Agenda 01/09/2024 Item #11B (Sale and Purchase w/Andrew & Terrie Kleinbergar for 5 acers of Conservation Collier Land)01/09/2024
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for Sale and Purchase with Andrew J. Kleinberger and Terrie
R. Kleinberger as Trustee of the Andrew and Terrie Kleinberger Revocable Trust (the “Kleinberger Rev.
Trust”) for two parcels totaling five acres under the Conservation Collier Land Acquisition Program at a
cost not to exceed $106,500.
_____________________________________________________________________________
OBJECTIVE: To purchase two parcels totaling five acres within the Conservation Collier Dr. Robert H. Gore III
Preserve multi-parcel project area.
CONSIDERATIONS: On January 25, 2022, Agenda Item #11A, the Board of County Commissioners (Board)
approved the Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 10
Active Acquisition List (AAL), which included the Dr. Robert H-Gore III Preserve expansion area, which is now a
multi-parcel project area. The Board directed staff to actively pursue the acquisition of the properties under the
Conservation Collier Program. The Kleinberger Rev. Trust property within the Dr. Robert H. Gore III Preserve
multi-parcel project was originally approved as an A-list property on the Cycle 10 AAL. It has remained an A-list
property on all subsequent Board approved AALs.
Dr. Robert H. Gore III Preserve: The entire Dr. Robert H. Gore III Preserve Multi-Parcel Project was first
approved for the Conservation Collier A-list on February 28, 2023, on the Cycle 11B AAL. Currently 36% of the
total project (215.4 acres) has been purchased or approved for purchase. Potential public uses at Gore Preserve
include hiking, nature photography, bird watching, and environmental education to be provided by partner Cypress
Cove Landkeepers (f.k.a. Cypress Cove Conservancy). The Cypress Cove Landkeepers acquired and currently
maintain Dr. Gore’s old home as a Nature Center and offer environmental education. Hydrologic indicators such as
karst topography, cypress knees, and watermarks on buttressed cypress trees provide evidence of seasonal flooding.
The mature cypress trees in the preserve project indicate that the area has historically contained wetlands. The
property is within a historic wetland area connecting east with the Florida Panther National Wildlife Refuge
(FPNWR) via the old Ford Test Track. The Gore Preserve and surrounding lands enhance the FPNWR by acting as
a buffer and providing a reasonably large-sized wild land addition north of I-75. Wildlife underpasses at the
adjacent Faka-Union and nearby Miller canals create an ecological link south under I-75 to the Picayune Strand
State Forest. A little over two miles to the west are the North Belle Meade Preserve and the North Belle Meade
sending lands. The Gore Preserve project is within the Florida Fish and Wildlife Conservation Commission (FWC)
Primary Panther habitat zone.
The project area contains protected species of plants, including giant sword fern, several listed bromeliads in the
Tillandsia genus, and five native orchid species. The project area contains Florida panthers, Florida black bears,
and numerous other wildlife. The observed habitat and location would also support the presence of Everglades
mink, tricolored heron, and little blue heron, all state-protected species.
The Kleinberger Rev. Trust property consists of two parcels within the Dr. Robert H. Gore III Preserve multi-parcel
project area located off Desoto Blvd - Golden Gate Estates, Units 91 and 92. Parcel 41500440006 contains 2.27
acres (98,881 square feet) and Parcel 41500480008 contains 2.73 acres (118,919 square feet). Both parcels consist
of vacant, unimproved land that is fully wooded and mapped as containing 100% hydric soils. The parcels are
forested/shrub wetlands with land cover of primarily cypress and mixed wetland hardwoods.
In August 2022, staff contracted with one independent, state-certified, general real estate appraisal firm to appraise
all parcels within the Gore Project area. The appraisal provided an averaged appraised value for parcels between
1.14 and 2.73 acres at $22,000 an acre based on comparable sales from wetland, not upland parcels. The cost to
obtain the appraisal was $3,900.
The Seller contacted Real Property Management staff on October 23, 2023, with an interest in selling their property
to the Conservation Collier Program, and the offer of $104,500 was made and accepted on October 26, 2023. The
purchase price of $104,500 is 95% of appraised value.
11.B
Packet Pg. 25
01/09/2024
This acquisition is consistent with the Conservation Collier Purchasing Policy, Resolution No. 2023 -10, which
allows the offer amount to be determined by staff but no more than the appraised value.
On December 6, 2023, the CCLAAC voted unanimously to recommend Board approval of this purchase agreement.
Pursuant to Ordinance 2007-65, Section 13(8), a Project Design Report (“PDR”) for this property is provided
herewith.
FISCAL IMPACT: The total cost of this acquisition will not exceed $106,500 ($104,500 for the two parcels, and
approximately $2,000 for closing fees, title commitments, title policies, and recording of respective documents).
The funds will be withdrawn from the Conservation Collier Trust Fund (1061).
As of January 9, 2024, the estimated property acquisition costs for all Conservation Collier properties, including
these properties and those under contract, total $122,304,897. The funds for managing these two parcels will be
expended from the Conservation Collier Maintenance Fund (1062). The initial costs of maintenance are provided in
the attached PDR. The total maintenance costs for these parcels for the first five years (initial maintenance) are
estimated at $9,950. After initial restoration, the estimated maintenance costs for these parcels will be
approximately $1,000 annually.
GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and
supports Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth
Management Plan.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote for
approval. - SAA
RECOMMENDATION:
1) To approve the attached Agreement and accept the Warranty Deed once approved by the County Attorney’s
Office;
2) To authorize the Chairman to execute the Agreement and any and all other County Attorney’s Office approved
documents related to this transaction; and
3) To 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 Agreement.
Prepared by: Vivian Rodriguez, Property Acquisition Specialist, Real Property Management, Facilities
Management Division
ATTACHMENT(S)
1. Agreement (PDF)
2. [Linked] Appraisal Gore Market Study (PDF)
3. Project Design Report (PDF)
11.B
Packet Pg. 26
01/09/2024
COLLIER COUNTY
Board of County Commissioners
Item Number: 11.B
Doc ID: 27361
Item Summary: Recommendation to approve an Agreement for Sale and Purchase with Andrew J. Kleinberger
and Terrie R. Kleinberger as Trustee of the Andrew and Terrie Kleinberger Revocable Trust (the “Kleinberger Rev.
Trust”) for two parcels totaling five acres under the Conservation Collier Land Acquisition Program at a cost not to
exceed $106,500. (Jaime Cook, Director, Development Review)
Meeting Date: 01/09/2024
Prepared by:
Title: – Facilities Management
Name: Vivian Rodriguez
11/30/2023 2:59 PM
Submitted by:
Title: – Facilities Management
Name: John McCormick
11/30/2023 2:59 PM
Approved By:
Review:
Public Services Department Melissa Hennig Additional Reviewer Completed 11/30/2023 3:04 PM
Facilities Management John McCormick Director - Facilities Completed 11/30/2023 3:04 PM
Development Review Summer BrownAraque Additional Reviewer Completed 12/05/2023 4:49 PM
Facilities Management Jennifer Belpedio Manager - Real Property Completed 12/06/2023 5:19 PM
Operations & Regulatory Management Michael Stark Additional Reviewer Completed 12/08/2023 4:30 PM
Transportation Management Operations Support Evelyn Trimino Additional Reviewer Completed
12/09/2023 9:40 AM
Unknown Jaime Cook Additional Reviewer Completed 12/11/2023 12:56 PM
Growth Management Community Development Department Diane Lynch Additional Reviewer Completed
12/13/2023 12:23 PM
County Attorney's Office Sally Ashkar Level 2 Attorney Review Completed 12/13/2023 3:17 PM
Growth Management Community Development Department James C French Additional Reviewer Completed
12/14/2023 6:00 PM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 12/15/2023 8:25 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 12/15/2023 9:03 AM
Office of Management and Budget Laura Zautcke Additional Reviewer Completed 12/27/2023 9:43 AM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 01/02/2024 10:42 AM
Board of County Commissioners Geoffrey Willig Meeting Pending 01/09/2024 9:00 AM
11.B
Packet Pg. 27
CONSERVAT10N COLLIER―CYCLE 12AGORE PRESERVE―A&T KLEINBERCER REV TR
FOL10 Nos i 41500440006 and 41500480008
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between ANDREW J.
KLE!NBERGER and TERR:E R. KLE:NBERGER, as Trustee of the ANDREW and
TERRIE KLEINBERGER REVOCABLE TRUST dated November 25, 2019, whose
address is 1337 Creech Road,Naples,FL 34103,(hereinafter referred to as"Se∥er"),and
COLL:ER COUNTY, a pOI忙 ical subdivision of the State of Flo"da, Is successors and
assigns, whose address is 3335 Tamiami Trall East, Suite 101, Naples, FL 34112
(hereinafter referred to as“Purchaser∥)VVITNESSETH
1/VHEREAS,Se∥eris the owner ofthat certain parcel of real prOperty(hereinafter referred to
as ・Property“), |。Cated in Collier County, State of Florida, and being more particularly
described in Exhibit"A,“attached hereto and made a part hereof by reference
WHEREAS,Purchaseris desirous of purchasing the Property,sublectto the condllons and
other agreements hereinafter set forth, and Se∥er is agreeable to such sale and to such
conditions and agreements
NO1/V,THEREFORE, and for and in consideration of the premises and the respeclve
undertakings of the parties hereinafter set forth and the sum of Ten Do∥ars($1000),the
receipt and sufficiency of which is he「eby acknowledged,itis agreed as fo∥owsi
: AGREEMENT
1 01 in consideration of the purchase price and upon the terms and conditions
hereinafter set forth,Se∥er sha∥se∥to Purchaser and Purchaser sha∥purchase from
Se∥er the Property,described in Exhibit"A"
∥ PAYMENT OF PURCHASE PRICE
2 01 The purchase price (the "Purchase Price∥)for the Property sha∥ be ONE
HUNDRED FOUR THOuSAND FIVE HUNDRED and 00′100 DOLLARS(S104,500),
(U S Currency)payable attime of closing
i∥ CLOSING
301丁 he Closing(THE"CLOSING DATE∥,∥DATE OF CLOSING",OR∥CLOSiNG")of
the transaclon sha∥be held on or before one hundred and eighty(180)dayS fOIlowing
execulon ofthis Agreement by the Purchaser,or within thirty(30)dayS Of Purchasers
receipt of a∥closing dOcuments,whicheveris later The Closing sha∥be held at the
Collier County Attorney's Office,AdministraJon Building, 3299 Tamiami Trail East,
11.B.a
Packet Pg. 28 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLLIER―CYCLE 12AGORE PRESERVE―A&T KLEINBERGER REV TR
FOL10 Nos:41500440006 and 41500480008
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:
3.01 1 1 Warranty Deed in favor of Purchaser conveying title to the Property,
free and clear of all liens and encumbrances other than:
(a) The lien for current taxes and assessments.
(b) Such other easements, restrictions, or conditions of record.
3.01 12 Combined Purchaser-Seller closing statement.
3.0'l 13 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required
by Section 1445 ot the lnternal Revenue Code and as required by the title
insurance underwriter to insure the "gap" and issue the policy contemplated
by the title insurance commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the
Seller the following:
3.0121 A negotiable instrument (County Warrant) in an amount equal to the
Purchase Price. No funds shall be disbursed to Seller until the Tifle
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 Tifle Company is irrevocably
committed to pay the Purchase Price to Seller and to issue the Owner,s tifle
policy to Purchaser in accordance with the commitment immediately after
the recording of the deed.
3.0'122 Funds payable to the Seller representing the cash payment due at
closing in accordance with Article lll hereof, shall be subject to adjustment
for prorations as hereinafter set forth.
3.02 Each party shall be responsible for payment of its own attorney's fees. seller, atits sole cost and expense, shall pay at closing all documentary stamp taxes duerelating 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,stitle to the Property. The cost of the owner's Form B Tiile policy, issued pursuant to
11.B.a
Packet Pg. 29 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLLIER―CYCLE 12A
GORE PRESERVE―A&T KLEINBERCER REV TR
FOL10 Nos:41500440006 and 41500480008
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. lf Closing occurs at a date which the current year's millage is not fixed,
taxes will be prorated based upon such prior yeais 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;
4.01 1 Within fifteen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy
(ALTA Form 8-1970) covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment, to notify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any, which
obligations shall be paid at closing. lf the title commitment contains exceptlons
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 lf 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 satisfled at
Closing. Seller, at its sole expense, shall use its best efforts to make such tifle
good and marketable. ln the event Seller is unable to cure said objections within
said time period, Purchaser, by providing written notice to Seller within seven (7)
days after expiration of said thirty (30) day period, may accept title as it then is,
waiving any objection; or Purchaser may terminate the Agreement. A failure by
Purchaser to give such 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 thisAgreement. Purchaser shalr have the option, at its own expense, to obtain acurrent survey of the Property prepared by a surveyor licensed by the state of
11.B.a
Packet Pg. 30 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COし LER―CYCLE 12A
GORE PRESERVE―A&T KLEINBERGER REV TR
FOL10 Nos i 41500440006 and 41500480008
Florida. No adjustments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit "A," unless the difference in
acreage revealed by survey exceeds 5% of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered Florida
surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack of
legal access to a public roadway, the Purchaser shall notify the Seller in writing of
such encroachment, projection, or lack of legal access, and Seller shall have the
option of curing said encroachment or projection, or obtaining legal access to the
Property from a public roadway, within sixty (60) days of receipt of said written
notice from Purchaser. Purchaser shall have ninety (90) days from the effective
date of this Agreement to notify Seller of any such objections. Should Seller elect
not to or be unable to remove the encroachment, projection, or provide legal
access to the property within said sixty (60) day period, Purchaser, by providing
written notice to Seller within seven (7) days after expiration of said sixty (60) day
period, may accept the Property as it then is, waiving any objection to the
encroachment, or projection, or lack of legal access, or Purchaser may terminate
the Agreement. A failure by Purchaser to give such written notice of termination
within the time period provided herein shall be deemed an election by Purchaser
to accept the Property with the encroachment, or projection, or lack of legal
access.
V. INSPECTION PERIOD
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation that:
1. Soil tests and engineering studies indicate that the Property can be developed
without any abnormal demucking, soil stabilization or foundations.
2. There are no abnormal drainage or environmental requirements to the
development of the Property.
3. The Property is in compliance with all applicable state and Federal environmental
laws and the Property is free from any pollution or contamination.
4. The Property can be utilized for its intended use and purpose in the conservation
Collier program.
5.02 lf Purchaser is not satisfled, for any reason whatsoever, with the results of any
investigation, Purchaser shall deliver to seller prior to the expiration of the lnspection
Period, written notice of its intention to waive the applicable contingencies or to
terminate this Agreement. lf Purchaser fails to notify the Seller in writing of its specific
objections as provided herein within the lnspection period, it shall be deemed that the
Purchaser is satisfied with the results of its investigations and the contingencies of thisArticle V shall be deemed waived. ln the event purchaser elects to Ierminate thisAgreement because of the right of inspection, purchaser shall deliver to Seller copies
11.B.a
Packet Pg. 31 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLLlER―CYCLE 12A
GORE PRESERVE―A&T KLEINBERGER REV TR
FOL10 Nos i 41500440006 and 41500480008
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 investigations.
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
6.0'1 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. PROMTIONS
8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be
prorated at Closing based upon the gross amount of the current year's taxes, and
shall be paid by Seller.
IX. TERMINATION AND REMEDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of written
notification of such failure, Purchaser may, at its option, terminate this Agreement by
giving written notice of termination to Seller. Purchaser shall have the right to seek
and enforce all rights and remedies available at law or in equity to a contract vendee,
including the right to seek specific performance of this 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:
10.01 1 seller and Purchaser have full right and authority to enter into and to
execute this Agreement and to undertake all actions and to perform all tasks
11.B.a
Packet Pg. 32 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLLlER―CYCLE 42A
GORE PRESERVE―A&T KLEINBERGER REV TR
FOL10 Nos i 41500440006 and 44500480008
required of each hereunder. Seller is not presently the subject of a pending,
threatened or contemplated bankruptcy proceed ing.
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.
1 0.015 No party or person other than Purchaser has any right or option to acquire
the Property or any portion thereof.
10.016 Until the date fixed for Closing, so long as this Agreement remains in force
and effect, Seller shall not encumber or convey any portion of the Property or any
rights therein, nor enter into any agreements granting any person or entity any
rights with respect to the Property or any part thereof, without first obtaining the
written consent of Purchaser to such conveyance, encumbrance, or agreement
which consent may be withheld by Purchaser for any reason whatsoever.
10.017 Seller represents that there are no incinerators, septic tanks, or 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
⑤
11.B.a
Packet Pg. 33 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLLIER―CYCLE 12A
CORE PRESERVE―A&T KLEINBERGER REV TR
FOL10 Nos:41500440006 and 41500480008
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.
1 0.0'18 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.
10.01 9 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, admlnistrative or other proceedings or governmental investigations
or requirements, formal or informal, existing or pending or threatened which
affects the Property or which adversely affects Seller's ability to perform
hereunder; nor is there any other charge or expense upon or related to the
Property which has not been disclosed to Purchaser in writing prior to the effective
date of this Agreement.
10.02'1 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 ofthe Property.
11.B.a
Packet Pg. 34 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLLIER―CYCLE 12A
GORE PRESERVE―A&T KLE:NBERGER REV TR
FOL10 Nos i 41500440006 and 41500480008
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.,
C'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:
lf to Purchaser: Summer Araque, Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services Department
Golden Gate Community Park
3300 Santa Barbara Blvd.
Naples, Florida 34116
With a copy to: Attn: Vivian Rodriguez
Collier County Real Property Management
3335 Tamiami Trail East, Suite 102
Naples, Florida 34112
Telephone number: 239-252-8402
Fax number: 239-252-8876
11.B.a
Packet Pg. 35 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLLIER―CYCLE 12A
GORE PRESERVE―A&T KLEINBERGER REV TR
FOL10 Nos:41500440006 and 41500480008
lfto Se∥er:Andrew J. Kleinberger and Terrie R. Kleinberger, Trustee of the
Andrew and Terrie Kleinberger Revocable Trust dated
November 5,2019
1337 Creech Road
Naples, Florida 34103
Telephone number: 239-692-67 97
E-mail: tasmanianterrie@gmail.com
11.02 The addresses and numbers for the purpose of this Article may be changed by
either party by giving written notice of such change to the other party in the manner
provided herein. For the purpose of changing such addresses or addressees only,
unless and until such written notice is received, the last addressee and respective
address stated herein shall be deemed to continue in effect for all purposes.
XII. REAL ESTATE BROKERS
12.01 Any and all brokerage commissions or fees shall be the sole responsibility of
the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and
against any claim or liability for commission or fees to any broker or any other person
or party claiming to have been engaged by Seller as a real estate broker, salesman or
representative, in connection with this Agreement. Seller agrees to 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.
11.B.a
Packet Pg. 36 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLLIER―CYCLE 12A
GORE PRESERVE―A&T KLEINBERGER REV TR
FOL10 Nos i 41500440006 and 41500480008
13.05 All terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as the
context or the use thereof may require.
13.06 No waiver of any provision of this Agreement shall be effective unless it is in
writing signed by the party against whom it is asserted, and any waiver of any
provision of this Agreement shall be applicable only to the specific instance to which it
is related and shall not be deemed to be a continuing or future waiver as to such
provision or a waiver as to any other provision.
'13.07 lf any date specified in this Agreement falls on a Saturday, Sunday, or legal
holiday, then the date to which such reference is made shall be extended to the next
succeeding business day.
13.08 Seller is aware of and understands that the "offer" to purchase represented by
this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
13.09 lf the Seller holds the Property in the form of a partnership, limited partnership,
corporation, trust, or any form of representative capacity whatsoever for others, Seller
shall make a written public disclosure, according to Chapter 286, Florida Statutes,
under oath, of the name and address of every person having a beneficial interest in
the Property before Property held in such capacity is conveyed to Collier County. (lf
the corporation is registered with the Federal Securities Exchange Commission or
registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the
general public, it is hereby exempt from the provisions of Chapter 286, Florida
Statutes.)
1 3.1 0 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.
rS′G″ДTURErSJAPPEAR OⅣ THE FOLι O餐 ヽ C PACFJ
11.B.a
Packet Pg. 37 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT,ON COLLIER―CYCLE 12A
GORE PRESERVE―A&T KLEINBERCER REV TR
FOL10 Nos i 41500440006 and 41500480000
lN WITNESS VVHEREOF,the parties hereto have signed below
Dated Prolect/Acquistion Approved by BCC:
AS ttO PURCHASER:
ATttEST:
CRYSTAL K KINZEL,Clerk ofthe
CircuL Court and Comptro!:er
BOARD OF COUNIY COMM!SS10NERS
COLLiER COUNTY,FLOR:DA
By:
, Deputy Clerk
AS TO SELLER:
DATED__型 曇 け 互_飢 百轟h「スhn劇 鯰る
/メ0
(Pttnt m―s Narrle)
Rick Locastro, Chairman
Approved as to form and legality:
REVOCABLE TRUST
November 25,2り9
Sally A. Ashkar, Assistant County Atlomey
ANDREW and TERR:E
By:
By:
11.B.a
Packet Pg. 38 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
CONSERVAT10N COLL ER―CYCLE 42A
GORE PRESERVE―A&T KLEINBERGER REV TR
FOし 10 Nos i 41500440006 and 41500480008
EXHIBIT "A"
Folio: 41500440006
The East 150 Feet of Tract 4, Golden Gate Estates, Unit No. 91, according to the plat
thereof recorded in Plat Book 5, Page 30, Public Records of Collier County, Florida.
2.27 acres
‐AND‐
Folio: 41500480008
The West 180 Feet of Tract 4, Golden Gate Estates, Unit No. 91, according to the plat
thereof recorded in Plat Book 5, Page 30, Public Records of Collier County, Florida.
2.73 acres
11.B.a
Packet Pg. 39 Attachment: Agreement (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
1
Conservation Collier Land Acquisition Program
Project Design Report
Kleinberger Rev. Trust Property
Date: December 2023
Property Owner: Andrew J. Kleinberger and Terrie R. Kleinberger, as Trustee of the Andrew
and Terrie Kleinberger Revocable Trust
Folio(s): 41500480008, 41500440006
Location: GOLDEN GATE EST UNIT 91 TR 4
Size: 5.0 acres
Purchase Price: $104,500
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
These parcels are within the Dr. Robert H. Gore III (Gore) Preserve multi-parcel project boundary. The Kleinberger Rev. Trust parcels were considered due to their proximity to an existing Conservation Collier preserve. The Gore Preserve project area, which includes the Kleinberger Rev. Trust parcels, met five out of six Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat, potential for nature-based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity, and restoration potential.
The parcels offer access from 38th Ave. SE, west of Desoto Blvd. S – a paved public road. This property could accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III Preserve. Potential public uses include hiking, nature photography, bird watching, and environmental education to be provided by partner Cypress Cove Conservancy. The Cypress Cove Conservancy acquired and currently maintains Dr. Gore’s old home as a Nature Center and offers environmental education, while Conservation Collier maintains the surrounding preserve.
The project area is approximately 75% wetlands, with the remaining 25% seasonal wetlands. Significant areas of karst have been observed in the area. Karst is limestone terrain characterized by sinkholes, caverns and underground streams, and is a wetland indicator. Plant communities found on the property are consistent with mapped soils and provide habitat for wetland dependent species. The project area is mapped by the South Florida Water Management District as
Selected for the “A” category, #1
priority, on the Active Acquisition List
(AAL) by CCLAAC
Selected for the “A”
category, #1 priority, on
AAL by BCC
Offer made
to owners
Offer accepted
7/10/2023 10/10/2023 10/26/2023 10/26/2023
11.B.c
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2
contributing 43" to 56” annually of water to the Surficial Aquifer System and can be expected to
contribute to the attenuation of area flood waters. Hydrologic indicators such as karst topography,
cypress knees, and water marks on buttressed cypress trees provide evidence of seasonal flooding.
The mature cypress trees found on the property indicate that the area has historically contained
wetlands.
Invasive exotic plant species are present in significant amounts, up to 95% along the roadside and
approximately 50% interiorly. The primary invasive exotic plant is Brazilian pepper (Schinus
terebinthifolius), but others are likely also present.
The project area contains protected species of plants, including giant sword fern (Nephrolepis
biserrata) and several listed bromeliads in the Tillandsia genus. A neighbor and
environmental professional who is familiar with the property reported five native orchid species
present within the project area. The same neighbor has seen five panthers in the area since 2014
(including a panther with kittens), dozens of Florida black bears (including females with cubs),
and numerous other wildlife. The observed habitat and location would support the presence
of Everglades mink (Neovison vison evergladensis), tricolored heron (Egretta tricolor), and
little blue heron (Egretta caerulea), all state-protected species.
The property is within an historic wetland area that connects on the east with the Florida Panther
National Wildlife Refuge (FPNWR) via the old Ford Test Track. The Gore Preserve and
surrounding lands enhance the FPNWR by acting as a buffer and providing a reasonably large
sized wild land addition north of I-75. There are wildlife underpasses at the adjacent Faka Union
and nearby Miller canals creating an ecological link south under I-75 to the Picayune Strand State
Forest. A little over two miles to the west are the North Belle Meade sending lands. The Gore
project is within the Florida Fish and Wildlife Conservation Commission (FWC) Primary Panther
habitat zone. The Kleinberger Rev. Trust parcels expand the Gore Preserve. These parcels, joined
with many others, could permanently protect a corridor between North Belle Meade and the
Florida Panther National Wildlife Refuge.
Zoning, Growth Management and Land Use Overlays: The parcels are within the Northern
Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification.
There are no additional land use overlays applicable.
Projected Management Activities: Projected management activities include the removal of
invasive plants, the development of a Land Management Plan, and continued development of
public access to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2024 2025 2026 2027 2028
Exotics $2,500 $2,000 $2,000 $2,000 $1,250
Signage $200
Total $2,700 $2,000 $2,000 $2,000 $1,250
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
11.B.c
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3
11.B.c
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11.B.c
Packet Pg. 43 Attachment: Project Design Report (27361 : Conservation Collier - Gore Preserve - Kleinberger Revocable Trust)
1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
August 23, 2022
Collier County Board of Commissioners
Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser
Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Re: Real Estate Appraisal
51 Parcels within Golden Gates Estates Units 91 and 92, Naples
Collier County, Florida 34117
Our File Number: 22-179-MS
PO #4500217055
Dear Mr. Leonard,
At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal
presented for the above referenced real property. The purpose of the appraisal is to estimate the
market value on a price per acre basis for areas identified as parcels within the Golden Gates
Estates Units 91 and 92 in Naples, Florida. The size of the parcels range from a low of 1.14 acres
to a high of 5.68 acres. Tier values are developed for the parcels consisting of: up to 25%
wetlands; 26%-50% wetlands; 51%-75% wetlands; and 76%-100% wetlands.
The Dr. Robert H. Gore project area boundaries encompass 51 parcels totaling approximately
119.13 acres within Golden Gates Estates Units 91 and 92. The per acre values reported in this
market study will be developed for parcels 1.14 acres to 2.73 acres, 2.74 acres to 4.0 acres and
4.1 acres to 6.0 acres. The market area has a mixture of wetland designations and varying
degrees of depressional and slough soils with uplands on the FDEP Informal Wetland
Determinations map and are located within the Estates zoning designation which allows for low
density residential development with limited agricultural use.
Data, information, and calculations leading to the value conclusion are incorporated in the report
following this letter. The report, in its entirety, including all assumptions and limiting conditions, is
an integral part of, and inseparable from, this letter. Any special assumptions and limiting
considerations were especially noted in Section 7 of this report. Your attention is directed to these
General Assumptions and Limiting Conditions which are part of this report.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and
the reasoning leading to the opinion of value. The analyses, opinions and conclusions were
developed based on, and this report has been prepared in conformance with, our interpretation of
the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal
Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional
Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and Title XI Regulations.
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
C A R L S O N , N O R R I S & ASSOC I A T E S
August 23, 2022
Page 2
Carlson, Norris and Associates, Inc. does not authorize the out-of-context quoting from or partial
reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be
disseminated to the general public by the use of media for public communication without the prior
written consent of the appraiser signing this report.
Based on market conditions existing as of the effective date of appraisal, and in consideration of
the property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted the following value conclusion(s) as of August
1, 2022 of:
4.01-6.00 acres
$36,000
$26,000
$19,000
$19,000
$41,000
$25,000
$19,000
$19,000
Indicated Value Per Acre
0-25% wetlands
26-50% wetlands
51-75% wetlands
76-100% wetlands
$50,000
$35,000
$30,000
$22,000
Area Within Golden Gate Estates Units 91 and 92
Parcel size 1.14-2.73 acres 2.74-4.00 acres
Value Conclusions
Appraisal Premise Interest Appraised Date of Value
Market Value, As Is Fee Simple August 1, 2021
PLEASE NOTE: The Novel Coronavirus (COVID-19) outbreak, declared by the World Health
Organization as a global health emergency on 1-30-2020, is causing heightening uncertainty in
local, national and global markets. This outbreak was identified as a pandemic on 3-11-2020 and
further classified as a National Emergency on 3-13-2020. Worldwide cases of COVID-19 have
been identified and the scope of this crisis has expanded. Travel and “shelter in place” restrictions
have been implemented to “blunt the curve” of infections and stem the scale and longevity of this
outbreak. A prolonged medical and economic crisis may have a significant, yet unquantifiable
impact on real estate markets.
The information provided within this appraisal is based on market data available at this juncture
(date of value and date of the report). However, due to the significant uncertainty in property and
capital markets, as well as the rapid unfolding of this event, it is indeterminable for the appraiser to
quantify and assess the impact that this outbreak has had/or will have on real estate property
values. Values and incomes may change more quickly and significantly than during more typical
market conditions.
1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
August 23, 2022
Page 3
It should be emphasized that the results of this appraisal analysis and the value
conclusions reported herein are based on the effective date of the appraisal and the
appraiser makes no representation as to the effect on the subject property of any
unforeseen event subsequent to the effective date.
Please refer to the attached appraisal report, plus exhibits, for documentation of the value
estimates contained herein. It has been a pleasure to assist you in this assignment. If you have
any questions concerning the analysis, or if Carlson, Norris and Associates can be of further
service, please contact us.
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
C A R L S O N , N O R R I S & ASSOC I A T E S
MARKEY STUDY BOUNDARY MAP
51 Parcels Located Within Golden Gates Estates Units 91 and 92
Totaling 119.13 Acres
NAPLES, FLORIDA 34117
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E R S
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TABLE OF CONTENTS
SUBJECT AERIAL PHOTOGRAPH ............................................................................................................ 1
SECTION 1 - SUMMARY OF SALIENT FACTS ........................................................................ 3
SECTION 2 – PREMISES OF THE APPRAISAL ....................................................................... 5
INTENDED USE AND USER OF APPRAISAL ........................................................................................................ 5
SCOPE OF WORK .............................................................................................................................................. 5
SALES HISTORY ................................................................................................................................................ 8
VALUATION HISTORY ........................................................................................................................................ 8
APPRAISAL ANALYSIS AND REPORT TYPE ........................................................................................................ 9
EXPOSURE TIME ............................................................................................................................................... 9
MARKETING TIME ............................................................................................................................................ 10
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED ................................................ 11
COLLIER COUNTY AREA ANALYSIS ................................................................................................................ 11
LOCATION MAP ............................................................................................................................................... 26
MARKET AREA DESCRIPTION ......................................................................................................................... 27
LEGAL DESCRIPTION ...................................................................................................................................... 30
OWNER OF RECORD ....................................................................................................................................... 30
SITE DESCRIPTION .......................................................................................................................................... 31
SUBJECT PROPERTY PHOTOGRAPHS ............................................................................................................. 36
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................................. 38
HIGHEST AND BEST USE AS THOUGH VACANT ............................................................................................... 38
SECTION 5 – VALUATION OF THE SUBJECT ...................................................................... 40
VALUE ESTIMATE BY THE COST APPROACH .................................................................................................. 40
VALUE ESTIMATE BY THE INCOME APPROACH .............................................................................................. 40
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ......................................................................... 40
SECTION 6 – RECONCILIATION OF VALUE......................................................................... 72
SUMMARY OF VALUE CONCLUSIONS .............................................................................................................. 72
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS.................................................. 74
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM ........................................................................... 74
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ......................................................................................... 76
SECTION 8 – ADDENDA .................................................................................................... 81
FDEP MAP……………………………………………………………………………………………………..82
WETLANDS MAP ............................................................................................................................................. 83
FLOOD MAP .................................................................................................................................................... 84
APPRAISER LICENSE ...................................................................................................................................... 85
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM ......................................................................... 86
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E R S
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3
Section 1 - Summary of Salient Facts
Property Reference: Multiple Parcels; Located Within Golden Gate Estates Units 91
and 92
Property Type: Vacant Land
Property Address: Multiple Parcels; Located Within Golden Gate Estates Units 91
and 92
Naples, Florida 34117
Report Format: Appraisal Report
Date Of Inspection: August 1, 2022
Date Of Value: August 1, 2022
Date Of Report: August 23, 2022
Real Estate Interest
Appraised:
Fee Simple
Purpose Of Appraisal: The purpose of this appraisal is to estimate the market value on
a price per acre basis for areas identified as parcels within the
Golden Gates Estates Units 91 and 92 in Naples, Florida for our
client according to the reporting standards of the Uniform
Standards of Professional Appraisal Practice (USPAP), and
subject to the extraordinary assumptions stated herein.
Use of the Appraisal: The intended use of the appraisal is to assist the user, the
Collier County Board of County Commissioners, in the potential
acquisition of the subject property(s).
Intended Users:
Appraisal Client:
The intended user of this appraisal is the Collier County Board of
County Commissioners.
The client for this appraisal assignment is the Collier County
Board of County Commissioners.
Location: The Dr. Robert H. Gore project area boundaries encompass 51
parcels totaling approximately 119.13 acres within Golden Gates
Estates Units 91 and 92 in Collier County, Florida.
Site Description: The project area parcels are vacant, unimproved and fully
wooded, with the majority having paved road access. Wetland
determinations range from 0%-100% with varying amounts of
depressional and hydric slough soils present.
Comprehensive Land Use
Plan Designation:
Estates Designation
Zoning Classification: E-Estates
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Highest And Best Use As
Vacant:
The highest and best use for the identified site areas would be
for low density residential or limited agriculture use consistent
with the comprehensive land use plan classification and zoning
classification affecting the property(s).
Highest And Best Use As
Improved:
The subject property(s) are vacant unimproved parcels and as
such an analysis of the areas as improved is not appropriate in
this analysis.
Appraisal Firm: Carlson, Norris and Associates, Inc.
Appraisers Completing
Report:
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
• I, Michael Jonas, the supervisory appraiser of a registered trainee appraiser who
contributed to the development or communication of this appraisal, hereby accept
complete responsibility for any work performed by the registered trainee appraiser named
in this report as if it were my own work.
• Hannah Dwyer, State-Registered Appraiser Trainee RI25089, contributed to the
development of the appraisal report in the form of 45 hours. She assisted on the property
inspection, compiled property information, assisted in the highest and best use,
researched and analyzed comparable sale and contributed in the writing of the appraisal
report.
• As of the date of this report, Michael Jonas has completed the requirements of the
continuing education program if the State of Florida, and for the Designated Members of
the Appraisal Institute. As of the date of this report, Hannah Dwyer has completed the
requirements of the continuing education program of the State of Florida.
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E R S
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Section 2 – Premise of the Appraisal
Purpose of Appraisal: The purpose of this appraisal is to estimate the market value on a price
per acre basis for areas identified as parcels within the Golden Gates Estates Units 91 and 92 in
Naples, Florida for our client according to the reporting standards of the Uniform Standards of
Professional Appraisal Practice (USPAP), and subject to the extraordinary assumptions stated
herein.
Use of the Appraisal: The intended use of this appraisal is the user, the Collier County Board of
County Commissioners, in the potential acquisition of the subject property(s).
Intended User of Appraisal: The intended user of the appraisal is the Collier County Board of
County Commissioners.
Client: The client for this report is the Collier County Board of County Commissioners.
Competency of Appraiser: The appraisers' specific qualifications are included within this report.
These qualifications serve as evidence of their competence for the completion of this appraisal
assignment in compliance with the competency provision contained within the Uniform Standards
of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the
Appraisal Foundation. The appraisers' knowledge and experience, combined with their
professional qualifications, are commensurate with the complexity of this assignment based on the
following:
• Professional experience
• Educational background and training
• Business, professional, academic affiliations and activities
The appraiser has previously provided consultation and value estimates for vacant parcels located
throughout Southwest Florida.
Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the
scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of
work includes, but is not limited to: the extent to which the property is identified, the extent to which
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tangible property is inspected, the type and extent of market research and the type and extent of
analysis applied to arrive at opinions or conclusions.”
The scope of this appraisal has been to collect, confirm, and report data. Other general market
data and conditions have been considered. Consideration has been given the property’s zoning
and surrounding improvements and neighborhood. The work performed for this assignment
included but is not limited to the following:
• Extent to which the property was identified
o The subject areas are identified as 51 parcels located within the Golden Gates Estates
Units 91 and 92 in Naples. An aerial shows the approximate borders for the parcels.
• Extent to which the property was inspected
o An inspection of the subject areas being appraised as well as the neighborhood in
which they are located was done on August 1, 2022. Please note, the appraiser relied
primarily on aerial visuals from the Collier County Property Appraisers website.
• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of the
market conditions affecting real property value, including land values and sales data for
similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost
Approach – either replacement or reproduction cost is used to develop a value
indication for the subject property. 2) Income Approach – valued on the ability of a
property generating a cash stream. 3) Sales Comparison Approach – value indication
is derived by comparing sales of similar properties. It is the most common and
preferred method of land valuation when an appropriate supply of comparable sales is
available.
o As the subject areas contain no improvements, the Cost Approach is not considered to
be an applicable appraisal tool.
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o Vacant land is not generally purchased for its ability to generate a cash stream;
therefore, the Income Approach is not utilized.
o The analyst will utilize the Sales Comparison Approach exclusively in estimating the
price per acre market values for the subject property areas.
o Collection and analysis of comparable land sales in order to perform an opinion of
value for the underlying land.
▪ An investigation of comparable land sales and of similar unimproved properties
were utilized in order to make a comparative analysis which would lead to the
completion of the Sales Comparison Approach.
o The value opinion presented in this report is based upon review and analysis of the
market conditions affecting real property value, including land values, the attributes of
competitive properties, and sales data for similar properties.
o Reconciling the value indications from the appropriate approaches to value into final
value opinion(s) for the subject property(s); all as of the effective date of this report.
o Preparation of a written report.
To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as
defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal,
Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop a reliable
value indication.
Furthermore, the value conclusion(s) reflect information about the subject areas and market
conditions. The appraisal of the subject parcel has been presented in the form of an Appraisal
Report, which is intended to comply with the reporting requirements set forth under Standards
Rule 2-2(a) of the USPAP.
Property Rights Appraised: The property ownership rights appraised in this appraisal are those
known as fee simple.
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Fee Simple Estate is defined as: “Absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation, eminent
domain, police power, and escheat.”1
Market Value Definition is defined in the Agencies’ appraisal regulations as: “The most probable
price that a property should bring in a competitive and open market under all conditions requisite to
a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price
is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a
specified date and the passing of title from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider their
own best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
• The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with
the sale.”
(Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal
Register, Volume 75, Number 237, Page 77472)
Date of Property Inspection: August 1, 2022
Date of Value Estimate “As Is”: August 1, 2022
Date of the Report: August 23, 2022
Sales History: Multiple parcels and ownership.
Valuation History: The Uniform Standards of Professional Appraisal Practice requires the
appraiser to divulge any services provided on the subject property(s) during the preceding three
years. Carlson, Norris and Associates has not previously appraised the subject(s) in the past
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Sixth Edition, the Appraisal
Institute, Chicago, Illinois (U.S., 2015)
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three years, nor have we provided additional services related to the subject property(s) during this
time period.
Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of
making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which
all appraisals and resulting reports are made. The process of administration of those rules and
guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The
Appraisal Standards Board issues the rules and guidelines in the form of a document update
published each year by The Appraisal Foundation. That document is entitled “The Uniform
Standards of Professional Appraisal Practice” (USPAP).
As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted
Appraisal Report. The following definitions have been adopted for each type of report:
• An Appraisal Report: A written report prepared under Standards Rule 2-2(a).
• Restricted Appraisal Report: A written report prepared under Standards Rule 2-
2(b)
This appraisal is reported in an Appraisal Report format.
Exposure Time: Exposure time is the estimated length of time the property would have been
offered prior to a hypothetical market value sale on the effective date of appraisal. It is a
retrospective estimate based on an analysis of recent past events, assuming a competitive and
open market. It assumes not only adequate, sufficient, and reasonable time but also adequate,
sufficient, and reasonable marketing effort. Exposure time is therefore interrelated with appraisal
conclusion of value.
An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one-
line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more
of the following:
• statistical information about days on the market
• information gathered through sales verification
• interviews of market participants.
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The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate
of time alone. Exposure time is different for various types of real estate and under various market
conditions.
In consideration of these factors, we may have analyzed the following:
• Exposure periods of comparable sales revealed during the course of this appraisal;
• Macroeconomic exposure times for the subject property type across the Subject MSA and
the entire United States as published in multiple articles and websites.
• Knowledgeable real estate professionals.
We have also had numerous discussions with brokers active in the Collier County - Southwest
Florida area. All of these persons have indicated the land market has had varying degrees of
activity dependent on type and location.
We have also had discussions with multiple persons having active listings within the market area.
These properties have been on the market from a few months to a few years. The realtors
indicated that they have received mixed levels of interest in the properties at the list prices.
Based on this information it is our opinion an exposure time of twelve months or less appears to be
reasonable and appropriate. This exposure time assumes the subject parcel(s) would have been
competitively priced and aggressively promoted within the market area.
Marketing Time is defined as: “An opinion of the amount of time it might take to sell a real or
personal property interest at the concluded market value level during the period immediately after
the effective date of an appraisal. Marketing time differs from exposure time, which is always
presumed to precede the effective date of an appraisal.”
Marketing time is the period a prospective investor would forecast to sell the subject property
immediately after the date of value, at the value estimated. The marketing time is an estimate of
the number of months it will require to sell the subject from the date of value, into the future. The
anticipated marketing time is essentially a measure of the perceived level of risk associated with
the marketability, or liquidity, of the subject property. The marketing time estimate is based on the
data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated
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changes in market conditions following the date of appraisal. The future price for the subject (at the
end of the marketing time) may or may not equal the appraisal estimate. The future price depends
on unpredictable changes in the physical real estate, demographic and economic trends, real
estate markets in general, supply/demand characteristics for the property type, and many other
factors.
Based on the premise that present market conditions are the best indicators of future performance,
a prudent investor will forecast that, under the conditions described above, the subject(s) will
require a marketing time of twelve months or less.
Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
The subject property is located within Collier County, Florida, some 150 miles south of Tampa and
some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion
of the state of Florida. Collier County was created in 1923 and was separated out from what was a
larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul
and real estate developer who had moved to southwest Florida and established himself as
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prominent business man and land owner. By the end of the decade railroads and Tamiami Trail
were in-place which opened the area to agricultural and resort development. Florida’s first
commercial oil well was drilled in 1943, and the county’s pine and cypress logging industry
flourished into the 1950s. The county’s economy boomed along with its population shortly after
World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980.
The economy was sustained from agribusiness, tourism and real estate. This turned the county
into one of the fastest growing areas in the country.
PHYSICAL FACTORS
It is the largest county in the state in terms of land area with 1,998 square miles which includes
821,600 acres of preserves, parks, and refuges. Along with the land area Collier County also has
307 square miles of water to give Collier County a total size of 2,305 square miles. The most
highly developed areas within the county are west of Interstate 75 and along the coastline of the
Gulf of Mexico. Development becomes increasingly sparse the more easterly the location in the
county; and these easterly areas of the county contain a considerable amount of preserved land.
There are three incorporated cities within the county; namely City of Naples, City of Marco Island,
and Everglades City.
The county is famous for its subtropical climate with average high temperatures ranging from 78o
F. in January to 92o Fahrenheit in August. The average annual precipitation for the county is 56
inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs
from June through November.
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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 390,774 people living there according to recent 2020 Census
data. making Collier County Florida’s 17th most populous county. Collier County had a population
of 322,595 in 2010 and they have experienced a 68,179 person increase over 10 years or 19.37%
growth.
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Additional population estimates reflect population projections from 2018 to the year 2045 and
compare the three coastal counties in the southwest Florida area. The counties include; Charlotte,
Collier and Lee. The population estimate for the year 2018 for Collier County was 367,000 (actual
was 378,488) and is predicted to increase to around 516,000 in year 2045. This would represent
a 1.064% per year or 26.6% increase in population over the entire period.
Demographics within Collier County are predominately White at 89.3%, followed by Black or
African American at 7.4%, Asian at 1.6%, American Indian and Alaska Native at 0.5%, Native
Hawaiian and Other Pacific Islander at 0.1% and then two or more races filling out the remaining
1.2%.
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Tourism: Tourism is important business for Naples, Marco Island and the Everglades. As the
leading employer and the primary economic engine for the region, the tourism industry is
responsible for over 38,500 jobs in Collier County. About 2 million visitors in 2019 spent over $1.5
billion dollars, resulting in a total economic impact of over $2.1 billion to Collier County. Collier
County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six
months. The distribution of tourist development tax dollars is set according to Collier County
ordinance. The funds are dispersed as follows; beach related projects with 42.56% of the total
Tourist Tax, tourism promotion with 47.85%, and museums with 9.59. Of the 42.56% for beach
related projects, 3.58% is allocated for beach park facilities and the remaining 39.98% is used for
nourishment, pass & inlet management. Of the 47.85% for tourism promotion, 33.57% is used for
destination promotion and administration and the remaining 14.28% is used for amateur sports
complex/debt. Lastly, of the 9.59% allocated for museums, 7.68% is used for county museum
operations, and the remaining 1.91% is used for non-county museum grants.
New Development: A relatively new town is developing in the eastern part of Collier County
known as Ave Maria. The town is located on what was once largely agricultural land is centered
around Ave Maria University, the country’s newest Catholic University. The university opened its
doors in 2007 and currently has about 1,120 students, including 35 in graduate programs. The
school has plans to keep growing and ultimately incorporate around 5,500 more undergraduate
and graduate students. The town is designed to be a compact, walk-able, self-sustaining town
that reflects the community’s rural roots while offering a full range of residential options and
commercial services to its residents. The Ave Maria community totals about 5,000 acres, of which
nearly 20% has designated as the University Campus. A Town Core anchored by the landmark
oratory that also incorporates retail, commercial, and residential living space provides a central
connection between the town and the university. Business is expanding in Collier County as
evidenced by a surgical device company that recently opened its doors on a site near Ave Maria
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University in the form of a $25 million manufacturing plant. This construction brought 500
construction jobs to the area and currently employs around 350 workers, with more being added
all the time. Ave Maria has experienced a sever mosquito problem and as a result they have been
sprayed more than 30 times by very safe pesticides in 2015 making it the most sprayed area in
southwest Florida.
A new town has also been proposed in Eastern Collier County. Collier Enterprises got the
Rivergrass project through the Collier County Commission on January 28th, allowing them to begin
planning to develop a 1,000-acre township in Eastern Collier County. The plans are currently being
stalled as the project’s impact on approximately 700 acres of primary panther habitat is being
heavily opposed by wildlife organizations such as the Conservancy among many others.
Employment & Income: The most recently reported median household income for Collier County
is at $70,600. From January 2010 until March 2020, Collier County had experienced downward
trends in unemployment getting as low as almost 3%. Then in April 2020 we began to feel the
effects of COVID-19, and Unemployment jumped to 13.4% from 4% the month prior.
Unemployment continued to hang around 10% for the next few months. Collier County’s
unemployment rate rose from 3.0 percent in October 2019 to 5.0 percent in September 2020 and
to 5.1 percent in October 2020. The overall trend of unemployment has been trending downward.
Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. The Real Estate and Rental and Leasing Industry leads the pack with 25,200
industry jobs. Retail trade is in second with 25,071. Accommodation and Food Services is just
behind with 24,833. The rest of the top ten, in descending order are as follows: 24,318 / 22,261 /
16,044 / 14,710 / 14,636 / 13,049 / 12,934.
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Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier
County School District with 5,604 employees, and Collier County Local Government with 5,119
employees. As the Collier County population matures, employment in the healthcare industry will
continue to make up a larger part of overall employment. Collier’s top employers are listed below.
Taxes: Florida is one of the few remaining states without a personal income tax. The absence of
personal income taxes draws many people to Florida. Businesses enjoy additional incentive of
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low corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far
below the 12% levied by some states. The largest share of households in Collier County pay
$3,000+ in property taxes.
The Florida statutes provide for the annual assessment and collection of property taxes on real
and personal property. Property taxes are assessed and collected at the county level as revenue
for counties, municipalities, school districts and special taxing districts. The tax rate is set by the
taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all
real estate property types in Collier County for 2018 was $112,272,221,732.
Prices: A price index is a tool that simplifies the measurement of price movements in a numerical
series. Movements are measured with respect to the base period, when the index is set to 100.
Our current cost of living index in Collier County is 113.4 meaning that generally speaking the cost
of living is more expensive in Collier County than the average cost of living throughout the United
States. Furthermore, Groceries are at 107.7, Housing is at 143 which is high, but down from 175 in
December of 2016, and Health is at 101 and below you can see the rest of the table and how it
compares to the United States.
Banking/Interest Rates/Financing: As of December 21, 2021 the prime rate was reported at
3.25%. Approximately one year ago the prime rate was 3.25%. The federal discount rate is most
recently reported to be 0.25%; a year ago was 0.25%. The federal funds rate is 0.25 %, while a
year ago it was 0.25%. The 15-year refinance fixed-rate mortgage increased to 2.45% down 2
base points over the last week. The benchmark 30-year fixed-rate loans in this week's survey
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included an average of 3.20% down 5 base points over the last week. The five-year adjustable
arm rate was at 2.69%. Please see table below.
Financing both commercial and residential properties became difficult during the downturn in the
economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased
by investors with cash and expectation of longer holding periods. Generally financing of improved
properties requires loans of 60%-75% of commercial properties and 90%-95% financing available
for residential properties.
Real Estate and Housing: Collier County was spared from the national economic downturn
(2007-2009). Collier County experienced a significant increase in residential and commercial
property values from 2004 through 2006. Several news publications rated Naples as the most
over-valued area of the country with respect to residential housing values. The decline in
residential property values began in 2006. Inventory levels began to rise as investors and owners
positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase
any property with a sense that the economy as a whole was headed for trouble. Many investors
were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida
became the epicenter for residential property foreclosures with communities such as Golden Gate
at the forefront of the crisis in Collier County.
Residential construction projects in various stages of development were stopped as housing
inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the
residential construction industry; and with no homes to build, this industry was quickly decimated.
Contractors that supplied this industry typically ran their businesses from various industrial
locations in Collier and Lee Counties. This type of property was the first commercial property to be
adversely affected with retail and office properties following.
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There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each
park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier
County’s zoning allows the flexibility of properties of 19 acres or more to be zoned as Research
and Technology Parks, which are based on commerce parks and offer advanced infrastructure to
attract technology-based businesses.
Real estate indicators continued to be a bright spot for the region. Single-family building permits for
the coastal counties improved 64 percent from August 2020 to August 2021. Single-family home
sales slipped 5 percent in August 2021 over August 2020, but median prices for all three counties
rose between 21 to 28 percent during the same period. Realtor® Active listings for the coastal
counties were down in August 2021, falling 67 percent from August 2020. Steady increase in
discretionary spending associated with supply-chain disruptions have create some inflationary
pressure across the country and the region.
Single family permits identify houses under construction and therefore reflect jobs in the
construction industry. The data continue to show that, while the COVID-19 pandemic has had
deleterious effects on the economy of Southwest Florida, there appears to be some optimism for
the future based upon the single-family building permit data of the last few months. In Collier
County, 330 permits were issued in October 2021, a decrease of 22 permits (6 percent) from
October 2020, but up 112 permits (51 percent) from September 2021 (see Chart 15)
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Collier County single-family home sales registered 475 units in October 2021, a decrease of 192
units (29 percent) compared to October 2020. The median price in Collier County rose
substantially by $90 thousand from $560,000 in October 2020 to $650,000 in October 2021 (see
Chart 18).
Transportation: The infrastructure of the county continues to see improvements. Interstate 75
has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County
recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake
Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening
projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south
roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County
Government has worked diligently to develop an efficient road system that will accommodate
future growth; and it is likely to continue to develop the necessary road infrastructure in the years
to come.
Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic
needs for the fast-growing population of Southwest Florida. RSW is the eighth fastest growing
airport in the nation, servicing more than 8 million passengers a year. More than two dozen
commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to
more than 27 domestic and two international destinations. The Southwest Florida International
Airport also maintains customs clearing facilities for international cargo. RSW is located off
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Interstate-75 in South Lee County, an approximate 30-minute drive from most areas of Naples. In
2005 the airport was completely updated and expanded to meet the growing demand of area
businesses and visitors. The $386 million ultra-modern complex includes a two-story terminal with
28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a
three-story parking structure. The facility will allow for incremental expansion up to 65 gates.
Construction was recently completed on a direct access connection between I-75 and the airport.
Peak seasonal activity usually occurs in February, March, and April, with significantly lower activity
in the summer months. While all three airports continue to improve from the dip in passenger
activity experienced in April 2020, a complete recovery to pre-pandemic levels is not anticipated in
the short-term. After the large decrease in activity observed in March and April 2020, the charts
better reflect the historic seasonal pattern, albeit at a reduced level. Passenger traffic at RSW was
769,524 in October 2021, up 40 percent from September 2021 and 84 percent greater than
October 2020 (see Chart 1).
The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO
services for general aviation including fueling and catering. It is the home to charter airlines,
aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental
agencies, the Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over
40 additional aviation and non-aviation businesses. The airport encompasses approximately 732
acres of land, approximately two miles northeast of Old Naples with convenient access to major
roads and Interstate-75.
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POLITICAL-GOVERNMENTAL FACTORS
The county government is headed by a Board of Commissioners. There are five commissioners,
each assigned to a specific geographical area within the county. A County Manager coordinates
most of the departments including county services, public services, community
development/environmental services, utilities and transportation. The county is currently
experiencing a decline in revenues which will result in future capital improvement plans being
significantly cut back. Additionally, operating expenses are under increasing pressures due to
legislative mandates from the state, escalating costs of property insurance and health benefits,
and the overall economic downturn.
Collier County has experienced an increase of 1.09% in budget between FY 2019 and FY 2020.
The FY 2020 total net county budget is now $26,249,500.
Education: The Collier County public school system currently contains a total of 58 schools with
48,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. The
below chart shows more detail with regards to the public-school system.
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Collier County is home to several colleges and universities. As mentioned, Ave Maria University is
a newly established Catholic University offering liberal arts-oriented baccalaureate degrees as well
as some graduate degree programs. The county is also home to branch campuses of Florida
Southwestern State College and Florida Gulf Coast University.
Collier County has a high level of education attainment compared to other counties in Florida and
compared. Collier County has 32% of their people attain a bachelor’s degree of higher compared
to 27% in Florida and 29% in the United States. Only 14% of those within Collier County have less
than a high school education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast variety of natural and historical attractions. Places to visit
include the 52-acre Naples Zoo, Collier County Museum, Big Cypress National Preserve, Museum
of the Everglades, Naples Botanical Gardens and many other reserves, museums, zoos, etc.
Healthcare: Within Collier County there is the Naples Community Hospital, North Collier Hospital,
Regional Heart Institute, NCH Wellness Centers and other various clinics. Being the largest county
in Florida with a total area of 2,305 square miles its medical facilities manage to cover it all.
Helicopter usage cuts critical minutes from transport time. 83.5% of those within Collier County
have health insurance compared to 86.5% throughout Florida and 90.6% throughout the United
States. The highest percentage of those without healthcare coverage from people making $25,000
and less at 25.6% not covered by insurance.
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SUMMARY
Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is
sub-tropical with mild winters that allow for year-round enjoyment of the many attractions this area
offers. Collier County is a desirable destination for residents and non-residents alike. In spite of
the many positives, portions of Collier County were greatly affected by the past housing debacle
which resulted in a significant number of residential foreclosures, trends have been positive in
most recent years though. While the current “improving” economic climate will keep commercial
and residential development at bay in the short term, the availability of commercial vacant land, the
county's numerous natural attractions, and the anticipated future population growth will bode well
for this area over the long term.
Collier County is considered to be a wonderful place to live. There are tremendous opportunities
as far as employment is concerned in many different industries. The diversity of job opportunities
spans a significant range from low-income persons to jobs of very high-income people as well.
There are tremendous recreational facilities with numerous golf course, beaches and recreational
parks, not to mention the significant amount of land that is federally held in conservation in the
eastern portions of the county. The public-school system is good and provides for a well-rounded
public education for the students that reside within the county.
We invite your attention to the location map, which shows the relative location of the subject
property in Naples.
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Location Map
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Market Area Map
Market Area Description: Market area is defined as “The geographic or locational delineation of
the market for a specific category of real estate, i.e., the area in which alternative, similar
properties effectively compete with the subject property in the minds of probable, potential
purchasers and users.”
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Market Area:
Boundaries: Northern Immokalee Road
Southern US 41
Eastern SR 29
Western Interstate Highway 75
Life Stage: “Because market areas are perceived, organized, constructed, and used
by people, each has a dynamic quality. Appraisers describe this quality
as a market area’s life cycle. The complimentary land uses that make up
neighborhoods and homogeneous land uses within districts typically
evolve through four stages:
• Growth – a period during which the market area gains public
favor and acceptance
• Stability – a period of equilibrium without marked gains or losses
• Decline – a period of diminishing demand
• Revitalization – a period of renewal, redevelopment,
modernization and increasing demand” 2
It is our opinion that the subject market area is currently in the growth
cycle. Recently the market has shown increased activity. Sales and
permit activity for commercial and residential construction have been
increasing.
Public Transportation: Public transportation is provided by Collier Transit
Maintenance/Condition: The majority of improvements are well maintained and in good condition.
Property Compatibility: There is an established retail, commercial, retail and office area along
Airport Pulling Road, Immokalee Road, Pine Ridge Road, Vanderbilt
Beach Road, and Tamiami Trail (US-41). Due to the high traffic counts in
this area, retail uses include shopping centers, restaurants, and various
other single-tenant retailers. Supporting residential abounds along
secondary roadways and land uses are primarily single-family residential
or multifamily. Generally speaking, agricultural and rural residential use is
located east of Interstate Highway 75.
Appeal/Appearance: This area has strong appeal. Appearance ranges from mostly newer
construction and some older structures with generally good to average
appearance.
Neighborhood Access: Good access exists from major north-south corridors including Collier
Boulevard, Goodlette Frank Road, Livingstone Road, Airport Pulling
Road, US-41 (Tamiami Trail), and I-75.
The major east-west corridors include Golden Gate Boulevard,
Vanderbilt Beach Road, Pine Ridge Road, and Immokalee Road.
Police/Fire: Police: Collier County Sheriff / Fire-rescue: Collier County
2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014)
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Development Potential: There is residential, agricultural, and commercial zoned vacant land
available in the market area. Most exists is to the east portion of the
market area. Future commercial development will be seen mainly along
US-41, Airport-Pulling Road, Vanderbilt Beach Road, Immokalee Road
and Collier Boulevard. Agricultural properties being subdivided into
smaller rural residential parcels.
Development Trend: Residential and commercial properties have had decreasing vacancies
and increasing lease rates. Brokers estimate continued improvement in
this area that could lead to new development in the near future.
Characteristics of Land
Usage:
Immediate properties in the subject market are mostly agricultural and
residential uses.
Supply of Vacant Tracts: Vacant land is available in the market.
Demand for Vacant Tracts: The supply appears to be in balance with demand at this time.
Neighboring Property Uses: Residential, both single and multi-family, general business, office, retail
and agricultural uses.
Allowable Uses in the
District:
Residential both single and multi-family, general business, office, retail,
agricultural and governmental uses.
Vacancy rates: Commercial/Agricultural: 2% - 5%
Single Family: 3% - 8%
Naples Economy Q3-2021 (Costar Summary)
While the pandemic caused significant economic disruption in Naples, the market saw
employment rebound sharply beginning in late 2020. While the pace of rehiring has slowed in
2021, the total workforce has improved to nearly 96% of pre-pandemic levels. Prior to the
coronavirus outbreak, Naples had strong economic momentum and appears poised to quickly
recapture that prior momentum once the virus is contained.
Tourism drives much of the Naples metropolitan area's economy, with leisure and hospitality
composing almost 20% of the workforce. This sector, along with retail trade, has been more
exposed to impacts from the ongoing crisis. Naples has nearly 35% of its entire workforce in these
high-risk sectors, the third-highest proportion in Florida. Prior to the pandemic, the market enjoyed
accelerating tourism. In 2019, the Naples metropolitan region's visitor count was up nearly 6%
annually, while 2018 saw tourism grow by nearly 3% over the prior year. While 2020 saw tourism
ultimately downshift, 2021 should enjoy numbers more in line with the prior trend.
The Naples metropolitan area includes the entirety of Collier County with significant population
nodes in Naples, Immokalee, and Marco Island. The market has experienced among the nation's
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strongest population and job growth rates over the past five years. While the overall rate of jobs
added over the year prior to the pandemic had slowed to under 3%, Naples still posted growth
rates of roughly double the national average.
The employment slowdown was divided across most sectors, though the overall losses were also
weighed down by somewhat deeper job losses than the national average in information, finance
and insurance, and management. Naples has also seen significant cooling growth rates, though
still net positive job additions, in both sectors of transportation and warehousing, and construction.
These two industries were among the two strongest employment sectors for the market over the
prior year.
Office-using employment had also slowed to under 2% annual growth, though remained one of
Naples' better-performing areas. In particular, real estate hiring posted an exceptionally strong
prior year, growing over 10%. The real estate sector, by itself, was strong enough to offset the
losses in information, finance, and management.
The unemployment rate had slightly risen in the months leading up to the coronavirus pandemic.
However, unemployment was still tight from a national perspective and had remained well below
the national average, which before the crisis sat at a 50-year-low. The slightly loosening market
was likely more a reflection of the limited available jobs to meet labor force growth.
Naples is one of the older markets in the nation, reflecting its status as a premier retiree
destination. This skews demand for senior housing, assisted living, and medical office space much
higher than a typical U.S. market. The older demographic also drives up the region's affluence and
median incomes, both of which are among the highest in Florida.
Interview with market participants: The appraiser was able to speak via phone conversations
with real estate brokers who are knowledgeable of the market area. These individuals were
contacted to verify sales prices and asking prices of surrounding properties similar to the subject.
Specific names and phone numbers of the individuals contacted were found by using the services
of LoopNet and CoStar and MLS.
Legal Description: Multiple legal descriptions.
Owner of Record: Multiple owners of record.
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Site Description: We invite your attention to the following boundary aerial map which shows the
relative size, configuration and location of the subject property(s). This will be followed by general
site information and data as well as information on the physical characteristics and economic
factors that affect the subject areas.
Boundary Aerial Map
General Site Information
Address:
Parcel Number:
Multiple Parcels; Located Within Golden Gate Estates Units 91
and 92
Naples, Florida 34117
Multiple Parcels
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Physical Characteristics of the Site
Total Site Area: The Dr. Robert H. Gore project boundary encompasses 51 parcels
totaling approximately 119.13 acres or 5,189,302.8 square feet per
the Collier County Property Appraiser records. We were not
provided with a site surveys.
Shape of Tract(s): Generally Rectangular.
Access: The subject site has varying access points from Desoto Blvd S,
36th Ave SE, 38th Ave SE and 40th Ave SE. There are 3 parcels
within the subject boundary that do not have road access.
Utilities to Site:
Flood Designation:
No utilities were observed at the time of inspection.
Flood Zone Code AH, Flood Zone Panel 120067-12021C0445H,
Dated May 16, 2012. See Flood Map in addenda.
Easements: Typical utility easements are assumed to exist as well as road
access easements along those parcels with road frontage.
Site Improvements: The subject site areas have no improvements.
Topography: The subject site areas are fully wooded with brush ground
covering. According to the National Wetlands Inventory Map the
site area is 100% Forested/Shrub Wetlands. Additionally, an FDEP
informal wetland determination map that was provided by the client
indicates the site has varying degrees of wetland determinations
from 0% to 100%. The portions indicated as wetlands will require
an Environmental Resource Permit from the Florida Department of
Environmental Protection would be required for any activities
involving the altercation of surface water flows.
Economic Factors Affecting the Site
Supply of Vacant Tracts: There is an adequate number of vacant residential/agricultural
zoned and residential/agricultural permissible sites located within
the immediate and general vicinity of the subject area.
Demand for Vacant Tracts: Supply and demand appear to be in-line with each other, although
demand has been improving recently.
Neighboring Property Uses: Properties located in the immediate area consist of limited semi-
rural residential uses. Zoning allows for a maximum of one
development unit per 2.25 gross acres.
Land Use Designation: Estates
Zoning Classification: E-Estates
Allowable Uses in the
District:
Allowable uses in the district will be discussed in detail in the
following comprehensive land use plan classification discussion
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and zoning discussion. In addition, they will be considered in the
highest and best use analysis for the property.
National Wetlands Inventory: The subject is located in a Freshwater Forested/Shrub Wetland
habitat classified as PFO1Cd and PFO2/1CD. Map is displayed
below.
System Palustrine (P): The Palustrine System includes all nontidal wetlands dominated
by trees, shrubs, persistent emergents, emergent mosses or lichens, and all such
wetlands that occur in tidal areas where salinity due to ocean-derived salts is below 0.5
ppt. It also includes wetlands lacking such vegetation, but with all of the following four
characteristics: (1) area less than 8 ha (20 acres); (2) active wave-formed or bedrock
shoreline features lacking; (3) water depth in the deepest part of basin less than 2.5 m (8.2
ft) at low water; and (4) salinity due to ocean-derived salts less than 0.5 ppt.
Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller.
Subclass Needle-Leaved Deciduous (2) : This subclass, consisting of wetlands
where trees or shrubs are predominantly deciduous and needle-leaved, is
represented by young or stunted trees such as tamarack or bald cypress.
Split Subclass Broad-Leaved Deciduous (1) : Woody angiosperms (trees or shrubs)
with relatively wide, flat leaves that are shed during the cold or dry season; e.g., black
ash (Fraxinus nigra).
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Water Regime Seasonally Flooded (C) : Surface water is present for extended
periods especially early in the growing season, but is absent by the end of the growing
season in most years. The water table after flooding ceases is variable, extending
from saturated to the surface to a water table well below the ground surface.
Special Modifier Partially Drained/Ditched (d) : A partly drained wetland has been
altered hydrologically, but soil moisture is still sufficient to support hydrophytes.
Drained areas that can no longer support hydrophytes are not considered wetland.
This Modifier is also used to identify wetlands containing, or connected to, ditches.
The Partly Drained/Ditched Modifier can be applied even if the ditches are too sm all to
delineate. The Excavated Modifier should be used to identify ditches that are large
enough to delineate as separate features; however, the Partly Drained/Ditched
Modifier also should be applied to the wetland area affected by the ditching.
Comprehensive Land Use Plan Classification: According to information obtained from the
Collier County Planning Development department, the subject site area has a comprehensive
land use plan classification known as Estates.
ESTATES DESIGNATION
The Estates Land Use Designation is characterized by low density semi-rural residential lots with
limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are
some legal non-conforming lots as small as 1.14 acres. Residential density is limited to a
maximum of one unit per 2.25 gross acres, or one unit per legal non-conforming lot of record,
exclusive of guesthouses. Multiple family dwelling units, duplexes, and other structures containing
two or more principal dwellings, are prohibited in all Districts and Subdistricts in this Designation.
Generally, the Estates Designation also accommodates future non-residential uses, including:
● Conditional uses and essential services as defined in the Land Development Code, except as
prohibited in the Neighborhood Center Subdistrict. Also, refer to the Conditional Uses Subdistrict.
● Parks, open space and recreational uses.
● Group Housing shall be permitted subject to the definitions and regulations as outlined in the
Collier County Land Development Code (Ordinance No. 04-41, adopted June 22, 2004, effective
October 18, 2004) and consistent with locational requirements in Florida Statutes (Chapter
419.001 F.S.).
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● Schools and school facilities in the Estates Designation north of I-75, and where feasible and
mutually acceptable, co-locate schools with other public facilities, such as parks, libraries and
community centers to the extent possible.
Group Housing includes the following type facilities:
• Family Care Facility if occupied by not more than six (6) persons shall be permitted in
residential areas.
• Group Care Facility,
• Care Units,
• Adult Congregate Living Facilities, and
• Nursing Homes.
All of the above uses shall be consistent with all of the Goals, Objectives and Policies of the
Golden Gate Area Master Plan.
Zoning Classification: Estates District (E).
The purpose and intent of the Estates Zoning District (E)* is to provide lands for low density
residential development in a semi-rural to rural environment, with limited agricultural activities.
In addition to low density residential density with limited agricultural activities, the E district is
also designed to accommodate as Conditional Uses, Development that provides services for
and is compatible with the low density residential, semi-rural and rural character of the E
district. The E district corresponds to and implements the estate land use designation on the
future land use map of the Collier County GMP, although, in limited instances, it may occur
outside of the estates land use designation. The maximum density permissible in the E
district shall be consistent with and not exceed the density permissible or permitted under the
estates district of the future land use element of the Collier County GMP or as provided under
the Golden Gate Master Plan. Permitted uses include:
1.Single-family dwelling.
2.Family care facilities, subject to section 5.05.04.
3.Essential services, as set forth in section 2.01.03.
4.Educational plants, as an essential service.
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Subject Property Photographs
View: General
topography, Units
91 and 92
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
View: General
topography, Units
91 and 92
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
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Subject Property Photographs
View: General
topography, Units
91 and 92
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
View: General
topography, Units
91 and 92
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined as: “The reasonably probable use of property
that results in the highest value. The four criteria that the highest and best use must meet are
legal permissibility, physical possibility, financial feasibility, and maximum productivity.”
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the
site in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the
owner of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net
return or the highest present worth?
HIGHEST AND BEST USE AS VACANT
Legally Permissible Use: Factors that impact the legally permissible uses for the subject site
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. No specific deed restrictions are known relating to the
property. The subject area has a comprehensive land use plan classification of Estates and is
zoned (E) Estates. Some of the uses permitted include; Low-density residential with limited
agriculture, including, but not limited to: single-family dwelling; fruit and vegetable growth for
personal consumption; keeping fowl or poultry (max 25); educational plants as an essential
service; keeping horses and livestock (2/acre); recreational facilities that are an integral part of
residential development. Residential use is not to exceed 1-DU per/2.25-acres. The portions
indicated as wetlands will require an Environmental Resource Permit from the Florida Department
of Environmental Protection would be required for any activities involving the altercation of surface
water flows.
Physically Possible Uses: The physical aspects of the subject area impact legally permissible
development. The sites are generally rectangular in configuration containing a range in size of
1.14 acres to 5.68 acres for a combined total of 119.3 acres. The property has no frontage of
along any roadways with no visible access. There are wetlands present on portions of the
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subject area and the property(s) are fully wooded with brush covering. This impacts
developability and value for properties of this nature. Currently, no utilities were present. The
size of the parcels is sufficient to support low density residential use or limited agriculture
activities.
Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a
process to eliminate potential uses. In other words, once the uses that are legally permissible
have been determined, consideration of uses which are physically possible will tend to reduce
the legally permissible uses or reinforce them. Likewise, consideration of the economical and
financial aspects of a given property will tend to further refine the uses which have been
previously described as legally permissible and physically possible.
The physical characteristics of this property area include vacant low density residential and
agriculture in the immediate area. There is an abundance of Estate zoned vacant land surrounding
the property. The most economic and financially feasible uses of the property(s) would be for low
density residential development of the site or for limited agriculture activities under the permitted
uses.
Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has
considered which uses are reasonably considered to be legal, physically possible as well as
economically and financially supported. The zoning and land use allow for a range of uses
including agricultural such as fruit and vegetable growth for personal consumption and low density
horse and livestock as well as low density residential.
Considering the near-by low density properties, it is our opinion that low density residential or
limited agriculture use has the most development potential for the site areas.
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Section 5 – Valuation of the Subject
VALUE ESTIMATE BY THE COST APPROACH
Cost Approach is defined as: “A set of procedures through which a value indication is derived for
the fee simple estate by estimating the current cost to construct a reproduction of (or replacement
for) the existing structure, including an entrepreneurial incentive or profit; deducting depreciation
from the total cost; and adding the estimated land value. Adjustments may then be made to the
indicated value of the fee simple estate in the subject property to reflect the value of the property
interest being appraised.”
Since there are no improvements to consider, the cost approach will not be used in this appraisal.
VALUE ESTIMATE BY THE INCOME APPROACH
The Income Approach is defined as “A set of procedures through which an appraiser derives a
value indication for an income-producing property by converting its anticipated benefits (cash flows
and reversion) into property value. This conversion can be accomplished in two ways. One year's
income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization
rate that reflects a specified income pattern, return on investment, and change in the value of the
investment. Alternatively, the annual cash flows for the holding period and the reversion can be
discounted at a specified yield rate.”
The Income Approach is widely applied in appraising income-producing properties. Anticipated
future income and/or reversions are discounted to a present worth figure through the capitalization
process. Since vacant land is typically not purchased for its ability to generate a positive cash
stream, the income approach is not used in this appraisal.
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH
Sales Comparison Approach is defined as: “A set of procedures in which a value indication is
derived by comparing the property being appraised to similar properties that have been sold
recently, then applying appropriate units of comparison and making adjustments to the sale prices
of the comparables based on the elements of comparison. The sales comparison approach may
be used to value improved properties, vacant land, or land being considered as though vacant; it is
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the most common and preferred method of land valuation when an adequate supply of
comparable sales are available.”
The Sales Comparison Approach involves the direct comparison of sales of similar properties,
adjustments for variances, and correlation of the results into a property value indication.
Adjustments to the sale prices of competitive properties selected for comparison are considered as
they relate to the subject property and to the various dissimilar investment features.
The application of this approach produces an estimate of value for a property by comparing it with
similar properties which have been sold or are currently offered for sale in the same or competing
areas.
The valuation of the subject site involves research, analysis, and comparison of sales of similar
properties to the subject. There are several units of comparison applicable for appraisal purposes.
As previously noted, the purpose of this appraisal is to estimate the market value on a price per
acre basis within the areas identified as the Dr. Robert H. Gore project for parcels 1.14 acres to
2.73 acres, 2.74 acres to 4.0 acres and 4.1 acres to 6.0 acres. This unit is calculated by dividing
the sale price of the comparable sales by the number of acres contained within the sale.
The subject site area is being valued on a tier basis consisting of up to 25% wetlands; 26%-50%
wetlands; 51%-75% wetlands; and 76%-100% wetlands. Only the most similar to the subject in
terms of physical and locational characteristics were selected. The appraiser’s research
uncovered multiple sales of sites considered appropriate for comparison purposes. These
transactions were included in the analysis process.
In the analysis process, the analyst will utilize a quantitative procedure. In the initial step the
appraiser will utilize a cumulative adjustment for each of the sale properties considering property
rights, financing, conditions of sale, expenditures immediately after the sale and market conditions
(commonly known as time). As the adjustments are cumulative in nature, they must be performed
in the order in which they occur.
Next the analyst will utilize a quantitative procedure by considering physical characteristics
including location, site size, land use/zoning classification, utilities, access and site
condition/topography. After completion of the analysis and adjustment process, the appraiser will
estimate an appropriate value per acre. This value estimate will then be rounded to an appropriate
figure for appraisal purposes.
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Sales Comparison Approach- 1.14 acres to 2.73 acres- 0% to 50% Wetlands
Nine comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 0%-50% WETLANDS
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Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
0%-50% Wetlands
Naples 1.14-2.73
1 16th Ave SE 41110240007 8/11/2022 $65,000
Naples Not Filed Yet 1.14 $57,018
2 32nd Ave SE 41342640006 6/23/2022 $80,000
Naples #6274773 1.14 $70,175
3 26th Ave SE 41396120006 6/17/2022 $115,000
Naples #6277182 2.50 $46,000
4 3561 36th Ave SE 41613080007 4/22/2022 $95,000
Naples #6239301 2.27 $41,850
5 4659 22nd Ave SE 41167800005 4/6/2022 $100,000
Naples #6234888 2.73 $36,630
6 36th Ave SE 41720040008 3/28/2022 $120,000
Naples #6231036 2.73 $43,956
7 2731 30th Ave SE 41342160007 2/18/2022 $63,500
Naples #6208258 2.28 $27,851
8 4320 30th Ave SE 41442680005 1/10/2022 $65,000
Naples #6191938 2.23 $29,148
9 3588 36th Ave SE 41612920003 11/3/2021 $72,000
Naples #6154488 2.73 $26,374
Comments
This is a vacant unimproved wooded lot with an indicated 30% wetlands
present on site through a DEP report.
This parcel contains 31% wetlands per a wetlands determination report. The
site is vacant and fully wooded. This was an arm's lenth transaction verified
through the listing agent Shannon Hubbell.
This is a fully wooded vacant site with 37% wetlands present per a DEP
report.
This is a vacant, wooded land parcel located near the end of 16th Ave going
east. According to a TEC report (Tropical Environmental Consultants), the
site is 19% wetlands or .21 acres. The parcel was previously sold for $45,000
in May of 2022.
This site is 100% uplands per a DEP wetland determination report. The site is
fully wooded and vacant. This was an arm's length transaction verified
through the listing agent, Bill Duffy Jr.
This is a vacant, fully wooded site that is 100% uplands according to an
informal wetlands determination report. The property was listed for
$125,000 before selling at $115,000 in June of 2022.
This site is vacant and fully wooded. According to an FDEP informal wetlands
determination map this parcel is 100% Uplands.
This site is vacant and wooded and contains 15% wetlands according to a
DEP report. The transaction was arm's length.
This is vacant site, fully wooded with partial underbrush cleared out
according the listing agent, Amanda Borro. A wetlands determination report
indicates this site as 100% uplands. This sale was recoded through a
corporate warranty deed. The parcel last sold for $40,000 on 11/30/21.
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
Please note the following sales adjustment grid.
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Criteria Subject Sale 1 (Prospective)Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Sale 7 Sale 8 Sale 9
Location Golden Gate Estates Area 16th Ave SE 32nd Ave SE 26th Ave SE 3561 36th Ave SE 4659 22nd Ave SE 36th Ave SE 2731 30th Ave SE 4320 30th Ave SE 3588 36th Ave SE
Naples Naples Naples Naples Naples Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 August 11, 2022 June 23, 2022 June 17, 2022 April 22, 2022 April 6, 2022 March 28, 2022 February 18, 2022 January 10, 2022 November 3, 2021
Parcel Size (Acres)1.14 to 2.73 1.14 1.14 2.50 2.27 2.73 2.73 2.28 2.23 2.73
Sale Price -$65,000 $80,000 $115,000 $95,000 $100,000 $120,000 $63,500 $65,000 $72,000
Sale Price per Acre -$57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $26,374
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple 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 Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$0 $0 $0 $0 $0 $0 $0 $0 $3,240
Adjusted Sale Price -$65,000 $80,000 $115,000 $95,000 $100,000 $120,000 $63,500 $65,000 $75,240
Adjusted Sale Price per Acre -$57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $27,560
Physical Properties
Location Naples Naples Naples Naples Naples Naples Naples Naples Naples Naples
Parcel Size (acres)1.14 to 2.73 1.14 1.14 2.50 2.27 2.73 2.73 2.28 2.23 2.73
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E E E E E
Access Generally Paved Road Paved Paved Paved Paved Paved Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 0%-50%19%0%0%0%15%0%30%31%37%
Physical Property Adjustments
Location 0%0%0%0%0%0%0%0%0%
Parcel Size 0%0%0%0%0%0%0%0%0%
Land Use 0%0%0%0%0%0%0%0%0%
Zoning 0%0%0%0%0%0%0%0%0%
Access 0%0%0%0%0%0%0%0%0%
Topography 0%0%0%0%0%0%0%0%0%
Wetlands 0%0%0%0%0%0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%0%0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $27,560
Upland Land Sales Adjustment Analysis - Quantitative- 1.14 to 2.73 Acres
26-50% Wetlands0%-25% Wetlands
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between November 2021 (Sale 9) and August 2022 (Sale One),
with Sale One being a prospective sale occurring just after the date of value which provides a
good indication of what similar properties would sell for. Realtors familiar with this market area
confirmed that both land and improved property values had been increasing, especially in the
subject area immediate neighborhood towards the end of 2021 and early 2022, but have leveled
off in recent months. Sales One through Eight occurred within the last eight months from the date
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of value and therefore did not require a market conditions adjustment. Sale Nine occurred over 8
months ago and therefore a market conditions adjustment of 6% was applied to this sale.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 1.14 acres and 2.73 acres. All of the comparable sales fall within this range and did not
require adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 1.14 acres to 2.73 acres contain wetland determinations ranging
from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0%-50%. All
of the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 1.14 to 2.73
acres in size with 0%-50% wetlands.
Area Within Units 91 and 92
26%-50% Wetlands $35,000
Size 1.14-2.73 Acres
Indicated Value Per Acre
0%-25% Wetlands $50,000
Next, we will value a price per acre for parcels within the 1.14 acre to 2.73 acre range for 51%-
100% wetlands.
Sales Comparison Approach- 1.14 acres to 2.73 acres- 51% to 100% Wetlands
Seven comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 51%-100% WETLANDS
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
C A R L S O N , N O R R I S & ASSOC I A T E S
Please note the following sales adjustment grid.
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
51%-100% Wetlands
Naples 1.14-2.73
1 32nd Ave SE 41349400003 2/19/2022 $59,000
Naples #6212641 1.14 $51,754
2 32nd Ave SE 41398720006 12/30/2021 $30,000
Naples 1.14 $26,316
3 38th Ave SE 41613720008 12/3/2021 $25,000
Naples #6172819 1.14 $21,930
4 3445 Desoto Blvd S 41505360000 11/22/2021 $40,000
Naples #6171558 2.27 $17,621
5 40th Ave SE 41660440001 11/16/2021 $33,000
Naples #6166927 1.59 $20,755
6 32nd Ave SE 41443080002 10/13/2021 $28,000
Naples #6150809 1.14 $24,561
7 40th Ave SE 41616360009 9/17/2021 $56,000
Naples #6131306 2.73 $20,513
This vacant, fully wooded site is almost entirley wetlands, with a DEP report
indicating 99% wetlands present. The property sold for slightly higher than the
listing price of $50,000 at $56,000.
This is a vacant, fully wooded land parcel with ground brush covering. The site is
51% wetlands per an informal wetlands determination map and confirmation
from the listing agent, Bill Duffy Jr. This was an arm's length transaction.
This is a vacant and unimproved parcel, fully wooded. A DEP report indicates the
site has 58% wetlands present. The listing agent, Ralph Harvey confirmed this as
accurate. This was an arm's length transaction.
This is the sale of a vacant wooded parcel that is 100% wetlands per a DEP report
and confirmation from the listing agent, David De La Noval. This transaction was
arm's length.
This is a vacant, wooded site located off Desoto Blvd S. An FDEP informal
wetlands determination map indicates this site is 100% wetlands and would
require a permit to develop on.
This is a vacant fully wooded parcel. The parcel was originally listed for $45,000
before selling at $39,500, however, a corrective deed dated the same day was
recorded to reflect a sale price change to $33,000. An FDEP wetlands map
indictaed this parcel will need a site plan to determine impacts. The soils are
100% hydric slough.
This is a fully wooded, vacant and unimproved parcel. The selling agent,
Magdevys Abreu stated that this parcel is 100% wetlands. Additionally, the
National Wetlands Inventory Map indicates 100% forested/shrub wetlands
present. The parcel sold together with another parcel on 3/23/2021 for $30,000.
Comments
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
C A R L S O N , N O R R I S & ASSOC I A T E S
Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Sale 7
Location Golden Gate Estates Area 32nd Ave SE 32nd Ave SE 38th Ave SE 3445 Desoto Blvd S 40th Ave SE 32nd Ave SE 40th Ave SE
Naples Naples Naples Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 February 19, 2022 December 30, 2021 December 3, 2021 November 22, 2021 November 16, 2021 October 13, 2021 September 17, 2021
Parcel Size (Acres)1.14 to 2.73 1.14 1.14 1.14 2.27 1.59 1.14 2.73
Sale Price -$59,000 $30,000 $25,000 $40,000 $33,000 $28,000 $56,000
Sale Price per Acre -$51,754 $26,316 $21,930 $17,621 $20,755 $24,561 $20,513
Transactional Adjustments
Property Rights -Fee Simple 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 Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$0 $0 $0 $1,600 $1,320 $1,400 $2,800
Adjusted Sale Price -$59,000 $30,000 $25,000 $41,600 $34,320 $29,400 $58,800
Adjusted Sale Price per Acre -$51,754 $26,316 $21,930 $18,326 $21,585 $25,789 $21,538
Physical Properties
Location Naples Naples Naples Naples Naples Naples Naples Naples
Parcel Size (acres)1.14 to 2.73 1.14 1.14 1.14 2.27 1.59 1.14 2.73
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E E E
Access Generally Paved Road Paved Paved Paved Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 51%-100%51%58%96%100%100% Slough 100%99%
Physical Property Adjustments
Location 0%0%0%0%0%0%0%
Parcel Size 0%0%0%0%0%0%0%
Land Use 0%0%0%0%0%0%0%
Zoning 0%0%0%0%0%0%0%
Access 0%0%0%0%0%0%0%
Topography 0%0%0%0%0%0%0%
Wetlands 0%0%0%0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$51,754 $26,316 $21,930 $18,326 $21,585 $25,789 $21,538
Wetland Land Sales Adjustment Analysis - Quantitative- 1.14 to 2.73 Acres
76%-100% Wetlands51%-75% Wetlands
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
C A R L S O N , N O R R I S & ASSOC I A T E S
Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between September 2021 (Sale 7) and February 2022 (Sale
One). Realtors familiar with this market area confirmed that both land and improved property
values had been increasing, especially in the subject area immediate neighborhood towards the
end of 2021 and early 2022, but have leveled off in recent months. Sales One through Three
occurred within the last eight months from the date of value and therefore did not require a market
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conditions adjustment. Sales Four through Seven occurred over 8 months ago and therefore a
market conditions adjustment of 6% was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 1.14 acres and 2.73 acres. All of the comparable sales fall within this range and did not
require adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 1.14 acres to 2.73 acres contain wetland determinations ranging
from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51%-100%.
All of the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 1.14 to 2.73
acres in size with 51%-100% wetlands.
Area Within Units 91 and 92
76%-100% Wetlands
Indicated Value Per Acre
$30,000
$22,000
Size 1.14-2.73 Acres
51%-75% Wetlands
Next, we will value a price per acre for parcels within the 2.74 acre to 4.00 acre range for 0%-50%
wetlands.
Sales Comparison Approach- 2.74 acres to 4.00 acres- 0% to 50% Wetlands
Six comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 0%-50% WETLANDS
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
C A R L S O N , N O R R I S & ASSOC I A T E S
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
0%-50% Wetlands
Naples 2.74-4.00
1 40th Ave SE 41720360005 6/30/2022 $120,000
Naples #6277639 2.74 $43,796
2 1475 Everglades Blvd S 40988320008 5/13/2022 $135,000
Naples #6268170 2.81 $48,043
3 3921 6th Ave SE 40869480106 9/16/2021 $125,000
Naples #6219134 3.41 $36,657
4 2560 16th Ave SE 40980080003 8/20/2021 $130,000
Naples #6117169 4.00 $32,500
5 3080 Desoto Blvd S 41447160009 4/1/2022 $100,000
Naples #6233381 2.81 $35,587
6 36th Ave SE 41504760009 5/1/2021 $35,000
Naples #6010876 2.81 $12,456
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
This site is vacant and wooded and contains 62% uplands according to a
wetlands determination report. The transaction was arm's length.
This is vacant site, fully wooded site on the corner of Desoto Blvd S and 38th
Ave SE. The site is 50% Depressional soils on the western portion of the
property according to an FDEP wetlands determination map.
Comments
This is a vacant, wooded land parcel. The site is 100% uplands according to a
DEP report as well as through Collier County's wetland determination
report. This was an arm's length transaction confirmed through Kim Ellis,
listing agent.
This site is 87% uplands per a DEP wetland determination report. The site is
fully wooded and vacant.
This is a 3.41 acre vacant lot. A wetlands determination report states that
this site is 100% uplands. The property sold for the list price of $125,000 in
an arm's length transaction.
This 4.00 acre, fully wooded vacant lot is 100% uplands according to an
FDEP informal wetlands determination map. The listing agent, Victoria Hines
confirmed this as true.
Please note the following sales adjustment grid.
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6
Location Golden Gate Estates Area 40th Ave SE 1475 Everglades Blvd S 3921 6th Ave SE 2560 16th Ave SE 3080 Desoto Blvd S 36th Ave SE
Naples Naples Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 June 30, 2022 May 13, 2022 September 16, 2021 August 20, 2021 April 1, 2022 March 1, 2021
Parcel Size (Acres)2.74-4.00 2.74 2.81 3.41 4.00 2.81 2.81
Sale Price -$120,000 $135,000 $125,000 $130,000 $100,000 $35,000
Sale Price per Acre -$43,796 $48,043 $36,657 $32,500 $35,587 $12,456
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 Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$0 $0 $6,250 $7,150 $0 $2,975
Adjusted Sale Price -$120,000 $135,000 $131,250 $137,150 $100,000 $37,975
Adjusted Sale Price per Acre -$43,796 $48,043 $38,490 $34,288 $35,587 $13,514
Physical Properties
Location Naples Naples Naples Naples Naples Naples Naples
Parcel Size (acres)2.74 to 4.00 2.74 2.81 3.41 4.00 2.81 2.81
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E E
Access Generally Paved Road Paved Paved Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 0%-50%0%13%0%0%38%50% Depressional
Physical Property Adjustments
Location 0%0%0%0%0%0%
Parcel Size 0%0%0%0%0%0%
Land Use 0%0%0%0%0%0%
Zoning 0%0%0%0%0%0%
Access 0%0%0%0%0%0%
Topography 0%0%0%0%0%0%
Wetlands 0%0%0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$43,796 $48,043 $38,490 $34,288 $35,587 $13,514
Upland Land Sales Adjustment Analysis - Quantitative- 2.74 to 4.00 Acres
0%-25% Wetlands 26%-50% Wetlands
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
C A R L S O N , N O R R I S & ASSOC I A T E S
Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between March 2021 (Sale Six) and June 2022 (Sale One).
Realtors familiar with this market area confirmed that both land and improved property values had
been increasing, especially in the subject area immediate neighborhood towards the end of 2021
and early 2022, but have leveled off in recent months. Sales One, Two and Five occurred within
the last eight months from the date of value and therefore did not require a market conditions
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adjustment. Sales Three, Four and Six occurred over 8 months ago and therefore a market
conditions adjustment of 6% was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 2.74 acres and 4.00 acres. All of the comparable sales fall within this range and did not
require adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 2.74 acres to 4.00 acres contain wetland determinations ranging
from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0%-50%. All
of the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 2.74 to 4.00
acres in size with 0%-50% wetlands.
Size 2.74-4.00 Acres
Indicated Value Per Acre
0%-25% Wetlands
26%-50% Wetlands
$41,000
$25,000
Area Within Units 91 and 92
Next, we will value a price per acre for parcels within the 2.74 acre to 4.00 acre range for 51%-
100% wetlands.
Sales Comparison Approach- 2.74 acres to 4.00 acres- 51% to 100% Wetlands
Four comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 51%-100% WETLANDS
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
C A R L S O N , N O R R I S & ASSOC I A T E S
Please note the following sales adjustment grid.
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
51%-100% Wetlands
Naples 2.74-4.00
1 4765 28th Ave SE 41449840000 6/14/2021 $49,000
Naples #6078408 2.78 $17,626
2 22nd Ave SE 41171480000 1/8/2021 $56,000
Naples #5982816 3.64 $15,385
3 8th Ave SE 40811800006 4/8/2022 $59,900
Naples #6235728 2.74 $21,861
4 3535 42nd Ave SE 41660520109 2/12/2021 $49,000
Naples #6003666 3.35 $14,627
This is a 2.78 vacant land parcel, fully wooded. A TEC report indicates that this
property is 64% wetlands. The parcel previously sold in 2019 for $18,600.
This is a vacant, wooded parcel located at the end of dead end road, 22nd Ave
SE. A DEP report indicates this parcel is 54% wetlands, with the uplands being
located on the front half of the property according to the listing agent, Denisse
Viera and DEP report map. This parcel sold for $45,000 in 2020.
According to an informal wetlands determinations map, this fully wooded vacant
site is 95% wetlands, although an official report has not been done. The listing
agent stated the price was set to reflect a mostly wetland property.
Collier county wetland map determines this site as 100% wetlands with a permit
being required. An official wetlands determination report has not been done. The
site is fully wooded. The parcel presviously sold for $22,000 in 2020.
Comments
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location Golden Gate Estates Area 4765 28th Ave SE 22nd Ave SE 8th Ave SE 3535 42nd Ave SE
Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 June 14, 2021 January 8, 2021 April 8, 2022 February 12, 2021
Parcel Size (Acres)2.74 to 4.00 2.78 3.64 2.74 3.35
Sale Price -$49,000 $56,000 $59,900 $49,000
Sale Price per Acre -$17,626 $15,385 $21,861 $14,627
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$3,430 $5,320 $0 $4,410
Adjusted Sale Price -$52,430 $61,320 $59,900 $53,410
Adjusted Sale Price per Acre -$18,860 $16,846 $21,861 $15,943
Physical Properties
Location Naples Naples Naples Naples Naples
Parcel Size (acres)2.74 to 4.00 2.78 3.64 2.74 3.35
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E
Access Generally Paved Road Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 51%-100%64%54%95%100%
Physical Property Adjustments
Location 0%0%0%0%
Parcel Size 0%0%0%0%
Land Use 0%0%0%0%
Zoning 0%0%0%0%
Access 0%0%0%0%
Topography 0%0%0%0%
Wetlands 0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$18,860 $16,846 $21,861 $15,943
51%-75% Wetlands 76%-100% Wetlands
Wetland Land Sales Adjustment Analysis - Quantitative- 2.74 to 4.00 Acres
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between January 2021 (Sale Two) and April 2022 (Sale Three).
Realtors familiar with this market area confirmed that both land and improved property values had
been increasing, especially in the subject area immediate neighborhood towards the end of 2021
and early 2022, but have leveled off in recent months. Sale Three occurred within the last eight
months from the date of value and therefore did not require a market conditions adjustment. Sales
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One, Two and Four occurred over 8 months ago and therefore a market conditions adjustment of
6% was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 2.74 acres and 4.00 acres. All of the comparable sales fall within this range and did not
require adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 2.74 acres to 4.00 acres contain wetland determinations ranging
from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51%-100%.
All of the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 2.74 to 4.00
acres in size with 51%-100% wetlands.
Area Within Units 91 and 92
Size 2.74-4.00 Acres
Indicated Value Per Acre
51%-75% Wetlands
76%-100% Wetlands
$19,000
$19,000
Next, we will value a price per acre for parcels within the 4.01 acre to 6.00 acre range for 0%-50%
wetlands.
Sales Comparison Approach- 4.01 acres to 6.00 acres- 0% to 50% Wetlands
Six comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 0%-50% WETLANDS
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
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Please note the following sales adjustment grid.
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
0%-50% Wetlands
Naples 4.01-6.00
1 40th Ave SE 41719360003 12/27/2021 $180,000
Naples #6184699 5.00 $36,000
2 26th Ave SE 41348000006 9/21/2021 $190,000
Naples #6134689 5.00 $38,000
3 18th Ave SE 41227480006 8/5/2021 $185,000
Naples #6113018 5.68 $32,570
4 16th Ave SE 41110880001 4/8/2021 $150,000
Naples #6048128 4.48 $33,482
5 Desoto Blvd S and 28th Ave SE 41445640000 11/23/2021 $100,000
Naples #6168220 5.15 $19,417
6 28th Ave SE 41344960001 6/11/2021 $155,000
Naples #6078183 5.00 $31,000
This is 5.15 acres of vacant land located on the corner od Desoto Blvd S and
28th Ave SE. The site is 65% uplands, indicated on an environmental
disclosure TEC report. The property is fully wooded with no improvements.
This is a vacant, wooded 5 acre lot consisting of 71% uplands through a DEP
report. The parcel was sold in an arm's length transaction.
Comments
This is a vacant, wooded land parcel. According to an FDEP informal
wetlands determination map, the site is 100% Uplands. This was confirmed
by listing agent, Mike Miller. The site consists of mostly pine trees.
This site is 100% uplands per a DEP wetland determination report. The site is
fully wooded and vacant. This was an arm's length transaction verified
through the listing agent, Lupe Morera.
This is a vacant, fully wooded site that is 91% uplands according to a DEP
wetlands determination report. The property was listed for $200,000 before
selling at $185,000 in August of 2022 after a little under 7 months on the
market.
This is a vacant land parcel located at the end of the dead end street. 16th
Ave SE. According to the listing agent, Angelo Sottosanti, the site is 100%
uplands. Furthermore, a DEP report also indicates the site is fully uplands.
The parcel previously sold for 70,000 in 2020.
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6
Location Golden Gate Estates Area 40th Ave SE 26th Ave SE 18th Ave SE 16th Ave SE Desoto Blvd S and 28th Ave SE 28th Ave SE
Naples Naples Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 December 27, 2021 September 21, 2021 August 5, 2021 April 8, 2021 November 23, 2021 June 11, 2021
Parcel Size (Acres)4.01 to 6.00 5.00 5.00 5.68 4.48 5.15 5.00
Sale Price -$180,000 $190,000 $185,000 $150,000 $100,000 $155,000
Sale Price per Acre -$36,000 $38,000 $32,570 $33,482 $19,417 $31,000
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 Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$0 $9,500 $11,100 $12,000 $4,000 $10,850
Adjusted Sale Price -$180,000 $199,500 $196,100 $162,000 $104,000 $165,850
Adjusted Sale Price per Acre -$36,000 $39,900 $34,525 $36,161 $20,194 $33,170
Physical Properties
Location Naples Naples Naples Naples Naples Naples Naples
Parcel Size (acres)4.01 to 6.00 5.00 5.00 5.68 4.48 5.15 5.00
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E E
Access Generally Paved Road Paved Paved Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 0%-50%0%0%9%0%35%29%
Physical Property Adjustments
Location 0%0%0%0%0%0%
Parcel Size 0%0%0%0%0%0%
Land Use 0%0%0%0%0%0%
Zoning 0%0%0%0%0%0%
Access 0%0%0%0%0%0%
Topography 0%0%0%0%0%0%
Wetlands 0%0%0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$36,000 $39,900 $34,525 $36,161 $20,194 $33,170
Upland Land Sales Adjustment Analysis - Quantitative- 4.01 to 6.00 Acres
0%-25% Wetlands 26%-50% Wetlands
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between April 2021 (Sale Four) and December 2021 (Sale One).
Realtors familiar with this market area confirmed that both land and improved property values had
been increasing, especially in the subject area immediate neighborhood towards the end of 2021
and early 2022, but have leveled off in recent months. Sale One occurred within the last eight
months from the date of value and therefore did not require a market conditions adjustment. Sales
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Two through Six occurred over 8 months ago and therefore a market conditions adjustment of 6%
was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 4.01 to 6.00 acres. All of the comparable sales fall within this range and did not require
adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 4.01 to 6.00 acres contain wetland determinations ranging from
0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0% to 50%. All of
the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 4.01 to 6.00
acres in size with 0%-50% wetlands.
Area Within Units 91 and 92
Size 4.01-6.00 Acres
Indicated Value Per Acre
0%-25% Wetlands
26%-50% Wetlands
$36,000
$26,000
Next, we will value a price per acre for parcels within the 4.01 acre to 6.00 acre range for 51%-
100% wetlands.
Sales Comparison Approach- 4.01 acres to 6.00 acres- 51% to 100% Wetlands
Four comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 51%-100% WETLANDS
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
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Please note the following sales adjustment grid.
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
51%-100% Wetlands
Naples 4.01-6.00
1 2nd Ave SE 40808920009/0106 6/17/2021 $83,000
Naples #6087571 5.00 $16,600
2 18th Ave SE 41162280002/41160960007 4/7/2021 $84,000
Naples #6035170 5.46 $15,385
3 26th Ave SE 41440600003 7/27/2022 $95,000
Naples #6293131 5.00 $19,000
4 Everglades Blvd S 41287320009 6/1/2021 $92,000
Naples #6072943 5.18 $17,954
This is a vacant unimproved wetlands parcel located off Everglades Blvd S. The
parcel is 100% wetlands, indicated pon an FDEP wetlands determination map and
confirmed through listing agent, Sharon Cohan.
This is the sale of two 2.5 acre adjacent parcels sold together. The parcels
combined consist of 70% wetlands per a DEP report.The parcels were previously
sold together in 2020 for $70,000.
This is a 4.32 acre parcel and adjacent 1.14 acre parcel for a combined 5.46 acres
sold together. The wetlands determination report indicates the property consists
of 58% wetlands. This was an arm's length transaction.
This is a vacant, wooded parcel that is 96% hydric slough soils according to an
informal wetlands determination map.
Comments
Comp Price
Price Per Acre
Date
AcresParcel Instr.#
Address
City
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location Golden Gate Estates Area 2nd Ave SE 18th Ave SE 26th Ave SE Everglades Blvd S
Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 June 17, 2021 April 7, 2021 July 27, 2022 June 2, 2021
Parcel Size (Acres)4.01 to 6.00 5.00 5.46 5.00 5.18
Sale Price -$83,000 $84,000 $95,000 $92,000
Sale Price per Acre -$16,600 $15,385 $19,000 $17,761
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$5,395 $6,720 $0 $6,440
Adjusted Sale Price -$88,395 $90,720 $95,000 $98,440
Adjusted Sale Price per Acre -$17,679 $16,615 $19,000 $19,004
Physical Properties
Location Naples Naples Naples Naples Naples
Parcel Size (acres)4.01 to 6.00 5.00 5.46 5.00 5.18
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E
Access Generally Paved Road Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 51%-100%70%58%96% Slough 100%
Physical Property Adjustments
Location 0%0%0%0%
Parcel Size 0%0%0%0%
Land Use 0%0%0%0%
Zoning 0%0%0%0%
Access 0%0%0%0%
Topography 0%0%0%0%
Wetlands 0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.17,679 16,615 19,000 19,004
76%-100% Wetlands
Wetland Land Sales Adjustment Analysis - Quantitative- 4.01 to 6.00 Acres
51%-75% Wetlands
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between June 2021 (Sale Four) and July 2022 (Sale Three).
Realtors familiar with this market area confirmed that both land and improved property values had
been increasing, especially in the subject area immediate neighborhood towards the end of 2021
and early 2022, but have leveled off in recent months. Sale Three occurred within the last eight
months from the date of value and therefore did not require a market conditions adjustment. Sales
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One, Two and Four occurred over 8 months ago and therefore a market conditions adjustment of
6% was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 4.01 to 6.00 acres. All of the comparable sales fall within this range and did not require
adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 4.01 to 6.00 acres contain wetland determinations ranging from
0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51% to 100%. All of
the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 4.01 to 6.00
acres in size with 51%-100% wetlands.
51%-75% Wetlands
76%-100% Wetlands
Indicated Value Per Acre
Area Within Units 91 and 92
Size 4.01-6.00 Acres
$19,000
$19,000
Section 6 – Reconciliation of Value
Summary of Value Conclusions “As-Is”
Cost Approach Not Applied
Income Approach Not Applied
Sales Comparison Approach See Below
4.01-6.00 acres
$36,000
$26,000
$19,000
$19,000
$41,000
$25,000
$19,000
$19,000
Indicated Value Per Acre
0-25% wetlands
26-50% wetlands
51-75% wetlands
76-100% wetlands
$50,000
$35,000
$30,000
$22,000
Area Within Golden Gate Estates Units 91 and 92
Parcel size 1.14-2.73 acres 2.74-4.00 acres
Value Conclusions
Appraisal Premise Interest Appraised Date of Value
Market Value, As Is Fee Simple August 1, 2021
The Sales Comparison Approach references sales of similar properties located in competitive
areas in the market area as researched. The sales analyzed provide a range of value indications
which support the final value conclusions. The sales utilized in this analysis provide a range of
actual purchase prices for properties considered to be similar to the subject areas. The appraiser
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properly considered each of the sales studied and analyzed each of these properties in
relationship to the subject areas in order to arrive at the value estimates on a price per acre basis.
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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Section 7 – Cer tification and Limiting Conditions
Certification of Michael Jonas, MAI, AI-GRS, CCIM
I certify to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and is our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the
subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
• My compensation for completing this assignment is not contingent upon the development
or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the
occurrence of a subsequent event directly related to the intended use of this appraisal.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of
The Appraisal Foundation and the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the
requirements of the State of Florida relating to review by its duly authorized
representatives. This report also conforms to the requirements of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
• The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
• Michael Jonas has completed the requirements of the continuing education program of the
Appraisal Institute.
• Michael Jonas has made an inspection of the property that is the subject of this report.
• Hannah Dwyer, State-Registered Appraiser Trainee RI25089, contributed to the
development of the appraisal report in the form of 45 hours. No additional persons
contributed significant real property appraisal assistance to the signors of this report.
• Michael Jonas has extensive experience in the appraisal/review of similar property types.
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• Michael Jonas is currently certified in the state where the subject is located and has
completed the continuing education requirements set forth with the State of Florida.
Certification is current until November 30, 2022.
• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with
regard to this assignment without conflict of interest.
• Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted
in FIRREA 1989 and has sufficient education and experience to perform the appraisal of
the subject property.
• Michael Jonas has not previously appraised the subject property; nor has he performed
any other services related to the subject property in the past three years.
Based on market conditions existing as of the effective date of appraisal, and in consideration of
the property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee
simple ownership on August 1, 2022 of:
4.01-6.00 acres
$36,000
$26,000
$19,000
$19,000
$41,000
$25,000
$19,000
$19,000
Indicated Value Per Acre
0-25% wetlands
26-50% wetlands
51-75% wetlands
76-100% wetlands
$50,000
$35,000
$30,000
$22,000
Area Within Golden Gate Estates Units 91 and 92
Parcel size 1.14-2.73 acres 2.74-4.00 acres
Value Conclusions
Appraisal Premise Interest Appraised Date of Value
Market Value, As Is Fee Simple August 1, 2021
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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General Assumptions & Limiting Conditions
Information Used: No responsibility is assumed for accuracy of information furnished by others
or from others, including the client, its officers and employees, or public records. We are not liable
for such information or for the work of contractors, subcontractors and engineers. The comparable
data relied upon in this appraisal has been confirmed with one or more parties familiar with the
transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my
factual judgment and knowledge.
Certain information upon which the opinions and values are based may have been gathered by
research staff working with the appraiser. Names, professional qualifications and extent of their
participation can be furnished to the client upon request.
Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil:
No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of
any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the
legal nature or condition of the title to the property, which is presumed to be good and marketable.
The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances,
unless otherwise stated in particular parts of this report.
The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise.
I assume no responsibility for the survey, any encroachments or overlapping or other
discrepancies that might be revealed thereby.
I have inspected, as far as possible by observation, the land thereon; however, it was not possible
to personally observe conditions beneath the soil or hidden; as a result, no representation is made
herein as to such matters unless otherwise specifically stated. The estimated market value
assumes that no such conditions exist that would cause a loss of value. I do not warrant against
the occurrence of problems arising from any of these conditions. It is assumed that there are no
hidden or unapparent conditions to the property, soil, subsoil or structures, which would render
them more or less valuable. No responsibility is assumed for any such conditions or for any
expense or engineering to discover them.
Information relating to the location or existence of public utilities has been obtained through inquiry
to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has
been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas
or mineral rights were not considered in this report unless otherwise stated.
Legality of Use: The appraisal is based on the premise that there is or will be full compliance with
all applicable Federal, State and local environmental regulations and laws, unless otherwise stated
in the report; and that all appropriate zoning, building and use regulations and restrictions of all
types have been or will be complied with and required licenses, consent, permits or other authority,
whether local, State, Federal and/or private, have been or can be obtained or renewed for the use
intended and considered in the value estimate.
Component Values: The distribution of the total valuation of this report between land and
improvements applies only under the proposed program of utilization. The separate valuations of
land and buildings must not be used in conjunction with any other appraisal, and are invalid if so
used.
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A report related to an estate that is less than the whole fee simple estate applies only to the
fractional interest involved. The value of this fractional interest, plus the value of all other fractional
interests, may or may not equal the value of the entire fee simple estate considered as a whole.
A report relating to the geographic portion of a larger property applies only to such geographic
portion and should not be considered as applying with equal validity to other portions of the larger
property or tract. The value for such geographic portions, plus the value of all other geographic
portions, may or may not equal the value of the entire property or tract considered as a single
entity.
All valuations in the report are applicable only under the estimated program of the highest and best
use and are not necessarily appropriate under other programs of use.
Auxiliary and Related Studies: No environmental or impact studies, special market study or
analysis, highest and best use analysis study or feasibility study has been requested or made by
us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited
right to alter, amend, revise or rescind any of these statements, findings, opinions, values,
estimates or conclusions upon any subsequent study or analysis or previous study or analysis that
subsequently becomes available to us.
Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the
date of the estimate of value. All dollar amounts are based on the purchasing power and price of
the United States dollar as of the date of value estimate.
Inclusions: Furnishings and equipment or business operations, except as otherwise specifically
indicated, have been disregarded, with only the real estate being considered.
Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site
improvements proposed, if any, as well as any repairs required, are considered to be completed in
a good and workmanlike manner according to information submitted and/or considered by us. In
cases of proposed construction, the report is subject to change upon inspection of the property
after construction is complete. The estimate of value, as proposed, is as of the date shown, as if
completed and operating at levels shown and projected.
Value Change, Dynamic Market Influences: The estimated value is subject to change with
market changes over time. Value is highly related to interest rates, exposure, time, promotional
effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The
value estimate considers the productivity and relative attractiveness of the property both physically
and economically in the marketplace.
The estimate of value in this report is not based in whole or in part upon race, color or national
origin of the present owners or occupants of the properties in the vicinity of the property appraised.
In the event this appraisal includes the capitalization of income, the estimate of value is a reflection
of such benefits and my interpretation of income and yields and other factors which were derived
from general and specific market information. Such estimates are made as of the date of the
estimate of value. As a result, they are subject to change, as the market is dynamic and may
naturally change over time. The date upon which the value estimate applies is only as of the date
of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for
economic or physical factors occurring at some later date which may affect the opinion stated
herein.
An appraisal is the product of a professionally trained person, but nevertheless is an opinion only,
and not a provable fact. As a personal opinion, a valuation may vary between appraisers based
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upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
estimate as of the date of valuation. There are no guaranties, either written or implied, that the
property would sell for the expressed estimate of value.
Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating
to the subject property. No title search has been made, and the reader should consult an attorney
or title company for information and data relative to the property ownership and legal description.
It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel.
Any information given by the appraiser as to a sales history is information that the appraiser has
researched; to the best of my knowledge, this information is accurate, but not warranted.
Management of the Property: It is assumed that the property which is the subject of this report
will be under prudent and competent ownership and management over the entire life of the
property. If prudent and competent management and ownership are not provided, this would have
an adverse effect upon the value of the property appraised.
Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this
report and analytical findings or conclusions, or give a copy of this report to anyone other than the
client or his designee, as specified in writing, except as may be required by the Appraisal Institute,
as they may request in confidence for ethic enforcement, or by a court of law with the power of
subpoena.
All conclusions and opinions concerning the analyses as set forth herein are prepared by the
appraisers whose signatures appear. No change of any item in the report shall be made by
anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized
change is made.
Whenever our opinion herein with respect to the existence or absence of fact is qualified by the
phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to
indicate that, during the course of our review and investigation of the property, no information has
come to our attention which would give us actual knowledge of the existence or absence of such
facts.
The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of
receipt and return of the report, along with all copies, to the appraiser for corrections prior to any
use whatsoever. Neither our name nor this report may be used in connection with any financing
plans which would be classified as a public offering under State or Federal Security Laws.
Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof,
does not carry with it the right of publication, nor may it be used for other than its intended use.
The physical report remains the property of the firm for the use of the client, with the fee being for
the analytical services only. This report may not be used for any purpose by any person or
corporation other than the client or the party to whom the report is addressed. Additional copies
may not be made without the written consent of an officer of the firm, and then only in its entirety.
Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations effort, news, sales or other media without my prior written consent and
approval of the client.
It has been assumed that the client or representative thereof, if soliciting funds for his project, has
furnished to the user of this report complete plans, specifications, surveys and photographs of land
and improvements, along with all other information which might be deemed necessary to correctly
analyze and appraise the subject property.
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Authentic Copies: Any copy that does not have original signatures of the appraiser is
unauthorized and may have been altered and, therefore, is considered invalid.
Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for
appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion
of the report. The appraisers or those assisting in the preparation of the report will not be asked or
required to give testimony in court or hearing because of having made the appraisal in full or in
part, nor will they be asked or required to engage in post appraisal consultation with client or third
parties except under separate and special arrangement and at an additional fee.
Any subsequent copies of this appraisal report will be furnished on a cost-plus expenses’ basis, to
be negotiated at the time of request.
Limit of Liability: Liability of the firm and the associates is limited to the fee collected for
preparation of the appraisal. There is no accountability or liability to any third party.
Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the
physical report. The acceptance of the report by the client takes with it the agreement and
acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal
or written. The fee is in no way contingent on the value estimated.
Special Limiting Conditions: The Americans with Disabilities Act became effective January 26,
1992. Notwithstanding any discussion of possible readily achievable barrier removable
construction items in this report, Carlson, Norris and Associates, has not made a specific
compliance survey and analysis of this property to determine whether it is in conformance with the
various detailed requirements of the A.D.A. It is possible that a compliance survey of the property
together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is
not in compliance with one or more of the requirements of the A.D.A.; If so, this fact could have a
negative effect on the value estimated herein. Since Carlson, Norris and Associates has no
specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make
such an assessment, the effect of any possible noncompliance with the requirements of the A.D.A.
was not considered in estimating the value of the subject property.
This analysis is made in conformity with the requirements with the Uniform Standards of
Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal
Institute.
Extraordinary Assumption is defined as: “An assumption, directly related to a specific
assignment, as of the effective date of the assignment results, which, if found to be false, could
alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact
otherwise uncertain information about physical, legal, or economic characteristics of the subject
property; or about conditions external to the property, such as market conditions or trends; or
about the integrity of data used in an analysis.” An extraordinary assumption may be used in an
assignment only if:
• It is required to properly develop credible opinions and conclusions.
• The appraiser has a reasonable basis for the extraordinary assumption.
• Use of the extraordinary assumption results in a credible analysis; and
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• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary assumptions.
Please note the following extraordinary assumptions:
• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to
support the highest and best use. The analyst is not an expert in area of soils, and would
recommend that an expert be consulted.
• It is assumed that there are no hidden or unapparent conditions to the property, soil, or
subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral
rights were not considered in this report unless otherwise stated. The analyst is not an
expert with respect to subsurface conditions, and would recommend that an expert be
consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
None were noted during the property inspection. The analyst is not an expert in the
evaluation of site contamination, and would recommend that an expert be consulted.
• The appraisers were not provided with a survey of the subject parcel. We relied on the
information found on the Collier County Property Appraiser’s website.
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Section 8 – Addenda
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FDEP Informal Wetland Determination Map
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NATIONAL WETLANDS MAP
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FLOOD MAP
C O L L I E R C O U N T Y B O A R D O F C O U N T Y C O M M I S S I O N E RS
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APPRAISER LICENSE
License of Michael P. Jonas, MAI, AI-GRS, CCIM
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