 AGUA COLINA PARCEL SALES COMPARISON APPROACH Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Name Agua Colma Parcel 1115 Caxambas Dr 1085 Caxambas Dr 1031 E Inlet Drive 1558 Heights Cr 931 E Inlet Dr 1645 Ludlow Road Address 1929Indian Hill Street 1115 Caxambas Dr 1085 Caxsmbas Dr 1031 EInlet Drive 1558 Heights Cf 931 EInlet Dr 1645 Ludlow Road City Marco Island Marco Island Marco Island Marco Island Marco Island Marco Island Marco Island Date 2/19/2023 6/8/2022 4/14/2022 8/26/2022 9/31/2022 1/10/2023 2/6/2023 Price $1,950,000 $2,250,000 S2,240,000 $2,900,000 S2,000,000 $2,400,000 Land SF 27,780 21,780 21,780 21,780 21,980 27,261 24,941 Land SF Unit Price $89.53 $103.31 $102.85 $131.94 $73.36 $96.23 Transaction Adjustments Property Rights Fee Simple Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.01. Fee Smrple 0.0% Fee Simple 0.0% Financing Cash 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Conditions of Sale Arm's length 0.0% Amis length 0.0% Amis length 0.0% Arm's length 0.0% Aurds length 0.0% Amr's length 0.0% Adjusted Land SFUnit Price $89.53 $10331 $102.85 $131.94 $7336 $96.23 Market Trends Through 2/19/2023 5.0% 3.5% 4.2% 2.4% 2.3% 0.5% 0.2% Adjusted Land SF Unit Price $92.65 $107.69 $105.31 $135.01 $73.76 $96.39 Location Good Stool. Stuart, Similar Similar Statist Shull. %Adjustment 01/. 01/. 01/. 01/. 01/. 01/. $Adjustment 27,780 $0.00 21,780 $0.00 21,780 $0.00 21,780 $0.00 21,980 $0.00 27,261 $0.00 24,941 Land SF Adjustment1 -5% -5% -5% -5% 0% 0% $Adjustment Native and emtic -S4.63 Partially cleared with -$5.38 Cleared with new seawall -$5.27 Cleared with new -$6.75 Cleared with new $0.00 Cleared with new $0.00 Cleared with new Topography vegetation with old old seawall seawall seawall seawall seawall seawall %Adjustment -5% -10% -10% -10% -10% -10% $Adjustment Rectangular MOL; End -S4.63 Rectangular 410.77 Rectangular -$10.53 Rectangular -$13.50 Rectangular -$7.38 Irregular -$9.64 Rectangular Shape of Canal %Adjustment -10% -10% -10% -10% -5% -10% $Adjustment RSF-3 -$9.26 RSF-3 -$10.77 RSF-3 -$10.53 RSF-3 -$13.50 RSF-3 -$3.69 RSF-3 -$9.64 RSF-3 Zoning Adjustment 01/. 01/6 01/. 01/. 01/. 01/. $Adjustment Burial (kro nds; $0.00 Gopher tortoises & $0.00 None known $0.00 None known $0.00 None known $0.00 None known $0.00 None known Fnvmoror cntal Issues Gopher Tortoises Cuhumlresouree deposits %Adjustnent -25% -30% -30% -30% -30% -30% $Adjustment -$23.16 -$32.31 -$31.59 -$40.50 -$22.13 -$28.92 Adjusted Land SFUnit Price $50.96 $48.46 $4739 $60.75 $40.57 $4810 Net Adjustments -45.016 -55.0% -55.0% -55.0% 45.0% -50.0% Goss Adjustments 45.0o/ 55.0o/ 55.0o/ 55.0% 45.0% 50.0o/ Page 59 AGUA COLINA PARCEL SALES COMPARISON APPROACH Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends The following graph developed from the Southwest Florida MLS shows the pricing trend of Waterfront, Gulf Access residential lots in Marco Island over the past year, excluding outliers. Scow S350.W • S300,00 Gulf Access Lot Trend S250,00 • • • • $200, W • • • $1S0.W • • ............... • ....... ..•••.• S100,00 • • • • • • • • • • • • • $sa,00 50,ao 1 1 2/8/2022 3/30/2022 5/19/2022 2/8/2022 8/27/2022 1011612022 12/5/2D22 1/24/mn 3/15/2023 S/4/2023 The survey included 61 transactions. Prices per square foot ranged from $34.16 to $339.30 per square foot and averaged $135.27 per square foot. The graph indicates a significant increasing trend in sales prices over the past year. However, it is noted this is unadjusted raw data of improved sales and does not relate directly to the subject. Page 60 AGUA COLINA PARCEL SALES COMPARISON APPROACH It is also noted that Comparables 1, 2, and 5 have all be relisted since the most recent sale. All three are currently listed for $2,500,000 or $92 to $115 per square foot. Comparable 4 is currently listed for $6,400,000 or $291 per square foot. As discussed, residential inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. According to the January 2023 Market Report released by the Naples Area Board of Realtors (NABOR), single-family home closed sales in Collier County (excluding Marco Island) decreased 32.3% in January 2023 compared to closed sales in January 2022. The inventory of homes for sale increased by 116% in January 2023 as compared to January 2022. According to the Southwest Florida MLS, the total number of residential lot sales on Marco Island decreased by approximately 46% in January 2023 compared to January 2022 and by approximately 42% in February 2023 compared to February 2022. The following graph shows the Sale Price vs. List Price Ratios for lots in Marco Island since 2018. As shown, the Sale/List ratio declined to 87.1 % in December 2022 and has rebounded slightly in 2023 to 94.3% in January and 21.7% in February. Overall ratios are declining from 95-99% range during 2021 and 2022. 100.0% 9811% 96. 0% 94.0% m U d 92.0% 3r- C _ Claw Priceto List Price Ratio Time frame is from ]an 2018 to Feb 2023 City is'Marca Island' Results calculated from 896 listings Page 61 AGUA COLINA PARCEL SALES COMPARISON APPROACH Based on the previous analysis, we have applied a 5.0% annual adjustment. Location The comparables are all canal front lots within the immediate proximity of the subject; therefore, no location adjustments are required. Size The subject is similar in size to Comparables 5 and 6. Size and price per square foot are typically inversely related; therefore comparables 1, 2, 3, and 4 are adjusted downward for their smaller size. Topography / Seawall The subject is heavily vegetated with native and exotic plants. According to the property appraiser the subject has a 58-foot seawall that was installed in 1969. The seawall is substantially overgrown, and the condition is unknown. Comparables 1 has an old (1969) seawall similar to the subject. It is partially cleared and considered superior to the subject's substantially overgrown topography. Therefore, it is adjusted downward appropriately. Comparables 2, 3, 4, 5, and 6 were all cleared lots with new seawalls. They are all adjusted downward accordingly. Configuration The subject is generally rectangular in configuration; however, it is located at the end of the Highland Waterway Canal with only 58-feet of frontage. Comparables 1, 2, 3, 4, and 6 are all rectangular with approximately 125 feet of canal frontage. The subject has a superior view down the length of the canal; however, it has inferior frontage. They are all superior to the subject and adjusted downward accordingly. Comparable 5 is irregular in shape. The developable area is generally pie shaped and the lot has a total of approximately 200 feet of canal frontage wrapping around to the end of the canal. The view and shape are both inferior to the subject; however, the lot has extensive canal frontage and is considered superior overall. It is adjusted downward accordingly. Zoning All of the comparables are similar in terms of zoning type; therefore, no adjustments are required. Environmental Issues The subject and the comparables are all located in an Archaeological Sensitive Area of Marco Island. According to a Phase 2 Cultural Resources Assessment Survey (CRAS) prepared by Advanced Archaeology, Inc. dated July 2017, prehistoric and historic cultural resources, Page 62 AGUA COLINA PARCEL SALES COMPARISON APPROACH including prehistoric human remains, were documented. Intact human burials were only found to occur on the fringe of the building footprint's southwest section. This assessment indicated that this site component of 8CR107 is capable of providing insights on prehistoric mortuary practices and site specialization in the region. It is the consultant's opinion, that the 1929 Indian Hill Street Component of site 8CR107 exhibits characteristics that qualifies it as eligible for listing on the National Register of Historic Places; however, the owner of the 1929 Indian Hill Street parcel, Agua Colina, LLC., has indicated that it objects to be listed on the National Register of Historic Places. According to the CRAS, intact human remains (burials) are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. Furthermore, an archaeologist must be present on site to monitor any ground -disturbing activities as a result of construction. Any original sediment that may be excavated from the site will be sifted for cultural material, and any recovered human remains will be analyzed and reinterred in an area of the site that will not be impacted by development. The costs associated with these mitigation efforts are not known and are estimated for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of estimated mitigation costs. According to a Conservation Collier Initial Criteria Screening Report dated November 8, 2021, the property has evidence of active gopher tortoise borrows. The report also noted a significant amount of gopher tortoise burrows and habitat observed on the parcel to the south. The Screen Report reports an estimated 41 potentially active occupied borrows on the site. According to Nancy J. Ritchie of Island Environmental & Marine Services, LLC, recipient sites in the area are charging $6,000/tortoise for relocation excluding FWC Permit/Mitigation fee and the Agent fee. Finally, I consider the stigma associated with building near burial grounds. Comparable 1 has a significant number of gopher tortoises. The listing agent estimated the cost to relocate the tortoises at approximately $300,000 which is similar to the subject. Additionally, a Phase 2 Archaeological Survey reported some cultural resource deposits. However, according to the listing agent, a Phase 3 Study reported a mitigation plan with a fairly nominal cost. Comparable 1 does not have the significant impact of burial grounds like the subject. Therefore, it is adjusted downward accordingly. Comparables 2, 3, 4, 5, and 6 have no known environmental issues and are adjusted downward accordingly. Page 63 AGUA COLINA PARCEL SALES COMPARISON APPROACH Sales Comparison Approach Conclusion All of the value indications have been considered. Based on the previous analysis, and considering the large size of the subject lot as well as the environmental issues, I arrive at my final reconciled per square foot value of $41.00. Land Value Ranges & Reconciled Values Number of Comparables: 6 Unadjusted Adjusted % a Low: $73.36 $40.57-44.71% High: $131.94 $60.75-53.95% Average: $99.54 $49.39-50.38% Reconciled Value/Unit Value: $41.00 Subject Size: 27,780 Indicated Value: $1,138,980 Reconciled Final Value: $1,140,000 Page 64 AGUA COLINA PARCEL RECONCILIATION RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of February 19, 2023, subject to the Limiting Conditions and Assumptions of this appraisal. Appraisal Premise Market Value, As Is VALUE CONCLUSIONS Interest Appraised Fee Simple Date of Value February 19, 2023 Value Conclusion $1,140,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: I None. Extraordinary Assumptions: According to a Phase 2 Cultural Resources Assessment Survey (CRAS) prepared by Advanced Archaeology, Inc. dated July 2017, prehistoric human remains were documented. Intact human remains (burials) are required to be preserved in situ and not impacted by development. Any intact human remains that occur within the building footprint will be protected either by a layer of fill that will buffer the remains from the above ground construction or avoided by using cantilevering design techniques. Furthermore, an archaeologist must be present on site to monitor any ground -disturbing activities as a result of construction. Any original sediment that may be excavated from the site will be sifted for cultural material, and any recovered human remains will be analyzed and reinterred in an area of the site that will not be impacted by development. The costs associated with these mitigation efforts are not known and are estimated for the purpose of this appraisal. I reserve the right to readdress my value opinion, if necessary, upon receipt of estimated mitigation costs. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Page 65 AGUA COLINA PARCEL FINAL VALUE CONCLUSION Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12 months. Page 66 AGUA COLINA PARCEL CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 67 AGUA COLINA PARCEL 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 68 AGUA COLINA PARCEL ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 69 AGUA COLINA PARCEL ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 70 AGUA COLINA PARCEL ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 71 AGUA COLINA PARCEL ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 72 AGUA COLINA PARCEL ADDENDA - APPRAISER QUALIFICATIONS ADDENDA *Rn AGUA COLINA PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS *Rn AGUA COLINA PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS *PSI AISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 C. LOWRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOSBITT, MAI www.rklac.com AGUA COLINA PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Government. Relations: Appraisal Institute National (2022) Prof Standards & Guidance: Appraisal Institute National (2023) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. *Rn AGUA COLINA PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS Ron DeSantie, Governor dbor STATE OF FLORIDA i'` '' DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie S. Griffin, Secretary FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISFR HEREIN IS CERTIFIED UNDFR THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES „'ZUCCHI, RACHEL M 4500 EXECUTIVE DRIVE SUITE 2' NAPLFS FL 34114 14 w L CENSE NUMBER: RZ2484 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not aster this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Rn* AGUA COLINA PARCEL ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION *Rn Collier County Property Appraiser Property Summary Parcel No 58105400007 Site Address 11929 INDIAN Site City MARCO *Disclaimer HILL ST ISLAND Name / Address AGUA COLINA LLC PO BOX 7154 City FORT MYERS State I FL Site Zone 34145 *Note Zip 133919 Map No. Strap No. Section Township Range Acres *Estimated 71317 778800 403 171317 17 52 26 0.63 Legal MARCO BCH UNIT 13 BLK 403 LOT 1 Millage Area O 58 Millage Rates la *Calculations Sub./Condo 778800 - MARCO BEACH UNIT 13 School Other Total Use Code O 0 - VACANT RESIDENTIAL 4.459 5.681 10.14 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book -Page Amount 07/09/07 4255-2643 $ 1,000,000 10/29/01 2915-1849 $ 150,000 04/00/86 1187-174 $ 110,000 01/01/85 1118-408 $ 0 11/01/82 996-1129 $ 0 02/01/74 580-646 $ 0 2022 Certified Tax Roll (Subject to Change) Land Value $ 1,773,645 +) Improved Value (_) Market Value (-) 10% Cap $ 0 $ 1,773,645 $ 1,026,160 (_) Assessed Value $ 747,485 (_) School Taxable Value (_) Taxable Value $ 1,773,645 $ 747,485 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Parcel No 58105400007 Site Address 1929 INDIAN Site City MARCO *Disclaimer HILL ST ISLAND Name / Address AGUA COLINA LLC PO BOX 7154 Site Zone 34145 *Note City FORT MYERS State FL Zip 33919 Permits (Provided for reference purposes only, *Full Disclaimer. ) Tax Yr Issuer Permit # I CO Date Tmp CO I Final Bldg I Type Land Buildinq/Extra Features # # Year Built Description Area Adj Area 10 1969 SEAWALL 58 58 Calc Code Units 10 SQUARE FOOT 27821.811 This Document Prepared By and Return to: Law Offices of Ronald S. Webster 979 North Collier Blvd. Marco Island, FL 34145 239-394-8999 Parcel ID Number: 58105400007 Warranty Deed 4044312 OR; 4255 PG; 2643 RECORDED in OFFICIAL RECORDS of COLLIER COUNTY, FL 07/09/2007 at 02:53PK DNIGHT B. BROCK, CLERK CONS 1000000.00 RBC FBB 18.50 DOC-.10 7000.00 Reta: QUARLES & BRADY 1395 PANTHER LAMB 1300 NAPLES FL 34109 This Indenture, Made this 2nd day of July , 2007 A.D. , Between Roy G. Wild, a married person and R. G. Wild, Inc., a dissolved Ohio Corporation of the County of Escambia , State of Florida , grantors, and Agua Colina, L.L.C., a Florida limited liability company whose address is: P.O. 'Box 7154, Fort Myers, FL 33919 of the County of Lee,. , State of Florida , grantee. W itnesseth that the GRAN`i ORS 'or and in consideration of the sum of --------------- ---- ---- --TEN DOLLARS ($10)- - - - - - - - - - - - - - - - - - - - - - - DOLLARS, and other good and valuable consideration to GRANTORS in hand paid by GRANTEE, the receipt whereof is hereby acknowledged, have granted, bargained and sold to the said GRANTEE and GRANTEE'S heirs, successors and assigns forever, the following described land, situate, lying and being in the County of COlIler ' State of Florida to wit: Lot 1, Block 403 of MARO BEACH UNIT THIRTEEN, according to the Plat thereof as recorded in Plat -Book 6, Page(s) 92 through 99, inclusive, of the Public Records of ier County, Florida. ol11 Subject to restrictions taxes for the year 2007 Grantor warrants this is not to Grantors homestead. This warranty deed is being gi Wild, Inc., a dissolved Ohio C is common to the subdivision and ent years. property, nor is it contiguous up the affiars of R. G. and the grantors do hereby fully warrant the title to said land, and will defend the same against lax%ful claims of all persons whomsoever. Laser Generated by ® Display Systems, Inc., 2003 (863) 763-5555 Form FLWD-2 Warranty Deed- Page 2 Parcel lU Number: 58105400007 *** OR; 4255 PG; 2644 *** In Witness Whereof, the grantors have hereunto set their hands and seals the day and year first above written. Signed, sealed and delivered in our presence: R. G. Wild, Inc., a dissolved Ohio Corporation By : �xrs • (Seal) Prin ed Name: Roy G. Wild, President Witness P.O. Ad s: 247 Tanara Circle, Pensacola, FL 32504 (Seal) Printed Name: RoyKG. Wild Witness P.O. Address: 1247 Tanara Circle, Pensacola, FL 32504 (Corporate Seal) STATE OF F, r , & COUNTY OF Esca,, a� The foregoing instrument was acknowledged before me this —241 l day of junk y,'ja Jg , 2007 by Roy G. Wild he is personally known to me or he has produced his Florida driver' s license as OFFICIALARY SEAL r i COMMISSI DY0422680 Printed Name: MY COMM. E RES 04/26/2WO Notary Public 1►v.�s.� BONDED THRU ( 43321: 254 FLORIDA NOTAiiY My Commission Expires: STATE OF Florida '� p COUNTY OF Escambia `. a The foregoing instrument was acknowledged before rft, [ is'.. ` --J" day of Roy G. Wild, a married person : f he is personally known tome or he has produced his Driver "s le*bE3Tlse as ide fic�n. / {f� OFFICIAL NOTARY SEAL W R. CONROY i COMMISSION IE . DD 04226W MY COMM. EXS 04/26/2M BONDED THRW )432.4254 FLORIDA NOTY ASSN. tNC. FL•�L. Name: Public 3 Expires: v 2007 by 07-285 Laser Generated by ® Display Systems, Inc., 2003 (863) 763-5555 Form FLWD-2 Found Cut NoR a TInIAN 47'J042- W x74' l8snchmark a E 0.f0; N-0.09'BwchmorN • cx uVnen Found ta/t Nag Found PK NoA Dlsk /G569 G•od•tk Johnson Nai E 0.f0: N-0.18'E1ev.-3x1NY(NGVD) [X,RVE FALYUS DELTA ARClENCTH N7VDRD LENCTii CFNCMNI7 fA4G t7ev.-41.44(NGM) Found Nar C1 1.3aO0 1sx921 X41s JffiO4 5 50:3425 Nr E a01: N.a23' / \ C2 2500 89:7936 J9:12 J523 N 8739J0 E W E / \ 1 �0% Found 3/8" kon Found 5/a" pan Yr�'{7 I ,�.`� •� o E•,aa,gnr-aD3' G2 Ph No iD,� a t1 `Qti j E a08. N-0.02' 4, 4� q cj C7 ��� �� r' I ,�� y p?� �o �►al Description �� P�S �0 As provided by dient LOT 1, BLOCK 40,E MARCO BEACH UNIT THIRTEEN AS 60 kgk 0-\ 4�L rA RECWED IN PLAT BOOK 6 AT PAGES 92 7HROUGH 99 Mo n�" Nlmeene4- Cona $ `��3 �p` r� OF THE PUBLIC RECORDS OF COLLIER COUNTY FLORIDA. / o,Q Nsar.-, S•0.2o' /J I \ . 47.19' � ! 0 1273' s ,�'�• 12J1' tar a0.01 � ��. 1 ,7.1' � ��. E t1S Found Cut NoA / 6v ARarEaoar»u PIT � •,,ram. � � lTiP+�+) f.D Found PK NaA &4 J LEGEND: B8 - BEARING BASIS -PLAT Dhk /1126 { /� ! - FOUND CONCRETE MONUMENT MEAS - MEASURED - M w-am', s-a1D' I +�7 0 .. SET CONCREM MONUMENT (LB 0 3964) CALC. - CALCULATED o • - FOUND IRON PIN ❑ - DELTA ANM 3A 7.r is a/ i - FFOOUND K46LL PIN (LE) 3954) CH CHORD Found 19 Non SET NAIL cl Proposed dh9 / Ph /74/9 p - FOUND DRILL HOLE O. - DRNNACE EASEMENT EnvetapeN'-0.07: 5-a 16' e - SET DRILL HOLE U.E. - UTLRY EASE6 ENT P.C. - POINT OF CURVATURE CONC• - CONCRETE Found 4"x4' I^ t P.T. -POINT OF TANGENCY R/W . RK,HT-OF-WAY Cana Monument �^ ` / Found Nog O LB. LAND FINTERSECTION NTSURVEYINGCTIONBUSINESS LS, CENTERLINE - SURVEYOR 1 Found 3/B' Non p o/ a^'s C.D.S. CONCRETE BLOC( STRUCTURE ELEV - ELEVATION Ph No g)/ L.M.E. - LAKE MAINTENANCE EASEMENT PL - PLAT 1 l / E-0.01: s-a36' P.R.C. - POINT OF REVERSE CURVATURE 8 - CABLE TV SERVIAZ G P.R.M. - PERMANENT REFERENCE MONUMENT )X CONC POWER POLE 1, I LOt V A C A N T i / P.C.P... PERMANENT CONTROL POINT -0 (- TRFPFgNE SEANCE ` ■ . WATER METER E - ELECTRIC SERVICE 1 \\ &7 I +' ! - SANITARY CLEAN OUT • - SAIFrARY MANHOLE 218 9.7JP.9_ Bair 1„- WE HEREBY CERTIFY TO Found 8/8- kim uwaos-a32' ��\ a3 C , AGUA COLH'IA, LLC Z THAT A SURVEY OF THE HEREON DESK PROPERTY WAS MADE UNDER MY DIRECTION AND FTH,4T IT LOPoDA MEETS RmRRRVEI TOHMCAL STANDARDS AS SET FORTH IN CHAPTER 5M-17, \. �, \ / • •.7.F17.pp1[S](6}y - NOT V" VinfOUT LIE 9GNATLRE AND THE ORIGINAL REAISED SEAL cT \ x OF THE FLOIIRIII U[y?!SW SLRyEYOR AND MAPPER. +�, / , SJ-t7. (3)(676 - ADDITION OR DELETIONS TO SURVEY MAPS OR RoxwTS BY OTHER THAN THE PA PARTY OR PARTIM IS PROHBTw WITHOUT WhT:EN OMSE NT OF Rff SIWM \ ZONE X 5 PARTY OR PARTIES. THERE ARE NO ENCROACHMMTS OTHER THAN SHOWN, NO 001,OOARY LINE DISPUTES. / EASEMENTS OR CLAIMS OF EASEMENTS OK MACH 1 HAW IaiOWLEDIE. ExLTpT AS SHOWN. AE 11.3 \ NGw ' .LB. DATE $ \ \ \ tCEA7"OF Ma 2982 / SEALED Seornu Cyo Found PK AEar / IS ONLY FOR THE LANDS AS OESL7OBm AftOVE, IT IS NOT A f1•v.-f 56' Dtak /741 RILE, 2DHINO OR FREEDOM FROM ENCUMBRANCE4436p4' IV AREA : 0.64 A SQUARE FEET REVIEWED 3:33(To PK Nar) 0.64 ACRES Found PK No# d< Found PK NaA & MAP OF BOUNDARY AND Disk(2) ",44 Disk j'. s TOPOGRAPHIC SURVEY N 3379'44" w I S 88177'11' W 58.00'{PL I \` H+.o.o3: �atY 3.60 (ro PK Ner) I x N 504rNa) ; H I G H L A N D FOR; AGUA CflLINA, LiICWA TER WA Y `\ rFRE\ASSIONS: Arch. Pit Lots 678/03 LOT 1, BLOCK 403 GRAPHIC SCALE Arch. Lo"Uoas 67a/03 MARCO BEACH ELEVATIONS ARE BASED ON NATIONAL GEODETIC VERTICAL DATUM ! \, UNIT THIRTEEN OF 1929, UNLESS OTHERWISE INDICATED. 0 20 40 s0 A. TRIGO & ASSOCIATES \ PROPERTY LIES IN FLOOD ZONE AE 11.3'(NGVD 29) AE 10.0' (NAND 88) \ Plornwom LAM sos+rtvla t PLAM MS TIAM CN N= RAY COMA PANEL 120426 0837 H, DATED 5-16-2012 \` ACAo �`X:1}tARCo ilnftl3 t-403—t3.DWG FLOOD ZONE LINE IS APPROXIMATE 1 � u•e rusliY� le>,i rrlN DATE I S[JM F. raaIlN• racrrm. oir,r RL7 rn r ,an. AGUA COLINA PARCEL ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA *Rn AGUA COLINA PARCEL ADDENDUM C - COMPARABLE DATA Transaction ID 7738 Date 6/8/2022 Name 1115 Caxambas Dr Price $1,950,000 Address 1115 Caxambas Dr Price Per Land SF $89.53 City Marco Island Transaction Type Closed Sale Grantor Michael A. Oliverio as Financing Cash Trustee Grantee BTL Holdings LLC Property Rights Fee Simple Tax ID 58105480001 Days on Market Off MLS Sale Verification Date 7/12/2022 Book/Page or Reference 6141/3029 Sale Verification Source Anthony Oliverio w/ Coldwell Doc Banker Realty Arm's length Sale ffistory 4/22 for $1.24 million Conditions of Sale Site Acres 0.50 Topography Partially cleared with old seawall Land SF 21,780 Zoning RSF-3 Primary Frontage Feet 125 Flood Zone X Primary Frontage Street Caxambas Dr Dimensions 125' x 174' Utilities All public Shape Rectangular Comments Partially cleared canal front lot with old (1969) seawall. According to listing agent, Tony Oliverio, a Phase 2 archaeological survey reported some cultural resource deposits; however, they have a Phase 3 mitigation plan. According to Tony, the cost will be fairly nominal. There are gopher tortoises present which will cost and estimated $300,000 to relocate. The property was purchased in April 2022 for $1,240,000. It was not publicly listed on MIS, the sellers responded to an unsolicited offer. The lot was then resold (also offMLS) for $1,950,000 in June 2022. It was then listed on MLS on June 16, 2022 for $2.5 million with minimal activity. *Rn AGUA COLINA PARCEL ADDENDUM C - COMPARABLE DATA Transaction ID 7739 Date 4/14/2022 Name 1085 Caxambas Dr Price $2,250,000 Address 1085 Caxambas Dr Price Per Land SF $103.31 City Marco Island Transaction Type Closed Sale Grantor Cary Van Cleef and Anthony Financing Cash Oliverio Grantee Paul Robey, Trustee and Property Rights Fee Simple Jennifer Robey, Trustee Tax ID 58105600001 Days on Market 41 Sale Verification Date 7/12/2022 Book/Page or Reference 6113/2631 Sale Verification Source Anthony Oliverio w/ Coldwell Doc Banker Realty Conditions of Sale Amfs length Sale Ifistory 2/21 for $990,000 and 2/22 for $1.6 million Site Acres 0.50 Topography Cleared with new seawall Land SF 21,780 Zoning RSF-3 Primary Frontage Feet 125 Flood Zone AE Primary Frontage Street Caxambas Dr Dimensions 125' x 174' Utilities All public Shape Rectangular Comments Cleared canal front lot with seawall installed in 2016. Archaeological survey reported there are no cultural resource deposits. Lot was listed for $2,995,000 in February 2022 and reduced to $2,595,000 in March 2022. Lot was last purchased in February 2022 for $1,600,000 as an off market transaction from an unsolicited offer. Lot was relisted on 1/25/23 for $2.5 million *,Rn AGUA COLINA PARCEL ADDENDUM C - COMPARABLE DATA Transaction ID 7734 Date 8/26/2022 Name 1031 E Inlet Drive Price $2,240,000 Address 1031 EInlet Drive Price Per Land SF $102.85 City Marco Island Transaction Type Closed Sale Grantor Blue Parrot Properties LLC Financing Cash Grantee Optimal Partners Property Rights Fee Simple Tax ID 58108360005 Days on Market 47 Sale Verification Date 2/28/2023 Book/Page or Reference 6168/13 Sale Verification Source William Aiuto, LLC w/ Doc Platinum Real Estate Amfs length Sale Ifistory 8/2021 for $1.5 million; 3/2021 Conditions of Sale for $949,000 Site Acres 0.50 Topography Cleared with new seawall Land SF 21,780 Zoning RSF-3 Primary Frontage Feet 125 Flood Zone AE Primary Frontage Street E Inlet Drive Dimensions 125' x 174' Utilities All public Shape Rectangular Comments Cleared canal front lot with seawall installed in 2021. A Cultural Resources Assessment Survey dated Dec. 2019 reported no cultural resource deposits regarded as eligible for listing in the National Register of Historical Places. Lot previously sold in March 2021 for $949,000 and for $1,500,000 in August 2021. It was relisted for $2,475,000 in June 2022. *Rn AGUA COLINA PARCEL ADDENDUM C - COMPARABLE DATA Transaction ID 7735 Date Name 1558 Heights CT Price Address 1558 Heights CT Price Per Land SF City Marco Island Transaction Type Grantor Todd and Michelle Gibson Financing Grantee Dan A. Vierk, Trustee (75% Property Rights Int) and Gabrielle Lavoie Trustee (25% Int) Tax ID 58111920005 Days on Market 105 Sale Verification Date Book/Page or Reference 6168/2569 Sale Verification Source Doc Conditions of Sale Ands length Sale History Acres 0.50 Land SF 21,980 Primary Frontage Feet 125 Primary Frontage Street Heights Ct Utilities All public Site 8/31/2022 $2,900,000 $131.94 Closed Sale Cash Fee Simple 2/28/2023 Samia Markhart w/ Achieve Realty LLC 11/2021 for $2 million Topography Cleared with new seawall Zoning RSF-3 Flood Zone VE Dimensions 125' x 176' Shape Rectangular Comments Cleared canal front lot (home was demolished in 2022) with seawall installed in 8/2022 (Cost of $49,600 reported on permit). Lot previously sold in 11/2021 for $2 Million. It was relisted in September 2022 for $6.9 million and reduced in Feb 2023 to $6.4 million. Rn* AGUA COLINA PARCEL ADDENDUM C - COMPARABLE DATA Transaction ID 7736 Date 1/ 10/2023 Name 931 E Inlet Dr Price $2,000,000 Address 931 E Inlet Dr Price Per Land SF $73.36 City Marco Island Transaction Type Closed Sale Grantor Alan D. and Malinda R. Financing Cash Bloomingdale, individually Grantee Gary J. Hoagland as Trustee Property Rights Fee Simple of the Christopher M. Tax ID 58108720001 Days on Market 296 Sale Verification Date 2/28/2023 Book/Page or Reference 6208/3886 Sale Verification Source Doug Davis w/ Coldwell Doc Banker Realty Conditions of Sale Arms length Sale History 2/21 for $999,000 Site Acres 0.63 Topography Cleared with new seawall Land SF 27,261 Zoning RSF-3 Primary Frontage Feet 336 Flood Zone AE Primary Frontage Street EInlet Drive Dimensions Irregular Utilities All public Shape Irregular Comments Cleared canal front lot with seawall installed 2017. Located at end of canal with 200 feet of water frontage. Lot sold in 2/21 for $999,000. It was relisted in March 2022 for $3.3 million and decreased to $2.499 in April 2022. Lot has been relisted for $2.5 million in January 2023. Rn* AGUA COLINA PARCEL ADDENDUM C - COMPARABLE DATA Transaction ID 7737 Date 2/6/2023 Name 1645 Ludlow Road Price $2,400,000 Address 1645 Ludlow Road Price Per Land SF $96.23 City Marco Island Transaction Type Closed Sale Grantor Paer and Ingrid Mahnhagen Financing Cash Grantee Marco and Judith Santamaria Property Rights Fee Simple Tax ID 58115280000 Days on Market 153 Sale Verification Date 2/28/2023 Book/Page or Reference 6213/2338 Sale Verification Source Joseph A Bartos, PA w/ Doc Premiere Plus Realty Co. Arms length Sale History 4/21 for $1.24 million Conditions of Sale Site Acres 0.57 Topography Cleared with new seawall Land SF 24,941 Zoning RSF-3 Primary Frontage Feet 126 Flood Zone X Primary Frontage Street Ludlow Road Dimensions 126'x200' Utilities All public Shape Rectangular Comments Cleared canal front lot with new seawall installed in 2022 (Cost of $49,000 reported on permit). Home plans were included. Lot sold in 4/21 for $1.24 million. It was relisted in August 2022 for $2.8 million and decreased to $2.57 million in Dec. 2022. Rn* BCC Conservation Collier Property Summary Cycle I IA Agua Colina - Marco Island Parcel Name: Agua Colina Owner(s): Agua Colina Appraised Value: $1,120,000 Target Protection Area: Urban This is a Cycle 10 Board "B" ranked property Highlights: • Location: 1929 Indian Hill St, Marco Island • 3 of 6 Initial Screening Criteria were met: Native plant community; human social values; biological and ecological values • Habitat: Coastal scrub; sand live oak, Brazilian pepper, cabbage palm, gumbo limbo • Listed Plants: giant wild pine (Tillandsia utriculata) and cardinal air plant (Tillandsia fasciculata) • Listed Wildlife: Gopher tortoise (Gopherus polyphemus) • Water Resource Values: Provides slight aquifer recharge; upland soils; no wetlands on site; buffers canal. • Connectivity: Parcel is not near other conservation land; adjacent to Cycle 10 Agua Colina parcel • Other Division Interest: None • Access: Adjacent to roadway; street parking available • Management Issues / Estimated Costs: Initial exotic removal estimated at $2,000 and ongoing annual estimated at $500; native plantings estimated at $4,000; interpretive signage estimated at $5,000 and ongoing annual estimated at $100. • Partnership Opportunities: Audubon of the Wester Everglades; City of Marco Island • Zoning/Overlays: RSF-3, Residential Single -Family • Surrounding land uses: Undeveloped; roadway; residential; canal • All Criteria Score: 244 out of 400; Restoration / Management and Vulnerability scores are high • Acquisition Considerations: Adjacent to Cycle 10 South Terra Corp parcel; Within an identified archaeological site, containing 16 intact human burials representing a minimum of 28 individuals 1 Acreage: 0.63 - M—IR aa4aY�3'�y iP'&:p Total Score: 253/400 180 160 160 140 120 100 72 80 80 80 80 80 62 60 39 40 20 0 1 - Ecological 2 - Human 3 - Restoration 4 - Vulnerability Value Value and Management ■ Awarded Points ❑ Possible Points BCC Conservation Collier Property Summary Cycle 11A Agua Colina - Marco Island Ilil �_k� BARBAROSACT e� Legend D9ytiF OR' EANSCT R WAOcr . Annecy Barfield Application Received qr - Cycle 10 parcel _ Otter Mound Preserve BEGONIACT y'' GALLEONA E GALLEON CT MEDEIRA T N i t ALMERIA CT MACAO T r � Q U U K T co,E-R ATION WINTERBERRY DR L L I E R ~ WISC GOV�\N05VJO v g eY C---111 CIA�1 OPO�G� Si Do 9 � Chestnut Tjy4y oil �R View of Agua Colina parcel looking northeast DEVON T 0 r w _ z NCO PELANOOR O SCT 3� Jm LUDLON RD S & B Properties of Marco M'LVAINE CT o� o Agua Colina CAXAMBAS cr o � Z 3 ADDI ON CT m m Nam o South Terra Corp S CT OSCE LA SINLETDR �.r 0 0.5 1 y Miles l View of Agua Colina parcel looking southwest Conservation Collier Initial Criteria Screening Report Legend 0 Agua Colina LLC 0 Addison_M_Fischer_Rev _Trust 0 WISC Investment Company alter Mound Preserve 0 0.55 1 1 Miles Marco Island Parcels Staff Report Date: November 8, 2021 CCLAAC Meeting Ecological Human Values/Aesthetics Vulnerability Secondary Criteria Categories Management Total Score: 251 0 10 20 30 40 50 60 70 30 90 100 category Scores Addison Fischer score TIPM LLIEa Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Contents I. Introduction........................................................................................................................................................5 II. Summary of Property Information.....................................................................................................................6 Table 1: Summary of Property Information...................................................................................................6 Table 2: Marco Island parcel folio numbers: .................................................................................................. 7 Figure1: Location Overview...........................................................................................................................8 Figure 2: Location Overview Aerial with Surrounding Conservation Areas...................................................9 Figure 3: Location Close-up Aerial — Addison Fischer property................................................................... 10 Figure 4: Location Close-up Aerial — Agua Colina property......................................................................... 11 Figure 5: Location Close-up Aerial — WISC Investment properties.............................................................. 12 Summary of Assessed Value and Property Costs Estimates............................................................................ 13 Table 3. Assessed & Estimated Value.......................................................................................................... 13 Zoning, Growth Management and Conservation Overlays......................................................................... 13 III. Statements for Satisfying Initial Screening Criteria..................................................................................... 14 Criteria1: Native Habitats................................................................................................................................... 14 VegetativeCommunities................................................................................................................................. 14 FLUCCS: Characterization of Plant Communities Present............................................................................... 14 ................ 14 Criteria 2: Human Social Values.......................................................................................................................... 14 Statement for Satisfaction of Criteria 2: .......................................................................................................... 14 Criteria3: Water Resources................................................................................................................................. 15 AquiferRecharge Potential............................................................................................................................. 15 Table 4: Aquifer Recharge, Wellfield Protection, and FEMA Flood Zone Characteristics ........................... 15 Statement for Satisfaction of Criteria.............................................................................................................. 15 Criteria 4: Biological and Ecological Value........................................................................................................... 16 ListedPlant Species......................................................................................................................................... 16 Table 5: Observed Plant Species.................................................................................................................. 17 ListedWildlife Species..................................................................................................................................... 18 Table 6: Observed Listed Wildlife Species................................................................................................... 18 Table 7: Observed Listed Wildlife Species and habitat specific to parcels .................................................. 18 Potential Listed Wildlife Species.................................................................................................................. 18 2 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Statement for Satisfaction of Criteria 4........................................................................................................... 19 Criteria 5: Enhancement of Current Conservation Lands.................................................................................... 19 Statement for Satisfaction of Criteria.............................................................................................................. 19 IV. Potential Uses and Recommended Site Improvements.............................................................................. 19 PotentialUses...................................................................................................................................................... 19 Table8: Appropriate Uses........................................................................................................................... 19 Recommended Site Improvements..................................................................................................................... 20 Access.................................................................................................................................................................. 20 V. Assessment of Management Needs and Costs............................................................................................... 20 Non-native Vegetation.................................................................................................................................... 20 Table 9: Non-native Plant Species Observed............................................................................................... 21 Invasive Vegetation Removal and Control...................................................................................................... 21 PublicParking.................................................................................................................................................. 22 PublicAccess Trails.......................................................................................................................................... 22 Security and General Maintenance................................................................................................................. 22 Table 10: Summary of Estimated Needs and Costs..................................................................................... 22 VI. Acquisition Considerations.......................................................................................................................... 22 VII. Potential for Matching Funds...................................................................................................................... 23 Florida Communities Trust - Parks and Open Space Florida Forever grant program ...................................... 23 FloridaForever Program.................................................................................................................................. 23 AdditionalFunding Sources............................................................................................................................. 23 VIII. Summary of Secondary Screening Criteria.................................................................................................. 24 Table 11: Secondary Criteria Scoring........................................................................................................... 24 IX. Figures, Tables, and Photos......................................................................................................................... 26 Critical Lands and Waters Identification Maps (CLIP)......................................................................................... 26 Figure 6. Biodiversity CLIP4 Map................................................................................................................. 26 Figure 7. Potential Habitat Richness CLIP4 Map.......................................................................................... 27 Vegetationand Habitat....................................................................................................................................... 28 Figure 8: Department of Environmental Protection and Water Management District Florida Land Use and Cover Classification System (FLUCCS)......................................................................................................... 28 Figure 9: Historic Aerial Imagery................................................................................................................. 30 Photoset1: Addison Fischer........................................................................................................................ 31 Photoset2: Agua Colina.............................................................................................................................. 37 3 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Photoset 3: WISC Investment — Dade Ct..................................................................................................... 39 Photoset 4: WISC Investment — Inlet Dr...................................................................................................... 41 Wildlife................................................................................................................................................................ 44 Table 12: USFWS Consultation Areas.......................................................................................................... 44 Figure 10: Wildlife Telemetry...................................................................................................................... 44 Soils, Elevation, and Hydrology........................................................................................................................... 45 Figure 11: Soil Survey of Collier County....................................................................................................... 45 Figure 12: Light Detection and Ranging Surface Elevation Map (LIDAR).................................................... 46 Zoning.................................................................................................................................................................. 47 Figure 13: Collier County Growth Management Department Zoning Overlay ........................................... 47 Figure 14: City of Marco Island Zoning Map................................................................................................ 48 Figure 15. Gopher Tortoise Surveys from Audubon of the Western Everglades ........................................ 49 Table 13: Secondary Scoring Criteria Form................................................................................................. 50 Attachments........................................................................................................................................................ 51 Attachment 1 — Phase 2 Cultural Resources Assessment Survey of 1929 Indian Hill Street .......................... 51 4 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 I. Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). On November 3, 2020, the Collier County electors approved the Conservation Collier Re-establishment referendum with a 76.5% majority. This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 10th acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. The sole purpose of this report is to provide objective data to demonstrate how properties meet the criteria defined by the ordinance. The following sections characterize the property location and assessed value, elaborate on the initial and secondary screening criteria scoring, and describe potential funding sources, appropriate use, site improvements, and estimated management costs. 5 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 II. Summary of Property Information Table 1: Summary of Property Information Characteristic Value Comments Name Marco Island parcels Folio Numbers See 4 folios below Target Protection Area Urban Size 2.15 acres total Section, Township, and Range S21 R26 Twn 52 S16 R26 Twn52 Zoning Category/TDRs RSF-3 Residential Single Family AE & X (Inlet), VE & X (Inlet), mostly FEMA Flood Map Category X & portion AE (Indian Hill St), mostly X & portion AE (Watson Rd) Existing structures No Adjoining properties and their Single Family Uses Development Plans Submitted Not known Known Property Irregularities Agua Colina — known Cultural Cultural Resources survey attached and Information Resources for Agua Colina WISC Investment on Inlet The property is adjacent and contiguous to a homestead lot, 1734 Dogwood Dr., full of native plants that is in the process of being donated to Audubon Western Everglades by our mother for conservation and educational use. Conservation of this lot at 507 Inlet would build on the gift of that lot in providing a larger habitat corridor for the tortoise and could provide additional educational purpose. Other County Dept Interest No, not within unincorporated Collier Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Table Z: Marco Island parcel folio numbers. - Property name Address & folio number Acres Addison M Fischer Rev Trust 1830 Watson Rd - 58103920000 0.63 Agua Colina 1929 Indian Hill St - 58105400007 0.63 WISC Investment Company LLC %Cathe Read 1810 Dade Ct - 57800720009 0.5 WISC Investment Company LLC %Cathe Read 507 Inlet Dr - 57800280002 0.39 Total: 2.15 r Marco Island parcels - Conservation lands 0 0.95 1 9 Miles ti D v� v' n fD fD fD O r-r v n O v D Q v n fD LA 1- 0 Addison M Fischer Rev Trust Initial Screening Criteria 2021 Aerial 0 0.06 012 Miles Addison M Fischer Rev Trust A�- CON ATION LLIER D v r+ ro w LA rD 0 7' ao rD 0 v n O v 0 v n rD In 0 v rt fD Z O fD 3 a- rD N O N N N N Agua Calina parcel 2021 Aerial Ci Q_1 02 h•,liles Legend Agua Colina LLC C,Uafur Couxt]i D v r+ w fD fD O 7 d0 (D O rt iv n O v 7 Q iv n M V) iv rt fD Z O fD 3 a- M N 0 N N N N WISC Investment Company Initial Screening Criteria 2021 Aerial 0 0.1 0.2 Miles Company D r) r+ LA n rD rD O 7 0'U (D O rt v n O v 7 Q v n rD V) v rt fD Z O fD 3 a- rD N O N N Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Summary of Assessed Value and Property Costs Estimates The interest being appraised is fee simple "as is" for the purchase of the site(s). A value of the parcel was estimated using only one of the three traditional approaches to value, the sales comparison approach. Each is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three properties were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in this report and the Real Estate Services Department staff relied upon information solely provided by program staff. The valuation conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. If the Board of County Commissioners choose to acquire properties, the appraisal by an independent Real Estate Appraiser will be obtained at that time. Pursuant to the Conservation Collier Purchase Policy, two appraisals are required for the Agua Colina property which has an initial valuation is greater than $500,000; 2 independent Real Estate Appraisers will value the subject property and the average of the two appraisal reports will determine the actual value of the subject property. The other properties will have one appraisal obtained. Table 3. Assessed & Estimated Value Property owner Address Acreage Assessed EstimatedValue* Value** Addison M Fischer Rev Trust 1830 Watson Rd 0.63 $191,926 $384,200 Agua Colina 1929 Indian Hill St 0.63 $756,755 $1,427,000 WISC Investment Company LLC %Cathe Read 1810 Dade Ct 0.5 $203,632 $305,000 WISC Investment Company LLC %Cathe Read 507 Inlet Dr 0.39 $158,808 $237,800 * Assessed Value is obtained from the Property Appraiser's Website. The Assessed Value is based off the current use of the property. **The Estimated Market Value for the Marco Island parcels was obtained from the Collier County Real Estate Services Department in October 2021. The increased value for the Agua Colina parcel is due to its' canal view/access. Zoning, Growth Management and Conservation Overlays These parcels are zoned RSF-3 which is Residential Single Family within the City of Marco Island. 13 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 III. Statements for Satisfying Initial Screening Criteria The purpose of this section is to provide a closer look at how the property meets initial criteria. Conservation Collier Program staff conducted a site visit on [date] Criteria 1: Native Habitats Are any of the following unique and endangered plant communities found on the property? Order of preference as follows: Ord. 2002-63, Sec. 10 (1)(a) i. Hardwood hammocks Yes ii. Xeric oak scrub Yes iii. Coastal strand No iv. Native beach No V. Xeric pine No vi. Riverine Oak No vii. High marsh (saline) No viii. Tidal freshwater marsh No ix. Other native habitats Yes Vegetative Communities Staff used two methods to determine native plant communities present: review of South Florida Water Management District (SFWMD) electronic databases for Department of Transportation's Florida Land Use, Cover and Forms (FLUCCS) (1994/1995) and field verification of same. FLUCCS: Characterization of Plant Communities Present 426 Tropical Hardwood (Hammock): This forest cover type is also referred to as tropical hammock. Some of the more common components of this category that were observed onsite include: some combination of gumbo limbo, stoppers, strangler fig, and sea grape. 322 Coastal Scrub: This scrub category represents a wide variety of species found in the coastal zone. Some of the more common components of this category that were observed onsite include: sand live oak, sea grape, and prickly pear. Statement for Satisfaction of Criteria 1: These data indicate that one identified unique and endangered plant community —tropical hardwood hammock —does exist on the parcel, despite the presence of a large amount of invasive exotic vegetation. Criteria 2: Human Social Values Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature -based recreation, and enhancement of the aesthetic setting of Collier County? Ord. 2002-63, Sec. 10 (1)(b) YES Statement for Satisfaction of Criteria 2: These parcels are in the Urban Target Protection Area and have access from a public road. Its natural features, associated with a rare ecosystem (tropical hardwood hammock), do enhance the aesthetic setting of Collier 14 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 County. Additionally, the significance of cultural features in this area of Marco Island. There is evidence of a shell mound dating back 1500 years which is of importance both aesthetically and culturally to Collier County. All parcels provide wildlife viewing and greenspace in a neighborhood where nearly every lot is developed. The parcels are too small to accommodate extensive trails but can be enjoyed from the sidewalk/road. Agua Colina - A Phase 2 Cultural Resources Assessment Survey (Attachment 1) was provided by the property owner. The report indicated that historically, the parcel contained an extensive shell and black -earth midden complex (8CR107) with prominent mounds and other shell -constructed prehistoric features, created by the local Indian inhabitants from two thousand years of shell refuse deposits. Criteria 3: Water Resources Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? Ord. 2002-63, Sec. 10 (1)(c) NO General Hydrologic Characteristics observed and description of adjacent upland /wetland buffers: The parcel and adjacent properties are comprised entirely of upland species. This section of Marco Island is the highest area of Collier County. Wetland dependent plant species (OBL/ FACW) observed: None Wetland dependent wildlife species observed: None Other Hydrologic indicators observed: None Soils: Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Mapped soils on this parcel show the entire area to be urban land with fill materials. Aquifer Recharge Potential Aquifer recharge map data was developed by Fairbank, P. and S. Hohner in 1995 and published as Mapping recharge (infiltration and leakage) throughout the South Florida Water Management District, Technical publication 95-20 (DRE # 327), South Florida Water Management District, West Palm Beach, Florida. Table 4: Aquifer Recharge, Wellfield Protection, and FEMA Flood Zone Characteristics Characteristic Value Comment Lower Tamiami Recharge Capacity No data available for Marco Island Surficial Aquifer Recharge Capacity 43-56" Wellfield Protection Zone no Statement for Satisfaction of Criteria The properties overall do not significantly protect water resources. This parcel does not offer significant opportunities for protection of water resources, beyond adding to the surficial aquifer. However, Agua Colina is adjacent to the canal. Conservation of the property in lieu of a house would benefit water quality. 15 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Criteria 4: Biological and Ecological Value Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? YES Ord. 2002-63, Sec. 10 (1)(d) Listed Plant Species The federal authority to protect land -based plant species is administered by the U.S. Fish and Wildlife Service (FWS) and published in 50 Code of Federal Regulations (CFR) 23. Lists of protected plants can be viewed on-line at https://www.fws.gov/endangered/. The Florida state lists of protected plants are administered and maintained by the Florida Department of Agriculture and Consumer Services (FDACS) via chapter 513-40, Florida Administrative Code (F.A.C.) and can be found on their website. Table 6 includes the native plants observed on the parcels and their listed status. 16 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Table 5: Observed Plant Species (S E *+ E ` Scientific Name Common Names LL c 7. «• prior name) o = c E c a m _ m _ �, O a± G LU w G Z Ln LL LL Acanthocefeus tetfagonus Barbed-wire cactus ❑ildoe I.1 T (=Gefeus tekagonus, G. cactus Y ante onus Bufsefe aimembe Gumbo -limbo y 1' y Y N Gellice a emeficene Beautyberry y 1' Y Y N Gafica Papaya Papaya Y N Gh sobelenus iceco Coca plum 1' Y Goccolobe uwfafa Seagrape y Y Y - N 15% Gfotelafie paPide var- obovata Smooth rattlebox Y N Dactdoctenium aegyp Urn Craws -foot grass, Durban Y crowfoot rays Efythfine hefbecee Coralbean, Cherokee bean IT, N Eugenia nhombea red stopper y N E S 1 Euphofbia pinetofum Poinsettia or spurge y y =Poinsettia s - f icua safes 5tran ler fi ,Golden fi N Geabalanus oMongitalius Gopher -apple N =Ucame michauxii y Myfaine cabana (=Rapanea Myrsine, Colicwood N unctata T Nekemias arborea Peppewine 1.1 =Am elo sis efbome T Fiscidia piscipule Jamaica -dogwood, Florida Y y 11 fishpoison tree Pithece)lobium un uis-calf Cat's-claw, Catclaw blackbead y N Pima elliottii var- dense South Florida slash pine `T'-1 tr�e N Psychoftia nervosa Shiny -leaved wild coffee y Y N Psychohia tenuitolia Shortleaf wild coffee y y N --Pa hohia auLnefi Quemus geminate Sand live oak Y Y Rivine humilis Rou e lant Y N Saba) paYnefto Cabbage palm y y Y N Smilax bona-nox Saw greenbrier Y Y N Stiechytieiphetie jamaicensis Porterweed y N riPandaie usneoides Spanish -moss y N rrllandaia ukiculata Giant wild -pine, Giant airplant Y Y N E 1litis fotunditolie Muscadine, Muscadine grape y N Zamia integfitolia L. t. Florida Arrowroot-,Coontie 17 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Listed Wildlife Species Federal wildlife species protection is administered by the FWS with specific authority published in 50 CFR 17. Lists of protected wildlife can be viewed on-line at: https://www.fws.gov/endangered/ FWC maintains the Florida state list of protected wildlife in accordance with Rules 68A-27.003, 68A-27.004, and 68A-27.005, respectively, of the Florida Administrative Code (F.A.C.). A list of protected Florida wildlife species can be viewed at: https://mvfwc.com/wildlifehabitats/wildlife/. Table 6.• Observed Listed Wildlife Species Common Name Scientific Name State Status Federal Status Gopher Tortoise on Gopherus polyphemus Threatened -- Addison Fischer, WISC Inlet Florida burrowing owl on Threatened -- Addison Fischer Athene cunicularia floridana Table 7.• Observed Listed Wildlife Species and habitat specific to parcels See Figure 16 which shows Gopher Tortoise and Burrowing owl informal surveys. Property name Observations This property has significant amount of active gopher tortoise burrows. A majority of the site consists of habitat suitable for Addison M Fischer - Watson Rd gopher tortoises. A burrowing owl in its' burrow was also observed directly while on site (see Photoset 1 for Addison Fischer property). This property has evidence of active gopher tortoise burrows. Agua Colina -1929 Indian Hill St There are also a significant amount of gopher tortoise burrows and habitat observed on the parcels to the south. This property had two burrows on site, but it is not determined if WISC Investment Company— Dade Ct these are gopher tortoise burrows and whether they are active. The entire site is Tropical Hammock with dense coverage (75/ exotic) not typical of gopher tortoise habitat. This property has significant amount of active gopher tortoise WISC Investment Company— Inlet Dr burrows. A majority of the site consist of habitat suitable for gopher tortoises. There is potential for burrowing owls to exist on this site. Potential Listed Wildlife Species Where Gopher Tortoise and their burrows exist, there is also the potential for other species to reside in their commensals. The listed species that could occur include the Eastern indigo snake (Drymarchon couperi) and Gopher frog (Rana capito). The burrows provide refuge for over 300 listed and non -listed species throughout their range. There were no Bird Rookeries observed on the parcels. However, there is potential for rookeries to exist nearby as the areas managed by Rookery Bay are less than a mile from the parcels. 18 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Statement for Satisfaction of Criteria 4 High amounts of gopher tortoise activity have been documented on three parcels except for the Dade Court parcel. Burrowing owls were observed on the Watson Road parcel. The Dade Ct. parcel contains hardwood hammock vegetation and has restoration potential with considerable site work. The parcels contain tropical uplands hammock and xeric scrub habitats. Criteria 5: Enhancement of Current Conservation Lands Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? Ord. 2002-63, Sec. 10 (1)(e) No Is this property within the boundary of another agency's acquisition project? No Statement for Satisfaction of Criteria There is one undeveloped lot between the Dade Ct. parcel and land managed by the Rookery Bay National Estuarine Research Reserve. IV. Potential Uses and Recommended Site Improvements Potential Uses Potential Uses as Defined in Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, section 5.9: Table 8. Appropria to Uses Activity Appropriate Comments Hiking Yes Some of the parcels accommodate a short walk year-round. Providing access with a short trail would be coordinated with Gopher Tortoise experts for the sites with high density of gopher tortoise burrows. It will need to be determined whether trails on the sites are compatible with the current wildlife utilization. Photography Yes This can be accomplished from the roadside at minimum. Birdwatching Yes Kayaking/Canoeing No Swimming No Hunting No Fishing No 19 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Recommended Site Improvements Agua Colina — none. The site has existing open areas to walk. There is not as much of a concern for keeping visitors off burrows as the two parcels discussed below. Addison Fischer— Marked trail around the perimeter and east side of the parcel. This would only necessitate trail posts and most likely trail roping to keep visitors off gopher tortoise and owl burrows. No trail installation required; trail markers and roping would be placed in the existing barren areas. WISC Investment %Cathe Read on Inlet Dr — Possibly a marked trail through portions of the parcel. This would only necessitate trail posts and most likely trail roping to keep visitors off gopher tortoise burrows. No trail installation required; trail markers and roping would be placed in the existing barren areas. WISC Investment %Cathe Read on Dade Ct— No recommendations as this parcel has nothing of interest to install a trail. Access Each parcel is accessible via a paved road. V. Assessment of Management Needs and Costs Management of this property will address the costs of exotic vegetation removal and control. The following assessment addresses both the initial and recurring costs of management. These are very preliminary estimates; Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, requires a formal land management plan be developed for each property acquired by Conservation Collier. Non-native Vegetation Non-native, invasive species noted here are taken from the Florida Exotic Pest Plant Council's (FLEPPC) 2016 List of Invasive Plant Species (Category I and Category 11). FLEPPC is an independent incorporated advisory council created to support the management of invasive exotic plants in Florida's natural areas by providing a forum for exchanging scientific, educational, and technical information. Its members come primarily from public educational institutions and governmental agencies. Annual lists of invasive plant species published by this organization are used widely in the state of Florida for regulatory purposes. The current FLEPPC list (2019) can be viewed on-line at http://bugwoodcloud.org/CDN/fleppc/plantlists/2019/2019 Plant List ABSOLUTE FINAL.pdf Category I plants are those which are altering native plant communities by displacing native species, changing community structures or ecological functions, or hybridizing with natives. This definition does not rely on the economic severity or geographic range of the problem, but on the documented ecological damage caused. Category II invasive exotics have increased in abundance or frequency but have not yet altered Florida plant communities to the extent shown by Category I species. These species may become Category I if ecological damage is demonstrated. 20 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Table 9: Non-native Plant Species Observed s V y m r m ♦+ m L Scientific Name Common Names LL c o U U U) m > — p m .- > (prior name) N � c o c c CU V a _ a, Q u N_ L _A > >m R Q a W Q cc Z O — to Z LL J LL Acacia auriculiformis Earleaf acacia Y-1 tree I Agave sp. Century Plant Y Y v Commelina diffusa Common dayflower Y v Crinum asiaticum Poison bulb v Crotalaria incana Rattlesnake weed, Shakeshake v Crotalaria spectabilis Showy rattlebox Y v Cupaniopsis anacardioides Carrotwood Y-few Y Y v I Dioscorea bulbifera Air potato Y ti' I Dracaena hyacinthoides Mother-in-law's tonge;Bowstring Y v 11 =Sansevieria h acinthoides hemp Eugenia uniflora Surinam -cherry Y Y tii I Eulophia graminea Grass -leaved orchid v II Euphorbia tirucalli Pencil cactus, Indian tree v spurge Ficus sp. Banyan Y Kalanchoe pinnata Life plant, Cathedral bells Y v 11 Leucaena leucocephala White Ieadtree Y J 11 Mangifera indica Mango Y Y Momordica charantia Balsampear, wild balsam -apple Y Y ti 11 Opuntia stricta Prickl pear Y Y Y v Panicum repens Torpedo grass Y J I Paspalum sp. Bahiagrass Y Y J Richardia sp. Mexican richardia Y ti Schinus terebinthifolia Brazilian pepper Y Y Y Y v I Sphagneticola trilobata Creeping wedelia, Creeping Y 11 =Wedelia trilobata oxeye Syzygium cumini Java plum Y- v I several Urochloa maxima (=Panicum Guineagrass Y ti' II maximum Invasive Vegetation Removal and Control Addison Fischer - Exotic plants constitute less than 25% of plant cover Agua Colina - Exotic plants constitute between 25% and 50% of plant cover WISC Investment %Cathe Read on Inlet Dr - Exotic plants constitute less than 25% of plant cover WISC Investment %Cathe Read on Dade Ct - Exotic plants constitute more than 75% of plant cover 21 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Public Parking Visitors may park on the road shoulder in front of each parcel. If acquired, Conservation Collier will coordinate with the City of Marco Island regarding parking. Depending upon the parcel, the City of Marco Island has offered to assist in providing off-street parking on pervious material and the installation of signage consistent with the City's Land Development Codes. Public Access Trails Trails could be established as discussed in Section IV. Security and General Maintenance Parcels will have to be monitored for dumping and encroachment from neighbors. However, besides some yard waste dumping (most likely from adjacent development parcel) on Dade Ct, there was not significant dumping observed on any other parcel. Table 10: Summary of Estimated Needs and Costs Initial/Annual Recurring Cost Management Element Comments Wisc Wisc Addison a Investment Investment Fischer Colilina - Dade Ct - Inlet Dr $3000; $5000; Minimal exotic removal required on 2 Invasive Vegetation $0 $1000 $1500 $200 parcels. Signage & roping; no parking lot. No Parking Facility $200 $200 $0 $200 access recommended for Dade Ct. parcel. Signage & roping; no parking lot. No Trails $200 $200 $0 $200 access recommended for Dade Ct. parcel. A sign will be needed to mark each Signs $200 $200 $200 $200 parcel Total initial cost $600 $3,600 1 $5,200 $800 Total recurring cost $1,000 $1,500 There will be other recurring costs for all sites including but not limited to sign replacement. The initial and recurring costs do not include staff's costs and time. VI. Acquisition Considerations Staff has no Acquisition Considerations at this time. However, if the Advisory Committee has Considerations expressed during the review of the ICSR and/or the Ranking meeting, staff will carry those forward in the Executive Summary to the Board of County Commissioners. 22 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 VII. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the ordinance are the Florida Communities Trust (FCT), and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff: Florida Communities Trust - Parks and Open Space Florida Forever grant program The FCT Parks and Open Space Florida Forever grant program provides grant funds to local governments and nonprofit organizations to acquire conservation lands, urban open spaces, parks and greenways. Application for this program is typically made for pre -acquired sites up to two years from the time of acquisition. The Parks and Open Space Florida Forever grant program assists the Department of Environmental Protection in helping communities meet the challenges of growth, supporting viable community development and protecting natural resources and open space. The program receives 21 percent Florida Forever appropriation. Florida Forever Program Staff has been advised that the Florida Forever Program is concentrating on funding parcels already included on its ranked priority list. This parcel is not inside a Florida Forever priority project boundary. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the programs. Additional Funding Sources There are no additional funding sources known at this time. 23 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 VIII. Summary of Secondary Screening Criteria Table 11: Secondary Criteria Scoring Possible Category Subcategory Scored Points Points Addison Wisc Wisc Fischer Agua Colina Investment - Investment - Dade Ct Inlet Dr Total Score (Sum of 1a, 1b, 1c, 1d then divided by 4) 49 54 33 44 100 Ecological 1a. Unique and Endangered Plant Communities 95 95 90 90 100 1b. Significance for Water Resources 17 50 17 17 100 1c. Resource Ecological/Biological Value 83 72 25 68 100 1d. Protection and Enhancement of Current Conservation Lands 0 0 0 0 100 Human Values/Aesthetics Total Score (Obtained by dividing the subtotal by 3) 65 69 39 56 100 2a. Human Social Values/Aesthetics 196 208 118 169 300 Vulnerabilityto Total Score (Sum of 3a) 50 ISO 50 ISO 1100 Development/Degradation 13a. Zoning/Land Use Designation 150 150 150 150 Iloo Total Score (Sum of 4a, 4b, and 4c, then divided by 3) 87 80 60 87 100 Feasibility and Costs of 4a. Hydrologic Management Needs 100 100 100 100 100 Management 4b. Exotics Management Needs 80 60 20 80 100 4c. Land manageability 80 80 60 80 100 Total 251 254 182 237 400 Ecological All of the parcels scored zero for no connection to conservation lands; and all but one score low for protection of water resources as these parcels are not wetland. Addison Fischer —This parcel has significant habitat value for the gopher tortoise and burrowing owl that exist on the site in this developing residential neighborhood. Agua Colina —The parcel scored higher than the others due to its' location on a canal with access to the Gulf of Mexico. The parcel does have gopher tortoise in portions of the property. WISC Investment %Cache Read on Inlet Dr - This parcel has significant habitat value for the significant gopher tortoise population that exists on the site in this developing residential neighborhood. WISC Investment %Cathe Read on Dade Ct — This parcel scored the lowest for ecological as there are possibly no listed species residing on this parcel. In addition, this parcel will require considerably more work to restore ecological function, including exotic vegetation removal and restoration planting. Human Values/Aesthetics All parcels have access from a paved road and can provide limited hiking along so as not to disturb gopher tortoise burrows. Agua Colina and Addison Fischer scored the highest due to the cultural resources and frontage on two roads. 24 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Vulnerability All of these parcels are zoned single-family residential and have the potential for development. Management The WISC Investment parcel on Dade Court scored the lowest as exotic plants constitute more than 75% of plant cover on this parcel. The other properties scored well as minimal maintenance would be required beyond exotic maintenance. In fact, it would be wise to do little treatment on these parcels as to not disturb the gopher tortoises. Parcel Size While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. 25 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 IX. Figures, Tables, and Photos Critical Lands and Waters Identification Maps (CLIP This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Figure 6. Biodiversity CLIP4 Map Marco Island parcels -CLIP4 Biodiversity egend WISC Investment parcels Agua Coiina Addison M Fischer Rev Trust Conservation Collier Preserves CLIP4 Biodiversity CLIP4 Biodiversity o 1 3 Q 4 Q 5 er C.-ty C 0.55 1.1 Miles 26 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Figure 7. Potential Habitat Richness CLlP4 Map This CLIP version 4.0 data layer is unchanged from CLIP v3.0. FWC Potential Habitat Richness. Because SHCAs do not address species richness, FWC also developed the potential habitat richness layer to identify areas of overlapping vertebrate species habitat. FWC created a statewide potential habitat model for each species included in their analysis. In some cases, only a portion of the potential habitat was ultimately designated as SHCA for each species. The Potential Habitat Richness layer includes the entire potential habitat model for each species and provides a count of the number of species habitat models occurring at each location. The highest number of focal species co-occurring at any location in the model is 13. Marco Island parcels - Potential Habitat (Species) Richness 0 0.6 1 2 Miles 27 Legend WISC Investment parcels Aqua Colina Addison _M_Fischer_Rev Trust Conservation Collier Preserves CLIP4 Potential Habitat Richness OUT 13 Species 12 Species 11 Species 10 Species 09 Species 08 Species 07 species 06 species 05 Species 04 Species 03 Species ft 02 Species 01 Species CoL[,le, county Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Vegetation and Habitat Figure 8.• Department of Environmental Protection and Water Management District Florida Land Use and Cover Classifica tion System (FL UCCS) WISC Investment Company - FLUCCS Map Legend WSC Investment parcels LANOCOVE_9 1210: Medium Density, Fixed Single Family Units 4200: Upland Hardwood Forests -5120: Channelired Waterways, Canals 5410: Emhayments opening directly into the Gulf of Mexico or the Atlantic Ocean 6120: Mangrove Swamps 0 0.15 0.3 Miles 28 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Auga Colina and Fischer parcels - FLUCCS Map Legend Agua Colina Addison M Fischer Rev Trust Conservation Collier Preserves LANDCOVE_9 1210: Medium Density, Fi�H Single Family Units 3100: Herhaceaus (Dry Prairiel .5120: Channelized Waterways, Canals 5410: Emhayments opening directly into the Gulf of Mexico or the Atlantic Ocean 6120: Mangrove Swamps caffile, cz wnty 0 0.2 0.4 Miles 29 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Figure 9: Historic Aerial Imagery Marco Island parcels - 1975 aerial Wisc parcels os .cam. 1 saes Marco Island parcels - 1975 aerial Fischer & Agua Colina ss- -- A- C--11 0 0.3 0.6 Miles 30 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Photoset 1: Addison Fischer View from roadside One of many active gopher tortoise burrows 31 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Florida burrowing owl burrow Burrowing owl 32 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Gopher tortoise burrow with tortoise tracks View from top of hill looking east 33 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 View of trees on top of hill Another view from top of ill looking southwest 34 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 i Ate,. View from east side of lot looking up the hill More prickly pear and gopher tortoise burrows at bottom of hill on east side of hill 35 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Roadside view from east side of parcel looking west up the hill Gopher tortoise scute 36 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Photoset Z: Agua Colina View from Caxambas Drive looking north View of oak canopy from Indian Hill Street 37 z y} ��_ r ` � Premie � Sn[hehyg Nikki c .r Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Photoset 3: WISC Investment — Dade Ct. View of the Dade Ct. parcel from the street Dense tropical hardwood canopy cover with 75% exotic vegetation cover throughout the site; yard waste from adjacent property 39 r' ` iTw i. ?. • d ' - ^." +� lip i W T-1 4 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Photoset 4: WISC In vestment — Inlet Dr. 41 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Prickly pear View of west side of parcel; tropical hammock canopy 42 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 North, rear of parcel One of many Gopher Tortoise burrows on site 43 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 MOW - Table 12.• USFWS Consultation Areas USFWS Species Consultation Area Designation Audubon's Crested Caracara No Everglade snail kite No Florida bonneted bat Yes Florida panther No Figure 10.• Wildlife Telemetry Marco Island parcels - Listed species 2 16'11ie5 There are no bald eagle nests documented within 660 feet of the parcels. Bald eagle nests occur on the northern portions of Marco Island as shown. 44 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Soils, Elevation, and Hydrology Figure 11: Soil Survey of Collier County Marco Island parcels - Soils map 0.55 Miles 45 Legend WI SC Investment parcels Agua Colina Addison M Fischer Rev Trust Otter Mound Preserve Collier County Soil Survey Soil Type DURBIN AND WULFERT MUCKS, FREQUENTLY FLOODED PAOLA FINE SAND, 1 TO PCT SLOPES URBAN LAND-AQUENTS COMPLEX, ORGANIC SUBSTRATUM WATER er Cocixty 1.1 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Figure 12: Light Detection and Ranging Surface Elevation Map (LIDAR) Marco Island parcels - LIDAR Legend WISC Investment parcels ® Addison_M_Rscher_Rsv_Trust Agua Cclina ® Conservation Collier Preserves LIDAR 2020 Value High ,104,644 Low 4.11745 er Coranty 0 0.55 1.1 Miles 46 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Zoning Figure 13.• Collier County Growth Management Department Zoning Overlay Marco Island parcels - Zoning 0 3.5 7� Miles 47 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 :cc Cm w".-Mounm 48 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Figure 15. Gopher Tortoise Surveys from Audubon of the Western Everglades The following are approximations and can be confirmed by staff or a consultant if any of the parcels are chosen for acquisition. Wisc Investment - 1810 DADE CT. 3 Potentially Occupied burrows Addison Fischer - 1830 WATSON RD. Approximately information provided 144 Potentially Occupied Burrows 25 Abandoned Burrows Nesting Burrowing Owls Agua Colina - 1929 INDIAN HILL ST. 41 Potentially Occupied Burrows Wisc Investment - 507 INLET DR. Potentially Occupied Burrows: 56 Abandoned Burrows: 13 Estimated Tortoises: 28 49 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Table 13: Secondary Scoring Criteria Form (ON NEXT PAGE) 50 Table 13 Secondary Criteria Screening Form November 2021 Property Name: Marco Island Parcels Folio Numbers: 4 Folios Geograhical Distribution (Target Protection Area): Urban 1. Confirmation of Initial Screening Criteria (Ecological) Sored Points 1.A Unique and Endangered Plant Communities Possible points Addison Fischer TAguaColina Wisc Investment - Dade Ct Wisc Investment - Inlet Dr Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 90 90 90 90 All properties have hardwood hammock and scrub components 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline) 30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10. Add additional 5 points for each additional FNAI critically imperilled to rare listed plant community found on the parcel 5 each 5 5 Shell mound (S2) 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc. 5 I.A. Total 100 95 95 90 90 1.6 Significance for Water Resources Possible points Scored Scored Scored Scored points points points points Comments 1. Aquifer Recharge (Select the Highest Score) No a. Parcel is within a wellfield protection zone 100 b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 50 50 50 43-56" surfical aquifer; no data for Lower Tamiami aquifer; c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal locati 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 100 Access on canal to Gulf b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 c. Parcel is contiguous with and provides buffering for an identified flowway 50 d. Wetlands exist on site 25 e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 b. Slough Soils 1 40 Page 1 of 5 Table 13 Secondary Criteria Screening Form November 2021 Property Name: Marco Island Parcels Folio Numbers: 4 Folios Geograhical Distribution (Target Protection Area): Urban c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 Subtotal 3001 50 150 % 50 1.B Total 1001 17 50 17 17 1 Obtained by dividing the subtotal by 3. 1.0 Resource Ecological/Biological Value Possible points Scored Scored Scored Scored points points points points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 50 Hammock and Scrub d. The parcel has 1 FLUCCS code native plant communities 251 25 25 25 2. Listed species a. Listed wildlife species are observed on the parcel 80 80 80 Burrowing Owl & Gopher Tortoise observed on Addison Fischer,• Gopher tortoise observed on Wisc - Inlet. b. Listed wildlife species have been documented on the parcel by wildlife professionals 70 70 Gopher tortoise burrows on Agua Colina Zero for all Tillandsia utriculata c. Species Richness score ranging from 10 to 70 70 0 0 0 0 d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 poi 20 20 20 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 100 100 100 b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography. 50 50 significant amount of Brazilian pepper and other invasive exotic plants exist at edges and scattered throughout c. Parcel will require major alterations to be restored to high ecological function. 15 d. Conditions are such that parcel cannot be restored to high ecological function 0 Subtotal 300 250 215 75 205 1.0 Total 100 83 72 25 68 Divide the subtotal by 3 1.11) Protection and Enhancement of Current Conservation Lands Possible points Scored Scored Scored Scored points points points points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement. 100 b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped. 50 c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 0 0 0 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 Page 2 of 5 Table 13 Secondary Criteria Screening Form November 2021 Property Name: Marco Island Parcels Folio Numbers: 4 Folios Geograhical Distribution (Target Protection Area): Urban 1.D Total 1 1001 0 01 0 0 1. Ecological Total Score 100 49 54 33 44 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored Scoredcore core points points points points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 100 100 100 100 All have access from paved road b. Parcel has access from an unpaved road 75 c. Parcel has seasonal access only or unimproved access easem 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource -based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing. 100 hiking and wildlife observation /photography b. Parcel offers only land -based opportunities for natural resource -based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography. 75 c. Parcel offers limited opportunities for natural -resource based recreation beyond simply accessing and walking on it 50 50 50 50 d. Parcel does not offer opportunities for natural -resource based recreation 01 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 26 38 18 19 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 1 201 20 20 Addison Fischer. most likely archeological sites and has burrowing owls. Agua Colina: archeological site. Subtotall 3001 196 208 118 169 2. Human Social Values/Aesthetics Total Score 100 65 69 39 56 Obtained by dividing the subtotal by 3. 3. Vulnerability to Development/Degradation F3A Zoning/Land Use Designation Possible I points Scored Scored Scored Scored points points points points Comments Page 3 of 5 Table 13 Secondary Criteria Screening Form November 2021 Property Name: Marco Island Parcels Folio Numbers: 4 Folios Geograhical Distribution (Target Protection Area): Urban 1. Zoning allows for Single Family, Multifamily, industrial or commer 50 50 50 50 50 single family 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 3. Zoning allows for agricultural use /density of no greater than 1 un 40 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 1001 50 50 50 50 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored Score points point Scored Scored points points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 100 100 100 100 No hydrologic changes anticipated to sustain site characteristics 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re -grading that require use of machinery 50 4. Significant hydrologic changes are required to restore function, such as re -grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 100 100 100 100 4.6 Exotics Management Needs Possible points Scored Scored Scored Scored points points points points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 80 80 c. Exotic plants constitute between 25% and 50% of plant cover 60 60 d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20 20 maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle) -20 -20 g. Adjacent lands contain substantial seed source and exotic removal is not presently required 5.B Total 1001 80 60 20 80 Page 4 of 5 Table 13 Secondary Criteria Screening Form November 2021 Property Name: Marco Island Parcels Folio Numbers: 4 Folios Geograhical Distribution (Target Protection Area): Urban 4.0 Land Manageability Possible points Scored Scored Scored Scored points points points points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 80 80 80 Minimal maintenance required beyond exotics control 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 60 Propoerty has 75% or more exotic cover 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 5. Subtract 10 points if chronic dumping or trespass issues exist -10 5.0 Total 1001 80 80 60 80 4. Feasibility and Management Total Score 100 87 80 60 87 sum of 5A, 58, 5C, then divided ,by 3 Total Score 400 251 254 182 237 Page 5 of 5 Initial Criteria Screening Report Marco Island Parcels Date: November 2021 Attachments Attachment 1— Phase 2 Cultural Resources Assessment Survey of 1929 Indian Hill Street AVAILABLE UPON REQUEST 51