Agenda 06/11/2024 Item #11B (Agreement to purchase within the CONSERVATION COLLIER Dr. ROBERT H. GORE lll PRESERVE and RED MAPLE SWAMP PRESERVE MULTI-PARCEL PROJECT AREAS.06/11/2024
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier Land
Acquisition Program with 1) Nelson Granados for a 5.15 acre parcel at a cost of $106,860; 2) Nancy A.
Waters, William C. Bartelsmeyer, and Judith A. Moulton, individually and as Trustee of the Revocable
Trust Agreement No. 012645 dated December 18, 2015 (“Moulton Tr.”), for a 7.17 acre parcel at a cost of
$141,340; 3) Ana Margarita Taylor-Abraham as Plenary Guardian of the person and property of Ana L.
Taylor, surviving spouse of Ernesto Taylor (“Taylor”) for 5 acres at a cost of $98,650; and 4) Nancy A.
Walsh for a 1.14 acre parcel at a cost of $19,494, for a total cost not to exceed $373,834 inclusive of closing
costs. ___________________________________________________________________________________
OBJECTIVE: To purchase four parcels totaling 18.46 acres within the Conservation Collier Dr. Robert H. Gore
III Preserve and Red Maple Swamp Preserve multi-parcel project areas.
CONSIDERATIONS: On October 10, 2023, Agenda Item #11B, the Board of County Commissioners (Board)
approved a Conservation Collier Land Acquisition Advisory Committee recommended Cycle 12A Active
Acquisition List (AAL) and directed staff to actively pursue the acquisition of the properties under the Program.
The Granados, Moulton Tr., and Taylor properties within the Dr. Robert H. Gore III Preserve multi -parcel project
and the Walsh property within the Red Maple Swamp Preserve multi -parcel project were approved as A-list
properties on the Cycle 12A AAL.
Dr. Robert H. Gore III Preserve: Potential public uses at Gore Preserve include hiking, nature photography, bird
watching, and environmental education. Hydrologic indicators such as karst topography, cypress knees, and
watermarks on buttressed cypress trees provide evidence of seasonal flooding. The mature cypress trees in the
preserve project indicate that the area has historically contained wetlands. The properties are within a historic
wetland area connecting east with the Florida Panther National Wildlife Refuge (FPNWR) via the old Ford Test
Track. The Gore Preserve and surrounding lands enhance the FPNWR by acting as a buffer and providing a
reasonably large-sized wild land addition north of I-75. Wildlife underpasses at the adjacent Faka-Union and
nearby Miller canals create an ecological link south under I-75 to the Picayune Strand State Forest. A little over two
miles to the west are the North Belle Meade Preserve and the North Belle Meade sending lands. The Gore Preserve
project is within the Florida Fish and Wildlife Conservation Commission Primary Panther habitat zone.
The project area contains protected species of plants, including giant sword fern, several listed bromeliads in the
Tillandsia genus, and five native orchid species. The project area contains Florida panthers, Florida black bears,
and numerous other wildlife. The observed habitat and location would also support the presence of Everglades
mink, tricolored heron, and little blue heron - all state-protected species.
In February 2024, staff contracted with two independent, state-certified general real estate appraisal firms to
appraise all parcels within the Gore Project area. The appraisals provided an average appraised value of $20,750 an
acre for parcels between 4.01 and 7.17 acres, based on comparable sales from wetland, not upland parcels. The cost
to obtain the appraisals was $4,900.
Granados - west off Desoto Blvd. S., Parcel 41504960003 south of 36th Ave SE
o 5.15 acres (224,334 square feet) of vacant, unimproved land consisting of forested, mixed hardwood
wetlands with non-hydric soils.
o An offer of $101,520 was made on March 8, 2024, and rejected. The negotiated price of $106,860 was
accepted on April 5, 2024. The purchase price of $106,860 is 100% of the appraised value.
Moulton Tr. - east of Desoto Blvd. S., Parcel 41561000003 on the north side of 42nd Ave SE
o 7.17 acres (312,325 square feet) of vacant, unimproved land consisting of forested, cypress wetland
11.B
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06/11/2024
with 100% hydric, slough soils.
o An offer of $141,340 was made on March 8, 2024, and accepted on March 15, 2024. The purchase
price of $141,340 is 95% of the appraised value.
Taylor - west of Desoto Blvd. S., Parcel 41504320009 on the south side of 40th Ave SE
o 5.00 acres (217,800 square feet) of vacant, unimproved land consisting of forested, mixed wetland
hardwoods and cypress with approximately 40% hydric, slough soils.
o An offer of $98,650 was made on March 8, 2024, and accepted on March 22, 2024. The purchase price
of $98,650 is 95% of the appraised value.
Red Maple Swamp Preserve: The Red Maple Swamp Preserve Multi-Parcel project, located west of 9th St. NW and
south of Shady Hollow Blvd. W was established in 2005. A total of 245.1 acres (80%) of the 305.8-acre project
have been acquired within the project boundary. Acquisition within Red Maple Swamp provides floodplain storage
during high rainy season. Additional program criteria that would be satisfied by this acquisition include protection
of surface and groundwater resources, protection of wetland-dependent species habitat, and good potential for
restoration. Red Maple Swamp Preserve is also directly adjacent to protected South FL Water Management District
Lands.
The project consists primarily of wetland hardwood forest, with a substantial portion of that being dominated by
cypress and red maple swamp - habitat for many endangered wading birds, including the wood stork. Telemetry
points show use by Florida panthers, and deer and Florida black bear have been observed in the area.
Staff contracted with one independent, state-certified, general real estate appraisal firm to appraise all parcels
within the project. The appraisal, dated August 2022, provided an average appraised value for wetland parcels
between 1.14 and 2.73 acres within the project at $18,000 an acre. The cost to obtain the appraisal was $2,500.
Walsh - south of Shady Hollow Blvd. W., Parcel 39491760001, north off 41st Ave. NW
o 1.14 acres (49,658 square feet) of vacant, unimproved land consisting of forested, shrubby wetlands
with 100% hydric, slough soils.
o An offer of $19,494 was made on February 29, 2024, and accepted on March 14, 2024. The purchase
price of $19,494 is 95% of the appraised value.
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. Pursuant to Ordinance
2024-17, Section 12(6), a Project Design Report (“PDR”) for each of these properties is provided herewith.
FISCAL IMPACT: The funds for these four land acquisitions will be withdrawn from the Conservation Collier
Trust Fund (1061). The four properties identified herein are comprised of a not to exceed acquisition cost of
$373,834 as follows:
Seller
Name
Acres Appraised
Value
Purchase
Price
Closing Costs
(title commitment,
title policy, closing
fee, recording
fees)
Total
Purchase
Price
Initial 5
Yr.
Maint
Costs
Long-term
Annual
Maint
Costs
Granados 5.15 $106,860 $106,860 $1,960 $108,820 $10,243 $1,288
Moulton Tr. 7.17 $148,780 $141,340 $2,140 $143,480 $14,300 $1,800
Taylor 5.00 $103,750 $ 98,650 $1,920 $100,570 $ 9,950 $1,250
Walsh 1.14 $ 20,520 $ 19,494 $1,470 $ 20,964 $ 1,595 $ 170
TOTAL 18.46 $379,910 $366,344 $7,490 $373,834 $36,088 $4,508
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06/11/2024
As of June 11, 2024, the estimated property acquisition costs for Conservation Collier properties, including these
properties and those under contract, total $122,696,701. 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 $36,088. After initial restoration, the estimated maintenance costs for these parcels will be approximately $4,508
annually.
GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and
supports Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth
Management Plan.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for
approval. - SAA
RECOMMENDATION:
1) To approve the attached Agreements and accept the Warranty Deeds once approved by the County
Attorney’s Office;
2) To authorize the Chairman to execute the Agreements and any and all other County Attorney’s Office
approved documents related to these transactions; and
3) To authorize the County Manager or designee to prepare related vouchers and warrants for payments and to
take all reasonable steps necessary to ensure performance under the Agreements.
Prepared by: Vivian Rodriguez, Property Acquisition Specialist, Real Property Management, Facilities
Management Division
ATTACHMENT(S)
1. [LINKED] Gore Appraisal - Carroll and Carroll (PDF)
2. [LINKED] Gore Appraisal - RKL (PDF)
3. [LINKED] Red Maple Swamp Appraisal - RKL (PDF)
4. Granados Agreement (PDF)
5. Granados-PDR-Gore (PDF)
6. Moulton Tr. - Agreement (PDF)
7. Moulton Tr. - PDR-Gore (PDF)
8. Taylor - Agreement (PDF)
9. Taylor - PDR-Gore (PDF)
10. Walsh Agreement (PDF)
11. Walsh-RMS-PDR (PDF)
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06/11/2024
COLLIER COUNTY
Board of County Commissioners
Item Number: 11.B
Doc ID: 28858
Item Summary: Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier
Land Acquisition Program with 1) Nelson Granados for a 5.15 acre parcel at a cost of $106,860; 2) Nancy A.
Waters, William C. Bartelsmeyer, and Judith A. Moulton, individually and as Trustee of the Revocable Trust
Agreement No. 012645 dated December 18, 2015 (“Moulton Tr.”), for a 7.17 acre parcel at a cost of $141,340; 3)
Ana Margarita Taylor-Abraham as Plenary Guardian of the person and property of Ana L. Taylor, surviving spouse
of Ernesto Taylor (“Taylor”) for 5 acres at a cost of $98,650; and 4) Nancy A. Walsh for a 1.14 acre parcel at a cost
of $19,494, for a total cost not to exceed $373,834 inclusive of closing costs. (Jaime Cook, Development Review
Division Director)
Meeting Date: 06/11/2024
Prepared by:
Title: – Facilities Management
Name: Vivian Rodriguez
05/08/2024 3:13 PM
Submitted by:
Title: – Facilities Management
Name: John McCormick
05/08/2024 3:13 PM
Approved By:
Review:
Public Services Department Melissa Hennig GMCDD Reviewer Completed 05/08/2024 3:17 PM
Facilities Management John McCormick Director - Facilities Completed 05/08/2024 6:29 PM
Development Review Summer BrownAraque GMCDD Reviewer Completed 05/09/2024 2:28 PM
Growth Management Community Development Department Diane Lynch GMCDD Reviewer Completed
05/10/2024 6:20 PM
Facilities Management Jennifer Belpedio Manager - Real Property Completed 05/13/2024 6:44 PM
Planning Commission Diane Lynch GMCDD Reviewer Completed 05/21/2024 2:18 PM
Operations & Regulatory Management Michael Stark GMCDD Reviewer Completed 05/21/2024 3:44 PM
Transportation Management Operations Support Evelyn Trimino GMCDD Reviewer Completed
05/23/2024 9:37 AM
Unknown Jaime Cook GMCDD Reviewer Completed 05/29/2024 9:35 AM
County Attorney's Office Sally Ashkar Level 2 Attorney Review Completed 06/03/2024 8:24 AM
Growth Management Community Development Department James C French Growth Management Completed
06/04/2024 1:51 PM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 06/04/2024 2:06 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 06/04/2024 3:26 PM
Office of Management and Budget Laura Zautcke OMB Reviewer Completed 06/04/2024 4:38 PM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 06/05/2024 10:12 AM
11.B
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06/11/2024
Board of County Commissioners Geoffrey Willig Meeting Pending 06/11/2024 9:00 AM
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CONSERVATION COLLIER
TAX i0 NUMEER 41504960003
THIS AGREEMENT is made and entered into by and between Nelson Granados, f/k/a
Nelson J Granados, whose address is 6253 NW 175rH Terrace, Miami, FL 33015
(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 "properly"), located in Collier County, State of Florida, and being more
particularly described in Exhibit "A", attached hereto and made a part hereof by
refe re n ce.
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 lhe 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, il is agreed as follows:
I. AGREEMENT
2.01 The purchase price (the "Purchase Price") for the Property shall be
ONE HUNDRED SIX THOUSAND EIGHT HUNDRED SIXTY and 00/100 doilars
(S106,860.00), (U S Currency) payable at time of closing
3 01 The Closing (THE "CLOSING DATE", "DATE OF CLOS|NG,, OR ,,CLOS|NG,,) of
the transaction shall be held on or before one hundred and eighty (180) days
following execution of this Agreement by the Purchaser, or within thirty (30) days of
Purchaser's receipt of all closing documents, whichever is later The closing shall
be held at the office of the insuring ti e company or by mail. The procedure to be
followed by the parties in connection with the Closing shall be as follows.
CC Agreement 02/12i2024 Page 1 of 14
AGREEMENT FOR SALE AND PURCHASE
1.01 ln consideration of the purchase price and upon the terms and conditions
hereinafler set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Prope(y, described in Exhibit "A"
II, PAYN,IENT OF PURCHASE PRICE
III, CLOSING
11.B.d
Packet Pg. 237 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT]ON COLLIER
TAX r0 NUMBER 41504960003
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:
(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-Foretgn Affidavit", as requtred by
Section 1445 of the lnternal Revenue Code and as required by the title
insurance underwriter to insure the "gap" and issue the policy contemplated
by the title insurance commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the following:
3.0121 A negotiable instrument (County Wanant) 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
record ing of the deed.
3.0122 Funds payable to the Seller representing the cash payment due at
Closing in accordance with Article lll hereof, shall be subject to adjustment for
prorations as hereinafter set forth.
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,
CC Ag.eemenl 02/1212024 Page 2 ol 14
(a) The lien for current taxes and assessments.
11.B.d
Packet Pg. 238 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX ID NUMBER 41504960003
3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real
Property taxes shall be prorated based on the current year's tax with due
allowance made for maximum allowable discount, homestead and any other
applicable exemptions and paid by Seller. lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
year's millage.
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within this Article, Purchaser and/or Seller, as the case may be, shall
perform the following within the times stated, which shall be conditions precedenl
to the Closing;
4.01 1 Within fifteen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy
(ALTA Form 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 nolify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any, which
obligations shall be paid at closing. lf the title commitment contains exceptions
that make the title unmarketable, Purchaser shall deliver to the Seller written
notice of its intention to waive the applicable contingencies or to terminate this
Ag reement
4.012 lt Purchaser shall fail to advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, lhe
title shall be deemed acceptable. Upon notification of purchaserb 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, shail
use its best efforts to make such title good and marketable. ln the event selleris unable to cure said objections within said time period, purchaser, byproviding written notice to Seller wilhin seven (7) days after expiration of saidthirty (30) day period, may accept title as it then is, waiving any ob.lection, orPurchaser may terminate the Agreement. A failure by purchaser to'give suchwritten notice of termination within the time period provided hereiri shall be
CC Agreement 02/1 2/2024 Page 3 of 14
@
Florida Statutes, and the cost and electronic fee of recording any instruments
necessary to clear Selleis 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. lf required by a Phase I report and desired by Purchaser,
Seller shall pay for a Phase Il Environmental Assessment selected by Purchaser.
IV, REQUIREMENTS AND CONDITIONS
11.B.d
Packet Pg. 239 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX t0 NU|\,BER 41504960003
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 drfference in
acreage revealed by survey exceeds 5% of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from Purchaser. Purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any such
objections. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period, may accept the
Property as it then is, waiving any objection to the encroachment, or projection,
or lack of legal access, or Purchaser may terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or projectlon, or lack of legal access.
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indicate that the property can be developed
without any abnormal demucking, soil stabilization or foundations.2 There are no abnormal drainage or environmental requirements to the
development of the Property.
3. The Property is in compliance with all applicable State and Federal environ-
mental laws and the Property is free from any pollution or contamination.4. The Property can be utilized for its intended use and purpose in the
Conservation Collier program.
CC Agteernent 02 / 1 2 I 2024 Page 4 of 14
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V, INSPECTION PERIOD
11.B.d
Packet Pg. 240 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspectron Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller
in writing of its specrfic objections as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
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 tesls, use due care. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Property.
VI, INSPECTION
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time prior to the Closing.
VII, POSSESSION
7.01 Purchaser shall be entitled to full possession of the Property at Closing
VIII, PRORATIONS
8.01 Ad valorem laxes next due and payable, after closing on the property, shall
be proraled at Closing based upon the gross amount of current year taxes, and
shall be paid by Seller.
IX, TERMINATION AND REMEDIES
9.0'1 lf seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of such failure, purchaser may, at its option. terminate this
Agreement by giving written notice of termination to seller. purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity toa contract vendee, including lhe right to seek specific performance of ihis
Ag reement.
CC Aq eemenl 02/ 12/2024
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CONSERVATION COLLIER
TAX tD NUi,iBER 41504960003
11.B.d
Packet Pg. 241 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX rD NU|\,4BER 41504960003
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 SELL ER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
10.0,l1 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. Seller further represents
the Property is free from any and all occupants, tenants, and other persons or
entities claiming possession of the Property at the time of closing. This
provision shall survive closing. Seller further represents the Property is free
from any and all occupants, tenants, and other persons or entities claiming
possession of the Property at the time of closing. This provision shall survive
closing.
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
Ag reement 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 o{ 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.
CC Ag"eemenl A2t1212024 Page 6 ol 14 n
\".o,
10 01 Seller and Purchaser represent and warrant the following:
11.B.d
Packet Pg. 242 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX ID NUMBER 4 ] 50{960003
10.016 Until the date fixed for Closing, so long as this Agreement remarns 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
lhe production, handling, storage, transporlation, manufacture, or disposal of
hazardous or loxic 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 leases. licenses or other
possessory interests. 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.
CC Agreer",e a2tl2t?.a24 Page 7 cl 14 @
11.B.d
Packet Pg. 243 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
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 Selleis 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 zonrng 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, drrectly or indirecfly,
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 g601,
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.
CC Agreemenl 02/1212024
@
CONSERVATION COLLIER
TAX lO NU|\,,|BER 41504960003
Page 8 ol14
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Packet Pg. 244 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 41 504960003
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
iutomated confirmation of receipt, or by registered, or certified mail, return receipt
requested, postage prepaid, addressed as follows:
lf to Purchaser: Summer Araque, Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services DePartment
Golden Gate CommunitY Park
3300 Santa Barbara Blvd.
Naples, Florida 341 16
With a copy to Attn: Vera lvanova
Collier County Real Property Management
3335 Tamiami Trail East. Suite 102
Naples, Florida 341 12
Telephone n umber: 239 -252-7 609
Fax number: 239-252-8876
lf to Seller Nelson Granados
6253 NW 175rh Terrace,
Hialeah, Florida, 330'1 5
Telephone number: 786-61 7-091 2
Email: nelson.granados@gmail.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.
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
rAPage I of 14
XII REAL ESTATE BROKERS
CC Agreement 02/1212024
11.B.d
Packet Pg. 245 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX ID NUMBER 41504S60003
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.
X III, 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 lo
which it is related and shall not be deemed to be a continuing or future waiver as
to such provision or a waiver as to any other provision.
13.07 lf any date specified in this Agreement falls on a Saturday, Sunday, or legal
holiday, then the date to which such reference is made shall be extended to the
next succeeding business day.
13 08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida,
CC Agreemenl 02/1212024 Page 10 ol 14
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11.B.d
Packet Pg. 246 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX ID NUMBER 41504960003
13.09 lf the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust, or any form of representative capacity whatsoever
for others, Seller shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 517, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from the
provisions of Chapter 286, Florida Statutes.)
13.10 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
XIV ENTIRE AGREEMENT
14.01 This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and no promise, representation, warranty, or
covenant not included in this Agreement, or any such referenced agreements has
been or is being relied upon by either party No modification or amendment of this
Agreement shall be of any force or effect unless made in writing and executed and
dated by both Purchaser and Seller. Time is of the essence of this Agreement
XV ACKNOWLEDGMENT OF POTENTIAL FUTURE USE
15.01 Seller and Purchaser acknowledge and agree that any portion of the
Property may be used for public road right of way and roadway related
improvements, including, but not limited to, stormwater and utility improvements,
at the sole discretion of Purchaser.
S/GNATURES APPEAR ON THE FOLLOWING PAGES
CC Agreenrent 021 1212024 Page11of14 6
11.B.d
Packet Pg. 247 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 41 504960003
lN WITNESS WHEREOF, the parties hereto have signed below
Dated ProjecVAcquisition Approved by BCC
AS TO PURCHASER:
ATTEST.
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Comptroller
BOARD OF COUNry COMMISSIONERS
COLLIER COUNTY, FLORIDA
By
, Deputy Clerk CHRIS HALL, Chairman
REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK
CC Agreement 021 1 212024 Page12ol14 /^
(c4''
11.B.d
Packet Pg. 248 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX ID NUMBER Al50A960003
AS TO SELLER
DATED: O
By:QJJJ/I
Nelson ranados,
f/k/a Nelson J Granados
Approved as to form and legality:
Assistant County Attorney t )cfS tll(flL-i
CC Ag reement 021 1 212024 Page 13 of 14 @
11.B.d
Packet Pg. 249 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX rD NUMBER. a1504960003
EXHIBIT "A"
PROPERTY IDENTIFICATION NUMBER: 41 504960003
All of Tract 57, Unit 91, Golden Gate Estates, Unit 91, according to the platthereof, as
recorded in Plat Book 5, Page 30, of the Public Records of Collier County, Florida.
5 15ACRES
CC Agreement 021 1 212024 Page 14 of 14
11.B.d
Packet Pg. 250 Attachment: Granados Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
1
Conservation Collier Land Acquisition Program
Project Design Report
Granados Property
Date: May 2024
Property Owner: Nelson J. Granados
Folio(s): 41504960003
Location: GOLDEN GATE EST UNIT 91 TR 57
Size: 5.15 acres
Purchase Price: $106,860
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is within the Dr. Robert H. Gore III (Gore) Preserve multi-parcel project boundary.
The Granados parcel was considered due to its proximity to an existing Conservation Collier
preserve. The Gore Preserve project area, which includes the Granados parcel, met 5 out of 6 Initial
Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended,
including presence of native habitat, potential for nature-based recreational and educational
opportunities, protection of water resource values and wetland dependent species habitat, presence
of significant biological/ecological values, listed species habitat, connectivity, and restoration
potential.
The parcel offers access from Desoto Blvd. S. This property could accommodate outdoor
recreation, particularly due to the proximity to the Dr. Robert H. Gore III Preserve. Potential public
uses include hiking, nature photography, bird watching, and environmental education.
The project area is approximately 75% wetlands, with the remaining 25% seasonal wetlands.
Significant areas of karst have been observed in the area. Karst is limestone terrain characterized
by sinkholes, caverns and underground streams, and is a wetland indicator. Plant communities
found on the property are consistent with mapped soils and provide habitat for wetland dependent
species. The project area is mapped by the South Florida Water Management District as
contributing 43’ to 56” annually of water to the Surficial Aquifer System and can be expected to
contribute to the attenuation of area flood waters. Hydrologic indicators such as karst topography,
cypress knees, and water marks on buttressed cypress trees provide evidence of seasonal flooding.
Selected for the “A” category, #1
priority, on the Active Acquisition List
(AAL) by CCLAAC
Selected for the “A”
category, #1 priority, on
AAL by BCC
Offer made
to owners Offer accepted
7/14/2023 10/10/2023 3/8/2024 4/5/2024
11.B.e
Packet Pg. 251 Attachment: Granados-PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
2
The mature cypress trees found on the property indicate that the area has historically contained
wetlands.
Invasive exotic plant species are present in significant amounts, up to 95% along the roadside and
approximately 50% interiorly. The primary invasive exotic plant is Brazilian pepper (Schinus
terebinthifolius), but others are likely also present.
The project area contains protected species of plants, including giant sword fern (Nephrolepis
biserrata) and several listed bromeliads in the Tillandsia genus. A neighbor and environmental
professional who is familiar with the property reported 5 native orchid species present within the
project area. The same neighbor has seen 5 panthers in the area since 2014 (including a panther
with kittens), dozens of Florida black bears (including females with cubs), and numerous other
wildlife. The observed habitat and location would support the presence of Everglades mink
(Neovison vison evergladensis), tricolored heron (Egretta tricolor), and little blue heron (Egretta
caerulea), all state-protected species.
The property is within an historic wetland area that connects on the east with the Florida Panther
National Wildlife Refuge (FPNWR) via the old Ford Test Track. The Gore Preserve and
surrounding lands enhance the FPNWR by acting as a buffer and providing a reasonably large
sized wild land addition north of I-75. There are wildlife underpasses at the adjacent Faka Union
and nearby Miller canals creating an ecological link south under I-75 to the Picayune Strand State
Forest. A little over two miles to the west are the North Belle Meade sending lands. The Gore
project is within the Florida Fish and Wildlife Conservation Commission (FWC) Primary Panther
habitat zone. The Granados parcel expands the Gore Preserve. This parcel, joined with many
others, could permanently protect a corridor between North Belle Meade and the Florida Panther
National Wildlife Refuge.
Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern
Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification.
There are no additional land use overlays applicable.
Projected Management Activities: Projected management activities include the removal of
invasive plants, the development of a Land Management Plan, and continued development of
public access to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2025 2026 2027 2028
2029
Exotics $2,575 $2,060 $2,060 $2,060 $1,288
Signage $200
Total $2,775 $2,060 $2,060 $2,060 $1,288
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
11.B.e
Packet Pg. 252 Attachment: Granados-PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
3
11.B.e
Packet Pg. 253 Attachment: Granados-PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
4
11.B.e
Packet Pg. 254 Attachment: Granados-PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLL ER
TAX ID NUMBER:41561000003
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between NANCY A.WATERS
(3333% share), whOSe address is 1503 Pine Creek D「, Spnngield, lL 62711:
W:LL:AM C.BARTELSMEYER(3334%share),whOSe address is 761 Stone Meadow
Dnve,Chesterfield,M063005i and JUD:TH A.MOuLTON(3333%share),indiVidually
and as Trustee to the Revocable ttrust Agreement No 012645, dated December 18,
2015, and known as」A Moulton Trust No 012645, whose address is ll14 VV Main
Cross, Taylorvi∥e, lL 62568 (hereinafter co∥ectively referred to as "Se∥er), and
COLL:ER COUNTY,a pOllical subdivision of the State of Flonda,ls successors and
assigns, whose address is 3335 Tanliami Trail East, Suite 1 01, Naples, FL 34112
(hereinafter referred to as∥Purchaser")
VVITNESSETH
VVHEREAS, Se∥er is the owner of that certain parcel of real property(hereinafter
referred to as"Property"), 10Cated in Collier County, State of Florida, and being more
particularly described in Exhibit ∥A∥, attached hereto and made a part hereof by
reference
WHEREAS,Purchaseris desirous of purchasing the Property,subieCt tO the condlions
and other agreements hereinafter set forth,and Se∥eris agreeable to such sale and to
such conditions and agreements
NOllV,THEREFORE,and for and in consideraJon of the premises and the respective
undertakings ofthe parties hereinafter setforth and the sum oftten Do∥ars($1000),the
receipt and sufficiency of which is hereby acknowledged,itis agreed as fo∥ows:
: AGREEMENT
1 01 in consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller sha∥se∥to Purchaser and Purchaser sha∥purchase
from Se∥er the Property,descnbed in Exhibl A∥
∥ PAYMENT OF PURCHASE PRICE
2 01 The purchase price (the ∥Purchase Price")for the Property sha∥ be ONEHUNDRED FORTY‐ONE THOUSAND THREE HUNDRED FORTY and 00ノ 100
DOLLARS(S141,340.00),(U S Currency)payable at lme of closing
l∥ CLOSING
3 01 The Closing(THE"CLOSiNG DATE∥,"DATE OF CLOSING" OR∥CLOSiNG")of
the transaction sha∥ be held on or before one hundred and eighty(180)days
呟ヽ
11.B.f
Packet Pg. 255 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAX:D NUMBERi41561000003
following execution of this Agreement by the Purchaser, or within thirty (30) days of
Purchaser's receipt of all closing documents, whichever is later. The Closing shall
be held at the 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.
3.01 12 Combined Purchaser-Seller closing statement.
3.01 13 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by
Section 1445 of the lnternal Revenue Code and as required by the title
insurance underuriter to insure the "gap" and issue the policy contemplated
by the title insurance commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the following:
3.0121 A negotiable instrument (County Warrant) in an amount equal to the
Purchase Price. No funds shall be disbursed to Seller until the Title
Company verifies that the state of the title to the Property has not changed
adversely since the date of the last endorsement to the commitment,
referenced in Section 4.01 1 thereto, and the Title Company is irrevocably
committed to pay the Purchase Price to Seller and to issue the Owneis tifle
policy to Purchaser in accordance with the commitment immediately after the
recording of the deed.
3.0122 Funds payable to the Seller representing the cash payment due at
Closing in accordance with Article lll hereof, shall be subject to adjustment for
prorations as hereinafter set forth.
11.B.f
Packet Pg. 256 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLL ER
TAX:D NUMBER:41561000003
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. lf required by a Phase I report and desired by Purchaser,
Seller shall pay for a Phase ll Environmental Assessment selected by Purchaser.
3.03 Purchaser shall pay for the cost of recording the Wananty Deed. Real
Property taxes shall be prorated based on the current year's tax with due
allowance made for maximum allowable discount, homestead and any other
applicable exemptions and paid by Seller. lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
year's millage.
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 lnsurance Policy
(ALTA Form 8-1970) covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment, to notify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any, which
obligations shall be paid at closing. lf the title commitment contains 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 lf Purchaser shall fail to advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser's objection to
title, Seller shall have thirty (30) days to remedy any defects to convey good
and marketable title at Seller's expense, except for liens or monetary
obligations which will be satisfied at Closing. Seller, at its sole expense, shall
use its best efforts to make such title good and marketable. ln the event Seller
is unable to cure said objections within said time period, Purchaser, by
providing written notice to Seller within seven (7) days after expiration of said
thirty (30) day period, may accept title as it then is, waiving any objection; or
11.B.f
Packet Pg. 257 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLL ER
TAX ID NUMBER:41561000003
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. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from Purchaser. Purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any such
objections. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period, may accept the
Property as it then is, waiving any objection to the encroachment, or projection,
or lack of legal access, or Purchaser may terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or projection, or lack of legal access.
V. INSPECTION PERIOD
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indicate that the Property can be developed
without any abnormal demucking, soil stabilization or foundations.
2. There are no abnormal drainage or environmental requirements to the
development of the Property.
3. The Property is in compliance with all applicable State and Federal 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.
11.B.f
Packet Pg. 258 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAX ID NUMBER:41561000003
5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller
in writing of its specific objections as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
5.03 Purchaser and its agents, employees and servants shall, at their own risk and
expense, have the right to go upon the Property for the purpose of surveying and
conducting site analyses, soil borings and all other necessary investigation.
Purchaser shall, in performing such tests, use due care. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Property.
VI. INSPECTION
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time prior to the Closing.
VII. POSSESSION
7.01 Purchaser shall be entitled to full possession of the Property at Closing.
VIII. PROMTIONS
8.01 Ad valorem taxes next due and payable, after closing on the Property, shall
be prorated at Closing based upon the gross amount of current year taxes, and
shall be paid by Seller.
IX. TERMINATION AND REMEDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of termination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity toa contract vendee, including the right to seek specific performance of this
Agreement.
11.B.f
Packet Pg. 259 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAXID NUMBER:41561000003
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. Seller further represents
the Property is free from any and all occupants, tenants, and other persons or
entities claiming possession of the Property at the time of closing. This
provision shall survive closing. Seller further represents the Property is free
from any and all occupants, tenants, and other persons or entities claiming
possession of the Property at the time of closing. This provision shall survive
closing.
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.
11.B.f
Packet Pg. 260 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLL ER
TAX lD NUMBERi41561000003
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 leases, licenses or other
possessory interests, 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
11.B.f
Packet Pg. 261 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAX lD NUMBER:41561000003
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 Selleis 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 provislon and
the rights of Purchaser, hereunder, shall survive Closing and are not deemed
satisfied by conveyance of title.
10.024 Any loss and/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
11.B.f
Packet Pg. 262 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAX:D NUMBER:41561000003
XI. NOTICES
11.01 Any notice, request, demand, instruction, or other communication to be
given to either party hereunder shall be in writing, sent by facsimile with
automated confirmation of receipt, or by registered, or certified mail, return receipt
requested, postage prepaid, addressed as follows:
lf to Purchaser: Summer Araque, Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services Department
Golden Gate Community Park
3300 Santa Barbara Blvd.
Naples, Florida 34116
With a copy to: Attn: Vivian Rodriguez
Collier County Real Property Management
3335 Tamiami Trail East, Suite 102
Naples, Florida 34112
Telephone number: 239-252-8402
Fax number: 239-252-8876
lf to Seller: Nancy A. Waters
1503 Pine Creek Dr.
Springfield, lL62711
Telephone number: 217 -7 25-2682
E-mail: jwatersl @comcast.net
With a copy to: William C. Bartelsmeyer
761 Stone Meadow Drive
Chesterfield, MO 63005
Telephone number: 31 4-422-7 869
Email: bartelsmeverb@o mail. com
Judith A. Moulton, individually and as Trustee
1114W. Main Cross
Taylorville, lL 62568
Telephone number: 217 -827 -0364
Email: judy.moulton@gmail.com
`CAo
11.B.f
Packet Pg. 263 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAXID NUMBER:41561000003
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 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
11.B.f
Packet Pg. 264 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLlER
TAX ID NUMBER141561000003
which it is related and shall not be deemed to be a continuing or futu re waiver as
to such provision or a waiver as to any other provision.
13.07 lf any date specified in this Agreement falls on a Saturday, Sunday, or legal
holiday, then the date to which such reference is made shall be extended to the
next succeeding business day.
13.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
13.09 lf the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust, or any form of representative capacity whatsoever
for others, Seller shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 517, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from the
provisions of Chapter 286, Florida Statutes.)
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.
XV, ACKNOWLEDGMENT OF POTENTIAL FUTURE USE
15.01 Seller and Purchaser acknowledge and agree that any portion of the
Property may be used for public road right of way and roadway related
improvements, including, but not limited to, stormwater and utility improvements,
at the sole discretion of Purchaser.
S′GNハ T」RESハ PPttR OⅣ THE FOと とOuNcPハ GES
11.B.f
Packet Pg. 265 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAnON COLL:ER
TAXID NUMBER:4156100∞03
lN WITNESS WHEREOF, the parties hereto have signed below.
Dated Proiect/Acquis社 ion Approved by BCCi
AS ttO PURCHASER:
A7~「EST:
CRYSTAL K.KINZEL,Clerk ofthe
Circuit Court and Comptroller
BOARD OF COUNTY COMMiSS10NERS
COLLIER COUNTY,FLOR:DA
By:
,Deputy Clerk
AS ttO SELLER:
DAT助
CHRIS HALL,Chaiman
W!LLiAM C.BARTE
JUDITH A. MOULTON, individually and as Trustee to the
Revocable Trust Agreement No. 012645, dated December 19,2015, and
known as JA Moulton Trust No. 012845
JUDITH A. MOULTON, individually and as Trustee
Approved as to form and legality:
By:
NANCY A.WATERS
11.B.f
Packet Pg. 266 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVA￢ON COLLlER
TAX ID NUMBER:41561000003
:N WITNESS VVHEREOF,the parties hereto have signed below
Dated ProlectlAcquisliOn Approved by BCC:
AS TO PURCHASER:
ATttEST:
CRYSTAL K KINZEL,Clerk ofthe
Circutt Court and Comptro!ler
BOARD OF COUNTY COMMiSSiONERS
COLLiER COUNIY,FLOR:DA
CHRiS HALL,Chaiman
By:
,Deputy C!erk
AS TO SELLER:
By:
By:
W:LL:AM C BARttELSMEYER
JUDi丁 H A MOULTON,individua∥y and as Trustee to the
Revocab!e ttrust Agreement No 012645,dated December 18,2015,and
known as」A Moulton ttrust No 012645
JUDITH A MOULTON,individually and as ttrustee
Approved as to form and legality:
11.B.f
Packet Pg. 267 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLL:ER
TAX:D NUMBER:41561000003
lN WTNESS WHEREOF, the parties hereto have signed below.
Dated ProjecUAcquisition Approved by BCC:
AS ttO PURCHASER:
ATttEST:
CRYSTAL K K!NZEL,Clerk ofthe
CircuI Court and Comptro∥er
BOARD OF COUN7Y COMM:SSiONERS
COLLIER COUNIY,FLOR:DA
By:
By:
,Deputy Cierk CHRIS HALL,Chaiman
AS ttO SELLER:
DATED:
NANCY A WATERS
By:
ⅧLLIAM C.BARTELSMEYER
」UDiTH A MOUL丁 ON,individua∥y and as ttrustee to the
Revocab!e ttrust Agreement No 012645,dated December 18,2015,and
known as」A Mouiton Trust No 012645
By:
, individually and as
Approved as to form and legality:
11.B.f
Packet Pg. 268 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLL ER
TAX ID NUMBER:41561000003
EXHIBI丁 “A"
PROPERTY IDENT!FICAT10N NUMBER:41561000003
GOLDEN GATE ESTATES REPLAT UN!T91A TRACT 135 0FFICIAL RECORD 569
PAGE 172,COLLIER COUNttY FLORIDA
7 17 ACRES
11.B.f
Packet Pg. 269 Attachment: Moulton Tr. - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
1
Conservation Collier Land Acquisition Program Project Design Report
Moulton Trust Property
Date: May 2024
Property Owner: J.A. Moulton Trust No 012645, Nancy A. Waters, and William C.
Bartelsmeyer
Folio(s): 41561000003
Location: GOLDEN GATE EST REPLAT UNIT 91A TR 135
Size: 7.17 acres
Purchase Price: $141,340
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is within the Dr. Robert H. Gore III (Gore) Preserve multi-parcel project boundary.
The J.A. Moulton Trust parcel was considered due to its proximity to an existing Conservation
Collier preserve. The Gore Preserve project area, which includes the J.A. Moulton Trust parcel,
met 5 out of 6 Initial Screening Criteria identified in the Conservation Collier Ordinance, No.
2007-65, as amended, including presence of native habitat, potential for nature-based recreational
and educational opportunities, protection of water resource values and wetland dependent species
habitat, presence of significant biological/ecological values, listed species habitat, connectivity,
and restoration potential.
The parcel offers access from 42nd Ave. SE, east of Desoto Blvd. S. This property could
accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III
Preserve. Potential public uses include hiking, nature photography, bird watching, and
environmental education.
The project area is approximately 75% wetlands, with the remaining 25% seasonal wetlands.
Significant areas of karst have been observed in the area. Karst is limestone terrain characterized
by sinkholes, caverns and underground streams, and is a wetland indicator. Plant communities
found on the property are consistent with mapped soils and provide habitat for wetland dependent
species. The project area is mapped by the South Florida Water Management District as
contributing 43’ to 56” annually of water to the Surficial Aquifer System and can be expected to
contribute to the attenuation of area flood waters. Hydrologic indicators such as karst topography,
Selected for the “A” category, #1
priority, on the Active Acquisition List (AAL) by CCLAAC
Selected for the “A”
category, #1 priority, on AAL by BCC
Offer made
to owners
Offer accepted
7/1 4/2023 10/10/2023 3/8 /2024 3/15/2024
11.B.g
Packet Pg. 270 Attachment: Moulton Tr. - PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
2
cypress knees, and water marks on buttressed cypress trees provide evidence of seasonal flooding.
The mature cypress trees found on the property indicate that the area has historically contained
wetlands.
Invasive exotic plant species are present in significant amounts, up to 95% along the roadside and
approximately 50% interiorly. The primary invasive exotic plant is Brazilian pepper (Schinus
terebinthifolius), but others are likely also present.
The project area contains protected species of plants, including giant sword fern (Nephrolepis
biserrata) and several listed bromeliads in the Tillandsia genus. A neighbor and environmental
professional who is familiar with the property reported 5 native orchid species present within the
project area. The same neighbor has seen 5 panthers in the area since 2014 (including a panther
with kittens), dozens of Florida black bears (including females with cubs), and numerous other
wildlife. The observed habitat and location would support the presence of Everglades mink
(Neovison vison evergladensis), tricolored heron (Egretta tricolor), and little blue heron (Egretta
caerulea), all state-protected species.
The property is within an historic wetland area that connects on the east with the Florida Panther
National Wildlife Refuge (FPNWR) via the old Ford Test Track. The Gore Preserve and
surrounding lands enhance the FPNWR by acting as a buffer and providing a reasonably large
sized wild land addition north of I-75. There are wildlife underpasses at the adjacent Faka Union
and nearby Miller canals creating an ecological link south under I -75 to the Picayune Strand State
Forest. A little over two miles to the w est are the North Belle Meade sending lands. The Gore
project is within the Florida Fish and Wildlife Conservation Commission (FWC) Primary Panther
habitat zone. The J.A. Moulton Trust parcel expand s the Gore Preserve. This parcel, joined with
many others, could permanently protect a corridor between North Belle Meade and the Florida
Panther National Wildlife Refuge.
Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern
Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification.
There are no additional land use overlays applicable.
Projected Management Activities: Projected management activities include the removal of
invasive plants, the development of a Land Management Plan, and continued development of
public access to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2025 2026 2027 2028
2029
Exotics $3,600 $2,900 $2,900 $2,900 $1,800
Signage $200
Total $3,800 $2,900 $2,900 $2,900 $1,800
SEE PAGES 3 AND 4 FOR AERI AL MAPS OF THE PARCEL.
11.B.g
Packet Pg. 271 Attachment: Moulton Tr. - PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
3
11.B.g
Packet Pg. 272 Attachment: Moulton Tr. - PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
4
11.B.g
Packet Pg. 273 Attachment: Moulton Tr. - PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAXID NUMBER:41504320009
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between ANA MARGARITA
TAYLOR-ABRAHAM, as Plenary Guardian of the person and property of ANA L.
TAYLOR, surviving spouse of ERNESTO TAYLOR, whose address is 2000 Salzedo
St., Apt.618, Coral Gables, FL 33134 (hereinafter referred to as "Seller"), and
COLLIER COUNTY, a political subdivision of the State of Florida, its successors and
assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112
(hereinafter referred to as "Purchaser").
WITNESSETH
WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter
referred to as "Property"), located in Collier County, State of Florida, and being more
particularly described in Exhibit "A", attached hereto and made a part hereof by
reference.
WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions
and other agreements hereinafter set forth, and Seller is agreeable to such sale and to
such conditions and agreements.
NOW, THEREFORE, and for and in consideration of the premises and the respective
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
I. AGREEMENT
1.01 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Property, descrlbed in Exhibit "A".
II. PAYMENT OF PURCHASE PRICE
2.01 The purchase price (the "Purchase Price") for the Property shall be NINETY-
EIGHT THOUSAND SIX HUNDRED FIFTY and 00/100 Dollars ($98,650), (U.S.
Currency) payable at time of closing.
III. CLOSING
3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOS|NG", OR "CLOS|NG',) 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
CC Agreement02′12′2024 Page I of 13
11.B.h
Packet Pg. 274 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUIvIBER: 41504320009
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:
3.01 '1 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 Wananty Deed in favor of Purchaser conveying title to the Property,
free and clear of all liens and encumbrances other than:
(a) The lien for current taxes and assessments.
(b) Such other easements, restrictions, or conditions of record.
3.01 12 Combined Purchaser-Seller closing statement.
3.01 13 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by
Section 1445 of the lnternal Revenue Code and as required by the title
insurance underwriter to insure the "gap" and issue the policy contemplated
by the title insurance commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the following:
3.0121 A negotiable instrument (County Warrant) in an amount equal to the
Purchase Price. No funds shall be disbursed to Seller until the Title
Company verifies that the state of the title to the Property has not changed
adversely since the date of the last endorsement to the commitment,
referenced in Section 4.01 1 thereto, and the Title Company is 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 lll hereof, shall be subject to adjustment for
prorations as hereinafter set forth.
CC Agreement o2ノ イ2/2024 Page 2 of 13
11.B.h
Packet Pg. 275 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX ID NUMBER: 41504320009
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 4.01 1
below, shall be paid by Purchaser. The cost of the title commitment shall also be
paid by Purchaser. lf required by a Phase I report and desired by Purchaser,
Seller shall pay for a Phase ll 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. lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
year's millage.
IV. REQUIREMENTS AND CONDITIONS
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within this Article, Purchaser and/or Seller, as the case may be, shall
perform the following within the times stated, which shall be conditions precedent
to the Closing;
4.01 1 Within fifteen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy
(ALTA Form 8-1970) covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment, to notify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any, which
obligations shall be paid at closing. lf the title commitment contains 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 lf Purchaser shall fail to advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser's objection to
title, Seller shall have thirty (30) days to remedy any defects to convey good
and marketable title at Seller's expense, except for liens or monetary
obligations which will be satisfied at Closing. Seller, at its sole expense, shall
use its best efforts to make such title good and marketable. ln the event Seller
is unable to cure said objections within said time period, Purchaser, by
providing written notice to Seller within seven (7) days after expiration of said
thirty (30) day period, may accept title as it then is, waiving any objection; or
CC Agteemenl 021 1 21 2024 Page 3 of '13
11.B.h
Packet Pg. 276 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAXlD NUMBER:41504320009
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. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from Purchaser. Purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any such
objections. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period, may accept the
Property as it then is, waiving any objection to the encroachment, or projection,
or lack of legal access, or Purchaser may terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or projection, or lack of legal access.
V. INSPECTION PERIOD
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
Soil tests and engineering studies indicate that the Property can be developed
without any abnormal demucking, soil stabilization or foundations.
There are no abnormal drainage or environmental requirements to the
development of the Property.
The Property is in compliance with all applicable State and Federal environ-
mental laws and the Property is free from any pollution or contamination.
The Property can be utilized for its intended use and purpose in the
Conservation Collier program.4CC Agteemenl 02/ 1 212024 Page 4 of 13
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Packet Pg. 277 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLL ER
TAX ID NUMBER:41504320009
5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller
in writing of its specific objections as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
5.03 Purchaser and its agents, employees and servants shall, at their own risk and
expense, have the right to go upon the Property for the purpose of surveying and
conducting site analyses, soil borings and all other necessary investigation.
Purchaser shall, in performing such tests, use due care. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Property.
VI. INSPECTION
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time prior to the Closing.
VII. POSSESSION
7.01 Purchaser shall be entitled to full possession of the Property at Closing.
VIII. PRORATIONS
8.01 Ad valorem taxes next due and payable, after closing on the Property, shall
be prorated at Closing based upon the gross amount of current year taxes, and
shall be paid by Seller.
IX. TERMINATION AND REMEDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of termination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity toa contract vendee, including the right to seek specific performance of this
Agreement.
①
CC Agreement 02′12/2024 Page 5 of13
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Packet Pg. 278 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 41504320009
9.02 The parties acknowledge that the remedies described herein and in the other
provisions of this Agreement provide mutually satisfactory and sufficient remedies
to each of the parties and take into account the peculiar risks and expenses of
each of the parties.
X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
10.01 Seller and Purchaser represent and warrant the following:
10.01 1 Seller and Purchaser have full right and authority to enter into and to
execute this Agreement and to undertake all actions and to perform all tasks
required of each hereunder. Seller is not presently the subject of a pending,
threatened or contemplated bankruptcy proceeding. Seller further represents
the Property is free from any and all occupants, tenants, and other persons or
entities claiming possession of the Property at the time of closing. This
provision shall survive closing. Seller further represents the Property is free
from any and all occupants, tenants, and other persons or entities claiming
possession of the Property at the time of closing. This provision shall survive
closing.
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.
CC Agteem,enl O2l 1 212024 Page 6 of 13
○
11.B.h
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CONSERVAT10N COLL ER
TAX ID NUMBER:41504320009
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.
1 0.018 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 leases, licenses or other
possessory interests, 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.
CC Agreement 02′1272024 Page 7 of13
11.B.h
Packet Pg. 280 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAX ID NUMBER:41504320009
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
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.
CC Agteement 02 I 1 2 12024 Page 8 ol13
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CONSERVATION COLLIER
TAX lD NUiTBER: 41504320009
10.024 Any loss and/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
XI. NOTICES
11.01 Any notice, request, demand, instruction, or other communication to be
given to either party hereunder shall be in writing, sent by facsimile with
automated confirmation of receipt, or by registered, or certified mail, return receipt
requested, postage prepaid, addressed as follows:
lf to Purchaser: Summer Araque, Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services Department
Golden Gate Community Park
3300 Santa Barbara Blvd.
Naples, Florida 341 16
With a copy to: Attn: Vivian Rodriguez
Collier County Real Property Management
3335 Tamiami Trail East, Suite 102
Naples, Florida 34112
Telephone n umber: 239-252-8402
Fax number: 239-252-8876
lf to Seller: Ana Margrita Taylor-Abraham, Plenary Guardian
2000 Salzedo St., Apt.618
Coral Gables, FL 33134
Telephone number: 305-987-5358
E-mail: biscavnemeditation@qmail.com
With a copy to: Juan Hernandez - Avanti Way Realty
10800 Corkscrew Rd., Suite 395
Estero, FL 33928
Telephone number: 305-91 8-2682
E-mail: juan@juanhernandezre.com
1 1.02 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.
CC Agreement 02′12/2024 Page 9 of13
11.B.h
Packet Pg. 282 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLL ER
TAX ID NUMBER:41504320009
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 lf any date specified in this Agreement falls on a Saturday, Sunday, or legal
holiday, then the date to which such reference is made shall be extended to the
next succeeding business day.
CC Agreement 02′12′2024 Page 10 of13
11.B.h
Packet Pg. 283 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUIVIBER: 41504320009
13.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
13.09 lf the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust, or any form of representative capacity whatsoever
for others, Seller shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 517, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from the
provisions of Chapter 286, Florida Statutes.)
13.10 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
XIV. ENTIRE AGREEMENT
14.01 This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and no promise, representation, warranty, or
covenant not included in this Agreement, or any such referenced agreements has
been or is being relied upon by either party. No modification or amendment of this
Agreement shall be of any force or effect unless made in writing and executed and
dated by both Purchaser and Seller. Time is of the essence of this Agreement.
XV. ACKNOWLEDGMENT OF POTENTIAL FUTURE
15.01 Seller and Purchaser acknowledge and agree that any portion of the
Property may be used for public road right of way and roadway related
improvements, including, but not limited to, stormwater and utility improvements,
at the sole discretion of Purchaser.
Sノ GNハ Tt/RESハ PPEAR ON THE FOと とOИ 〃NC Pハ GES
CC Agreemento2′12′2024 Page ll of13
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Packet Pg. 284 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVAT10N COLLIER
TAXID NUMBER:41504320009
IN 1/VITNESS VVHEREOF,the parties hereto have signed below
Dated ProjecUAcquisition Approved by BCC:
AS TO PURCHASER:
I.TTEST:
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Comptroller
BOARD OF COUNTY COMMiSS10NERS
COLLIER COUNTY,FLORIDA
By:
, Deputy Clerk CHRIS HALL,Chalrman
lf nn e-(SaN
'cA n ets
"/tに
ρ
ANA L TAYLOR,surviving spouse of
ERNESTO TAYLOR
Approved as to form and legality:
Assistant County Attomey
2ン αへ /喚 Stれ じ〉が
A TAYLOR‐ABRAHAM,as
Plenary Guardian of the person and property of
CC Agreement02/12/2024 Page 12 o,13
AS TO SELLERI
DAttED:
11.B.h
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CONSERVAT10N COLL ER
TAX ID NUMBER:41504320009
EXHIBI丁 “A"
PROPERTY IDENTIFICAT10N NUMBER:41504320009
A!l of ttract 48,Go!den Gate Estates,Unit 91 according to the platthereof as reco「ded
in Plat Book 5,at Page 30 ofthe Public Records of Collier County,Florida
5 ACRES
CC Agreement02′12′2024 Page 43耐 30
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Packet Pg. 286 Attachment: Taylor - Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
1
Conservation Collier Land Acquisition Program Project Design Report
Taylor Property
Date: May 2024
Property Owner: Ernesto and A na Taylor
Folio(s): 41504320009
Location: GOLDEN GATE EST UNIT 91 TR 48
Size: 5.0 acres
Purchase Price: $98,650
History of P roject:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is within the Dr. Robert H. Gore III (Gore) Preserve multi-parcel project boundary.
The Taylor parcel was considered due to its proximity to an existing Conservation Collier preserve.
The Gore Preserve project area, which includes the Taylor parcel, met 5 out of 6 Initial Screening
Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including
presence of native habitat, potential for nature-based recreational and educational opportunities,
protection of water resource values and wetland dependent species habitat, presence of significant
biological/ecological values, listed species habitat, connectivity, and restoration potential.
The parcel offers access from 40th Ave. SE, west of Desoto Blvd. S. This property could
accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III
Preserve. Potential public uses include hiking, nature photography, bird watching, and
environmental education.
The project area is approximately 75% wetlands, with the remaining 25% seasonal wetlands.
Significant areas of karst have been observed in the area. Karst is limestone terrain characterized
by sinkholes, caverns and underground streams, and is a wetland indicator. Plant communities
found on the property are consistent with mapped soils and provide habitat for wetland dependent
species. The project area is mapped by the South Florida Water Management District as
contributing 43’ to 56” annually of water to the Surficial Aquifer System and can be expected to
contribute to the attenuation of area flood waters. Hydrologic indicators such as karst topography,
cypress knees, and water marks on buttressed cypress trees provide evidence of seasonal flooding.
Selected for the “A” category, #1 priority, on the Active Acquisition List
(AAL) by CCLAAC
Selected for the “A” category, #1 priority, on
AAL by BCC
Offer made
to owners Offer accepted
7/1 4/2023 10/10/2023 3/8/2024 3/22/2024
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Packet Pg. 287 Attachment: Taylor - PDR-Gore (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
2
The mature cypress trees found on the property indicate that the area has historically contained
wetlands.
I nvasive exotic plant species are present in significant amounts, up to 95% along the roadside and
approximately 50% interiorly. The primary invasive exotic plant is Brazilian pepper (Schinus
terebinthifolius), but others are likely also present.
The project area contains protected species of plants, including giant sword fern (Nephrolepis
biserrata) and several listed bromeliads in the Tillandsia genus. A neighbor and environmental
professional who is familiar with the property reported 5 native orchid species present within the
project area. The same neighbor has seen 5 panthers in the area since 2014 (including a panther
with kittens), dozens of Florida black bears (including females with cubs), and numerous other
wildlife. The observed habitat and location would support the presence of Everglades mink
(Neovison vison evergladensis), tricolored heron (Egretta tricolor), and little blue heron (Egretta
caerulea), all state-protected species.
The property is within an historic wetland area that connects on the east with the Florida Panther
National Wildlife Refuge (FPNWR) via the old Ford Test Track. The Gore Preserve and
surrounding lands enhance the FPNWR by acting as a buffer and providing a reasonably large
sized wild land addition north of I-75. There are wildlife underpasses at the adjacent Faka Union
and nearby Miller canals creating an ecological link south under I -75 to the Picayune Strand State
Forest. A little over two miles to the west are the North Belle Meade sending lands. The Gore
project is within the Florida Fish and Wildlife Conservation Commission (FWC) Primary Panther
habitat zone. The Taylor parcel expands the Gore Preserve. This parcel, joined with many others,
could permanently protect a corridor between North Belle Meade and the Florida Panther National
Wildlife Refuge.
Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern
Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification.
There are no additional land use overlays applicable.
Projected Management Activities: Projected management activities include the removal of
invasive plants, the development of a Land Management Plan, and continued development of
public access to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2025 2026 2027 2028 2029
Exotics $2,500 $2,000 $2,000 $2,000 $1,250
Signage $200
Total $2,700 $2,000 $2,000 $2,000 $1,250
SEE PAGES 3 AND 4 FOR AERI AL MAPS OF THE PARCEL.
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CONSERVAIION COLLIER
TAX lD NUI!4BER: 39491760001
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between NANCY A. WALSH, an
unremarried widow, whose address is 2'l Captain Ryder Rd., South Yarmouth, MA
02664-1629 (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 34'1 12 (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:
1.01 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Property, described in Exhibit "A".
2.01 The purchase price (the "Purchase Price") for the Property shall be Nineteen
Thousand Four Hundred Ninety-Four Dollars and 00/100 dollars ($19,494.00),
(U.S. Currency) payable at time of closing.
III. CLOSING
3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of
the transaction shall be held on or before one hundred and eighty (180) days
following execution of this Agreement by the Purchaser, or within thirty (30) days of
Purchaser's receipt of all closing documents, whichever is later. The Closing shall
CC Agteemenl O2h2l2O24 Page 1 of 13
@
I. AGREEMENT
II. PAYMENT OF PURCHASE PRICE
11.B.j
Packet Pg. 291 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 394s1760001
3.011 Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications. Marketable title shall be determined according to
applicable title standards adopted by the Florida Bar and in accordance with law.
At the Closing, the Seller shall cause to be delivered to the Purchaser the items
specified herein and the following documents and instruments duly executed and
acknowledged, in recordable form:
3.01 11 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.
3.0113 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by
Section 1445 of the lnternal Revenue Code and as required by the title
insurance undenvriter to insure the "gap" and issue the policy contemplated
by the title insurance commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the following:
3.0122 Funds payable to the Seller representing the cash payment due at
Closing in accordance with Article lll hereof, shall be subject to adjustment for
prorations as hereinafter set forth.
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 ,
cAO
Cc Agteemenl O2l 1 212024 Page 2 of 13
3.01'12 Combined Purchaser-Seller closing statement.
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 4.0'1 1 thereto, and the Title Company ls 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.
11.B.j
Packet Pg. 292 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 39491760001
Florida Statutes, and the cost and electronic fee of recording any instruments
necessary to clear Selleis 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. lf required by a Phase I report and desired by Purchaser,
Seller shall pay for a Phase ll 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. lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
year's millage.
IV. REQUIREMENTS AND CONDITIONS
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within this Article, Purchaser and/or Seller, as the case may be, shall
perform the following within the times stated, which shall be conditions precedent
to the Closing;
4.01'l Within fifteen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy
(ALTA Form 8-1970) covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment, to notify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any, which
obligations shall be paid at closing. lf the title commitment contains 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
Ag reement.
4.012 lf Purchaser shall fail to advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser's objection to
title, Seller shall have thirty (30) days to remedy any defects to convey good
and marketable title at Seller's expense, except for liens or monetary
obligations which will be satisfied at Closing. Seller, at its sole expense, shall
use its best efforts to make such title good and marketable. ln the event Seller
is unable to cure said objections within said time period, Purchaser, by
providing written notice to Seller within seven (7) days after expiration of said
thirty (30) day period, may accept title as it then is, waiving any objection; or
Purchaser may terminate the Agreement. A failure by Purchaser to give such
written notice of termination within the time period provided herein shall be
cAO
CC Agteement O2l 1 212024 Page 3 of l3
11.B.j
Packet Pg. 293 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUITBER: 39491760001
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 Sellels
possession to Purchaser within ten (10) days of the effective date of this
Agreement. Purchaser shall have the option, at its own expense, to obtain a
current survey of the Property prepared by a surveyor licensed by the State of
Florida. No adjustments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit "A," unless the difference in
acreage revealed by survey exceeds 5% of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from Purchaser. Purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any such
objections. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period, may accept the
Property as it then is, waiving any objection to the encroachment, or projection,
or lack of legal access, or Purchaser may terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or projection, or lack of legal access.
V. INSPECTION PERIOD
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indicate that the Property can be developed
without any abnormal demucking, soil stabilization or foundations.
2. There are no abnormal drainage or environmental requirements to the
development of the Property.
3. The Property is in compliance with all applicable State and Federal 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.
CAOCC Agteemenl O2h2l2O24 Page 4 of 13
11.B.j
Packet Pg. 294 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 3949176000'l
5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller
in writing of its specific objections as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
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.
7.01 Purchaser shall be entitled to full possession of the Property at Closing
VIII. PRORATIONS
8.01 Ad valorem taxes next due and payable, after closing on the Property, shall
be prorated at Closing based upon the gross amount of current year taxes, and
shall be paid by Seller.
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of termination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity to
a contract vendee, including the right to seek specific performance of this
Agreement.
CC Agteemenl 021 1 212024 Page 5 of 13
VII. POSSESSION
IX. TERMINATION AND REMEDIES
@
11.B.j
Packet Pg. 295 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Parcel View from 381h Ave SE — West of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 31
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Parcel View from 40th Ave SE — West of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 32
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Canal view West of Desoto Blvd S
Typical Canal view West of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 33
Irk—
.-:�
- rV h' 'A .
AN
...... . . . . .
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
40th Ave SE — East of Desoto Blvd S
Typical Parcel View from 401h Ave SE — East of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 36
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Parcel View from 381h Ave SE — East of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 37
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Parcel View from 361h Ave SE — East of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 38
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Desoto Blvd S — Northerly
(Photo Taken on February 24, 2024)
Page 39
DR. ROBERT H. GORE III PRESERVE AREA 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 7.17 acres located within the
previously defined Dr. Robert H. Gore III Preserve area. Access through Dr. Robert H.
Gore III Preserve is provided by paved (Desoto Blvd S, 361h Ave SE — east of Desoto,
38th Ave SE, 40th Ave SE — west of Desoto) and unpaved roads (36th Ave SE — west of
Desoto and 40th Ave SE — east of Desoto). 42nd Avenue SE is only a ROW and is
overgrown both east and west of Desoto Blvd. The parcels range in width from 75 feet to
375 feet and are generally 660 feet of depth. Parcels along 42nd Ave SE are 925 feet deep
and parcels along Desoto Blvd are 680 feet deep. 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
I The Dictionary of Real Estate Appraisal 71 ed. (Chicago: Appraisal Institute, 2022)
Page 40
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY HIGHEST AND BEST USE
continued increases within the foreseeable future. Prior to the coronavirus pandemic, the
residential market had stabilized after several years of an expansion period, with
sustained growth in demand and increasing construction. Since the coronavirus
pandemic, residential demand increased significantly with record sales in 2020 and
continued high demand but limited inventory in 2021 and 2022. Inventory increased in
2023 as demand declined due to continued increases in interest rates. 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 41
DR. ROBERT H. GORE III PRESERVE AREA 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 42
DR. ROBERT H. GORE III PRESERVE AREA 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 43
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 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 44
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 ACRES
Comp Address Date Price
City Acres Price Per Acre Sale Comments
Subject Generally within Golden Gate Estates 2/24/2024
Units 91, 91A, 92, and 92A
Naples 1.14-2.73 acres
1 443034th AVE SE 1/5/2024 $60,000 Heavily treed parcel located along south side of34th Ave SE west of Desoto Blvd S.
No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub
Naples 2.73 $22,000 wetlands.
2 36th AVE SE, TR 5 1/2/2024 $57,000 Heavily treed parcel located along south side of 36th Ave SE west of Desoto Blvd S.
No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub
Naples 2.50 $22,800 wetlands.
3 40th AVE SE, TR 97 1/29/2024 $53,000 Heavily treed parcel located along south side of40th Ave SE east of Desoto Blvd S.
No wetland detemrination on file. FDEP map shows parcel is freshwater forested/shrub
Naples 2.73 $19,433 wetlands.
4 4385 36th AVE SE 10/11/2023 $44,500 Heavily treed parcel located along north side of 36th Ave SE west of Desoto Blvd S.
No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub
Naples 2.27 $19,580 wetlands.
5 Desoto Blvd S 2/9/2024 $47,900 Heavily treed parcel located along the east of Desoto Blvd S. Informal Wetland
Determination dated 5/27/2020 shows 0.44 acres (38%) wetlands located in the front of
Naples 1.17 $40,912 the site.
6 476024th AVE SE Pendarg $53,500 Heavily treed parcel located along south side of24th Ave SE east of Desoto Blvd S.
Informal Wetland Determination dated 12/12/22 shows 1.54 acres (970/,) wetlands.
Naples 1.59 $33,629
7 22nd AVE SE 10/23/2023 $135,000 Heavily treed parcel located along north side of 22nd Ave SE east of Desoto Blvd S.
Informal Wetland Determination dated 7/29/21 shows the site is entirely uplands with
Naples 2.50 $54,000 no wetlands.
S 4332 28th AVE SE 6/21/2023 $70,000 Heavily treed parcel located along south side of28th Ave SE west of Desoto Blvd S.
Informal Wetland Determination dated 8/22/2018 shows the site is entirely uplands
Naples 1.14 $61,600 with no wetlands.
Comparables Map
i
90-i
Gore Nature Geoter19 Y
;: j Frerglades Pkwy Alligator Alley
0EHOW Map data @2024 GoDgle
Page 45
— .---_-v-�'.T - - .. �.,�... ;,ti=-_ •�Nurseryi:reener:i:��
r
ii-..
-comp 6
Comp-8
r 4�
Brandon & Son's
9 comp 1
Comp 2 IF
- -_ —Subject--
Gore Nature Center
Comp 3
—� Imaoe Q 202.A,Airious
� } 9k!F3arida Evaluation Center
4.
1.
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY
SALES COMPARISON APPROACH: 1. I4-2.73 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 47
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 ACRES
Land Analysis Grid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Comp 6
Comp 7
Comp 8
Nacre
Dr. Robert H. Gorem
443034th AVE SE
361h AVE SF, TR5
40th AVE SE, TR 97
438536th AVE SE
Desoto BWdS
476024th AVESE
22nd AVESE,TR
433228th AVESE
Preserve Area Market Smdy
116
Address
Genem0y within Geld-Qle
443034th AVE SE
361h AVE SE, TR5
401h AVE SE, TR 97
438536th AVE SE
Desoto BlvdS
476024th AVESE
22nd AVE SE
433228th AVE SE
Pstates Units 91, 91A, 92,
and 92A
City
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Date
2124/2024
1/5/2024
1/2/2024
1/29/2024
10/11/2023
2/9/2024
Pending
10/23/2023
6/21/2023
Price
$60,000
$57,000
553,000
$44,500
547,900
$53,500
$135,000
$70,000
Acres
1.14-2.73acres
2.73
2.50
2.73
2.27
1.17
1.59
2.50
1.14
Acre U.A Rica
522,000
$22,800
$19,433
$19,580
540,912
533,629
$54,000
$61,600
Transaction Adjustments
Property Rights
Fee Svryk
Fee Side 0.0%
ShTle 0.01/o
Fee Simple 0.0%
Fee SirTle 0.0%
Fee Shnple 0.0%
Fee Simple 0.0'/o
Fee
0.0%
Fee Simple O.M.
Fhruncmg
Cash 0.0%
Cush 0.0%
Cash 0.D%
Cash 0.0'/o
Cash 0.0%
Pending 0.0°/
Cash 0.0%
Cash 0.0%
Ands
A,,,?,
Amf
Arm's
Anrts
Ands
Conditions of Sale
length 0.0%
length 0.0%
length 0.0%
length MI.
Amts length 0.0%
Pend ig -5.0%
length 0.0%
length 0.0'/0
Adjusted Acre Unit Price
$22,000
$22,800
$19,433
$19,580
$40,912
$31,947
$54,000
$61,600
Market Trends Through
2124/2024 10.01/0
1.3%
1.4%
0.7%
3.6%
0.4%
0.0%
3.3%
6.71/0
Adjusted Acre Unit Price
$22,289
$23,118
$19,566
$20,288
541,073
$31,947
$55,777
$65,721
Location
Average
Sinular
Shnilar
Smiler
s mler
Superior
Superior
Superior
Superior
%Adjustment
01/
0%
0%
0%
-10%
-IW/0
-10%
-10%
$Adjustment
$0
$0
$0
$0
-$4,107
-$3,195
.$5,578
-$6,572
Acres
L14-2.73acres
2.73
2.50
2.73
2.27
L17
L59
2.50
1.14
%Adjustment
0%
0%
M
01/6
0%
0%
W/0
m/0
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
F-ironrrental Issues
FDEP-fieshwater
FDEP-6eshwater
FDEP- fieshwater
FDEP-fieshwater
FDEP- fieshwatcr
38%Wed.&(Fmnt)
97%Wetlands
100%Uplands
100%Uplands
forested/shmb wetlands
forested/shrub
forested/shmb
forestcd/shmb
foresled/shmb
wetlands
wetlands
wetlands
wetlands
%Adjustment
011%
0%
0%
0%
0%
0%
01/0
01/0
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
Topography
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
%Adjustment
01/0
0%
0'/o
0%
0'/o
0%
v/0
01/0
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
Zoning
&Estates
&£states
&£states
&Estates
&£states
F Btates
&£states
&£states
&£stales
%Adjustuen[
01/0
0%
0%
0%
0%
0%
011%
01/0
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
Atgueted Acre ihdt Price
$22,289
$23,118
$19,566
$20,288
$36065
$28,752
$50,199
$59,149
Net Adjustments
0.0%
Rm/0
0.01/0
0.0%
-10.0%
-10.0%
-10.01/0
-10.0%
(koss Adjustments
0.0%
Rw/.
0.0%
0.0%
10.0%
10.0%
10.0%
10.010
Page 48
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 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
Comparable 6 is a pending sale. The price shown in the grid is the asking price as the
pending contract price is confidential. It is adjusted downward based on typical list to
selling price ratios.
Economic Trends
The following graph shows comparable residential land sales on the Southwest Florida
MLS within the surrounding market area over the last year.
Residential Land Sales Trend Analysis
$100,000
$90,000
•
$80,000 •
•
•
$70,000
$60,000 • •
• • •
$50,000 • • •
• •. MI.........••..
540,000 ••• • • •••••••!••. '' ••• �•••.
••.•••..••. • ....
s30,000 • •
•
•
$20,000 • • • • • i • •
•
•
$10,000
so
1/24/2023 3/15/2023 5/4/2023 6/23/2023 8/12/2023 10/1/2023 11/20/2023 1/9/2024 2/28/2024 4/18/2024
The survey included 74 transactions. Prices ranged from $12,930 to $87,719 per acre and
averaged $39,746 per acre. The graph indicates a decreasing trend in sales prices from
February 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 3 was purchased in January 2023 for $35,000 and resold in
January 2024 for $53,000, an annualized increase of 51%.
Page 49
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 ACRES
Finally, I consider the lowest asking prices in the subject area for parcels less than 2.73
acres range from $29,060 to $30,793 per acre.
Based on the previous analysis and considering the current asking prices, I have applied a
10.0% annual adjustment.
Location
Comparables 2, 3, and 4 are located within the Dr. Robert H. Gore III Preserve Area.
Comparable 1 is located along 34th Ave SE, one block north of the Preserve Area. They
are all similar in location. Comparables 5, 6, 7, and 8 are located north of the Preserve
Area, closer to Golden Gate Boulevard and areas with more single-family homes. They
are adjusted downward for their superior locations accordingly.
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 and Comparables 1, 2, 3, and 4 consist mainly of Freshwater
Forested/Shrub Wetlands according to the FDEP Standard Map.
Comparable 5 had an Informal Wetland Determination dated May 2020 showing the
parcel has 0.44 acres (38%) wetlands in the front of the site.
Comparable 6 had an Informal Wetland Determination dated December 2022 showing
the parcel has 1.54 acres (97%) wetlands.
Comparables 7 and 8 had Informal Wetland Determinations showing the parcels are
entirely uplands with no wetlands.
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. Therefore, no
adjustments are required.
Zoning
All of the comparables are similar in terms of zoning; therefore, no adjustments are
required.
Page 50
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Sales Comparison Approach Conclusion: 1.14 — 2.73 Acre Parcels
Finally, I consider the lowest asking prices in the subject area for parcels less than 2.73
acres range from $29,060 to $30,793 per acre.
All of the value indications have been considered. The "Small" parcels to be acquired
range from 1.14 acres to 2.73 acres with an average of 1.93 acres.
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 of Comparables: 8 Unadjusted Adjusted % a
Low: $19,433 $19,566 0.68%
High: $61,600 $59,149 -3.98%
Average: $34,244 $32,541 -4.97%
Indicated Value per Acre
Up to 25% Wetlands:
25 - 50% Wetlands:
50 - 75% Wetlands:
75 - 100% Wetlands:
Subject Size:
$43,000
$35,000
$30,000
$25,000
1.14 - 2.73 acres
Page 51
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES
SALES COMPARISON APPROACH: 2.74-7.17 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 Gate Estates
2/24/2024
Units 91, 91A, 92, and 92A
Naples
2.74 -7.17 acres
1
40th AVE SE, TR 56
4/29/2023
$160,000
Heavily treed parcel located along north side of 40th Ave SE east of Everglades Blvd
S. Informal Wetland Determination shows approximately 10%wetlands in the front
Naples
5.00
$32,000
eastern comer and reaz.
2
40th AVE SE, TR 114
4/14/2023
$79,000
Heavily treed parcel located along north side of 40th Ave SE east of Desoto Blvd S.
No wetland detennination on file. FDEP map shows parcel is freshwater forested/shrub
Naples
6.11
$12,938
wetlands.
3
3908 32nd AVE SE
3/17/2023
$265,000
Heavily treed parcel located along south side of32nd Ave SE west of Desoto Blvd S
along a canal. Informal Wetland Determination dated 12/7/22 shows no wetlands.
Naples
5.68
$46,640
4
30th AVE SE, TR4
2/6/2024
$115,000
Heavily treed parcel located along north side of30th Ave SEwest of Desoto Blvd S.
Informal Wetland Determination shows 4.56 acres (91%)wetlands.
Naples
5.00
$23,000
5
1521 Desoto BLVD S
1/12/2024
$92,500
Heavily treed parcel located along west side of Desoto Blvd S. No wetland
determination on file. FDEP map shows parcel is uplands.
Naples
2.81
$32,919
6
Desoto Blvd & 8th Ave SE
1/12/2024
$132,500
Heavily treed parcel located at southeast comer of Desoto Blvd S and 8th Ave SE.
Informal Wetland Detemmation dated 9/28/2023 shows 1.16 acres (41%) wetlands
Naples
2.81
$47,154
located in the rearofthe site.
7
484926th AVE SE
10/30/2023
$135,000
Heavily treed pareel located along north side of 26th Ave SE east of Desoto Blvd S.
Informal Wetland Determination shows appromomately 5011.wetlands in the rear of the
Naples
5.00
$27,000
she.
8
34th AVE SE, TR 23
10/20/2023
$82,000
Heavily treed parcel located along south side of 34th Ave SE west of Desoto Blvd S.
Informal Wetland Determination dated 6/ 12/2023 shows 3.50 acres (70%) wetlands
Naples
5.00
$16,400
located throughout the site.
Page 52
DR. ROBERT H. GORE III PRESF,RVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES
Comparables Map
S
Gore No tore Cgr VGIP
-Everglades Kwy gg nlliSiatcr 411"
&ZOMMap data @2024 Gongl�
Page 53
l A.r S4oVFha.bee AniinaµPreserve • - .' C
J "' 1 �. ^ ... Cp� p 6
is x : — ,,Cprnp
1 t Nu�
4seFy Gra®narhills
C
b
orn 7
Bain
Comp 4 - s
�^ Brandon & Son's
Comp 3�:.
- 7 -- - Comp�8.
.,� yFlorida Evaluation Center
Leg rand's'. Rdofin g
= Q- -- }subject —
Comp 1 Gore Nature Center,
Comp 2
r
& Garden Inc
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES
Land Analysis Grid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Comp 6
Comp 7
Comp 8
Name
Dr. Robert H. Gore III
40th AVESE,TR56 40th AVESE,TRI14
390832nd AVESE
30th AVESE, TR4
1521 Desoto BLVD S
Desoto Blvd &8th
494926th AVE SE 34th AVE SE, TR
Pm- Area Market Study
Ave SE
23
Address
Generally within Golden Gate
40th AVESR,TR56 40th AVESR,TR114
390832nd AVESE
30lh AVE SH, TR4
1521 Desoto BLVD S
Desoto Blvd&8th
494926th AVE SE 34th AVE SE, TR
Estates Units 91, 91A, 92, soil
Ave SE
23
City
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Date
2/24/2024
4/28/2023
4/14/2023
3/17/2023
2/6/2024
1/12/2024
1/12/2024
10/30/2023
10/20/2023
Pnee
$160,000
$79,000
$265,000
$115,000
$9Z500
$1345W
$135,000
$82,000
Acres
2.74-7.17acres
5.00
6.11
5.68
5.00
2.81
2.81
5.00
5.00
Acre Unit Price
$32,000
$12,938
546,640
$23,000
$32,919
$47,154
$27,000
$16,400
Transaction Adjustments
Property Rights
Fee Simple
Fee Simple 0.0%
Smple 0.0%
Fee Simple 0.01.
Fee Simple 0.0%
Fee Sitryle 0.0%
Fee Simple 0.01.
Simple 0.01.
Simple 0.05%
Financing
Cash 001.
Cash 0.0%
Cash 0.0%
Cash 0.01.
Cash 0.0%
Cssh 0.0%
Cash 0.0%
Cash 0.0%
And.
Anns
Ants
Ants
Arms
Arms
Ants
Conditions of Sale
length 0.1,%
length 0.0%
length 0.0'/0
length 0.0%
Ants length 0.0oi0
length 0.0%
length 0.0%
length 0.0%
Adjusted Acre Unit Price
$32,000
$12,938
$46,640
$23,000
$32,919
$47,154
$27,000
$16,400
Market Trends Though
2/24/2024 10.0%
8.2%
8.6%
9.4%
0.5%
1.1%
1.1%
3.1%
3.4%
Adjusted Acre U itPrice
$34,626
$14,051
551,023
$23,108
$33,291
$47,687
$27,838
$16,953
Location
Average
Superior
Sinn.
StnBar
Sand.
Superior
Superior
Superior
Sind.
%Adjust=
-15%
0%
0%
0%
-15%
-20%
-1MA
0v/
$Adjustment
-$5,194
$0
$0
$0
-54,994
-$9,537
-52,784
$0
Acres
2.74-7.17acres
5.00
6.11
5.68
5.00
2.81
2.81
5.00
5.00
%Adjushrevt
0°/
0%
01/
0%
01%
01%
0%
0%
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
F-fion--1 Issues
FDEP-0eahwatm
10%Wetlands
FDEP-0eshwater
100%Upl-&
91%Wetlands
100%Uplands
41%Wetlands
50%Wetlmds
70%Wctlmds
forested/shmb wetlands
(Front and Be.)
forested/shmb
(Rear)
(Reny)
wetlands
%Adjustment
0%
0%
0%
0%
0%
0%
0%
o%
$Adjustment
$0
$0
$o
$0
$0
$0
$0
$0
Topography
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed;
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Bmalinn Pepper
Re-ed
%Adjustment
0%
0
-10%
0%
W/.
0"/6
0%
0%
$Adjustment
$0
$0
-55,102
$0
$0
$0
$0
$o
Zoning
leavies
E-Estates
&Esates
aFstates
E-Estates
&Estates
&Estates
E-Estates
E-Estates
%Adjushrent
0%
0^i
0%
o%
W/
0%
0%
ai
$Adjustment
$0
$0
$o
$0
$0
$0
$0
$o
Adjusted Acre Uvit Price
$29,432
$14,051
$45,921
$23,108
$28,297
$38,149
$25,054
$16,953
Net Adjustments
-15.0°/
0.0%
-10.0%
0.0%
-IS.0°/
-20.0°/
-10.0%
0.0%
Gross Adjustments
15.0-1.
0.0%
10.0%
0.o%
15.0'/6
20.0'/6
10.0%
0.0%
Page 55
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 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 comparables 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 10.0% annual adjustment.
Location
Comparable 2 is located within the Dr. Robert H. Gore III Preserve Area. Comparables 4
and 8 are located just north of the Preserve Area. Comparable 3 is also located just north
of the Preserve Area, with canal frontage similar to some of the targeted parcels. No
adjustments are required for Comparables 2, 3, 4, and 8.
Comparables 5, 6, and 7 are located north of the Preserve Area, closer to Golden Gate
Boulevard and areas with more single-family homes. They are adjusted downward for
their superior locations accordingly.
Comparable 1 is located west of the Dr. Robert H. Gore III Preserve Area and is accessed
from Everglades Boulevard. It has superior access and is adjusted downward accordingly.
Size
The "Medium" parcels range from 2.74 to 4.00 acres in size and the "Large" parcels
range from 4.01 to 7.17 acres in size. Size and price per acre are typically inversely
related. Comparables 5 and 6 are at the low end of the range for the "Medium" parcels.
Comparables 1, 2, 3, 4, 7 and 8 are generally in the middle of the range for the "Large"
parcels. No adjustments are applied; however, the differing sizes are considered in the
final reconciliation.
Environmental Issues
The subject parcels and Comparable 2 consist mainly of Freshwater Forested/Shrub
Wetlands according to the FDEP Standard Map.
Comparables 1, 3, 4, 6, 7, and 8 all had Informal Wetland Determinations showing
varying amounts of wetlands and no wetlands for Comparable 3. The FDEP Standard
Map shows Comparable 5 is 100% uplands.
Page 56
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES
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. The Brazilian
Pepper had been removed from Comparable 3. It is adjusted downward accordingly.
Zoning
All of the comparables are similar in terms of zoning; therefore, no adjustments are
required.
Sales Comparison Approach Conclusion: 2.74 — 5.0 Acre Parcels
Finally, I consider the lowest asking price in the subject area for a 2.7 acre parcel is
$27,741 per acre. The parcel has been on the market for approximately two years and the
listing comments say, "make offer." Additionally, there are two five -acre parcels listed
for $98,900 and $99,750 or $19,780 and $19,950 per acre each. Both have 95%+ wetland
coverage according to Informal Wetland Determinations.
All of the value indications have been considered. The "Medium" parcels to be acquired
range from 2.81 acres to 3.82 acres with an average of 3.03 acres. The "Large" parcels to
be acquired range from 4.12 acres to 7.17 acres with an average of 5.60 acres.
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 % a
Low: $12,938 $14,051 8.60%
High: $47,154 $45,921 -2.62%
Average: $29,756 $27,621 -7.18%
Indicated Value per Acre
Up to 25% Wetlands:
25 - 50% Wetlands:
50 - 75% Wetlands:
75 - 100% Wetlands:
Subject Size:
$41,500
$39,500
$33,500
$31,500
$28,500
$26,500
$23,500
$21,500
2.74 - 4.00 acres 4.01 - 7.17 acres
Page 57
DR. ROBERT H. GORE III PRESERVE AREA 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 February 24, 2024, 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 February 24, 2024
Indicated Value per Acre
Up to 25% Wetlands:
$43,000
25 - 50% Wetlands:
$35,000
50 - 75% Wetlands:
$30,000
75 - 100% Wetlands:
$25,000
Subject Size:
1.14 - 2.73 acres
Indicated Value per Acre
Up to 25% Wetlands:
$41,500
$39,500
25 - 50% Wetlands:
$33,500
$31,500
50 - 75% Wetlands:
$28,500
$26,500
75 - 100% Wetlands:
$23,500
$21,500
Subject Size: 2.74 - 4.00 acres 4.01 - 7.17 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
Page 58
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY FINAL VALUE CONCLUSION
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local market it is our opinion that the probable marketing and
exposure time for the property is 9-12 months.
Page 59
DR. ROBERT H. GORE III PRESERVE AREA 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 60
DR. ROBERT H. GORE III PRESERVE AREA 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 not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding the agreement to perform 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.
(:�a 'VI - "��
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
Page 61
DR. ROBERT H. GORE III PRESERVE AREA 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 62
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third -
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
Page 63
DR. ROBERT H. GORE III PRESERVE AREA 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 64
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client's use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Page 65
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
*RU
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
*Rn
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
RKI
APPRAISAL AND CONSULTING
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our combined appraisal
experience to provide our clients with the highest quality of Real Estate Appraisal and
Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner (Retired)
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, government, and property
owners.
%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
DR. ROBERT H. GORE III PRESERVE AREA 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 (2023-2024)
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.
. .RU
17�m 5G ING
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
Ron OeSantis, Governor
door
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
T "ZUCCHI, RACHEL M
4500 EXECUTIVE DRIVE SUITE 2'
6', NAPLES FL 34119 r7
x
EItENSE NUMBER: RZ2984
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.
u�.„' *Rn
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
*Rn
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Table of Dr. Robert H. Gore 111 Preserve Project Area Parcels
FOLIO NUMBER
ACRES
41618120001
1.14
41617000009
1.14
41619280005
1.14
41618440008
1.14
41503040005
1.14
41504160007
1.14
41618400006
1.14
41501160000
1.14
41501200009
1.14
41501800001
1.14
41507400007
1.14
41507520000
1.14
41507680005
1.14
41507800005
1.14
41507840007
1.14
41507920008
1.14
41508920007
1.14
41509080001
1.14
41509160002
1.14
41509200001
1.14
41509280005
1.14
41510160004
1.14
41510240005
1.14
41510280007
1.14
41510320006
1.14
41510360008
1.14
41619040009
1.14
41504920001
1.17
41507280007
1.17
41560440004
1.17
41560480006
1.17
41507360008
1.17
41506720005
1.17
41506640004
1.17
41507040001
1.17
41506880000
1.17
41506960001
1.17
41504480004
1.17
41507320006
1.17
41507880009
1.59
FOLIO NUMBER
ACRES
41508760005
1.59
41510200003
1.59
41619000007
1.59
41503960004
1.59
41507480001
1.59
41618040000
1.59
41506840008
1.64
41506560003
1.64
41504840000
1.64
41507240005
1.64
41560560007
1.64
41560680000
1.64
41502600006
2.27
41503280001
2.27
41503880003
2.27
41507560002
2.27
41507720004
2.27
41508640002
2.27
41508720003
2.27
41508800004
2.27
41509000007
2.27
41509360006
2.27
41509440007
2.27
41509520008
2.27
41510640100
2.27
41616800006
2.27
41617800005
2.27
41619080001
2.27
41617080003
2.27
41504000002
2.27
41503200007
2.27
41617880009
2.27
41504800008
2.34
41505000001
2.34
41506360009
2.34
41506440000
2.34
41560640008
2.34
41560760001
2.34
41560840002
2.34
41506520001
2.34
FOLIO NUMBER
ACRES
41506920009
2.34
41507120002
2.34
41504880002
2.34
41506680006
2.34
41507640100
2.50
41617240005
2.50
41617240102
2.50
41661480002
2.65
41503320000
2.73
41617920008
2.73
41618360007
2.73
41617200003
2.73
41619240003
2.73
41501240001
2.73
41SO1760002
2.73
41619160002
2.73
41SO1120008
2.73
41SO3240009
2.73
41503920002
2.73
41SOS040003
2.73
41507600001
2.73
41SO8600000
2.73
41508840006
2.73
41508880008
2.73
41SO9040009
2.73
41509120000
2.73
41SO9240003
2.73
41509320004
2.73
41SO9400005
2.73
41SO9480009
2.73
41510400007
2.73
41617040001
2.73
41617840007
2.73
41SO4760009
2.81
41506320007
2.81
41506400008
2.81
41SO6480002
2.81
41560520005
2.81
41560800000
2.81
41504640006
2.81
FOLIO NUMBER
ACRES
41661520001
3.03
41560241009
3.18
41560280002
3.19
41616800103
3.41
41560240000
3.82
41510640003
4.12
41560400002
4.29
41560880004
4.36
41500520007
5.00
41510080003
5.00
41510120002
5.00
41618480000
5.00
41661840008
5.00
41501880005
5.00
41504320009
5.00
41504960003
5.15
41504360001
5.15
41616880000
5.68
41616840008
5.68
41510520000
5.97
41510560002
6.11
41510600001
6.25
41661880000
6.92
41560360003
7.05
41560920003
7.14
41560960005
7.16
41561000003
7.17
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
*RU
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Land Comparable l - Small Parcels
Transaction
ID
8304
Date
1/5/2024
Name
430 34th AVE SE
Price
$60,000
Address
4430 34th AVE SE
Price Per Acre
$22,000
City
Naples
Transaction Type
Closed Sale
Grantor
Golden Land Partners LLC
Financing
Cash
Grantee
Nadine Clergeau
Property Rights
Fee Simple
Tax ID
41503760000
Days on Market 174 Sale Verification Date 2/22/2024
Book/Page or Reference Instr #6495558 Sale Verification Source Steven Horn w/ West Bay
Doc Realty LL.0
Conditions of Sale
AmYs length
Sale lEstory
None in previous 3 years
Site
Acres
2.73
Topography
Heavily Treed
Land SF
118,800
Zoning
E-Estates
Primary Frontage Feet
180
Dimensions
180' x660'
Primary Frontage Street
34th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along south side of 34th Ave SEwest of Desoto Blvd S. No wetland detemunation on file.
FDEP map shows parcel is
freshwater forested/shrub wetlands.
i ' RU
17�-5-ING
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8301
Date
1/2/2024
Name
6th AVE SE, TR 5
Price
$57,000
Address
36th AVE SE, TR 5
Price Per Acre
$22,800
City
Naples
Transaction Type
Closed Sale
Grantor
Javier M Villalobos
Financing
Cash
Grantee
rio Guerra Vasquez
Property Rights
Fee Simple
Tax ID
41500520007
Days on Market
128
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6494125
Sale Verification Source
Carlos Diaz, LLC w/ Sun
Doc
Realty
Arnfs length
Sale History
10/2020 - $70,000
Conditions of Sale
Site
Acres
2.50
Topography
Heavily Treed
Land SF
108,900
Zoning
E-Estates
Primary Frontage Feet
165
Dimensions
165'x660'
Primary Frontage Street
36th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along south side of 36th Ave SEwest of Desoto Blvd S. No wetland determination on file.
FDEP map shows parcel is
freshwater forested/shrub wetlands.
i 'RU
17�-5-ING
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8303
Date
1/29/2024
Name
40th AVE SE, TR 97
Price
$53,000
Address
40th AVE SE, TR 97
Price Per Acre
$19,433
City
Naples
Transaction Type
Closed Sale
Grantor
Jose E F Rodriguez
Financing
Cash
Grantee
Tatsiana Harai
Property Rights
Fee Simple
Tax ID
41509120000
Days on Market
144
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6503979
Sale Verification Source
Yamirla Alvarez, LLC w/
Doc
Coldwell Banker Realty
Conditions of Sale
Arms length
Sale FEstory
1/2023 - $35,000
Site
Acres
2.73
Topography
Heavily Treed
Land SF
118,800
Zoning
E-Estates
Primary Frontage Feet
180
Dimensions
180' x 660'
Primary Frontage Street
40th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along south side of 40th Ave SE east of Desoto Blvd S. No wetland determination on file
FDEP map shows parcel is freshwater forested/shrub wetlands.
P T TTT
s-NG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8300
Date
Name
4385 36th AVE SE
Price
Address
4385 36th AVE SE
Price Per Acre
City
Naples
Transaction Type
Grantor
Shirley Dipillo-Caputi
Financing
Individually and as Personal
Representative of the Estate
of Joseph E. Perrenod
Grantee
A.H. Windows & Doors, hic.
Property Rights
Tax ID
41503400001
Days on Market
12
Sale Verification Date
Book/Page or Reference
Instr#6464816
Sale Verification Source
Doc
Conditions of Sale Arm'S length Sale Ifistory
Site
10/ 11/2023
$44,500
$19,580
Closed Sale
Cash
Fee Simple
2/22/2024
Peggy Elkins w/ Staton
Properties, LLC
None in previous 3 years
Acres
2.27
Topography
Heavily Treed
Land SF
99,000
Zoning
E-Estates
Primary Frontage Feet
150
Dimensions
105' x 660'
Primary Frontage Street
36th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 36th Ave SEwest of Desoto Blvd S. No wetland determination on file.
FDEP map shows parcel is freshwater forested/shrub wetlands.
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8316
Date
2/9/2024
Name
esoto Blvd S
Price
$47,900
Address
Desoto Blvd S
Price Per Acre
$40,912
City
Naples
Transaction Type
Closed Sale
Grantor
Worrell and Pauline White
Financing
Cash
Grantee
Christopher Manuel Nunez
Property Rights
Fee Simple
Tax ID 41166560003
Days on Market 3
Book/Page or Reference Instru #6507221
Doc
Conditions of Sale Ands Length
Acres 1.17
Land SF 51,000
Primary Frontage Feet 75
Primary Frontage Street Desoto Blvd S
Utilities None
Sale Verification Date 2/22/2024
Sale Verification Source Patricia Ewashko w/ Royal
Shell Real Estate
Sale History 9/2020 - $20,000.
Site
Topography
Heavily Treed
Zoning
E-Estates
Dimensions
75' x680'
Shape
Rectangular
Topography Heavily Treed
Comments
Heavily treed parcel located along the east of Desoto Blvd S. Infonnal Wetland Determination dated 5/27/2020 shows
0.44 acres (38%) wetlands located in the front of the site.
AP-1- C S-NG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8299
Date
Pending
Name
4760 24th AVE SE
Price
$53,500
Address
476024th AVE SE
Price Per Acre
$33,629
City
Naples
Transaction Type
Pending Sale
Grantor
David Jesus Lopez Zanelli
Financing
Pending
Grantee
Confidential
Property Rights
Fee Simple
Tax ID
41169080001
Days on Market 321 Sale Verification Date 2/22/2024
Book/Page or Reference Not yet recorded Sale Verification Source Maria Zanelli w/ Century 21
Doc Selling Paradise
Conditions of Sale Pending Sale history None in previous 3 years
Site
Acres
1.59
Topography
Heavily Treed
Land SF
69,300
Zoning
E-Estates
Primary Frontage Feet
105
Dimensions
105' x660'
Primary Frontage Street
24th Ave SE
Shape
Rectangular
Utilities None Topography Heavily Treed
Comments
Heavily treed parcel located along south side of 24th Ave SE east of Desoto Blvd S. Informal Wetland Determination
dated 12/12/22 shows 1.54 acres (97%) wetlands.
i ��,�R� Tj(j\T�
1 ..+o— su�riNc
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8326
Name
2nd AVE SE, TR 116
Address
22nd AVE SE
City
Naples
Grantor
Joseph & Mary Prush
Individually and as Trustee
Grantee
Clinton Miles Dunmire
Tax ID
41170960000
Days on Market
17
Book/Page or Reference
histr 46468393
Doc
Arm's length
Conditions of Sale
Date
10/23/2023
Price
$135,000
Price Per Acre
$54,000
Transaction Type
Closed Sale
Financing
Cash
Property Rights Fee Simple
Sale Verification Date 2/22/2024
Sale Verification Source Joseph Prush w/ Premiere Plus
Realty Company
Sale History 3/2023 $100,000 as part of 5-
acre parcel
Site
Acres
2.50
Topography
Heavily Treed
Land SF
108,900
Zoning
E-Estates
Primary Frontage Feet
165
Dimensions
165' x660'
Primary Frontage Street
22nd Ave SE
Shape
Rectangular
Utilities None
Topography
Comments
Heavily Treed
Heavily treed parcel located along north side of 22nd Ave SE east of Desoto Blvd S. Informal Wetland Determination
dated 7/29/21 shows the site is entirely uplands with no wetlands.
1—.� ro�S—NG'
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8325
Date
6/21/2023
Name
332 28th AVE SE
Price
$70,000
Address
4332 28th AVE SE
Price Per Acre
$61,600
City
Naples
Transaction Type
Closed Sale
Grantor
Homes Art Investment Llc
Financing
Cash
Grantee
Idolidia Vazquez and Elisa
Property Rights
Fee Simple
Alonso
Days on Market
7
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6420935
Sale Verification Source
Nathalia Mato w/ Sellstate
Doc
Achievers Realty
Conditions of Sale
m's length
Sale Ffistory
None in previous 3 years
Acres 1.1
Land SF 49,500
Primary Frontage Feet 75
Primary Frontage Street 28th Ave SE
Utilities None
Site
Topography
Heavily Treed
Zoning
E-Estates
Dimensions
75' x 660'
Shape
Rectangular
Topography Heavily Treed
Comments
Heavily treed parcel located along south side of 28th Ave SEwest of Desoto Blvd S. Informal Wetland Determination
dated 8/22/2018 shows the site is entirely uplands with no wetlands.
i ��,�R� Tj(j\T�
1 ..+o— su�riNc
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Land Comparable I - Medium and Large Parcels
Transaction
ID
8307
Date
4/28/2023
Name
0th AVE SE, TR 56
Price
$160,000
Address
40th AVE SE, TR 56
Price Per Acre
$32,000
City
Naples
Transaction Type
Closed Sale
Grantor
Megan M Mcgreevy
Financing
Cash
Grantee
Katherine Delgado
Property Rights
Fee Simple
Tax ID
41615160006
Days on Market
703
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6396049
Sale Verification Source
lliamK McGreevy, Jr. w/
Doc
Premiere Plus Realty Co.
Conditions of Sale
Arm's 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
33V x660'
Primary Frontage Street
40th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 40th Ave SE east of Everglades Blvd S. Informal Wetland
Determination shows approximately 10% wetlands in the front eastern corner and rear.
i ��,�R� Tj(j\T�
..+o— m�su�riNc
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8305
Date
4/14/2023
Name
0th AVE SE, TR 114
Price
$79,000
Address
40th AVE SE, TR 114
Price Per Acre
$12,938
City
Naples
Transaction Type
Closed Sale
Grantor
Nannette Rinehart
Financing
Cash
Grantee
Primitivo D. Sapla, Jr and
Property Rights
Fee Simple
Sonia G. Sapla
Tax ID
41510560002
Days on Market
4
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6391193
Sale Verification Source
tthew Harrington w/
Doc
William Raveis Real Estate
Ands length
Sale History
2/2021 - $65,000
Conditions of Sale
Site
Acres
6.11
Topography
Heavily Treed
Land SF
265,980
Zoning
E-Estates
Primary Frontage Feet
403
Dimensions
403' x660'
Primary Frontage Street
40th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 40th Ave SE east of Desoto Blvd S. No wetland determination on file
FDEP map shows parcel is freshwater forested/shrub wetlands.
xniui.r�oy CS�iTiHG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8306
Date
3/17/2023
Name
908 32nd AVE SE
Price
$265,000
Address
3908 32nd AVE SE
Price Per Acre
$46,640
City
Naples
Transaction Type
Closed Sale
Grantor
Carl Tackles
Financing
Cash
Grantee
Keo and Kan Yang
Property Rights
Fee Simple
Tax ID
41397480004
Days on Market
53
Sale Verification Date
2/22/2024
Book/Page or Reference
histr #6380600
Sale Verification Source
Taryn R Cafiero w/ John R.
Doc
Wood Properties
Arm's length
Sale History
None in previous 3 years
Conditions of Sale
Acres 5.68
Site
Topography
Land SF 247,500 Zoning
Primary Frontage Feet 375 Dimensions
Primary Frontage Street 32nd Ave SE Shape
Utilities None Topography
Comments
Heavily Treed; Brazilian
Pepper Removed
E-Estates
375' x 660'
Rectangular
Heavily Treed
Heavily treed parcel located along south side o1732nd Ave SEwest ofDesoto Blvd S along a canal. Informal Wetland
Determination dated 12/7/22 shows no wetlands.
T TTT
-5-ING
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8308
Date
2/6/2024
Name
30th AVE SE, TR4
Price
$115,000
Address
30th AVE SE, TR4
Price Per Acre
$23,000
City
Naples
Transaction Type
Closed Sale
Grantor
Mary Lou Klage & Michelle
L Financing
Cash
Ehnendorf
Grantee
Jeanette Casulli
Property Rights
Fee Simple
Tax ID
41440360000
Days on Market
274
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6509607
Sale Verification Source
Kevin Heashp w/ Prime Real
Doc
Estate of Naples
Conditions of Sale
Ands 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' x660'
Primary Frontage Street
30th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 30th Ave SE west of Desoto Blvd S. Informal Wetland Determination
shows 4.56 acres (91%) wetlands.
1—.r�oy C S—NG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8310
Date
1/12/2024
Name
521 Desoto BLVD S
Price
$92,500
Address
1521 Desoto BLVD S
Price Per Acre
$32,919
City
Naples
Transaction Type
Closed Sale
Grantor
Chandra & Kuar Ramnarine
Financing
Cash
Grantee
Palantir Homes, LLC
Property Rights
Fee Simple
Tax ID 41104800000
Days on Market 706
Book/Page or Reference Instr #6501764
Doc
Conditions of Sale Arms length
Acres 2.81
Land SF 122,400
Primary Frontage Feet 180
Primary Frontage Street Desoto Blvd
Utilities None
Sale Verification Date 2/22/2024
Sale Verification Source Oscar Velez, PA w/ John R.
Wood Properties
Sale History None in previous 3 years
Site
Topography
Heavily Treed
Zoning
E-Estates
Dimensions
180' x660'
Shape
Rectangular
Topography Heavily Treed
Comments
Heavily treed parcel located along west side of Desoto Blvd S. No wetland determination on file. FDEP map shows
parcel is uplands.
1—.r�oy C S—NG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8311
Date
1/12/2024
Name
Desoto Blvd & 8th Ave SE
Price
$132,500
Address
Desoto Blvd & 8th Ave SE
Price Per Acre
$47,154
City
Naples
Transaction Type
Closed Sale
Grantor
Bogart Properties Llc
Financing
Cash
Grantee
B&GProperties ofNaples,
Property Rights
Fee Simple
LLC
Tax ID
40807760008
Days on Market 66 Sale Verification Date 2/22/2024
Book/Page or Reference Instr #6498283 Sale Verification Source Juan David Chaparro w/
Doc Clever Home Selling
Conditions of Sale Arms length Sale Flistory None in previous 3 years
Site
Acres
2.81
Topography
Heavily Treed
Land SF
122,400
Zoning
E-Estates
Primary Frontage Feet
180
Dimensions
180' x660'
Primary Frontage Street
Desoto Blvd
Shape
Rectangular
Utilities None Topography Heavily Treed
Comments
Heavily treed parcel located at southeast comer of Desoto Blvd S and 8th Ave SE. Informal Wetland Detemvnation
dated 9/28/2023 shows 1.16 acres (41%) wetlands located in the rear of the site.
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8309
Date
10/30/2023
Name
849 26th AVE SE
Price
$135,000
Address
4849 26th AVE SE
Price Per Acre
$27,000
City
Naples
Transaction Type
Closed Sale
Grantor
J Alves Ezzard individually Financing
Cash
and ac Tmstee
Grantee
G Leon, LLC
Property Rights
Fee Simple
Tax ID
41450160009
Days on Market
124
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6471753
Sale Verification Source
Cory Lauer w/ Keller Williams
Doc
Realty Naples
Conditions of Sale
Arms length
Sale History
8/2021 - $93,000
Site
Acres
5.00
Topography
Heavily Treed
Land SF
217,800
Zoning
E-Estates
Primary Frontage Feet
330
Dimensions
339 x 660'
Primary Frontage Street
26th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 26th Ave SE east of Desoto Blvd S. Informal Wetland Detemvnation
shows approximately 50% wetlands in the rear of the site.
1—.� ro�S—NG'
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8312
Date
10/20/2023
Name
4th AVE SE, TR 23
Price
$82,000
Address
34th AVE SE, TR23
Price Per Acre
$16,400
City
Naples
Transaction Type
Closed Sale
Grantor
Jose & Luz Rivera
Financing
Cash
Grantee
John Blanco and Annarella Property Rights
Fee Simple
Acotsa Garcia
Days on Market
798
Sale Verification Date
45344
Book/Page or Reference
histr #6471475
Sale Verification Source
Nicholas T Sassi w/ Global
Doc
Realty of Southwest Florida
Inc
Conditions of Sale
m's length
Sale ITistory
None in previous 3 years
Site
Acres
5.0
Topography
Heavily Treed
Land SF
217,800
Zoning
E-Estates
Primary Frontage Feet
330
Dimensions
330' x660'
Primary Frontage Street
34th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along south side of 34th Ave SE west of Desoto Blvd S. Informal Wetland Determination
dated 6/12/2023 shows 3.50 acres (70%) wetlands located throughout the site.
i ��,�R� Tj(j\T�
1 ..+o— m�su�riNc
CONSERVATION COLLIER
TAX lD NUMBER: 39491760001
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
10.011 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. Seller further represents
the Property is free from any and all occupants, tenants, and other persons or
entities claiming possession of the Property at the time of closing. This
provision shall survive closing. Seller further represents the Property is free
from any and all occupants, tenants, and other persons or entities claiming
possession of the Property at the time of closing. This provision shall survive
closing.
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 Selleis ability to sell the
Property to Purchaser according to the terms of this Agreement.
cAo
CC Agteemenl 02 I 1 212024
'10.01 Seller and Purchaser represent and warrant the following:
10.015 No party or person other than Purchaser has any right or option to
acquire the Property or any portion thereof.
Page 5 of '13
11.B.j
Packet Pg. 296 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 39491760001
1 0.016 Until the date fixed for Closing, so long as thls 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 leases, licenses or other
possessory interests, 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.
CC Agteemenl 02 I 1 212024 Page 7 of l3
@
11.B.j
Packet Pg. 297 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 39491760001
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 ls 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 19BG ("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.
CC Agrcement 0211212024 Page 8 of 13
cAo
11.B.j
Packet Pg. 298 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 39491760001
10.024 Any loss and/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
XI. NOTICES
11.01 Any notice, request, demand, instruction, or other communication to be
given to either party hereunder shall be in writing, sent by facsimile with
automated confirmation of receipt, or by registered, or certified mail, return receipt
requested, postage prepaid, addressed as follows:
lf to Purchaser:Summer Araque, Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services Department
Golden Gate Community Park
3300 Santa Barbara Blvd.
Naples, Florida 34116
Deborah Goodaker, SR/VVA-GN
Property Acquisition Specialist ll
Collier County Real Property Management
3335 Tamiami Trail East, Suite 102
Naples, Florida 34112
Fax number: 239-252-887 6
lf to Seller:Nancy A. Walsh
21 Captain Ryder Road
South Yarmouth, MA 02664-1629
Brenda (Walsh) Baccus
Email: baccusbrenda@yahoo.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.
CAOCC Agrcement 0211212024 Page 9 of l3
With a copy to:
With a copy to:
11.B.j
Packet Pg. 299 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 39491760001
13.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
13.09 lf the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust, or any form of representative capacity whatsoever
for others, Seller shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 517, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from the
provisions of Chapter 286, Florida Statutes.)
13.10 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
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.
XV. ACKNOWLEDGMENTOF POTENTIAL FUTURE USE
15.01 Seller and Purchaser acknowledge and agree that any portion of the
Property may be used for public road right of way and roadway related
improvements, including, but not limited to stormwater and utility improvements, at
the sole discretion of Purchaser.
S/GNATURES APPEAR ON THE FOLLOWING PAGES
cAO
CC Agteemenl O2l 1 212024 Page ll of 13
XIV. ENTIRE AGREEIVIENT
11.B.j
Packet Pg. 300 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX ID NUMBER 39491750001
lN WITNESS WHEREOF, the parties hereto have signed below.
Dated ProjecUAcquisition Approved by BCC:_
AS TO PURCHASER:
ATTEST:
CRYSTAL K, KINZEL, CIe* of the
Circuit Court and Comptroller
, Deputy Clerk
AS TO SELLER:
By:
,an
App.oved as to form and legalty
Assistanl County Attorney
BOARD OF COUNN' COMM!SSIONERS
COLLIER COUNry, FLORIDA
By:
CHRIS HALL, Chairman
CC Agreemont 02/1 2/2024 s,"'1y
Pag€ t2 ot t3 (a
Ioot.r,
11.B.j
Packet Pg. 301 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
CONSERVATION COLLIER
TAX lD NUMBER: 39491760001
EXHIBIT "A"
PROPERry IDENTIFICATION NUMBER: 39491760001
The East 75' of the East 150' of Tract No. 20, Golden Gate Estates, Unit No. 53,
according to the map or plat thereof recorded in Plat Book 7, Page 93 of the Public
Records of Collier County, Florida.
Comprised of 1.14 Acres according to Collier County Property Appraiser Records.
cAoCC Agteemenl 021 1 212024 Page 13 of l3
11.B.j
Packet Pg. 302 Attachment: Walsh Agreement (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
1
Conservation Collier Land Acquisition Program
Project Design Report
Walsh Property
Date: May 2024
Property Owner(s): Nancy A. Walsh
Folio: 39491760001
Location: GOLDEN GATE EST UNIT 53 E75FT OF TR 20
Size: 1.14 acres
Purchase Price: $19,494
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications: The Red Maple Swamp multi-parcel project, which includes the
1.14-acre Walsh parcel, was first approved by the Board for acquisition as an “A” List
multi-parcel property in January 2005, and confirmed again most recently in October 2023.
Red Maple Swamp/NGGE Unit 53 is a 305.80-acre undeveloped Unit within the North
Golden Gate Estates (NGGE) consisting of 108 parcels. Conservation Collier has acquired
86 parcels totaling 245.08 acres and currently owns 80% of lands within the project area.
Native habitat present over the whole unit is wetland hardwood forest, with a substantial
portion of that being dominated by cypress and red maple swamp and the remainder by
native and exotic re-growth over a historic farm field (approximately 100 acres) on the
western side of Unit 53. This parcel is within the old farm field area as it is located towards
the western side of Unit 53. Exotic invasive plants Brazilian pepper and Japanese climbing
fern make up anywhere from 35% to 45% of the vegetation and exist throughout the parcel.
Listed wetland dependent birds, including wood storks, snowy egrets, ibis and little blue
herons have been observed during site visits to this area. No listed wildlife species have
been observed; however, the entire unit is considered part of Primary Zone panther habitat
by the U.S. Fish and Wildlife Conservation Commission. Deer and Florida Black bears
have been observed in the area.
Recommended for the “A”
category on the Active
Acquisition List (AAL) by
CCLAAC
Selected for the
“A” category on
AAL by BCC
Offer made to
owner Offer Accepted
7/14/2004 10/10/2023 2/29/2024 3/14/2024
11.B.k
Packet Pg. 303 Attachment: Walsh-RMS-PDR (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
2
In addition to protecting wetlands and listed species habitat, another important reason for
the selection of Red Maple Swamp as a conservation target is that it is connected on its
north and west sides with the 60,000-acre Florida Forever Corkscrew Regional Ecosystem
Watershed (CREW) Project, which includes Corkscrew Marsh, Bird Rookery Swamp,
Flint Pen Strand and Audubon’s Corkscrew Swamp Sanctuary. Through them, Red Maple
Swamp (and this parcel) connects with the Pepper Ranch and Caracara Prairie Preserves,
private mitigation lands and lands protected under the County’s Rural Lands Stewardship
Program. Conservation Collier acquisitions within NGGE Unit 53 enhance, protect, and
buffer these already conserved lands.
Zoning, Growth Management and Land Use Overlays: The Red Maple Swamp project
parcels are entirely within the Northern Golden Gate Estates. The zoning classification for
all the parcels is Estates (E), a rural residential classification. There are no additional land
use overlays applicable.
Projected Management Activities:
Removal of exotic plants, construction of trails, and signage are projected management
activities.
Red Maple Swamp is adjacent to Bird Rookery Swamp, where a 1,200-foot boardwalk has
been built and nearly 12 miles of hiking trails have been created by South Florida Water
Management District (SFWMD). Staff will coordinate with SFWMD and neighboring
communities when planning for public access to Red Maple Swamp lands. Nature
photography and bird watching from roadways are two activities that can occur at present.
Currently, 41st Ave NW, an unpaved limerock road, provides access and the only parking
is along the road right-of-way. Minimal management activities, like regular visitation,
inspection and trash removal are currently being accomplished by staff.
Estimated Management Costs:
Management
Element 2025 2026 2027 2028 2029
Exotics $570 $285 $285 $285 $170
Total $570 $285 $285 $285 $170
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
11.B.k
Packet Pg. 304 Attachment: Walsh-RMS-PDR (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
3
11.B.k
Packet Pg. 305 Attachment: Walsh-RMS-PDR (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
4
11.B.k
Packet Pg. 306 Attachment: Walsh-RMS-PDR (28858 : Conservation Collier - Cycle 12A - Granados, Moulton Tr., Taylor, Walsh)
/40 Carroll & Carroll
Real Estate Appraisers & Consultants
APPRAISAL REPORT
FOR
THE CONSERVATION COLLIER
PROGRAM AND THE COLLIER
COUNTY BOARD OF COUNTY
COMMISSIONERS
SUBJECT PROPERTY:
DR. ROBERT H. GORE III PRESERVE
NAPLES, FL 34117
AT THE REQUEST OF:
ROOSEVELT LEONARD, R/W-AC
SUPERVISOR - REAL PROPERTY
E MANAG MENT
COLLIER COUNTY FACILITIES
MANAG MENT/REAL PROPERTY
3335 TAMIAMI TRAIL E., STE. 101
NAPLES, FL 34112
ASSIGNMENT NO.:
6617-TS
APPRAISAL EFFECTIVE DATE:
FEBRUARY 1, 2024
DATE OF REPORT:
FEBRUARY 29, 2024
6617 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 - DR. ROBERT H. GORE III PRESERVE ...................................................
31
ENVIRONMENTAL CONTAMINATION....................................................................................
33
NATURAL RESOURCE CONCERNS............................................................................................
34
FUTURELAND USE.........................................................................................................................
36
ZONING..............................................................................................................................................
38
HIGHEST AND BEST USE...................................................................................................................
40
CONSIDERATION OF APPROACHES.............................................................................................
41
SALES COMPARISON APPROACH.................................................................................................
42
DR. ROBERT H. GORE III PRESERVE (1.14-2.73 ACRES)..............................................................
43
LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES .............................
44
LAND SALES ADJUSTMENT GRID - 0-75% WETLANDS.......................................................
45
LAND SALES ADJUSTMENT GRID - 76-100% WETLANDS ...................................................
46
FINAL ESTIMATE OF VALUE - DR. ROBERT H. GORE III PRESERVE ................................
53
(1.14-2.73 ACRES)..............................................................................................................................
53
DR. ROBERT H. GORE III PRESERVE (2.74-7.17 ACRES)..............................................................
54
LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES .............................
55
LAND SALES ADJUSTMENT GRID - 0-75% WETLANDS.......................................................
56
LAND SALES ADJUSTMENT GRID - 76-100% WETLANDS ...................................................
57
FINAL ESTIMATE OF VALUE - DR. ROBERT H. GORE III PRESERVE ................................
64
(2.74-7.17 ACRES)..............................................................................................................................
64
ADDENDA.............................................................................................................................................
65
Carroll & Carroll
6617 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
Dr. Robert H. Gore III Preserve Market Area
Naples, FL 34117
Property Description
Dr. Robert H. Gore III Preserve consists of 268 parcels or a
total of 600.50 acres located within Golden Gate Estates,
Units 91 and 92 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
February 1, 2024
Date of Report
February 29, 2024
Date of Inspection
N/A
Purpose of Appraisal
Estimate the market value on a price per acre basis within
the Dr. Robert H. Gore Preserve for the various tiers for
parcels ranging in size from 1.14 acres-2.73 acres, 2.74 acres-
4.00 acres, and 4.01 acres-7.17 acres.
Tiers
I. Up to 25% Wetlands
II. 26-50% Wetlands
III. 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 $50,000 per acre
II 26-50% Wetlands $34,000 per acre
III 51-75% Wetlands $27,000 per acre
IV 76-100% Wetlands $21,000 per acre
Carroll & Carroll
1
6617 Report Summary of Important Data & Conclusions
2.74-4.00 Acres
I Up to 25% Wetlands $39,000 per acre
II 26-50% Wetlands $30,000 per acre
III 51-75% Wetlands $25,500 per acre
IV 76-100% Wetlands $20,000 per acre
4.01-7.17 Acres
I
Up to 25% Wetlands
$39,000 per acre
II
26-50% Wetlands
$30,000 per acre
III
51-75% Wetlands
$25,500 per acre
IV
76-100% Wetlands
$20,000 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
6617 Report Certification
CERTIFICATION
I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF:
I did not physically inspect the Dr. Robert H. Gore III 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
6617
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
Timothy W. Sunyog, MAI
Cert Gen RZ3288
Carroll & Carroll 4
6617 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 Dr. Robert H. Gore III 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 Dr. Rober H. Gore III
Preserve for the various tiers for parcels ranging in size from 1.14 acres-2.73 acres, 2.74
acres-4.00 acres, and 4.01 acres-7.17 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
6617 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
6617 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) 9[ 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
6617
Area Anal
AREA INFORMATION
COLLIER COUNTY ANALYSIS
An analysis of geography, transportation, population, employment, income, and education
for Collier County is performed using data provided by Site to Do Business, Florida Office
of Economic & Demographic, United States Department of Labor, all recognized source(s).
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Collier County is the most southerly county on Florida's west coast offering mainland
coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With
2,025 square miles of land area, it is the largest county in Florida. About 63% of the land
area is in public ownership, is set aside for environmental preservation, or is scheduled for
public land acquisition.
The region enjoys a climate that is classified as subtropical. Summers are relatively mild,
and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter,
is one that attracts and is enjoyable to most people.
The geography of the area runs generally northwest and southeast as indicated by the trend
of the coastline. Beaches extend from the northern county line south to Cape Romano and
then, as the coastline trends further to the southeast, beaches give over to mangrove islands
and swamps. Moving northeastward from the beaches, elevations increase very slowly.
Most of the county is less than 15 feet above mean sea level. Although changes in elevation
Carroll & Carroll 8
6617 Revort 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)
430,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
Cottier County Population
2000 2006 2010 2016 2020 2022 2027
FIorz" OjficrofEcortomic &DemograpT a ResoaTch fond £sri forecssfs 2d22
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
6617 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%
1&%
14%
12%
10%
8%
6%
4%
2%
0%
0r4 5-9 10.14 15.24 25.34 35-41 45-54 33-64 655-74 75-84 85,
Age
LI_S. Census Bureau, Census 2020 Summary File T. Emi farecasis far 2022 and 2027
02010
■ 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- COLLIER COUNTY
Guxerl
Education
Sere
Mining &
Manufacturing
Professional & Leisure & Hopitality
Business Services Services
4fqice of Economic & Dewgraphfc Research, urmAr.state fI.us
•ade,
nrtation &
:ilties
s
Carroll & Carroll 10
6617
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.
Unemployment Rate (County vas State)
2022
2020
2016
2015
2014
2013
2012
2011
2010
2009
0.0% 2.09b 4.0% 6.01% 8.0% 10.13% 12.0% 14.0%
■ Collier County ■ State of Florida
Unifed StatesDeFartmenf of LaborlBureauofLabor SfatisituOLAUStatistics Map
Carroll & Carroll 11
6617
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 & Carroll 12
6617 Revort 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
6617
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
6617 Revort 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 & Carroll 15
6617 Revort 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
6617 Report
MARKET AREA
Market Area
Market Area is defined as:
"The geographic region from which a majority of demand comes and in which the
majority of competition is located." (The Dictionary of Real Estate Appraisal Th Edition)
"A market area is defined in terms of the market for a specific category of real estate
and thus is the area in which alternative, similar properties effectively compete with the
subject property in the minds of probable, potential purchasers and users." (The
Appraisal of Real Estate 151h Edition)
A market area includes those surrounding land uses which impact the value of a property
and it can encompass one or more neighborhoods or districts. An appraiser focuses on the
market area in analyzing subject property value influences.
BOUNDARIES
The subject property is located within the Golden Gate area of Collier County. For
appraisal purposes, the Golden Gate or market area boundaries are shown below:
Immokale
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Carroll & Carroll 17
6617
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
6617 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 & Carroll 19
6617 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
6617 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
6617
Market Area
ROL:
7 Alk
)M,
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
Families
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: 2022-2027 Annual Rate
Area
State
National
Population
0.78%
0.61%
0.25%
Households
0.93%
0.62%
0.31%
Families
0.91%
0.59%
0.28%
Owner HHs
1.31%
0.83%
0.53%
Median Household Income
4.181/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
7.5cl
5,074
6.4%
5,291
6.5%
5-9
4,949
7.59/a
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
6.5%
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
15.61/a
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
0.59/a
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
50.59/a 38,671
49.1%
37,370
45.69/a
Black Alone
6,041
9.2%
6,545
8.50/a 6,536
8.3%
6,541
8.0%
American Indian Alone
327
0.50/0
601
0.801 639
0.8%
697
0.9°%
Asian Alone
721
1.1%
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
13.39/a 10,532
13.4%
11,498
14.0%
Two or More Races
1,843
2.80/o
19,737
25.70% 21,411
27.2%
24,751
30.20%
Hispanic Origin (Any Race)
27,517
41.9%
35,803
46.6% 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
6617 Report
Market Area
Qesri- Demographic and
Golden Gate/Golden Gate Estates
Area: 156.97 square miles
Trends 2022-2027
4
c 3.5-
ar
L 3
C
n
c 2.5
w 2-
ro
C� 1.5
I
73 1
c
a` a.5
'
0
Population
Population by Age
14
12
10
C
(U $
u
L
a 6-
4-
2-
0-1
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
1B.z% $25K - $34K 40
6.5%
$15K-$24K 355
4.4%
[$15K �,, 30
4.8%
2 25
$75K - $99K `� 20
14.6% $200K+
7.3% 15
10
$150K - $199K
9.1% 5
$100K-$149K O
25.1% White Black Am. Ind. Asian Pacific Other Two+
2022 Percent Hispanic Origin:47.6%
Prepared by Esri
■ Area
■ State
■ USA
2022
■ 2027
Source: Esri forecasts for 2022 and 2027. U.5. Census Bureau 2010 decennial Census data converted by Esrl into 2020 geography.
April 27, 2023
c-2023 Esri
Carroll & Carroll 23
6617 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
6617
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
6617 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:
10,885
Total Residential Population:
78,769
Employee/Residential Population Ratio (per IOD Residents)
14
Businesses
Employees
by SIC Codes
Nu miner
Percent
Number Percent
Agriculture & Miring
116
5.8%
667
6,1%
Couction nstr
376
18.9%
1,569
14,4%
Manufacturing
20
1.0%
266
2,4%
Transportation
71
3.6%
273
2.5%
Communication
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 Impmyement
35
1.9%
145
1.3%
General Merchandise Stares
11
0.6%
49
0-5%
Food Stores
38
1.9%
SO
4,6%
Auto Dealers, Gas Stations, Auto AR -market
20
1.0%
101
0.9%
Apparel & accessory Stores
15
0.9%
44
0.4%
Furniture & Home Fumishings
23
1.2%
96
0.9%
Eating & Drinking Places
70
3-5%
694
6,4%
Miscellaneous Retail
75
3.9%
389
3.6%
Finance, Insurance, Real Estate Summary
139
7.0%
579
5.3%
Banks, Savings & Lending Institutions
22
1.1%
108
1.0%
Securities Brokers
1B
0.9%
66
0.6%
Insurance Carriers & Agents
32
1.6%
87
O.S%
Real Estate, Holding, Other Investment Offices
67
3.4%
317
2.9%
Services Summary
692
34.7%
5,016
46A%
Hotels & Lodging
3
0.2%
2B
0.3%
Automodye Services
36
2.8%
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%
1,709
15.7%
Other Services
490
24.6%
1,839
16.9%
Govemment
15
0.9%
223
2.0%
Unclassified Establishments
221
11.1%
29
01
Totals
1,994
100.0%
10,885
1w0%
Source: Copyright 2022 Data Axle, Inc. All rights reserved. Esri Total Residential Population forecasts for 2022.
Date Note: Data on the Business Summary report Is calculated using Earl'. Data allotafion method wh,h uses census
block groups to ahocale, business summary data to custom areas.
April 27, 2023
Carroll & Carroll 26
6617
Market Area
#esri,
Golden Gate/Golden Gate Estates
Area: 156.97 square miles
Prepared by Esri
eusimesses
Employees
by NAICS Codes
Number
Percent
Number Percent
Agriculture, Forestry, Fishing & Hunting
7
0.4%
17
0,2%
Mining
2
0.1%
11
0.1%
Utilities
0
0.0%
1
0.01
Construction
398
20.0%
1,629
15.0%
Manufacturing
29
1.5%
286
2.6%
Wholesale Trade
40
2.0%
159
1.5%
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%
55
0.5%
Bldg Material & Garden Equipment & Supplies Dealers
35
1.8%
145
1,3%
Food & Beverage Stores
34
1.7%
473
4.3%
Health & Personal Care Sbores
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%
Nonstore Retailers
19
1.0%
5
0.0%
Transportation & Warehousing
67
3.4%
235
2.2%
Information
17
0.9%
95
0.9%
FlnanCe&Insurance
73
3.7%
267
2.5%
Central Bank/Credit Intermediation & Related Activities
23
1.2%
113
1,0%
Securlties, Commodity Contracts & Other Francial
18
0.9%
66
0.6%
insurance Carriers & Related Activities; Funds, Trusts &
32
1.6%
87
0.8%
Real Estate, Rental & Leasing
67
3.4%
269
2.5%
Professional, Scientific & Tech Services
171
8.6%
741
6'8%
Legal Services
23
1.2%
164
1.5%
Management of Companies & Enterprises
6
0.3%
66
06%
Administrative & Support & Waste Management & Remediation
205
10.3%
938
8.6%
Educational Services
43
2.2%
1,717
15.8%
Health Care & Social 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%
Accommudation
3
0.2%
28
0,3%
Food Services & Drinking Places
72
3.6%
717
6.6%
Other Services (except Public Administration)
232
11.6%
790
73%
Automotive 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% 10,885 101
Source: Copyright 2022 Data Axle, Inc. All rights reserved. Esri Total Residential Population forecasts for 2022.
bate Nate: Data on the Business Summary report Is calculated using Ecri'a Date allocation method which uses census block groups to al -te business summary 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
6617
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
6617 Report
PROPERTY INFORMATION
crBW 4Viif ife
Ua nagement Area
I� Orangetree
Heritage Bay
Island
Walk
Vineyards
Golden
Gate
Berkshire 9
Lakes _ —`nd j Subject
a
PreaymTe
p l I Strand w4dWe
Naples Management Area
Manor Lely
Resort
41
(10YRr S')lf'T! I
Marco Marco
Island +s+arrd
CALUSA
MLAND
VILLAGE
Picayune Strand
State Forest
Pro
Ave Mafia
Faksh atchee
Strand Preserve
State Park
4.
Information
71
�s�r77f��7)i fir.
24
24
Carroll & Carroll 29
6617 Report Property Information
Carroll & Carroll 30
6617 Report Propertv Information
BCC Conservation Collier Property Summary Cycle 12 A
Dr. Robert H. Gore III Preserve Multi -Parcel Project
Conservation Collier Dr. Robert H. Gore III Preserve Status July 2023
0 CS 1 er Coxxty�
I'll .,
SITE DESCRIPTI(N — DR. ROBERT H. GO E III PRESERVE
Summary
Dr. Robert H. Gore III Preserve consists of a total of 268
parcels or a total of 600.5 acres. The parcels are located in
southern Golden Gate Estates, between 361h Avenue SE and
Interstate 75, and east and west of Desoto Boulevard South.
Parcel ID#& O ers
T*nre are a total of 147 parcels or just over 377 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 7.17 acres.
Shape
All the parcels are rectangular in shape.
Access
All parcels have legal and physical access along paved and
non -paved roads. The parcels are accessible from Desoto
Boulevard South, 361h Avenue SE, 38h Avenue SE, 40th
Avenue SE, and 42nd Avenue SE.
Topography
The properties are generally level.
Ground Cover
The majority of the properties are covered in native and
Carroll & Carroll 31
6617 Report
Property Information
exotic vegetation and have never been cleared.
I was provided with a Conservation Collier Property
Summary for Dr. Robert H. Gore III Preserve dated July
2023.
The parcels are located within the Gore Target Protection
Mailing area which connects with the Florida Panther
National Wildlife Refuge to the east, Picayune Strand State
Forest to the south across Interstate 75, and Fakahatchee
State Strand Preserve to the southeast across Interstate 75.
The parcels consist of a mixture of vegetative communities
including cypress, cypress -mixed hardwoods, mixed
wetland hardwoods, mixed scrub -shrub wetland, and pine
flatwoods with most containine wetlands.
Utilities Electricity, telephone and TV cable are available. The
properties are serviced by well and septic.
Carroll & Carroll 32
6617 Report Propertv Information
ENVIRONMENTAL
CONTA NA ION
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
6617 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
Property Summary for Dr. Robert H. Gore III
Preserve dated July 2023.
The parcels consist of a mixture of vegetative
communities including cypress, cypress -mixed
hardwoods, mixed wetland hardwoods, mixed
scrub -shrub wetland, and pine flatwoods with most
containing wetlands.
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
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6617 Report Propertv Information
FUTURE LA 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 36
6617
Property Information
Q
MAWS DESIWTld1 AGMc11LTMWLL �FI.NA�OfSIGNATnx
ro�NaepcTMn � 1aie��w„�
WtlnW slue ffi�dbe[1 OYERlAY9ANH SPFCML FEATURES
LEE COUNTY LINE
t9
O
PINE R GE RD
7
Oz onnin an GREN BLVD GPW
� JI�
1NTERSTATE75
BAV S BLVD
RURAL HOIDEN GATE
RRURE 9AFI0 USE MAR
-TED - SUTEMHER 24.2010
AMENHEH -AARIL 3T, ]031
[atl. No. 3011-19)
AMEn f_ No 10RF eil'sR1
AMex E_ a ° i31 sox
O
0 0.5 f 2 3
Miles
anwwiw wn R �R F
RURAL GOLDEN GATE ESTATES
FUTURE LAND USE MAP
INTERSTATE 75
Carroll & Carroll 37
6617 Report Propertv 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 38
6617 Report Propertv Information
Carroll & Carroll 39
6617 Report Highest and Best Use
HIGHEST AND BEST USE
DEFINITION
The Dictionary of Real Estate Appraisal, 7" 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 40
6617 Report Highest 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 41
6617 Report Sales Comparison Approach
SALES CO ARISON APPRO H
N IPA TIO
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 42
6617 Report Sales Comparison Approach
DR. ROBERT H. GORE III PRESERVE (1.14-2.73 ACRES)
Collier County is interested in determining a per acre value for the various tiers for the Dr.
Robert H. Gore III 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, 2.74 acres-4.00 acres, and 4.01-7.17
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 25
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.
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 43
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6617 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 47
6617 Report Sales Comparison Approach
FIN G IN
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 CHAN GE
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 2023 and 2024, which market conditions continue
to improve.
I 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.
LOCATION/ACCESS/EXPOSURE
This category of adjustment reflects the impact on value caused by the advantages or
disadvantages of a given location.
Comparables 1, 2, 3, 4, 5, 6, 7, and 8 are all located north or west of the subject in
superior locations, and each was adjusted downward 10%.
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.
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.
Carroll & Carroll 48
6617 Report Sales Comparison Approach
• 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 a Conservation Collier Property Summary for Dr. Robert H. Gore
III Preserve dated July 2023. The parcels consist of a mixture of vegetative communities
including cypress, cypress -mixed hardwoods, mixed wetland hardwoods, mixed scrub -
shrub wetland, and pine flatwoods with most containing wetlands.
• 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.
Carroll & Carroll 49
6617 Report Sales Comparison Approach
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
$48,005
2
$50,214
3
$54,158
The range of unit value indications is from $48,005 to $54,158 per acre with an average of
$50,792 per acre and a median of $50,214 per acre.
Based on the range, I concluded to a unit value of $50,000 per acre.
Carroll & Carroll 50
6617 Report
Sales Comparison Approach
26-50% WETLANDS
Comparables
Price Per Gross Acre
of Land Area
4
$36,607
5
$30,727
6
$34,488
The range of unit value indications is from $30,727 to $36,607 per acre with an average of
$33,941 per acre and a median of $34,488 per acre.
Based on the range, I concluded to a unit value of $34,000 per acre.
Carroll & Carroll 51
6617 Report
Sales Comparison Approach
51-75% WETLANDS
Comparables
Price Per Gross Acre
of Land Area
7
$30,587
8
$24,131
The range of unit value indications is from $24,131 to $30,587 per acre with an average of
$27,359 per acre.
Based on the range, I concluded to a unit value of $27,000 per acre.
Carroll & Carroll 52
6617 Report
Sales Comparison Approach
76-100% WETLANDS
Comparables
Price Per Gross Acre
of Land Area
9
$18,444
10
$22,188
11
$20,874
12
$23,025
13
$19,433
The range of unit value indications is from $18,444 to $23,025 per acre with an average of
$20,793 per acre and a median of $20,874 per acre.
Based on the range, I concluded to a unit value of $21,000 per acre.
FINAL ESTIMATE OF VALUE - DR. ROBERT H. GORE III PRESERVE
(1.14-2.73 ACRES)
The final indications of value on a per acre basis as of February 1, 2024 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
$50,000
$34,000
$27,000
$21,000
Carroll & Carroll 53
6617 Report Sales Comparison Approach
DR. ROBERT H. GORE III PRESERVE (2.74-7.17 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 12
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. There are a limited number of parcels from
2.74 to 4.00 acres within the Dr. Robert H. Gore III Preserve and it appears there is not
difference in unit price given the size differences. The larger parcels tend to sell for similar
unit prices because they can be subdivided into two or more lots.
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 54
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6617 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 58
6617 Report Sales Comparison Approach
FIN G IN
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 CHAN GE
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 2024, which market conditions continue
to improve.
I 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.
LOCATION/ACCESS/EXPOSURE
This category of adjustment reflects the impact on value caused by the advantages or
disadvantages of a given location.
Comparables 14, 15, 16, and 18 are all located north or west of the subject in superior
locations, and each was adjusted downward 10%. Comparable 14 also has canal
frontage and was adjusted downward an additional 15%.
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 LAN 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
Carroll & Carroll 59
6617 Report Sales Comparison Approach
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 a Conservation Collier Property Summary for Dr. Robert H. Gore
III Preserve dated July 2023. The parcels consist of a mixture of vegetative communities
including cypress, cypress -mixed hardwoods, mixed wetland hardwoods, mixed scrub -
shrub wetland, and pine flatwoods with most containing wetlands.
• 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.
Carroll & Carroll 60
6617 Report Sales Comparison Approach
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
14
$38,684
15
$39,929
The range of unit value indications is from $38,684 to $39,929 per acre with an average of
$39,306 per acre.
Based on the range, I concluded to a unit value of $39,000 per acre.
Carroll & Carroll 61
6617 Report
Sales Comparison Approach
26-50% WETLANDS
Comparables
Price Per Gross Acre
of Land Area
16
$31,460
17
$25,106
The range of unit value indications is from $25,106 to $31,460 per acre with an average of
$28,283 per acre. Comparable 16 is a more recent sale and was given more consideration.
Based on the range, I concluded to a unit value of $30,000 per acre.
Carroll & Carroll 62
6617 Report
Sales Comparison Approach
51-75% WETLANDS
Comparables
Price Per Gross Acre
of Land Area
18
$22,970
19
$28,293
The range of unit value indications is from $22,970 to $28,293 per acre with an average of
$25,631 per acre.
Based on the range, I concluded to a unit value of $25,500 per acre.
Carroll & Carroll 63
6617 Report
Sales Comparison Approach
76-100% WETLANDS
Comparables
Price Per Gross Acre
of Land Area
20
$22,055
21
$19,923
22
$23,000
23
$16,961
24
$13,637
25
$18,038
The range of unit value indications is from $13,637 to $23,000 per acre with an average of
$18,936 per acre and a median of $18,891 per acre. Comparable 24 is a low indicator due to
its location along a non -paved road.
Based on the range, I concluded to a unit value of $20,000 per acre.
FINAL ESTIMATE OF VALUE — DR. ROBERT H. GORE III PRESERVE
(2.74-7.17 ACRES)
The final indications of value on a per acre basis as of February 1, 2024 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
$39,000
$30,000
$25,500
$20,000
Carroll & Carroll 64
6617 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
6617
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
6617
Addenda
8. It is assumed that the property is either in compliance with, or is "grandfathered" or
"bested" under, all applicable zoning, use regulations and restrictions.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or
private entity or organization have been, or can be, obtained or renewed for any use on
which the value estimate is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described, and that there is no encroachment or trespass.
11. It is assumed that the subject site and improvements are not contaminated by any
hazardous material or toxic substance. During the property inspection we were sensitive
to obvious signs of contamination and we reported anything unusual. However, we are
not qualified to render professional opinions regarding the existence or the nature of
hazardous materials in or on the subject property. If a definitive opinion is desired, then
the client is urged to retain an expert in the field.
12. The distribution of the total value in this report, between land and improvements, applies
only under the stated program of utilization. The separate allocations for land and
buildings must not be used in conjunction with any other appraisal and are invalid if so
used.
13. Possession of this report, or a copy thereof, does not carry with it the right of publication.
14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are
not required to give further consultation, testimony, or to be in attendance in court.
Carroll & Carroll
6617
Addenda
Map of Dr. Robert H. Gore 111 Preserve Project Area
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Carroll & Carroll
6617
Addenda
Table of Dr. Robert H. Gore 111 Preserve Project Area Parcels
FOLIO NUMBER
ACRES
41618120001
1.14
41617000009
1.14
41619280005
1.14
41618440008
1.14
41503040005
1.14
41504160007
1.14
41618400006
1.14
41501160000
1.14
41501200009
1.14
41501800001
1.14
41507400007
1.14
41507520000
1.14
41507680005
1.14
41507800005
1.14
41507840007
1.14
41507920008
1.14
41508920007
1.14
41509080001
1.14
41509160002
1.14
41509200001
1.14
41509280005
1.14
41510160004
1.14
41510240005
1.14
41510280007
1.14
41510320006
1.14
41510360008
1.14
41619040009
1.14
41504920001
1.17
41507280007
1.17
41560440004
1.17
41560480006
1.17
41507360008
1.17
41506720005
1.17
41506640004
1.17
41507040001
1.17
41506880000
1.17
41506960001
1.17
41504480004
1.17
41507320006
1.17
41507880009
1.59
FOLIO NUMBER
ACRES
41508760005
1.59
41510200003
1.59
41619000007
1.59
41503960004
1.59
41507480001
1.59
41618040000
1.59
41506840008
1.64
41506560003
1.64
41504840000
1.64
41507240005
1.64
41560560007
1.64
41560680000
1.64
41502600006
2.27
41503280001
2.27
41503880003
2.27
41507560002
2.27
41507720004
2.27
41508640002
2.27
41508720003
2.27
41508800004
2.27
41509000007
2.27
41509360006
2.27
41509440007
2.27
41509520008
2.27
41510640100
2.27
41616800006
2.27
41617800005
2.27
41619080001
2.27
41617080003
2.27
41504000002
2.27
41503200007
2.27
41617880009
2.27
41504800008
2.34
41505000001
2.34
41506360009
2.34
41506440000
2.34
41560640008
2.34
41560760001
2.34
41560840002
2.34
41506520001
2.34
FOLIO NUMBER
ACRES
41506920009
2.34
41507120002
2.34
41504880002
2.34
41506680006
2.34
41507640100
2.50
41617240005
2.50
41617240102
2.50
41661480002
2.65
41503320000
2.73
41617920008
2.73
41618360007
2.73
41617200003
2.73
41619240003
2.73
41501240001
2.73
41501760002
2.73
41619160002
2.73
41501120008
2.73
41503240009
2.73
41503920002
2.73
41505040003
2.73
41507600001
2.73
41508600000
2.73
41508840006
2.73
41508880008
2.73
41509040009
2.73
41509120000
2.73
41509240003
2.73
41509320004
2.73
41509400005
2.73
41509480009
2.73
41510400007
2.73
41617040001
2.73
41617840007
2.73
41504760009
2.81
41506320007
2.81
41506400008
2.81
41506480002
2.81
41560520005
2.81
41560800000
2.81
41504640006
2.81
Carroll & Carroll
6617
Addenda
FOLIO NUMBER
ACRES
41661520001
3.03
41560241009
3.18
41560280002
3.19
41616800103
3.41
41560240000
3.82
41510640003
4.12
41560400002
4.29
41560880004
4.36
41500520007
5.00
41510080003
5.00
41510120002
5.00
41618480000
5.00
41661840008
5.00
41501880005
5.00
41504320009
5.00
41504960003
5.15
41504360001
5.15
41616880000
5.68
41616840008
5.68
41510520000
5.97
41510560002
6.11
41510600001
6.25
41661880000
6.92
41560360003
7.05
41560920003
7.14
41560960005
7.16
41561000003
7.17
Carroll & Carroll
6617 Report
Addenda
/ 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 (2023 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
6617 Report
Addenda
•�r'OD RT•
Ron DeSantis, Governor
STATE OF FLORIDA
Melanie S. Griffin, Secretary
d bpr
a
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 E
V SUITE 100 AN
NAPLES FL 34104
LICENSE NUMBER: RZ3288
EXPIRATION DATE: NOVEMBER 30, 2024
Always verify licenses online at MyFloriclaLicense.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 & Carroll
RKL
APPRAISAL AND CON SUITING
REAL ESTATE APPRAISAL REPORT
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY
Residential Land
Generally within Golden Gate Estates Units 91, 91A, 92, and 92A
Naples, Collier County, Florida, 34117
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 4500229737
ACHEL M. ZUCCH1, MAI, CCIM
C. LOWRY, MAI, CPA
OUIS C. BOBBITT, MAI
EFFECTIVE DATE OF THE APPRAISAL:
February 24, 2024
DATE OF THE REPORT:
March 1, 2024
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL Appraisal and Consulting, PLC
RKL File Number: 2024-063
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Conservation Collier Property- Summari
Dr. Robert H. Gore III Presen-e Multi -Parcel Project
Conservation Collier Dr. Robert H. Gore III Preserve Status July 2023
o 05 i e. cm.„cy
iYiIICS
Dr. Robert H. Gore III Preserve Area Market Study
Generally within Golden Gate Estates Units 91, 91A, 92, and 92A
Naples, Florida
RKL
APPRAISAL AND CONSUMNG
March 1, 2024
Mr. Roosevelt Leonard, R/W-AC
Collier County
3335 Tamiami Trail East, Suite 101
Naples, FL 34112
Re: Real Estate Appraisal
Dr. Robert H. Gore III Preserve Area Market Study
Generally within Golden Gate Estates Units 91, 91A, 92, and 92A, Naples,
Collier County, Florida, 34117
Client File: PO Number 4500229737
RKL File Number: 2024-063
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 for the targeted Dr. Robert H. Gore III Preserve Project Area of Golden
Gate Estates in Units 91 and 92. A tier valuation will be provided as follows, a per acre value for
parcels between 1.14 acres — 2.73 acres; parcels between 2.74 — 4.00 acres; and parcels between
4.01 — 7.17 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 as the Dr. Robert H. Gore III Preserve Project Area. The
entire Dr. Robert H. Gore Preserve project boundary, totaling 600.5 acres, was approved for the
A -list by the Board of County Commissioners on February 28, 2023. To date, the Program has
acquired 29% of the project area or 68 parcels for a total of 174.4 acres within Golden Gate
Estates Units 91, 91A, 92, and 92A. A total of 147 parcels are targeted consisting of 377.17 acres
remaining to be acquired. The per acre values reported in this market study will be offered to
property owners with 1.14 to 7.17 acre parcels. The parcels are located within the Estates zoning
designation which allows for low density residential development with limited agricultural uses.
ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
c. LOwRY, MAL CPA Phone: 239-596-0800
OUIS C. BOBBITT, MAI www.rklac.com
Mr. Roosevelt Leonard, R/W-AC
Collier County
March 1, 2024
Page 2
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), I have made the following value conclusion(s):
Appraisal Premise
Market Value, As Is
VALUE CONCLUSIONS
Interest Appraised
Fee Simple
Up to 25% Wetlands:
25 - 50% Wetlands:
50 - 75% Wetlands:
75 - 100% Wetlands:
Subject Size:
Date of Value
February 24, 2024
Indicated Value per Acre
$43,000
$35,000
$30,000
$25,000
1.14 - 2.73 acres
Indicated Value per Acre
Up to 25% Wetlands: $41,500
$39,500
25 - 50% Wetlands: $33,500
$31,500
50 - 75% Wetlands: $28,500
$26,500
75 -100% Wetlands: $23,500
$21,500
Subject Size: 2.74 - 4.00 acres 4.01 - 7.17 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 Ass um tions:
None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
("�a v1 `
l - �0�
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
c. LOwRY, MAI. CPA Phone: 239-596-0800
OUIS C. BOBBITT, MAI www.rklac.com
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions................................................................... 1
Introduction Information.....................................................................................................
3
SubjectIdentification......................................................................................................
3
Current Ownership and Property History.......................................................................
3
AppraisalScope..............................................................................................................
3
Client, Intended User, and Intended Use........................................................................
4
Definition of Market Value.............................................................................................
4
Definition of Property Rights Appraised........................................................................
4
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................
4
Scopeof Work................................................................................................................
5
EconomicAnalysis.............................................................................................................
6
National Economic Analysis...........................................................................................
6
Florida Economic Analysis.............................................................................................
8
Collier County Area Analysis.........................................................................................
9
Property Description and Analysis...................................................................................
27
SiteAnalysis.................................................................................................................
27
Highestand Best Use....................................................................................................
40
ValuationMethodology....................................................................................................
42
AnalysesApplied..........................................................................................................
43
Sales Comparison Approach: 1.14-2.73 Acres.............................................................
44
Sales Comparison Approach: 2.74-7.17 Acres.............................................................
52
Reconciliation...............................................................................................................
58
FinalValue Conclusion.................................................................................................
58
Certification......................................................................................................................
60
Assumptions and Limiting Conditions.............................................................................
62
Addenda
Appraiser Qualifications.......................................................................................Addendum A
Property Information............................................................................................ Addendum B
Comparable Data.................................................................................................. Addendum C
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject: Dr. Robert H. Gore III Preserve Area Market Study
Generally within Golden Gate Estates Units 91, 91A, 92, and
92A, Naples, Collier County, Florida, 34117
Owner: Multiple
Legal Description: Multiple parcels generally within Golden Gate Estates Units 91,
91 A, 92, and 92A
Tax Identification: Multiple parcels generally within Golden Gate Estates Units 91,
91 A, 92, and 92A
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: Dr. Robert H. Gore III Preserve Area
Gross Land Area (Acres): 377.17
Typical Parcel Site (Acres): 1.14 — 7.17
Zoning: E - Estates
FDEP Standard Map: According to the FDEP Standard Map, the Dr. Robert H. Gore III
Preserve Project Area consists mainly of Freshwater Forested/Shrub
Wetlands. According to the Conservation Collier Property
Summary, the Preserve is within a historic wetland that connects
with the Florida Panther National Wildlife Refuge (FPNWR) to the
east, however it is separated by Desoto and the Test Track.
According to Collier County FDEP Informal Wetland
Determinations map, the Dr. Robert H. Gore III Preserve Project
Area consists mainly of Depressional or Slough Hydric Soils.
Several parcels have been identified to indicate wetlands and will
require permits prior to development.
Highest and Best Use:
As Vacant Conservation and/or single-family development
Exposure Time 9-12 months
Marketing Period 9-12 months
VALUE INDICATIONS
Effective Date(s) February 24, 2024
Property Rights Fee Simple
Page 1
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Up to 25% Wetlands:
25 - 50% Wetlands:
50 - 75% Wetlands:
75 - 100% Wetlands:
Subject Size:
Indicated Value per Acre
$43,000
$35,000
$30,000
$25,000
1.14 - 2.73 acres
Indicated Value per Acre
Up to 25% Wetlands: $41,500 $39,500
25 - 50% Wetlands: $33,500 $31,500
50 - 75% Wetlands: $28,500 $26,500
75 - 100% Wetlands: $23,500 $21,500
Subject Size: 2.74 - 4.00 acres 4.01 - 7.17 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 Ass um tions:
None.
Page 2
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY INTRODUCTION INFORMATION
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject: Dr. Robert H. Gore III Preserve Area Market Study
Generally within Golden Gate Estates Units 91, 91A, 92,
and 92A, Naples, Collier County, Florida, 34117
Legal Description: Multiple parcels generally within Golden Gate Estates
Units 91, 91A, 92, and 92A
Tax Identification: Multiple parcels generally within Golden Gate Estates
Units 91, 91A, 92, and 92A
The subject market area is identified as the Dr. Robert H. Gore III Preserve Project Area.
The entire Dr. Robert H. Gore Preserve project boundary, totaling 600.5 acres, was
approved for the A -list by the Board of County Commissioners on February 28, 2023. To
date, the Program has acquired 29% of the project area or 68 parcels for a total of 174.4
acres within Golden Gate Estates Units 91, 91A, 92, and 92A. A total of 147 parcels are
targeted consisting of 377.17 acres remaining to be acquired. The per acre values
reported in this market study will be offered to property owners with 1.14 to 7.17 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 3
DR. ROBERT H. GORE III PRESERVE AREA 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 for
the targeted Dr. Robert H. Gore III Preserve Project Area of Golden Gate Estates in Units
91 and 92. A tier valuation will be provided as follows, a per acre value for parcels
between 1.14 acres — 2.73 acres; parcels between 2.74 — 4.00 acres; and parcels between
4.01 — 7.17 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 February
Page 4
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY INTRODUCTION INFORMATION
24, 2024. The date of inspection was February 24, 2024. The date of the report is March
1, 2024.
SCOPE OF WORK
The problem to be solved is to estimate the market value on a price per acre basis for the
targeted Dr. Robert H. Gore III Preserve Project Area of Golden Gate Estates in Units 91
and 92. A tier valuation will be provided as follows, a per acre value for parcels between
1.14 acres — 2.73 acres; parcels between 2.74 — 4.00 acres; and parcels between 4.01 —
7.17 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 as between 36th Avenue SE
and I-75, east and west of Desoto Boulevard.
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 5
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY NATIONAL ECONOMIC ANALYSIS
ECONOMIC ANALYSIS
NATIONAL ECONOMIC ANALYSIS
The Federal Reserve Open Market Committee (FOMC) released the following statement
on January 31, 2024. Recent indicators suggest that economic activity has been
expanding at a solid pace. Job gains have moderated since earlier last year but remain
strong, and the unemployment rate has remained low. Inflation has eased over the past
year but remains elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2
percent over the longer run. The Committee judges that the risks to achieving its
employment and inflation goals are moving into better balance. The economic outlook is
uncertain, and the Committee remains highly attentive to inflation risks.
In support of these goals, the Committee decided to maintain the target range for the
federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target
range for the federal funds rate, the Committee will carefully assess incoming data, the
evolving outlook, and the balance of risks. The Committee does not expect it will be
appropriate to reduce the target range until it has gained greater confidence that inflation
is moving sustainably toward 2 percent. 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 December 2023. Real GDP is projected to
grow at a rate of 1.4% in 2024, a decrease from the September projection of 1.5%. The
unemployment projection for 2024 remained the same at 4.1%. The Core PCE inflation
projection also decreased from 2.6% to 2.4% in 2024.
Page 6
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY NATIONAL ECONOMIC ANALYSIS
Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents,
under their individual assumptions of projected appropriate monetary policy, December 2023
Fercenl
1Iediani
Czntral
'll?ndency�
HanGe7
variable
2M3
1 202d
2025
2026
Lonpar
2023
202d
202.5
NM
Langer
2023
1 2021
20Z5
1 2028
Longer
Chan& in real GDP
2.6
1.4
US
1.9
1.8
2.5-2.7
1.2-1.7
1.5-2 0
1.i-2.0 1.7-2.0
2.5-7 7
0.8-2.5
1.4-2.5
1.6-2.5 1.6-2.5
September projection
2.1
15
La
1-3
1-3
1.0-2.2
1.2-1.8
1.6-2.0
1.7-2.0 1.7-2.0
1.9-29
0.4-2.5
1 4-2.5
1.6-2.5 1.6-2.5
Unemployment rate
3.6
4.1
41
d1
d1
3.8
4.0-42
4-04-2
3.9-d.3 ; 3.84.3
3.7-&0
3.9-4 5
3-".7
5-
3-"-7 ; 3.4-3
September projection
3.6
d.l
41
4.0
d.0
3.7-3.9
3.9-4-d
3.9-4.3
3.R4.3 ' 3.8-4.3
3.7-&0
3.7-.5
3.7-4.7
3.7-4 5 3.5-4-3
PCE in9ation
2.8
2.4
2.1
2.0
2.0
2.7-2.9
2.2-2.5
2.(�-2.2
2.0 2.0
2.7 7.2
2.1-2.7
2.0-2.5
2.(L2.3 i 2.0
September projection
3-3
2.5
2.2
2.0
2.0
3.2-3.4
2.3-2.7
2.(�-2.3
2.0-2.2 2.0
3.1 7.8
2.1 7.5
2.0-2.9
2.(L2.7 2.0
Core PCE inflation
3.2
2.4
2.2
2.0
3.2-3.3
2.4-2.7
2.0-2.2
2.0-2.1
3.2-3.7
2-3 7A
2.0-2.6
2.0-2.3
September projection
3.7
2$
2.3
2.0
3.6-3.9
2.5-2.$
2.0-2.4
2.0.2.3 i
3.5-&2
2.3 7-6
2.0-3.0
2.(L2.9
jec
appropriate policy path
Federal finds rate
5.4
4.6
3.6
2.9
2.5
5A
4.4-.9
al 7.9
2.5-3.1 ' 2.510
5.d
3.9-5.4
2.4-5A
2.4-.9 2Ad IA.
September projection
5.6
5.1
3.9
2.9
2.5
5.4-5.5
4.S-5.4
3.4-4.9
2.5-4.1 2.5- .3
5A-5.6
4.4--&1
2.6-5.6
2.4-4.9 2.4-Z-6
According to Freddie Mac Chief Economist Sam Khater, "Given inflation continues to
decelerate and the Federal Reserve Board's current expectations that they will lower the
federal funds target rate next year, we likely will see a gradual thawing of the housing
market in the new year." According to a December 2013 AP report, the recent downward
shift in mortgage rates is a welcome development for homebuyers. Mortgage applications
notched their sixth consecutive weekly increase last week, according to the Mortgage
Bankers Association.
According to an November 2023 report by Lawrence Yuri, although high mortgage rates,
elevated home prices and limited housing inventory have crippled the 2023 housing
market, the outlook for 2024 is brighter. Mr. Yun expects existing -home sales to increase
by 15% in 2024 as mortgage rates stabilize and home sellers adapt. "I believe we've
already reached the peak in terms of interest rates. The question is when are rates going
to come down?"
According to the National Association of Real Estate Investment Trusts' (NAREIT) 2024
Outlook, with the Federal Reserve at, or near, the end of its tightening cycle, REITs are
well -situated for outsized performance in 2024. "While public real estate valuations have
adjusted, private real estate valuations probably will see further declines in 2024." The
firm noted that REITs' well -managed balance sheets likely will enable them to navigate
economic uncertainty in 2024.
The 2024 CBRE U.S. Real Estate Market Outlook there is an increased chance that the
U.S. will avoid a recession and achieve a soft economic landing in 2024, but economic
growth will slow and downside risks are elevated. Commercial real estate investment
activity likely will begin to pick up in the second half of 2024. The normalization of
hybrid working arrangements will continue to limit the growth of office demand. Retail
real estate fundamentals are expected to remain strong due to the scarcity of new
construction deliveries over the past decade. The industrial market is expected to remain
healthy, with net absorption on par with 2023 levels. The biggest wave of new apartment
supply in decades will temper rent growth and improve affordability for renters in 2024.
The hotel industry will face headwinds to RevPAR growth in 2024, including
competition from alternative lodging sources and a slower economy, but fewer
Americans traveling internationally will benefit the domestic market. Demand for new
Page 7
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY FLORIDA ECONOMIC ANALYSIS
data center development will attract more institutional investment in 2024, as investors
reallocate capital from the office sector to real estate alternatives.
According to the Deloitte Center for Financial Services annual Commercial Real Estate
Outlook for 2024, "the global real estate industry has an opportunity to start rebuilding on
more solid ground. Multiple factors, from a pandemic -era recovery that shifted how and
where people work to more recent geopolitical uncertainties and financial market
instability, the coming year is expected to be pivotal in real estate firms' ability to recover
and build up. Marked by a myriad of mixed signals about the health and trajectory of our
industry, real estate leaders may need to find their footing as they shape the next phase of
real estate ownership and investment."
According to the PwC Emerging Trends in Real Estate 2024, there's a reluctant
acceptance in the industry that interest rates will remain high for at least the next year and
possibly even longer. "Even good news, such as investors being eager to acquire new
assets, is tempered by bleak sector data. For example, despite available equity,
transactions are down — and many in the industry point to instances where buyers and
sellers simply can't agree on pricing because the dearth of sales limits price clarity."
Respondents to the Emerging Trends survey believe the worst of inflation is behind us,
which should give the Federal Reserve a reason to pause interest rate hikes.
According to J.P. Morgan Chase 2024 commercial real estate outlook, "multifamily and
neighborhood retail stay strong, while industrial may be starting to soften. The future of
office buildings remains unclear." They also report the future of interest rates is uncertain
as the economy begins to slow down.
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
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 2023 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 1.5% from 2023 to
2026. Real Gross State Product will decelerate during the economic slowdown as growth
will slow to 0.5% in 2024 and 0.8% in 2025, then accelerate to reach 1.7% by 2026.
Payroll job growth in Florida will begin to falter with a slowdown in the U.S. economy,
but not in every sector. After year -over -year growth of 4.7% in 2021 and job growth of
Page 8
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
5.6% in 2022, payroll employment in 2023 will decrease to 2.4%, contract by 1.8% in
2024, and by 0.4% in 2025. Job growth turns positive and grows by 1.0% in 2026.
Housing starts have felt the bitter chill of higher mortgage rates. Total starts were
192,213 in 2022-before higher mortgage rates and worries of a slowing economy will
result in a deceleration in starts to 183,134 in 2023, 158,716 in 2024, 154,424 in 2025,
and 150,981 in 2026.
The unemployment rate fell to 4.7% in 2021, and then to 2.9% in 2022. The slowing
economy will push the rate up to 3.1 % in 2023, to 4.4% in 2024, and to 5.0% in 2025 and
2026.
Table 1. Annual Summary of the University of Central Florida's Forecast for Florida
2018
2019
2020
2021
2022
2023
2024
2025
2026
Personal
Income and GSP
Personal Income (Bil. $}
1088.8
1165.1
1236.8
1356.3
1414.0
1515.3
1581.7
16592
1742.9
Florida.(%Ch Year ago)
6.3
7.0
6.1
9.8
4.2
7.2
4A
4.9
5.0
U.S.(%Ch Year ago)
5.0
5.1
6.7
7.4
2.3
5.1
4.7
4A
4.4
Personal Income (Bil. 2012$)
1000.5
1061.5
1104.1
1157.1
1132.8
1171.5
1194.7
1226.0
1262.6
Florida.(%Ch Year ago)
4.6
6.1
4.0
4.8
-2.1
3.4
2.0
2.6
3.0
U.S.(%Ch Year ago)
2.8
3.6
5.5
3.3
-3.8
1.3
2.2
2.1
2.3
lisp. Income (Bil. 2012$)
895.9
949.9
992.8
1023.5
974.6
1033.3
1064.0
1093.5
1125.4
Florida.(%Ch Year ago)
6.2
6.0
4.5
3.1
-4.8
6.0
3.0
2.8
2.9
U.S.(%Ch Year ago)
3.3
3.5
62
1.9
-6.2
3.7
2.9
22
22
GSP (Bil. $)
1057.3
1111 A
1116.7
1255.6
1389.1
1491.7
1538.3
1588.1
16522
(%Ch Year ago)
5.4
5.1
0.5
12.4
10.6
7.4
3.1
32
4.0
GSP (BiI. 2012S)
941.6
965.7
9502
1029.6
1070.9
1101.2
1106.7
1116.0
1135.2
(%Ch Year ago)
32
2.6
-1.6
8.4
4.0
2.8
0.5
0.8
1.7
Employment and Labor Force (Household
Survey % Change Year Ago)
Employment
2.5
2.1
-0.9
4.6
5.7
2A
-1.8
-0.4
1.0
Labor Force
1.5
1.7
-1.7
2.4
3.9
2.3
1.4
0.8
0.8
FL Unemployment Rate (%)
3.7
32
8.2
4.7
2.9
3.1
4.4
5.0
5.0
U.S. Unemployment Rate (%)
3.9
3.7
8.1
5.4
3.6
3.5
3.9
4.5
4.8
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.
Page 9
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Metro Area
Distance to Other Major Markets
Miles
Fort Myers
44
Jacksonville
378
Fort Lauderdale
107
Tallahassee
435
Miami
128
Atlanta
616
Sarasota
120
Newyork
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.
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: Universityof Florida,
Bureau of Economic and Business
Research,
Florida Population Studies,
Bulletin 195,Apri1 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.
Page 10
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Projections of Florida Population by County
2025-2050
County
Projections, April 1
and State
2025 2030 2035 2040 2045
2050
CHARLOTTE
Low
192,100 195,500 195,600 193,400 190,200
186,900
Medium
206,600 220,900 232,100 241,000 248,700
256,000
High
221,100 246,300 268,700 288,600 307,100
325,100
COLLIER
Low 385,200 393,200 396,300 394,400 390,300 385,800
Medium 409,800 436,900 459,500 476,600 491,000 504,400
High 434,400 480,500 522,600 558,800 591,600 622,900
GLADES
Low 11,600 11,200 10,800 10,400 10,000 9,700
Medium 12,300 12,400 12,500 12,600 12,600 12,700
High 13,100 13,700 14,200 14,700 15,200 15,700
HENDRY
Low 39,100 38,700 38,000 37,100 36,100 35,200
Medium 41,600 43,000 44,000 44,800 45,400 46,100
High 44,100 47,300 50,100 52,500 54,800 56,900
LEE
Low 801,300 835,000 853,100 858,400 857,300 854,400
Medium 852,500 927,700 989,100 1,037,300 1,078,300 1,116,800
High 903,600 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
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
Page 11
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
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 1 Q 2024 Collier County Employment by Industry as well
as historical and projected job growth.
NAPLES EMPLOYMENT BY INDUSTRY IN THOUSANDS
Industry
Manufacturing
Trade, Transportation and utilities
Retail Trade
Financial Activities
Government
Natural Resources, Mining and Construction
Education and Health Services
Professional and Business Services
Information
Leisure and Hospitality
Other Services
Total EmploYrne�
JOB GROWTH [YOY]
10°%
5°%
0°%
-5 °%
-10%
CURRENT
JOBS I CURREIFF
GROWFH
10 YR HISTORICAL 1 5 YR FORECAST
Jobs
LQ Market
us
Market us Market us
6
0.4 2.44%
-0.06%
6.18% 0.71% 0.95% 0.08%
2.50% 1_D6% 0.30% 0 14%
31
10 -0 14%
0 16%
22
1.4 -0.45%
0.46%
1.55% 024% 026% 0.10%
10
1.1 0.13%
0.53%
3.60% 1.45% 0.56% 0.15%
14
06 2 56%
152%
D73% 0.37% _1.06% 1 0 40%
20
22 0.35%
1.39%
6.12% 2.33% 1.44% 029%
3130% 9.87% 124% 1 0.66%_
26
1.0
3.19%
2.99%__L
20
070%
I 369% 2.00% 1.51% 051%
08
-067%
1
0.4
-6.81%
-2.73%
-1.30% 1.09% -0.79% 0.34%
28
1.6
1 5
-0.33%
0.87%
2.91 %
1 64%
1.35% 9.48% D.73% 0.82%
1 "% 0.64% D 60% 0 27%
9
11.479E
Source: Oxford Economics
LQ = Location Quotient
Forecast
i
-15% i I I I r
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
■ Naples E 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%).
Page 12
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
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
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.
Page 13
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Local Area Unemployment Statistics
Series Id: LAUCN 120210000000003
Not Seasonally Adjusted
Area: CollierCounty, FL
Area Type: Counties and equivalents
StatelRegion/Division: Florida
Measure: unemployment rate
12.
m
L
a-
C
N
j>, 7.
O
0-
E
N
C
3
2,
01/13 01/14 01/15 01/16 01/17 01/18 01/19 01/20 01/21 01/22 01/23
Month
As of 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 14
DR. ROBERT H. GORE III PRESERVE AREA 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
3.49/.
123,300
3.9%
2014
114,400
4.49/o
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/o
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
4.89/o
2017
126,100
1.9%
19,400
3.7%
15,400
3.4%
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
3.79/o
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
-2.89/o
25,600
-14.7%
148,400
-4.6%
2021
133,100
5.5%
23,200
5.09/o
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
5.79/o
2023*
140,400
0.2%
25,500
4.6%
19,900
5.0%
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, Inc. -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, Gartner, Inc.
• Vehicle Rentals and Sales, Hertz Inc. - Global Headquarters
• Subsidiary Pittsburgh Glass Works, Lynx Services LLC - Customers Service Center
• Manufacturing Fluid Management, Shaw Development - Global Headquarters
+ Agricultural and Food Manufacturer, U.S. Sugar Ccrporation - Headquarters
• Healthcare, 21st Century Oncology -Global Headquarters
Page 15
DR. ROBERT H. GORE III PRESERVE AREA 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
Yum! Brands, Inc.
1,141
Accommodation and Food Services
Charlotte, Collier, Hendry, Lee
Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021
Tourist Tax Revenues
The following graph from the Southwest Florida Regional Economic Indicators 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 16
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Real Tourist Tax Revenues FGCU RB5 1nF�_n:tit°m:
Seasonally -adjusted tourist tax revenues
$6,500K
$6,000K
$5,500K
$5,000K
$4,500K
m
54,0E
$4.000K
m
m
$3,500K
j
12 $3,000K
m
$2,7t
a
$2,500K
$2,31
$2,000K
$1,500K
$1,000K
$500K
$389,212
$OK
Region
r r i nntta C ni iMv
2019 2020 2021 2022 2023
Date
>earch lmtkute
te, Collier, Glades, Hendry and Lee counties.
E7conomic Development Deports. All data seasonally adjusted by the Regional 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 community 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 17
DR. ROBERT H. GORE III PRESERVE AREA 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 3rd Quarter 2023 report, the Office of Federal Housing Enterprise Oversight
(OFHEO) found that the Naples- Marco Island MSA had a 6.5% increase in home prices
(all -transactions including purchase and refinance mortgage) over the trailing 12 months.
Homes prices in the state of Florida increased 4.89% over the past year (3Q 2022 - 3Q
2023) which was 32nd 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 18
DR. ROBERT H. GORE III PRESERVE AREA 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 19
DR. ROBERT H. GORE III PRESERVE AREA 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 first quarter 2024.
According to the Costar report, after a strong first quarter it appears that the macro -
conditions that have been impacting capital markets have finally caught up to Collier
County multifamily investment market. While roughly $191 million has traded over the
past year, $160 million occurred in the first quarter and activity has been declining since
then.
Private buyers have been the only active buyer -group year to date, up from roughly 50%
over the past five years. As investment volume has fallen over the past year so too has the
average price per unit. Pricing peaked here at roughly $312,000/unit in early 2022 and
has dropped to $290,000 as of the first quarter of 2023, a trend that is anticipated to
continue over the coming quarters.
Page 20
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Capital Markets Overview
Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price/Unit Chg [YOY]
$4.2B $195.8M 4.8% -9.6%
12 NO SALES VOLUME Total Lowest Highest 12 MO SALES PRICE Average Lowest Highest Market
Transactions 7 - Cap Rate 6.9 % 4.5 % 9.4 % 4.8 %
Sales Volume S195.81,1 S1.3M $125.1M Sale PricelUnit $259.4K $108.3K $422.5K $289.2K
Properties Sold 7 - - Sale Price $28M $1.3M $125AM
Transacted Units 755 6 400 Sale vs Asiang Price -1.5 % -18.4 % 22.6%
Average Units 1 D7 6 400 % Leased at Sale 97.7% 93.0 % 100%
Market Sale Price/Unit Market Cap Rate
3350.000 7.0%
3300,004 6.0%
3250,004 5.0%
3200,004 4.0%
3150,004 3.0%
3100.000 2.0%
$50.000 1.0%
$0 0.0%
14 15 16 17 18 19 20 21 22 23 24 14 15 16 17 18 19 20 21 22 23 24
Sales Volurne
$450M
$400M
$350M
$300M
$250M
$200M
$150M
$100M
$50M
$OM Elm
14 15 16 17 18 19 20 21 22 23 24
12 MD Sales Vol Growth
600%
500%
400%
300%
200%
100%
-100%
-200% I IT
14 15 16 17 18 19 20 21 22 23 24
According to the Costar Report, nearly $318 million of retail space has traded in the past
12 months. The price per SF has stalled somewhat in recent quarters, however at
$340/SF, it is still significantly higher than the national average of $250/SF and is one of
the most expensive retail markets to in invest in in Florida.
Retail investment activity soared in the final quarter of 2023 on a massive multi -property
portfolio. Colorado -based M Development purchased 27 office and retail buildings as
well as a parcel for land for nearly $190 million, one of the largest transactions in Naples
history.
Page 21
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price1SF Chg jYDY]
$8.2B
12 MO SALES VOLUME
Transactions
Sales Volume
Properties Sold
Transacted 5F
Average SF
$319.1 M
Total
Lowest
Highest
84
$319.1M
$158K
$26.1M
73
-
-
670AK
432
55.3K
8K
432
55.3K
5.5% 5.1%
12 MO SALES PRICE
Average
Lowest
Highest Market
Cap Rate
5.8%
4_2%
7.8 % 5.5 %
Sale Price/SF
$540
$15
$2.5K $339
Sale Pnce
$4.8M
$158K
$26.1M -
Sale vs Asking Price
-5.1 %
-34.3 %
20.0 %
% Leased at Sale
89.4 %
0%
100%
Market Sale PriceJSF Market Cap Rate
3400 6.4%
$350 6.2%
3300 6.0%
3250
5.3%
$200
5.6%
3150
5.4%
$100
$50 5.2%
$0 1 1 1 1 1 1 1 1 1 1 1 1 5.0% .
14 15 16 17 18 19 20 21 22 23 24 14 15 16 17 18 19 20 21 22 23 24
Sales Volume
LC all
$35 0h,'
$300P,'
$250P,'
$200P,'
$150M
$10om
$50M
$UM
14 15 16 17 18 19 20 21 22 23 24
12 Mo Sales Vol Gro%vth
2DD%
150%
14095
50%
llllllllliM
-50%
14 15 15 17 18 19 20 21 22 23 24
According to the Costar Report, office investment has reached a five-year low in Collier
County, with just $75.7 million trading in the past 12 months.
Private buyers are the dominate player in the Collier County office investment market
accounting for 80% of buyers over the past five years and are particularly active in the
sub-$5 million price point.
Page 22
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Capital Markets Overview
Asset Value
12 Mo Sales Volume
Market Cap Rate
Mkt Sale Price1SF Chg JY0Y)
$2.6B
$75.8M
8.1 %
-1.9%
12 MO SALES VOLUME
Total
Lowest Highest
12 MO SALES PRICE
Average
Lowest Highest Market
Transactions
63
-
Cap Rate
-
- - 8.1 %
Sales VOILme
$75.8M
$155.9K $7.8M
Sale Pdce1SF
$332
$53 $12K $243
PrcpertiesSOld
43
- -
Sale Price
$2.1M
$155.9K $7.81A -
Transacted SF
271.2K
584 14.9K
Sale vs Asking Price
-8.8%
-23.4 % 0 %
Average SF
4.3K
584 14.9K
% Leased at Sale
93.1%
0% 100%
Market Sale Pdce1SF
$300
$250
$200
$150
5100
$50
$0
14 15 16 17 18 19 20 21 22 23 24
$250M
$200M
$150M
$loom
$50M
$0M
Sales Volume
14 15 16 17 18 19 2Q 21 22 23 24
Market Cap Rate
8.4%
8.2%
8.0%
7.3%
7.6%
7.4%
7.2%
7.0%
6.3%
6.6%
6.4%
14 15 16 17 18 19 21) 21 22 23 24
200%
150 %
100 %
50%
-50%
-100 %
12 Mo Sales Vol Growth
14 15 16 17 18 19 28 21 22 23 24
According to the Costar report, industrial investor interest picked up in 2021 through
mid-2022 when interest rates were near all-time lows and investors were flocking to the
Florida market. Investment volumes have declined in 2023, with just $108 million trading
over the trailing 12-month period. In comparison, 2021 was a record year for the region
with over $140 million in annual sales volume. However, while 2023 levels were off
from the previous peak, they were well above pre -pandemic levels when the region only
surpassed $60 million in annual sales once.
Sale pricing has largely plateaued over the past year, hovering around $171/SF as of the
fourth quarter of 2024. Naples is one of the most expensive industrial markets to invest in
Southwest Florida, roughly 40% more expensive than Sarasota.
Page 23
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Institutional capital has never played a major role, with private investors and owner -users
accounting for roughly 95% of buyers of the past five years. That trend shifted in 2023,
with institutional buyers capturing nearly 15% of the buyer market share.
Capital Markets Overview
Asset Value
12 Mo Sales Volume
Market Cap Rate
r
Mkt Sale Price1SF Chg (YOY)
$2.5B
$108.5M
7.4%
3.4%
12 MO SALES VOLUME
Total Lowest Highest
12 MO SALES PRICE
Average
Lowest
Highest
Market
Transactions
90 -
Cap Rate
6_2%
4.6 %
10.1 %
7.4 %
Sales Volume
$108.5M $110K $16M
Sale Pnce/SF
$216
$63
$564
$171
Properties Sold
58 - -
SalePdce
$21M
$110K
$16M
-
Transacted SF
733K 318 96.91K
Sale vs Asking Price
-7.0 %
-33.3%
11.1 %
Average SF
8.21K 318 96.91K
IndustriaAL
% Leased at Sale
93.4 %
0 %
100 %
Market Sale PriceISF
Market Cap
Rate
$130
8.5%
$160
8.046
$140
$120
7.5%
$100
7.0%
$80
$ 60
6.5%
$ 40
6.0%
$20
so i i i i
i i i i i i 1
5.5%
14 15 16 17
18 14 20 21 22 23 24
14 15 16
17 18
19 20 21
22 23
24
S160M
S140M
S120M
S1ooM
$80M
$60M
$40M
$20 M
SoM
Sales Volume
14 15 16 17 18 19 20 21 22 23 24
Income
12 Mo Sales Val Growth
20D%
15o9fi
1009fi
50%
0% ■�� ■ m
■
-50%
14 15 16 17 18 19 20 21 22 23 24
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
$128,096 and a per capita income of $54,169.
Page 24
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY
COLLIER COUNTY AREA ANALYSIS
2023
2028
Households by Income
Number
Percent
Number
Percent
¢$15,000
9,289
5.51!V6
8,000
4.6%
$15,000 - $24,999
10,678
6.41/0
8,340
4.8%
$25,000 - $34,999
13,459
8.0%
11,323
6.5%
$35,000 - $49,999
17,847
10.611k
15,320
8.8%
$50,000 - $74,999
29,018
17.31V.
28,611
16.4%
$75,000 - $99,999
20,891
12.51h
21,981
12.6%
$100,000 - $149,999
26,572
15.8%
30,831
17.6%
$150,000 - $199,999
13,065
7.8%
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
$54,169
$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 increased in
2023 as demand declined due to continued increases in interest rates. New home builders
continue to face shortages with a lack of building supplies creating a backlog of newly
constructed homes. Prices continue to increase; however, the rate of increase is declining.
According to the Naples Area Board of Realtors (NABOR), there was a record $18.2
billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021
with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed
price (year over year). The November 2023 Market Report released by NABOR shows
inventory of homes in Naples increased 38.8% from November 2022. The report also
showed 1,080 price decreases, the highest in six months. Price deceleration may be
happening in parts of Naples as the medical overall closed price dropped to $580,000
from $600,000 (November 2022).
Generally, the commercial market lags the residential market. The significant residential
demand since the pandemic has generally stabilized the commercial market overall with
an increased demand for the industrial sector and select retail and office properties.
Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest
Florida on September 28, 2022, and caused widespread wind and storm surge damage.
The analyses and value opinion(s) in this appraisal are based on the data available to the
appraiser at the time of the assignment and apply only as of the effective date indicated.
No analyses or opinions contained in this appraisal should be construed as predictions of
future market conditions or value(s).
Page 25
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Collier County Area Map
-------------
1 r I
I
San Carlos Park ��•. - 1 I _ .
Estero
' � I
I
CHE4Y f'f n[ Pen Strand Corkscrew r
sro Ray 1
s 1
-
Bonita Springs ;
---- ----I
- y
Subject
Norxh Naples _ _ -
Pelican Bay
Vineyards Rural Estates Florida Pan[ft nab
r LA Wi a uge
at Golden Gate
93
Naples 0- ► I
� Picay[rne Strand 1
: , SourhNaples Slate Forest
t [{ I
�y r
L
�� Fakaha[eheeStrarrd 1
Preserve State Park
Marco•I8lanrl
14 d51 Al
National Estuarine'-r'> a. i,{ Big Cypress
National Preserve at
Gt,Nvor. Bay
- - - - - - ------- ------ - - - - -'
Page 26
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS
The following description is based on our property inspection and public records.
Market Area
Gross Land Area Typical Parcel Size
Market Area Zoning FDEP Standard Map
(Acres) (Acres)
Dr. Robert H. Gore III Preserve Area 377.17 1.14 — 7.17 E - Estates Freshwater forested/shrub wetlands
The Dr. Robert H. Gore III Preserve target area contains 147 parcels remaining to be
acquired totaling 377.17 acres within Golden Gate Estates Units 91, 91A, 92, and 92A. The
parcel sizes to be acquired range from 1.14 to 7.17 acres in size.
SITE
Location:
Dr. Robert H. Gore III Preserve is located east and west of Desoto
Boulevard between 36th Avenue SE and I-75. It is surrounded
mostly by undeveloped Estates residential land and some developed
single-family 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:
• 36th Ave SE; 38th Ave SE; 40th Ave SE; and 42nd Ave SE: All
arterials run east/west through market area. 36th Avenue SE is
unpaved west of Desoto Blvd S. and paved east of Desoto Blvd
S. 38th Ave SE is paved both east and west of Desoto Blvd S.
40th Ave SE is paved west of Desoto Blvd S and unpaved east of
Desoto Blvd S. 42nd Ave SE is only a ROW and is overgrown
both east and west of Desoto Blvd S.
• The parcels each have 75 - 375 feet of frontage.
The parcels are generally 660 feet deep. Parcels along 42nd Ave SE
are 925 feet deep. Parcels along Desoto Blvd S are 680 feet deep.
Topography:
According to the FDEP Standard Map, the Dr. Robert H. Gore III
Preserve Project Area consists mainly of Freshwater Forested/Shrub
Wetlands. According to the Conservation Collier Property Summary,
the Preserve is within a historic wetland that connects with the
Florida Panther National Wildlife Refuge (FPNWR) to the east,
however it is separated by Desoto and the Test Track. According to
Collier County FDEP Informal Wetland Determinations map, the Dr.
Robert H. Gore III Preserve Project Area consists mainly of
Depressional or Slough Hydric Soils. Several parcels have been
identified to indicate wetlands and will require permits prior to
development.
Soil Conditions:
According to the Conservation Collier Property Summary, hydric
soils exist; wetland indicators noted and numerous wetland
dependent plants species noted; very minimal mapped aquifer
recharge.
Page 27
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Utilities: Electricity: FP&L
Sewer: None; Private septic systems service homes in the area
Water: None; Private wells service homes in the area
Environmental Issues: According to the Conservation Collier Property Summary Initial
Exotic Removal estimated at $500/acre and ongoing annual
estimated at $250/acre. These parcels would be managed along with
the existing preserve parcels.
Encumbrance / Easements: A current title report was not provided for the purpose of this
appraisal. We are not aware of any easement, restrictions, or
encumbrances that would adversely affect value. Therefore, our
valuation assumes the subject has a clear and marketable title with
no adverse easement, restrictions, or encumbrances.
Site Comments: The 147 targeted parcels range from 1.14 acres to 7.17 acres with an
average of 2.57 acres. There are 113 'Small' parcels ranging from
1.14 acres to 2.73 acres with an average of 1.93 acres. There are 12
'Medium' parcels ranging from 2.81 acres to 3.82 acres with an
average of 3.03 acres and 22 'Large' parcels ranging from 4.12 acres
to 7.17 acres with an average of 5.60 acres.
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 28
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Dr. Robert H. Gore III Preserve Area Market Study Aerial
Conservation Collier Property Summary
Dr. Robert H. Gore III Presen-e Multi -Parcel Project
Conservation Collier Dr. Robert H. Gore III Preserve Status July 2023
Miles
Page 29
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DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Parcel View from 381h Ave SE — West of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 31
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Parcel View from 40th Ave SE — West of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 32
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Canal view West of Desoto Blvd S
Typical Canal view West of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 33
Irk—
.-:�
- rV h' 'A .
AN
...... . . . . .
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
40th Ave SE — East of Desoto Blvd S
Typical Parcel View from 401h Ave SE — East of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 36
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Parcel View from 381h Ave SE — East of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 37
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Typical Parcel View from 361h Ave SE — East of Desoto Blvd S
(Photo Taken on February 24, 2024)
Page 38
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS
Site Photographs
Desoto Blvd S — Northerly
(Photo Taken on February 24, 2024)
Page 39
DR. ROBERT H. GORE III PRESERVE AREA 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 7.17 acres located within the
previously defined Dr. Robert H. Gore III Preserve area. Access through Dr. Robert H.
Gore III Preserve is provided by paved (Desoto Blvd S, 361h Ave SE — east of Desoto,
38th Ave SE, 40th Ave SE — west of Desoto) and unpaved roads (36th Ave SE — west of
Desoto and 40th Ave SE — east of Desoto). 42nd Avenue SE is only a ROW and is
overgrown both east and west of Desoto Blvd. The parcels range in width from 75 feet to
375 feet and are generally 660 feet of depth. Parcels along 42nd Ave SE are 925 feet deep
and parcels along Desoto Blvd are 680 feet deep. 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
I The Dictionary of Real Estate Appraisal 71 ed. (Chicago: Appraisal Institute, 2022)
Page 40
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY HIGHEST AND BEST USE
continued increases within the foreseeable future. Prior to the coronavirus pandemic, the
residential market had stabilized after several years of an expansion period, with
sustained growth in demand and increasing construction. Since the coronavirus
pandemic, residential demand increased significantly with record sales in 2020 and
continued high demand but limited inventory in 2021 and 2022. Inventory increased in
2023 as demand declined due to continued increases in interest rates. 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 41
DR. ROBERT H. GORE III PRESERVE AREA 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 42
DR. ROBERT H. GORE III PRESERVE AREA 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 43
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 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 44
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 ACRES
Comp Address Date Price
City Acres Price Per Acre Sale Comments
Subject Generally within Golden Gate Estates 2/24/2024
Units 91, 91A, 92, and 92A
Naples 1.14-2.73 acres
1 443034th AVE SE 1/5/2024 $60,000 Heavily treed parcel located along south side of34th Ave SE west of Desoto Blvd S.
No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub
Naples 2.73 $22,000 wetlands.
2 36th AVE SE, TR 5 1/2/2024 $57,000 Heavily treed parcel located along south side of 36th Ave SE west of Desoto Blvd S.
No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub
Naples 2.50 $22,800 wetlands.
3 40th AVE SE, TR 97 1/29/2024 $53,000 Heavily treed parcel located along south side of40th Ave SE east of Desoto Blvd S.
No wetland detemrination on file. FDEP map shows parcel is freshwater forested/shrub
Naples 2.73 $19,433 wetlands.
4 4385 36th AVE SE 10/11/2023 $44,500 Heavily treed parcel located along north side of 36th Ave SE west of Desoto Blvd S.
No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub
Naples 2.27 $19,580 wetlands.
5 Desoto Blvd S 2/9/2024 $47,900 Heavily treed parcel located along the east of Desoto Blvd S. Informal Wetland
Determination dated 5/27/2020 shows 0.44 acres (38%) wetlands located in the front of
Naples 1.17 $40,912 the site.
6 476024th AVE SE Pendarg $53,500 Heavily treed parcel located along south side of24th Ave SE east of Desoto Blvd S.
Informal Wetland Determination dated 12/12/22 shows 1.54 acres (970/,) wetlands.
Naples 1.59 $33,629
7 22nd AVE SE 10/23/2023 $135,000 Heavily treed parcel located along north side of 22nd Ave SE east of Desoto Blvd S.
Informal Wetland Determination dated 7/29/21 shows the site is entirely uplands with
Naples 2.50 $54,000 no wetlands.
S 4332 28th AVE SE 6/21/2023 $70,000 Heavily treed parcel located along south side of28th Ave SE west of Desoto Blvd S.
Informal Wetland Determination dated 8/22/2018 shows the site is entirely uplands
Naples 1.14 $61,600 with no wetlands.
Comparables Map
i
90-i
Gore Nature Geoter19 Y
;: j Frerglades Pkwy Alligator Alley
0EHOW Map data @2024 GoDgle
Page 45
— .---_-v-�'.T - - .. �.,�... ;,ti=-_ •�Nurseryi:reener:i:��
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-comp 6
Comp-8
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Brandon & Son's
9 comp 1
Comp 2 IF
- -_ —Subject--
Gore Nature Center
Comp 3
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4.
1.
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY
SALES COMPARISON APPROACH: 1. I4-2.73 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 47
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 ACRES
Land Analysis Grid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Comp 6
Comp 7
Comp 8
Nacre
Dr. Robert H. Gorem
443034th AVE SE
361h AVE SF, TR5
40th AVE SE, TR 97
438536th AVE SE
Desoto BWdS
476024th AVESE
22nd AVESE,TR
433228th AVESE
Preserve Area Market Smdy
116
Address
Genem0y within Geld-Qle
443034th AVE SE
361h AVE SE, TR5
401h AVE SE, TR 97
438536th AVE SE
Desoto BlvdS
476024th AVESE
22nd AVE SE
433228th AVE SE
Pstates Units 91, 91A, 92,
and 92A
City
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Date
2124/2024
1/5/2024
1/2/2024
1/29/2024
10/11/2023
2/9/2024
Pending
10/23/2023
6/21/2023
Price
$60,000
$57,000
553,000
$44,500
547,900
$53,500
$135,000
$70,000
Acres
1.14-2.73acres
2.73
2.50
2.73
2.27
1.17
1.59
2.50
1.14
Acre U.A Rica
522,000
$22,800
$19,433
$19,580
540,912
533,629
$54,000
$61,600
Transaction Adjustments
Property Rights
Fee Svryk
Fee Side 0.0%
ShTle 0.01/o
Fee Simple 0.0%
Fee SirTle 0.0%
Fee Shnple 0.0%
Fee Simple 0.0'/o
Fee
0.0%
Fee Simple O.M.
Fhruncmg
Cash 0.0%
Cush 0.0%
Cash 0.D%
Cash 0.0'/o
Cash 0.0%
Pending 0.0°/
Cash 0.0%
Cash 0.0%
Ands
A,,,?,
Amf
Arm's
Anrts
Ands
Conditions of Sale
length 0.0%
length 0.0%
length 0.0%
length MI.
Amts length 0.0%
Pend ig -5.0%
length 0.0%
length 0.0'/0
Adjusted Acre Unit Price
$22,000
$22,800
$19,433
$19,580
$40,912
$31,947
$54,000
$61,600
Market Trends Through
2124/2024 10.01/0
1.3%
1.4%
0.7%
3.6%
0.4%
0.0%
3.3%
6.71/0
Adjusted Acre Unit Price
$22,289
$23,118
$19,566
$20,288
541,073
$31,947
$55,777
$65,721
Location
Average
Sinular
Shnilar
Smiler
s mler
Superior
Superior
Superior
Superior
%Adjustment
01/
0%
0%
0%
-10%
-IW/0
-10%
-10%
$Adjustment
$0
$0
$0
$0
-$4,107
-$3,195
.$5,578
-$6,572
Acres
L14-2.73acres
2.73
2.50
2.73
2.27
L17
L59
2.50
1.14
%Adjustment
0%
0%
M
01/6
0%
0%
W/0
m/0
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
F-ironrrental Issues
FDEP-fieshwater
FDEP-6eshwater
FDEP- fieshwater
FDEP-fieshwater
FDEP- fieshwatcr
38%Wed.&(Fmnt)
97%Wetlands
100%Uplands
100%Uplands
forested/shmb wetlands
forested/shrub
forested/shmb
forestcd/shmb
foresled/shmb
wetlands
wetlands
wetlands
wetlands
%Adjustment
011%
0%
0%
0%
0%
0%
01/0
01/0
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
Topography
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
%Adjustment
01/0
0%
0'/o
0%
0'/o
0%
v/0
01/0
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
Zoning
&Estates
&£states
&£states
&Estates
&£states
F Btates
&£states
&£states
&£stales
%Adjustuen[
01/0
0%
0%
0%
0%
0%
011%
01/0
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
Atgueted Acre ihdt Price
$22,289
$23,118
$19,566
$20,288
$36065
$28,752
$50,199
$59,149
Net Adjustments
0.0%
Rm/0
0.01/0
0.0%
-10.0%
-10.0%
-10.01/0
-10.0%
(koss Adjustments
0.0%
Rw/.
0.0%
0.0%
10.0%
10.0%
10.0%
10.010
Page 48
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 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
Comparable 6 is a pending sale. The price shown in the grid is the asking price as the
pending contract price is confidential. It is adjusted downward based on typical list to
selling price ratios.
Economic Trends
The following graph shows comparable residential land sales on the Southwest Florida
MLS within the surrounding market area over the last year.
Residential Land Sales Trend Analysis
$100,000
$90,000
•
$80,000 •
•
•
$70,000
$60,000 • •
• • •
$50,000 • • •
• •. MI.........••..
540,000 ••• • • •••••••!••. '' ••• �•••.
••.•••..••. • ....
s30,000 • •
•
•
$20,000 • • • • • i • •
•
•
$10,000
so
1/24/2023 3/15/2023 5/4/2023 6/23/2023 8/12/2023 10/1/2023 11/20/2023 1/9/2024 2/28/2024 4/18/2024
The survey included 74 transactions. Prices ranged from $12,930 to $87,719 per acre and
averaged $39,746 per acre. The graph indicates a decreasing trend in sales prices from
February 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 3 was purchased in January 2023 for $35,000 and resold in
January 2024 for $53,000, an annualized increase of 51%.
Page 49
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1. I4-2.73 ACRES
Finally, I consider the lowest asking prices in the subject area for parcels less than 2.73
acres range from $29,060 to $30,793 per acre.
Based on the previous analysis and considering the current asking prices, I have applied a
10.0% annual adjustment.
Location
Comparables 2, 3, and 4 are located within the Dr. Robert H. Gore III Preserve Area.
Comparable 1 is located along 34th Ave SE, one block north of the Preserve Area. They
are all similar in location. Comparables 5, 6, 7, and 8 are located north of the Preserve
Area, closer to Golden Gate Boulevard and areas with more single-family homes. They
are adjusted downward for their superior locations accordingly.
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 and Comparables 1, 2, 3, and 4 consist mainly of Freshwater
Forested/Shrub Wetlands according to the FDEP Standard Map.
Comparable 5 had an Informal Wetland Determination dated May 2020 showing the
parcel has 0.44 acres (38%) wetlands in the front of the site.
Comparable 6 had an Informal Wetland Determination dated December 2022 showing
the parcel has 1.54 acres (97%) wetlands.
Comparables 7 and 8 had Informal Wetland Determinations showing the parcels are
entirely uplands with no wetlands.
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. Therefore, no
adjustments are required.
Zoning
All of the comparables are similar in terms of zoning; therefore, no adjustments are
required.
Page 50
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Sales Comparison Approach Conclusion: 1.14 — 2.73 Acre Parcels
Finally, I consider the lowest asking prices in the subject area for parcels less than 2.73
acres range from $29,060 to $30,793 per acre.
All of the value indications have been considered. The "Small" parcels to be acquired
range from 1.14 acres to 2.73 acres with an average of 1.93 acres.
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 of Comparables: 8 Unadjusted Adjusted % a
Low: $19,433 $19,566 0.68%
High: $61,600 $59,149 -3.98%
Average: $34,244 $32,541 -4.97%
Indicated Value per Acre
Up to 25% Wetlands:
25 - 50% Wetlands:
50 - 75% Wetlands:
75 - 100% Wetlands:
Subject Size:
$43,000
$35,000
$30,000
$25,000
1.14 - 2.73 acres
Page 51
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES
SALES COMPARISON APPROACH: 2.74-7.17 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 Gate Estates
2/24/2024
Units 91, 91A, 92, and 92A
Naples
2.74 -7.17 acres
1
40th AVE SE, TR 56
4/29/2023
$160,000
Heavily treed parcel located along north side of 40th Ave SE east of Everglades Blvd
S. Informal Wetland Determination shows approximately 10%wetlands in the front
Naples
5.00
$32,000
eastern comer and reaz.
2
40th AVE SE, TR 114
4/14/2023
$79,000
Heavily treed parcel located along north side of 40th Ave SE east of Desoto Blvd S.
No wetland detennination on file. FDEP map shows parcel is freshwater forested/shrub
Naples
6.11
$12,938
wetlands.
3
3908 32nd AVE SE
3/17/2023
$265,000
Heavily treed parcel located along south side of32nd Ave SE west of Desoto Blvd S
along a canal. Informal Wetland Determination dated 12/7/22 shows no wetlands.
Naples
5.68
$46,640
4
30th AVE SE, TR4
2/6/2024
$115,000
Heavily treed parcel located along north side of30th Ave SEwest of Desoto Blvd S.
Informal Wetland Determination shows 4.56 acres (91%)wetlands.
Naples
5.00
$23,000
5
1521 Desoto BLVD S
1/12/2024
$92,500
Heavily treed parcel located along west side of Desoto Blvd S. No wetland
determination on file. FDEP map shows parcel is uplands.
Naples
2.81
$32,919
6
Desoto Blvd & 8th Ave SE
1/12/2024
$132,500
Heavily treed parcel located at southeast comer of Desoto Blvd S and 8th Ave SE.
Informal Wetland Detemmation dated 9/28/2023 shows 1.16 acres (41%) wetlands
Naples
2.81
$47,154
located in the rearofthe site.
7
484926th AVE SE
10/30/2023
$135,000
Heavily treed pareel located along north side of 26th Ave SE east of Desoto Blvd S.
Informal Wetland Determination shows appromomately 5011.wetlands in the rear of the
Naples
5.00
$27,000
she.
8
34th AVE SE, TR 23
10/20/2023
$82,000
Heavily treed parcel located along south side of 34th Ave SE west of Desoto Blvd S.
Informal Wetland Determination dated 6/ 12/2023 shows 3.50 acres (70%) wetlands
Naples
5.00
$16,400
located throughout the site.
Page 52
DR. ROBERT H. GORE III PRESF,RVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES
Comparables Map
S
Gore No tore Cgr VGIP
-Everglades Kwy gg nlliSiatcr 411"
&ZOMMap data @2024 Gongl�
Page 53
l A.r S4oVFha.bee AniinaµPreserve • - .' C
J "' 1 �. ^ ... Cp� p 6
is x : — ,,Cprnp
1 t Nu�
4seFy Gra®narhills
C
b
orn 7
Bain
Comp 4 - s
�^ Brandon & Son's
Comp 3�:.
- 7 -- - Comp�8.
.,� yFlorida Evaluation Center
Leg rand's'. Rdofin g
= Q- -- }subject —
Comp 1 Gore Nature Center,
Comp 2
r
& Garden Inc
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES
Land Analysis Grid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Comp 6
Comp 7
Comp 8
Name
Dr. Robert H. Gore III
40th AVESE,TR56 40th AVESE,TRI14
390832nd AVESE
30th AVESE, TR4
1521 Desoto BLVD S
Desoto Blvd &8th
494926th AVE SE 34th AVE SE, TR
Pm- Area Market Study
Ave SE
23
Address
Generally within Golden Gate
40th AVESR,TR56 40th AVESR,TR114
390832nd AVESE
30lh AVE SH, TR4
1521 Desoto BLVD S
Desoto Blvd&8th
494926th AVE SE 34th AVE SE, TR
Estates Units 91, 91A, 92, soil
Ave SE
23
City
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Naples
Date
2/24/2024
4/28/2023
4/14/2023
3/17/2023
2/6/2024
1/12/2024
1/12/2024
10/30/2023
10/20/2023
Pnee
$160,000
$79,000
$265,000
$115,000
$9Z500
$1345W
$135,000
$82,000
Acres
2.74-7.17acres
5.00
6.11
5.68
5.00
2.81
2.81
5.00
5.00
Acre Unit Price
$32,000
$12,938
546,640
$23,000
$32,919
$47,154
$27,000
$16,400
Transaction Adjustments
Property Rights
Fee Simple
Fee Simple 0.0%
Smple 0.0%
Fee Simple 0.01.
Fee Simple 0.0%
Fee Sitryle 0.0%
Fee Simple 0.01.
Simple 0.01.
Simple 0.05%
Financing
Cash 001.
Cash 0.0%
Cash 0.0%
Cash 0.01.
Cash 0.0%
Cssh 0.0%
Cash 0.0%
Cash 0.0%
And.
Anns
Ants
Ants
Arms
Arms
Ants
Conditions of Sale
length 0.1,%
length 0.0%
length 0.0'/0
length 0.0%
Ants length 0.0oi0
length 0.0%
length 0.0%
length 0.0%
Adjusted Acre Unit Price
$32,000
$12,938
$46,640
$23,000
$32,919
$47,154
$27,000
$16,400
Market Trends Though
2/24/2024 10.0%
8.2%
8.6%
9.4%
0.5%
1.1%
1.1%
3.1%
3.4%
Adjusted Acre U itPrice
$34,626
$14,051
551,023
$23,108
$33,291
$47,687
$27,838
$16,953
Location
Average
Superior
Sinn.
StnBar
Sand.
Superior
Superior
Superior
Sind.
%Adjust=
-15%
0%
0%
0%
-15%
-20%
-1MA
0v/
$Adjustment
-$5,194
$0
$0
$0
-54,994
-$9,537
-52,784
$0
Acres
2.74-7.17acres
5.00
6.11
5.68
5.00
2.81
2.81
5.00
5.00
%Adjushrevt
0°/
0%
01/
0%
01%
01%
0%
0%
$Adjustment
$0
$0
$0
$0
$0
$0
$0
$0
F-fion--1 Issues
FDEP-0eahwatm
10%Wetlands
FDEP-0eshwater
100%Upl-&
91%Wetlands
100%Uplands
41%Wetlands
50%Wetlmds
70%Wctlmds
forested/shmb wetlands
(Front and Be.)
forested/shmb
(Rear)
(Reny)
wetlands
%Adjustment
0%
0%
0%
0%
0%
0%
0%
o%
$Adjustment
$0
$0
$o
$0
$0
$0
$0
$0
Topography
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed;
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Heavily Treed
Bmalinn Pepper
Re-ed
%Adjustment
0%
0
-10%
0%
W/.
0"/6
0%
0%
$Adjustment
$0
$0
-55,102
$0
$0
$0
$0
$o
Zoning
leavies
E-Estates
&Esates
aFstates
E-Estates
&Estates
&Estates
E-Estates
E-Estates
%Adjushrent
0%
0^i
0%
o%
W/
0%
0%
ai
$Adjustment
$0
$0
$o
$0
$0
$0
$0
$o
Adjusted Acre Uvit Price
$29,432
$14,051
$45,921
$23,108
$28,297
$38,149
$25,054
$16,953
Net Adjustments
-15.0°/
0.0%
-10.0%
0.0%
-IS.0°/
-20.0°/
-10.0%
0.0%
Gross Adjustments
15.0-1.
0.0%
10.0%
0.o%
15.0'/6
20.0'/6
10.0%
0.0%
Page 55
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 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 comparables 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 10.0% annual adjustment.
Location
Comparable 2 is located within the Dr. Robert H. Gore III Preserve Area. Comparables 4
and 8 are located just north of the Preserve Area. Comparable 3 is also located just north
of the Preserve Area, with canal frontage similar to some of the targeted parcels. No
adjustments are required for Comparables 2, 3, 4, and 8.
Comparables 5, 6, and 7 are located north of the Preserve Area, closer to Golden Gate
Boulevard and areas with more single-family homes. They are adjusted downward for
their superior locations accordingly.
Comparable 1 is located west of the Dr. Robert H. Gore III Preserve Area and is accessed
from Everglades Boulevard. It has superior access and is adjusted downward accordingly.
Size
The "Medium" parcels range from 2.74 to 4.00 acres in size and the "Large" parcels
range from 4.01 to 7.17 acres in size. Size and price per acre are typically inversely
related. Comparables 5 and 6 are at the low end of the range for the "Medium" parcels.
Comparables 1, 2, 3, 4, 7 and 8 are generally in the middle of the range for the "Large"
parcels. No adjustments are applied; however, the differing sizes are considered in the
final reconciliation.
Environmental Issues
The subject parcels and Comparable 2 consist mainly of Freshwater Forested/Shrub
Wetlands according to the FDEP Standard Map.
Comparables 1, 3, 4, 6, 7, and 8 all had Informal Wetland Determinations showing
varying amounts of wetlands and no wetlands for Comparable 3. The FDEP Standard
Map shows Comparable 5 is 100% uplands.
Page 56
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES
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. The Brazilian
Pepper had been removed from Comparable 3. It is adjusted downward accordingly.
Zoning
All of the comparables are similar in terms of zoning; therefore, no adjustments are
required.
Sales Comparison Approach Conclusion: 2.74 — 5.0 Acre Parcels
Finally, I consider the lowest asking price in the subject area for a 2.7 acre parcel is
$27,741 per acre. The parcel has been on the market for approximately two years and the
listing comments say, "make offer." Additionally, there are two five -acre parcels listed
for $98,900 and $99,750 or $19,780 and $19,950 per acre each. Both have 95%+ wetland
coverage according to Informal Wetland Determinations.
All of the value indications have been considered. The "Medium" parcels to be acquired
range from 2.81 acres to 3.82 acres with an average of 3.03 acres. The "Large" parcels to
be acquired range from 4.12 acres to 7.17 acres with an average of 5.60 acres.
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 % a
Low: $12,938 $14,051 8.60%
High: $47,154 $45,921 -2.62%
Average: $29,756 $27,621 -7.18%
Indicated Value per Acre
Up to 25% Wetlands:
25 - 50% Wetlands:
50 - 75% Wetlands:
75 - 100% Wetlands:
Subject Size:
$41,500
$39,500
$33,500
$31,500
$28,500
$26,500
$23,500
$21,500
2.74 - 4.00 acres 4.01 - 7.17 acres
Page 57
DR. ROBERT H. GORE III PRESERVE AREA 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 February 24, 2024, 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 February 24, 2024
Indicated Value per Acre
Up to 25% Wetlands:
$43,000
25 - 50% Wetlands:
$35,000
50 - 75% Wetlands:
$30,000
75 - 100% Wetlands:
$25,000
Subject Size:
1.14 - 2.73 acres
Indicated Value per Acre
Up to 25% Wetlands:
$41,500
$39,500
25 - 50% Wetlands:
$33,500
$31,500
50 - 75% Wetlands:
$28,500
$26,500
75 - 100% Wetlands:
$23,500
$21,500
Subject Size: 2.74 - 4.00 acres 4.01 - 7.17 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
Page 58
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY FINAL VALUE CONCLUSION
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local market it is our opinion that the probable marketing and
exposure time for the property is 9-12 months.
Page 59
DR. ROBERT H. GORE III PRESERVE AREA 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 60
DR. ROBERT H. GORE III PRESERVE AREA 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 not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding the agreement to perform 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.
(:�a 'VI - "��
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
Page 61
DR. ROBERT H. GORE III PRESERVE AREA 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 62
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third -
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
Page 63
DR. ROBERT H. GORE III PRESERVE AREA 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 64
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client's use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Page 65
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
*RU
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
*Rn
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
RKI
APPRAISAL AND CONSULTING
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our combined appraisal
experience to provide our clients with the highest quality of Real Estate Appraisal and
Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner (Retired)
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, government, and property
owners.
%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
DR. ROBERT H. GORE III PRESERVE AREA 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 (2023-2024)
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.
. .RU
17�m 5G ING
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
Ron OeSantis, Governor
door
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
T "ZUCCHI, RACHEL M
4500 EXECUTIVE DRIVE SUITE 2'
6', NAPLES FL 34119 r7
x
EItENSE NUMBER: RZ2984
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.
u�.„' *Rn
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
*Rn
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Table of Dr. Robert H. Gore 111 Preserve Project Area Parcels
FOLIO NUMBER
ACRES
41618120001
1.14
41617000009
1.14
41619280005
1.14
41618440008
1.14
41503040005
1.14
41504160007
1.14
41618400006
1.14
41501160000
1.14
41501200009
1.14
41501800001
1.14
41507400007
1.14
41507520000
1.14
41507680005
1.14
41507800005
1.14
41507840007
1.14
41507920008
1.14
41508920007
1.14
41509080001
1.14
41509160002
1.14
41509200001
1.14
41509280005
1.14
41510160004
1.14
41510240005
1.14
41510280007
1.14
41510320006
1.14
41510360008
1.14
41619040009
1.14
41504920001
1.17
41507280007
1.17
41560440004
1.17
41560480006
1.17
41507360008
1.17
41506720005
1.17
41506640004
1.17
41507040001
1.17
41506880000
1.17
41506960001
1.17
41504480004
1.17
41507320006
1.17
41507880009
1.59
FOLIO NUMBER
ACRES
41508760005
1.59
41510200003
1.59
41619000007
1.59
41503960004
1.59
41507480001
1.59
41618040000
1.59
41506840008
1.64
41506560003
1.64
41504840000
1.64
41507240005
1.64
41560560007
1.64
41560680000
1.64
41502600006
2.27
41503280001
2.27
41503880003
2.27
41507560002
2.27
41507720004
2.27
41508640002
2.27
41508720003
2.27
41508800004
2.27
41509000007
2.27
41509360006
2.27
41509440007
2.27
41509520008
2.27
41510640100
2.27
41616800006
2.27
41617800005
2.27
41619080001
2.27
41617080003
2.27
41504000002
2.27
41503200007
2.27
41617880009
2.27
41504800008
2.34
41505000001
2.34
41506360009
2.34
41506440000
2.34
41560640008
2.34
41560760001
2.34
41560840002
2.34
41506520001
2.34
FOLIO NUMBER
ACRES
41506920009
2.34
41507120002
2.34
41504880002
2.34
41506680006
2.34
41507640100
2.50
41617240005
2.50
41617240102
2.50
41661480002
2.65
41503320000
2.73
41617920008
2.73
41618360007
2.73
41617200003
2.73
41619240003
2.73
41501240001
2.73
41SO1760002
2.73
41619160002
2.73
41SO1120008
2.73
41SO3240009
2.73
41503920002
2.73
41SOS040003
2.73
41507600001
2.73
41SO8600000
2.73
41508840006
2.73
41508880008
2.73
41SO9040009
2.73
41509120000
2.73
41SO9240003
2.73
41509320004
2.73
41SO9400005
2.73
41SO9480009
2.73
41510400007
2.73
41617040001
2.73
41617840007
2.73
41SO4760009
2.81
41506320007
2.81
41506400008
2.81
41SO6480002
2.81
41560520005
2.81
41560800000
2.81
41504640006
2.81
FOLIO NUMBER
ACRES
41661520001
3.03
41560241009
3.18
41560280002
3.19
41616800103
3.41
41560240000
3.82
41510640003
4.12
41560400002
4.29
41560880004
4.36
41500520007
5.00
41510080003
5.00
41510120002
5.00
41618480000
5.00
41661840008
5.00
41501880005
5.00
41504320009
5.00
41504960003
5.15
41504360001
5.15
41616880000
5.68
41616840008
5.68
41510520000
5.97
41510560002
6.11
41510600001
6.25
41661880000
6.92
41560360003
7.05
41560920003
7.14
41560960005
7.16
41561000003
7.17
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
*RU
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Land Comparable l - Small Parcels
Transaction
ID
8304
Date
1/5/2024
Name
430 34th AVE SE
Price
$60,000
Address
4430 34th AVE SE
Price Per Acre
$22,000
City
Naples
Transaction Type
Closed Sale
Grantor
Golden Land Partners LLC
Financing
Cash
Grantee
Nadine Clergeau
Property Rights
Fee Simple
Tax ID
41503760000
Days on Market 174 Sale Verification Date 2/22/2024
Book/Page or Reference Instr #6495558 Sale Verification Source Steven Horn w/ West Bay
Doc Realty LL.0
Conditions of Sale
AmYs length
Sale lEstory
None in previous 3 years
Site
Acres
2.73
Topography
Heavily Treed
Land SF
118,800
Zoning
E-Estates
Primary Frontage Feet
180
Dimensions
180' x660'
Primary Frontage Street
34th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along south side of 34th Ave SEwest of Desoto Blvd S. No wetland detemunation on file.
FDEP map shows parcel is
freshwater forested/shrub wetlands.
i ' RU
17�-5-ING
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8301
Date
1/2/2024
Name
6th AVE SE, TR 5
Price
$57,000
Address
36th AVE SE, TR 5
Price Per Acre
$22,800
City
Naples
Transaction Type
Closed Sale
Grantor
Javier M Villalobos
Financing
Cash
Grantee
rio Guerra Vasquez
Property Rights
Fee Simple
Tax ID
41500520007
Days on Market
128
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6494125
Sale Verification Source
Carlos Diaz, LLC w/ Sun
Doc
Realty
Arnfs length
Sale History
10/2020 - $70,000
Conditions of Sale
Site
Acres
2.50
Topography
Heavily Treed
Land SF
108,900
Zoning
E-Estates
Primary Frontage Feet
165
Dimensions
165'x660'
Primary Frontage Street
36th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along south side of 36th Ave SEwest of Desoto Blvd S. No wetland determination on file.
FDEP map shows parcel is
freshwater forested/shrub wetlands.
i 'RU
17�-5-ING
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8303
Date
1/29/2024
Name
40th AVE SE, TR 97
Price
$53,000
Address
40th AVE SE, TR 97
Price Per Acre
$19,433
City
Naples
Transaction Type
Closed Sale
Grantor
Jose E F Rodriguez
Financing
Cash
Grantee
Tatsiana Harai
Property Rights
Fee Simple
Tax ID
41509120000
Days on Market
144
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6503979
Sale Verification Source
Yamirla Alvarez, LLC w/
Doc
Coldwell Banker Realty
Conditions of Sale
Arms length
Sale FEstory
1/2023 - $35,000
Site
Acres
2.73
Topography
Heavily Treed
Land SF
118,800
Zoning
E-Estates
Primary Frontage Feet
180
Dimensions
180' x 660'
Primary Frontage Street
40th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along south side of 40th Ave SE east of Desoto Blvd S. No wetland determination on file
FDEP map shows parcel is freshwater forested/shrub wetlands.
P T TTT
s-NG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8300
Date
Name
4385 36th AVE SE
Price
Address
4385 36th AVE SE
Price Per Acre
City
Naples
Transaction Type
Grantor
Shirley Dipillo-Caputi
Financing
Individually and as Personal
Representative of the Estate
of Joseph E. Perrenod
Grantee
A.H. Windows & Doors, hic.
Property Rights
Tax ID
41503400001
Days on Market
12
Sale Verification Date
Book/Page or Reference
Instr#6464816
Sale Verification Source
Doc
Conditions of Sale Arm'S length Sale Ifistory
Site
10/ 11/2023
$44,500
$19,580
Closed Sale
Cash
Fee Simple
2/22/2024
Peggy Elkins w/ Staton
Properties, LLC
None in previous 3 years
Acres
2.27
Topography
Heavily Treed
Land SF
99,000
Zoning
E-Estates
Primary Frontage Feet
150
Dimensions
105' x 660'
Primary Frontage Street
36th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 36th Ave SEwest of Desoto Blvd S. No wetland determination on file.
FDEP map shows parcel is freshwater forested/shrub wetlands.
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8316
Date
2/9/2024
Name
esoto Blvd S
Price
$47,900
Address
Desoto Blvd S
Price Per Acre
$40,912
City
Naples
Transaction Type
Closed Sale
Grantor
Worrell and Pauline White
Financing
Cash
Grantee
Christopher Manuel Nunez
Property Rights
Fee Simple
Tax ID 41166560003
Days on Market 3
Book/Page or Reference Instru #6507221
Doc
Conditions of Sale Ands Length
Acres 1.17
Land SF 51,000
Primary Frontage Feet 75
Primary Frontage Street Desoto Blvd S
Utilities None
Sale Verification Date 2/22/2024
Sale Verification Source Patricia Ewashko w/ Royal
Shell Real Estate
Sale History 9/2020 - $20,000.
Site
Topography
Heavily Treed
Zoning
E-Estates
Dimensions
75' x680'
Shape
Rectangular
Topography Heavily Treed
Comments
Heavily treed parcel located along the east of Desoto Blvd S. Infonnal Wetland Determination dated 5/27/2020 shows
0.44 acres (38%) wetlands located in the front of the site.
AP-1- C S-NG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8299
Date
Pending
Name
4760 24th AVE SE
Price
$53,500
Address
476024th AVE SE
Price Per Acre
$33,629
City
Naples
Transaction Type
Pending Sale
Grantor
David Jesus Lopez Zanelli
Financing
Pending
Grantee
Confidential
Property Rights
Fee Simple
Tax ID
41169080001
Days on Market 321 Sale Verification Date 2/22/2024
Book/Page or Reference Not yet recorded Sale Verification Source Maria Zanelli w/ Century 21
Doc Selling Paradise
Conditions of Sale Pending Sale history None in previous 3 years
Site
Acres
1.59
Topography
Heavily Treed
Land SF
69,300
Zoning
E-Estates
Primary Frontage Feet
105
Dimensions
105' x660'
Primary Frontage Street
24th Ave SE
Shape
Rectangular
Utilities None Topography Heavily Treed
Comments
Heavily treed parcel located along south side of 24th Ave SE east of Desoto Blvd S. Informal Wetland Determination
dated 12/12/22 shows 1.54 acres (97%) wetlands.
i ��,�R� Tj(j\T�
1 ..+o— su�riNc
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8326
Name
2nd AVE SE, TR 116
Address
22nd AVE SE
City
Naples
Grantor
Joseph & Mary Prush
Individually and as Trustee
Grantee
Clinton Miles Dunmire
Tax ID
41170960000
Days on Market
17
Book/Page or Reference
histr 46468393
Doc
Arm's length
Conditions of Sale
Date
10/23/2023
Price
$135,000
Price Per Acre
$54,000
Transaction Type
Closed Sale
Financing
Cash
Property Rights Fee Simple
Sale Verification Date 2/22/2024
Sale Verification Source Joseph Prush w/ Premiere Plus
Realty Company
Sale History 3/2023 $100,000 as part of 5-
acre parcel
Site
Acres
2.50
Topography
Heavily Treed
Land SF
108,900
Zoning
E-Estates
Primary Frontage Feet
165
Dimensions
165' x660'
Primary Frontage Street
22nd Ave SE
Shape
Rectangular
Utilities None
Topography
Comments
Heavily Treed
Heavily treed parcel located along north side of 22nd Ave SE east of Desoto Blvd S. Informal Wetland Determination
dated 7/29/21 shows the site is entirely uplands with no wetlands.
1—.� ro�S—NG'
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8325
Date
6/21/2023
Name
332 28th AVE SE
Price
$70,000
Address
4332 28th AVE SE
Price Per Acre
$61,600
City
Naples
Transaction Type
Closed Sale
Grantor
Homes Art Investment Llc
Financing
Cash
Grantee
Idolidia Vazquez and Elisa
Property Rights
Fee Simple
Alonso
Days on Market
7
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6420935
Sale Verification Source
Nathalia Mato w/ Sellstate
Doc
Achievers Realty
Conditions of Sale
m's length
Sale Ffistory
None in previous 3 years
Acres 1.1
Land SF 49,500
Primary Frontage Feet 75
Primary Frontage Street 28th Ave SE
Utilities None
Site
Topography
Heavily Treed
Zoning
E-Estates
Dimensions
75' x 660'
Shape
Rectangular
Topography Heavily Treed
Comments
Heavily treed parcel located along south side of 28th Ave SEwest of Desoto Blvd S. Informal Wetland Determination
dated 8/22/2018 shows the site is entirely uplands with no wetlands.
i ��,�R� Tj(j\T�
1 ..+o— su�riNc
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Land Comparable I - Medium and Large Parcels
Transaction
ID
8307
Date
4/28/2023
Name
0th AVE SE, TR 56
Price
$160,000
Address
40th AVE SE, TR 56
Price Per Acre
$32,000
City
Naples
Transaction Type
Closed Sale
Grantor
Megan M Mcgreevy
Financing
Cash
Grantee
Katherine Delgado
Property Rights
Fee Simple
Tax ID
41615160006
Days on Market
703
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6396049
Sale Verification Source
lliamK McGreevy, Jr. w/
Doc
Premiere Plus Realty Co.
Conditions of Sale
Arm's 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
33V x660'
Primary Frontage Street
40th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 40th Ave SE east of Everglades Blvd S. Informal Wetland
Determination shows approximately 10% wetlands in the front eastern corner and rear.
i ��,�R� Tj(j\T�
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DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8305
Date
4/14/2023
Name
0th AVE SE, TR 114
Price
$79,000
Address
40th AVE SE, TR 114
Price Per Acre
$12,938
City
Naples
Transaction Type
Closed Sale
Grantor
Nannette Rinehart
Financing
Cash
Grantee
Primitivo D. Sapla, Jr and
Property Rights
Fee Simple
Sonia G. Sapla
Tax ID
41510560002
Days on Market
4
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6391193
Sale Verification Source
tthew Harrington w/
Doc
William Raveis Real Estate
Ands length
Sale History
2/2021 - $65,000
Conditions of Sale
Site
Acres
6.11
Topography
Heavily Treed
Land SF
265,980
Zoning
E-Estates
Primary Frontage Feet
403
Dimensions
403' x660'
Primary Frontage Street
40th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 40th Ave SE east of Desoto Blvd S. No wetland determination on file
FDEP map shows parcel is freshwater forested/shrub wetlands.
xniui.r�oy CS�iTiHG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8306
Date
3/17/2023
Name
908 32nd AVE SE
Price
$265,000
Address
3908 32nd AVE SE
Price Per Acre
$46,640
City
Naples
Transaction Type
Closed Sale
Grantor
Carl Tackles
Financing
Cash
Grantee
Keo and Kan Yang
Property Rights
Fee Simple
Tax ID
41397480004
Days on Market
53
Sale Verification Date
2/22/2024
Book/Page or Reference
histr #6380600
Sale Verification Source
Taryn R Cafiero w/ John R.
Doc
Wood Properties
Arm's length
Sale History
None in previous 3 years
Conditions of Sale
Acres 5.68
Site
Topography
Land SF 247,500 Zoning
Primary Frontage Feet 375 Dimensions
Primary Frontage Street 32nd Ave SE Shape
Utilities None Topography
Comments
Heavily Treed; Brazilian
Pepper Removed
E-Estates
375' x 660'
Rectangular
Heavily Treed
Heavily treed parcel located along south side o1732nd Ave SEwest ofDesoto Blvd S along a canal. Informal Wetland
Determination dated 12/7/22 shows no wetlands.
T TTT
-5-ING
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8308
Date
2/6/2024
Name
30th AVE SE, TR4
Price
$115,000
Address
30th AVE SE, TR4
Price Per Acre
$23,000
City
Naples
Transaction Type
Closed Sale
Grantor
Mary Lou Klage & Michelle
L Financing
Cash
Ehnendorf
Grantee
Jeanette Casulli
Property Rights
Fee Simple
Tax ID
41440360000
Days on Market
274
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6509607
Sale Verification Source
Kevin Heashp w/ Prime Real
Doc
Estate of Naples
Conditions of Sale
Ands 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' x660'
Primary Frontage Street
30th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 30th Ave SE west of Desoto Blvd S. Informal Wetland Determination
shows 4.56 acres (91%) wetlands.
1—.r�oy C S—NG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8310
Date
1/12/2024
Name
521 Desoto BLVD S
Price
$92,500
Address
1521 Desoto BLVD S
Price Per Acre
$32,919
City
Naples
Transaction Type
Closed Sale
Grantor
Chandra & Kuar Ramnarine
Financing
Cash
Grantee
Palantir Homes, LLC
Property Rights
Fee Simple
Tax ID 41104800000
Days on Market 706
Book/Page or Reference Instr #6501764
Doc
Conditions of Sale Arms length
Acres 2.81
Land SF 122,400
Primary Frontage Feet 180
Primary Frontage Street Desoto Blvd
Utilities None
Sale Verification Date 2/22/2024
Sale Verification Source Oscar Velez, PA w/ John R.
Wood Properties
Sale History None in previous 3 years
Site
Topography
Heavily Treed
Zoning
E-Estates
Dimensions
180' x660'
Shape
Rectangular
Topography Heavily Treed
Comments
Heavily treed parcel located along west side of Desoto Blvd S. No wetland determination on file. FDEP map shows
parcel is uplands.
1—.r�oy C S—NG
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8311
Date
1/12/2024
Name
Desoto Blvd & 8th Ave SE
Price
$132,500
Address
Desoto Blvd & 8th Ave SE
Price Per Acre
$47,154
City
Naples
Transaction Type
Closed Sale
Grantor
Bogart Properties Llc
Financing
Cash
Grantee
B&GProperties ofNaples,
Property Rights
Fee Simple
LLC
Tax ID
40807760008
Days on Market 66 Sale Verification Date 2/22/2024
Book/Page or Reference Instr #6498283 Sale Verification Source Juan David Chaparro w/
Doc Clever Home Selling
Conditions of Sale Arms length Sale Flistory None in previous 3 years
Site
Acres
2.81
Topography
Heavily Treed
Land SF
122,400
Zoning
E-Estates
Primary Frontage Feet
180
Dimensions
180' x660'
Primary Frontage Street
Desoto Blvd
Shape
Rectangular
Utilities None Topography Heavily Treed
Comments
Heavily treed parcel located at southeast comer of Desoto Blvd S and 8th Ave SE. Informal Wetland Detemvnation
dated 9/28/2023 shows 1.16 acres (41%) wetlands located in the rear of the site.
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8309
Date
10/30/2023
Name
849 26th AVE SE
Price
$135,000
Address
4849 26th AVE SE
Price Per Acre
$27,000
City
Naples
Transaction Type
Closed Sale
Grantor
J Alves Ezzard individually Financing
Cash
and ac Tmstee
Grantee
G Leon, LLC
Property Rights
Fee Simple
Tax ID
41450160009
Days on Market
124
Sale Verification Date
2/22/2024
Book/Page or Reference
Instr #6471753
Sale Verification Source
Cory Lauer w/ Keller Williams
Doc
Realty Naples
Conditions of Sale
Arms length
Sale History
8/2021 - $93,000
Site
Acres
5.00
Topography
Heavily Treed
Land SF
217,800
Zoning
E-Estates
Primary Frontage Feet
330
Dimensions
339 x 660'
Primary Frontage Street
26th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along north side of 26th Ave SE east of Desoto Blvd S. Informal Wetland Detemvnation
shows approximately 50% wetlands in the rear of the site.
1—.� ro�S—NG'
DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA
Transaction
ID
8312
Date
10/20/2023
Name
4th AVE SE, TR 23
Price
$82,000
Address
34th AVE SE, TR23
Price Per Acre
$16,400
City
Naples
Transaction Type
Closed Sale
Grantor
Jose & Luz Rivera
Financing
Cash
Grantee
John Blanco and Annarella Property Rights
Fee Simple
Acotsa Garcia
Days on Market
798
Sale Verification Date
45344
Book/Page or Reference
histr #6471475
Sale Verification Source
Nicholas T Sassi w/ Global
Doc
Realty of Southwest Florida
Inc
Conditions of Sale
m's length
Sale ITistory
None in previous 3 years
Site
Acres
5.0
Topography
Heavily Treed
Land SF
217,800
Zoning
E-Estates
Primary Frontage Feet
330
Dimensions
330' x660'
Primary Frontage Street
34th Ave SE
Shape
Rectangular
Utilities
None
Topography
Heavily Treed
Comments
Heavily treed parcel located along south side of 34th Ave SE west of Desoto Blvd S. Informal Wetland Determination
dated 6/12/2023 shows 3.50 acres (70%) wetlands located throughout the site.
i ��,�R� Tj(j\T�
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RKL
APPRAISAL AND CON SUITING
REAL ESTATE APPRAISAL REPORT
RED MAPLE SWAMP
Residential Land
Generally within Golden Gate Estates Unit 53
Naples, Collier County, Florida, 34120
ACHEL M. ZUCCH1, MAI, CCIM
C. LOWRY, MAI, CPA
OUIS C. BOBBITT, MAI
PREPARED FOR:
Mr. Roosevelt Leonard, RAV-AC
Real Property Management
Collier County
3335 Tamiami Trail East, Suite 101
Naples, FL 34112
Client File: PO Number 4500216604
EFFECTIVE DATE OF THE APPRAISAL:
August 13, 2022
DATE OF THE REPORT:
August 20, 2022
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL Appraisal and Consulting, PLC
RKL File Number: 2022-195
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Subject Parcels
Red Maple Swamp
Generally within Golden Gate Estates Unit 53
Naples, Florida
RKL
APPRAISAL AND CONSUMNG
August 20, 2022
Mr. Roosevelt Leonard, R/W-AC
Collier County
3335 Tamiami Trail East, Suite 101
Naples, FL 34112
Re: Real Estate Appraisal
Red Maple Swamp
Generally within Golden Gate Estates Unit 53, Naples,
Collier County, Florida, 34120
Client File: PO Number 4500216604
RKL File Number: 2022-195
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 Red Maple Swamp
(100% wetlands) for parcels 3 acres or less and for parcels that are greater than 3 acres.
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 Red Maple Swamp. The
Red Maple Swamp Preserve target area encompasses 24 parcels totaling 67.04 acres
within Golden Gate Estates Unit 53. The per acre values reported in this market study
will be offered to property owners with 1.0 to 6.0 acre parcels. The market area is
designated as wetlands on the FDEP Informal Wetland Determinations March 2016 map
and is located within the Estates zoning designation which allows for low density
residential development with limited agricultural uses.
kCH.ELM. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
LowRY, MAI, CPA Phone: 239-596-0800
OUIS C. BOBBITT, MAI www.rklac.com
Mr. Roosevelt Leonard, R/W-AC
Collier County
August 20, 2022
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 August 13, 2022
Area Red Maple Swamp Red Maple Swamp
Typical Parcel Size 1.0 - 3.0 acres Greater than 3.0 acres
Indicated Value per Acre $18,000 $16,500
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
None.
Extraordinary Ass um tions:
None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
c. LOwRY, MAI. CPA Phone: 239-596-0800
OUIS C. BOBBITT, MAI www.rklac.com
RED MAPLE SWAMP TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions................................................................... 1
Introduction Information.....................................................................................................
2
Subject Identification......................................................................................................
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
National Economic Analysis...........................................................................................
5
Florida Economic Analysis.............................................................................................
8
Collier County Area Analysis.........................................................................................
9
Property Description and Analysis...................................................................................
25
SiteAnalysis.................................................................................................................
25
Highestand Best Use....................................................................................................
36
ValuationMethodology....................................................................................................
38
AnalysesApplied..........................................................................................................
39
Sales Comparison Approach — Parcels 3.0 Acres and Less ..........................................
40
Sales Comparison Approach — Parcels Greater than 3.0 Acres ....................................
47
Reconciliation...............................................................................................................
52
Final Value Conclusion.................................................................................................
52
Certification......................................................................................................................
53
Assumptions and Limiting Conditions.............................................................................
55
Addenda
Appraiser Qualifications.......................................................................................Addendum A
Property Information............................................................................................ Addendum B
Comparable Data.................................................................................................. Addendum C
RED MAPLE SWAMP SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject:
Red Maple Swamp
Generally within Golden Gate Estates Unit 53, Naples,
Collier County, Florida, 34120
Owner:
Multiple
Legal Description:
Multiple parcels generally located within Golden Gate Estate
Unit 53
Tax Identification:
Multiple parcels generally located within Golden Gate Estates
Unit 53
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 Areas
Parcel ID Gross Land Area Typical Parcel Size Zoning FDEP Informal Wetland
(Acres)
(Acres) Determination
Red Maple Swamp 67.04
1.14 - 5.41 E - Estates 100% Wetlands
Highest and Best Use
As Vacant
Conservation
Exposure Time
12 months
Marketing Period
12 months
VALUE INDICATIONS
Effective Date(s)
August 13, 2022
Property Rights
Fee Simple
Area
Red Maple Swamp Red Maple Swamp
Typical Parcel Size
1.0 - 3.0 acres Greater than 3.0 acres
Indicated Value per Acre $18,000 $16,500
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.
Page 1
RED MAPLE SWAMP INTRODUCTION INFORMATION
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject: Red Maple Swamp
Generally within Golden Gate Estates Unit 53, Naples,
Collier County, Florida, 34120
Legal Description: Multiple parcels generally located within Golden Gate
Estate Unit 53
Tax Identification: Multiple parcels generally located within Golden Gate
Estates Unit 53
The subject market area is identified by Conservation Collier as Red Maple Swamp. The
Red Maple Swamp Preserve target area encompasses 24 parcels totaling 67.04 acres
within Golden Gate Estates Unit 53. The per acre values reported in this market study
will be offered to property owners with 1.0 to 6.0 acre parcels. The market area is
designated as wetlands on the FDEP Informal Wetland Determinations March 2016 map
and is 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
RED MAPLE SWAMP INTRODUCTION INFORMATION
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are 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(g); 55 Federal Register
34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9,
1992; 59 Federal Register 29499, June 7, 1994)
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: "Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real
Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value on a price per acre basis
within the area identified as Red Maple Swamp (100% wetlands) for parcels 3 acres or
less and for parcels that are greater than 3 acres. The effective date of the subject
appraisal is August 13, 2022. The date of inspection was August 13, 2022. The date of
the report is August 20, 2022.
Page 3
RED MAPLE SWAMP
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 Red Maple Swamp (100% wetlands) for parcels 3 acres or less and
for parcels that are greater than 3 acres.
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 Red Maple Swamp. An aerial shows the
approximate border of the Red Maple Swamp.
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 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
RED MAPLE SWAMP NATIONAL ECONOMIC ANALYSIS
ECONOMIC ANALYSIS
NATIONAL ECONOMIC ANALYSIS
The Federal Reserve Open Market Committee (FOMC) released the following statement
on July 27, 2022. Recent indicators of spending and production have softened.
Nonetheless, job gains have been robust in recent months, and the unemployment rate has
remained low. Inflation remains elevated, reflecting supply and demand imbalances
related to the pandemic, higher food and energy prices, and broader price pressures.
Russia's war against Ukraine is causing tremendous human and economic hardship. The
war and related events are creating additional upward pressure on inflation and are
weighing on global economic activity. The Committee is highly attentive to inflation
risks.
The Committee seeks to achieve maximum employment and inflation at the rate of 2
percent over the longer run. In support of these goals, the Committee decided to raise the
target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that
ongoing increases in the target range will be appropriate. In addition, the Committee will
continue reducing its holdings of Treasury securities and agency debt and agency
mortgage -backed securities, as described in the Plans for Reducing the Size of the
Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly
committed to returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to
monitor the implications of incoming information for the economic outlook. The
Committee would be prepared to adjust the stance of monetary policy as appropriate if
risks emerge that could impede the attainment of the Committee's goals. The Committee's
assessments will take into account a wide range of information, including readings on
public health, labor market conditions, inflation pressures and inflation expectations, and
financial and international developments.
The following table details the economic forecasts of Federal Reserve Board members
and Federal Reserve Bank presidents as of June 2022. Real GDP is projected to grow at a
rate of 1.7% in 2022, a decline from the previous March projection of 2.8%. The
unemployment projection for 2022 increased from 3.5% to 3.7%. The Core PCE inflation
projection was increased to 4.3% in 2022.
Page 5
RED MAPLE SWAMP NATIONAL ECONOMIC ANALYSIS
Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents,
under their individual assumptions of projected appropriate monetary policy, June 2022
P-1.
Median,
Cent 1'r,-dencyj
Rx
�s
Varinble
2022
WO
2024
1 Luz
2022
1 2UJ
I 202d
Langer
2022
2023
2024
Longer
run
run
mn
Changn in real GDP
1.7
1.7
1.9
1.8
l.rrl_'J
1.3-2.0
1.5-2.0
, 1.8-2.0
1.0-2.0
0.8-2.5
1.0-2.2
1.6-2.2
March projection
2.8
2.2
2.0
1.8
2.5-3.0
2.1-2.5
1.8-2.0
' 1.8-2.0
2.1.3.3
2.0-2.9
l.5-2.5
l.fr2.2
Unemployment rate
3.7
3.9
4.1
4.0
3.6 3.8
3.8 4.1
3.9 4.1
3.5 4.2
3.2 4.0
3.2 4.5
3.2 4.3
i 3.5 4.3
March projction
3.5
3-5
3.6
4.0
3.4-3.6
3.3-3-6
3.2-3.7
3.5-4.2
3.".0
3.1-4.0
3.1-4.0
3.5-4.3
PCP, inflation
5.2
2.6
2.2
2.0
5-05.3
2.4-3.0
2.0-2.5
2.0
4-"-2
23-4.0
2.0-3.0
2-0
March projection
4.3
2.7
2.3
2.0
4.1-4.7
2.3-3.0
2.1-2.4
1.0
3.7 5.5
2.".5
2.D-3A
2.0
Cure pCE iuflatioud
4.3
2.7
2.3
4.2 4.5
2.5 3.2
2.1 2.5
4.1 5.0
2.5 3.5
2.D 2.8
March projection
4.1
2.6
2.3
3-9-4.4
2.4-3-0
2.1 2.4
3.6-4-5
2.1-3.5
2.0-3.0
Me ; P Jected
apprnpriatc pnlicy path
K,icral funds ratc
3.4
3-8
3.4
2.5
3-1�_6
3-14-1
1.11.1
2.3-2.5
3-1-3-9
2-9-4.4
2.1-4.1
2.0-3.0
March projection
1.9
2.8
2.8
2.4
1 1.12.4
2.4-3.1
2.4-3.4
2.3-2.5
1.4-3.1
2.1-3.6
2.1-3.6
2.0-3.0
According to Freddie Mac Chief Economist Sam Khater, despite some obvious
headwinds, the housing market remains strong as the economy grows. "Even as mortgage
rates are expected to increase and home prices continue to rise, homebuyer demand
remains steady as inventory issues have slightly improved.
According to a January Washington Post article, the story of 2021 was how quickly home
prices accelerated. The national median home price hit $362,800 in June, an all-time
high, according to the National Association of Realtors. The Case-Shiller home price
index peaked in August, when prices rose 19.8 percent year -over -year that month. The
housing market was doing well at the turn of the year and may normalize, said Lawrence
Yun, chief economist at the National Association of Realtors, a trade association for real
estate agents. "All markets are seeing strong conditions, and home sales are the best they
have been in 15 years," Yun said. "The housing sector's success will continue, but I don't
expect 2022's performance to exceed 2021's." He said sales may decline this year but
predicts that they will exceed pre -pandemic levels. His forecast is based on an
expectation of more inventory in the coming months. The increased supply will be
generated, in part, from new housing construction as well as from the end of forbearance
for struggling mortgage payers, a situation that will cause some homeowners to sell.
According to the National Association of Real Estate Investment Trusts' (NAREIT) 2022
Outlook, 2022 is likely to see significant further improvement in overall economic
conditions, with rising GDP, job growth, and higher incomes, in a supportive financial
market environment where inflation pressures gradually subside and long-term interest
rates remain well below their historical norms. The emergence of the new Omicron
variant of COVID-19 in late November 2021 serves as a reminder that the threat of new
waves of infection looms over all aspects of the global economy. Increasing vaccination
rates and natural immunity due to prior infection may help contain these risks. Some
sectors remain below pre -pandemic levels, including lodging/resorts, office, diversified,
and health care REITs. Other sectors, however, have had double-digit returns. Some
sectors have delivered exceptional returns, including industrial REITs, with total returns
of 57% through November 2021, and self -storage REITs-which have had a surge of
demand due to strong housing markets and home sales, plus additional need for space
during the pandemic -with investment returns exceeding 70%. Macroeconomic
fundamentals are sound, and except for a few significant obstacles in the near term,
Page 6
RED MAPLE SWAMP NATIONAL ECONOMIC ANALYSIS
growth is likely to continue at above -trend pace in 2022. Job growth has been impressive,
averaging 555,000 per month in 2021 through November, reducing the unemployment
rate to 4.2%. With total payroll employment still 7 million below the pre -pandemic trend,
the job market and the overall economy have considerable running room ahead.
The 2022 CBRE U.S. Real Estate Market Outlook projects a positive outlook for the
economy and commercial real estate in 2022, despite uncertainty over potential impacts
of the COVID omicron variant and other risks. There may be other bumps along the way,
notably from the ripple effects of an economic slowdown in China and rising oil prices,
but the factors that held back growth in 2021—labor shortages, supply disruptions,
inflation and other COVID variants —will ease. Monetary policy will tighten to keep
longer -term inflation pressures in check, which may trigger some short -run volatility in
the stock market, but it will not be enough to dampen investor demand for real estate.
CBRE projects a record year for commercial real estate investment, enabled by high
levels of low-cost debt availability and new players drawn to real estate debt's attractive
risk -adjusted returns. Commercial real estate values will rise, particularly for sought-after
industrial and multifamily assets. Investors will sharpen their focus on emerging
opportunities in the office and retail sectors in search of better returns.
According to the Deloitte Center for Financial Services annual Commercial Real Estate
Outlook for 2022, Eighty percent of respondents expect their institution's revenues in
2022 to be slightly or significantly better than 2021 levels. In 2022, many real estate
companies are not expected to be out of the woods yet, but the solid fundamentals that
buoyed the sector pre -pandemic could help in the short term. The tight labor market is
bringing workforce issues to the forefront, such as well-being, ESG, and adopting a more
individualized approach to where work gets done (remote/office/hybrid). Our survey
indicates CRE employees want their firms to be more purpose -driven.
According to the PwC Emerging Trends in Real Estate 2022, confounding initial
expectations of a protracted recession and then recovery spanning several years, the
economy began to bounce back almost as quickly as it shut down. The recession ended
up lasting only two months —the shortest on record —according to the official arbiters of
business cycles. Economic output is already back above pre-COVID levels, and jobs may
recover to previous levels by early 2022. The economic outlook certainly looked much
better in mid-2021 than could reasonably have been hoped for a year earlier. Not only has
economic output already recovered to pre-COVID levels, but growth is forecast to be at
its highest rate in decades during 2021 and 2022.
According to J.P. Morgan Chase 2022 commercial real estate outlook, the commercial
real estate industry has a positive outlook heading into 2022. Although there were some
surprises and overly negative forecasts surrounding retail and office commercial real
estate markets, industrial continues to perform well. Overall, the future of multifamily
looks bright, with a couple notable exceptions. The year ahead looks positive, with retail
and multifamily asset classes rebounding and industrial continuing to thrive. Commercial
real estate has also found innovative ways to increase the affordable and workforce
Page 7
RED MAPLE SWAMP FLORIDA ECONOMIC ANALYsIs
housing supply. The public and private sectors must work together to prioritize
infrastructure to help the economy grow.
FLORIDA ECONOMIC ANALYSIS
According to the U.S. Census Bureau, Florida trailed only Texas in population increases
from 2020 to 2021, while the nation had the slowest growth rate in its history. Florida's
grew by 211,196 residents from July 1, 2020, to July 1, 2021, to a population of
21,781,128, the census estimates show. Texas grew by an estimated 310,288 residents to
a population of 29,527,941. The Bureau of Economic and Business Research at the
University of Florida projects the state's population, which surpassed 20 million in mid
2015, to rise to 24.42 million by 2030 and 26.36 million by 2040.
According to the Fall 2021 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 2.4% from 2021 to
2024. After contracting by 2.8% in 2020, real Gross State Product will rise by 5.1% in
2021. Payroll job growth in Florida will continue to outpace national job growth as the
labor market climbs out of a deep hole. Average job growth over the 2021-2024 period
will be 0.1 percentage points faster than the national economy.
Housing starts will pick up going forward, but not nearly fast enough to offset the large
shortage of single-family housing in the short run. House price appreciation will
decelerate over this period as supply catches up with strong demand and as affordability
gets further out of reach for many.
Page 8
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
Labor force growth in Florida is projected to average 2.2% from 2021-2024. After a
sharp contraction of 2.1% in 2020, strong payroll job creation will boost Florida's labor
market recovery. The prospects of finding a job and higher wages will bring more
Floridians back to the hunt for employment, particularly those who dropped out of the
labor market as a result of the lockdowns and recession.
7able 1. Annual Summary of the University of Central Florida's Forecast for Florida
2016
2017
2018
2019
2020
2021
2022
2023
2024
Personal
Income and GSP
Personal Income (Bil. $)
954.1
1023.1
1087.2
1139.8
1210.0
1297.3
1297.0
1349.1
1410.1
Florida.(%Ch Year ago)
3.7
7.2
6.3
4.8
6.2
7.2
0.0
4.0
4.5
U.S.(%Ch Year ago)
2.6
4.7
5.1
4.1
6.5
6.5
1.0
5.0
5.3
Personal Income (Bil. 2012S)
919.1
966.1
1001.0
1031.5
1082.6
1121.0
1089.8
1113.2
1140.6
Florida.(%Ch Year ago)
2.3
5.1
3.6
3.0
5.0
3.5
-2.8
2.1
2.5
U.S.(%Ch Year ago)
1.6
2.8
2.9
2.5
5.3
2.8
-2.0
3.0
3.1
Disp. Income (1311. 2012$)
825.7
852.0
896.2
922.3
976.1
1006.4
975.5
996.0
1020.7
Florida.(%ChYear ago)
3.5
3.2
5.2
3.0
5.8
3.1
-3.1
2.1
2.5
U.S.(%Ch Year ago)
1.8
2.8
3.4
2.3
6.2
1.7
-3.0
2.9
3.1
GSP (Bil. $)
953.4
1002.6
1057.9
1116.4
1106.0
1204.5
1265.5
1313.3
1372.1
(%Ch Year ago)
4.9
5.2
5.5
5.5
-0.9
8.9
5.1
3.8
4.5
GSP (Bil. 2012$)
881.5
913.0
943.5
971.6
944.0
992.5
1006.6
1020.5
1039.2
(%Ch Year ago)
3.4
3.6
3.3
3.0
-2.8
5.1
1.4
1.4
1.8
Employment
and Labor Force (Household Survey % Change Year Ago)
Employment
3.4
2,2
2.5
2.1
-5.2
2.5
4.3
2.1
1.2
Labor Force
2.1
1,9
1.3
1.6
-2.1
3.0
4.1
1.1
0.7
FL Unemployment Rate (%)
4.9
4.3
3.6
3.3
7.9
5.0
4.6
4.1
4.0
U.S. Unemployment Rate (%)
4,9
4.4
3.9
3.7
8.1
5.4
3.8
3.5
3.6
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
Page 9
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
agricultural workers in the Immokalee area. The population increase creates a high
degree of seasonality within the retail, service, and hospitality sectors of Collier County's
economy.
Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami,
Sarasota, and West Palm Beach as shown in the following table.
Metro Area
Distance to Other Major Markets
Miles
Fort Myers
44
Jacksonville
378
Fort Lauderdale
107
Tallahassee
435
Miami
128
Atlanta
616
Sarasota
120
New York
1,311
West Palm Beach
150
Dallas
1,315
Tampa
169
Chicago
1,335
Orlando
238
Population
The Bureau of Economic and Business Research, University of Florida released the
following population statistics for Southwest Florida. As shown, total population
increased in five of the six Southwest Florida counties with the greatest growth (2010-
2020) in Lee County and the second highest in Collier County. Lee County maintained
the highest growth rate of the six counties from 2020 to 2021.
Table 3. Population and Population Change for Counties in Florida, 2000 to 2021
Percent Change
State and Population 2020 2010 2000
County 2021 2020 2010 2000 to 2021 to 2020 to 2010
FLORIDA
21,898,945
21,538,187
18,801,332
15,982,824
1.7
14.6
17.6
Charlotte
190,570
186,847
159,978
141,627
2.0
16.8
13.0
Collier
382,680
375,752
321,520
251,377
1.8
16.9
27.9
Glades
12,130
12,126
12,884
10,576
0.0
-5.9
21.8
Hendry
40,540
39,619
39,140
36,210
2.3
1.2
8.1
Lee
782,579
760,822
618,754
440,888
2.9
23.0
40.3
Sarasota
441,508
434,006
379,448
325,961
1.7
14.4
16.4
Sources: US Census Bureau (2020, 2010, and 2000 Census) and Universityof Florida, Bureau of Economic and
Business Research (2021 Estimates).
Page 10
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYsIs
The following table shows the projected population through 2045. As shown, Lee County
also has the highest projected growth rates with Collier County as a close second.
Projections of Florida Population by County, 2020-2045, with Estimates for 2020
Percent Change
Population 2020 2025 2030 2035 2040
2020 2025 2030 2035 2040 2045 to 2025 to 2030 to 2035 to 2040 to 2045
Southwest Florida
1,819,225
1,985,168
2,120,232
2,233,319
2,332,233
2,420,791
9.12%
6.80%
5.33%
4.43%
3.80%
Charlotte
187,904
203,016
215,478
225,562
234,391
242,460
8.04%
6.14%
4.68%
3.91%
3.44%
Collier
387,450
423,564
452,806
477,771
499,729
518,956
9.32%
6.90%
5.51%
4.60%
3.85%
Glades
13,609
14,272
14,811
15,222
15,560
15,851
4.87%
3.78%
2.77%
2.22%
1.87%
Hendry
40,953
42,898
44,380
45,554
46,570
47,468
4.75%
3.45%
2.65%
2.23%
1.93%
Lee
750,493
829,303
894,597
948,834
996,0861,038,511
10.50%
7.875fo
6.06%
4.985fo
4.26%
Sarasota
438,816
472,115
498,160
520,376
539,897
557,545
7.59%
5.52%
4.46%
3.75%
3.27%
Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 190,June 2021
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 2020-2021 25 Best Places to Retire is dominated by
Florida metro areas, largely due to affordable homes, low taxes and high ratings for
happiness and desirability. Increases in Desirability and Job Market scores lifted Sarasota
from No. 2 last year to overtake Fort Myers for the No. 1 spot for 2020-2021. Naples was
No. 4 on the list behind Port St. Lucie. However, Naples dropped to 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. Collier County has become the most expensive place to buy
a home in the eastern U.S. according to data released by the National Association of
Realtors in May 2022.
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. When lumped in with retail trade, Collier County has nearly 35% of its
entire workforce in these sectors, the third -highest proportion in Florida.
Collier County has experienced among the nation's strongest population and job growth
rates over the past five years. While the overall rate of jobs added over the year prior to
the pandemic had slowed to under 3%, Collier County still posted growth rates of
roughly double the national average.
Page 11
RED MAPLE SWAMP
COLLIER COUNTY AREA ANALYSIS
NAPLE5 EMPLOYMENT BY INDUSTRY IN THOUSANDS
2Q 2022
CURRENTJOBS CURRENT GRCWTH
I YR HISTORICAL
5YR FORECAST
Industry
Jabs
LQ Market us
Market us
Market us
Manufacturing
5
0.4 I 6.37% 3.97%
7.32% 0.69%
0.68% 0.19%
Trade, Transportation and Utilities
30
1.0 2.17% 3.81%
2.B2% 1.23%
0.92% 0.14%
Retail Trade
22
1.3 2.67% 2.72%
2.09% 0.63%
1.11% 0.11%
Financial Activities
10
1.0 1.83% 224% 1
3.68% 1.41%
0.69% 024%
Government
13
1 0.6 0.15% 1.21% '
-0.04% 0.15% 1.96% 055%
Natural Resources, Mining and Construction
19
2.2 7.49% 424%
7.44% 2.50%
1 1.42% 0.40%
Education and Health Services
24
0.9 1.10% 2.70%
2.95% 1.5B%
122% 0.72%
Professional and Business Services
20
0.8 6.91%
3.95% 2.15%
1.40% 0.45%_
Information
1
_5.42%
OA 9.17% 5.41%
-0.67% 1.03%
0.07% 0.51%
Leisure and Hospitality
30
1.8 7.12% 112.56%
2.46% 1.37%
1.62% L 1.71 %
Other Services
9
1.5 -0.66% 5.25%
1.87% 0.52°2,
0.76% I 0.77%
Total Employment
��14.34%
3.16% 1.26%
1.26% 0.569E
Source: Oxford Economics
LQ = Location Quotient
JOB GROWTH (YOY)
Forecast
1
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
■ Naples t United States
Source- Oxford Economics
Page 12
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
The following table shows employment projections through 2029 by the Florida
Department of Economic Opportunity. As shown, agricultural employment is projected to
decline while the leisure and hospitality industry has the largest projected growth rate of
19.1% followed by Professional and Business Services (16.4%).
JOBS BY INDUSTRY
CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES
Employment
Percent
NAICS Title 2021 2029 Growth Growth
Total, All Industries
538,465
611,699
73,234
13.6
Agriculture, Forestry, Fishing & Hunting
8,270
7,193
-1,077
-13.0
Mining
399
434
35
8.8
Construction
56,144
63,917
7,773
13.8
Manufacturing
12,859
13,736
877
6.8
Trade, Transportation and Utilities
95,808
106,868
11,060
11.5
Information
4,357
4,641
284
6.5
Financial Activities
25,107
28,402
3,295
13.1
Professional and Business Services
62,254
72,464
10,210
16.4
Education and Health Services
107,269
123,960
16,691
15.6
Leisure and Hospitality
78,490
93,510
15,020
19.1
Other Services, Ex. Public Admin
20,192
22,669
2,477
12.3
Government
65,398
72,624
7,226
11.0
Self Employed and Unpaid Family Workers, All Jobs
40,799
44,548
3,749
9.2
Florida Department of Economic Opportunity
Collier County unemployment peaked in August 2010 at 13.0% and had generally been
declining until the Covid-19 pandemic with unemployment peaking again at 13.5% in
April 2020. The preliminary reported unemployment rate in February 2022 was only
2.6%.
The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since
until the spike from the Covid-19 pandemic in April 2020. However, unemployment
numbers have steadily decreased as the economy continues to improve. The 2020 annual
rate was 7.5% and the 2021 annual rate declined to 3.7%.
Page 13
RED MAPLE SWAMP
COLLIER COUNTY AREA ANALYSIS
Series Id:
Not Seasonally Adjusted
Area:
Area Type:
State f Region/ Division:
Measure:
12.
2.
IWAIK
LAUC N 120210000000003
Collier County, FL
Counties and equivalents
Florida
unemploymentrate
Month
22
As of February 2022, the unemployment rate for the State of Florida was 3.1%, down
from the peak in May 2020 of 13.9%. On a national level, the unemployment rate in
February 2022 was 3.8%, a decrease from the peak in April 2020 of 14.7%. Collier
County currently has a lower February rate, at 2.6%, than state and national levels.
The local economy is largely dependent on the real estate market. The following table
from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment
from 2012 through March 2022. As shown, unemployment from the Covid-19 pandemic
affected the service and leisure and hospitality sectors the most. Both the leisure and
hospitality and service sectors have regained all lost jobs and have exceeded 2019 levels.
Naples - Immokalee - Marco Island
Service-
%
Goods
%
Mining, Logging, &
%
Leisure and
%
All Employees,
%
Year
Providing
Change
Producing
Change
Const.
Change
Hospitality
Change
Total Nonfarm
Change
2012
106,600
3.1%
12,100
5.2%
9,400
4.49/o
23,600
4.4%
118,700
3.3%
2013
109,700
2.9%
13,500
11.6%
10,500
11.7%
24,400
3.4%
123,300
3.9%
2014
114,500
4.4%
15,400
14.1%
12,100
15.2%
25,500
4.5%
129,900
5.49/.
2015
119,100
4.0%
17,000
10.49/o
13,600
12.49/o
26,500
3.9%
136,100
4.8%
2016
124,000
4.1%
18,700
10.0%
14,900
9.6%
27,500
3.8%
142,600
4.8%
2017
126,300
1.9%
19,400
3.7%
15,400
3.49/o
28,300
2.9%
145,600
2.1%
2018
129,600
2.6%
21,500
10.8%
17,200
11.7%
29,100
2.8%
151,000
3.7%
2019
133,200
2.8%
22,400
4.2%
17,700
2.9%
30,000
3.1%
155,600
3.0%
2020
126,300
-5.2%
22,100
-1.3%
17,200
-2.8%
25,600
-14.7%
148,400
-4.69/.
2021
132,400
4.8%
23,100
4.5%
18,000
4.7%
28,000
9.4%
155,500
4.8%
2022*
138,200
4.5%
24,000
6.49/.
18,700
6.9%
31,300
11.0%
162,200
4.8%
*Through March
2022; percentage increase in comparison to March
2021 YTD
Source: U.S.
Depart me nt of
Labor
Page 14
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
Collier County and the entire Southwest Florida Region is substantially dependent on the
real estate and construction sectors. Therefore, the area has been and should be more
susceptible to cyclical fluctuations that have occurred in other areas dominated by a
single industry. The Southwest Florida Economic Development Alliance reports key
employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels,
healthcare, technology, apparel design, to sugar production are a driving force behind the
region's success. The table below provides a few examples of some key employers in
Southwest Florida.
• Industrial Biotechnology, Algenol Biofuels — Global Headquarters
• Medical Devices, Arthrex Inc. — Global Headquarters
• Women's Specialty Apparel Retailer, Chicds FAS — Global Headquarters
• Specialty Electronics Manufacturer, Fox Electronics — Global Corporate Headquarters
• Global IT Research and Advising, Gartner, Inc.
• Vehicle Rentals and Sales, Hertz Inc. — Global Headquarters
• Subsidiary Pittsburgh Glass Works, Lynx Services LLC — Customers Service Center
• Manufacturing Fluid Management, Shaw Development — Global Headquarters
• Agricultural and Food Manufacturer, U.S. Sugar Corporation — Headquarters
• Healthcare, 21stCentury Oncology— Global Headquarters
The following table shows the Top 25 Employers as reported by the Florida Gulf Coast
University Regional Economic Research Institute on July 27, 2021.
Rank
Company
SWFL Employees
Industry
County
1
Lee Health
14,028
Healthcare and Social Assistance
Lee
2
Lee County School District
11,003
Educational Services
Lee
3
Publix Super Market
9,768
Retail Trade
Charlotte, Collier, Lee
4
Lee County Local Government
9,142
Public Administration
Lee
5
NCH Healthcare System
8,159
Healthcare and Social Assistance
Collier
6
Walmart
7,286
Retail Trade
Charlotte, Collier, Hendry, Lee
7
Collier County School District
5,756
Educational Services
Collier
8
Collier County Local Government
5,173
Public Administration
Collier
9
Arthrex
4,087
Manufacturing
Collier
10
Marriott International, Inc.
3,620
Accommodation and Food Services
Collier, Lee
11
Bayfront Health
2,801
Healthcare and Social Assistance
Charlotte
12
Charlotte County Local Government
2,614
Public Administration
Charlotte
13
McDonald's
2,613
Accommodation and Food Services
Charlotte, Collier, Hendry, Lee
14
Home Depot
2,497
Retail Trade
Charlotte, Collier, Lee
15
Charlotte County School District
2,152
Educational Services
Charlotte
16
Winn -Dixie
1,899
Retail Trade
Charlotte, Collier, Hendry, Lee
17
Hope Hospice
1,838
Healthcare and Social Assistance
Collier, Lee
18
Chico's Fas Inc.
1,552
Retail Trade
Collier, Lee
19
Florida Gulf Coast University
1,519
Educational Services
Lee
20
Bloomin' Brands, Inc.
1,395
Accommodation and Food Services
Charlotte, Collier, Lee
21
Realogy Holdings Corp.
1,381
Real Estate and Rental and Leasing
Charlotte, Collier, Lee
22
Darden Restaurants
1,380
Accommodation and Food Services
Charlotte, Collier, Lee
23
Target
1,300
Retail Trade
Charlotte, Collier, Lee
24
Walgreens
1,170
Retail Trade
Charlotte, Collier, Hendry, Lee
25
Yum! Brands, Inc.
1,141
Accommodation and Food Services
Charlotte, Collier, Hendry, Lee
Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021
Page 15
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
Tourist Tax Revenues
The following graph from the Southwest Florida Regional Economic Indicators March
2022 report prepared by Florida Gulf Coast University shows Collier County's tourist tax
revenues. As shown, after an 123% increase in July 2021 compared to July 2020,
seasonally adjusted tourist tax revenues continued to drop for the fourth consecutive
month. Despite the month -to -month decline, revenues remained 75% above November
2020.
Chart 5: Coastal County Tourist Tax Revenues
County Tourist Tax Revenue - 2016 to present
7.0 - -----------------------
6.5
N
0 6.0
5.5
60- 5.0
4.5
C
a 4.0
m
3.5
M
F- 3.0
N
2.5
H 2.0
a
1.5
C
1.0
0.5
--- All Data Seasonally Adjusted V)
--- -r-- ----
i
--------------------------,---- ---
Lee - T -
- - - - - - - - -' , - - - - - - - - - - r - - - - - - `
Collier----T---
------ ----
Charlotte
0.0
Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21
Source: Local County Tourism, Tax, and Economic Development Reports and seasonal adjustment by RERI
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 25
Selling Master -Planned Communities in the United States. It has maintained the top
ranking in the Naples -Fort Myers market for the past seven years and reported a record
breaking 646 new home sales in 2021, a 28% increase from 2020. There are currently
four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte
Homes. The grand opening of The National Golf and Country Club at Ave Maria, a
bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road
corridor between Naples and Ave Maria is projected to see thousands of new homes
developed in the next few years.
In January 2020, in what has been described as one of the most important votes for the
future of growth in Collier County, commissioners approved Rivergrass Village. The
Page 16
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
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.
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 is expected to be open in October 2022) 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 I't Quarter 2022 report, the Office of Federal Housing Enterprise Oversight
(OFHEO) found that the Naples- Marco Island MSA had a 34.19% increase in home
prices (all -transactions including purchase and refinance mortgage) over the trailing 12
months. Homes prices in the state of Florida increased 29.78% over the past year (1Q
2021 - 1 Q 2022) which was 1st in the nation.
The continuing care retirement community, Moorings Park, teamed with London Bay
Homes to develop an independent living development with 275 residences in 17
buildings. All of the buildings are six stories over parking. Grande Lake, will be built on
55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads.
Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47
units in three buildings commenced in December 2018 with completion in May 2020.
Arthrex, a medical device manufacturer and one of the county's largest employers,
completed construction of its latest expansion plan at its headquarters along Goodlette-
Frank Road in early 2020. The development includes a 300,000 square -foot, six -story
office complex with an auditorium, a four-story Innovation Hotel with approximately 160
rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic
surgeons from the U.S. and around the world for medical education on the company's
devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail,
to manage all elements of the hotel operation, including employees.
The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings
at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and
Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast
quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the
first free standing ER facility in Collier County. The two-story building consists of
approximately 41,500± square feet.
Page 17
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
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 partially completed $100 million
Amateur Sports Complex. The county hopes to become a destination for traveling youth
sports teams and amateur athletes. While the focus of the complex is athletics, there will
be 20 fields between soccer, baseball and softball, plus a 10,000-person championship
stadium, the goal is to get people to stay after the game is over with The Cove and The
Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music
and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping
pong). The Factory is an outdoor workout facility focusing on functional fitness (similar
to CrossFit) which is available on a monthly membership basis. Additionally, the man-
made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations.
There is a climbing wall for public use and a beach volleyball court.
Collier County Commissioners approved a $15 million economic development agreement
on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in
July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres
of land along City Gate Boulevard North and will feature a 100,000 square foot indoor
water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The
resort is expected to open in the summer of 2024. It will bring in more than 200
construction jobs, plus an additional 600 full-time and part-time jobs once open.
Investment Trends
The following CoStar data shows Collier County trends in the Multi -Family, Retail,
Office, and Industrial sectors as of second quarter 2022.
Collier County may not see many trades, but investor sentiment remains evident in price
appreciation that continues well into 2022. Confirmed cap rates average 4.5% over the
past 12 months. The market cap rate has fallen over the past year, and the rate in the
metro is structurally lower than those across the country. Annual sales volume has
averaged $198 million over the past five years, and the 12-month high in investment
Page 18
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
volume hit $359 million over that stretch. In the past 12 months specifically, $356 million
worth of multifamily assets sold.
Capital Markets Overview
Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price/Unit Chg (YOY)
$4.9B $359.3M 4.1 % 17.4%
EL Multi -Family —A ■
Market Sale Price/Unit
$350,000
$300,000
$250,000
$200,000
$10,000
$100,000 J/
$50,000
$0 t-
12 13 14 15 16 17 18 19 20 21 22
Sales Volume
$400 M
$350 M
$300 M
$250 M
$200 M
$150M
$100M
$50M
$0M
12 13 14 15 16 17 18 19 20 21 22
8.0% Market Cap Rate
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0% 1
12 13 14 15 16 17 18 19 20 21 22
12 Mo Sales Vol Growth
600%
500%
400%
300%
200% ■
100%
0%
-100%
-200% 1�--
12 13 14 15 16 17 18 19 20 21 22
Retail demand surged in Collier County over the past 12 months. Annual sales volume
has averaged $254 million over the past five years, and the 12-month high in investment
volume hit $532 million over that stretch. In the past 12 months specifically, $514 million
worth of retail assets sold.
The market cap rate has fallen over the past year to 5.7%, and the rate in the metro is
structurally lower than those across the country.
Page 19
RED MAPLE SWAMP
COLLIER COUNTY AREA ANALYSIS
Capital Markets Overview M.
Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale PricelSF Chg (YOY)
$7.2B $527.7M 5.7%
Market Sale Price/SF
$350
$300
$250
$200
$150
$100
$50
$0
12 13 14 15 16 17 18 19 20 21 22
Sales Volume
$600 M
$500 M
$400 M
$300M
$200 M
$10oM
$0M
12 13 14 15 16 17 18 19 20 21 22
8.3%
7.0% Market Cap Rate
6.8%
6.6%
6.4%
6.2%
6.0%
5.8%
5.6%
5.4%
5.2%
5.0%
12 13 14 15 16 17 18 19 20 21 22
12 Mo Sales Vol Growth
200%
150%
100%
50%
0%
-50% F-
12 13 14 15 16 17 18 19 20 21 22
Annual office sales volume averaged $116 million over the past five years in Collier
County, and the 12-month high in investment volume hit $237 million over that stretch.
In the past 12 months specifically, $203 million worth of office assets sold.
The market cap rate has fallen over the past year to 6.9% and is close to the country's
average. The current rate is the lowest cap rate seen in Collier County during the past five
years.
Page 20
RED MAPLE SWAMP
COLLIER COUNTY AREA ANALYSIS
Asset Value 12 Mo Sales Volume
$2.6B $201 M
Market Sale Price/SF
$300
$250
$200
$150
$100
$50
$0 ,
12 13 14 15 16 17 18 19 20 21 22
$250 M
$200 M
$150M
$100M
$50M
$0M
Sales Volume
12 13 14 15 16 17 18 19 20 21 22
Market Cap Rate Mkt Sale Price1SF Chg IYOY]
6.9% 8.9%
8.0% Market Cap Rate
7.8%
7.6%
7.4%
7.2%
7.0%
6.8%
6.6%
6.4%
6.2% 1i
12 13 14 15 16 17 18 19 20 21 22
12 Mo Sales Vol Growth
600%
500%
400%
300%
200%
100% ■ .■
-100%
12 13 14 15 16 17 18 19 20 21 22
Collier County had an unusually large number of deals close over the past 12 months,
which was among the best of its peers, with 110 transactions. That was comfortably
above average transaction volume here over the past five years. Annual sales volume has
averaged $80.2 million over the past five years, and the 12-month high in investment
volume hit $164 million over that stretch. In the past 12 months specifically, $115 million
worth of industrial assets sold. Logistics facilities drove recent sales volume, accounting
for $68.7 million in confirmed transactions
Market prices rose by more than 10% and is above the country's average. The market cap
rate has dropped since last year. It is the lowest cap rate, at 6.5%, that has been seen in
Naples during the past five years, but it's still higher than the country's average yield.
Page 21
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
Asset Value 12 Mo Sales Volume Market Cap Rate Mkt Sale Price1SF Chg (YCY)
$2.3B $113.8M 6.5%
Market Sale Price/SF
$130
3160
$140
3120
$100
$80
$60
$ 40
$20
$0
12 13 14 15 16 17 18 19 20 21 22
S160M
S140M
S120M
S100M
$80M
$60M
$40 M
$20 M
$aM
Sales Volume
12 13 14 15 16 17 18 19 20 21 22
Income
17.0%
■
Market Cap Rate
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
12 13 14 15 16 17 18 19 20 21 22
12 Mo Sales Val Growth
200%
150%
100%
5 096
� �- • a% E.
■
-5a%
12 13 14 15 16 17 18 19 20 21 22
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.
2022
2027
Households by Income
Number Percent
Number
Percent
<$15,000
11,127 6.8 %
7,976
4.7
$15,000 - $24,999
7,648 4.7 %
5,439
3.2
$25,000 - $34,999
12,047 7.4 %
9,389
5.5
$35,000 - $49,999
15,640 9.6°/o
13,416
7.8
$50,000 - $74,999
24,586 15.1°/o
23,755
13.9
$75,000 - $99,999
22,121 13. 6%
23,445
13.7
$100,000 - $149,999
31,277 19.2°/o
37,671
22.0
$150,000 - $199,999
14,206 8.7°/o
19,735
11.5
$200,000+
24,489 15.0 %
30,079
17.6
Median Household Income
$85,162
$101,707
Average Household Income
$127,724
$148,920
Per Capita Income
$53,839
$63,006
Page 22
RED MAPLE SWAMP COLLIER COUNTY AREA ANALYSIS
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. Inventory shortages are expected
to continue in 2022 with no surplus expected. New home builders are facing similar
obstacles with a lack of building supplies creating a backlog of newly constructed homes.
Prices continue to increase; however, the extended shortages and surging construction
prices may begin to temper demand.
According to Porch.com, a home services platform, Naples -Marco Island had the most
home sales per 10,000 residents in the nation in 2021. 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 February
2022 Market Report released by NABOR shows overall closed sales have declined by
33.8% in February 2022 YTD. Overall median closed price for single family and
condominium units increased 37.6% in 2022 Year-to-date as compared to 2021 Year-to-
date. According to Inspection Support Network, an organization that provides industry
software and other resources, Collier County was fourth in the nation in rising home
prices for midsized counties (population of 350,000-749,999) with a 31% increase in
median prices. Lee County was third in the nation for large counties (750,000+) with an
increase of 32%.
Generally, the commercial market lags the residential market. Aside from some signs of
an upcoming decline, characterized by positive but falling demand with increasing
vacancy, the overall commercial market was projected to continue to increase at a
stabilized rate prior to the coronavirus outbreak. The significant residential demand since
the pandemic has generally stabilized the commercial market overall with an increased
demand for the industrial sector and select retail and office properties.
Page 23
RED MAPLE SWAMP
Collier County Area Map
d' Red Maple
sa Swamp
sro Bay CREW Flint 'rand Corkscrew
43 I
dl I
Bonita Springs
North Naples�
pelican Bay
Vineyards Rural Estates Florida Part [her Na[ronaJ
WifdfifeRefuge
41 Golden Gate i I
43 I;
i
Naples sr
� Picayune Strand
i 'SoulhNaples S[ateFores[
SS a i
_ 1
4s1 . Vic+ Fakaha[chee Strand
•�: .�c��; � Preserve State Park ;
4 n
��tiokeryi 89yti� 4 i
National Es[uanne7'i-+. Big Cypress
National Preserve dt
�j GufJivaR 86Y � l.�{a�s+ I
' l` �•i''�r � t ,
v
ti�,;F;F• c�i+sk+re,flay,+
----------------- - - - - -- - - -
'ti
Page 24
RED MAPLE SWAMP SITE ANALYSIS
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS
The following description is based on our property inspection and public records.
Market Areas
Parcel ID Gross Land Area Typical Parcel Size zoning FDEP Informal Wetland
(Acres) (Acres) Determination
Red Maple Swamp 67.04 1.14 - 5.41 E - Estates 100% Wetlands
The Red Maple Swamp Preserve project target area encompasses 24 parcels totaling
67.04 acres within Golden Gate Estates Unit 53. According to Collier County, the typical
remaining parcel size to be acquired ranges from 1.14 to 5.41 acres in size.
MARKET AREA
Location:
Red Maple Swamp is located north of Immokalee Road and west of
Wilson Boulevard. It is bordered by Twin Eagles, a master planned
residential development with two, 18-hole golf courses to the south
and SFWMD lands to the north and west. Estates zoned parcels and
single-family homes are located to the east.
Current Use of the Property:
Vacant wetlands.
Road Frontage/Access:
Access to parcels within the Red Maple Swamp is provided by:
• Shady Hollow Boulevard West (gravel road - single lane west of
9th Street W): runs east/west along northern border.
• 41 st Avenue NW (gravel road - single lane west of 9th Street
W): runs east/west through market area.
• 9th Street West (gravel road): runs north/south along eastern
border.
Topography:
According to the Initial Criteria Screening Report prepared in March
2018 by Collier County's Conservation Collier Program, the area is a
wetland hardwood forest community with native vegetation.
Brazilian pepper, climbing fern, creeping signal grass, and air potato
were also observed.
Soil Conditions:
We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: None; Private septic systems service surrounding homes
Water: None; Private wells service surrounding homes
Environmental Issues:
According to the Initial Criteria Screening Report prepared in March
2018 by Collier County's Conservation Collier Program the Red
Maple Swamp Preserve is comprised of wetland hardwood forests. It
is designated on the FDEP Informal Wetland Determinations March
2016 map as Wetlands. Permits from FDEP are required prior to
development. The permitting process will likely be very difficult, if
not impossible, due to the significant coverage of active wetlands.
Page 25
RED MAPLE SWAMP
SITE ANALYSIS
Encumbrance / Easements: A current title report was not provided for the purpose of this
appraisal. We are not aware of any easement, restrictions, or
encumbrances that would adversely affect value. Therefore, our
valuation assumes the subject has a clear and marketable title with
no adverse easement, restrictions, or encumbrances.
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
P
RED MAPLE SWAMP
SITE ANALYSIS
Red Maple Swamp Market Study Parcels - FDEP Informal Wetland Determinations
u�a
Q Market Study Parcels o 025 0_5 Co
[o nLia n
Miles
Page 28
RED MAPLE SWAMP
SITE ANALYSIS
Flood Map
National Flood Hazard Layer FIRMette ', FLMA
0 250 500 1,000 1,500 2,000 r �V
Ba map_llSGS NaDorwlMap=Orthoimagery Dam reheshetl Ocmber,2020
Legend
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-- toesml'frensect
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Page 30
RED MAPLE SWAMP
SITE ANALYSIS
Site Photographs
Shady Hollow Boulevard West (gravel road - single lane west of 9th Street W) - Westerly
Shady Hollow Boulevard West (gravel road - single lane west of 9th Street W) — Easterly
(Photo Taken on August 13, 2022)
Page 31
RED MAPLE SWAMP
SITE ANALYSIS
Site Photographs
4,4
9th Street West (gravel road) — Northerly
9th Street West (gravel road) — Southerly
(Photo Taken on August 13, 2022)
Page 32
RED MAPLE SWAMP
SITE ANALYSIS
Site Photographs
41 st Avenue NW (gravel road - single lane west of 9th Street W) - Westerly
41 st Avenue NW (gravel road - single lane west of 9th Street W) - Easterly
(Photo Taken on August 13, 2022)
Page 33
RED MAPLE SWAMP
SITE ANALYSIS
Site Photographs
Typical Parcel View from Shady Hollow Blvd W — Southerly
Canal and Typical Parcel View from 9th St NW — Northwesterly
(Photo Taken on August 13, 2022)
Page 34
E� A7,
.�'x.'
a
RED MAPLE SWAMP 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 5.41 acres located within the
previously defined Red Maple Swamp. Access to Red Maple Swamp is provided by
single -lane gravel roads. 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 sites are zoned Estates (E), which permits uses including low density
residential with limited agricultural uses. The FDEP Informal Wetland Determinations
March 2016 map designates the parcels as Wetlands. Permits from FDEP are required
prior to development.
The permitting process for parcels in the Red Maple Swamp will likely be very difficult,
if not impossible, due to the significant coverage of active wetlands.
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.
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
1 The Dictionary of Real Estate Appraisal 7' ed. (Chicago: Appraisal Institute, 2022)
Page 36
RED MAPLE SWAMP HIGHEST AND BEST USE
with record sales in 2020 and continued high demand but limited inventory in 2021.
Inventory shortages are expected to continue in 2022 with no surplus expected. New
home builders are facing similar obstacles with a lack of building supplies creating a
backlog of newly constructed homes. Prices continue to increase; however, the extended
shortages and surging construction prices may begin to temper demand.
A well -designed single-family home that is appropriately marketed and priced, should be
received favorably by the market.
The substantial costs associated with permitting and fill typically results in a lower price
per acre 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 most parcels, especially those in the Red Maple Swamp, will
likely be very difficult, if not impossible, due to the significant coverage of active
wetlands. Parcels in the Red Maple Swamp area most likely have a highest and best use
as conservation.
Therefore, conservation 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 37
RED MAPLE SWAMP 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 38
RED MAPLE SWAMP
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 3 ,
RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS 3.0 ACRES AND LESS
SALES COMPARISON APPROACH — PARCELS 3.0 ACRES AND LESS
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Land Comparables
I have researched five comparables for this analysis; these are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a 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
Comments
Subject
Generally within Golden Gate Estates
8/13/2022
Red Maple Swamp
Unit 53
Naples
1.0 - 3.0 acres
1
Shady Hollow Blvd W
5/19/2022
$24,900
75' x660' heavily treed lot located along south side of Shady Hollow Blvd E No DEP
available. The FDEP GIS tnsp shows parcel is 1009%Freshwater Forested/Shrub
Naples
1.14
$21,842
Wetlands. Lot was listed on April 13, 2022 for $24,900. Seller only accepted full price
offers with no due diligence period (no DEP).
2
Shady Hollow Blvd E
3/28/2022
$20,000
75x660' heavily treed lot located along north side of Shady Hollow Blvd E Collier
County Wetland Detemtination as of 12/19/06 shows the parcel is wetlands. Parcel was
Naples
1.14
$17,544
listed in 9/2021 for $42,800 and reduced to $35,000 in 11/2021. Buyer, an investor,
relisted the lot June 27, 2022 for $65,000.
3
45th Ave NE
6/29/2022
$34,000
75' x660' heavily treed lot located along south side of 45th Ave NE No DEP available.
The FDEP CIS map shows parcel is 100% Freshwater Forested/Shrub Wetlands. Parcel
Naples
1.14
$29,825
was listed in 612021 for $39,00o and reduced to $34,900 on 6/14/22.
4
41st Ave NW
3/4/2022
$55,000
189 x669 heavily treed lot located along north side of4lst Ave NW. Tropical
Environmental Wetland Detemrination (12/2021) shows the parcel consists of 2.68
acres of wetlands with only the front portion along 41st Ave NW uplands. Parcel was
Naples
2.73
$20,169
listed in 12/2021 for $90,000 and reduced to $78,000 on 1/2122. Closing price in MLS of
$73,000 includes assignment fee according to listing agent and is indicative ofthe
market value ofthe site. Deed shows $55,000 which excludes the assignment fee.
g
8847th Ave NE
2/11/2022
$63,000
189 x680' heavily treed lot located along south side of47th Ave NE Tropical
Environmental Wetland Detemmmation (7/2021) shows the parcel consists entirely of
wetlands. Parcel was fisted in 5/2021 for $75,000 and reduced to S68,700 on 8/2/21.
Naples
2.81
$22,420
Page 40
RED MAPLE SWAMP
SALES COMPARISON APPROACH — PARCELS 3.0 ACRES AND LESS
Comparables Map
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Page 41
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Map data 02M Googie
RED MAPLE SWAMP
SALES COMPARISON APPROACH - PARCELS 3.0 ACRES AND LESS
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 42
RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS 3.0 ACRES AND LESS
Land Analysis Grid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Name
Red Maple Swamp
SS Shady Hollow Blvd
NS Shady Hollow Blvd E
SS 45th Ave NE
NS 41st Ave NW
8847th Ave NE
W
Address
Generally within Golden Cate
Shady Hollow Blvd W
Shady Hollow Blvd E
45th Ave NE
41st Ave NW
8847th Ave NE
Estates Unit 53
City
Naples
Naples
Naples
Naples
Naples
Naples
Date
8/13/2022
5/19/2022
3/28/2022
6/29/2022
3/4/2022
2/11/2022
Price
$24,900
$20,000
$34,000
$55,000
$63,000
Price Adjustment
$0
$0
$0
$o
$I8,000
$0
Adjusted Price
$0
$24,900
$20,000
$34,000
$73,000
$63,000
Acres
1.0-3.0 acres
1.14
1.14
1.14
2.73
2.81
Acre Unit Price
$21,942
$17,544
$29,825
$26,769
$22,420
Transaction Adjustments
Property Rights
Fee Simple
Fee Simple 0.00/,
Fee Simple 0.00/.
Fee Simple 0.0%
Fee Simple 0.0%
Fee Simple 0.0%
Financing
Cash to seller 0.00/,
Cash to seller 0.00/,
Cash to seller 0.00/,
Cash to seller 0.00/,
Cash to seller 0.00/,
Conditions of Sale
Ands Length 0.0%
Ands Length 0.00/.
Ands Length 0.01/.
Ands Length 0.01/.
Ands Length 0.01/6
Adjusted Acre Unit Price
$21,842
$17,544
$29,825
$26,769
$22,420
Market Trends Through
8/13/2022 20.00/,
4.40/.
7.1%
2.3%
8.40/.
9.60/,
Adjusted Acre Unit Price
$22,801
$18,796
$30,503
$29,026
$24,566
Location
Gravel
Gravel
Paved
Paved
Paved
Paved
%Adjustment
oo/0
-15%
-15%
-15%
-15%
$Adjustment
1.0-3.0 acres
$0
1.14
42,819
1.14
-54,575
1.14
-$4,354
2.73
-$3,685
2.81
Acres
%Adjus[rren[
oo/
oo/
oo/
oo/
oo/
$Adjustment
100%Wetlands
$0
Majority Wetlands
$0
Majority Wetlands
$o
Majority Wetlands
$o
98%Wetlands
$0
100%Wetlands
Environmental Issues
%Adjustment
00/
00/
00/
00/
oo/
$ Adjustment
Rectangular
$0
Rectangular
$0
Rectangular
$0
Rectangular
$0
Rectangular
$0
Rectangular
Shape
%Adjustment
00/
0o/
00/
00/
00/
$ Adjustment
Residential
$o
Residential
$0
Residential
$o
Residential
$o
Residential
$0
Residential
Zoning
Adjus=
01/.
01/.
oo/0
0o/0
0o/0
$Adjushnentil
$0
$0
$0
$o
$0
Adjusted Acre Unit Price
$22,801
$15,976
$25,927
$24,672
$20,881
Net Adjustments
0.0%
-15.0%
-15.001,
-15.0%
-15.0%
Cross Adjustments
0.0%
15.0%
15.0ol.
15.0%
15.0%
Page 43
RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS 3.0 ACRES AND LESS
Comparable Land Sale Adjustments
Price Adjustment
According to both the listing agent and buyer's agent, Comparable 4 included an
assignment fee of $18,000. This comparable is adjusted upward accordingly.
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 the comparable sales were arm's length transactions; therefore, no adjustment for
conditions of sale is required.
Economic Trends
The following graph shows comparable residential land sales within the surrounding
market area over the past year.
Residential Land Sales Trend Analysis
$100,000
$90,000 -
•
•
•
$80,000 •
$70,000 • • •
•
$60,000
•
•
$50,000
•
$40,000
•
$30,000 • • • • • • • •
$20,000
$10,000
$0
7/23
Page 44
RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS 3.0 ACRES AND LESS
The graph indicates an upward trend in sales prices from mid 2021 through the current
date. However, it is noted this is unadjusted raw data and does not relate directly to the
subject. It is also noted that Comparable 2 was purchased in March 2022 for $20,000 and
has been relisted for $65,000.
The analyses and value opinion 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.
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 20.0% annual adjustment.
Location
The subject parcels are located within the Red Maple Swamp which is comprised of
wetland hardwood forests with no development. Shady Hollow Boulevard West borders
the area to the north and is a single -lane gravel road. 41 st Avenue NW runs east/west
through the middle of the Swamp and is a largely overgrown single -lane gravel road. The
closest single-family home is located along 41 st Avenue NW east of 9th Street NW
(gravel road which borders the subject area to the east).
Comparable 1 is located along the south side of Shady Hollow Boulevard West (gravel)
within the Red Maple Swamp. It is considered similar overall in terms of location.
Comparables 2, 3, 4, and 5 are all located along paved roads in more developed areas east
of the subject and are considered superior in terms of location.
Size
For this analysis, all of the comparable sales are relatively similar in terms of size and no
adjustments could be supported; therefore, none are made.
Environmental Issues
The subject parcels are located within the Red Maple Swamp which is comprised of
wetland hardwood forests. The entire area is designated on the FDEP Informal Wetland
Determinations March 2016 map as Wetlands. Permits from FDEP are required prior to
development. The permitting process will likely be very difficult, if not impossible, due
to the significant coverage of active wetlands.
The comparable properties are all impacted by wetlands. Comparables 4 and 5 are
effectively 100% wetlands with the only upland areas located near the road right of way.
Therefore, no adjustments are required for Comparables 4 and 5.
Wetland determinations were not available for Comparables 1 and 3. The FDEP GIS map
shows both parcels are 100% Freshwater Forested/Shrub Wetlands. A Collier County
Page 45
RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS 3.0 ACRES AND LESS
Wetland Determination as of December 2006 shows Comparable 2 is wetlands. No
adjustments could be supported; therefore, none are made.
Configuration
All of the comparables are relatively similar in terms of configuration; therefore, no
adjustments are required.
Zoning
All of the comparables are similar in terms of zoning; therefore, no adjustments are
required.
Sales Comparison Approach Conclusion
It is noted that Comparable 2 was purchased in March 2022 for $20,000 and has been
relisted for $65,000.
All of the value indications have been considered, and in the final analysis, typical
parcels within the Red Maple Swamp will represent the low end of the range due to the
significant wetland coverage and inferior access, which will make the permitting process
very difficult, if not impossible. The following table summarizes the final reconciled
value per my final reconciled per acre for parcels 1.0 to 3.0 acres in size with 100%
wetlands.
Land Value Ranges & Reconciled Values
Number of Comparables: 5 Unadjusted Adjusted % a
Low: $17,544
$15,976 -8.93%
High: $29,825
$25,927-13.07%
Average: $23,680
$22,051 -6.88%
Reconciled Value/Unit Value:
$18,000
Subject Size:
1.0 - 3.0 acres
Page 46
RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS GREATER THAN 3.0 ACRES
SALES CO ARISON APPROACH — PARCELS GREATER THAN 3.0 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 five comparables for this analysis; these are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a 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
Comments
Subject
Generally within Golden Gate Estates
8/13/2022
Red Maple Swamp large Parcels
Unit 53
Naples
Greater than 3.0 acres
I
Wilson BlvdN
11/10/2021
$105,000
33V x680' heavily treed lot located along west side of Wilson Blvd. No DFP available.
The FDEP (IS map shows parcel is 100 % Freshwater Forested/Shrub Wetlands. Lot
Naples
5.15
$20 388
was listed in August 2021 for $149,900 and reduced to $129,900 on 10/11/21.
2
No road access
7/20/2022
$180,000
Heavily treed parcel with no road access. Located within RFMUO-Sending area. No
DEP on file. FDEP GIS map shows parcel is 100"/o Freshwater Forested/Shrub Wetland.
Naples
17.35
$10,375
Parcel was listed in March 2020 for $569,999 and reduced to $249,999 in May 2020.
Reduced to $189,999 in June 2022.
3
41st Ave NW
3/4/2022
$55,000
189 x 669 heavily treed lot located along north side of4lst Ave NW. Tropical
Environmental Wetland Determination (12/2021) shows the parcel consists of 2.68
acres of wetlands with only the front portion along 41st Ave NW uplands. Parcel was
listed in 12/2021 for $90,000 and reduced to $78,000 on 1/2/22. Closing price in MIS of
Naples
2.73
$20,169
$73,000 includes assignment fee according to listing agent and is indicative ofthe
market value ofthe site. Deed shows $55,000 which excludes the assignment fee.
4
88 47th Ave NE
2/11/2022
$63,000
189 x680' heavily treed lot located along south side of 47th Ave NH Tropical
Environmental Wetland Detemvnation (7/2021) shows the parcel consists entirely of
Naples
2.81
$22,420
wetlands. Parcel was listed in 5/2021 for $75,000 and reduced to W,700 on 8/2121.
9
Desoto Blvd N
6/7/2022
$120,000
427 x680' heavily treed lot located at NEC of Desoto Blvd N and 56th Ave NE Listing
agent report the lot is 1000/. wetlands. listed 4/16122 for $120,000.
Naples
6.67
$17991
Page 47
RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS GREATER THAN 3.0 ACRES
Comparables Map
Audubon
Corkscrew Swamp
artcivary-ON LINE
TICKETS.-
ew
ark
Page 48
Map data @2022 GoWle
RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS GREATER THAN 3.0 ACRES
Land Analysis Grid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Name
Red Maple Swamp Large
W S Wilson Blvd N
North ofthe Quarry
NS 41st Ave NW
8847th Ave NE
NEC 56th Ave NE and
Parcels
Desoto Blvd N
Address
Generally within Golden Cate
Wilson Blvd N
No road access
41st Ave NW
8847th Ave NE
Desoto Blvd N
Estates Unit 53
City
Naples
Naples
Naples
Naples
Naples
Naples
Date
8/13/2022
11/10/2021
7/20/2022
3/4/2022
2/11/2022
6/7/2022
Price
$105,000
$180,000
$55,000
$63,000
$120,000
Price Adjustment
$0
$0
$o
$18,000
$0
$o
Adjusted Price
$0
$105,000
$180,000
$73,000
$63,000
$120,000
Acres
Greater than 3.0 acres
5.15
17.35
2.73
2.81
6.67
Acre Unit Price
$20,388
$10,375
$26,769
$22,420
$17,991
Transaction Adjustments
Property Rights
Fee Simple
Fee Shnple 0.0%
Fee Simple 0.0%
Fee Simple 0.0%
Fee Simple 0.0%
Fee Simple 0.0%
Financing
Cash to seller 0.0%
Cash to seller 0.0%
Cash to seller UP/.
Cash to seller UP/.
Cash to seller 0.00%
Conditions of Sale
Ands Length 0.0%
Ann's Length 0.0%
Ands Length 0.0%
Amis Length 0.0%
Ands Length 0.00/6
Adjusted Acre Unit Price
$20,388
$10,375
$26,769
$22,420
$17,991
Market Trends Through
9/13/2022 20.0%
14.8%
1.2%
8.40/,
9.60/,
3.4%
Adjusted Acre Unit Price
$23,402
$10,500
$29,026
$24,566
$I8,603
Location
Gravel
Paved/Canal
No Access
Paved
Paved
Paved
%Adjustment
-20%
5%
-15%
-15%
-5%
$Adjustment
Greater than 3.0 acres
-$4,680
5.15
$525
17.35
-$4,354
2.73
-$3,685
2.81
-$930
6.67
Acres
%Adjustment
o"/
15%
-5%
-5%
0%
$Adjustment
1000/,Wetlands
$0
Majority Wetlands
$1,575
1000/6Wetlands
-$1,451
98%Wetlands
-$1,228
100%Wetlands
$0
100%Wetlands
Environmental Issues
%Adjustment
0"/0
0"/0
01/.
0%
0%
$Adjustment
Rectangular
$0
Rectangular
$0
Rectangular
$0
Rectangular
$0
Rectangular
$0
Rectangular
Shape
%Adjustment
o"�
00/
0%
0o/
0%
$Adjustment
Residential
$0
Residential
$0
Agricultural
$0
Residential
$0
Residential
$o
Residential
Zoning
%Adjustment
0"/0
0"/0
0"/0
0%
0%
$Adjustment
$0
$0
$0
$0
$0
Adjusted Acre Unit Price
$18,722
$12,600
$23,220
$19,653
$17,673
Net Adjustments
-20.0%
20.0"/
-20.09/6
-20.09/6
-5.091.
Gross Adjustments
20.0%
20.0%
20.0%
20.0%
5.0%
Page 49
RED MAPLE SWAMP SALES COMPARISON APPROACH - PARCELS GREATER THAN 3.0 ACRES
Comparable Land Sale Adjustments
Price Adjustment
According to both the listing agent and buyer's agent, Comparable 3 included an
assignment fee of $18,000. This comparable is adjusted upward accordingly.
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 the comparable sales were arm's length transactions; therefore, no adjustment for
conditions of sale is required.
Economic Trends
Based on the analysis in the previous section 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 20.0% annual adjustment.
Location
The subject parcels are located within the Red Maple Swamp which is comprised of
wetland hardwood forests with no development. Shady Hollow Boulevard West borders
the area to the north and is a single -lane gravel road. 41 st Avenue NW runs east/west
through the middle of the Swamp and is a largely overgrown single -lane gravel road. The
closest single-family home is located along 41 st Avenue NW east of 9th Street NW
(gravel road which borders the subject area to the east).
Comparables 1, 3, and 4 are all located along paved roads in more developed areas east of
the subject and are considered superior in terms of location. Comparable 1 is also
adjusted for its canal frontage.
Comparable 2 is located north of the Quarry, a master planned residential development,
with no road access. It is considered inferior in terms of location.
Comparable 5 is located east of Everglades Boulevard in an inferior market to the
subject. However, it is located at the corner of two paved roads in a more developed area.
Overall it is considered slightly superior to the subject and is adjusted downward
accordingly.
Page 50
RED MAPLE SWAMP SALES COMPARISON APPROACH — PARCELS GREATER THAN 3.0 ACRES
Size
For this analysis, Comparables 1 and 5 are considered relatively similar overall in terms
of size and no adjustments could be supported. Comparable 1 is significantly larger than
the typical parcel in Red Maple Swamp and is adjusted upward accordingly.
Comparables 3 and 4 are both adjusted for their smaller, less than 3 acre, sizes.
Environmental Issues
The subject parcels are located within the Red Maple Swamp which is comprised of
wetland hardwood forests. The entire area is designated on the FDEP Informal Wetland
Determinations March 2016 map as Wetlands. Permits from FDEP are required prior to
development. The permitting process will likely be very difficult, if not impossible, due
to the significant coverage of active wetlands.
The comparable properties are all impacted by wetlands. Comparables 3 and 4 are
effectively 100% wetlands with the only upland areas located near the road right of way.
The listing agent for Comparable 5 reported the lot was 100% wetlands. Therefore, no
adjustments are required for Comparables 3, 4, and 5.
Wetland determinations were not available for Comparables 1 and 2. The FDEP GIS map
shows both parcels are 100% Freshwater Forested/Shrub Wetlands. No adjustments could
be supported; therefore, none are made.
Configuration
All of the comparables are relatively similar in terms of configuration; therefore, no
adjustments are required.
Zoning
Comparables 1, 3, 4, and 5 are similar in terms of zoning; therefore, no adjustments are
required. Comparable 2 is zoned agricultural within the rural fringe mixed use overlay —
sending area. This area has a similar highest and best use as the subject; therefore, no
adjustments are required.
Sales Comparison Approach Conclusion
All of the value indications have been considered, and in the final analysis, typical
parcels within the Red Maple Swamp will represent the low end of the range due to the
significant wetland coverage and inferior access, which will make the permitting process
very difficult, if not impossible. The following table summarizes the final reconciled
value per my final reconciled per acre for parcels greater than 3.0 acres in size with 100%
wetlands.
Land Value Ranges & Reconciled Values
Number of Comparables: 5
Unadjusted
Adjusted
% a
Low:
$10,375
$12,600
21.45%
High:
$26,769
$23,220
-13.26%
Ave rage :
$19,589
$18,374
-6.20%
Reconciled Value/Unit Value:
$16,500
Subject Size:
Greater
than 3.0 acres
Page 51
RED MAPLE SWAMP 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 August 13, 2022, 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 August 13, 2022
Area Red Maple Swamp Red Maple Swamp
Typical Parcel Size 1.0 - 3.0 acres Greater than 3.0 acres
Indicated Value per Acre $18,000 $16,500
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.
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 52
RED MAPLE SWAMP
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 53
RED MAPLE SWAMP
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. I appraised the property on June 12, 2021 for Collier
County.
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 54
RED MAPLE SWAMP
ASSUMPTIONS AND LIMITING CONDITIONS
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
Page 55
RED MAPLE SWAMP
ASSUMPTIONS AND LIMITING CONDITIONS
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third -
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
Page 56
RED MAPLE SWAMP
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 parry.
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 57
RED MAPLE SWAMP ASSUMPTIONS AND LIMITING CONDITIONS
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client's use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Page 58
RED MAPLE SWAMP ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
*Rn
RED MAPLE SWAMP ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
*Rn
RED MAPLE SWAMP ADDENDUM A - APPRAISER QUALIFICATIONS
APPRAISAL AND CONSULTING
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our combined appraisal
experience to provide our clients with the highest quality of Real Estate Appraisal and
Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner (Retired)
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, government, and property
owners.
%ACHCIL M,ZUCCH1, nw, CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
LOWRY, MAI, CPA Phone: 239-596-0800
UIS C. BOBBITT, MAI www.rklac.com
RED MAPLE SWAMP 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 - 2021)
Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021)
Gov. Relations Committee: Appraisal Institute National (2022)
LDAC Attendee: Leadership Development & Advisory Council
Appraisal Institute - Washington, D.C. (2016, 2017, 2018)
Member: CCIM Institute - CCIM Designation Pin Number 21042
Member: Naples Area Board of REALTORS
Licensed: Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Licensed: Real Estate Broker (Florida)
License No. BK3077672
EXPERT WITNESS:
Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County
and Lee County
EDUCATION:
Bachelor of Arts, Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS FOCUS:
Actively engaged in real estate valuation and consulting since 2003. Practice is focused on
community/neighborhood shopping centers, retail and office buildings, industrial
warehouse/distribution, multi -family and single-family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized
services include market feasibility studies and litigation support in connection with real
estate transactions. Clients served include banks and financial institutions, developers and
investors, law firms, government, and property owners. Valuations have been performed for
eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due
diligence support.
*Rn
RED MAPLE SWAMP ADDENDUM A - APPRAISER QUALIFICATIONS
Ron DeSantis, Governor
db'pr
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Julie I. Brown, Secretary
FLORIDA REAL ESTATE APPRAISAL BD
THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE
PROVISIONS OF CHAPTER 475, FLORIDA STATUTES
,. ZUCCHI, RACHEL M
4500 EXECUTIVE DRIVE SUITE 2:
%vo NAPLES FL 34119
LICENSE NUMBER: RZ2984
EXPIRATION DATE: NOVEMBER 30, 2022
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.
RED MAPLE SWAMP
ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
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RED MAPLE SWAMP
ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
*Rn
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Land Comparable 1 - Red Maple Swamp 3.0 acres and less
Transaction
ID
6434 Date
5/ 19/2022
Address
Shady Hollow Blvd W Price
$24,900
City
Naples Price per Acre
$21,842
State
Florida Financing
Cash to seller
Tax ID
39492880003 Property Rights
Fee Simple
Grantor
Ronald C. Smith and Betty Days on Market
10 Days
J. Karl
Grantee
Bernabe Acosta Verification Source
David Huff, Sun Realty
USA
Legal Description Golden Gate Estates Unit No. 53, W 75' of E 150' of Tract 33
Site
Acres 1.14 Utilities Well, Septic
Land SF 49,500 Topography Treed
Road Frontage 75 Zoning Residential
Depth 660 Zoning Type E - Estates
Shape Rectangular Environmental Issues Majority Wetlands
Comments
75' x660' heavily treed lot located along south side of Shady Hollow Blvd E. No DEP available. The FDEP
GIS map shows parcel is 100% Freshwater Forested/Shrub Wetlands. Lot was listed on April 13, 2022 for
$24,900. Seller only accepted full price offers with no due diligence period (no DEP).
*Rn
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Transaction
ID
6431
Date
3/28/2022
Address
Shady Hollow Blvd E
Price
$20,000
City
Naples
Price per Acre
$17,544
State
Florida
Financing
Cash to seller
Tax ID
38603080004
Property Rights
Fee Simple
Grantor
Christopher Scott Ison
Days on Market
5-6 months
Grantee Y&M Realty Investments, Verification Source Sally Masters, PA;
LLC Slffnature Intl Premier
Legal Description Golden Crate Estates Unit No. 38, E 75' of Tract 36
Site
Acres 1.14 Utilities Well, Septic
Land SF 49,500 Topography Treed
Road Prontage 75 Zoning Residential
Depth 660 Zoning Type E - Estates
Shape Rectangular Environmental Issues Majority Wetlands
Comments
75' x660' heavily treed lot located along north side of Shady Hollow Blvd E. Collier County Wetland
Determination as of 12/19/06 shows the parcel is wetlands. Parcel was listed in 9/2021 for $42,800 and
reduced to $35,000 in 11/2021. Buyer, an investor, relisted the lot June 27, 2022 for $65,000.
*Rn
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Transaction
ID
6432
Date
6/29/2022
Address
45th Ave NE
Price
$34,000
City
Naples
Price per Acre
$29,825
State
Florida
Financing
Cash to seller
Tax ID
38605720003
Property Rights
Fee Simple
Grantor
SWFL Property Holdings, Days on Market
12 months
ILC
Grantee
Paolo Calabretta
Verification Source
Dino C Lauricella, PA;
Sun Realty
Legal Description
Golden Gate Estates Unit No. 38, E 75' of Tract 60
Site
Acres
1.14
Utilities
Well, Septic
Land SF
49,500
Topography
Treed
Road Prontage
75
Zoning
Residential
Depth
660
Zoning Type
E - Estates
Shape
Rectangular
Environmental Issues
Majority Wetlands
Comments
75' x 660' heavily treed lot located along south side of 45th Ave NE. No DEP available. The FDEP CIS map
shows parcel is 100% Freshwater Forested/Shrub Wetlands. Parcel was listed in 6/2021 for $39,000 and
reduced to $34,900 on 6/14/22.
*Rn
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Transaction
ID
6433
Address
41st Ave NW
City
Naples
State
Florida
Tax ID
39440640004
Grantor
Jane Pajic, Diane Harlow,
Wayne and George Jurich
Grantee Leonid Ideltchik
Date
3/4/2022
Price
$55,000
Price per Acre
$20,169
Financing
Cash to seller
Property Rights
Fee Simple
Days on Market
13 days
Verification Source Tery St Jean; Home Seller
Support
Legal Description Golden Gate Estates Unit No. 52, E 180' of Tract 11
Site
Acres 2.73 Utilities ll, Septic
Land SF 118,800 Topography Treed
Road Frontage 180 Zoning Residential
Depth 660 Zoning Type E - Estates
Shape Rectangular Emironmental Issues 98% Wetlands
Comments
180' x660' heavily treed lot located along north side of 41st Ave NW. Tropical Environmental Wetland
Determination (12/2021) shows the parcel consists of 2.68 acres of wetlands with only the front portion
along 41st Ave NW uplands. Parcel was listed in 12/2021 for $90,000 and reduced to $78,000 on 1/2/22.
Closing price in MLS of$73,000 includes assignment fee according to listing agent and is indicative of the
market value of the site. Deed shows $55,000 which excludes the assignment fee.
*Rn
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Transaction
ID
6435
Date
2/11/2022
Address
88 47th Ave NE
Price
$63,000
City
Naples
Price per Acre
$22,420
State
Florida
Financing
Cash to seller
Tax ID
38601640006
Property Rights
Fee Simple
Grantor
George Richard
Days on Market
6-7 Months
Benzineer. III
Grantee
Kurt Biehler
Verification Source
Lynda Ann Woods; MVP
Realty Associates
Legal Description
Golden Gate Estates
Unit No. 38, E 180' ofTract 19
Site
Acres
2.81
Utilities
Well, Septic
Land SF
122,400
Topography
Treed
Road Frontage
180
Zoning
Residential
Depth
680
Zoning Type
E - Estates
Shape
Rectangular
Environmental Issues
100% Wetlands
Comments
180' x680' heavily treed lot located along south side of 47th Ave NE. Tropical Environmental Wetland
Determination (7/2021)
shows the parcel consists entirely of wetlands. Parcel was listed in 5/2021 for $75,000
and reduced to $68,700
on 8/2/21.
*Rn
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Land Comparable 1 - Red Maple Swamp greater than 3.0 acres
ID
Address
City
State
Tax ID
Grantor
Grantee
Legal Description
Transaction
6436
Wilson Blvd N
Naples
Florida
38600880003
Guilhenne Paulo
Castagnoli Pereira das
Neves aka Guilhenne P
Neves
Date
Price
Price per Acre
Financing
Property Rights
Days on Market
Timothy Shannon Mullen Verification Source
Golden Gate Estates Unit No. 38, Tract 8
11/ 10/2021
$105,000
$20,388
Cash to seller
Fee Simple
2-3 Months
David Huff; Sun Realty
USA
Site
Acres
5.15
Utilities
Well, Septic
Land SF
224,400
Topography
Treed
Road Frontage
330
Zoning
Residential
Depth
680
Zoning Type
E - Estates
Shape
Rectangular
EmAronmental Issues
Majority Wetlands
Comments
330' x680' heavily treed lot located along west side of Wilson Blvd. No DEP available. The FDEP QS map
shows parcel is 100% Freshwater Forested/Shrub Wetlands. Lot was listed in August 2021 for $149,900 and
reduced to $129,900 on 10/11/21.
*Rn
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Transaction
ID
6449
Date
7/20/2022
Address
No road access
Price
$180,000
City
Naples
Price per Acre
$10,375
State
Florida
Financing
Cash to seller
Tax ID
180160006
Property Rights
Fee Simple
Grantor
Three Brothers Property,
Days on Market
2+ years
LLC
Grantee
Rugby, LLC
Verification Source
Abe Prawiradilaga;
Starlink Realty, Inc
Legal Description 1148 26 El/2 OF SW 1/4 OF SE1/4, LESS W 30FT, S 60FT & E 30FT 17.35AC
Site
Acres
17.35 Utilities
Well, Septic
Land SF
755,766 Topography
Treed
Road Frontage
595 Zoning
Agricultural
Depth
1270 Zoning Type
A-RFMUO-NRPA-
SENDING
Shape
Rectangular EmAronmental Issues
100% Wetlands
Comments
Heavily treed parcel with no
road access. Located within RFMUO-Sending area.
No DEP on file. FDEP GIS
map shows parcel is 100%
Freshwater Forested/Shrub Wetland. Parcel was listed in March 2020 for $569,999
and reduced to $249,999 in
May 2020. Reduced to $189,999 in June 2022.
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Transaction
ID
6433 Date
3/4/2022
Address
41st Ave NW Price
$55,000
City
Naples Price per Acre
$20,169
State
Florida Financing
Cash to seller
Tax ID
39440640004 Property Rights
Fee Simple
Grantor
Jane Pajic, Diane Harlow, Days on Market
13 days
Wavne and George Jurich
Grantee
Leonid Ideltchik Verification Source
Tery St Jean; Home Seller
Support
Legal Description
Golden Gate Estates Unit No. 52, E 180' of Tract 11
Site
Acres
2.73 Utilities
ll, Septic
Land SF
118,800 Topography
Treed
Road Prontage
180 Zoning
Residential
Depth
660 Zoning Type
E - Estates
Shape
Rectangular Environmental Issues
98% Wetlands
Comments
180' x660' heavily treed lot located along north side of 41st Ave NW. Tropical Environmental Wetland
Determination (12/2021) shows the parcel consists of 2.68 acres of wetlands with only the front portion
along 41st Ave NW uplands. Parcel was listed in 12/2021 for $90,000 and reduced
to $78,000 on 1/2/22.
Closing price in
MLS of$73,000 includes assignment fee according to listing agent and is indicative of the
market value of the site. Deed shows $55,000 which excludes the assignment fee.
*Rn
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Transaction
ID
6435
Date
2/11/2022
Address
88 47th Ave NE
Price
$63,000
City
Naples
Price per Acre
$22,420
State
Florida
Financing
Cash to seller
Tax ID
38601640006
Property Rights
Fee Simple
Grantor
George Richard
Days on Market
6-7 Months
Benzinger, III
Grantee
Kurt Biehler
Verification Source
Lynda Ann Woods; MVP
Realty Associates
Legal Description
Golden Gate Estates
Unit No. 38, E 180' of Tract 19
Site
Acres
2.81
Utilities
Well, Septic
Land SF
122,400
Topography
Treed
Road Frontage
180
Zoning
Residential
Depth
680
Zoning Type
E - Estates
Shape
Rectangular
Emironmental Issues
1000/6 Wetlands
Comments
180' x680' heavily treed lot located along south side of 47th Ave NE. Tropical Environmental Wetland
Determination (7/2021)
shows the parcel consists entirely of wetlands. Parcel was listed in 5/2021 for $75,000
and reduced to $68,700
on 8/2/21.
RED MAPLE SWAMP ADDENDUM C - COMPARABLE DATA
Transaction
ID
6438
Date
6/7/2022
Address
Desoto Blvd N
Price
$120,000
City
Naples
Price per Acre
$17,991
State
Florida
Financing
Cash to seller
Tax ID
38720040008
Property Rights
Fee Simple
Grantor
Wesley E. Serrato
Days on Market
5 Days
Grantee
KSSK, LLC
Verification Source
Magdevys Abreu;
Coldwell Banker
Legal Description
Golden Gate Estates Unit No. 40, Tract 1
Site
Acres
6.67
Utilities
Well, Septic
Land SF
290,360
Topography
Treed
Road Frontage
427
Zoning
Residential
Depth
680
Zoning Type
E - Estates
Shape
Rectangular
Environmental Issues
100% Wetlands
Comments
427' x680' heavily treed lot located at NEC of Desoto Blvd N and 56th Ave NE. Listing agent report the lot is
100% wetlands. Listed
4/16/22 for $120,000.
*Rn