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Agenda 05/14/2024 Item #11B (Sale and Purchase agreement under Conservation Collier Land Acquisition Program with Mario J. Rodriguez and Gisela Rodriguez)
11.B 05/ 14/2024 EXECUTIVE SUMMARY Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier Land Acquisition Program with Mario J. Rodriguez and Gisela Rodriguez for two parcels totaling 5.46 acres and an Agreement for Sale and Purchase with The Whittingham Corporation for one parcel totaling 1.59 acres at a cost not to exceed $208,230. OBJECTIVE: To purchase three parcels totaling 7.05 acres within the Conservation Collier Panther Walk Preserve multi -parcel project area. CONSIDERATIONS: On October 10, 2023, Agenda Item No. I IB, the Board of County Commissioners (Board) approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 12A Active Acquisition List (AAL) and directed staff to actively pursue acquisition of the properties under the Program. All parcels within the Panther Walk Preserve multi -parcel project were approved as A -list properties on the Cycle 12A AAL. Panther Walk Preserve: Although Conservation Collier acquired the original 4.6 acres of Panther Walk Preserve in 2007 and 2008 and began purchasing several more parcels near the preserve in 2022, the Panther Walk Preserve Multi -Parcel project was not established until February 28, 2023, with Board approval of the Conservation Collier Cycle 11B AAL, Agenda Item No. 11C. To date, the Program has acquired 13% of the 443.7-acre project area, for a total of 55.7 acres. The Panther Walk Preserve Multi -parcel Project is located within the northern reaches of the Horsepen Strand. Strands are a type of forested swamp that forms slow -flowing, linear drainage channels across flatlands with high water tables. The Horsepen Strand begins at Immokalee Rd in the Northern Golden Gate Estates and flows south into the North Belle Meade area north of I-75. These parcels significantly protect water resources and provide the Surficial Aquifer's recharge capacity, and were noted as such by Collier County Stormwater Management staff during the establishment of this multi -parcel project. Properties in this area are subject to frequent flooding. These parcels provide critical flood water attenuation as more land is cleared and filled for development. Wetland vegetation on these parcels slows down the flow of water and filters out nutrients and sediments before they reach the canals to the gulf. The project area contains protected species of plants, including hand fern and four listed bromeliads in the Tillandsia genus. The parcels provide high -quality habitat for wetland -dependent species, including the Florida black bear, listed wading birds, and the Florida panther. The low -density nature of development in this neighborhood allows wildlife to move relatively unimpeded across the landscape and north into the Corkscrew Regional Ecosystem Watershed. A protected corridor is necessary to preserve wildlife's freedom of movement through this rapidly developing landscape. Parcels within the project area protect the highly diverse Horsepen Strand, expand the Panther Walk Preserve, and provide the backbone for a potential north -south corridor and necessary refugia for urban wildlife. Staff contracted with two independent, state -certified, general real estate appraisal firms to appraise all parcels within the Panther Walk Preserve Multi -parcel Project. The appraisals dated September 2023 provided an average appraised value for wetland parcels within the Project at $29,000 per acre. The total cost to obtain the appraisals was $6,500. Rodriguez - East of Everglades Blvd. N., Parcel 38844440005 on the north side of 60 Avenue NE and Parcel 38845520005 on the south side of 60' Avenue NE 0 5.46-acres (237,838 square feet) of vacant, unimproved land consisting of forested, cypress and scrub - shrub wetland with 100% hydric, slough soils. o An offer of $150,400 was made on November 30, 2023, but rejected. An offer of $158,400, which is Packet Pg. 77 05/ 14/2024 the full appraised value, was accepted on December 11, 2023. o Parcel with folio number 38844440005 (2.73 acres) is located within the Panther Walk Preserve project area north of 60t' Ave. It will also be acquired as a fee simple purchase at full appraised value; therefore, it meets the qualifications for Florida Wildlife Corridor Foundation (FWFC) funding assistance under the Memorandum of Understanding (MOU) between Collier County and FWCF (April 23, 2024, Agenda Item 16A1). FWFC will contribute one-half of the contract price of this parcel, or $39,600, toward its acquisition. Whittingham Corporation - Parcel 38845360003 - on the north side of 58r'' Ave NE, east of Everglades Blvd N 0 1.59-acres (69,260 square feet) of vacant, unimproved land consisting of forested, scrub -shrub and freshwater marsh wetland with 100% hydric, slough soils. o An offer of $43,800 was made on November 30, 2023, but rejected. An offer of $45,990, which is 99.7% of the appraised value, was accepted on December 27, 2023. These acquisitions are consistent with the Conservation Collier Purchasing Policy, Resolution No. 2023-10, which allows the offer amount to be determined by staff but no more than the appraised value. On February 7, 2024, the CCLAAC voted unanimously to recommend Board approval of these purchase agreements. Pursuant to Ordinance 2007-65, Section 13(8), a Project Design Report ("PDR") for each of these properties is provided herewith. FISCAL IMPACT: The funds for these two land acquisitions will be withdrawn from the Conservation Collier Trust Fund (1061). Per the Collier County/FWCF MOU, FWCF will wire $39,600 to Conservation Collier Trust Fund (1061) after the Rodriguez Purchase Agreement is approved by the Board and after they have received documentation demonstrating that all MOU conditions have been met in preparation for closing. The three properties identified herein are comprised of a not -to -exceed acquisition cost of $208,230 as follows: Seller Name Acres Appraised Purchase Closing Costs Total Initial Long-term Value Price (title Purchase 5 Yr. Annual commitment, Price Maint Maint title policy, Costs Costs closing fee, recording fees) Rodriguez 5.46 $158,400 $158,400 $2,220 $160,620 $5,933 $819 Whittingham 1.59 $46,100 $45,990 $1,620 $47,610 $1,871 $240 Corp TOTAL 7.05 $204,500 $204,390 $3,840 $208,230 $7,804 $1,059 As of February 27, 2024, the estimated property acquisition costs for Conservation Collier properties, including these properties and those under contract, total $121,881,787. The funds for managing these parcels will be expended from the Conservation Collier Maintenance Fund (1062). The initial maintenance costs are provided in the attached PDRs. The total maintenance costs for these parcels for the first five years (initial maintenance costs) are estimated at $7,804. After initial restoration, the estimated maintenance costs for these parcels will be approximately $1,059 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. Packet Pg. 78 05/ 14/2024 LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for approval. - SAA RECOMMENDATION: To approve the attached Agreements and accept the Warranty Deeds once approved by the County Attorney's Office; authorize the Chairman to execute the Agreements and any and all other County Attorney's Office approved documents related to these transactions; and authorize the County Manager or designee to prepare related vouchers and warrants for payments and to take all reasonable steps necessary to ensure performance under the Agreements. Prepared by: Jeremiah Westerfield, Sr. Property Acquisition Specialist II, Real Property Management, Facilities Management Division ATTACHMENT(S) 1. [Linked] Panther Walk Appraisal 1 (PDF) 2. [Linked] Panther Walk Appraisal 2 (PDF) 3. Panther Walk Preserve Property Summary (PDF) 4. Rodriguez Purchase Agreement (PDF) 5. Rodriguez -Project Design Report (PDF) 6. Whittingham Purchase Agreement (PDF) 7. Whittingham Corp -Project Design Report (PDF) Packet Pg. 79 11.B 05/14/2024 COLLIER COUNTY Board of County Commissioners Item Number: I LB Doc ID: 27764 Item Summary: Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier Land Acquisition Program with Mario J. Rodriguez and Gisela Rodriguez for two parcels totaling 5.46 acres and an Agreement for Sale and Purchase with The Whittingham Corporation for one parcel totaling 1.59 acres at a cost not to exceed $208,230. (Jaime Cook, Director, Development Review) Meeting Date: 05/14/2024 Prepared by: Title: — Facilities Management Name: Jeremiah Westerfield 01 / 19/2024 3: 10 PM Submitted by: Title: Environmental Specialist — Name: Jaime Cook 01 / 19/2024 3: 10 PM Approved By: Review: Planning Commission Diane Lynch Additional Reviewer Public Services Department Melissa Hennig Additional Reviewer Growth Management Community Development Department Diane Lynch Development Review Summer BrownAraque Additional Reviewer Facilities Management John McCormick Additional Reviewer Unknown Jaime Cook Division Director Operations & Regulatory Management Michael Stark Additional Reviewer Facilities Management Jennifer Belpedio Additional Reviewer County Attorney's Office Sally Ashkar Level 2 Attorney Review Growth Management Community Development Department James C French County Attorney's Office Office of Management and Budget Office of Management and Budget County Manager's Office Board of County Commissioners Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Debra Windsor Level 3 OMB Gatekeeper Review Laura Zautcke Additional Reviewer Amy Patterson Level 4 County Manager Review Geoffrey Willig Meeting Pending Skipped 01/30/2024 12:15 PM Completed 04/30/2024 11:34 AM GMD Approver Completed 04/30/2024 12:17 PM Completed 05/01/2024 8:53 AM Completed 05/01/2024 9:27 AM Completed 05/01/2024 4:50 PM Completed 05/02/2024 11:28 AM Completed 05/02/2024 12:45 PM Completed 05/03/2024 9:00 AM Growth Management Completed 05/05/2024 12:43 AM Completed 05/06/2024 9:11 AM Completed 05/06/2024 9:42 AM Completed 05/07/2024 1:22 PM Completed 05/08/2024 10:36 AM 05/14/2024 9:00 AM Packet Pg. 80 I 11.B.c I BCC Conservation Collier Property Summary Panther Walk Preserve Multi -Parcel Project Currently on Board Approved A -list Property Name: Panther Walk Preserve Multi -Parcel Project Owner(s): 193 parcels - See Map Target Protection Area: North Golden Gate Estates Acreage: 375.2 acres Total Estimated Market Value: $11,587,269 Highlights: • Location: Located east of Everglades Blvd between 561h Ave. NE and Immokalee Rd. • Met 5 out of 6 Initial Screening Criteria: Native plant communities; human values; water resource values; biological and ecological value; enhancement of current conservation lands • Habitat: Cypress strand forest, mixed wetland hardwood forest, oak/pine hammock, freshwater marshes, wet prairie, pine flatwoods. • Listed Plants: Hand fern (Cheiroglossa palmata), cardinal air plant (Tillandsia fasciculata), fuzzy-wuzzy air plant (Tillandsia pruinosa), giant air plant (Tillandsia utriculata), northern needleleaf (Tillandsia balbisiana) • Listed Wildlife: Little blue heron and Florida sandhill crane observed. FWC telemetry shows use by Florida panthers. Habitat for Florida bonneted bats, big cypress fox squirrel, crested caracara, wood stork, and snail kites. • Water Resource Values: Parcels protect the marshes and cypress forests of the northern reaches of the Horsepen Strand. Provide flood water attenuation, aquifer recharge, and water filtration. • Connectivity: Once more parcels are acquired, a contiguous pathway following the Horsepen Strand will connect the NGGE to conservation lands to the north. • Access: All parcels accessible via paved roads • Management Issues / Estimated Costs: Initial invasive plant treatment - $350/acre. Ongoing annual maintenance estimated at $150/acre. • Partnership Opportunities: None • Zoning/Overlays: No Overlays, no TDRs; Single family Estates zoning • Surrounding land uses: Undeveloped lots and low -density single-family homes • All Criteria Score: 290/400 — high ecological and management scores Cycle 12A Total Score: 290/400 180 160 160 140 133 120 100 80 80 80 80 64 60 60 40 33 20 0 1 - Ecological 2 - Human 3 - Restoration 4 - Vulnerability Value Value and Management ■ Awarded Points ❑ Possible Points Packet Pg. 81 1 I 11.B.c I BCC Conservation Collier Property Summary Cycle 12A Panther Walk Preserve Multi -Parcel Project Other Division Interest: Everglades Blvd. widening will require ROW/pond sites; Utility upgrades will occur on west side of Everglades Blvd. from 41st Ave NE north to Immokalee Rd. Acquisition Considerations: Staff recommend purchasing all parcels to ensure maximum flexibility in creating a contiguous wildlife corridor in the future History: The original 3 parcels (4.6 acres) that created Panther Walk Preserve were acquired in 2007 and 2008. During Acquisition Cycle 10, twenty parcels (38.45 acres) adjacent to the original Panther Walk Preserve were approved for the A -list by the Board of County Commissioners (Board) on January 25, 2022. Subsequently, during Acquisition Cycle 11A, eighteen parcels (39.8 acres) were approved for the A -list by the Board on December 13, 2022. The entire Panther Walk Preserve project boundary, totaling 443.7 acres, was approved for the A -list as a new multi -parcel project by the Board on February 28, 2023. To date, the Program has acquired 13% of the project area, or 31 parcels, for a total of 55.7 acres. Packet Pg. 82 11.B.d CONSERVATION COLLIER - PANTHbw-WALK TAX ID NUMBERS: 38845520005 and 38844440005 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between MARIO J. RODRIGUEZ and GISELA RODRIGUEZ, husband and wife, whose address is 135 W 57th St., Hialeah, FL 33012, (hereinafter collectively referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112 (hereinafter referred to as "Purchaser"). WI T N E S S E T H WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be ONE HUNDRED FIFTY-EIGHT THOUSAND FOUR HUNDRED and 001100 DOLLARS ($158,400), (U.S. Currency) payable at time of closing. III. CLOSING 3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING', OR "CLOSING") of the transaction shall be held on or before one hundred and eighty (180) days following execution of this Agreement by the Purchaser, or within thirty (30) days of Purchaser's receipt of all closing documents, whichever is later. The Closing shall t Colo) Packet Pg. 84 CONSERVATION COLLIER -- PANTHti r-WALK TAX ID NUMBERS: 38845520005 and 38844440005 11.B.d be held at the office of the insuring title company or by mail. The procedure to be followed by the parties in connection with the Closing shall be as follows: 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments- (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap Tax Proration, Owner's Non -Foreign Affidavit", as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. 2 Packet Pg. 85 11.B.d CONSERVATION COLLIER — PANTO-- UALK TAX ID NUMBERS: 38845520005 and 38844440005 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost and electronic fee of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. If required by a Phase I report and desired by Purchaser, Seller shall pay for a Phase 11 Environmental Assessment selected by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing, 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. 4.012 If Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seller shall have thirty (30) days to remedy any defects to convey good and marketable title at Seller's expense, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by _3 GAO Packet Pg. 86 11.B.d CONSERVATION COLLIER - PANTHbwWALK TAX ID NUMBERS: 38845520005 and 38844440005 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 this Agreement. Purchaser shall have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred twenty (120) days from the date of this Agreement, ("Inspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 4 Packet Pg. 87 CONSERVATION COLLIER —PANTHtWALK TAX IQ NUMBERS: 38845520005 and 38844440005 11.B.d 3. The Property is in compliance with all applicable State and Federal environ- mental laws and the Property is free from any pollution or contamination. 4. The Property can be utilized for its intended use and purpose in the Conservation Collier program. 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. VI. INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VII. POSSESSION 7.01 Purchaser shall be entitled to full possession of the Property at Closing. Vill. PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of current year taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of 5 Packet Pg. 88 11.B.d CONSERVATION COLLIER — PANTFIL-KWALK TAX ID NUMBERS- 38845520005 and 38844440005 written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. 9.02 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 10.01 Seller and Purchaser represent and warrant the following: 10.011 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the 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. 6 Packet Pg. 89 11.B.d CONSERVATION COLLIER — PANTHr�m'WALK TAX ID NUMBERS: 38845520005 and 38844440005 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. 10.017 Seller represents that they have (it has) no knowledge that there is or ever has been incinerators, septic tanks, or cesspools on the Property; all waste, if any, is discharged into a public sanitary sewer system; Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents that to their knowledge the Property has not been used for the production, handling, storage, transportation, manufacture, or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents that they have (it has) no knowledge that there is or ever has been any storage tanks for gasoline, or any other substances are or were located on the Property at any time during or prior to Seller's ownership thereof. Seller represents that they have (it has) no knowledge that any part of the Property has ever been used as a sanitary landfill. 10.018 Seller has no knowledge that the Property and Seller's operations concerning the Property are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. 10.019 Seller has no knowledge of unrecorded restrictions, easements, or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, rNo Packet Pg. 90 11.B.d CONSERVATION COLLIER — PANTHb-c WALK TAX ID NUMBERS: 38845520005 and 38844440005 management, leasing, employment, service, or other contracts affecting the Property. 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay -back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.021 Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the Date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. 10.022 At the Closing, Seller shall deliver to Purchaser a statement (hereinafter called the "Closing Representative Statement") reasserting the foregoing representations as of the Date of Closing, which provisions shall survive the Closing. 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including 8 r- RIO Packet Pg. 91 11.B.d CONSERVATION COLLIER -- PANTHt grWALK TAX I❑ NUMBERS: 38845520005 and 38844440005 any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 10.024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. XI. NOTICES 11.01 Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Attn: 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 If to Seller: Mr. & Mrs. Mario Rodriguez 135 West 57th Street Hialeah, Florida 33012 Telephone number: 786-236-1719 E-mail: rmario@hotmail.com 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. C�o Packet Pg. 92 11.B.d CONSERVATION COLLIER - PANTHCrrWALK TAX ID NUMBERS: 38845520005 and 38844440005 XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend, or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 If any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. ]. D Packet Pg. 93 11.B.d CONSERVATION COLLIER — PANTHtyc'WALK TAX ID NUMBERS: 38845520005 and 38844440005 13.08 Seller is aware of and understands that the "offer" to purchase represented by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. 13.09 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty, or covenant not included in this Agreement, or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS] 11. 1 Packet Pg. 94 11.B.d CONSERVATION COLLIER - PANTHcr, WALK TAX ID NUMBERS 38845520005 and 38844440005 IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller , Deputy Clerk AS TO SELLER: DATED: BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA CHRIS HALL, Chairman By-, C MAR ,,L ROD IGU Z a� r E By. L ,GISELA RODR UEZ a N d 7 LM Approved as to form and legality 0 IX Sally A Ashkar, Assistant County Attorney 0 t'U ``� \ Q 12 + AO `_ Packet Pg. 95 CONSERVATION COLLIER - PANTHt;__,JALK TAX ID NUMBERS: 38645520005 and 38844440005 11.B.d *./�I1---1"MAN PROPERTY IDENTIFICATION NUMBER: 38845520005 The West 180 feet of Tract 67, Unit 42, of Golden Gate Estates, according to the plat thereof, recorded in Plat Book 7, at Page 27, of the Public Records of Collier County, Florida. 2.73 ACRES PROPERTY IDENTIFICATION NUMBER: 38844440005 The West 180 feet of Tract 56, Unit 42, Golden Gate Estates, according to the plat thereof, recorded in Plat Book 7, Page 27 of the Public Records of Collier County, Florida. 2.73 ACRES 13 Eqo Packet Pg. 96 11.B.e Conservation Collier Land Acquisition Program Project Design Report Rodriguez Property Date: February 2024 Property Owner: Mario and Gisela Rodriguez Folios : 38844440005 and 38845520005 Location: GOLDEN GATE EST UNIT 42 W 18OFT OF TR 56 and W 18OFT of TR 67 Size: 5.46 acres (each parcel is 2.73 acres) Purchase Price: $158,400 History of Proiect: Selected for the "A" category, #1 Selected for the "A" Purchase offer Purchase offer priority, on the Active Acquisition category, #1 priority, on made to owners accepted List (AAL) by CCLAAC AAL b BCC 7/14/2023 10/10/2023 11/30/2023 12/11/2023 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Oualifications: Although the parcels are not adjacent, they are both within the Panther Walk Preserve Multi -parcel Project boundary and adjacent to acquired Panther Walk Preserve property. One parcel is in the middle section and the other is in the southern section of the Horsepen Strand. The Rodriguez parcels met the Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat, potential for nature -based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity, and restoration potential. These parcels offer access from Wh Ave NE and 641h Ave NE off of Everglades Blvd — a paved public road. The parcels could accommodate seasonal outdoor recreation, particularly due to their proximity to the Panther Walk Preserve. The parcels are part of the greater Horsepen Strand flow way and cypress and freshwater marsh. The parcels are home to many wetland dependent species of flora and fauna including Florida panthers that have been documented within the strand. The parcels, when joined with many others, can protect the flow of both wildlife and water through the Horsepen Strand. Packet Pg. 97 11.B.e Zoning, Growth Management and Land Use Overlays: The Panther Walk and Horsepen Strand project parcels are entirely within the Northern Golden Gate Estates. The zoning classification for all the parcels is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Proiected Management Activities: No hydrologic changes are necessary to maintain wetland characteristics on the project site. Projected management activities include the removal of invasive plants, the development of a Land Management Plan, and continued development of public access to selected portions of the preserve. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $1,638 $1,092 $1,092 $1,092 $819 Signage $200 Total $1,838 $1,092 $1,092 $1,092 $819 SEE PAGES 3, 4, AND 5 FOR AERIAL MAPS OF THE PARCELS. 2 Packet Pg. 98 11.B.e 0 1 2 Miles M RODRIGUEZ, MARIO & GISELA (FLN 38845520005) Offer Accepted Panther Walk Preserve A -list Parcel Panther Walk Preserve CONSL-RVATION COLLIER Coil ier Comity : 6-""' Packet Pg. 99 &k -SLr 50 11.B.f CONSERVATION COLLIER TAX ID NUMBER. 38845360003 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between THE WHITTINGHAM CORPORATION, a Florida corporation, whose address is 510 20rh Ave NE, Naples, FL 34120 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112 (hereinafter referred to as "Purchaser'). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: AGREEMENT 1.01 In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be FORTY- FIVE THOUSAND NINE HUNDRED NINETY and 001100 DOLLARS ($45,990), (U.S. Currency) payable at time of closing. III. CLOSING 3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of the transaction shall be held on or before one hundred and eighty (180) days following execution of this Agreement by the Purchaser, or within thirty (30) days of Purchaser's receipt of all closing documents, whichever is later. The Closing shall PAO Packet Pg. 102 11.B.f CONSERVATION COLLIER TAX Id NUMBER: 38845360003 be held at the office of the insuring title company or by mail. The procedure to be followed by the parties in connection with the Closing shall be as follows: 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions, or conditions of record. 3.0112 Combined Purchaser -Seller closing statement. 3.0113 A "Gap Tax Proration, Owner's Non -Foreign Affidavit", as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article III hereof, shall be subject to adjustment for prorations as hereinafter set forth. Packet Pg. 103 11.B.f CONSERVATION COLLIER TAX ID NUMBER. 38B45360003 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost and electronic fee of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. If required by a Phase I report and desired by Purchaser, Seller shall pay for a Phase II Environmental Assessment selected by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. REQUIREMENTS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. 4.012 If Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seiler shall have thirty (30) days to remedy any defects to convey good and marketable title at Seller's expense, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its soie expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said Packet Pg. 104 11.B.f CONSERVATION COLLIER TAX ID NUMBER, 38845360003 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 this Agreement. Purchaser shall have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred twenty (120) days from the date of this Agreement, ("Inspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal environ- mental laws and the Property is free from any pollution or contamination. Packet Pg. 105 11.B.f CONSERVATION COLLIER TAX ID NUMBER 36845360003 4. The Property can be utilized for its intended use and purpose in the Conservation Collier program. 5.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. If Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the Inspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. In the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. VI. INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VII. POSSESSION 7.01 Purchaser shall be entitled to full possession of the Property at Closing, LVAINUMMOUT.-H • 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of current year taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 If Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to Packet Pg. 106 11.B.f CONSERVATION COLLIER TAX ID NUMBER: 38845360003 a contract vendee, including the right to seek specific performance of this Agreement. 9.02 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 10.01 Seller and Purchaser represent and warrant the following: 10.011 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seiler is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10,013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Packet Pg. 107 11.B.f CONSERVATION COLLIER TAX ID NUMBER: 38845360003 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 they have (it has) no knowledge that there is or ever has been incinerators, septic tanks, or cesspools on the Property; all waste, if any, is discharged into a public sanitary sewer system; Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents that to their knowledge the Property has not been used for the production, handling, storage, transportation, manufacture, or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents that they have (it has) no knowledge that there is or ever has been any storage tanks for gasoline, or any other substances are or were located on the Property at any time during or prior to Seller's ownership thereof. Seller represents that they have (it has) no knowledge that any part of the Property has ever been used as a sanitary landfill. 10.018 Seller has no knowledge that the Property and Seller's operations concerning the Property are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. 10.019 Seller has no knowledge of unrecorded restrictions, easements, or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service, or other contracts affecting the Property. 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay -back agreements, paving agreements, road expansion or 0CAO Packet Pg. 108 11.B.f CONSERVATION COLLIER TAX ID !NUMBER. 38845360003 improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.021 Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the Date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. 10.022 At the Closing, Seller shall deliver to Purchaser a statement (hereinafter called the "Closing Representative Statement") reasserting the foregoing representations as of the Date of Closing, which provisions shall survive the Closing. 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 10.024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. 0 �P Packet Pg. 109 11.B.f CONSERVATION COLLIER TAX ID NUMBER, 38845360003 XI. NOTICES 11.01 Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: If to Purchaser: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to: Attn: 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 If to Seller: The Whittingham Corporation Attn: Edward Whittingham 510 201h Ave N E Naples, FL 34120 Telephone number: 786-572-2360 E-mail: edw20002002[a7yahoo.com 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seiler as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to CAo Packet Pg. 110 11.B.f CONSERVATION COLLIER TAX ID NUMBER: 38845360003 pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend, or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 If any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. 13.08 Seller is aware of and understands that the "offer" to purchase represented by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. 13.09 If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, ,0 Packet Pg. 111 11.B.f CONSERVATION COLLIER TAX ID NUMBLR: 38845360003 Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty, or covenant not included in this Agreement, or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, - SIGNATURE PAGE FOLLOWS] 11 E a Packet Pg. 112 11.B.f CONSERVATION COLLIER TAX ID NUMBER: 38845360003 IN WITNESS WHEREOF, the parties hereto have signed below. Dated Project/Acquisition Approved by BCC: AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the BOARD OF COUNTY COMMISSIONERS Circuit Court and Comptroller COLLIER COUNTY, FLORIDA , Deputy Clerk CHRIS HALL, Chairman AS TO SELLER: ' J DATED: THE WHITTINGHAM CORPORATION, a Florida corporation By:t EDWAP,D W ITT HAM, President Approved as to form and legality: Sally A. Ashkar, Assistant County Attorney t131z� -2 Packet Pg. 113 11.B.f CONSERVATION COLLIER TAX ID NUMBER: 38845360003 EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 38845360003 The West of 105 feet of the West 180 feet of Tract 66, GOLDEN GATE ESTATES, UNIT NO. 42, according to the plate thereof recorded in Plat Book 7, Page 27, of the Public Records of Collier County, Florida. 1.59 ACRES 13 GP / Packet Pg. 114 11.B.g Conservation Collier Land Acquisition Program Project Design Report Whittingham Corporation Property Date: February 2024 Property Owner: Whittingham Corporation Folios : 38845360003 Location: GOLDEN GATE EST UNIT 42 W 105FT OF TR 66 Size: 1.59 acres Purchase Price: $45,990 History of Proiect: Selected for the "A" category, #1 Selected for the "A" Purchase offer Purchase offer priority, on the Active Acquisition category, #1 priority, on made to owners accepted List (AAL) by CCLAAC AAL b BCC 7/14/2023 10/10/2023 11/30/2023 12/27/2023 Purpose of Proiect: Environmental Conservation — Conservation Collier Program Program Oualifications: This parcel is located in the southern section of the Horsepen Strand adjacent to Panther Walk Preserve. The Whittingham Corporation parcel met the Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat, potential for nature -based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity, and restoration potential. This parcel offers access from 58a' Ave NE off of Everglades Blvd — a paved public road. This property could accommodate seasonal outdoor recreation, particularly due to the proximity to the Panther Walk Preserve. The parcel is part of the greater Horsepen Strand flow way and contains a portion of a freshwater marsh. This parcel is home to many wetland dependent species of flora and fauna including Florida panthers that have been documented within the strand. This parcel, when joined with many others, can protect the flow of both wildlife and water through the Horsepen Strand. Zoning, Growth Management and Land Use Overlays: The Panther Walk and Horsepen Strand project parcels are entirely within the Northern Golden Gate Estates. The zoning Packet Pg. 115 11.B.g classification for all the parcels is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Projected Management Activities: No hydrologic changes are necessary to maintain wetland characteristics on the project site. Projected management activities include the removal of invasive plants, the development of a Land Management Plan, and continued development of public access to selected portions of the preserve. Estimated Management Costs: Management Element 2023 2024 2025 2026 2027 Exotics $477 $318 $318 $318 $240 Signage $200 Total $677 $318 $318 $318 $240 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. 2 Packet Pg. 116 11.B.g I 0 1 2 Miles PW WHITTINGHAM CORPORATION Offer Accepted Panther Walk Preserve A -list Parcel Panther Walk Preserve CON TION LLIER Collier County ti Packet Pg. 117 11.B.g o 0.15 WHITTINGHAM CORPORATION Offer Accepted Panther Walk Preserve Miles 2 CONSERVATION COLLIER co*., Couxty Packet Pg. 118 RKL APPRAISAL AND CONSULTING REAL ESTATE APPRAISAL REPORT PANTHER WALK PROJECT MARKET STUDY Residential Land Generally within Golden Gate Estates Units 42, 44, and 47 Naples, Collier County, Florida, 34120 PREPARED FOR: Mr. Roosevelt Leonard, R/W-AC Supervisor — Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Client File: PO Number 4500223051 ACHEL M. ZUCCH I, MAI, CCIM C. LOWRY, MAI, CPA 0UIS C. BOBBITT, MAI EFFECTIVE DATE OF THE APPRAISAL: September 9, 2023 DATE OF THE REPORT: September 22, 2023 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2023-170 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com CCLAAC Conservation Collier Property Summary Ovele 12A Panther Walk Preserve Multi -Parcel Project Conservation Collier Panther Walk Preserve Parcel Status July 2023 Panther Walk Project Market Study Generally within Golden Gate Estates Units 42, 44, and 47 Naples, Florida RKL APPRAISAL AND CONSULTING September 22, 2023 Mr. Roosevelt Leonard, R/W-AC Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Panther Walk Project Market Study Generally within Golden Gate Estates Units 42, 44, and 47, Naples, Collier County, Florida, 34120 Client File: PO Number 4500223051 RKL File Number: 2023-170 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value on a price per acre basis within the area identified as the Panther Walk Project Area. A tier valuation will be provided as follows, four (4) per acre values for parcels between 1.14 acres — 2.73 acres and four (4) per acre values for parcels between 2.74 — 5.00 acres consisting of i) up to 25% wetlands, ii) 25-50% wetlands, iii) 50-75% wetlands, and 75- 100% wetlands. The intended users for the assignment are Collier County Real Property Management (Conservation Collier Program), and the intended use of the appraisal is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject market area is identified by Conservation Collier as Panther Walk. The Panther Walk targeted area contains 200 parcels totaling 390.1 acres within Golden Gate Estates Units 42, 44, and 47. The per acre values reported in this market study will be offered to property owners with 1.14 to 5.0 acre parcels. The parcels are located within the Estates zoning designation which allows for low density residential development with limited agricultural uses. %ACHCIL M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 LOWRY, MAI, CPA Phone: 239-596-0800 UIS C. BOBBITT, MAI www.rklac.com Mr. Roosevelt Leonard, R/W-AC Collier County September 22, 2023 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple September 9, 2023 Indicated Value per Acre Up to 25% Wetlands: $48,000 25 - 50% Wetlands: $42,000 50 - 75% Wetlands: $35,000 75 - 100% Wetlands: $30,000 Subject Size: 1.14 - 2.73 acres Indicated Value per Acre Up to 25% Wetlands: 25 - 50% Wetlands: 50 - 75% Wetlands: 75 - 100% Wetlands: Subject Size: $40,000 $35,000 $30,000 $25,000 2.74 - 5.00 acres The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assum tions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzuechi@rklac.com; Phone 239-596-0801 %ACHCIL M.ZUCCH1, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 LOWRY, MAI, CPA Phone: 239-596-0800 UIS C. BOBBITT. MAI www.rklac.com PANTHER WALK PROJECT MARKET STUDY TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... I IntroductionInformation..................................................................................................... 2 SubjectIdentification...................................................................................................... 2 Current Ownership and Property History....................................................................... 2 AppraisalScope.............................................................................................................. 2 Client, Intended User, and Intended Use........................................................................ 3 Definition of Market Value............................................................................................. 3 Definition of Property Rights Appraised........................................................................ 3 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 3 Scopeof Work................................................................................................................ 4 EconomicAnalysis............................................................................................................. 5 NationalEconomic Analysis........................................................................................... 5 Florida Economic Analysis............................................................................................. 7 Collier County Area Analysis......................................................................................... 9 Property Description and Analysis................................................................................... 25 SiteAnalysis................................................................................................................. 25 Highestand Best Use.................................................................................................... 37 ValuationMethodology.................................................................................................... 39 AnalysesApplied.......................................................................................................... 40 Sales Comparison Approach: 1.14-2.73 Acres............................................................. 41 Sales Comparison Approach: 2.74-5.00 Acres............................................................. 49 Reconciliation............................................................................................................... 54 FinalValue Conclusion................................................................................................. 54 Certification...................................................................................................................... 56 Assumptions and Limiting Conditions............................................................................. 58 Addenda Appraiser Qualifications Property Information ..... Comparable Data ........... Addendum A Addendum B Addendum C rl.k,.�,x�.�1 �,�5n PANTHER WALK PROJECT MARKET STUDY SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Panther Walk Project Market Study Generally within Golden Gate Estates Units 42, 44, and 47, Naples, Collier County, Florida, 34120 Owner: Multiple Legal Description: Multiple parcels generally within Golden Gate Estates Units 42, 44, and 47 Tax Identification: Multiple parcels generally within Golden Gate Estates Units 42, 44, and 47 Intended Use: The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. Intended User(s): Collier County Real Property Management (Conservation Collier Program) PROPERTY Market Area Market Area Gross Land Area Typical Parcel Size Zoning FDEP Infonmal Wetland (Acres) (Acres) Determination Panther Walk 390.10 1.14 - 5.0 E - Estates Less than 25% to 100% Highest and Best Use As Vacant Conservation and/or single-family development Exposure Time 12 months Marketing Period 12 months VALUE INDICATIONS Effective Date(s) September 9, 2023 Property Rights Fee Simple Indicated Value per Acre Up to 25% Wetlands: $48,000 25 - 50% Wetlands: $42,000 50 - 75% Wetlands: $35,000 75 -100% Wetlands: $30,000 Subject Size: 1.14 - 2.73 acres Indicated Value per Acre Up to 25% Wetlands: $40,000 25 - 50% Wetlands: $35,000 50 - 75% Wetlands: $30,000 75 -100% Wetlands: $25,000 Subject Size: 2.74 - 5.00 acres The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. HvDothetical Conditions: None. Extraordinary Assumptions: None. Page 1 PANTHER WALK PROJECT MARKET STUDY INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Panther Walk Project Market Study Generally within Golden Gate Estates Units 42, 44, and 47, Naples, Collier County, Florida, 34120 Legal Description: Multiple parcels generally within Golden Gate Estates Units 42, 44, and 47 Tax Identification: Multiple parcels generally within Golden Gate Estates Units 42, 44, and 47 The subject market area is identified by Conservation Collier as Panther Walk. The Panther Walk targeted area contains 200 parcels totaling 390.1 acres within Golden Gate Estates Units 42, 44, and 47. The per acre values reported in this market study will be offered to property owners with 1.14 to 5.0 acre parcels. The parcels are located within the Estates zoning designation which allows for low density residential development with limited agricultural uses. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner There are multiple owners. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. Page 2 PANTHER WALK PROJECT MARKET STUDY INTRODUCTION INFORMATION CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal is Collier County Real Property Management (Conservation Collier Program). The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(h); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994; 79 Federal Register 28400, May 16, 2014; 83 Federal Register April 9, 2018; 84 Federal Register, October 8, 2019) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value on a price per acre basis within the area identified as the Panther Walk Project Area. A tier valuation will be provided as follows, four (4) per acre values for parcels between 1.14 acres — 2.73 acres and four (4) per acre values for parcels between 2.74 — 5.00 acres consisting of i) up to 25% wetlands, ii) 25-50% wetlands, iii) 50-75% wetlands, and 75-100% wetlands. The effective date of the subject appraisal is September 9, 2023. The date of inspection was September 9, 2023. The date of the report is September 22, 2023. Page 3 PANTHER WALK PROJECT MARKET STUDY INTRODUCTION INFORMATION SCOPE OF WORK The problem to be solved is to estimate the market value on a price per acre basis within the area identified as the Panther Walk Project Area. A tier valuation will be provided as follows, four (4) per acre values for parcels between 1.14 acres — 2.73 acres and four (4) per acre values for parcels between 2.74 — 5.00 acres consisting of i) up to 25% wetlands, ii) 25-50% wetlands, iii) 50-75% wetlands, and 75-100% wetlands. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject area is identified generally as the wetland parcels within Panther Walk. An aerial shows the approximate border of Panther Walk. Inspection: A limited on site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Anal Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 4 PANTHER WALK PROJECT MARKET STUDY NATIONAL ECONOMIC ANALYSIS ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on September 20, 2023. Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate to 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage -backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of June 2023. Real GDP is projected to grow at a rate of 1% in 2023, an increase from the March projection of 0.4%. The unemployment projection for 2023 decreased from 4.5% to 4.1%. The Core PCE inflation projection also decreased from 3.3% to 3.2% in 2023. Page 5 PANTHER WALK PROJECT MARKET STUDY NATIONAL ECONOMIC ANALYSIS Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, under their individual assmnptions of projected appropriate monetary policy, .tune 2023 A-L u�usn I C]enlral pule- -yx R-9,-' Variable 2023 2I124 2025 WL&t non 2023 202d I MM 1.14r run 2023 11121 2025 Langer nun C%..V in real GDP 1.0 1.l I.R I.R 0.7-12 0.44a 1Pr2.0 i 1.7-2.0 M-2.0 0.5-2.2 1.&-2.2 1_4r,2.5 10-h p-J-H.. O.d 1.2 1.9 1.8 1)-"_8 111-is 1.7-2.t t_7-2.4 4).2-L3 0.3-2.0 1.,-2.2 ' 1_6-25 TlueniyL ymeni raer 41 4.5 4.:t 4.0 4.0,4_3 3_R-1.3 3.9-d.5 4.0.5.0 3.8-.4.9 i 35,1..1 M_dn V_Jeellna 15 4.6 4.6 4.0 4.O,L7 4.3-4.9 4_5-4.8 3,R-4.9 3.9-L8 4.0.52 3.8-4.9 3_$-4.7 PC£ 1n9Atim. 3.2 2.5 2.1 2.0 3.0-15 2.3-2.9 2.0.2d 2.0 2.9-L1 2.1-3.7 2.0-5.0 2.0 KI-bP-J-lfue 3.3 2.5 2.1 20 2.2-2.8 20-21 2.0 3_S-.LI 2.0.25 2.0-3.0 2.0 Care PCE 1,Jla1iunr 3.9 2_43 2.2 3.7-4 2 2.5-3.1 2.0.2.4 3.C1-4.5 22-3.6 2.0-3 0 li-h P-Jecllue 3.G 2.6 2.1 3.5-9-9 2.3-2.8 2_0-2.2 3.5-41 2.1-1 2.&-3.4 I'LL is P-J read aPproprlate }wlky px16 i Fedeal fuels mw S.G 4.G 3.4 2.5 14-6.0 4.4-S.1 2.$-1.1 2S-2.R 3.CrS.9 2A-IrA 2A-3.6 hiareh PLaJe riaa 6.1 4.3 3.1 i 2.5 5.1-6.6 3.9-S.1 2.9-3.9 i 2.d-2.6 d.9-5.9 3."X 2.4-6.6 2„3-3.6 According to Freddie Mac Chief Economist Sam Khater, if interest rates were to drop, the outlook for the mortgage market in 2023 will be bright. "Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of millennial renters will provide support to the purchase market," Sam Khater, said in a December 2022 statement. According to an December 2022 report by Lawrence Yun, chief economist at the National Association of Realtors, home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 - an increase of just 0.3% from this year ($384,500). "Half of the country may experience small price gains, while the other half may see slight price declines," Yun said. Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages. According to the National Association of Real Estate Investment Trusts' (NAREIT) 2023 Outlook, REITs are well -positioned to navigate economic and market uncertainty in 2023 due to strong operational performance and balance sheets. "Despite economic headwinds and weakness in valuations, equity REITs have proven to be quite resilient from an operational perspective, and it is clear that REITs are well -positioned for ongoing economic uncertainty in 2023." The firm noted that data from the Nareit T-Tracker in the third quarter of 2022 highlighted solid year -over -year growth in funds from operations (FFO), net operating income (NOI), and same -store NOI. Quarterly FFO increased to $19.9 billion in the third quarter, a 14.9% increase from a year ago and an all-time high. While the pandemic took a toll on the operational performance of equity REITs, there's no question that it has recovered and surpassed pre -pandemic levels. Nareit also noted how REITs historically perform during and after a recession. For example, REITs have historically outperformed private real estate during a recession and in the four quarters after a recession. REITs have also historically outperformed their equity market counterpart before, during, and after recessions. The 2023 CBRE U.S. Real Estate Market Outlook projects high interest rates and a recession will make 2023 a challenging year for commercial real estate. "Though inflation eased in late 2022, it was still running at more than 7%. The Fed will continue raising rates until it sees a marked reduction in inflation nearer to its 2% target. Page 6 PANTHER WALK PROJECT MARKET STUDY FLORIDA ECONOMIC ANALYSIS Weakening fundamentals and higher cost of capital will generally lower asset values." However, CBRE expects the recession will not be particularly deep as corporate finances are in good shape and employers will shun excessive layoffs to avoid losing employees in a tight market for skilled labor. While consumer confidence is highly subdued, average household debt is low compared with the onset of previous recessions. These factors suggest a moderate downturn, with unemployment unlikely to breach the 6% level. Inflation will be significantly lower by the second half of 2023, setting the stage for falling interest rates and the beginning of a new cycle that will last to the 2030s. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2023, the global real estate industry faces transformational shifts in how buildings will be used, valued, and transacted in 2023 and beyond following a pandemic - fueled course correction. "Ongoing uncertainty in the global economy could impact the industry even more. In the near term, the potential for regional or global recession or stagnation looms —and these impacts would be felt across financial services sectors." The economy is top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. "Revenue expectations for 2023 are mixed among those surveyed-40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Last year's results were much more optimistic: 80% expected revenues to increase in 2022. As a result, more respondents (33%) are planning to cut costs compared to last year, when only 6% planned to make cuts." According to the PwC Emerging Trends in Real Estate 2023, the real estate industry is moving beyond what it perceives as cyclical headwinds — i.e., rising interest rates, declining gross domestic product (GDP), sinking deal flows — and taking a long-term approach to real estate assets. The mood among the real estate professionals we interviewed for this year's "Emerging Trends" is cautious optimism. Their plan: Ride out the current slump and reposition their firms for another period of sustained growth and strong returns. According to J.P. Morgan Chase 2023 commercial real estate outlook, there may be challenges ahead. "Retail is at a crossroads, and the future of office space is unclear. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. But there are a few bright spots in the commercial real estate forecast. Multifamily properties continue to perform well, and the hot streak for industrial properties remains." As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, after a historically low rate of change between 2020 and 2021, the U.S. resident population increased by 0.4%, or 1,256,003, to 333,287,557 in 2022. Florida was the fastest -growing state in 2022, with an annual population increase of 1.9%, resulting in a total resident population of 22,244,823. It was also the second largest -gaining state behind Texas, with an increase of 416,754 residents. Net migration was the largest contributing component of change to Florida's growth, adding 444,484 residents. "While Florida has often been among the largest -gaining Page 7 PANTHER WALK PROJECT MARKET STUDY FLORIDA ECONOMIC ANALYSIS states," Kristie Wilder, a demographer in the Population Division at the Census Bureau noted, "this was the first time since 1957 that Florida has been the state with the largest percent increase in population. According to the Summer 2022 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida's economy, as measured by real Gross State Product, will expand at an average annual rate of just 1.0% from 2022 to 2025. Real Gross State Product will mildly contract during the recession as growth will slow to -0.2% in 2023, turn positive in 2024, and growth begins to accelerate in 2025 to 1.7%. Payroll job growth in Florida will begin to falter during the recession but not in every sector. After year -over -year growth of -4.9% in 2020, the labor market rebounded to 4.6% in 2021. With job growth expected to be 4.3% in 2022, payroll employment will contract by 0.6% in 2023 and again by 1.5% in 2024 before expanding by 0.6% in 2025. Housing starts will be suppressed by the Pasta Bowl Recession and higher mortgage rates. Rapid house price appreciation will vanish over this period as supply catches up with demand dampened by rising mortgage rates, decreasing affordability, and the recession. The Florida & Metro Forecast was prepared prior to the impact of Hurricane Ian. Thus, the outlook does not reflect the impacts of the storm, which at a state level may not turn out to be as significant as they will be, at least in the near term, for the metropolitan areas that bore the brunt of the storm's impact. The unemployment rate in Florida has fallen from its May 2020 peak of 14.2% and stands at 2.7% as of August 2022. When unemployment spiked to 14.2% in May of 2020, it was 2.9 percentage points higher than the peak level of unemployment from the Great Recession. This unprecedented surge in unemployment occurred over just three months, while it took two -and -a -half years for the unemployment rate to reach its peak in the Great Recession. Table 1. Annual Summary of the University of Central Florida's Forecast for Florida 2017 2018 2019 2G20 2021 2022 2023 2024 2t725 Personal Income and G SP Personal Income (Bil- $} 1023.1 1087.2 1139.8 1210.0 1325.0 1382.0 1434.6 1491.0 1566.9 Flo rida.(%ChYea r ago) 7.2 6.3 4.8 6.2 9.6 4.2 3.8 3.9 5.1 U.S.(%Ch Year ago) 4.7 5.1 4.1 6.5 7.5 3.2 5.0 4.3 4.4 Personal Income (Bil. 2012$) 952.4 996.8 1037.5 1080.3 1136.7 11152 1120.0 1145.3 1182.1 Florida.(%Ch Year ago) 5.5 4.7 4.1 4.1 5.2 -1.9 0.5 2.2 3.2 U.S.(%Ch Year ago) 2.8 2.9 2.5 5.3 3.5 -2.9 1.5 2.5 2.6 ❑isp. Income (1311. 2012$) 839.9 392.4 928.1 973.9 1014.8 973.5 994.4 1032.5 1065.6 Florida.(%Ch Year ago) 3.6 6.2 4.0 4.9 4.2 -4.1 2.1 3.8 3.2 U.S.(%Ch Year ago) 2.8 3.4 2.3 6.2 2.3 -5.3 3.2 4.1 2.6 GSP (Bil. $) 1002.6 1057.9 1116.4 1106.0 1226.3 1335.2 1390.4 1433.5 1408.8 (%Ch Year ago) 5.2 5.5 5.5 -0.9 10.9 3.9 4.1 3.1 3.9 GSP (Bil. 2012$) 913.0 943.5 971.6 944.0 1003.7 1028.3 1026.1 1033.6 1061.2 (%Ch Year ago) 3.6 3.3 3.0 -2.8 6.9 1.9 -0.2 0.7 1.7 Employment -and Labor Force (Household Survey % Change Year Ago) Employment 2.2 2.5 2.1 -4.9 4.6 4.3 -0.6 -1.5 0.6 Labor Force 1.7 1.3 1.5 -1.7 2.2 2.7 2.0 0.8 0.7 FL Unemployment Rate (%) 4.3 3.7 3.2 8.3 4.6 32 4.7 5.8 5.6 U.S. Unemployment Rate (%) 4.4 3.9 3.7 8.1 5.4 3.6 4.2 4.7 4.8 Page 8 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS COVID-19 Governor Ron DeSantis issued a "safer -at-home" order on April 3, 2020 in an effort to limit the spread of coronavirus. Governor DeSantis announced on April 29, 2020 that he would lift the "safer -at-home" order on May 4, 2020. Retailers and restaurants are allowed to reopen in limited capacities while movie theaters, gyms, bars, and face-to-face personal service providers (such as barbers and nail salons) will remain closed. Phase One of the three-phase "Safe. Smart. Step -by -Step" plan excludes Miami -Dade, Broward, and Palm Beach counties. As of September 25, 2020 Governor DeSantis announced Florida would be entering Phase 3 in reopening the state, meaning restaurants, bars, salons and other businesses will be allowed to reopen under full capacity. On May 3, 2021, Governor DeSantis signed an executive order that immediately suspended the state's remaining COVID-19 public health restrictions. As of November 29, 2021, Governor DeSantis again announced the state will not be issuing any lockdowns or restrictions. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County's population increases up to 25% between November and April due to seasonal residents and short-term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County's economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Distance to Other Major Markets Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in all six Southwest Florida counties with the greatest percentage growth in Lee County and the second highest in Collier County. Page 9 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS Projections of Florida Population by County, 2025-2050, with Estimates for 2022 Percent Change Population 2022 2025 2030 2022 2025 2030 2035 to 2025 to 2030 to 2035 Southwest Florida 1,895,116 1,995,400 2,142,100 2,261,600 5.29% 7.35% 5.58% Charlotte 196,742 206,600 220,900 232,100 5.01% 6.92% 5.07% Collier 390,912 409,800 436,900 459,500 4.83% 6.61% 5.17% Glades 12,273 12,300 12,400 12,500 0.22% 0.81% 0.81% Hendry 40,633 41,600 43,000 44,000 2.38% 3.37% 2.33% Lee 802,178 852,500 927,700 989,100 6.27% 8.82% 6.62% Sarasota 452,378 472,600 501,200 524,400 4.47% 6.05% 4.63% Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 195,April 2023 The following table shows the projected population through 2050. As shown, Lee County also has the highest projected growth rates with Collier County second. Projections of Florida Population by County 2025-2050 County Projections, April 1 and State 2025 2030 2035 2040 2045 2050 CHARLOTTE Low 192,100 Medium 206,600 High 221,100 COLLIER Low 385,200 Medium 409,800 High 434,400 GLADES Low 11,600 Medium 12,300 High 13,100 HENDRY Low 39,100 Medium 41,600 High 44,100 LEE Low 801,300 Medium 852,500 High 903,600 195,500 195,600 193,400 190,200 186,900 220,900 232,100 241,000 248,700 256,000 246,300 268,700 288,600 307,100 325,100 393,200 396,300 394,400 390,300 385,800 436,900 459,500 476,600 491,000 504,400 480,500 522,600 558,800 591,600 622,900 11,200 10,800 10,400 10,000 9,700 12,400 12,500 12,600 12,600 12,700 13,700 14,200 14,700 15,200 15,700 38,700 38,000 37,100 36,100 35,200 43,000 44,000 44,800 45,400 46,100 47,300 50,100 52,500 54,800 56,900 835,000 853,100 858,400 857,300 854,400 927,700 989,100 1,037,300 1,078,300 1,116,800 1,020,500 1,125,100 1,216,200 1,299,400 1,379,300 SARASOTA Low 444,300 451,100 452,300 449,400 444,400 438,800 Medium 472,600 501,200 524,400 543,100 559,000 573,600 High 501,000 551,300 596,500 636,800 673,600 708,400 Source: Bureau of Economic and Business Research, Florida Population Studies, Bulletin 195 Page 10 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country's 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2022-2023 25 Best Places to Retire is dominated by Pennsylvania and Florida metro areas. Pensacola is the top Florida market at No. 3 behind Lancaster and Harrisburg, PA. Naples is No. 6 overall while Sarasota is No. 11. Naples is ranked 12th overall in the 2022-2023 Best Places to Live report released by U.S. News & World Report in May 2022. Cape Coral -Fort Myers fell from No. 43 to No. 100 while Sarasota -Bradenton maintained its No. 9 ranking. According to data released by the National Association of Realtors in November 2022, half of the top 10 most expensive markets were in California. Naples I Marco Island was the 8th most expensive and only Florida market in the top ten. Employment The local economy is largely dependent on the real estate market. Covid-19 negatively impacted overall employment and the service and leisure and hospitality sectors in particular; however, jobs continue to return as the market improves. Tourism drives much of the Collier County area's economy, with leisure and hospitality composing almost 20% of the workforce. The following table shows the Collier County Employment by Industry as well as historical and projected job growth. NAPLES EMPLOYMENT BY INDUSTRY IN THOUSANDS 302023 CURRENTJO135 CURRENT GROWTH iG YR RISTORtCAL EYR FORECAST Indo" Jobs LO Market Us tMorkat if$ Y01"t US Manufacturing 6 GA 3.92% 0.80% 6.06% 0.76% 0.94% 0.04% Trade, -transportation and UtiNes 31 1.0 -0.22% 0.56% 2.66% 1.16% 0.26% OM9% Retail Trade 23 1A -051% 0,31% 1.73% 0,339/o 0.24% 0.09% Financial Activities 10 1.1 0.13% 0.69% 3.78% 1.45% 0.53% 0.11% Government 14 O.O 325% 1.78% 0.97% 0.33% 1.16% 0.37% Natural Resources, Mining and Construction 20 2.2 4.31% 2.18% 6.78°% 2.43% 1.22% 0.20% Education and Health Services 26 1.0 2.98% 3.39% 3,57% 1 1.79% 1.21 % 0.65% Professional and Business Services 20 0.8 -1.74% 1.68% 4.14% 2.12% 1.28% 0.34% Information 1 0A 1.13% -0.681A -0.841/. 127% -a.B1% 0.23% Leisure and Hospitality 28 1A -7.911lo 4.81% 1.21% 1.54% 0.70% 0.91% Other Services 9 1.5 -3.68% 2.30% 1.32% 0.64% 0.50% 0.27% Total Employment 166 1.0 -0.53% 1.96% 3.019E 1.34% 0.85% 0.369E Source: Oxford Economics LQ = Location quotient Page 11 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS JOB GROWTH (YOY) 15% Forecast -15% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 ■ Naples ■ United States Source- Oxford Economics The following table shows employment projections through 2030 by the Florida Department of Economic Opportunity. As shown, the construction industry has the largest projected growth rate of 16.6% followed by Education and Health Services (12.7%). JOBS BY INDUSTRY CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES Employment Percent NAICS Title 2022 2030 Growth Growth Total, All Industries 570,705 622,709 52,004 9.1 Agriculture, Forestry, Fishing and Hunting 7,834 7,200 -634 -8.1 Mining 420 466 46 11.0 Construction 61,755 72,022 10,267 16.6 Manufacturing 13,931 14,805 874 6.3 Trade, Transportation and Utilities 100,302 107,182 6,880 6.9 Information 4,973 5,029 56 1.1 Financial Activities 26,943 29,341 2,398 8.9 Professional and Business Services 70,219 76,888 6,669 9.5 Education and Health Services 108,593 122,385 13,792 12.7 Leisure and Hospitality 82,935 90,974 8,039 9.7 Other Services (except Public Administration) 21,884 24,391 2,507 11.5 Government 66,345 71,937 5,592 8.4 Self Employed and Unpaid Family Workers, All Jobs 44,152 44,487 335 0.8 Source: Florida Department of Economic Opportunity Page 12 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 13.1 % in April 2020. The preliminary reported unemployment rate in June 2023 was only 3.0%. The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. The 2020 annual rate was 7.3%. The annual rate declined to 3.7% in 2021 and 2.8% in 2022. Local Area UnernploymentStatistks Series Id: LAUCN 12021000D000003 Not Sea sona Ily Adjusted Area: Collief County, FL Area Type: Counties and equivalents StateiRegionlDivision: Florida Measure: unemployment rate 12. 2, 01/13 01/14 01/15 01/16 01/17 01/18 01/10 01/20 01/21 01/22 01/23 Month As of June 2023, the unemployment rate for the State of Florida was 3.0%, down from the peak in May 2020 of 14.2%. On a national level, the unemployment rate in June 2023 was 3.6%, a decrease from the peak in April 2020 of 14.7%. Collier County currently has a similar June rate, at 3.0%, than state levels and lower rate than national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2013 through July 2023. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. With the exception of Leisure and Hospitality, all sectors have regained all lost jobs and have exceeded 2019 levels. The Leisure and Hospitality sector has declined again due to the signficant damage caused by Hurricane Ian. Page 13 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS Naples - Immokalee - Marco Island Service- % Goods % Mining, Logging, & % Leisure and % All Employees, % Year Providing Change Producing Change Const. Change Hospitality Change Total Nonfarm Change 2013 109,600 2.8% 13,500 11.6% 10,500 11.7% 24,400 3.4% 123,300 3.9% 2014 114,400 4.4% 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,800 5.3% 2015 119,000 4.0% 17,000 10.4% 13,600 12.49/6 26,500 3.9% 136,000 4.8% 2016 123,800 4.0% 18,700 10.0% 14,900 9.6% 27,500 3.8% 142,500 4.8% 2017 126,100 1.9% 19,400 3.7% 15,400 3.49/o 28,300 2.9% 145,500 2.1% 2018 129,400 2.6% 21,500 10.8% 17,200 11.7% 29,100 2.8% 150,900 3.7% 2019 133,100 2.9% 22,400 4.2% 17,700 2.9% 30,000 3.1% 155,500 3.0% 2020 126,200 -5.2% 22,100 -1.3% 17,200 -2.8% 25,600 -14.7% 148,400 -4.6% 2021 133,100 5.5% 23,200 5.0•1/0 18,100 5.2% 27,800 8.6% 156,300 5.3% 2022 140,400 5.5% 24,800 6.9% 19,400 7.2% 29,100 4.7% 165,200 5.7% 2023* 140,400 0.2% 25,500 4.6% 19,900 5.090 28,700 -4.1% 165,900 0.8% *Through July 2023; percentage increase in comparison to July 2022 YTD Source: U.S. Department of Labor Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region's success. The table below provides a few examples of some key employers in Southwest Florida. • Industrial Biotechnology, Algenol Biofuels - Global Headquarters • Medical Devices, Arthrex I_c. - Global Headquarters • Women's Specialty Apparel Retailer, Chico's FAS - Global Headquarters • Specialty Electronics Manufacturer, Fox Electronics - Global Corporate Headquarters • Global IT Research and Advising, Gartne, Inc. • Vehicle Rentals and Sales, Hertz Inc. - Giobal Headquarters ■ Subsidiary Prttsburgh Glass Works, Lynx Services LLC - Customers Service Center • Manufacturing Fluid Management, Shaw Development - Global Headquarters • Agricultural and Food Manufacturer, L3.S. Sugar Corporation - Headquarters • Healthcare, 21 st CenturyOncoiogy - Global Headquarters Page 14 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Rank Company SWFL Employees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc. 3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn -Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc. 1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc. 1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp. 1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yuml Brands, Inc. 1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators August 2023 report prepared by Florida Gulf Coast University shows Collier, Lee, Charlotte, Sarasota County's tourist tax revenues. The after-effects of Hurricane Ian continue to be felt in the Southwest Florida economy. Lee County's seasonally -adjusted real tourist tax revenues dropped to $2.7 million in June 2023, a 3% decline from the May 2023 measure of $2.6 million and 50% below the June 2022 figure. Collier County's seasonally - adjusted real tourist tax revenues rose to $3.6 million in June 2023, a 1 % increase from May 2023 but 12% below the June 2022 figure. Page 15 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS Real Tourist Tax Revenues FGCV I ao:E.sn�uinRq Seasonally -adjusted tourist tax revenues $6,5 00 K $6,0 00 K $5,500K $5.000K $4.500K m 44,0E $4,000K } r, $3.500K j $3,000K m $2,7: $2,500K $2.31 $2.000 K $1.500K $1,000K $500K 339,212 $0 K ftg" Chartotte Counts 2019 2020 2021 2022 2023 Date iearch JnsOitute te, Collier, Glades, Hendry and Lee counties. ` cono0c Development Reports. Al? data seasonally adjusted byre Regronal Economic Research Institute Development Growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County and was recently ranked as one of the Top 20 Selling Master -Planned Communities in the United States. It has maintained the top ranking in the Naples -Fort Myers market for the past eight years. Ave Maria reported a total of 586 new home sales in 2022, a decrease from the record breaking 646 new home sales in 2021, but still the highest-ranking commumity in all of Collier County. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. According to a June 2023 Naples Daily News article, Collier County commissioners approved an increase in the town of Ave Page 16 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS Maria by nearly 1,000 acres to 5,000 acres which doesn't include the roughly 1,000-acre Ave Maria University campus and other public benefits such as parks. According to David Genson, president of development for Barron Collier Cos., while more single- family homes will be built, the maximum number of residences won't change, with the cap remaining at 11,000. With the way the town was originally laid out, it would have supported about 8,400 units without adding more land. The original plans called for 60% of the homes to be single-family which will increase to more than 80%. According to Genson, they are on pace to possibly sell close to 700 homes in 2023. Approximately 50% of the buyers are from the east coast of Florida. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The village is the first of three planned 1,000-acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for civic government, and institutional buildings. In a near unanimous decision, the Collier County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. The commissioners approved Brightshore, another rural village with thousands of proposed homes in December 2022. There are more than $1 billion in new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 was completed in December 2022, Tower 400 currently under construction) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 15t Quarter 2023 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 17.6% increase in home prices (all -transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 7.86% over the past year (1Q 2022 - 1Q 2023) which was 81h in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Page 17 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square -foot, six -story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed -use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development is anchored by The Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building leased by Physicians Regional Medical Healthcare; and StorQuest a 110,000 square foot self -storage facility. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit-down dining, a full -service bar, three bars for beer and wine, wine room with samples on tap, a wood - fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor -outdoor seating. Paradise Coast Sports Complex, is Collier County's new $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man-made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in Page 18 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres of land along City Gate Boulevard North and will feature a 100,000 square foot indoor water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The resort is expected to open in the summer of 2024. It will bring in more than 200 construction jobs, plus an additional 600 full-time and part-time jobs once open. Investment Trends The following CoStar data shows Collier County trends in the Multi -Family, Retail, Office, and Industrial sectors as of the third quarter 2023. According to the Costar report, multi -family continued to be interested in the Collier County market over the past year, with the region recording $458 million in total sales volume. Activity has slowed in 2023, with less than $195 million trading year to date. In comparison over $250 million traded here in the final quarter of 2022 alone. Caaital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price/Unit Chg (YOY) $4.4B $457.7 M 4.6% -4.7% 12 MO SALES VOLUME TOM Lowest Highest 12 No SALES PRICE Average Lowest Highest Market Transactions 8 - - Cap Rate 6.9% 4.5% 9A% 4.6% Salesvolume $457.7M $2.2M $1259M Salepncelunit $291K $166.6K $422.5K $293.8K Properties Sold 8 - - Sale Pace $572M $22M $125.1M - Transacted Units 1.6K 9 400 Sale vs Asking Price 22.6% 22.6% 22.6% - Average Units 196 9 400 % Leased at Sale 97.8% 93.0% 100% - $350.000 $300,000 $250,000 $200,000 S 150,000 S 100,000 $50.000 SO 3600M $540M $400M $300M $200M $140M $OM Market Sale Price/Unit 13 14 15 16 17 18 19 20 21 22 23 Sales Volume 13 14 15 16 17 18 19 20 21 22 23 Market Cap Rate 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 690% 540% 400% 3 )0% 1 0% -100% -200% 13 14 15 16 17 18 19 20 21 22 23 Page 19 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS According to the Costar Report, retail investment activity has been consistent in Collier County but recently has not met the near -historic amount of activity recorded in 22Q2. Nearly $204 million has traded in the past 12 months, of which just over $75 million took place through the first six months of this year. The price per SF has stalled somewhat in recent quarters, however at $330/SF, it is still significantly higher than the national average of $250/SF and is one of the most expensive retail markets in invest in on the gulf coast of Florida. Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PricalSF Chg (YOYj $8B $192AM 5.5% 8.0% 12 MO SALES VOLUME Total LowesR Hvmmt 12 MC SALES PRilGE Average Lowast Highest Markat Traasacsons 85 Cap Race 5.99E 4.2% 7.8% 5.5% Saleg Volume $192.4M $195K $22M SalePricelSF 5414 $15 $2K $334 Properties Salo 64 - - Sale Pnce 53.5M $195K S22M Transacted SF 589.6K 432 54K Sale vs Asking Price -42% -�34.3% 20.0% Aver2ga SF 6.9K 432 64K % Leased at Sale 96.0% 0 % f 00% Market Sale PriceiSF $400 $350 $300 $250 $200 $150 $100 $50 $0 13 14 15 16 17 18 19 20 21 22 23 $45om $400M $350M $340M $250M $20010 $150M $100M $50M som Safes Volume 13 14 15 16 17 IS 19 20 21 22 23 Market Cap Rate 3.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 13 14 15 16 17 18 19 24 21 22 23 12 Mo Sales Vol Growth 200% 150% 100% 50% -50% -100% 13 14 15 16 17 18 19 20 21 22 23 According to the CoStar Report, office investment has reached a five-year low in Collier County, with just $63.1 million trading in the past 12 months, in comparison, the five- year annual average sales volume is $110 million. Activity has been extremely limited so far this year with roughly $40 million in total sales volume. In comparison, the market recorded nearly $225 million in calendar -year 2021. Page 20 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS Capita I Markets Overview Asset Value 12 Mo Sales Volume Market Cep Rate Mkt Sale Priceisr Chg (yo,* $2.5B $62.8M 8.1% -4.2% 12 M0 SALES VOLUME Total Lowest Highest 12 MD SALES PRICE Average Lowast Highest Market Tran5acoan5 59 - Gag Rafe - Salm'voltme S64.9M $155-9K 57.5M SalePnCe18F S274 $20 31.3K $242 Pmperties Sold 40 - 5216 Pnce $2. 1 M S155.9K 57-SM - Tr2mac[ed 5F 315-41K 378 27.2K Sale vs Asking Price -8 ? " -154% 0% Average 5F 5.31K 378 27.2K eased at Sale 94.9% 0% 100% Market Sale PricelSF Market Cap Rate 3300 3.2% 3.0% $250 7.8% S200 7.6% 7.4% $150 7.2% $100 7.0% 6.8% $ 6.6% $0 6.4% r--:--r—r"—r—t—� 13 14 15 16 17 18 19 2D 21 22 23 13 14 15 1f 17 18 19 24 21 22 23 S250M S200M $150M £100M $500A $OM Sales Volume 13 14 15 16 17 18 19 2D 21 22 23 12 Mo Sales Vol Growth 200% 150% Secundary Vertical (Value) ANis a 100 % 5435 ' -100% : 13 14 15 16 17 18 19 20 21 22 23 According to the CoStar report, industrial investment activity has picked up in a meaningful way in 2023, with nearly $60 million in total sales volume year to date. Over the past year, 88 properties have traded for a total sales volume of $80.0 million, as such industrial sales are typically for under $1 million. Activity over the past year remains well below the three-year average annual sales volume of $121 million. Page 21 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Pricwsr chg (yor $2.5B 12 MG SALES VGLUME Tlansac4on_ sales V0111me ProperlJ s S6101 Tramacted SE Average SF $87.1 M 7.2% 4.2% Total L0M9L Highest 12 MO SALES PRICE 88 $87-1M MK $1W Sale PrimYSF 53 - - Sale Price 657-7K 313 107.61( Sale vs Asking Price 7-61K 313 167.6K % Leased at Sale Market Sale Price/9F $ISO $i40 $120 100 $80 $60 $40 520 $0 r 13 14 15 16 17 1a 19 20 21 22 23 5160M $1d0M $120M $loom $80M $60M $40M $20M $OM Sales Volume 13 14 15 16 17 18 19 26 21 22 23 Income Average Lowest Highest Market 6.0% 4.09% 10.1% 7.29% $202 $11 $431 $171 $1.7M $98K S16M -7.6% -18.4% 0% 97-6% 09% 111a% Market Cap Rate 9.0% 7.D% 6. D% 5.0% 4.0% 3.0% 2.D% 1.D% O-D% 13 14 15 16 17 18 19 20 21 22 23 12 Mo Sales Vol Growth 200% 150% 100% 50% 0% �— SIM -50% : — _—. — : .-- 13 14 15 16 17 18 19 20 21 22 23 Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $127,724 and a per capita income of $53,839. Page 22 PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS 2623 2028 Households by Income Number Percent Number Percent <$15,000 9,285 5.5% 8,000 4.6% $15,000 - $24,999 10,678 6.4% 8,340 4.S% $25,000 - $34,999 13,459 S.01k 11,323 6.5% $35,000 - $49,999 17,847 10.6% 15,320 8.8% $50,000 - $74,999 29,018 17.3% 28,611 16.4% $75,000 - $99,999 20,891 12.5% 21,981 12.6% $100,000 - $149,999 26,572 15.81A 30,831 17.6% $150,000 - $199,999 13,065 7.81% 17,794 10.2% $200,000+ 26,922 16.1% 32,690 18.7% Median Household Income $78,379 $91,632 Average Household Income $128,096 $147,676 Per Capita Income $54,A9 $62,957 Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021 with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed price (year over year). The December 2022 Market Report released by NABOR shows overall closed sales declined by 34.8% in 2022 vs. 2021. Inventory is beginning to rebound, increasing 106.3% to 2,465 properties in December 2022 from 1,195 properties in December 2021. Overall median closed price for single family and condominium units increased 29.2% in 2022 as compared to 2021. Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest Florida on September 28, 2022, and caused widespread wind and storm surge damage. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Page 23 PANTHER WALK PROJECT MARKET STUDY Collier County Area Map Panther ` San Ca le: I art r Walk i Estero 0- r CHEW f hnr Pen Srral R y Corkscrew ' 1 i 1 93 Al i I 9 � i Bonita Springs North Naples} u - - - - - - - - - - Pelicar, Bay ine girds Y Rurai Eslsres Florida Panther NarianaJ at Golden Gate Y MfdfifeRe{age gv_ Maples 0 i SoulhNgples picayune Strand I sraleForest C�Roa'kery;6�yis National Estuarine Ir xt iva Ruprvan Rey `"D f Fakaharebee Strand Preserve 510te Park l` s' Big Cypress National Preserve Al l reSAaN y � -----t------ I i i I� i 1 II , 1 I I s : Page 24 PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. Market Area Market Area Gross Land Area Typical Parcel Size Zoning FDEP Informal Wetland (Acres) (Acres) Determination Panther Walk 390.10 1.14 - 5.0 E - Estates Less than 25% to 100% The Panther Walk targeted area contains 200 parcels totaling 390.1 acres within Golden Gate Estates Units 42, 44, and 47. According to Collier County, the typical parcel sizes to be acquired range from 1.14 to 5.00 acres in size. SITE Location: Panther Walk is located west of Everglades Boulevard North generally between 56th Avenue NE and 72nd Avenue NE. It is surrounded by single-family residential sites and homes. Current Use of the Property: Vacant wetlands with some single-family development. Shape: Each parcel is rectangular in shape. Road Frontage/Access: Access to targeted parcels within the Panther Walk is provided by: • 56th Ave NE; 58th Ave NE; 60th Ave NE; 62nd Ave NE; 64th Ave NE; 66th Ave NE; 68th Ave NE; 70th Ave NE; and 72nd Ave NE: All arterials run east/west through market area. The parcels each have 75 - 330 feet of frontage. The parcels have an average depth of 660 feet. Topography: The Panther Walk Preserve area contains high quality cypress wetlands and is part of the Horsepen Slough. Soil Conditions: According to the Conservation Collier Initial Criteria Screening Report revised August 26, 2022, Hydric soils exist on just over 7 1 % of the parcels. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: None; Private septic systems service surrounding homes Water: None; Private wells service surrounding homes Environmental Issues: According to the Conservation Collier Property Summary the sites consist of Cypress strand forest, mixed wetland hardwood forest, oak/pine hammock, freshwater marshes, wet prairie, and pine flatwoods. The parcels protect the marshes and cypress forests of the northern reaches of the Horsepen Strand and provide flood water attenuation, aquifer recharge, and water filtration. Encumbrance / Easements: There are sixty -foot (60') platted right-of-way and utility easements along 56th Ave NE; 58th Ave NE; 60th Ave NE; 62nd Ave NE; 64th Ave NE; 66th Ave NE; 68th Ave NE; 70th Ave NE; and 72nd Ave NE. A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or Page 25 PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: The site has average and typical utility. ZONING Zoning Code E Zoning Authority Collier County Zoning Description Estates Permitted Uses Includes single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Minimum Lot Area (SF) 2.25 acres Minimum Floor Area (SF) 1,000 Minimum Street Frontage (Feet) 150 Front Set Back Distance (Feet) 75 Rear Set Back Distance (Feet) 75 Side Yard Distance (Feet) 30 feet; 37.5 feet for corner lots along longest side Maximum Density/FAR One dwelling units per 2.25 acres Maximum Building Height (Feet) 30 Page 26 PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS Panther Walk Market Study Parcels Aerial Conservation Collier Panther Walk Preserve Parcel Status July 2023 M,Ies Page 27 PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS Site Photographs (Photo Taken on September 9, 2023) Page 28 t ! r ��� Its" " a ,� u S PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS Site Photographs 601h Ave NE — Westerly 601h Ave NE — Easterly (Photo Taken on September 9, 2023) Page 30 PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS Site Photographs Typical Parcel view from 60th Ave NE Typical Parcel view from 60th Ave NE (Photo Taken on September 9, 2023) Page 31 a r � f •. Lac w 3'rf �����-d: �'� '�» :�.t�'k�".u.�'i,:s ... _ .... ._ f . '"_ _.. ,, . �. x,^.may' „. „F ,._s�`^.. r,• • .� � . - ,yt r �F P} yJ 'kR- {-3t �0. -R 34��. �.�e''•4k�y ] ^u Sz .CS •%' S S I .1* t h _ .�G r.•�^�ahA. �.., w.323Fi.� .. ... � r. ... t- it � 4. . f., ..-.. _ a _ 1. ...!!- .� i s. � .. .. PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS Site Photographs Typical Parcel view from 70th Ave NE (Photo Taken on September 9, 2023) Page 35 g�4 Mk ri^le K A "h PANTHER WALK PROJECT MARKET STUDY HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject consists of parcels ranging in size from 1.14 to 5.00 acres located within the previously defined Panther Walk areas. Access through Panther Walk is provided by paved roads. The parcels range in width from 75 feet to 330 feet with 660 feet of depth. The physical characteristics of the parcels should reasonably accommodate any use that is not restricted by its size. However, development on the parcels may be limited due to wetland coverage. Legally Permissible The subject parcels are zoned Estates (E), which allows low density residential with limited agricultural uses. Parcels with impacted wetlands will require permits from FDEP prior to development. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and I The Dictionary of Real Estate Appraisal 7t1i ed. (Chicago: Appraisal Institute, 2022) Page 37 PANTHER WALK PROJECT MARKET STUDY HIGHEST AND BEST USE continued high demand but limited inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. On this basis, barring unforeseen changes in the market, a well -designed single-family home that is appropriately marketed and priced, should be received favorably by the market. It is noted, the substantial costs associated with permitting and fill typically result in a lower price per acre for wetland parcels than upland parcels in order to make development financially feasible. If the costs make development financially unfeasible or permitting is not achievable; conservation use becomes the only financially feasible use. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Conservation and/or single-family development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. The permitting process for parcels with significant coverage of active wetlands will likely be very difficult, if not impossible. Therefore, conservation and/or single-family development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size and location of the property, the most probable buyer of an individual parcel is an owner -user or builder for single-family development or wetland mitigation. Conservation Collier is also a probable buyer as a multi -parcel conservation project. Page 38 PANTHER WALK PROJECT MARKET STUDY VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 39 PANTHER WALK PROJECT MARKET STUDY VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 40 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES SALES COMPARISON APPROACH: 1.14-2.73 ACRES The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched eight comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 41 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Comp Address Date Price City Acres Price Per Acre Sale Comments Subject Generally within Golden Cate Estates 9/9/2023 Up to 25 % wetlands; 25-50%wetlands; 50-75%wetlands; 75-100%wetlands Units 42, 44, and 47 Naples 1.14-2.73 acres 1 2990 72nd Ave NE 9/10/2023 $44,000 No wetland detemrhration on file. According to DEP National Wetland Inventory GIS the site consists ofapproamnately 50% freshwater forested/shrub wetlands and 50% Naples 1.59 $27,657 freshwater emergent wetland. 2 62nd Ave NE 7/31/2023 $36,000 Infomal Wetland Determination dated 3/30/2022 prepared by Tropical Environmental Consultants shows 98%wetlands. Only 0.026 acres ofuplands are located along 62nd Naples 1.14 $31,680 Ave NE. 3 266160th Ave NE 9/15/2023 $50,000 Infomal Wetland Detemunation dated 3/3/2021 prepared by Tropical Environmental Consultants shows 90% wetlands. Only 0.11 acres ofuplands are located along 60th Naples 1.14 $44,000 Ave NE. 4 2442 66th Ave NE 6/23/2023 $45,000 No wetland deterxnhration on file. According to DEP National Wetland Inventory GIS the site consists ofapproamiately 80% freshwater forested/shout, wetlands and 10% Naples 2.27 $19,800 freshwater emergent wetland. g 52nd Ave NE 7/28/2023 $66,500 No wetland determination on file. According to DIP National Wetland Inventory GIS the site consists of app—droately 50% wetlands located in the front. Naples 1.59 $41,800 6 2830 70th Ave NE 7/18/2023 $32,000 The wetlands are located in the front and rear ofthe site. Pemut application with Amry Corps shows less than 0.1-acres will be impacted; therefore, no mitigation is required. Naples 1.14 $28,160 7 72nd Ave NE 9/30/2023 $80,000 No wetland deterxnhration on file. According to DEP National Wetland Inventory GIS the site consists of 100% uplands. Naples 1.59 $50,286 8 266056th Ave NE 6/14/2023 $145,000 Wetland evaluation prepared by Ramsey Inc. dated 9/23/2022 shows no jurisdictional wetlands. Naples 2.27 $63,800 Page 42 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Comparables Map (P Bird Gardens of Naples M-5 oog�e ImrnokaPe ® 'mmokalee RTI c �{ rt� � a � Cz� a. Z Map data @2023 Gac?gle Page 43 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of - Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 44 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Comp 7 Comp 8 Name PmthaWaAProject Market 299072nd Ave NE 62nd Ave NE-1.14 266160th Ave NE 244266th Ave NE 52ad Ave NE 283070th Ave NE 72nd Ave NE 266056th Ave NE Study Address Generally within Golden Cate 299072ad Ave NE 62ad Ave NE 266160th Ave NE 7A4266th Ave NE 52ad Ave NE 283070Ih Ave NE 72nd Ave NE 266056th Ave NE Fstates Units 42, 44, and 47 City Naples Naples Naples Naples Naples Naples Naples Naples Naples ]Pate 9/9/2023 8/10/2023 7/31/2023 9/15/2023 6/23/2023 7/28/2023 7/18/2023 8/30/2023 6/14/2023 pnce 544,000 $36,000 $50,000 $45,000 $66,500 $32,000 $80,000 $145,000 Acres 1.14-2,73 acres 159 1,14 1,14 227 159 1.14 159 2,27 Acre UnRRice $27,657 $31,680 $44,000 $19,80D 541,80D $28,160 $50296 $63,800 Transaction Adjustments Fmpeny Rights Fee Simple Fee Simple 00-/. Saapk 00% Fee Simpk 00% Fee Simple 00% Fee Sin¢ik 0.09% Fee Sink 00% Simple 00% Simple 00-/. Financing Cash 0.0-/. Cash 0.0% Cash 0.0% Cash 0.01. Cash ROM. Cash ROM. Cash 0.0% Cash 0.0% Arm's Arm's Arms Amts Arms Arms Arms Conditions of Sale length 0.0% length 0.0% length 0.0% length 0.0% Arms length 0.0% length 0.0% length 0.0% length 0.0^/0 ArljustedAcre Unit Price $27,657 $31,680 $44,000 $19,800 $41,800 $28,160 $50,286 $63,800 Market Trends Through 9/9/2023 150% 1.29/. 15% 00% 30% 17% 2.1% 04% 34% AdustedAcm Unit Price $27,977 $32,169 $44,000 520,400 $42,494 $28,737 $50,479 $65,961 Location Average Smtilar Sk lar Simlar Shyalar SmAhr S..kr S..]. Surnlar %Adrystment 0% 0°/a 0% 0% 0% 0% 0%. 0% $Adjustment 1.14-2,73 acres $0 1.59 $0 1,14 $0 1,14 $0 2.27 $0 1.59 $0 1.14 $0 1.59 $0 2,27 Acres % kdjus[n>errt 0% 0°/a 0% 0% 0% 01% 0°/a 0% $Adjustarcat Up to 25%-100%Wetlands $0 10D%Wetlands $0 98%Wetlands $0 90%Wetlands $0 90'/.Wetlands $0 50%Wetlands-Front $0 20%Wetlands- $0 W/o Wetlands $0 Wetlands Favimmrentat Issues IZeaz %Adjus[meart 0% 0% 0°/a 01/6 0% 01% 0% 0% $Adjustment Heavily Treed $0 Heavily Treed $0 Heavily Treed $0 Heavily Treed $0 Heavily Treed $0 Heavily Treed $0 Heavily Treed $0 L gely ckared $0 Heavily Treed Topography %Adjustment 0% 0•� 0°/a 0% 0% 0% -5% 0% $Adjustment E $0 (E)E Cates $0 flatstes $0 (E)Estates $0 (E)Eatstsa $0 (E)E tates $0 (E)E.Wtes -$2,524 (E)Estates $0 flatstes Zoning %Adjustment 0% 0% 0% 0% 0% 0% 0% 0% $Adjustment $0 $0 $0 $0 $0 $0 $0 $0 AdjustedAcreUloRPrice 527,977 532,169 $44,000 520,400 542,494 528,737 547,955 $65,961 Nct Adjustments 0,m/. 0,0% 0 % 00% 0,m/. 0m/. -50% 00% Gross Adjustments 0.0% 0.0% 0 % O.M.0.0% 0.0% 50% 0.0% Page 45 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends The following graph shows comparable residential land sales on the Southwest Florida MLS within the surrounding market area over the three months. Residential Land Sales Trend Analysis 590,000 • 5ao,000 5 MOW • • SW,oaO • • • • 550,000 • • . • • .. • .. ..• ...... .... . . • ... •• 340,000 • . ... • • • • 530,000 • $20,000 • .. — $10,000 50 5/14/2023 6/3f2023 6/23/2023 2(13/2023 812/2023 8/]2/2023 911112023 10/1/2023 The survey included 39 transactions. Prices ranged from $17,794 to $82,000 per acre and averaged $43,211 per acre. The graph indicates an increasing trend in sales prices from May 2023 through the current date. However, it is noted this is unadjusted raw data and does not account for adjustments due to location, size, or wetland coverage. I also consider Comparable 2 was purchased in May 2022 for $22,000 and resold in August 2023 for $36,000, an annualized increase of 53%. Comparable 8 was purchased in October 2022 for $130,000 and resold in June 2023 for $145,000, an annualized increase of approximately 17%. Page 46 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Based on the previous analysis and considering the increased demand for residential property in Southwest Florida, as well as the recent interest rate increases by the federal reserve, we have applied a 15.0% annual adjustment. Location The comparable sales are located within the immediate vicinity of Panther Walk and no adjustments are required. Size For this analysis, all of the comparable sales are relatively similar in terms of size; therefore, no adjustments are required. Environmental Issues The subject parcels are located within Panther Walk which is comprised entirely of depressional cypress and marsh wetlands and therefore, provides habitat for wetland dependent species. Comparables 1 through 6 are all impacted by wetlands to varying degrees. Comparables 7 and 8 are 100% uplands. No adjustments are made in the grid; however, the varying wetland coverage is considered in the final reconciliation. Topography The subject parcels are heavily treed similar to all of the comparables except Comparable 7. Comparable 7 is largely cleared and is adjusted downward accordingly. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Page 47 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Sales Comparison Approach Conclusion: 1.14 — 2.73 Acre Parcels All of the value indications have been considered. Based on the preceding analysis, I arrive at my final reconciled per acre value for each tier as shown in the following table. Land Value Ranges & Reconciled Values Number ofComparables: 8 Unadjusted Adjusted % lk Low: $19,800 $20,400 3.03% High: $63,800 $65,961 3.39% Average: $38,398 $38,712 0.82% Indicated Value per Acre Up to 25% Wetlands: $48,000 25 - 50% Wetlands: $42,000 50 - 75% Wetlands: $35,000 75 - 100% Wetlands: $30,000 Subject Size: 1.14 - 2.73 acres Page 48 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES SALES COMPARISON APPROACH: 2.74-5.00 ACRES Land Comparables I have researched eight comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Comp Address Date Price City Acres Price Per Acre Sale Comments Subject Generally within Golden Cate Estates 9/9/2023 Up to 25 % wetlands; 25-50%wetlands; 50-75%wetlands; 75-100%wetlands Units 42, 44, and 47 Naples 2.74-5.00 acres 1 2790 66th Ave NE 5/24/2023 $50,000 Informal Wetland Determination dated 6/1612023 prepared by Tropical Environmental Consultants shows 96% wetlands with 0.11 acres ofuplands along 66th Ave NE. Site Naples 2.73 $18,333 was relisted on 8/31/2023 for $89,000. 2 262658th Ave NE 5/23/2023 $110,300 Informal Wetland Determination dated 3/25/2022 prepared by Wetland Consultants shows 44% wetlands located in the back of the site. Naples 2.73 $40,443 3 62nd Ave NE 8/2/2023 $125,000 Informal Wetland Deternamation dated 10/25/2019 prepared by Earth Tech Environmental, Id.0 shows 3.1 acres uplands and 1.9 acres wetlands. Uplands are in Naples 5.00 $25,000 front and westem side. The wetlands are in the paddle and back on the eastern side. 4 48th Ave NE 7/5/2023 $185,000 Collier County Inforal Wetland Determination dated 9/17/2021 prepared by Collier County Growth Management Department shows 30%wetlands located in the front of Naples 5.00 $37,000 the site. 5 72nd Ave NE 5/26/2023 $95,000 Informal Wetland Determination dated 5/26/2021 prepared by Tropical Environmental Consultants shows 18%wetlands located in the back of the site. Naples 2.50 $39,000 6 60th Ave NE 8/4/2023 $100,000 Site Assessment for Wetlands and Protected Species dated 5/25/2021 prepared by ecospatial Analysts shows 5% wetlands located in the front ofthe site. Naples 2.73 $36,667 7 58th Ave NE 6/2/2023 $137,000 Informal Wetland Determination dated 2/25/2022 prepared by Tropical Environmental Consultants shows 100%uplands, Naples 2.50 $54,800 8 39MAve NE 7/28/2023 $136,000 DEP letter from South District dated 12/5/2022 concludes the parcel will not requirean Environmental Resource Perna[. Naples 2.73 $49,867 Page 49 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES Comparables Map Audut+:;n Corksm-O.- Swamp SandCuLry-4N LINE T1'CIKETS... Ternporci i::y r; n 1 k, CREW Wildlife and Erivironmenlal Area Big Cofkscrew Island R�-gibnal Park4? Orangetree w 5 - b 7 4 M ap data @2425 Google Page 50 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Comp 7 Comp 8 Name PmthaWalkProject Market 278066th Ave NE 262658th Ave NE 62nd Ave NE 48th Ave NE 72nd Ave NE-2.5 acres 60th Ave NE 58th Ave NE 39THAvc NE Study Address Generally within Golden Corte 278066th Ave NE 2626581h Ave NE 62nd Avc NE 48th Ave NE 72ad Ave NE 60th Ave NE 58th Ave NE 39THAvc NE Estates Units 42, 44, and 47 City Naples Naples Naples Naples Naples Naples Naples Naples Naples Date 9/9/2023 5/24/2023 5/23/2023 8/2/2023 7/5/2023 5/26/2023 8/4/2023 62/2023 7/28/2023 Price $50,OOD $110,300 $125,000 $185,000 $95,OOD $10D,000 $137,000 $136,000 Acres 2.74-5,00 acres 2.73 2,73 5,00 5.00 2.50 2.73 2.50 2,73 Acre Unit Rice $18,333 $40,443 525,000 $37,000 $38,000 $36,667 $54,800 $49,867 Transaction Adjustments Prop.q Rights Fee Simple Fee Simple 0.0'/. Sunda 0.0% Fee Sinlpk RMI. Fee Simple ROM. Fee Simpk 0.09/. Fee Simpk 0.09% Snaple 0.0% Simple 0.09/. Convent" Financing Cash 0.0"/o Cash 0.0%. at 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Cash 0.0% Ands Arms Anrts Amts Arms Arms Arms Conditions of Sale length 0.0% length 0.0% length O.W/o length 0,09% Armslmgth 00% length O.W/. length 0.0% length 0.0%. AdjustedAcre Unit Price $18,333 $40,443 $25,000 $37,000 $38,000 $36,667 $54,800 $49,867 Market Trends Through 9/9/2023 15.0% 4.2% 4.3% 15% 2.6% 4.1% 1.4% IN/. 1.7% AdjustedAcraWtPrice $19,107 $42,167 525,366 $37,947 $39,574 $37,176 $56,917 $50,695 Location Average Saida, Similar Si®lar Smulm Staniar Similar Sander Similar%Adjustment 0% 0% 0-/. 0% 0% 0% 0% 0% $Adjustment 274-500 acres s0 273 $0 273 $0 500 $0 5,00 s0 250 s0 273 $0 250 $0 273 Acres %Adjustment 0% 0% 0% 0% 0% 0% 0% 0% $Adjustment s0 $0 $0 $0 $0 $0 $0 $0 FnvirommntalIssucs Up to 25% - 100% Wetlands 96%Wctlmtds 44%Wetlands -Back 38%Wetlands - 30%Wetlands - 18%Wetlands -Back 5% Wetlands - 0%Wctlmtds 0%. Wetlands Mutdk and lock Front Front %Adjustment 0% 0% 0% 0% 0% 0% 0% 0% $Adjustment s0 $0 $0 $0 s0 s0 $0 $0 Topography Heavily Treed Heavily Treed Heavily Treed Heavily Treed Heavily Treed Partially Treed Heavily Treed Largely Cleared Partiall7 Cleared %Adjustment 0% L. 0'� 0°/a 0% 0% 0% -5% -3% SAdrystmnt E (E)Estates $0 (E)Eatatea SD (E)Estate, $0 (E)Eatatea $0 (E)Estates $0 (E)Estates -$2,846 (E)Estatcs -SI,521 (E)Eatatea Zoning %Adjustment 0% 0•- 0% 0% 0% 0% 0% 0% $Adjustmnt $0 $0 $0 $0 $0 $0 $0 $0 AdjuetedAcreiloit Price $19,107 $42,167 $25,366 $37,947 $39,574 $37,176 $54,071 $49,174 Net Adjustments 0.0% 0.0% 10% 0.0% 0.W/. 0.W/. -50% -3.0% Gross Adjustments 0.0% 0.0% 00% 0.0% 0.0% 0.0% 50% 3.0"/a Page 51 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends As in the previous analysis, we have applied a 15.0% annual adjustment. Location The comparable sales are located within the immediate vicinity of Panther Walk and no adjustments could be supported; therefore, none are made. Size For this analysis, all of the comparable sales are relatively similar in terms of size; therefore, no adjustments are required. Environmental Issues The subject parcels are located within Panther Walk which is comprised entirely of depressional cypress and marsh wetlands and therefore, provides habitat for wetland dependent species. Comparables 1 through 6 are all impacted by wetlands to varying degrees. Comparables 7 and 8 are 100% uplands. No adjustments are made in the grid; however, the varying wetland coverage is considered in the final reconciliation. Topography The subject parcels are heavily treed similar to all of the comparables except Comparables 7 and 8. Comparables 7 and 8 are largely and partially cleared respectively and are adjusted downward accordingly. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Page 52 PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES Sales Comparison Approach Conclusion: 2.74 — 5.0 Acre Parcels All of the value indications have been considered. Based on the preceding analysis, I arrive at my final reconciled per acre value for each tier as shown in the following table. Land Value Ranges & Reconciled Values Number ofComparables: 8 Unadjusted Adjusted % lk Low: $18,333 $19,107 4.22% High: $54,800 $54,071 -1.33% Average: $37,514 $38,073 1.49% Indicated Value per Acre Up to 25% Wetlands: $40,000 25 - 50% Wetlands: $35,000 50 - 75% Wetlands: $30,000 75 - 100% Wetlands: $25,000 Subject Size: 2.74 - 5.00 acres Page 53 PANTHER WALK PROJECT MARKET STUDY RECONCILIATION RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of September 9, 2023, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple September 9, 2023 Indicated Value per Acre Up to 25% Wetlands: $48,000 25 - 50% Wetlands: $42,000 50 - 75% Wetlands: $35,000 75 - 100% Wetlands: $30,000 Subject Size: 1.14 - 2.73 acres Indicated Value per Acre Up to 25% Wetlands: $40,000 25 - 50% Wetlands: $35,000 50 - 75% Wetlands: $30,000 75 - 100% Wetlands: $25,000 Subject Size: 2.74 - 5.00 acres The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Page 54 PANTHER WALK PROJECT MARKET STUDY FINAL VALUE CONCLUSION Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12 months. Page 55 PANTHER WALK PROJECT MARKET STUDY CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 56 PANTHER WALK PROJECT MARKET STUDY 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has appraised this property in the three years prior to accepting this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 57 PANTHER WALK PROJECT MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. I. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 58 PANTHER WALK PROJECT MARKET STUDY ASSUMPTIONS AND LIMrrING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 59 PANTHER WALK PROJECT MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 60 PANTHER WALK PROJECT MARKET STUDY ASSUMPTIONS AND LIMTrING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 61 PANTHER WALK PROJECT MARKET STUDY ADDENDA - APPRAISER QUALIFICATIONS ADDENDA PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS *-RU AISALANDCONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACHEL M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 C. LOWRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Government. Relations: Appraisal Institute National (2022) Prof. Standards & Guidance: Appraisal Institute National (2023) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS �+a _ Ron DeSantis, Governor d blor STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Melanie S. Griffin, Secretary FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES ZUCCHI, RACHEL M a 4500 EXECUTIVE DRIVE SUITE 23g,7 H� NAPLES -. FL 34119 .iA;9� R W � -t �10' LICENSE NUMBER: RZ2984 71 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com r--�79•.r ❑' a tt. + *��,• Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. �w.is�r.vn PANTHER WALK PROJECT MARKET STUDY ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION BCC Conservation Collier Property Summary Cycle 12A Panther Walk Preserve Multi -Parcel Project Currently on Board Approved A -list; CCLACC Recommendation: Remain on A -list Property Name: Panther Walk Preserve Multi -Parcel Project Owner(s): 200 parcels - See Map Target Protection Area: North Golden Gate Estates Acreage: 390.1 acres Total Estimated Market Value: $11,587,269 Staff estimates that 15 parcels (31.60 acres) within the Panther Walk Preserve Multi - Parcel Project Area will be acquired during Cycle 12A. For budgeting purposes the estimated cost of 15 parcels has been allocated to the Active Acquisition List A -List Total - Cycle 12A, while the estimated cost of the remaining 186 project parcels (360.1 acres) is provided within the Active Acquisition List Multi -Parcel Projects total. Highlights: • Location: Located east of Everglades Blvd between 56th Ave. NE and Immokalee Rd. • Met 5 out of 6 Initial Screening Criteria: Native plant communities; human values; water resource values; biological and ecological value; enhancement of current conservation lands • Habitat: Cypress strand forest, mixed wetland hardwood forest, oak/pine hammock, freshwater marshes, wet prairie, pine flatwoods. • Listed Plants: Hand fern (Cheiroglossa palmata), cardinal air plant (Tillandsia fasciculata), fuzzy-wuzzy air plant (Tillandsia pruinosa), giant air plant (Tillandsia utriculata), northern needleleaf (Tillandsia balbisiana) • Listed Wildlife: Little blue heron and Florida sandhill crane observed. FWC telemetry shows use by Florida panthers. Habitat for Florida bonneted bats, big cypress fox squirrel, crested caracara, wood stork, and snail kites. • Water Resource Values: Parcels protect the marshes and cypress forests of the northern reaches of the Horsepen Strand. Provide flood water attenuation, aquifer recharge, and water filtration. • Connectivity: Once more parcels are acquired, a contiguous pathway following the Horsepen Strand will connect the NGGE to conservation lands to the north. • Access: All parcels accessible via paved roads • Management Issues / Estimated Costs: Initial invasive plant treatment - $350/acre. Ongoing annual maintenance estimated at $150/acre. • Partnership Opportunities: None Total Score: 290/400 180 160 160 140 133 120 100 80 80 80 80 64 60 60 40 33 20 0 1 - Ecological 2 - Human 3 - Restoration 4 - Vulnerability Value Value and Management ■Awarded Points ❑Possible Points BCC Conservation Collier Property Summary Cycle 12A Panther Walk Preserve Multi -Parcel Project • Zoning/Overlays: No Overlays, no TDRs; Single family Estates zoning • Surrounding land uses: Undeveloped lots and low -density single-family homes • All Criteria Score: 290/400 — high ecological and management scores • Other Division Interest: Everglades Blvd. widening will require ROW/pond sites; Utility upgrades will occur on west side of Everglades Blvd. from 41st Ave NE north to Immokalee Rd. • Acquisition Considerations: Staff recommend purchasing all parcels to ensure maximum flexibility in creating a contiguous wildlife corridor in the future History: The original 3 parcels (4.6 acres) that created Panther Walk Preserve were acquired in 2007 and 2008. Eighteen parcels (39.8 acres) adjacent to the original Panther Walk Preserve were approved for the A -list by the Board of County Commissioners on December 13, 2022. The entire Panther Walk Preserve project boundary, totaling 451.6 acres, was approved for the A -list by the Board of County Commissioners on February 28, 2023. To date, the Program has acquired 9% of the project area or 22 parcels for a total of 40.3 acres. Map of Panther Walk Preserve Project Area 0 1 Miles Panther Walk Preserve Project Area Panther Walk Preserve 1` 1 CON JCR,AON LLITIER Caber C ..ty Table of Panther Walk Preserve Project Area Parcels FOLIO NUMBER ACRES 38841560001 2.27 38841600000 1.14 38841640002 1.59 38841680004 2.27 38843040008 5.00 38843120009 2.50 38843120106 2.50 38843160001 2.50 38843160108 2.50 38843240002 5.00 38843680002 2.73 38843800002 2.73 38843880006 2.73 38844040007 5.00 38844080009 2.27 38844120008 2.73 38844160000 1.14 38844200009 1.14 38844240001 1.59 38844280003 1.14 38844320002 2.73 38844360004 2.27 38844400003 5.00 38844440005 2.73 38844480007 2.27 38844520006 2.27 38844560008 2.73 38844600007 5.00 38844640009 1.14 38844680001 2.73 38844720000 1.14 38844760002 2.27 38844840003 1.59 38844880005 1.14 38844920004 1.14 38844960006 1.14 38845000004 1.14 38845040006 2.73 38845120007 2.27 38845160009 2.73 38845200008 5.00 FOLIO NUMBER ACRES 38849440000 1.14 38849480002 2.73 38849520001 1.14 38849560003 2.73 38849600002 2.27 38964080002 2.73 38965680003 2.73 38965760004 1.14 39141440008 2.27 39141480000 2.73 39143160001 1.14 39143200000 1.14 39143320003 1.59 39143360005 1.14 39145200008 2.73 39145240000 1.14 39145280002 2.73 39145320001 1.14 39145360003 1.14 39147120005 2.73 39147200006 2.73 39147240008 1.14 39147280000 1.14 39147320009 1.14 39147360001 1.14 39147400000 2.73 39147440002 1.14 39147480004 1.14 39147520003 2.73 39147600004 1.14 39148960002 2.73 39149000000 1.14 39149080004 1.59 39149120003 1.14 39149160005 2.27 39149200004 1.14 39149280008 2.73 39149320007 1.14 39149360009 1.14 39149400008 2.73 39149440000 1.14 FOLIO NUMBER ACRES 38845320001 1.14 38845360003 1.59 38845440004 1.14 38845480006 2.27 38845520005 2.73 38845640008 1.14 38845840002 1.59 38845880004 5.00 38845920003 1.14 38845960005 2.73 38846000003 1.14 38846040005 1.14 38846080007 1.14 38846160008 2.27 38846200007 2.73 38846240009 5.00 38846280001 2.27 38846320000 2.73 38846360002 5.00 38846400001 1.59 38846520004 1.14 38846720008 1.14 38846760000 1.59 38846800009 1.14 38846880003 2.73 38846920002 2.27 38846960004 2.73 38847120005 1.14 38847280000 1.59 38847320009 2.73 38847360001 1.14 38847440002 2.50 38847440109 2.50 38847480004 1.14 38847520003 1.59 38847560005 1.14 38847600004 1.14 38847680008 2.27 38847760009 1.59 38847840000 1.14 38847880002 1.14 38848040003 2.27 FOLIO NUMBER ACRES 39149480002 1.14 39149520001 2.73 39149560003 1.14 39149640004 2.73 39149720005 1.14 39149760007 1.14 39149800006 1.14 39149840008 1.14 39150000002 1.14 39150120005 2.73 39150160007 5.00 39150200006 1.14 39150240008 2.73 39150280000 1.14 39150320009 1.14 39150440002 1.59 39150480004 1.14 39150520003 1.14 39150560005 1.14 39150680008 2.73 39150720007 1.14 39150760009 2.73 39150800008 1.14 39150840000 2.27 39150880002 2.73 39151120004 1.14 39151440001 1.14 39151520002 1.14 39151560004 1.14 39151600003 2.73 39151640005 2.27 39151680007 1.59 39151720006 1.14 39151760008 1.14 39151880001 1.14 39151920000 1.59 39152080004 1.14 39152120003 1.14 39152160005 1.14 39152200004 2.73 39152240006 1.14 39152280008 1.14 FOLIO NUMBER ACRES 38848080005 2.73 38848120101 2.73 38848200005 1.59 38848240007 2.27 38848280009 1.14 38848400009 1.14 38848600003 1.59 38848640005 1.14 38848840009 1.14 38848920000 2.73 38849000000 1.14 38849040002 1.59 38849080004 2.27 38849120003 2.73 38849160005 2.27 38849360009 2.73 38849400008 2.27 FOLIO NUMBER ACRES 39152320007 1.14 39152360009 2.73 39152400008 1.14 39152440000 1.14 39152480002 1.14 39152520001 1.59 39152560003 2.73 39152600002 1.14 39152640004 1.14 39152760007 1.14 39152800006 2.27 39152840008 2.73 39152920009 1.14 39155080001 2.34 39155120000 1.17 39155160002 2.40 39155200001 2.00 PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Land Comparable I - Small Parcels Transaction ID 8086 Date 8/ 10/2023 Name 2990 72nd Ave NE Price $44,000 Address 2990 72nd Ave NE Price Per Acre $27,657 City Naples Transaction Type Closed Sale Grantor Frantz Alabre + Erline Alabre Financing Cash Grantee George Belfont Property Flights Fee Simple Tax ID 39152520001 Days on Market 155 days Book/Page or Reference Instr #6440586 Doc Conditions of Sale Arms length Acres 1.59 Land SF 69,300 Primary Frontage Feet 105 Primary Frontage Street 72nd Ave NE Utilities None Sale Verification Date 9/18/2023 Sale Verification Source Jean Marie Abdon w/ Premiere Plus Realty Company Sale Flistory None in previous 3 years Site Topography Heavily Treed Zoning (E) Estates Dimensions 105' x660' Shape Rectangular Topography Heavily Treed Comments No wetland determination on file. According to DEP National Wetland Inventory GIS the site consists of approxi nately 50% freshwater forested/shrub wetlands and 50% freshwater emergent wetland. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8097 Date 7/31/2023 Name 62nd Ave NE -1.14 Price $36,000 Address 62nd Ave NE Price Per Acre $31,680 City Naples Transaction Type Closed Sale Grantor Epaminondas LDes ouza Financing Cash Silva Grantee Ralston Brown Property Rights Fee Simple Tax ID 38849000000 Days on Market 156 days Sale Verification Date 9/18/2023 Book/Page or Reference Instr #6441092 Sale Verification Source Chris Thomas Haven w/ EXP Doc Realty LLC Arm's length Sale ITistory 5/26/2022 - $22,000 Conditions of Sale Site Acres 1.14 Topography Heavily Treed Land SF 49,500 Zoning (E) Estates Primary Frontage Feet 75 Dimensions 75' x660' Primary Frontage Street 62nd Ave NE Shape Rectangular Utilities None Topography Heavily Treed Comments Informal Wetland Determination dated 3/30/2022 prepared by Tropical Environmental Consultants shows 98% wetlands. Only 0.026 acres of uplands are located along 62nd Ave NE. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8083 Name 2661 60th Ave NE Address 2661 60th Ave NE City Naples Grantor Ronald Fabian Amat Grantee EYBD-LLC Tax ID 38844920004 Days on Market 107 days Book/Page or Reference histr #6453848 Doc Conditions of Sale Arm's length Transaction Date Price Price Per Acre Transaction Type Financing Property Rights Sale Verification Date Sale Verification Source Sale FIistory 9/15/2023 $50,000 $44,000 Closed Sale Cash Fee Simple 9/18/2023 Veronica Ochoa w/ Xclusive Homes LLC 5/29/20 - $11,000 Site Acres 1.14 Topography Heavily Treed Land SF 49,500 Zoning (E) Estates Primary Frontage Feet 75 Dimensions 75' x660' Primary Frontage Street 60th Ave NE Shape Rectangular Utilities None Topography Heavily Treed Comments Informal Wetland Determination dated 3/3/2021 prepared by Tropical Environmental Consultants shows 90% wetlands. Only 0.11 acres of uplands are located along 60th Ave NE. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8088 Date 6/23/2023 Name 2442 66th Ave NE Price $45,000 Address 2442 66th Ave NE Price Per Acre $19,800 City Naples Transaction Type Closed Sale Grantor Humberto LPerotto Financing Cash Grantee Jose Antonio Iglesias and Property Rights Fee Simple Norma Perez-Briones Tax ID 39141440008 Days on Market 2 days Sale Verification Date 9/18/2023 Book/Page or Reference Instr #6420939 Sale Verification Source Nathalia Mato w/ Sellstate Doc Achievers Realty Conditions of Sale Arm's length Sale History None in previous 3 years Site Acres 2.27 Topography Heavily Treed Land SF 99,000 Zoning (E) Estates Primary Frontage Feet 150 Dimensions 150' x660' Primary Frontage Street 66th Ave NE Shape Rectangular Utilities None Topography Heavily Treed Comments No wetland determination on file. According to DEP National Wetland Inventory GIS the site consists of approximately 80% freshwater forested/shrub wetlands and 10% freshwater emergent wetland. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8084 Date 7/28/2023 Name 52nd Ave NE Price $66,500 Address 52nd Ave NE Price Per Acre $41,800 City Naples Transaction Type Closed Sale Grantor Beatrice Cooper Financing Cash Grantee Phuoc Tuong Barth and Hui Property Rights Fee Simple Huang Tax ID 38966200000 Days on Market 36 days Sale Verification Date 9/18/2023 Book/Page or Reference histr #6434561 Sale Verification Source Diane Sullivan w/ Naples Doc Beach & Bay Realty hic Conditions of Sale Arm's length Sale Il(istory None in previous 3 years Acres 1.59 Land SF 69,300 Primary Frontage Feet 105 Primary Frontage Street 52nd Ave NE Utilities None Site Topography Heavily Treed Zoning (E) Estates Dimensions 105' x660' Shape Rectangular Topography Heavily Treed Comments No wetland detemunation on file. According to DEP National Wetland Inventory GIS the site consists of approximately 50% wetlands located in the front. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8085 Date 7/18/2023 Name 2830 70th Ave NE Price $32,000 Address 2830 70th Ave NE Price Per Acre $28,160 City Naples Transaction Type Closed Sale Grantor Zoltan Popelka Financing Cash Grantee Golden Eagle Development, Property Rights Fee Simple LLC Tax ID 39149840008 Days on Market 284 days Sale Verification Date 9/18/2023 Book/Page or Reference Instr#6431567 Sale Verification Source Ted EDeGroot w/ BHHS Doc Florida Realty Conditions of Sale Arms length Sale History None in previous 3 years Site Acres 1.14 Topography Heavily Treed Land SF 49,500 Zoning (E) Estates Primary Frontage Feet 75 Dimensions 75' x660' Primary Frontage Street 70th Ave NE S hape Rectangular Utilities None Topography Heavily Treed Comments The wetlands are located in the front and rear of the site. Permit application with Army Corps shows less than 0.1 acres will be impacted; therefore, no mitigation is required. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8082 Date 8/30/2023 Name 72nd Ave NE Price $80,000 Address 72nd Ave NE Price Per Acre $50,286 City Naples Transaction Type Closed Sale Grantor Raul Ortiz Perez Financing Cash Grantee Bendex, LLC Property Rights Fee Simple Tax ID 38914000003 Days on Market 232 days Sale Verification Date 9/18/2023 Book/Page or Reference Instr #6448496 Sale Verification Source Yelenis Canepa w/ Premiere Doc Plus Realty Company Conditions of Sale AmYs length Sale History None in previous 3 years Site Acres 1.59 Topography Largely cleared Land SF 69,300 Zoning (E) Estates Primary Frontage Feet 105 Dimensions 105' x 660' Primary Frontage Street 72nd Ave NE Shape Rectangular Utilities None Topography Largely cleared Comments No wetland determination on file. According to DEP National Wetland Inventory QS the site consists of 100% uplands. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8080 Date 6/14/2023 Name 2660 56th Ave NE Price $145,000 Address 2660 56th Ave NE Price Per Acre $63,800 City Naples Transaction Type Closed Sale Grantor Juan C Hidalgo-Crato and Financing Cash Viviana O Mendoza Grantee Urban Build and Designers, Property Rights Fee Simple LLC Days on Market 26 days Sale Verification Date 45187 Book/Page or Reference Instr #6417834 Sale Verification Source Silvie Alvarado w/ Premiere Doc Plus Realty Company Conditions of Sale Arms length Sale History 2/9/22 - $112,500; 10/7/22 - $130,000 Site Acres 2.3 Topography Heavily Treed Land SF 99,000 Zoning (E) Estates Primary Frontage Feet 150 Dimensions 150'x660' Primary Frontage Street 56th Ave NE Shape Rectangular Utilities None Topography Heavily Treed Comments Wetland evaluation prepared by Ramsey Inc. dated 9/23/2022 shows no jurisdictional wetlands PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Land Comparable 1 - Large Parcels Transaction ID 8096 Date 5/24/2023 Name 2780 66th Ave NE Price $50,000 Address 2780 66th Ave NE Price Per Acre $18,333 City Naples Transaction Type Closed Sale Grantor Florida Conference Financing Cash Association of Seventh -day Grantee Jorge Arroyo and Eva Perez Property Rights Fee Simple Tax ID 39149280008 Days on Market 105 days Sale Verification Date 9/18/2023 Book/Page or Reference histr #6408639 Sale Verification Source Onetia Cameron w/ Marzacco Doc Real Estate Ands length Sale History None in previous 3 years Conditions of Sale Site Acres 2.73 Topography Heavily Treed Land SF 118,800 Zoning (E) Estates Primary Frontage Feet 180 Dimensions 180'x660' Primary Frontage Street 66th Ave NE Shape Rectangular Utilities None Topography Heavily Treed Comments Informal Wetland Determination dated 6/16/2023 prepared by Tropical Environmental Consultants shows 96% wetlands with 0.11 acres of uplands along 66th Ave NE. Site was relisted on 8/31/2023 for $89,000 PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8091 Date 5/23/2023 Name 2626 58th Ave NE Price $110,300 Address 2626 58th Ave NE Price Per Acre $40,443 City Naples Transaction Type Closed Sale Grantor Donna M Surge and Debra Financing Cash Buonanno as Co -Trustees Grantee Guillermo Arias Property Rights Fee Simple Tax ID 38843880006 Days on Market 539 days Sale Verification Date 9/18/2023 Book/Page or Reference histr #6416507 Sale Verification Source Karla Petty w/ Coldwell Doc Banker Realty Ands length Sale History None in previous 3 years Conditions of Sale Site Acres 2.73 Topography Heavily Treed Land SF 118,800 Zoning (E) Estates Primary Frontage Feet 180 Dimensions 189 x 660' Primary Frontage Street 58th Ave NE Shape Rectangular Utilities None Topography Heavily Treed Comments hiformal Wetland Determination dated 3/25/2022 prepared by Wetland Consultants shows 44% wetlands located in the back of the site. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8095 Date 8/2/2023 Name 62nd Ave NE Price $125,000 Address 62nd Ave NE Price Per Acre $25,000 City Naples Transaction Type Closed Sale Grantor Daniel Keller individually and Financing Conventional as trustee Grantee Yvette E. and Miguel A. Cruz Property Rights Fee Simple Tax ID 38843240002 Days on Market 137 days Book/Page or Reference Instr #6436995 Doc Arm's length Conditions of Sale Sale Verification Date 9/18/2023 Sale Verification Source Kaitlin Riley w/ MVP Realty Associates LLC Sale Ffistory None in previous 3 years Site Acres 5.00 Topography Heavily Treed Land SF 217,800 Zoning (E) Estates Primary Frontage Feet 330 Dimensions 330'x660' Primary Frontage Street 62nd Ave NE S hape Rectangular Utilities None Topography Heavily Treed Comments Informal Wetland Determination dated 10/25/2019 prepared by Earth Tech Environmental, LLC shows 3.1 acres uplands and 1.9 acres wetlands. Uplands are in front and wester side. The wetlands are in the middle and back on the eastern side. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8093 Date 7/5/2023 Name 48th Ave NE Price $185,000 Address 48th Ave NE Price Per Acre $37,000 City Naples Transaction Type Closed Sale Grantor Morris Del Piccolo Financing Cash individually and as trustee Grantee Ronald C. and Ann C. Freeze Property Rights Fee Simple Tax ID 38671960004 Days on Market 525 days Sale Verification Date 9/18/2023 Book/Page or Reference Instr#6430362 Sale Verification Source Carlos A Diazw/ Sun Realty Doc Conditions of Sale Arms length Sale History None in previous 3 years Site Acres 5.00 Topography Heavily Treed Land SF 217,800 Zoning (E) Estates Primary Frontage Feet 330 Dimensions 330' x 660' Primary Frontage Street 48th Ave NE Shape Rectangular Utilities None Topography Heavily Treed Comments Collier County Informal Wetland Determination dated 9/17/2021 prepared by Collier County Growth Management Department shows 30% wetlands located in the front of the site. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8092 Date 5/26/2023 Name 72nd Ave NE - 2.5 acres Price $95,000 Address 72nd Ave NE Price Per Acre $38,000 City Naples Transaction Type Closed Sale Grantor Gilford & Merlyn Brown Financing Cash Grantee Deyrias Arias Property Rights Fee Simple Tax ID 39091600105 Days on Market 315 days Sale Verification Date 9/18/2023 Book/Page or Reference histr #6416607 Sale Verification Source Richard B Parlante w/ Doc Downing Frye Realty hic. Conditions of Sale Arm's length Sale History None in previous 3 years Site Acres 2.50 Topography Partially Treed Land SF 108,900 Zoning (E) Estates Primary Frontage Feet 165 Dimensions 165' x660' Primary Frontage Street 72ND Ave NE Shape Rectangular Utilities None Topography Partially Treed Comments Informal Wetland Determination dated 5/26/2021 prepared by Tropical Environmental Consultants shows 18% wetlands located in the back of the site. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8094 Date 8/4/2023 Name 60th Ave NE Price $100,000 Address 60th Ave NE Price Per Acre $36,667 City Naples Transaction Type Closed Sale Grantor Carlos & Juliana Velez Financing Cash Grantee B&GProperties ofNaples, Property Rights Fee Simple LLC Tax ID 38783000001 Days on Market 56 days Sale Verification Date 9/18/2023 Book/Page or Reference Instr #6438761 Sale Verification Source Adrian Cabrera Herrera w/ Doc Premiere Plus Realty Company Arms length Sale History 6/21/21- $85,000 Conditions of Sale Site Acres 2.73 Topography Heavily Treed Land SF 118,800 Zoning (E) Estates Primary Frontage Feet 180 Dimensions 18Y x660' Primary Frontage Street 60th Ave NE S hape Rectangular Utilities None Topography Heavily Treed Comments Site Assessment for Wetlands and Protected Species dated 5/25/2021 prepared by ecospatial Analysts shows 5% wetlands located in the front of the site. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8089 Name 58th Ave NE Address 58th Ave NE City Naples Grantor Kate Kalamaga Grantee CRP Investors Group LLC Tax ID 38720240109 Days on Market 247 days Book/Page or Reference Instr #6412345 Doc Conditions of Sale AmYs length Date 6/2/2023 Price $137,000 Price Per Acre $54,800 Transaction Type Closed Sale Financing Cash Property Rights Fee Simple Sale Verification Date 9/18/2023 Sale Verification Source Paul Vacco w/ BHHS Florida Realty Sale History None in previous 3 years Site Acres 2.50 Topography Largely Cleared Land SF 108,900 Zoning (E) Estates Primary Frontage Feet 165 Dimensions 165' x 660' Primary Frontage Street 58th Ave NE Shape Rectangular Utilities None Topography Largely Cleared Comments Informal Wetland Deternvnation dated 2/25/2022 prepared by Tropical Environmental Consultants shows 100% uplands. PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA Transaction ID 8090 Date 7/28/2023 Name 39TH Ave NE Price $136,000 Address 39TH Ave NE Price Per Acre $49,867 City Naples Transaction Type Closed Sale Grantor Lewis & Clark Expedition LLC Financing Cash Grantee QI Management, LLC Property Rights Fee Simple Days on Market 48 days Sale Verification Date 45187 Book/Page or Reference Instr#6434743 Sale Verification Source David Huffw/ Sun Realty Doc USA, hic. Conditions of Sale AmYs length Sale History None in previous 3 years Site Acres 2.7 Topography Partially Cleared Land SF 118,800 Zoning (E) Estates Primary Frontage Feet 180 Dimensions 180' x660' Primary Frontage Street 39TH Ave NE Shape Rectangular Utilities None Topography Comments Partially Cleared DEP letter from South District dated 12/5/2022 concludes the parcel will not require an Environmental Resource Permit. / Carroll & Carroll a Real Estate Appraisers & Consultants APPRAISAL REPORT FOR THE CONSERVATION COLLIER PROGRAM AND THE COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS SUBJECT PROPERTY: PANTHER WALK PRESERVE NAPLES, FL 34120 AT THE REQUEST OF: ROOSEVELT LEONARD, R/W-AC SUPERVISOR - REAL PROPERTY MANAGEMENT COLLIER COUNTY FACILITIES MANAGEMENT/REAL PROPERTY 3335 TAMIAMI TRAIL E., STE. 101 NAPLES, FL 34112 ASSIGNMENT NO.: 6486-TS APPRAISAL EFFECTIVE DATE: SEPTEMBER 1, 2023 DATE OF REPORT: SEPTEMBER 29, 2023 6410 Report Table of Contents Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS.........................................................1 CERTIFICATION..................................................................................................................................... 3 SCOPEOF WORK................................................................................................................................... 5 ESTATEAPPRAISED.............................................................................................................................. 6 DEFINITION OF MARKET VALUE..................................................................................................... 7 ASSUMEDEXPOSURE TIME................................................................................................................ 7 AREAINFORMATION.......................................................................................................................... 8 MARKETAREA..................................................................................................................................... 17 PROPERTY INFORMATION............................................................................................................... 29 SITE DESCRIPTION - PANTHER WALK PRESERVE................................................................ 32 ENVIRONMENTAL CONTAMINATION.................................................................................... 33 NATURAL RESOURCE CONCERNS............................................................................................ 34 FUTURELAND USE......................................................................................................................... 37 ZONING.............................................................................................................................................. 39 HIGHESTAND BEST USE................................................................................................................... 41 CONSIDERATION OF APPROACHES............................................................................................. 42 SALES COMPARISON APPROACH................................................................................................. 43 PANTHER WALK (1.14-2.73 ACRES)................................................................................................ 44 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 45 LAND SALES ADJUSTMENT GRID - UP TO 25% WETLANDS .............................................. 46 LAND SALES ADJUSTMENT GRID - 26-50% WETLANDS ..................................................... 47 LAND SALES ADJUSTMENT GRID - 51-75% WETLANDS ..................................................... 48 LAND SALES ADJUSTMENT GRID - 76-100% WETLANDS ................................................... 49 FINAL ESTIMATE OF VALUE - PANTHER WALK (1.14-2.73 ACRES) .............................. 56 PANTHER WALK (2.74-5.00 ACRES)................................................................................................ 57 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 58 LAND SALES ADJUSTMENT GRID - UP TO 25% WETLANDS .............................................. 59 LAND SALES ADJUSTMENT GRID - 26-50% WETLANDS ..................................................... 60 LAND SALES ADJUSTMENT GRID - 51-75% WETLANDS ..................................................... 61 LAND SALES ADJUSTMENT GRID - 76-100% WETLANDS ................................................... 62 FINAL ESTIMATE OF VALUE - PANTHER WALK (2.74-5.00 ACRES) .................................. 69 ADDENDA............................................................................................................................................. 70 Carroll & Carroll 6486 Report Summary of Important Data & Conclusions SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report could be misleading. PROPERTY INFORMATION Property Identification Panther Walk Preserve Market Area Naples, FL 34120 Property Description Panther Walk Preserve consists of 262 parcels or a total of 513.07 acres located within Golden Gate Estates, Units 42, 44, and 47 in Naples, Florida. Property Type Vacant Land Owner of Record Full List Copied into the Addendum Property ID # Full List Copied into the Addendum CLIENT INFO & VALUE CONCLUSIONS Client Collier County Facilities Management Department Intended Use To assist the Conservation Collier Program and the Collier County Board of County Commissioners. Intended Users Conservation Collier Program and the Collier County Board of County Commissioners. Appraisal Effective Date September 1, 2023 Date of Report September 29, 2023 Date of Inspection N/A Purpose of Appraisal Estimate the market value on a price per acre basis within the Panther Walk Preserve for the various tiers for parcels ranging in size from 1.14 acres-2.73 acres and 2.74 acres-5.00 acres. Tiers I. Up to 25% Wetlands 11. 26-50% Wetlands 111. 51-75% Wetlands IV. 76-100% Wetlands Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Values 1.14-2.73 Acres I Up to 25% Wetlands $55,000 per acre 11 26-50% Wetlands $40,000 per acre III 51-75% Wetlands $35,000 per acre IV 76-100% Wetlands $28,000 per acre Carroll & Carroll 1 6486 Report Summary of Important Data & Conclusions 2.74-5.00 Acres I Up to 25% Wetlands $44,000 per acre II 26-50% Wetlands $37,000 per acre III 51-75% Wetlands $32,000 per acre IV 76-100% Wetlands $27,000 per acre GENERALINFO Appraiser Timothy W. Sunyog, MAI State -Certified General Appraiser RZ 3288 Scope of Work All applicable approaches to value were developed. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None HYPOTHETICAL CONDITIONS None Carroll & Carroll 2 6486 Report Certification CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I did not physically inspect the Panther Walk Preserve parcels or comparable sales, but I relied on aerial photography for my analysis. The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. In the three years immediately prior to acceptance of this assignment I have not performed any services regarding the subject property as appraisers, or in any other capacity. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Carroll & Carroll 3 6486 Certification No one other than the undersigned prepared the analyses, opinions and conclusions concerning real estate that are set forth in this report. As of the date of this report, I have completed the requirements of the continuing education program of the State of Florida, and for Designated Members of the Appraisal Institute. CARROLL & CARROLL y� Timothy W. Sunyog, MAI Cert Gen RZ3288 Carroll & Carroll 4 6486 Report Scope of Work SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • I did not physically inspect the Panther Walk Preserve parcels or the comparable sales, but I relied on aerial photography. • Reviewed aerial photographs, land use plans, the Land Development Code, the Conservation Collier Initial Criteria Screening Report, and other documentation. • Reviewed how the properties relate to their neighborhood and to the broader market area in development of an opinion of highest and best use. • Researched vacant land comparable sales, listings, and pending sales. • Developed the sales comparison approach. • Estimated the market value on a price per acres basis within Panther Preserve for the various tiers for parcels ranging in size from 1.14 acres-2.73 acres and 2.74 acres-5.00 acres. Tiers I. Up to 25% Wetlands II. 26-50% Wetlands III. 51-75% Wetlands IV. 76-100% Wetlands • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusions. Sources of market data included local and regional MLS systems, CoStar, LoopNet, public records, and interviews with real estate brokers. Carroll & Carroll 5 6486 Report Estate Appraised ESTATE APPRAISED The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple Absolute is synonymous with Fee Simple. The Dictionary of Real Estate Appraisal, Seventh Edition, published 2022 by the Appraisal Institute, defines Fee Simple Estate as: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. We consider easements, but only to the extent that they are known to us. Appraisal of the fee simple means that an improved property is vacant and available to be put to its highest and best use. Carroll & Carroll 6 6486 Report Definition of Market Value DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) y[ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 6 and 9 months. Carroll & Carroll 7 6486 Report AREA INFORMATION Area Anal COLLIER COUNTY ANALYSIS An analysis of geography, transportation, population, employment, income, and education for Collier County is performed using data provided by Site to Do Business, Florida Office of Economic & Demographic, United States Department of Labor, all recognized source(s). SW P—i tes C:tY, VIla9 o e°r�q ° � � 821 ies CIY el °Po ra R a an SCarlos Park 1 1'14"1 z Fur Myers B vh San bel ° F - L O R 1 D A ° F ° Bonta Bdnital Srares Springs Hip I'ypress Indian Reservation Naples P Vanderdtl Beach Eeteles Vanderhrt Be North N PI -T h e P r g / .v r1 e •;t Galo Gale - - r (loWen (3amiT` - `.•t,. u, _ - ostales �g�=NIlBalorWte - A!1 Napl tNaples _ Alllpata Al _ _ - 4-brA11ey�� Florida State al - B�? �,Wrvacn M-1 - Miccosokee oNaplas hlar:or - - - eTurleY F� _ Indian CyPf e 5 1-ake Jessie S .�. $W'3/li n.. Willies Cap Is:ea aal Pala o em@'t ttan�noa''- _ _ Merl Lew N.'eawn: Seminole Marco Isla - nmealnwn : Onho e -+ m'ernl TrB�k da Ten Thoumnd Idonda rail center 30 hm I a "" Cily Toad 90 F W C4 zo mi , I ewa„r o $TDB :NLIfVE���n - Portd GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. About 63% of the land area is in public ownership, is set aside for environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild, and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. Most of the county is less than 15 feet above mean sea level. Although changes in elevation Carroll 8v Carroll 8 6486 Report Area Anal are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is in north Collier County and is the agricultural center of the region. POPULATION "The social forces studied by appraisers primarily relate to population characteristics. The demographic composition of the population reveals the potential demand for real estate, which makes the proper analysis and interpretation of demographic trends important in an appraiser's analysis." The total population, it's composition by age and gender, and the rate of household formation and dissolution strongly influence real property values. (The Appraisal of Real Estate 141h Edition) 450 00C 400,OW 350,000 300,000 250,000 NO 150,000 100,000 50,000 Collier County Population 2000 2005 2010 2016 2020 2022 2027 Florida Qjce of Ecoriamic & 27emngrapkic Research and £sri forecasts 2022 Collier County's population has continued to increase year after year. The population has increased only 0.1% as of 2022 from 2020. The population forecasts through 2027 calls for a continued steady growth cycle with an estimated 4.4% population growth from 2022 to 2027. Carroll & Carroll 9 6486 Report Area Analysis Collier County is a popular retirement destination. As of 2022, 55.9% of the County's residents are over the age of 45. The 2027 forecasts depict an aging community with 56.5% of the population 45 years of age or older. Population by Age 18% 16°% 14% 12% 10% 856 6% 4% 2% 0% 0-4 5-9 10.14 15-24 25-34 35-44 45-54 55-64 65-74 75-84 85, Age U-S. CoNsus Bureau, Census 2020 Summary Filer. Ersi farecasis for 2022 and 2027 2010 ® 2020 ■ 2022 ■ 2027 EMPLOYMENT Collier County is a largely service based economy with 32.1% of the employees in the leisure, hospitality, education, and health service industries and 26% in professional, business, financial and other services. Trade, transportation, & utilities along with government jobs account for 36.4% of the County's employees. Industries such as natural resources/mining, construction, and manufacturing make up only 5.5% of the market. 2022 EMPLOYED BY INDUSTRY - C01LIER COUNTY Gover Educatson Sera Mining & Manufacturing Professional & Leisure & Hapitality BusineSS Services Services Office of Ecord ydc & Dewgraphic Research, WWWxdr.state f7.us -ade, orta#ion & :ilties s Carroll & Carroll 10 6486 Area Anal Top 10 Largest Employers SWFL-2022 Rank Company Employees 1 Lee Health 13595 2 Lee County School District 12936 3 Lee County Local Government 9038 4 Publix 8728 5 NCH Healthcare System 7017 6 Walmart 6516 7 Collier County School District 6422 8 Collier County Government 5000 9 Florida Gulf Coast University 3430 10 Arthrex, Inc 3000 Source: SOUTHWEST FLORIDA ECONOMIC DEVELOPMENT ALLIANCE NOTE: * DATA AS RECENT AS 2018 Q3; ** DATA AS RECENT AS 2017 The unemployment rate in Collier County exceeded the state average by a slight margin in the years 2015 and 2016. The unemployment rate then declined through 2020 as the economy improved and, until recently, Collier County's unemployment rates decreased more rapidly than the state. Unemploynitent Rate (County vs State) 2022 2023 2016 2015 2014 2013 2012 2011 2010 2009 4.0% 2.0% 4.G% 6.0% 8.0% 14.0% 12.0% 14.0% ■ Coll ierCounty ■State ofRodda thei[ed States Department of LabnrMuTEAIt c�Lahvr .Sfahstic5JLAU Statf5tics Map Carroll & Carroll 11 6486 Area Anal INCOME Collier County's per capita income and median household income levels are higher than state statistics. The most substantial difference between Collier County and the state is the large percentage difference in household incomes above $100,000 where Collier County exceeds the state by over 12%. Collier County's percentage household incomes ranging from $25,000 to $74,999 is slightly lower than the percentage of household incomes in the state, only mirroring that of the state at $75,000 to $99,000, and from there exceeding the percentage of the state. Income levels vary greatly within different areas of Collier County, and so will be discussed in greater detail in the Market Area descriptions. TRANSPORTATION The transportation system reflects local geography, population densities and the primary motivators of tourism, service industry employment, the construction industry, agriculture, and leisure activities. ROADS The earliest roads were coastal, extending from north to south in the early twentieth century with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami Trail because it was built to connect Tampa and Miami. Where it passes through the coastal community US-41 is a four or six lane divided highway with landscaped medians, curb and gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal arterial and one that defines several important boundaries. Often there is a noticeable land value difference east and west of US-41 because the affluent coastal population prefers to shop and trade close to home. As the highway turns southeast from downtown Naples toward Miami the Trail defines the boundary of the coastal management zone which affects development densities and storm evacuation requirements. The eastern segment of US-41 is a designated national scenic highway popular with tourists, especially during the winter season as they seek adventure in the Everglades. A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood streets extend into the urban area east and west from US-41. North -south arterials and major collectors are established about one mile apart. From west to east, these include Goodlette-Frank Road, Airport -Pulling Road, Livingston Road, Santa Barbara Boulevard and Collier Boulevard. The east -west grid is spaced about two miles apart; from north to south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84), and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4 lane divided highways. East of Collier Boulevard the road system reflects the economies of scale of Golden Gate Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced Carroll 8v Carroll 12 6486 Report Area Anal major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles east of CR-951, is the principal east -west collector. Everglades Boulevard (2 lane and asphalt surfaced) is the north -south major collector extending south from Immokalee Road 14 miles to the grade separation at I-75 where it continues into the Picayune Strand State Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier County is planning to extend east -west collectors through the Estates along the alignment of Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north -south connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road) north to Golden Gate Boulevard. Interstate highway 75 (I-75) was extended from north to south through Collier County in the mid-1980s along a flood -proof route about five miles inland. Directly east of the City of Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty- one miles east of the coastal community is an interchange at State Road 29; the last interchange in Collier County. Collier County and the FDOT continue to study the feasibility of an interchange at Everglades Boulevard. The advent of I-75 signaled a change in the relationship of Collier County to the rest of Florida and the United States. While US-41 was the only north -south arterial, Collier County was dominated by the conservative mid -western influences of seasonal residents and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road access to Collier was made much more convenient to the northeast via connections with I-4 and I-95. This had the effect of broadening Collier's market exposure and it stimulated growth. The extension of I-75 south into Dade County promoted better access for European tourists and made Collier County transient lodging attractive for east coast weekenders. Strategic connections exist where Collier Boulevard and CR-92 extend south and west from US-41 providing access to the City of Marco Island from the greater Naples area and from Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural center of Immokalee with points north, with the Naples coastal community via CR-846, with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which is the western gateway to Everglades National Park and the 10,000 Islands region of Collier's southwest coast. The road transportation system is well planned, well maintained, and operating at acceptable capacity. Ambitious road construction projects undertaken in anticipation of growth projections and funded by impact fees have caught up with development. The road system reflects Collier's position at the southerly limit of development on Florida's west coast. Carroll & Carroll 13 6486 Area Anal MASS TRANSIT Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes Department, provides inexpensive alternative transportation throughout the county linking major employment centers of Naples with Marco Island and Immokalee. There are several circulation routes with stops at the County government complex, hospitals, and major shopping establishments. The system accommodates bicycle transport and personal items. The same County department administers the Collier Area Para Transit system which provides subsidized transportation services for the disabled and economically disadvantaged. This is a successful and growing system that connects people with jobs, essential services, and shopping while reducing transportation costs and road congestion. AIRPORTS Collier County is supported by a system of five public airports. Southwest Florida International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute drive via I-75 from the Collier center of population. This facility serves the five county southwest Florida regions offering domestic and international air carrier service. It is modern, convenient, and has planned expansion to keep up with regional growth. Naples Municipal Airport (APF) owned by the City of Naples and operated by the independently constituted Naples Airport Authority which derives its revenue principally from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown Naples. It serves the coastal community and is especially convenient to affluent residents who own private aircraft, to the corporate convention business of the large beachfront hotels, and to essential services like mosquito control, Emergency Medical Services (EMS), the Sheriff's office, and private air ambulance services. The two paved runways (5/23 @ 5,290' and 14/32 @ 5,000') will support jets including the G4 and Challenger series. Naples airport is tower controlled and fully certified for commercial operations and is home to several aircraft charter services and flight training schools. In 2005, Naples Municipal Airport accommodated 163,434 aircraft operations, a record high. Annual operations decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479, which is a 5.2% increase from the previous year. Due to its downtown location, Naples airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise abatement measures. The Collier County Airport Authority owns and operates airports at Marco Island, in Everglades City, and at Immokalee. These are primarily funded through fuel sales and hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation facility on the mainland four miles northeast of Marco Island. The single paved runway (17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is Carroll & Carroll 14 6486 Report Area Anal available. This airport is convenient to Marco Island residents and to the corporate convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a weekend drag racing strip. The airport is in the Florida Rural Enterprise Zone and a HUB Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign Trade Zone. To date, the economic potential of this airport is largely unrealized. However, the field is active as a training destination for coastal -based flight schools, it hosts aerial firefighting and crop -dusting operations, and it bases numerous private aircraft. The Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres that is within walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400') supports itinerant coastal traffic and half a dozen -based aircraft. Fuel, a comfortable pilot center and bicycles are available. The aviation community Is well supported. The greater Naples area is the beneficiary of the winter season influx of corporate executives and affluent individuals who can afford luxury private jet travel. MARINE TRANSPORTATION There is no deep -water port and no commercial marine activity other than that associated with commercial fishing, charter sport fishing, and the marine towing services that support the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six feet at mean low water. The US Coast Guard maintains a dredged and well -marked intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island. Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to the Marine Industries Association of Collier County, as of early 2018 there were 57,685 registered vessels in Southwest Florida. In 2022, Florida registered over 1 million recreational boats. Seasonally, excursions from Marco Island to Key West and from Ft. Myers Beach to Key West are scheduled daily. EDUCATION The Collier County School District provides public education to about 47,000 students encompassing grades K-12 and employs almost 7,000 people of which 3,200 are teachers. The district has 51 public schools consisting of 31 elementary, 10 middle, 8 high schools, one K-12 (Everglades City School), and 1 virtual school. There are also 12 alternative school programs and two technical colleges, Lorenzo Walker Technical College, and Immokalee Technical College, which offer short term and long-term training to adults and high school students. Between 2015 and 2020, the school district had an overall population growth of more than 6,000 students but recently student population growth has leveled off and slightly Carroll 8v Carroll 15 6486 Report Area Anal decreased. The student population is a diverse culture. 55% of students live in homes where English is not the first language. Students come from 76 different countries of origin and speak 104 different languages. Collier County School District continues to receive an "A" grade by the State of Florida Department of Education. The district and all schools are accredited by the Southern Association of Colleges and Schools Council. Collier County is the leader in Florida in educational technology. It is also a leader in advanced educational programs, offering dual enrollment and Advance Placement courses, Cambridge Advanced International Certificate of Education and Laureate diplomas. Career training is available through 32 career academies. In addition to the public -school system, there are numerous private schools throughout the county. Approximately, 16% of all K-12 students in Collier County are educated in private schools. Collier County is also home to several colleges and accredited universities. Three colleges have campuses in Collier County: Ave Maria University, Keiser University and Florida Southwestern State College (formerly Edison Community College). Ave Maria University is a private catholic university that offers both undergraduate and graduate programs including a law school has around 1,245 students. Keiser University is a private university that offers both undergraduate and graduate programs to over 17,990 students throughout 20 campuses in Florida and an online learning program. Florida Southwestern State College with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year degree programs for 14,714 students. Formerly located in Naples, now in Fort Myers, Hodges University is a private four-year college that offers bachelor's and master's degrees in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located in southern Lee County) is one of the state's fastest growing institutions and home to over 16,000 students. CONCLUSION At the southerly limit of urban development on Florida's west coast, Collier County offers the climate, natural resources, and sporting opportunities to support a superb retirement community. The quality of infrastructure, schools, and social services is what one would expect of such an area. We are experiencing a surge in new development projected to take us through the next several years. In the long term, the attractions of the climate and location, and the stability of fixed -account affluence promise continuing prosperity although probably without the strong emphasis on new development. Carroll & Carroll 16 6486 Market Area MARKET AREA Market Area is defined as: "The geographic region from which a majority of demand comes and in which the majority of competition is located." (The Dictionary of Real Estate Appraisal 7th Edition) "A market area is defined in terms of the market for a specific category of real estate and thus is the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users." (The Appraisal of Real Estate 151h Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES The subject property is located within the Golden Gate area of Collier County. For appraisal purposes, the Golden Gate or market area boundaries are shown below: Larry Kiker Preserve G l.. Bonita I Springs c M O Naples Park n 1 North Naples Vine rds FI olden Gate Na Y. Naples East Naples p = Carroll & Carroll 17 6486 Market Area Introduction The portion of Golden Gate within this market area is approximately 157 square miles in size. Three separate land uses are worth noting. Golden Gate City, which is not incorporated, is a 4-square mile development of high residential density consisting of both single-family and multifamily units. Commercial services for this market area are centralized here. The rural estates consist of approximately 116 square miles and is zoned for estate living. This low -density development serves a rural lifestyle desired by many in the area. A third area, Orange Blossom PUD located on Immokalee Road, is a 4-square mile residential subdivision with commercial support near the Immokalee Road and Randall Boulevard intersection. It is approximately 80% developed with primarily single-family units. Collier County Fairgrounds, a high school, middle school, and elementary school are located here. Demographics for Golden Gate City and rural estates will be discussed separately, where appropriate, Data for Orange Blossom PUD will be included in the rural estate's demographics. Environmental Influences This area is desired because of mild winter weather and rural lifestyle. Even though it is inland from the coast there is still easy access to miles of beaches. The Naples area is one of the very few in Florida that offers adequate public access to a mainland beach. The subtropical weather allows for year-round recreational opportunities. Boating, swimming, riding ATVs, and camping are popular activities. Bicycling, walking and jogging are supported by an extensive network of connected biking and walking paths. Multiple tennis and pickle ball courts are available, as well as fitness centers. Golden Gate is known for its clean environment and healthy lifestyle. Residents are drawn to the rural estates because of wooded lots, native vegetation and abundance of wildlife. Agriculture uses are permitted; therefore, equestrian activities are common throughout the estates. Golden Gate City is an urban area served by county parks and a biking/walking path network. Governmental Influences This market area, including Golden Gate City, is governed by Collier County Board of County Commissioners which serves as chief legislative body and five constitutional officers: sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser. County government is managed by a strong county manager structure. Collier County provides services which range from average to high quality. However, Collier County is known for being a difficult county for building and development. The tax burden in Collier County is lower than the national average. Carroll & Carroll 18 6486 Report Market Area County government has zoning, and comprehensive plan ordinances designed to protect the character and values of property; to protect and enhance economic development; and to maintain and enhance the attractive nature of the area. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. In some areas of Golden Gate Estates where sanitary sewer is not available, septic systems are permitted. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Collier County Sheriff Department provides a full range of services for Collier County. According to the 2022 statistics listed by the Collier County Sheriff's Office, Collier County has one of the lowest crime rates in Florida. The county averages are representative of conditions in the Golden Gate area. This market area is served by several arterial roadways. All are six -lane divided highways with landscaped medians. Improvements include street lighting and concrete curb and gutter. North -south arterial roadways include Santa Barbara Boulevard which connects Rattlesnake Hammock Road to Immokalee Road and Collier Boulevard (SR-951) which is a major arterial linking Marco Island in south Collier County with Immokalee Road near the north county line. Development along Collier Boulevard is a mixture of single/multi-family residential, office, light industrial, institutional, and retail. The Collier Boulevard thoroughfare anchors a grid of arterial roads spaced about 2 miles apart, that serve the greater Naples coastal community which lies to the west and has direct access to I-75. East -west arterials include Golden Gate Parkway, Pine Ridge Road, and Immokalee Road. Each one provides direct access to Interstate I-75. Development along Pine Ridge Road is mainly developed with single family homes and institutional uses. Golden Gate Parkway and Immokalee Roads have a mixture of single/multi-family residential, office, industrial, institutional, and retail uses. Another east -west arterial is Vanderbilt Beach Road which is a direct connection between the Golden Gate area and the Naples beaches. Construction has begun on the Vanderbilt Beach Road Extension, which will be extended to Wilson Boulevard. Interstate I-75, which connects Collier County to both North Florida and Florida's east coast, serves this entire market area and access is provided by three interchanges. The arterial road system is laid out in a grid pattern that provides adequate traffic flow to all areas of the county. Commercial development exists at every major intersection; but the intersections are designed with proper turns lanes and signaling to provide for adequate Carroll 8v Carroll 19 6486 Report Market Area traffic movement. The road network easily handles traffic demand in the off-season, May through December. Traffic more than doubles in January, February, March and April because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road network usually handles peak traffic demand without major delays. The rural estates are served by a grid of residential streets and collector roads. The residential streets, which are two-lane roads with open swales, are located every quarter mile. Most these roads are paved; however, some residential streets located along the eastern edge of this market area have yet to be improved. The residential streets feed into collector roads, which connect to the major arterial highway system. The collector roads include Santa Barbara Boulevard, Golden Gate Boulevard, Wilson Boulevard, Everglades Boulevard, Randall Boulevard and Oil Well Road. They are four to six -lanes in the more populated areas, transitioning to two -lanes in the eastern section of this market area. Public transportation is provided by a county transit bus service. Naples Municipal Airport is located outside the market area but is easily accessed by any resident of the area. The airport is City owned but operated by the independent Naples Airport Authority. It serves private and commercial aviation, as well as aviation related activities. It supports government services, such as, Mosquito Control District and Collier County Sheriff's aviation unit. Located within the market area is the Paradise Sports Complex developed by Collier County. The 60+ acre site is designed with 19 fields to accommodate football, soccer, field hockey, lacrosse, baseball, and others. There is a 13-acre lake with a beachfront, food -truck area, a market space, a large lawn, a championship stadium with seating capacity for 3,500 and an indoor fieldhouse. The total budget for the project was approximately $80 million dollars. Adjacent to the Paradise Sports Complex will be the proposed Great Wolf Lodge South Florida which is projected to be completed in the spring/summer of 2024. The hotel is situated on 20 acres and will feature 500 family -friendly suites and an expansive 100,000- square-foot indoor water park. Social Influences Golden Gate City is a diverse community of entry level housing. Residents like the small town feel and consider it a safe place to raise a family. Residential is approximately 95% built out. Rural estates are attractive for their quiet country living while being in close proximity to all that the coastal community has to offer. Build out varies in the rural estates from 95% in the western portion of the market area to 40% or less in the southeastern location. Per US Census Bureau forecasts, the 2022 population is 78,769 with a projected growth to 81,893 (0.78% annual growth) by 2027. This area experiences a lower seasonal population increase during the winter months than other areas of Collier County. Carroll & Carroll 20 6486 Report Market Area The median age is 36.7 with 73.7% of the population being 54 and younger. The median household income is $83,679.25.6% have a bachelor's or professional degree and 24.7% have some college education. There is an average degree of community involvement through civic organizations, neighborhood groups, social service organizations and political committees. The Naples cost of living is 11.9% higher than the average cost of living in the United States. Conversely, Florida has a cost of living that is 1% higher than the US average. Of the 25 locations included in the Economic Policy Institute's dataset for Florida, Naples -Marco Island is the 21st most expensive. In Naples, housing is the category with the highest index (21% above national average), while taxes are the category with the lowest index (15% below national average). (Ref. Careertrends.com; cost of living analysis). Golden Gate has some of the highest density of affordable housing units in Collier County, but because of the high cost of living, home values can still be out of reach for many moving into Collier County. One of the main driving forces impacting growth in this area is the quality of schools. This market area has 15 public schools: two high schools, three middle schools, nine elementary schools, and three Charter schools. In addition to the public school system, there are three, faith -based private schools. Economic Influences The population increased 20.07% over the last 12 years or 1,097 people per year. The population is forecasted to increase an additional 3.97% over the next five years for an average of 625 people per year. This trend is consistent with the past twenty years and should continue into the near future as buildout continues along the eastern edge of this market area. The residential population is dominated by working class and young professional residents. Comparatively, incomes within this market area are less than the county average. Development trends: Residential This market area provides a large range in home values from entry level housing to million - dollar estates and is the greatest source of vacant residential lots in the county. Values in Golden Gate City should remain consistent subject only to general market trends. Values in the eastern rural estates will increase as buildout in the units closest to the coast continues. The average home value in the market area is $384,105 which is considerably lower than the County's average home value of $567,449. The total number of households in the market area is 27,440, of which, 69.9% are owner occupied, 22.8% renter occupied and 7.3% vacant. Vacancy includes seasonal rentals. Carroll & Carroll 21 6486 Market Area *esri- Golden Gate/Golden Gate Estates Area: 156.97 square miles Prepared by Esri Summary Census 2010 Census 2020 2022 2027 Population 65,603 76,814 78,769 81,893 Households 20,686 24,657 25,445 26,657 Famikes 16,441 - 20,032 20,963 Average Household Size 3.17 3.11 3.09 3.07 Owner Occupied Housing Units 14,627 - 19,181 20,466 Renter Occupied Housing Units 6,059 6,263 6,191 Median Age 34.6 36.7 37.6 Trends: 2022-2077 Annual Rate Area State National Population 0.781/a 0.611/0 0.25% Households 0.93% 0.62% 0.31% Families 0.91% 0.59% 0.28% Owner HHs 1.310/a 0.83% 0.53% Median Household Income 4.189/a 3.75% 3.12% 2022 2027 Households by Income Number Percent Number Percent <$15,000 1,229 4.8% 876 3.3% $15,000 - $24,999 1,119 4.4% 796 3.0% $25,000 - $34,999 1,659 6.5% 1,379 5.2% $35,000 - $49,999 2,554 10.0% 2,230 8.4% $50,000 - $74,999 4,619 18.2% 3,658 13.7% $75,000 - $99,999 3,703 14.6% 3,584 13.4% $100,000 - $149,999 6,388 25.1% 8,322 31.2% $150,000 - $199,999 2,305 9.1% 3,406 12.8% $200,000+ 1,868 7.3% 2,406 9.0% Median Household Income $83,679 $102,713 Average Household Income $105,424 $124,226 Per Capita Income $34,223 $40,693 Census 2010 2022 2027 Population by Age Number Percent Number Percent Number Percent 0-4 4,921 7.5% 5,074 6.4% 5,291 6.5% 5-9 4,949 7.59/b 5,351 6.8% 5,439 6.6% 10 - 14 5,294 8.1% 5,676 7.2% 5,878 7.2% 15 - 19 5,138 7.8% 5,111 6.5% 5,259 6.4% 20 - 24 4,232 6.50/a 4,786 6.1% 4,442 5.4% 25 - 34 8,632 13.2% 11,602 14.7% 11,344 13.9% 35 - 44 10,262 15.69/b 10,244 13.0% 11,793 14.4% 45 - 54 10,417 15.9% 10,264 13.0% 9,656 11.8% 55 - 64 6,320 9.6% 10,205 13.0% 10,092 12.3% 65 - 74 3,487 5.3% 6,659 8.5% 7,925 9.7% 75 - 84 1,597 2.4% 3,086 3.9% 3,837 4.7% 85+ 355 0.50/0 714 0.9% 937 1.1% Census 2010 Census 2020 2022 2027 Race and Ethnicity Number Percent Number Percent Number Percent Number Percent White Alone 51,980 79.2% 38,769 50.50/a 38,671 49.11/o 37,370 45.6% Black Alone 6,041 9.20% 6,545 8.5% 6,536 8.3% 6,541 8.0% American Indian Alone 327 0.50/0 601 0.80/0 639 0.80/ 697 0.9% Asian Alone 721 1.10/0 927 1.2% 963 1.2% 1,019 1.2% Pacific Islander Alone 11 0.00% 17 0.0% 17 0.0% 17 0.0% Some Other Race Alone 4,681 7.1% 10,218 13.3% 10,532 13.4% 11,498 14.0% Two or More Races 1,843 2.80/o 19,737 25.70/a 21,411 27.2% 24,751 30.2% Hispanic Origin (Any Race) 27,517 41.9% 35,803 46.60/a 37,456 47.6% 40,417 49.4% Data Note: Income is expressed In current dollars. Source: Esri Forecasts For 2022 and 2027. U.S. Census Bureau 2010 decennial Census data converted by Esrl into 2020 geography. April 27, 2023 Carroll & Carroll 22 6486 Report Market Area gpesrr Trends 2022-2027 a c 3.5 v u 3 a` n c 2.5 a) 2 t iz� 1.5 is : 1 c Q 0.5 0 Population Population by Age 14 12 10 (u $ c1 L a 6- 4- 2- 0-" Golden Gate/Golden Gate Estates Area: 156.97 square miles Prepared by Esri ■ Area ■ State ■ USA Households Families Owner HHs Median HH Income 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2022 Household Income 2022 Population by Race $35K-$49K $50K - $74K 10.0% 45 la.z% $asK-$3aK 40 6.5% $15K-$24K 35 4.4% <$15K +, 30 chi 25 L $75K-$99K 20 14.6% $200K+ 7.3% 15 10 $150K - $199K 9.1% 5 $100K-$149K 0 25.1% White Black Am. Ind, Asian Pacific Other Two+ 2022 Percent Hispanic Origin:47.6% ■ 2022 ■ 2027 Source: Esri forecasts For 2022 and 2027. U.S. Census Bureau 2010 decennial Census data converted by Esrl into 2020 geography. t W23 Esri April 27, 2023 Page 2 of 2 Carroll & Carroll 23 6486 Report Market Area Commercial Commercial development can be categorized into four different groups. Primary commercial is in Golden Gate City. Second group is newer construction at the arterial road intersections. Third is neighborhood commercial within the rural estates. Fourth is the industrial commerce park near Collier Boulevard and the I-75 interchange. Golden Gate City is the commercial center serving this market area. Santa Barbara Boulevard, north of Golden Gate Parkway, has a mixture of multi -family residential and commercial along the east side of the road. Commercial consists of older single story, single user buildings and 4 to 8 unit retail plazas. Businesses include daycare/ preschools, neighborhood food mart and gas stations, construction company offices, barber shops and beauty salons and small restaurants. Golden Gate Parkway has a mixture of multi -family and commercial development along both sides of the roadway. Newer commercial consists of CVS and Walgreens, carwashes, bank branches and national fast food restaurants. There are three older shopping centers, anchored by Winn Dixie and by Ace Hardware. Single story commercial structures and strip centers house neighborhood businesses such as barber shops and beauty salons, florists and jewelers; veterinary services and family medical clinics; and small locally -run restaurants and food marts. Several businesses consist of automotive support such as gas stations, oil chance and car washes. Professional services are primarily located in executive suites located near Santa Barbara Boulevard. The Quality Inn Hotel & Golf Course located at the southwest corner of Golden Gate Parkway and Collier Boulevard was purchased by Collier County in 2019. A lease agreement was signed with BigShots Golf in May 2021 who planned to redevelop the 165 acres with a 12-hole public golf course and a BigShots entertainment facility. The project has still not yet broke ground. Commercial frontage along the west side of Collier Boulevard south of Green Boulevard is very similar to commercial along Golden Gate Parkway in building size, age and use. The exception is that there is a greater density of national food chains. The second -tier commercial properties, without major road frontage, are developed with single story warehouse -type structures housing service -oriented businesses. Newer commercial development is located along Collier Boulevard where it intersects Pine Ridge Road and Vanderbilt Beach Road. Each intersection has a shopping center anchored by either a Publix or Winn -Dixie supermarket. Out parcel development includes bank branches and gas station/convenience stores and national pharmacies. Commercial development in the rural estates is limited because residents have orchestrated an ongoing effort to prohibit commercial development in the residential areas. The only neighborhood commercial locations are at the intersection of Wilson Boulevard and Golden Carroll & Carroll 24 6486 Market Area Gate Boulevard, Everglades Boulevard and Golden Gate Boulevard, and at Randall Boulevard and Immokalee Road. The Randall Boulevard and Immokalee Road intersection is where the majority of commercial development is occurring. There is a Publix anchored shopping center on the east side of the road. Located along the western curve of Immokalee Road is approximately 50 acres that is current being developed and will be known as Randall at Orangetree. Upon completion, the development will include a 400-unit apartment complex and about 350,000 square feet of commercial space. Industrial Industrial/commercial developments are in the northeast quadrant of I-75 and Collier Boulevard interchange. White Lake Industrial Corp Park is one of Collier County's three primary industrial parks. The White Lake Industrial Park contains 144.4 acres and is approved for 7.80 acres of commercial and 77 acres of industrial. White Lake consists of newer, good quality flex and warehouse properties and it is home to some of the largest manufacturing facilities within the county. It is approximately 85-90% built -out. City Gate Commerce Center contains 288 acres zoned for 2,950,000 S.F. of commercial, light industry, office, warehouse and distribution. The site has over 3,000 feet of frontage on Collier Boulevard where a gas station, a 102 room Spring Hill Marriott Hotel and a 100 room Fairfield Inn Marriott have been constructed. The Paradise Sports Complex was also recently completed. A developer (Uline) recently completed the development of a 936,950- square-foot Distribution Center on approximately 102.68 acres of land within City Gate. There is also an Amazon Distribution Center near the corner of Davis and Collier Blvd. Medical None of Collier County's major medical facilities are located within this market area. The only major medical center/hospital servicing this area is the Physicians Regional Medical Center located along Pine Ridge Road, just east of Interstate 75. This is a 201-bed facility and is one of the county's four major medical centers. The hospital offers a 24-hour emergency department that provides a full range of traditional emergency services. An additional NCH emergency room facility was completed at the northeast corner of Collier Boulevard and Immokalee Road. This is a two-story 19 room, state of the art emergency room with additional medical space for practicing physicians. The facility was built to help service the rural estates and all the new residential units being constructed along Collier Boulevard and Immokalee Road. Physicians Regional recently completed a similar facility at the southeast corner to serve all the new residential development along Immokalee Road and the Golden Gates Estates community. Encompass Health Rehabilitation Hospital of Naples is a recently completed 50-bed rehabilitation hospital along Collier Boulevard, north of Vanderbilt Beach Road. Carroll & Carroll 25 6486 Report Market Area Golden Gate/Golder Gate Estates Prepared by Esri Area: 156.97 square miles Data for all businesses in area Total Businesses: 1,994 Total Employees: 10,935 Total Residential Population: 78,769 Employee/Residential Population Ratio (per 100 Residents) 14 businesses Employees by SIC Codes Number Percent Number Percent Agriculture & Mining 116 5.8% 667 6,1% Constructiar 376 18.9% 1,569 14.4% Manufacturing 20 1.0% 266 2.4% Transportation 71 3.6% 273 2.5% communlcatlnn 8 0.4% 57 0.5% utility 3 0.2% 18 0.2% Wholesale Trade 44 2.2% 165 1.5% Retail Trade Summary 287 14.4% 2,022 18.6% Home lmpmvement 35 1.8% 145 1,3% General Merchandise Stores 11 0.6% 49 0.5% Food Stares 36 1.9% 503 44% Auto Dealers, Gas Stations, Auto Aft -market 20 1.0% 101 0.9% Apparel & Accessory Stores 15 0.8% 44 0.4% Furniture & Home Furnishings 23 1.2% 96 0.9% Eating 6 Drinking Plates 70 3- % 694 6,4% Miscellaneous Retail 75 3.9% 389 3.6% Finance, Insurance, Real Estate Summary 139 7.0% 579 5,3% Banks, Savlrgs & Lending Institutions 22 1.1% 108 1.0% Securities Brokers 18 0.9% 66 0.6% Insurance Carriers & Agents 32 1.5 % 87 0.8% Real Estate, Hokding, Other Investment Offices 67 3.4% 317 2.9% Services Summary 692 34.7% 5,016 46.1% Hole3s & Lodging 3 0.2% 28 0.3% Automotive Services 36 1.9% 112 1.0% Motion Pictures & Amusements 46 2.3% 232 2.1% Health Services 59 3.0% 936 8.6% Legal Services 21 1.1% 160 1,5% Education institutions & Libraries 37 1.9% 1,7og 15.7% Other Services 490 24.6% 1,839 16.9% Government 15 0.9% 223 2.0% Uodassified Establishments 221 11.1% 29 0.3% Totals 1,994 100.0% 10,805 100.0% Source: Copyrlght 2022 Data Axle, Inc. All rlghts reserved. Esd Total Residential Population forecasts far 2022. Oahe Nate: Data on the Business Summary report is calculated Using Eerl'e Data atlxatim, method which uses census block groups to allorate business summary data to custom areas. April 27, 2023 Carroll & Carroll 26 6486 Market Area Golden Gate/Golden Gate Estates Area: 156.97 square miles Prepared 6y Psri Businesses Employees by NAICS Codes Number Percent Number Percent Agriculture, Forestry, Fishing & Hunting 7 0 A % 17 C,2% Mining 2 0.1% 11 0.1% Utilities 0 0.0% 1 0.0% Construction 398 20.0% 1,629 15.0% Manufacturing 29 1.5% 266 2.6% Wholesale Trade 40 2.0% 159 1.546 Retail Trade 204 10.2% 1,271 11.7% Motor Vehicle & Parts Dealers 18 0.9% 86 0.8% Furniture & Home Furnishings Stores 8 0.4% 22 0.2% Electronics & Appliance Stores 8 0.4% 56 0.5% Bldg Matenal & Garden Equipment & Supplies Dealers 35 1.8% 145 1.3% Food & Beverage Stores 34 1.7% 473 4.3% Health & Personal Care Stores 19 1.0% 280 2.6% Gasoline Stations 1 0.1% 15 0.1% Clothing & Clothing Accessories Stores 20 1.0% 54 0,5% Sport Goods, Hobby, Book, & Music Stores 5 0.3% 13 0.1% General Merchandise Stores 11 0.6% 49 0.5% Miscellaneous Store Retailers 24 1.2% 74 0.7% Nanstore Retailers 19 1.0% 5 0.0% Transportation & Warehousing 67 3.4% 235 2.2% Information 17 0.9% 95 0.9% France &Insurance 73 3.7% 267 2.5% Central Bank/Credit Intermediation & Related Activities 23 1.2% 113 L0% SecurttieS, Commodlty Contracts & Other Frandal 18 0.9% 66 0.6% insurance Carriers & Related Activitles; Funds, Trusts & 32 1.6% 87 0,8% Real Estate, Rental & Leasing 67 3.4% 269 2.5% Professional, Scientiftc & Tech Services 171 8.6% 741 6.8% Legal Services 23 1.2% 164 1.5% Management of Companies & Erterprlses 6 0.3% 66 0.6% Administrative & Support & Waste Management & Remediation 205 10.3% 938 8.6% Educational Ser Ices 43 2.2% 1,717 15.8% Health Care & Soclal Assistance 84 4.2% 1,167 10.7% Arts, Entertainment & Recreation 38 1.9% 229 2.1% Accommodation & Food Services 76 3.8% 745 6.8% Accommodation 3 0.2% 28 0.3% Food Services & Drinking Places 72 3.6% 717 66% Other Services (except Public Administration) 232 11.6% 790 7.3% Aubomative Repair & Maintenance 25 1.3% 70 0.6% Public Administration 15 0.8% 223 2.0% Unclassified Establishments 221 11.1% 29 0.3% Total 1,994 100.0% 10,885 100.0% Source: Copyright 2022 Data Axle, Inc. All rights reserved. Esh Total Residential Population forecasts for 2022. Dow New: Data on the Business Summary report is cak.lated using Earl's data allocation method which uses census black groups to alio.te business summery data to custom areas. April 27, 2023 Construction, education, and retail trade dominate the market area business sector. MARKET AREA LIFE CYCLE Market areas often pass through a four -stage life cycle of growth, stability, decline, and revitalization. • Growth - A period during which the market area gains public favor and acceptance. • Stability - A period of equilibrium without marked gains or losses. • Decline - A period of diminishing demand • Revitalization - A period of renewal, redevelopment, modernization and increasing demand. Most of the real estate activity in Golden Gate reflects the growth cycle. The residential and commercial markets continue to be strong. The growth cycle is expected to continue into the near future. Because of the age of the structures, the western portion and the city center are just beginning to experience some revitalization. Carroll & Carroll 27 6486 Market Area CONCLUSION This continues to be one of the most affordable market areas in Collier County. The houses within the city center provide entry level housing and the rural area satisfies the desire for larger lot sizes and rural lifestyle. A well -designed road network provides easy access to jobs serving the coastal community; coastal beaches and water activities; entertainment endeavors; and commercial and medical services. This area appeals to a cross section of the population but primarily to working-class families. Development continues to push north and east where vacant lots still exist. Golden Gate will likely continue to enjoy a healthy growth while maintaining its affordability. Carroll & Carroll 28 6486 Report Property Information PROPERTY INFORMATION Pepper Ranch Preserve SAND Lake Trafford ©National Audubon Society e rea q0 Subject Orangetree �- Bay ft� Carroll & Carroll 29 6486 Report Property Information Carroll & Carroll 30 6486 Report Property Information SITE DESCRIPTION — PANTHER WALK PRESERVE Summary Panther Walk consists of a total of 262 parcels or a total of 513.07 acres. The parcels are located in northern Golden Gate Estates, west of Everglades Boulevard and stretch from Immokalee Road south to the south side of 56th Avenue NE. Parcel ID#& Owners There are a total of 200 parcels or a total of 390.10 acres that Collier County is considering purchasing. A complete list of the parcels is included in the addendum of the report. Size The parcels range in size from 1.14 to 7.62 acres. Shape All the parcels are rectangular in shape. Access All parcels have legal and physical access along paved roads. The parcels are accessible from Everglades Boulevard North, 72nd Avenue NE, 70th Avenue NE, 68th Avenue NE, 661h Avenue NE, 641h Avenue NE, 62nd Avenue NE, 60th Avenue NE, 58th Avenue NE, and 56th Avenue NE. Topography The properties are generally level. Ground Cover The majority of the properties are covered in native and exotic vegetation and have never been cleared. I was provided with a Conservation Collier Initial Criteria Screening Report Panther Walk TPMA dated August 3, 2022 and updated August 26, 2022. The parcels are located within the Horse Pen Strand with most containing wetlands. The parcels consist of a mixture of vegetative communities including cypress strand forest, cypress/mixed hardwood forests, oak/pine hammock, wet prairie, and pine flatwoods. Utilities Electricity, telephone and TV cable are available. The properties are serviced by well and septic. Carroll & Carroll 32 6486 Report Property Information ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment No Available Impact on Value None Disclaimer Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. Carroll & Carroll 33 6486 Report Property Information NATURAL RESOURCE CONCERNS Condition of subject The majority of the properties are covered in native and exotic vegetation and have never been cleared. I was provided with a Conservation Collier Initial Criteria Screening Report Panther Walk TPMA dated August 3, 2022 and updated August 26, 2022. The parcels are located within the Horse Pen Strand with most containing wetlands. The parcels consist of a mixture of vegetative communities including cypress strand forest, cypress/mixed hardwood forests, oak/pine hammock, wet prairie, and pine flatwoods. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. Natural Resource Audits Available Yes Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser's required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise re uired to discover them. Carroll & Carroll 34 6486 Report Property Information Initial Criteria Screening Report — Panther Walk TPMA Date: 8/3/2022 (Revised 8/26/2022) Owner Name(S): Berman Trust, McGinnis, Repola, Vaz, and Scalley Florida Cooperative Land Cover Classification System Land Cover Canal I Cultural - Lacustrine y Cypress Cypress/Tupelo(ind Cyrru mixed) Extractive Fallow Cropland - Hydric Pine Flatwoods i Improved Pasture Institutional Irrigated Cropland Isolated Freshwater Swamp Low Intensity Urban Marshes Mesic Flatwoods Mixed Scrub -Shrub Welland Ornamentals Palmetto Praine IF Quarry Pond ._ Residential. Low Density LRural Open Rural Open Pine _ Rural Structures Sand & Gravel Pits - Scrub FScrubby Flatwoods Shrub and Brushland Transportation Tree Nurseries 1 Miles Conservation Collier Preserves Cycle 10 11 Panther Walk Preserve Expansion Area Panther Walk Preserve Figure 5 - Florida Cooperative Land Cover Classification System CON ATION LLIER Co � County .>, TM' 14 Carroll & Carroll 35 b4bb Report rropert Legend FDEP Informal Wetland Determinations - - Data and I or Field Conditions Indicate Upland. 0 # ' Data and I or Field Conditions Indicate Site Plan is Needed to Determine Impact. 72 N D'AV E N E � E N E _ Data and 1 or Field Conditions Indicate Wetlands and Permit Necessary — _ Data and I or Field Conditions Indicate Ditches and Permit Necessary t t % 1 The "DetemNnations" on I. figure am tram infannal PreaPPlicatlon l '' wetland determination; pursuant to section 373.421(6), F.S., and -,.� *.1 52-312.040(7). F.A.C. It does not bind the Department, its agents or employees, nor does It convey any legal rights, expressed or 1127 Implied. - NRCSItydricSoilsModel 70TH AVE NE /f'�� t Depressmnal � "� Slough hno.ua�•vrN�uwi X'sm So�Gmuppo P L _ ronrr r,'rre as:r torero M1 msa.ue.wq wewraowwe. cm,w aro lV(aGE I 1 � I 1 ' GMe G. Ss�n T/ecr Nu�ntrBB , trF Map is intended for planning purposes and on -site analysis Will De I necessary for verification of soils and hydrology. a t Q Panther Walk Preserve Project Area Parcel t l 26 M' ''46 68TH AVElNE 66TH AN 1 'b z � 64TH AVE NE 62ND AVE NE T6.N 23 �. :a 3e 4a 60TH'AVEiNE NE •� � ,rr t A 1 ' 58TH AVE N E 5$ V- 56TH AVE NE�6 tntormation in ilt 1.:12a Uluw�, 11 k1' }Il Z 67 .$z W 1J4 127 J LN l•. _ 2� ; � W � „to H7 IE #15 114 T, ,�a 1a as .-- VE NE v HM 0 1 Miles Carroll & Carroll 36 6486 Report Property Information FUTURE LAND USE Ordinance or Plan Collier County Future Land Use Designation GGE- Golden Gate Estates Residential Estates Subdistrict Purpose of Designation The Estates Land Use Designation encompasses lands which are already subdivided into semi -rural residential parcels (2.25 acres as an average) essentially consisting of the Golden Gate Estates Subdivision. The area is identified as having potential for population growth far removed from supportive services and facilities. Expansion of the area shall be discouraged. Refer to the Golden Gate Area Master Plan for siting criteria and development standards for specific land uses. Under the Estates future land use designation there is no provision for a conditional use and therefore a conditional use approval requires an amendment to the GGAMP. Carroll & Carroll 37 6486 Report Property Information - � Awa+eoa+sa cum�u OmmE V � Ea ENsagcwaEu�nv ~ � xncvn rawu+memie LEE COUNTY LINE TDAVIS BLVD 0 VANDERBILT BEACH RD y N u U GREEN BLVD R 26E INTERSTATE 75 RURAL GOLDEN GATE FUTURE lANO U9E YAP ADOVTED - REPTEMRER II, 201, AMENDED —11- 27, 2021 f— No..21111, AMENDED - OGTORER - 2021 101E N. i021-�1) AMENDED - OGTOBER M, 2021 I— No 2021- ) R 27E RURAL GOLDEN GATE ESTATES FUTURE LAND USE MAP INTERSTATE 75 R28E I R29E Carroll & Carroll 38 6486 Report Property Information ZONING Ordinance or Land Development Collier County Code Zoning E- Estates Purpose or Intent of Zoning The subject is zoned "E" — Estates District. The purpose and intent of the Estates district is to provide lands for low density residential development in a semi -rural to rural environment. In addition, several conditional uses including churches, social and fraternal organizations, child care centers, private schools, and group care facilities are available under conditional use provisions. Permitted uses include single-family dwellings and Family Care Facilities, and public schools. Conditional uses permissible in the Estates district include churches and other places of worship, social and fraternal organizations, child and adult care centers, schools and group care facilities. These conditional uses are strictly regulated. Below are the development requirements as set forth in the Estate Zoning District: Minimum Lot Area: 98,010 square feet or 2.25 acres Minimum Lot Width: 150 feet Minimum Front Yard Setback: 75 feet minimum Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 75 feet Maximum Building Height: 30 feet Overlay District None. Carroll & Carroll 39 T47 R28 S2 �� ti(ric.t�u r�r lr - 6 _ •�l Y T47-R28-S30 , r t M i y' T47 R28 S31 , -T47 R28 S32 6486 and Best Use HIGHEST AND BEST USE DEFINITION The Dictionary of Real Estate Appraisal, Th Edition, published 2022 by the Appraisal Institute, defines Highest and Best Use as: The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. METHOD There are four criteria that must be met in order for a use to be the highest and best use for a given property. The highest and best use must be: • Legally permissible. • Physically Possible. • Financially feasible. • Maximally productive. Ordinarily these criteria are considered sequentially, each step narrowing the range of alternative uses being considered. ANALYSIS SITE AS THOUGH VACANT Legally Permissible — All parcels are zoned E-Estates with a future land use of Residential Estates. The purpose and intent of the E-Estates district is to apply to an area of low -density single-family residences in a semi -rural environment and permits all necessary residential activities as well as the keeping of limited agricultural animals as specified in this division. Physically Possible: The sites are level and at or slightly below road grade and could be developed as a single-family home sites. The location, surrounding land uses, and the size of the properties suggest some type of single-family use. Due to the potential presence of wetlands on the sites, mitigation could be required to develop single-family residences on some of the properties. Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Single-family residential development is financially feasible. Although it is not an economic use, acquisition of lands in the area by Collier County is encouraged for habitat preservation and conservation. Carroll & Carroll 41 6486 and Best Use Maximally Productive: The maximally productive use is that the wetlands be mitigated, and the properties developed with single-family residences, or the properties be purchased for preservation, conservation, and restoration. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for these vacant parcels. Carroll & Carroll 42 6486 Report Sales Comparison Approach SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. Carroll & Carroll 43 6486 Report Sales Comparison Approach PANTHER WALK (1.14-2.73 ACRES) Collier County is interested in determining a per acre value for the various tiers for the Panther Walk Preserve Area to assist them in acquiring parcels for the Conservation Collier land preservation program. The price per acre will be estimated for the various tiers for parcels ranging in size from 1.14 acres-2.73 acres and 2.74 acres-5.00 acres. Tiers I. Up to 25% Wetlands II. 26-50% Wetlands III. 51-75% Wetlands IV. 76-100% Wetlands SALES DATA A search was made for sales of land comparable to the subject parcels. The intention was to find comparable sales in similar locations that offer similar functional utility. A total of 23 comparable sales were identified as the best available for analysis. Price per acre of gross land area was developed as the unit of comparison, since that is the unit best suited to the analysis, and the one most often utilized by local buyers, sellers, and brokers of land similar to the subject parcel. Due to the location and physical characteristics, I elected to bracket the subject within the range indicated by comparables. This is preferable to a conventional adjustment process where the magnitude of adjustments is likely to be great, and there is little support for specific adjustments. Comparable land sales grids are given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. 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ON rAa u UNuji w333 C�7 i SO O �1 U 0 A 6486 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID — 26-50% WETLANDS ITEM SUBJECT COMP #7 COMP #8 COMP #9 COMP #10 PARCEL # 38848320008 39141240004 38785720004 38964240004 PROPERTY IDENTIFICATION Psi n ther Walk 2880 58th 2389 66th 3425 58th 56th Avenue Avenue NE Avenue NE Avenue NE NE SALE PRICE N/A $64,500 $87,000 $125,000 $60,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market 0 0 0 0 BUILDING IMPROVEMENTS None None None None None 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 0 ADJUSTED SALE PRICE N/A $64,500 $87,000 $125,000 $60,000 Recording Date N/A 02/15/23 06/27/23 08/07/23 03/06/23 Months Prior To Effective Date 09/01/23 6.51 2.17 0.82 5.88 MARKET CHANGE ADJUSTMENT N/A 6.5% 2.2% 0.8% 5.9% ADJUSTED SALE PRICE N/A $68,698 $88,888 $126,027 $63,531 Parcel Area in Gross Acres 1.14-2.73 2.73 2.73 2.73 1.14 PRICE PER ACRE ? 25,164 32 560 46,164 55,729 LOCATION ADDRESS Panther Walk 58th Ave. NE 66th Ave. NE 58th Ave. NE 56th Ave. NE CORNER LOT N/A No No No No PAVED ROAD Yes Yes Yes Yes Yes CANALFRONTAGE N/A No No No No OVERALL LOCATION Average Similar Similar Similar Similar 0% 0% 0% 0% UTILITIES Well & Septic Similar Similar Similar Similar 0% 0% 0% 0% COMP. PLAN Estates Estates Estates Estates Estates ZONING E- Estates E -Estates E- Estates E -Estates E -Estates 0% 0% 0% 0% SIZE IN ACRES 1.14-2.73 2.73 2.73 2.73 1.14 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar 0% 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Similar Similar Similar Similar WETLANDS Yes Yes Yes Yes WETLANDS % 26-50% 30% 25-50% 26-50% 35% WETLANDS QUALITY N/A N/A N/A N/A 0% 0% 0% 0% GROSS ADJUSTMENT N/A 0% 0% 0% 0% INDICATION OF UNIT VALUE ? $25,164 $32,560 $46,164 $55,729 Carroll 8v Carroll 47 6486 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID — 51-75% WETLANDS ITEM SUBJECT COMP #11 COMP #12 COMP #13 PARCEL # 38848440001 38848480003 38964480000 PROPERTY IDENTIFICATION Panther Walk 58th 58th 2570 54th Avenue NE Avenue NE Avenue NE SALE PRICE N/A $55,000 $51,000 $53,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple 0 0 0 CONDITIONS OF SALE Market Market PENDING Market 0 0 0 BUILDING IMPROVEMENTS None None None None 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 ADJUSTED SALE PRICE N/A $55,000 $51,000 $53,000 Recording Date N/A 08/18/23 09/01/23 12/02/22 Months Prior To Effective Date 09/01/23 0.46 0.00 8.97 MARKET CHANGE ADJUSTMENT N/A 0.5% 0.0% 9.0% ADJUSTED SALE PRICE N/A $55,253 $51,000 $57,756 Parcel Area in Gross Acres 1.14-2.73 2.27 1.59 1.17 PRICE PER ACRE ? $24,341 $32,075 $49,364 LOCATION ADDRESS Panther Walk 58th Ave. NE 58th Ave. NE 54th Ave. NE CORNER LOT N/A No No No PAVED ROAD Yes Yes Yes Yes CANALFRONTAGE N/A No No No OVERALL LOCATION Average Similar Similar Similar 0% 0% 0% UTILITIES Well & Septic Similar Similar Similar 0% 0% 0% COMP. PLAN Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates 0% 0% 0% SIZE IN ACRES 1.14-2.73 2.27 1.59 1.17 SHAPE/CONFIGURATION Rectangular Similar Similar Similar 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Similar Similar Similar WETLANDS Yes Yes Yes WETLANDS % 51-75% 70% 70% 56% WETLANDS QUALITY N/A N/A Low 0% 0% 0% GROSS ADJUSTMENT N/A 0% 0% 0% INDICATION OF UNIT VALUE ? $24,341 $32,075 149,364 Carroll 8v Carroll 48 6486 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID - 76-100% WETLANDS ITEM SUBJECT COMP #14 COMP #15 COMP #16 COMP #17 COMP #18 COMP #19 COMP 920 COMP 921 COMP #22 COMP #23 PARCEL # 39149280008 39141440008 39147480004 39147360001 39149840008 39150520003 39152520001 38849000000 39142160002 38844920004 PROPERTY IDENTIFICATION Panther Walk 2780 66th 2442 66th 66th Avenue 2740 66th 2830 70th 70th Avenue 2990 72nd 62nd Avenue 72nd Avenue 2661 60th Avenue NE Avenue NE NE Avenue NE Avenue NE NE Avenue NE NE NE Avenue NE SALE PRICE N/A $50,000 $45,000 $28,000 $32,000 $32,000 $27,000 $44,000 $36,000 $89,280 $50,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Market Market Market Market Market PENDING 0 0 0 0 0 0 0 0 0 0 BUILDING IMPROVEMENTS None None None None None None None None None None None 0 0 0 0 0 0 0 0 0 0 FINANCING Cash or 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 Cash to seller Equivalent 0 0 0 0 0 0 0 0 0 0 ADJUSTED SALE PRICE N A 50,000 45,000 $28,000 $32,000 $32,000 $27,000 $44,000 T36, 000 89,280 50,000 Recording Date N/A 05/24/23 05/24/23 05/26/23 05/24/23 07/18/23 03/06/23 08/10/23 07/31/23 03/13/23 09/01/23 Months Prior To Effective Date 09/01/23 3.29 3.29 3.22 3.29 1.48 5.88 0.72 1.05 5.65 0.00 MARKET CHANGE ADJUSTMENT N/A 3.3 % 3.3 % 3.2 % 3.3 % 1.5 % 5.9 % 0.7 % 1.1 % 5.7 % 0.0 ADJUSTED SALE PRICE N/A $51,644 $46,479 $28,902 $33,052 $32,473 $28,589 $44,318 $36,379 $94,328 $50,000 Parcel Area in Gross Acres 1.14-2.73 2.73 2.73 1.14 1.14 1.14 1.14 1.59 1.14 2.73 1.14 PRICE PER ACRE ? $18,917 $17,025 $25,353 $28,993 $28,485 $25,078 $27,873 $31,911 $34,552 $43,860 LOCATION ADDRESS Panther Walk 66th Ave. NE 66th Ave. NE 66th Ave. NE 66th Ave. NE 70th Ave. NE 70th Ave. NE 72nd Ave. NE 62nd Ave. NE 72nd Ave. NE 60th Ave. NE CORNERLOT N/A No No No No No No No No No No PAVED ROAD Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes CANALFRONTAGE N/A No No No No No No No No No No OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar Similar Similar Similar Similar 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar Similar Similar Similar Similar 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% COMP. PLAN Estates Estates Estates Estates Estates Estates Estates Estates Estates Estates Estates ZONING E -Estates E -Estates E -Estates E -Estates E -Estates E -Estates E - Estates E - Estates E - Estates E - Estates E - Estates 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% SIZE IN ACRES 1.14-2.73 2.73 2.73 1.14 1.14 1.14 1.14 1.59 1.14 2.73 1.14 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar Similar Similar Similar Similar 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Similar Similar Similar Similar Similar Similar Similar Similar Similar Similar WETLANDS Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes WETLANDS % 76-100 % 100 % 100 % 75%+ 100 % 75%+ 91 % 75%+ 100 % 85 % 90 WETLANDS QUALITY N/A N/A N/A Medium N/A Medium N/A High/Medium Medium V. High/High 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% GROSS ADJUSTMENT i N/A i 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 INDICATION OF UNIT VALUE I ? 18,917 17,025 25,353 28,993 28,485 25,078 27,873 31,911 34,552 1 $43,860 Carroll 8v Carroll 49 6486 Report Sales Comparison Approach DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a "market" transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • None of the comparable sales required adjustment in this category. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • None of the comparable sales required adjustment in this category. Carroll & Carroll 50 6486 Report Sales Comparison Approach FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. The comparables occurred between 2022 and 2023, which market conditions continue to improve. The vacant lot sales from the prior 12 months within the market boundaries of Oil Well Road to the north, Desoto Boulevard to the east, Golden Gate Boulevard to the south, and Wilson boulevard to the west, were plotted on a graph by price per acre. These above sales range between a low of $21,052 per acre and a high of $119,047 per acre with an average sale price of $55,050 per acre. Based on an analysis of these sales, sale prices over the prior 12 months appear to be stable, with no noticeable market change. (The chart provided includes a trend line). Golden Gate Price per Acre August 2022 August 2023 $140,000 $126,000 5100,000 $80,000 $60,000 $40,000 $20,000 50 8/18/2022 9/18/2022 10/18/2022 11/18/2022 12J181= 1118j2023 2/18/2023 3%18/2M 4148/2023 5/18/2025 6118/20M 7/18/M23 I also analyzed recent paired sales in the submarket area which indicate positive market change. Land values continue to appreciate due to the demand for affordable residential land. The buyers include a mix of individuals who plan to build a home, investors, and speculative home builders. Giving consideration to all of the above, I applied a market change rate of 1.00% per month or 12.00% annually. Carroll & Carroll 51 6486 Report Sales Comparison Approach LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • None of the comparable sales required adjustment in this category. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. • None of the comparable sales required adjustment in this category. COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparables sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • I was provided with the Conservation Collier Initial Criteria Screening Report Panther Walk TPMA dated August 3, 2022 and updated August 26, 2022. The parcels are located within the Panther Preserve with most containing wetlands. The higher the quality of the wetlands, the higher the mitigation costs. The parcels consist of a mixture Carroll & Carroll 52 6486 Report Sales Comparison Approach of vegetative communities including cypress strand forest, cypress/mixed hardwood forests, oak/pine hammock, wet prairie, and pine flatwoods. • I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and sellers to determine the wetlands associated with the Comparable sales. No adjustments were made for physical characteristics and instead the comparables were bracketed with some being superior, similar, and inferior. RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: UP TO 25% WETLANDS Comparables Price Per Gross Acre of Land Area 1 $48,524 2 $58,405 3 $52,802 4 $49,075 5 $59,767 6 $65,536 The range of unit value indications is from $48,524 to $65,536 per acre with an average of $55,685 per acre and a median of $55,603 per acre. Based on the range, I concluded to a unit value of $55,000 per acre. Carroll & Carroll 53 6486 Report Sales Comparison Approach 26-50% WETLANDS Comparables Price Per Gross Acre of Land Area 7 $25,164 8 $32,560 9 $46,164 10 $55,729 The range of unit value indications is from $25,164 to $55,729 per acre with an average of $39,904 per acre and a median of $39,362 per acre. Based on the range, I concluded to a unit value of $40,000 per acre. Carroll & Carroll 54 6486 Report 51-75% WETLANDS Sales Comvarison Annroach Comparables Price Per Gross Acre of Land Area 11 $24,341 12 $32,075 13 $49,364 The range of unit value indications is from $24,341 to $49,364 per acre with an average of $35,260 per acre and a median of $32,075 per acre. Based on the range, I concluded to a unit value of $35,000 per acre. Carroll & Carroll 55 6486 Report 76-100% WETLANDS Sales Comvarison Annroach Comparables Price Per Gross Acre of Land Area 14 $18,917 15 $17,025 16 $25,353 17 $28,993 18 $28,485 19 $25,078 20 $27,873 21 $31,911 22 $34,552 23 $43,860 The range of unit value indications is from $17,025 to $43,860 per acre with an average of $28,205 per acre and a median of $28,739 per acre. Based on the range, I concluded to a unit value of $28,000 per acre. FINAL ESTIMATE OF VALUE - PANTHER WALK (1.14-2.73 ACRES) The final indications of value on a per acre basis as of September 1, 2023 are presented below. Tier Amount of Wetlands I Up to 25% Wetlands II 26-50% Wetlands III 51-75% Wetlands IV 76-100% Wetlands Price Per Gross Acre $55,000 $40,000 $35,000 $28,000 Carroll & Carroll 56 6486 Report Sales Comparison Approach PANTHER WALK (2.74-5.00 ACRES) SALES DATA A search was made for sales of land comparable to the subject parcels. The intention was to find comparable sales in similar locations that offer similar functional utility. A total of 13 comparable sales were identified as the best available for analysis. Price per acre of gross land area was developed as the unit of comparison, since that is the unit best suited to the analysis, and the one most often utilized by local buyers, sellers, and brokers of land similar to the subject parcel. Due to the location and physical characteristics, I elected to bracket the subject within the range indicated by comparables. This is preferable to a conventional adjustment process where the magnitude of adjustments is likely to be great, and there is little support for specific adjustments. Comparable land sales grids are given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Carroll & Carroll 57 6486 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID — UP TO 25% WETLANDS ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 PARCEL # 39150880002 38850080006 38960240008 38960040004 PROPERTY IDENTIFICATION Panther Walk 62nd Everglades & 2321-2337 2320 50th Avenue NE 58th Ave. NE 54th Ave. NE Avenue NE SALE PRICE N/A $185,000 $235,000 $250,000 $300,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market 0 0 0 0 BUILDING IMPROVEMENTS None None None None None 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 0 ADJUSTED SALE PRICE N/A $185,000 $235,000 $250,000 $300,000 Recording Date N/A 04/22/22 08/25/23 03/22/23 08/08/22 Months Prior To Effective Date 09/01/23 16.34 0.23 5.36 12.79 MARKET CHANGE ADJUSTMENT N/A 16.3% 0.2% 5.4% 12.8% ADJUSTED SALE PRICE N/A $215,225 $235,541 $263,396 $338,363 Parcel Area in Gross Acres 2.74-5.00 5.00 5.15 7.55 6.48 PRICE PER ACRE ? $43,045 $45,736 $34,887 $52,216 LOCATION ADDRESS Panther Walk 62nd Ave. NE 58th Ave. NE 54th Ave. NE 54th Ave. NE CORNER LOT N/A No Yes No No PAVED ROAD Yes Yes Yes Yes Yes CANAL FRONTAGE N/A No No Yes Yes OVERALL LOCATION Average Similar Similar Similar Similar 0% 0% 0% 0% UTILITIES Well & Septic Similar Similar Similar Similar 0% 0% 0% 0% COMP. PLAN Estates Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates E - Estates 0% 0% 0% 0% SIZE IN ACRES 2.74-5.00 5.00 5.15 7.55 6.48 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar 0% 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Similar Similar Similar Similar WETLANDS Yes No No No WETLANDS % 0-25% 22% 0% 0% 0% WETLANDS QUALITY High/Medium 0% 0% 0% 0% GROSS ADJUSTMENT N/A 0% 0% 0% 0% INDICATION OF UNIT VALUE ? $43,045 $45,736 $34 887 $52,216 Carroll & Carroll 59 6486 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID — 26-50% WETLANDS ITEM SUBJECT COMP #5 COMP #6 COMP #7 PARCEL # 38843240002 38843880006 38780640008 PROPERTY IDENTIFICATION Panther Walk 62nd Avenue 2626 58th Everglades NE Avenue NE Blvd. N SALE PRICE N/A $125,000 $110,300 $215,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple 0 0 0 CONDITIONS OF SALE Market Market Market Market 0 0 0 BUILDING IMPROVEMENTS None None None None 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 ADJUSTED SALE PRICE N/A $125,000 $110,300 $215,000 Recording Date N/A 07/26/23 05/23/23 03/29/23 Months Prior To Effective Date 09/01/23 1.22 3.32 5.13 MARKET CHANGE ADJUSTMENT N/A 1.2% 3.3% 5.1% ADJUSTED SALE PRICE N/A $126,520 $113,962 $226,026 Parcel Area in Gross Acres 2.74-5.00+ 5.00 2.73 5.15 PRICE PER ACRE ? $25,304 41,744 43,888 LOCATION ADDRESS Panther Walk 62nd Ave. NE 58th Ave. NE Everglades Blvd. CORNER LOT N/A No No Yes PAVED ROAD Yes Yes Yes Yes CANAL FRONTAGE N/A No No No OVERALL LOCATION Average Similar Similar Similar 0% 0% 0% UTILITIES Well & Septic Similar Similar Similar 0% 0% 0% COMP. PLAN Estates Estates Estates Estates ZONING E -Estates E - Estates E - Estates E - Estates 0% 0% 0% SIZE IN ACRES 2.74-5.00+ 5.00 2.73 5.15 SHAPE/CONFIGURATION Rectangular Similar Similar Similar 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Similar Similar Similar WETLANDS Yes Yes Yes WETLANDS % 26-50% 38% 44% 30% WETLANDS QUALITY Medium Medium Low 0% 0% 0% GROSS ADJUSTMENT N/A 0% 0% 0% INDICATION OF UNIT VALUE ? $25,304 1 $41,744 1 $43,888 Carroll & Carroll 60 6486 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID — 51-75% WETLANDS ITEM SUBJECT COMP #8 COMP #9 COMP #10 PARCEL # 38848440001 39084840008 38671960004 PROPERTY IDENTIFICATION Panther Walk 58th 70th 48th Avenue Avenue NE Avenue NE NE SALE PRICE N/A $55,000 $147,900 $185,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple 0 0 0 CONDITIONS OF SALE Market Market Market Market 0 0 0 BUILDING IMPROVEMENTS None None None None 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 ADJUSTED SALE PRICE N/A $55,000 $147,900 $185,000 Recording Date N/A 08/18/23 06/28/22 07/03/23 Months Prior To Effective Date 09/01/23 0.46 14.14 1.97 MARKET CHANGE ADJUSTMENT N/A 0.5% 14.1% 2.0% ADJUSTED SALE PRICE N/A $55,253 $168,806 $188,649 Parcel Area in Gross Acres 2.74-5.00+ 2.27 5.00 5.00 PRICE PER ACRE ? 24,341 33,761 37,730 LOCATION ADDRESS Panther Walk 58th Ave. NE 70th Ave. NE 48th Ave. NE CORNER LOT N/A No No No PAVED ROAD Yes Yes Yes Yes CANAL FRONTAGE N/A No No No OVERALL LOCATION Average Similar Similar Similar 0% 0% 0% UTILITIES Well & Septic Similar Similar Similar 0% 0% 0% COMP. PLAN Estates Estates Estates Estates ZONING E -Estates E - Estates E - Estates E - Estates 0% 0% 0% SIZE IN ACRES 2.74-5.00+ 2.27 5.00 5.00 SHAPE/CONFIGURATION Rectangular Similar Similar Similar 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Similar Similar Similar WETLANDS Yes Yes Yes WETLANDS % 51-75% 70% 59% 60% WETLANDS QUALITY N/A Low N/A 0% 0% 0% GROSS ADJUSTMENT N/A 0% 0% 0% INDICATION OF UNIT VALUE ? $24,341 1 $33,761 1 $37,730 Carroll & Carroll 61 6486 Report Sales Comparison Approach LAND SALES ADJUSTMENT GRID — 76-100% WETLANDS ITEM SUBJECT COMP 911 COMP #12 COMP #13 PARCEL # 39149280008 39142160002 39149840008 PROPERTY IDENTIFICATION Panther Walk 2780 66th 72nd Avenue 6809 Everglades Avenue NE NE Blvd. N SALE PRICE N/A $50,000 $89,280 $78,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple 0 0 0 CONDITIONS OF SALE Market Market Market LISTING 0 0 0 BUILDING IMPROVEMENTS None None None None 0 0 0 FINANCING Cash or Cash to seller Cash to seller N/A Equivalent 0 0 0 ADJUSTED SALE PRICE N/A $50,000 $89,280 $78,000 Recording Date N/A 05/24/23 03/13/23 09/01/23 Months Prior To Effective Date 09/01/23 3.29 5.65 0.00 MARKET CHANGE ADJUSTMENT N/A 3.3% 5.7% 0.0% ADJUSTED SALE PRICE N/A $51,644 $94,328 $78,000 Parcel Area in Gross Acres 2.74-5.00+ 2.73 2.73 2.81 PRICE PER ACRE ? $18,917 $34,552 $27,758 LOCATION ADDRESS Panther Walk 66th Ave. NE 72nd Ave. NE Everglades Blvd. CORNER LOT N/A No No Yes PAVED ROAD Yes Yes Yes Yes CANAL FRONTAGE N/A No No No OVERALL LOCATION Average Similar Similar Similar 0% 0% 0% UTILITIES Well & Septic Similar Similar Similar 0% 0% 0 COMP. PLAN Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates 0% 0% 0% SIZE IN ACRES 2.74-5.00+ 2.73 2.73 2.81 SHAPE/CONFIGURATION Rectangular Similar Similar Similar 0% 0% 0% PHYSICAL CHARACTERISTICS Native Veg. Similar Similar Similar WETLANDS Yes Yes Yes WETLANDS % 76-100% 100% 85% 100% WETLANDS QUALITY N/A Medium Medium 0% 0% 0% GROSS ADJUSTMENT N/A 0% 0% 0% INDICATION OF UNIT VALUE ? 1 $18,917 1 $34,552 1 $27,758 Carroll & Carroll 62 6486 Report Sales Comparison Approach DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a "market" transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • None of the comparable sales required adjustment in this category. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • None of the comparable sales required adjustment in this category. Carroll & Carroll 63 6486 Report Sales Comparison Approach FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. The comparables occurred between 2022 and 2023, which market conditions continue to improve. The vacant lot sales from the prior 12 months within the market boundaries of Oil Well Road to the north, Desoto Boulevard to the east, Golden Gate Boulevard to the south, and Wilson boulevard to the west, were plotted on a graph by price per acre. These above sales range between a low of $21,052 per acre and a high of $119,047 per acre with an average sale price of $55,050 per acre. Based on an analysis of these sales, sale prices over the prior 12 months appear to be stable, with no noticeable market change. (The chart provided includes a trend line). Golden Gate Price per Acre August 2022 August 2023 $140,000 $126,000 5100,000 $80,000 $60,000 $40,000 $20,000 50 8/18/2022 9/18/2022 10/18/2022 11/18/2022 12J181= 1118j2023 2/18/2023 3%18/2M 4148/2023 5/18/2025 6118/20M 7/18/M23 I also analyzed recent paired sales in the submarket area which indicate positive market change. Land values continue to appreciate due to the demand for affordable residential land. The buyers include a mix of individuals who plan to build a home, investors, and speculative home builders. Giving consideration to all of the above, I applied a market change rate of 1.00% per month or 12.00% annually. Carroll & Carroll 64 6486 Report Sales Comparison Approach LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • None of the comparable sales required adjustment in this category. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. • None of the comparable sales required adjustment in this category. COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparables sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • I was provided with the Conservation Collier Initial Criteria Screening Report Panther Walk TPMA dated August 3, 2022 and updated August 26, 2022. The parcels are located within the Panther Preserve with most containing wetlands. The higher the quality of the wetlands, the higher the mitigation costs. The parcels consist of a mixture Carroll & Carroll 65 6486 Report Sales Comparison Approach of vegetative communities including cypress strand forest, cypress/mixed hardwood forests, oak/pine hammock, wet prairie, and pine flatwoods. • I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and sellers to determine the wetlands associated with the Comparable sales. No adjustments were made for physical characteristics and instead the comparables were bracketed with some being superior, similar, and inferior. RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: UP TO 25% WETLANDS Comparables Price Per Gross Acre of Land Area 1 $43,045 2 $45,736 3 $34,887 4 $52,216 The range of unit value indications is from $34,887 to $52,216 per acre with an average of $43,971 per acre and a median of $44,391 per acre. Based on the range, I concluded to a unit value of $44,000 per acre. Carroll & Carroll 66 6486 Report 26-50% WETLANDS Sales Comvarison Annroach Comparables Price Per Gross Acre of Land Area 5 $25,164 6 $32,560 7 $46,164 The range of unit value indications is from $25,304 to $43,888 per acre with an average of $36,979 per acre and a median of $41,744 per acre. Based on the range, I concluded to a unit value of $37,000 per acre. Carroll & Carroll 67 6486 Report 51-75% WETLANDS Sales Comvarison Annroach Comparables Price Per Gross Acre of Land Area 8 $24,341 9 $33,761 10 $37,730 The range of unit value indications is from $24,341 to $37,730 per acre with an average of $31,944 per acre and a median of $33,761 per acre. Based on the range, I concluded to a unit value of $32,000 per acre. Carroll & Carroll 68 6486 Report 76-100% WETLANDS Sales Comvarison Annroach Comparables Price Per Gross Acre of Land Area 11 $18,917 12 $34,552 13 $27,758 The range of unit value indications is from $18,917 to $34,552 per acre with an average of $27,076 per acre and a median of $27,758 per acre. Based on the range, I concluded to a unit value of $27,000 per acre. FINAL ESTIMATE OF VALUE - PANTHER WALK (2.74-5.00 ACRES) The final indications of value on a per acre basis as of September 1, 2023 are presented below. Tier Amount of Wetlands I Up to 25% Wetlands II 26-50% Wetlands III 51-75% Wetlands IV 76-100% Wetlands CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Price Per Gross Acre $44,000 $37,000 $32,000 $27,000 Carroll & Carroll 69 6486 Report Addenda ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 ParcelList.............................................................................................................................. 3 Qualificationsof Appraiser................................................................................................. 2 Carroll & Carroll 6486 Report Addenda ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. None None EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS HYPOTHETICAL CONDITIONS GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. Carroll & Carroll 6486 Addenda 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "vested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection we were sensitive to obvious signs of contamination and we reported anything unusual. However, we are not qualified to render professional opinions regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. 14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are not required to give further consultation, testimony, or to be in attendance in court. Carroll 8s Carroll 6486 Addenda Table of Panther Walk Preserve Project Area Parcels FOLIO NUMBER ACRES 38841560001 2.27 38841600000 1.14 38841640002 1.59 38841680004 2.27 38843040008 5.00 38843120009 2.50 38843120106 2.50 38843160001 2.50 38843160108 2.50 38843240002 5.00 38843680002 2.73 38843800002 2.73 38843880006 2.73 38844040007 5.00 38844080009 2.27 38844120008 2.73 38844160000 1.14 38844200009 1.14 38844240001 1.59 38844280003 1.14 38844320002 2.73 38844360004 2.27 38844400003 5.00 38844440005 2.73 38844480007 2.27 38844520006 2.27 38844560008 2.73 38844600007 5.00 38844640009 1.14 38844680001 2.73 38844720000 1.14 38844760002 2.27 38844840003 1.59 38844880005 1.14 38844920004 1.14 38844960006 1.14 38845000004 1.14 38845040006 2.73 38845120007 2.27 38845160009 2.73 38845200008 5.00 FOLIO NUMBER ACRES 38849440000 1.14 38849480002 2.73 38849520001 1.14 38849560003 2.73 38849600002 2.27 38964080002 2.73 38965680003 2.73 38965760004 1.14 39141440008 2.27 39141480000 2.73 39143160001 1.14 39143200000 1.14 39143320003 1.59 39143360005 1.14 39145200008 2.73 39145240000 1.14 39145280002 2.73 39145320001 1.14 39145360003 1.14 39147120005 2.73 39147200006 2.73 39147240008 1.14 39147280000 1.14 39147320009 1.14 39147360001 1.14 . 39147400000 2.73 39147440002 1.14 j 39147480004 1.14 39147520003 2.73 39147600004 1.14 39148960002 2.73 39149000000 1.14 39149080004 1.59 39149120003 1.14 39149160005 2.27 39149200004 1.14 39149280008 2.73 39149320007 1.14 39149360009 1.14 39149400008 2.73 39149440000 1.14 Carroll 8s Carroll 6486 Addenda FOLIO NUMBER ACRES 38845320001 1.14 38845360003 1.59 38845440004 1.14 38845480006 2.27 38845520005 2.73 38845640008 1.14 38945840002 1.59 38845880004 5.00 38845920003 1.14 38845960005 2.73 38846000003 1.14 38846040005 1.14 38846080007 1.14 38846160008 2.27 38846200007 2.73 38846240009 5.00 38846280001 2.27 38846320000 2.73 38846360002 5.00 38846400001 1.59 38846520004 1.14 38846720008 1.14 38946760000 1.59 38846800009 1.14 38846880003 2.73 38846920002 2.27 38846960004 2.73 38847120005 1.14 38847280000 1.59 38847320009 2.73 38847360001 1.14 38847440002 2.50 38847440109 2.50 38847480004 1.14 38847520003 1.59 38847560005 1.14 38847600004 1.14 38847680008 2.27 38847760009 1.59 38847840000 1.14 38847880002 1.14 38848040003 2.27 FOLIO NUMBER ACRES 39149480002 1.14 39149520001 2.73 39149560003 1.14 39149640004 2.73 39149720005 1.14 39149760007 1.14 39149800006 1.14 39149840008 1.14 39150000002 1.14 39150120005 2.73 39150160007 5.00 39150200006 1.14 39150240008 2.73 39150280000 1.14 39150320009 1.14 39150440002 1.59 39150480004 1.14 39150520003 1.14 39150560005 1.14 39150680008 2.73 39150720007 1.14 39150760009 2.73 39150800008 1.14 39150840000 2.27I 39150880002 2.73 39151120004 1.14 39151440001 1.14 39151520002 1.14 39151560004 1.14 39151600003 2.73 39151640005 2.27 39151680007 1.59 39151720006 1.14 39151760008 1.14 39151880001 1.14 39151920000 1.59 39152080004 1.14 39152120003 1.14 39152160005 1.14 39152200004 2.73 39152240006 1.14 39152280008 1.14 Carroll 8s Carroll 6486 Addenda FOLIO NUMBER ACRES 38848080005 2.73 38848120101 2.73 38848200005 1.59 38848240007 2.27 38848280009 1.14 38848400009 1.14 38948600003 1.59 38848640005 1.14 38848840009 1.14 38848920000 2.73 38849000000 1.14 38849040002 1.59 38849080004 2.27 38849120003 2.73 38849160005 2.27 38849360009 2.73 38849400008 2.27 FOLIO NUMBER ACRES 39152320007 1.14 39152360009 2.73 39152400008 1.14 39152440000 1.14 39152480002 1.14 39152520001 1.59 39152560003 2.73 39152600002 1.14 39152640004 1.14 39152760007 1.14 39152800006 2.27 39152840008 2.73 39152920009 1.14 39155080001 2.34 39155120000 1.17 39155160002 2.40 39155200001 2.00� Carroll 8s Carroll 6486 Report Addenda /40 Carroll & Carroll Real Estate Appraisers & Consultants Timothy W. Sunyog, MAI CERT GEN RZ3288 PROFESSIONAL RECOGNITION State -Certified General Real Estate Appraiser RZ3288 Earned 12-15-08 MAI Designation Appraisal Institute Earned 06-24-15 PROFESSIONAL EXPERIENCE Carroll & Carroll Appraisers & Consultants, LLC, Naples, FL — Principal/Full Time Commercial Real Estate Appraiser, January 2018 - Present Carroll & Carroll, Inc., Naples, FL, Full Time Commercial Real Estate Appraiser, August 2005 -August 2006 & July 2007 — December 2017 Realvest Appraisal Services, Inc., Maitland, FL, Associate Appraiser, September 2006 -June 2007 Florida Real Estate Sales Associate - February 2014 — Present Qualified Expert Witness, Circuit Court EDUCATION Rollins College, Bachelor of Arts — Economics - May 2004 Argus Valuation — DCF Training, February 2012 Continuing Education —Tim Sunyog has met the continuing education requirements of the State of Florida and the Appraisal Institute PROFESSIONAL ASSOCIATIONS Appraisal Institute — Florida Gulf Coast Chapter (President) Appraisal Institute — Leadership Development & Advisory Council (LDAC) Naples Area Board of Realtors CIVIC INVOLVEMENT Education Foundation — Connect Now Initiative Relay for Life Naples Junior Chamber PRACTICE INCLUDES ASSIGNMENTS INVOLVING Vacant Land Multifamily Properties Office Buildings Subdivisions Ad Valorem Tax Analysis Condemnation Agricultural Properties Commercial Condos Retail Centers Buy/Sell Decisions Litigation FEMA 50% Rule Appraisals Churches Industrial Buildings Restaurants Self -Storage Facilities Estate Settlement Carroll & Carroll 6486 Re] a WE rt Ron DeSantis, Governor STATE OF FLORIDA Melanie S. Griffin, Secretary Addenda db Florida pr DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES SUNYOG, TIMOTHY WILLIAM 2805 HORSESHOE DRIVE SOUTH ,f V SUITE 100 "� y NAPLES FL 34104 LICENSE NUMBER: RZ3288 EXPIRATION DATE: NOVEMBER 30, 2024 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Carroll 8s Carroll