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Agenda 10/08/2024 Item #11A (Purchase of a 150-acre property within the northeast corner of North Belle Meade)10/8/2024 Item # 11.A ID# 2024-1142 Executive Summary Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier Land Acquisition Program with Symphony Properties LLC for a 150.0-acre property at a cost of $4,015,000, for a total cost not to exceed $4,035,150, inclusive of closing costs. OBJECTIVE: To have the Board of County Commissioners (Board) approve an Agreement for the purchase of a 150- acre property within the northeast corner of North Belle Meade. CONSIDERATIONS: On October 10, 2023, Agenda Item No. 11B, the Board approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommending Cycle 12A Active Acquisition List (AAL) and directed staff to actively pursue acquisition of the properties under the Program. Symphony Properties was approved as an A-list property on the Cycle 12A AAL. Symphony Properties - Parcels 00301320007, 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, and 00299920001, within the northeast corner of North Belle Meade, south of Frangipani Ave., off 20th St. SE • 150 acres of land consisting of pine flatwoods, palmetto prairie, and improved pasture, with approximately half the soils mapped as hydric. • Adjacent to two undeveloped parcels owned by the Collier County School Board. • Northern 40 acres contain several buildings and structures that could be used by the Program and/or the public. • Environmental Site Assessments will be completed prior to acquisition to determine whether environmental remediation will be a required condition of sale. • An offer of $3,613,500 was made on April 2, 2024, and rejected. On April 25, 2024, the negotiated sale price of $4,015,000 was accepted. The purchase price is 100% of the appraised value. The Symphony Properties site met the Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2002-63, as amended, including the presence of native habitat, significant human social values, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, and restoration potential. The property can provide many recreational opportunities, including hiking, biking, horseback riding, and potentially hunting. The southernmost 40 acres of the site are within a 20-year wellfield protection zone. Gopher tortoises and burrows were observed on site, and there is potential for use by Sandhill Crane, Florida Panther, and Crested Caracara. This area also contains historic nesting/foraging habitat for the endangered Red-Cockaded Woodpecker (RCW). Although not directly adjacent to protected land, undeveloped sending land exists between this property and a large block of private conservation easements to the southwest. This property contributes to an important wildlife corridor connecting species from the Florida Panther Refuge, Golden Gate Rural Estates, Dr. Robert H. Gore III Preserve, as well as the Picayune Strand State Forest and Fakahatchee Strand State Preserve to the south through wildlife underpasses under I-75. This site also provides an ecological link to the northern range expansion goals of the RCW Recovery Plan. All eleven parcels have a base zoning of Agricultural and are within the Rural Fringe Mixed Use District; the southern ten parcels (110 acres) are designated Sending with a North Belle Meade Overlay, and the northern parcel (40 acres) is designated Neutral. In January 2024, staff contracted with two independent, state-certified general real estate appraisal firms to appraise the Symphony Properties site. The average of the two appraisals was used to calculate the appraised value. The cost to obtain the appraisals was $5,800. This acquisition is consistent with the Conservation Collier Purchasing Policy, Resolution No. 2023-10, which allows Page 875 of 3899 10/8/2024 Item # 11.A ID# 2024-1142 offer amounts to be determined by staff but no more than the appraised value. Pursuant to Ordinance 2002-63, as amended (Ord. 2024-17), Section 12(6), a Project Design Report (“PDR”) for this property is provided herewith. FISCAL IMPACT: The funds for this land acquisition will be withdrawn from the Conservation Collier Trust Fund (1061). The property identified herein is comprised of a not-to-exceed acquisition cost of $4,035,150 as follows: Seller Name Acres Appraised Value Purchase Price Closing Costs (title commit. and policy, closing, recording) Total Purchase Price Environ. Site Assess. Initial 5 Yr. Maint Costs Long-term Annual Maint Costs Symphony Properties 150 $4,015,000 $4,015,000 $20,150 $4,035,150 $25,000 $216,000 $25,000 Environmental Site Assessments (ESAs) will be conducted prior to acquisition during the inspection period. The estimated cost of these ESAs ($25,000) will be withdrawn from the Conservation Collier Trust Fund (1061). However, should the Seller terminate the Purchase Agreement due to the results of the ESAs, the Seller will reimburse Collier County the actual cost of the ESAs or an amount not to exceed $25,000. Additionally, $400,000 of the acquisition funds will be held in escrow until any required environmental remediation is complete. Escrow funds will be released to the Seller upon completion of the remediation. As of October 8, 2024, the estimated property acquisition costs for Conservation Collier properties, including this property and those under contract, total $127,318,911. The funds for managing this parcel will be expended from the Conservation Collier Maintenance Fund (1062). The initial maintenance costs are provided in the attached PDR. The total maintenance costs for this parcel for the first five years (initial maintenance costs) are estimated at $216,000. After initial restoration, the estimated maintenance costs for this parcel will be approximately $25,000 annually. GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and supports Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth Management Plan. LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for approval. - SAA RECOMMENDATIONS: 1) To approve the attached Agreement and accept the Warranty Deed once approved by the County Attorney’s Office. 2) To authorize the Chairman to execute the Agreement and any and all other County Attorney’s Office approved documents related to this transaction; and 3) To authorize the County Manager or designee to prepare related vouchers and warrants for payments and to take all reasonable steps necessary to ensure performance under the Agreement. PREPARED BY: Melissa Hennig, Environmental Specialist I, Conservation Collier, Development Review Division ATTACHMENTS: 1. Appraisal_CarlsonNorris 2. Appraisal_Carroll&Carroll Page 876 of 3899 10/8/2024 Item # 11.A ID# 2024-1142 3. Symphony Properties PDR 4. Symphony Properties Agreement Page 877 of 3899 1919 Courtney Drive | Fort Myers, FL 33908 | Phone 239.936.1991 | www.carlsonnorris.com APPRAISAL REPORT Prepared For: Collier County Board of Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Growth Management Department Operations 2800 N Horseshoe Drive Naples FL 34104 Prepared By: ON, NORRIS & 1919 Courtney Drive. Suite 14 Fort Myers, FL 33901 (239) 936-1991 www.carlsonnorris.com File #20-100 SYMPHONY PROPERTIES APPRAISAL PROJECT NAPLES, FLORIDA 34117 File #: 24-02 Purchase Order: 4500228002 Page 878 of 3899 1919 Courtney Drive | Fort Myers, FL 33908 | Phone 239.936.1991 | www.carlsonnorris.com Real Estate Valuation Experts Trusted since 1985 January 29, 2024 Collier County Board of Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Growth Management Department Operations 2800 N Horseshoe Drive Naples FL 34104 Re: Symphony Properties Appraisal Project 1330 20th Street SE, Naples, Florida 34117 Our File Number: 24-02 Purchase Order: 4500228002 Dear Mr. Leonard, At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal presented in an Appraisal Report of the market value for the above referenced real property. Per the request of the client, we have provided the market value of the subject on an As-Is basis. The interest appraised includes the fee simple estate of the subject property. The subject property is vacant land located at 1330 20th Street SE, Naples, Florida 34117. The site is irregular in shape, contains a total of 150 acres or 6,534,000 square feet containing eleven parcels. The most northern parcel, numbered 00301320007, is 40 acres or 1,742,400 square feet, zoned Agricultural with a Rural Lands Mixed Use District Neutral Lands with a North Belle Meade Overlay. The other ten parcels are 110 acres or 4,791,600 square feet, zoned Agricultural with a Rural Lands Mixed Use District Sending Lands with a North Belle Meade Overlay. The future land use designation for the 40-acre parcel is RF-Neutral and the future land use designation for the 110-acre parcels are RF-Sending. The site will be more fully described within the body of the attached report. The property is completely uplands. The site has 6 buildings; Metal residential building; Metal storage building; 3 small wooden cabins; 2 chickee huts; 3 covered shooting range shelters; 2 large shooting range berms; internal cattle fencing and gates; dilapidated barn. The site is primarily wooded with most of the vacant cleared land residing in the 40-acre neutral parcel. Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations were especially noted in Section 7 of this report. Your attention is directed to these General Assumptions and Limiting Conditions which are part of this report. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Title XI Regulations. Page 879 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 2 January 29, 2024 Page 2 Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the 40-acre parcel designated Rural Lands Mixed Use District Neutral Lands, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: ONE MILLION TWO HUNDRED THOUSAND DOLLARS ..................................... ($1,200,000.00). Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the ten parcels totaling 110-acres designated Rural Lands Mixed Use District Sending Lands, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: THREE MILLION EIGHTY THOUSAND DOLLARS............................................... ($3,080,000.00). Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the eleven parcels totaling 150-acres, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: FOUR MILLION TWO HUNDRED EIGHTY THOUSAND DOLLARS ................... ($4,280,000.00). Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact us. Respectfully submitted, Michael Jonas, MAI, AI-GRS, CCIM State-certified general real estate appraiser RZ2623 Brandon Jonas State-registered trainee appraiser RI25835 Page 880 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 3 AERIAL PHOTOGRAPH SYMPHONY PROPERTIES APPRAISAL PROJECT NAPLES, FLORIDA 34117 Page 881 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 4 TABLE OF CONTENTS SUBJECT PHOTOGRAPH ....................................................................................... 3 SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................... 5 SECTION 2 – PREMISES OF THE APPRAISAL ....................................................... 8 SCOPE OF WORK ................................................................................................................................. 8 SALES HISTORY.................................................................................................................................11 EXPOSURE TIME…………………………………………………………………………………………..12 MARKETING TIME ..............................................................................................................................13 EXTRAORDINARY ASSUMPTIONS ........................................................................................................14 SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED .............................. 15 COLLIER COUNTY AREA ANALYSIS ....................................................................................................15 MARKET AREA ANALYSIS ..................................................................................................................28 LEGAL DESCRIPTION .........................................................................................................................31 OWNER OF RECORD ..........................................................................................................................32 ASSESSED VALUE AND TAXES ...........................................................................................................32 SITE DESCRIPTION .............................................................................................................................34 SUBJECT PROPERTY PHOTOGRAPHS .................................................................................................48 SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................ 72 HIGHEST AND BEST USE AS THOUGH VACANT ...................................................................................72 HIGHEST AND BEST USE AS THOUGH IMPROVED ................................................................................74 SECTION 5 – VALUATION OF THE SUBJECT ..................................................... 75 VALUE ESTIMATE BY THE COST APPROACH ......................................................................................75 VALUE ESTIMATE BY THE INCOME APPROACH ..................................................................................75 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ..............................................................75 SECTION 6 – RECONCILIATION OF VALUE ...................................................... 120 SECTION 7 – LIMITING CONDITIONS................................................................ 122 CERTIFICATION OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM ......................................................... 122 CERTIFICATION OF BRANDON JONAS .............................................................................................. 125 GENERAL ASSUMPTIONS & LIMITING CONDITIONS .......................................................................... 127 SECTION 8 – ADDENDA ..................................................................................... 131 FLOOD MAP .................................................................................................................................... 132 LICENSES ....................................................................................................................................... 133 QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM ..................................................... 134 QUALIFICATIONS OF BRANDON JONAS ............................................................................................ 136 Page 882 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 5 Section 1 – Summary of Salient Facts Project Name: SYMPHONY PROPERTIES APPRAISAL PROJECT Part One: One Parcel Neutral NBMO (40 Acres) Part Two: Ten Parcels Sending NBMO (110 Acres) Part Three: Eleven Parcels (150 Acres) Parcel Number(s): 00301320007, 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, 00299920001 Property Type: Agricultural Land Property Location: 1330 20th Street SE, Naples, Florida 34117 Report Format: Appraisal Report Date of Report: Date of Inspection: January 29, 2024 January 17, 2024 Date of Value: Real Estate Interest Appraised: Purpose of the Appraisal: January 17, 2024 Fee Simple The purpose of this appraisal is to provide our estimate of the "as is" market value of the fee simple interest of the subject property for our client according to the reporting standards of the Uniform Standards of Professional Appraisal Practice (USPAP), and subject to the extraordinary assumptions stated herein. Use of the Appraisal: The intended use of the appraisal is to assist the user, the Collier County Board of County Commissioners, in the potential acquisition of the subject property. Intended Users: Appraisal Client: The intended user of this appraisal is the Collier County Board of County Commissioners. The client for this appraisal assignment is the Collier County Board of County Commissioners. Location: The property is located at 1330 20th Street SE, Naples, Florida 34117. The subject property can be found in Section 13, Township 49, Range 27, in Collier County, Florida. Site Description: The site is irregular in shape, contains a total of 150 acres or 6,534,000 square feet containing 11 parcels. The most northern parcel, numbered 00301320007, is 40 acres or 1,742,400 square feet, zoned Agricultural with a Rural Lands Mixed Use District Neutral Lands with a North Belle Meade Overlay. The other ten parcels are 110 acres or 4,791,600 square feet, zoned Agricultural with a Rural Lands Mixed Use District Sending Lands with a North Belle Meade Overlay. The future land use designation for the 40-acre parcel is RF-Neutral and the future Page 883 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 6 land use designation for the 110-acre parcels are RF-Sending. Comprehensive Land Use Plan Designation: RF-Sending and RF-Neutral Zoning Classification: A-Agricultural: RFMUO-Rural Fringe Mixed Use Overlay, NBMO-North Belle Meade Overlay-Sending and Neutral Highest And Best Use As Vacant: The highest and best use for the site would be for agricultural or recreational use consistent with the comprehensive land use plan classification and zoning/overlay classifications affecting the property. Highest And Best Use As Improved: The subject property is currently vacant agricultural land with supporting improvements that are in line with the allowable uses. Typically, improvements of these nature do not contribute value to high acreage agricultural land like the subject property. The subject property as vacant represents the highest and best use. Page 884 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 7 Conservation Features Summary Overview Project Name: SYMPHONY PROPERTIES APPRAISAL PROJECT Folio numbers with owner(s) of record: 00301320007, 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, 00299920001 SYMPHONY PROPERTIES LLC, SOUTH DAKOTA TRUST CO. 201 S PHILLIPS AVE # 200. SIOUX FALLS, SOUTH DAKOTA 57104 Zoning and overlays: A-Agricultural; RFMUO-Rural Fringe Mixed Use Overlay, NBMO-North Belle Meade Overlay Sending and Neutral Zoning Considerations for TDR’s, PHU, other endangered species: No Was the cost to mitigate wetlands or endangered species taken into consideration? If Yes, provide details. No Scope of proposed mitigation: None Land Area: 11 parcels 150 acres or 6,534,000 square feet Access for the parcel taken into consideration: Yes-Legal Access, only Physical Access is from Parcel #00301320007 off dirt road 20th Street SE Highest and Best Use: Agriculture, Single Family Dwelling, & Recreation Date of estimated value: January 17, 2024 Estimated value: $4,280,000 Page 885 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 8 Section 2 – Premise of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate the market value of the fee simple interest of the subject property described on an “as is” basis, under the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal Foundation. Use of the Appraisal: The intended use of this appraisal is the user, the Collier County Board of County Commissioners, in the potential acquisition of the subject property. Intended User of Appraisal: The intended user of the appraisal is the Collier County Board of County Commissioners. Client: The client for this report is the Collier County Board of County Commissioners. Competency of Appraisers: The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment based on the following: • Professional experience • Educational background and training • Business, professional, academic affiliations and activities The appraisers have previously provided consultation, value estimates, and compensation due for acquisitions. Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of work includes, but is not limited to: the extent to which the property is identified, the extent to which tangible property is inspected, the type and extent of market research and the type and extent of analysis applied to arrive at opinions or conclusions.” The scope of this appraisal has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given the property’s zoning and Page 886 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 9 surrounding improvements and neighborhood. The work performed for this assignment included but is not limited to the following: • Extent to which the property was identified o The appraisers relied on sketches and legal descriptions provided by our client and the parcel number obtained from the Collier County Property Appraiser’s office relating to the subject property. • Extent to which the property was inspected o An inspection of the property being appraised as well as the neighborhood in which it is located was done on January 17, 2024. During the inspection, an inventory of the property attributes was collected based on visual observation and photographs taken. Please note, the appraiser was not able to access all interior portions of the site and thus relied upon aerials from Collier County Property Appraiser’s office as well as documents provided by the client. • Type and extent of the data researched o Investigation of public records for the property’s future land use, zoning, flood hazard area classification, property appraiser records, and tax collector records for attributes of the property. o Collection and analysis of comparable land sales in order to form an opinion of the value of the underlying land.  Sales in the market area were located and were selected based on physical and location characteristics.  The data was verified with the buyer, seller, or representative of the comparable as well as public records. • Type and extent of analysis applied o The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property value, including land values and sales data for similar properties. o Three approaches were considered to be utilized in determining value. 1) Cost Approach – either replacement or reproduction cost is used to develop a value indication for the subject property. 2) Income Approach – valued on the ability of a Page 887 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 10 property generating a cash stream. 3) Sales Comparison Approach – value indication is derived by comparing sales of similar properties. It is the most common and preferred method of land valuation when an appropriate supply of comparable sales are available. o The Cost Approach was not utilized in our analysis because under current economic conditions it is not considered to be a reliable indicator of value and it is typically not used for the valuation of vacant land. o Vacant land is not generally purchased for its ability to generate a cash stream; therefore, the Income Approach is not utilized. o The analyst will utilize the Sales Comparison Approach in estimating the market value for the subject property land. A sales approach was applied as there is adequate data to develop a value estimate and this approach reflects market behavior for this property type.  An investigation of comparable land sales of similar unimproved properties were utilized. The sales were considered in order to make a comparative analysis which would lead to the completion of the Sales Comparison Approach. o The value opinion presented in this report is based upon review and analysis of the market conditions affecting real property value, including land values, the attributes of competitive properties, and sales data for similar properties. o Preparation of a written report. To develop the opinion of value, Carlson, Norris and Associates performed an appraisal as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris and Associates used the Sales Comparison Approach to develop a reliable value indication. Furthermore, the value conclusion reflects information about the subject and market conditions. This appraisal of the subject has been presented in the form of an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the USPAP. Page 888 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 11 Property Rights Appraised: The subjects fee simple estate has been appraised. No title work was provided by the client. No easements or encumbrances were noted on the subject parent tract prior to the effective date of January 17, 2024. Fee simple estate is defined as: “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.”1 Market Value Definition: As defined in the Agencies’ appraisal regulations, “The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.” (Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75, Number 237, Page 77472) Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of the listings, purchase contracts and sales history of the subject property for the five years prior to the appraisal date. No sales have occurred in the past five years. Additionally, the subject tract parcel #00301320007 is currently listed for sale for $5,000,000 and has been on market since April of 2023. The other 10 subject tract parcels with sending designation are currently listed for sale for $2,750,000 and has been on market since April of 2023. The subject parcel is not under contract and has not currently been given an offer on the open market at this time. Valuation History: The Uniform Standards of Professional Appraisal Practice requires the appraiser to divulge any services provided on the subject property during the preceding three years. The 1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, 7th Edition, The Appraisal Institute, Chicago, Illinois Page 889 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 12 appraisers and Carlson, Norris and Associates have not completed an appraisal of the subject property, nor have we provided any services related to the property during the three years preceding the date of this appraisal. Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all appraisals and resulting reports are made. The process of administration of those rules and guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal Standards Board issues the rules and guidelines in the form of a document update published each year by The Appraisal Foundation. That document is entitled “The Uniform Standards of Professional Appraisal Practice” (USPAP). As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted Appraisal Report. The appraisers have used the Appraisal Report option. The following definitions have been adopted for each type of report: • An Appraisal Report: A written report prepared under Standards Rule 2-2(a). • Restricted Appraisal Report: A written report prepared under Standards Rule 2-2(b). This report is an appraisal presented in an Appraisal Report format. Exposure Time is defined as: “The estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of appraisal. Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.” Exposure time is therefore interrelated with appraisal conclusion of value.” An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one-line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the following: • statistical information about days on the market • information gathered through sales verification • interviews of market participants. The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of time alone. Exposure time is different for various types of real estate and under various market conditions. Page 890 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 13 In consideration of these factors, we may have analyzed the following: • Exposure periods of comparable sales revealed during the course of this appraisal; • Macroeconomic exposure times for the subject property type across the Subject MSA and the entire United States as published in multiple articles and websites. • Knowledgeable real estate professionals. It is our opinion that properties that are competitively marketed would have an exposure time of up to 12 months. This exposure time assumes the subject parcel would have been competitively priced and aggressively promoted within the market area. Marketing Time is defined as: “An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal.” The marketing time is an estimate of the number of months it will require to sell the subject from the date of value, into the future. The anticipated marketing time is essentially a measure of the perceived level of risk associated with the marketability, or liquidity, of the subject property. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated changes in market conditions following the date of appraisal. The future price for the subject (at the end of the marketing time) may or may not equal the appraisal estimate. The future price depends on unpredictable changes in the physical real estate, demographic and economic trends, real estate markets in general, supply/demand characteristics for the property type, and many other factors. Based on the premise that present market conditions are the best indicators of future performance, a prudent investor will forecast that, under the conditions described above, the subject will require a marketing time of up to 12 months. Hypothetical Condition is defined as: “A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis.” A hypothetical condition may be used in an assignment only if: Page 891 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 14 • Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; • Use of the hypothetical condition results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. No hypothetical conditions were used in this report. Extraordinary Assumption is defined as: “An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis.” An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Please note the following extraordinary assumptions: • A soil analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions and would recommend that an expert be consulted. • It is assumed that there are no hazardous materials either at ground level or subsurface. None were noted during the property inspection. The analyst is not an expert in the evaluation of site contamination and would recommend that an expert be consulted. Page 892 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 15 Section 3 – Description of Real Estate Appraised COLLIER COUNTY AREA ANALYSIS Collier County is located in southwest Florida and was established in 1923 when it was separated from Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who moved to southwest Florida and established himself as a prominent businessman and land owner. By the end of the 1920s, railroads and Tamiami Trail were in-place which opened the area to agricultural and resort development. Florida’s first commercial oil well was drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The county’s economy boomed along with its population shortly after World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in the country. PHYSICAL FACTORS Collier County is the largest county in the state in terms of land area with 1,998 square miles which includes 821,600 acres of preserves, parks, and refuges. Along with the land area, Collier County also includes 307 square miles of water, giving Collier County a total size of 2,305 square miles. The most highly developed areas within the county are west of Interstate 75 and along the coastline of the Gulf of Mexico. Development becomes increasingly sparse when traveling east in the county. These eastern areas of the county contain a considerable amount of preserved land. There are three incorporated cities within the county; namely the City of Naples, the City of Marco Island, and Everglades City. The county is famous for its subtropical climate with average high temperatures Page 893 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 16 ranging from 74o Fahrenheit in January to 90o Fahrenheit in August. The average annual precipitation for the county is 54 inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs from June through November. ECONOMIC-FINANCIAL FACTORS There are numerous economic factors that impact the supply and demand for all types of real estate and housing in any given area. These factors will be considered and discussed in the following paragraphs. Although these factors are considered individually, they do not act as independent agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial factors considered, should be considered in totality, as a part of the economic framework. Population: Collier County has 385,980 people living within according to recent July 2021 Census population estimates, making Collier County Florida’s 17th most populous county. Collier County had a population of 321,520 in 2010 and experienced 16.9% growth from 2010 to 2020. Additional population estimates reflect population projections from 2020 to the year 2045 and compare the three coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee. Collier County’s population is predicted to increase to around 517,000 in year 2045. Tourism: Tourism is an important industry for Naples, Marco Island and the Everglades. As the leading employer and the primary economic engine for the region, the tourism industry is responsible for over 34,400 jobs in Collier County in 2020. Just over 1.5 million visitors in 2021 spent over $1.6 billion dollars, resulting in a total economic impact of over $2.4 billion dollars to Collier County. Collier County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months. The distribution of tourist development tax dollars is set according to Collier County ordinance. The Page 894 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 17 funds are dispersed as follows; beach related projects with 42.56% of the total Tourist Tax, tourism promotion with 47.85%, and museums with 9.59%. Of the 42.56% for beach related projects, 3.58% is allocated for beach park facilities and the remaining 39.98% is used for nourishment, pass & inlet management. Of the 47.85% for tourism promotion, 33.57% is used for destination promotion and administration and the remaining 14.28% is used for amateur sports complex/debt. Lastly, of the 9.59% allocated for museums, 7.68% is used for county museum operations, and the remaining 1.91% is used for non-county museum grants. New Development: A relatively new town is developing in the eastern part of Collier County known as Ave Maria. The town is located on what was once largely agricultural land is centered around Ave Maria University, the country’s newest Catholic University. The university opened its doors in 2007 and currently has approximately 1,303 students and offers 31 major and minor degree programs. The school expects to continue growing in size. The town of Ave Maria is designed to be a compact, walk- able, and self-sustaining, reflecting the community’s rural roots while offering a full range of residential options and commercial services to its residents. The Ave Maria community totals about 6,656 acres, of which 113 acres is designated as the University Campus. A Town Core anchored by the landmark oratory that also incorporates retail, commercial, and residential living space, provides a central connection between the town and the university. Business is expanding in Collier County as evidenced by a surgical device company that recently opened its doors on a site near Ave Maria University in the form of a $25 million manufacturing plant. This brought approximately 500 construction jobs to the area and currently employs around 350 workers. Ave Maria has experienced a severe mosquito problem, resulting in the region being sprayed more than 30 times via airplane with pesticides by the Collier Mosquito Control District in 2015, making it the most sprayed area in southwest Florida. A new town has also been proposed in Eastern Collier County. Collier Enterprises received the Rivergrass project through the Collier County Commission on January 28th 2020, allowing them to begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as the project’s impact on approximately 700 acres of primary panther habitat is being heavily opposed by wildlife organizations such as the Conservancy of Southwest Florida, among others. However, a recent 2021 court ruling rejected the Conservancy groups’ challenge to the development of Rivergrass. Furthermore, Collier County commissioners voted to approve Collier Enterprises project plans for two additional villages and a town hub in Eastern Collier County called Longwater, Bellmar, and the Town of Big Cypress. These two additional villages along with Rivergrass will encompass over 12,000 acres with the neighboring Town of Big Cypress, most of which will be for environmental Page 895 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 18 preservation. Each of the villages will be 1,000 acres, with the Town of big Cypress acting as an anchor for all three. See site plan below for reference. Employment & Income: The most recently reported median household income for Collier County is at $70,217. Collier County’s unemployment rate has continued to decrease since 2020 and was at 2.2 percent as of December 2022, which was slightly lower than in December 2021. The overall trend of unemployment has been trending downward. From January 2010 until March 2020, Collier County had experienced downward trends in unemployment getting as low as almost 3%. Then in April 2020, the effects of COVID-19 resulted in unemployment peaking to 13.5% from only 2.5% in February two months prior. Unemployment remained elevated in the following months. The most recent data from 2022 shows that the unemployment rate has leveled back out to around 3% and has stayed consistent month to month, though recently the unemployment rate has continued to decrease to around 2.2%. See the table below. Page 896 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 19 Collier County’s largest employment concentrations continue to be in industries that are fueled by population growth. The Retail Trade industry is the largest with 23,534 industry jobs. Health Care and Social Assistance is second with 23,378, and Real Estate and Rental Leasing is third with 22,378. The Construction industry and Accommodation and Food Services Industry round out the top five largest employers by industry in Collier County. Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier County School District with 5,604 employees, and Collier County Local Government with 5,119 employees. As the Collier County population matures, employment in the healthcare industry will continue to make up a larger part of overall employment. Collier’s top employers as of 2019 are listed below. Page 897 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 20 Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of low corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far below the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in property taxes. The Florida statutes provide for the annual assessment and collection of property taxes on real and personal property. Property taxes are assessed and collected at the county level as revenue for counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate property types in Collier County for 2022 was $185,310,543,961. Prices: A price index is a tool that simplifies the measurement of price movements in a numerical series. Movements are measured with respect to the base period, when the index is set to 100. The current cost of living index in Collier County is 113 meaning that generally speaking the cost of living is more expensive in Collier County than the average cost of living throughout the United States. Specifically, Groceries are at 107.7, Housing is at 140.9, and Health is at 106.7. Below you can see the rest of the table and how it compares to the United States. Page 898 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 21 Banking/Interest Rates/Financing: As of February 2023, the prime rate was reported at 7.75%. Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently reported to be 4.75%; a year ago was also .25%. The federal funds rate is 4.75%, while a year ago was also .25% Currently the benchmark rate for a 30 year fixed loan is 6.36%, a 15 year fixed loan is 5.66%, and a five-year/one-year adjustable arm rate at 5.43%. Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. Real Estate and Housing: Collier County experienced a significant increase in residential and commercial property values from 2004 through 2006. Several news publications rated Naples as the most over-valued area of the country with respect to residential housing values. The decline in residential property values began in 2006. Inventory levels began to rise as investors and owners positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any property with a sense that the economy as a whole was headed for trouble. Many investors were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida became the epicenter for residential property foreclosures with communities such as Golden Gate at the forefront of the crisis in Collier County. Residential construction projects in various stages of development were stopped as housing inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the residential construction industry; and with no homes to build, this industry was quickly decimated. Contractors that supplied this industry typically ran their businesses from various industrial locations in Collier and Lee Counties. This type of property was the first commercial property to be adversely affected with retail and office properties following. Page 899 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 22 There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier County’s zoning allows the flexibility of properties of 19 acres or more to be zoned as Research and Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract technology based businesses. New construction building permits are an indicator of health in an economy of a given area. Below is a chart showing single family permits monthly averages from January 2021 to January 2023. In the bottom of the recession in 2009, Collier County fell below 50 permits per month. In Collier County, 206 permits were issued in January 2023, a decrease of 155 permits (43 percent) from January 2022 (see chart below). New construction building permits include houses under construction and therefore reflect jobs in the construction industry. The median closed price of single-family Collier County home sales was $725,000 in January 2023, an increase of $49,001 (7 percent) compared to January 2022. The median price in Collier County has been rising steadily since 2012, with a recent peak in May 2022. See the chart below. Page 900 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 23 Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has worked diligently to develop an efficient road system that will accommodate future growth; and it is likely to continue to develop the necessary road infrastructure in the years to come. Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic needs for the fast-growing population of Southwest Florida. RSW is one of the fastest growing airports in the nation, servicing more than 10 million passengers a year. More than two dozen commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more than 27 domestic and two international destinations. The Southwest Florida International Airport also maintains customs clearing facilities for international cargo. RSW is located off Interstate-75 in South Lee County, an approximate 30-minute drive from most areas of Naples. In 2005 the airport was completely updated and expanded to meet the growing demand of area businesses and visitors. The $386 million ultra-modern complex includes a two-story terminal with 28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a three-story parking structure. The facility will allow for incremental expansion up to 65 gates. Construction was recently completed on a direct access connection between I-75 and the airport. Page 901 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 24 Total passenger activity for the Southwest Florida International Airport exceeded 1,100,000 in January 2020, before a historical decrease in traffic in April 2020, when total passengers fell to 53,379 for the month. As we have noted earlier, the COVID-19 pandemic was keeping both Floridians and non- Floridians at home. However, recent statistics show that passenger activity has generally returned to pre-COVID-19 conditions. Total passenger traffic at RSW was 10,343,802 in 2022, up 1.1 percent from the total passenger traffic in 2019. These numbers indicated that the region continues to improve from the dip in passenger activity experienced in April 2020. Page 902 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 25 The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO services for general aviation including fueling and catering. It is the home to charter airlines, aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over 40 additional aviation and non-aviation businesses. The airport encompasses approximately 732 acres of land, approximately two miles northeast of Old Naples with convenient access to major roads and Interstate-75. POLITICAL-GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. Collier County has experienced an increase of 11.73% in budget between FY 2022 and FY 2023. The FY 2023 total net county budget is now $1,959,954,000. Education: The Collier County public school system currently contains a total of 63 schools with 48,000 students and 3,200 teachers. Collier County averages 3,200 graduates per year. The below chart shows more detail with regards to the public-school system. Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts-oriented baccalaureate degrees as well as Page 903 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 26 some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida. Collier County has 35.9% of the population Age 25+ with a bachelor’s degree or higher compared to 30.5% in Florida and 32.9% in the United States. Only 10.1% of those within Collier County have less than a high school education. SOCIOLOGICAL FACTORS Recreation: Collier County offers a vast array of natural and historical attractions. Places to visit include the 52-acre Naples Zoo, the Collier County Museum, the Big Cypress National Preserve, the Museum of the Everglades, and the Naples Botanical Gardens. In addition to these listed, there are numerous other reserves, museums, zoos, etc that are available for tourists to visit. Page 904 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 27 Healthcare: Within Collier County, there are the Naples Community Hospital, the North Collier Hospital, Regional Heart Institute, NCH Wellness Centers and various other clinics. As the largest county in Florida with a total area of 2,305 square miles, these medical facilities must provide services effectively to the entire county. Helicopter usage cuts critical minutes from transport time. 83.564% of those living within Collier County have health insurance compared to 86.53% throughout Florida and 90.63% throughout the United States. The highest percentage of those without healthcare coverage is from people making $25,000 at 20.3%. SUMMARY Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is sub- tropical with mild winters that allow for year-round enjoyment of the many attractions this area offers. Collier County is a desirable destination for residents and non-residents alike. Despite these many positives, portions of Collier County were greatly affected by the past housing debacle which resulted in a significant number of residential foreclosures. However, trends have been positive in most recent years. The availability of commercial vacant land, the county's numerous natural attractions, and the anticipated future population growth are all positive factors that bode well for this area over the long term. Collier County is considered to be a great place to live. The presence of a wide variety of industries in the area offers residents and potential residents’ diverse opportunities for employment. A significant amount of land is federally held in conservation in eastern portions of the county. There are also excellent recreational facilities throughout the county, with numerous golf courses, beaches, and parks. Page 905 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 28 LOCATION MAP Page 906 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 29 Market Area Map Market Area is defined as: “The geographic region from which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area.” Boundaries: Northern Golden Gate Boulevard Western Southern Collier Boulevard Everglades Parkway Eastern Desoto Boulevard Page 907 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 30 Life Stage: “Because market areas are perceived, organized, constructed, and used by people, each has a dynamic quality. Appraisers describe this quality as a market area’s life cycle. The complimentary land uses that make up neighborhoods and homogeneous land uses within districts typically evolve through four stages: • Growth – a period during which the market area gains public favor and acceptance • Stability – a period of equilibrium without marked gains or losses • Decline – a period of diminishing demand • Revitalization – a period of renewal, redevelopment, modernization and increasing demand” 2 It is our opinion that the subject market area is currently in the growth cycle. Recently the market has shown increased activity. Sales and permit activity for commercial and residential construction have been increasing. Public Transportation: Public transportation is provided by Collier Transit Maintenance/Condition: The majority of improvements are well maintained and in good condition. Property Compatibility: There is an established retail, commercial, retail and office area along Airport Pulling Road, Immokalee Road, Pine Ridge Road, Vanderbilt Beach Road, and Tamiami Trail (US-41). Due to the high traffic counts in this area, retail uses include shopping centers, restaurants, and various other single-tenant retailers. Supporting residential abounds along secondary roadways and land uses are primarily single-family residential or multifamily. Generally speaking, agricultural and rural residential use is located east of Interstate Highway 75. Appeal/Appearance: This area has strong appeal. Appearance ranges from mostly newer construction and some older structures with generally good to average appearance. Neighborhood Access: Good access exists from major north-south corridors including Collier Boulevard, Goodlette Frank Road, Livingstone Road, Airport Pulling Road, US-41 (Tamiami Trail), and I-75. The major east-west corridors include Golden Gate Boulevard, Vanderbilt Beach Road, Pine Ridge Road, and Immokalee Road. Police/Fire: Police: Collier County Sheriff / Fire-rescue: Collier County Development Potential: There is residential, agricultural, and commercial zoned vacant land available in the market area. Most exists is to the east portion of the market area. Future commercial development will be seen mainly along US-41, Airport-Pulling Road, Vanderbilt Beach Road, Immokalee Road and Collier Boulevard. Agricultural properties being subdivided into smaller rural residential parcels. Development Trend: Residential and commercial properties have had decreasing vacancies and increasing lease rates. Brokers estimate continued improvement in this area that could lead to new development in the near future. 2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014) Page 908 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 31 Characteristics of Land Usage: Immediate properties in the subject market are mostly agricultural and residential uses. Supply of Vacant Tracts: Vacant land is available in the market. Demand for Vacant Tracts: The supply appears to be in balance with demand at this time. Neighboring Property Uses: Residential, both single and multi-family, general business, office, retail and agricultural uses. Allowable Uses in the District: Residential both single and multi-family, general business, office, retail, agricultural and governmental uses. Vacancy rates: Commercial/Agricultural: 2% - 5% Single Family: 3% - 8% Legal Description of Parent Tract: The legal description was obtained from the most recent Affidavit of Merger dated February 2, 2016 in OR Book 5243 Page 1645, and is as follows: Page 909 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 32 Owner of Record: According to information obtained from the Collier County Property Appraiser’s office, the current owner of record for the subject property is: SYMPHONY PROPERTIES LLC SOUTH DAKOTA TRUST CO. 201 S PHILLIPS AVE # 200. SIOUX FALLS, SOUTH DAKOTA 57104 Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject property is identified by its Parcel numbers 00301320007, 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, 00299920001. Please note the 2023 tax analysis in tabular form that follows. The tax summary chart represents a summary of the assessed values, taxable values, ad valorem taxes, non- ad valorem taxes and millage rates. Page 910 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 33 Only the Collier County Property Appraiser’s office can assess properties for taxation purposes. The actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission then multiplying this by the assessed value for the property. Should the millage rate or the assessed value change for the site the tax liability would be different from that as reported herein. Unpaid Taxes: The Collier County Tax Collector's web site did not indicate any delinquent taxes as of the effective date of this report. Site Description: We invite your attention to the aerial and plat maps that follow which show the relative size, configuration and location of the subject property. This will be followed by general site information and data as well as information on the physical characteristics and economic factors that affect the site. Page 911 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 34 AERIAL MAP PLAT MAP Page 912 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 35 NORTH BELLE MEADE OVERLAY Page 913 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 36 SCREENING REPORT VEGETATION Page 914 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 37 Assessor’s Parcel Number: 00301320007, 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, 00299920001 Location: The subject property is located with access at 1330 20th Street SE, Naples, Florida. Physical Characteristics of the Site Frontage: 1,320 feet along the east side of 20th Street SE. Total Site Area (Gross): 150 acres (approximately 6,534,000 square feet) per the Collier County Property Appraiser Dimensions: N/A Shape of Tract: Irregular Access: Access is along the north side of Immokalee Rd and east side of Red Hawk Lane Corner Influence: This property is not located on a corner. Utilities to Site: Flood Designation: Well, Septic, Generator power. Flood Zone Code AH, Flood Zone Panel 12021C0430H, Dated May 16, 2012. See Flood Map in addenda. Easements: Typical utility easements are assumed to exist. Site Improvements: The site has 6 buildings; Metal residential building; Metal storage building; 3 small wooden cabins; 2 chickee huts; 3 covered shooting range shelters; 2 large shooting range berms; internal cattle fencing and gates; dilapidated barn. Topography: The site is primarily wooded with most of the vacant cleared land residing in the 40-acre neutral parcel. The property is completely uplands. Economic Factors Affecting the Site Supply of Vacant Tracts: There is a limited amount of vacant agricultural parcels located within the immediate and general vicinity of the subject property. Demand for Vacant Tracts: Realtors have indicated that demand is improving. Neighboring Property Uses: The subject’s nearby or neighboring uses include agricultural, conservation and residential. Land Use Designation: RF-Sending-NBMO and RF-Neutral-NBMO Zoning Classification: A-Agricultural; RFMUO-Rural Fringe Mixed Use Overlay, NBMO-North Belle Meade Overlay Sending and Neutral Allowable Uses in the District: Allowable uses in the district will be discussed in detail in the following comprehensive land use plan classification discussion and zoning discussion. In addition, they will be considered in the highest and best use analysis for the property. Page 915 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 38 Comprehensive Land Use Plan Classification and Zoning Classification: According to information obtained from the Collier County Planning Development department, the subject site has a comprehensive land use plan classification known as RF-Sending and RF-Neutral within the North Belle Meade Overlay. The zoning for the subject is Rural Agricultural District (A); Rural Fringe Mixed Use Overlay (RFMUO), North Belle Meade Overlay (NBMO)-Sending and Neutral. Rural Agricultural District (A)- The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed-use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consistent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. Permitted uses include single-family dwelling and agricultural activities such as crop raising, fruit and nut production, livestock raising, ranching and groves. Rural Fringe Mixed Use Overlay (RFMUO)- Purpose and scope. The purpose and intent of the RFMU District is to provide a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. The RFMU District employs a balanced approach, including both regulations and incentives, to protect natural resources and private property rights, providing for large areas of open space, and allowing, in designated areas, appropriate types, density and intensity of development. The RFMU District allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses, and essential services deemed necessary to serve the residents of the RFMU District. The innovative planning and development techniques which are required and/or encouraged within the RFMU District were developed to preserve existing natural resources, including habitat for listed species, to retain a rural, pastoral, or park-like appearance from the major public rights-of-way, and to Page 916 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 39 protect private property rights. Establishment of RFMU Zoning Overlay District. In order to implement the Rural Fringe Mixed Use District (RFMUD) designation in the Future Land Use Element (FLUE) of the GMP, the RFMU District shall be designated as "RFMUO" on the Official Zoning Atlas and is hereby established. *The RFMU District replaces the underlying zoning district where that underlying zoning district is A, Rural Agricultural, except where development standards are omitted in the RFMU District. RFMU Sending Lands- RFMU sending lands are those lands that have the highest degree of environmental value and sensitivity and generally include significant wetlands, uplands, and habitat for listed species. RFMU sending lands are the principal target for preservation and conservation. Density may be transferred from RFMU sending lands as provided in LDC section 2.03.07 D.4.c. All NRPAs within the RFMU district are also RFMU sending lands. With the exception of specific provisions applicable only to NBMO neutral lands, the following standards shall apply within all RFMU sending lands: Page 917 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 40 • Allowable uses where TDR credits have not been severed include agricultural, single- family dwellings, conservation and recreational uses and oil and gas exploration. • Allowable uses where TDR credits have been severed include agricultural, cattle grazing, single-family dwelling (1du/40acres), conservation and recreational uses and oil and gas exploration. RFMU Neutral Lands- Neutral Lands have been identified for limited semi-rural residential development. Available data indicates that Neutral Lands have higher ratio of native vegetation, and thus higher habitat values, than land designated as Receiving Lands, but these values do not approach those of Sending Lands. Therefore, these lands are appropriate for limited development, if such development is directed away from existing native vegetation and habitat. A lower maximum gross density is prescribed for Neutral Lands when compared to Receiving Lands. • Allowable Uses: Agricultural uses, Single-family residential dwelling units, including mobile homes where a Mobile Home Zoning Overlay exists, Multi-family residential structures shall be permitted under the Residential Clustering provisions of this plan, subject to the development of appropriate development standards to ensure that the transitional semi-rural character of the Rural Fringe Mixed Use District is preserved. These development standards shall include, but are not limited to: building heights, design standards, buffers, and setbacks, Group housing uses subject to the following density/intensity limitations: Family Care Facilities: 1 unit per 5acres; Group Care Facilities and other Care Housing Facilities: Maximum Floor Area Ratio (FAR) not to exceed0.45, Sporting and Recreational camps, within which the lodging component shall not exceed 1 unit per 5 gross acres North Belle Meade Overlay District (NBMO)- The North Belle Meade Overlay (NBMO) is unique to the RFMU district because it is surrounded by areas that are vested for development on three sides. Because this area is largely undeveloped and includes substantial vegetated areas, the NBMO can and does provide valuable habitat for wildlife, including endangered species. The NBMO is intended to achieve a balance of both preservation and opportunities for future development that takes into account resource protection and the relationship between this area and the Estates developing around the NBMO. Conditional Use Peninsula Engineering Proposal- The 40-acre neutral parcel has a proposed conceptual plan laid out by Peninsula Engineering. This conceptual plan would include 70-80 assisted living units as well as approximately 100 independent living units. The site currently Page 918 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 41 does not have any utilities available or paved road accessibility. A conditional use must be approved by the county for this plan to be feasible. As of the effective date the county has not approved of a conditional use for the 40-acre parcel. We invite your attention to the conceptual plan that follow which explains in further detail the conditional use. Page 919 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 42 Page 920 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 43 Page 921 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 44 Page 922 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 45 Page 923 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 46 Page 924 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 47 Page 925 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 48 Subject Property Photographs View: East on Frangipani Avenue Photograph date: January 17, 2024 Taken by: Brandon Jonas View: East on Frangipani Avenue Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 926 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 49 Subject Property Photographs View: South 20th street SE Photograph date: January 17, 2024 Taken by: Brandon Jonas View: West on Frangipani Avenue Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 927 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 50 Subject Property Photographs View: Corner of Frangipani Avenue and 22nd street SE Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 928 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 51 Subject Property Photographs View: South 20th street SE Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 929 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 52 Subject Property Photographs View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Northwest entrance Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 930 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 53 Subject Property Photographs View: Gate entrance Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 931 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 54 Subject Property Photographs View: Pond Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Dirt path Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 932 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 55 Subject Property Photographs View: Shed Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Building 1 Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 933 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 56 Subject Property Photographs View: Building 2 Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 934 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 57 Subject Property Photographs View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 935 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 58 Subject Property Photographs View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 936 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 59 Subject Property Photographs View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 937 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 60 Subject Property Photographs View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Southwest corner Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 938 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 61 Subject Property Photographs View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 939 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 62 Subject Property Photographs View: Dirt path Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Dirt path Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 940 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 63 Subject Property Photographs View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 941 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 64 Subject Property Photographs View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 942 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 65 Subject Property Photographs View: Southeast corner Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Dirt path Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 943 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 66 Subject Property Photographs View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Dirt path Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 944 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 67 Subject Property Photographs View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Vegetation and Wooded Land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 945 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 68 Subject Property Photographs View: Dirt path Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Well and Septic Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 946 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 69 Subject Property Photographs View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 947 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 70 Subject Property Photographs View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 948 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 71 Subject Property Photographs View: Shooting shed Photograph date: January 17, 2024 Taken by: Brandon Jonas View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas Page 949 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 72 Subject Property Photographs View: Cleared land Photograph date: January 17, 2024 Taken by: Brandon Jonas Section 4 – Highest and Best Use Analysis The principal of highest and best use is defined as: “The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.” • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth? Highest and Best Use as Vacant – 40 Acre Neutral NBMO Legally Permissible: Factors that impact the legally permissible uses for the subject property include such things as the comprehensive land use plan classification, zoning classification, deed Page 950 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 73 restrictions and government regulations. The subject has a future land use designation within the Agricultural-Rural Mixed-Use District RF-Neutral. The land use classification and zoning classification permit allows low density residential development (including mobile home) of 1du/per 5 gross acres and agricultural activities. The conceptual plan laid out by Peninsula Engineering was considered for the highest and best use but due to the lack of approvals for the property and the absence of utilities and paved road access we do not consider ALF development as the highest and best use for the subject property.Based on the land use and zoning classification affecting the property and the characteristics of the neighborhood, it would appear the subject site would typically be considered for Agricultural uses, Single-family residential dwellings, Group Care Facilities and other Care Housing Facilities, or Sporting and Recreational camps. Physically Possible: The physical aspects of the site impact legally permissible uses. The subject tract is rectangular in configuration containing 40 acres or 1,742,400 +/- square feet with frontage along 20th Street SE. Based on the size and configuration of the site, it is our opinion the physically possible and legally permissible uses of the subject property would include Agricultural uses, Single- family residential dwellings, Group Care Facilities and other Care Housing Facilities, or Sporting and Recreational camps. Economically and Financially Feasible: Any physical possible and legal use of the vacant land that produces a positive return to the land after considering risk and all costs to create and maintain the use. The subject is located along the east side of 20th Street SE in Naples, Florida. The surrounding land uses in the subject’s immediate area include single-family residential, agriculture and conservation. The most probable buyer would purchase the subject property for Agricultural uses or Single-family residential dwellings which in our opinion is a financially feasible use. Maximally Productive: The future land use and zoning classifications allow for low density residential and agricultural uses. Considering the nearby land uses and the typical buyers, it is our opinion that the highest and best use as vacant is for Agricultural or Single-family residential dwelling development. Highest and Best Use as Vacant – 110 Acre Sending NBMO Legally Permissible: Factors that impact the legally permissible uses for the subject property include such things as the comprehensive land use plan classification, zoning classification, deed Page 951 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 74 restrictions and government regulations. The subject has a future land use designation within the Agricultural-Rural Mixed-Use District RF-Sending. The land use classification and zoning classification permit allows agricultural, cattle grazing, single-family dwelling (1du/40acres), conservation and recreational uses and oil and gas exploration. Based on the land use and zoning classification affecting the property and the characteristics of the neighborhood, it would appear the subject site would typically be considered for agricultural, cattle grazing, single-family dwelling (1du/40acres), conservation and recreational uses. Physically Possible: The physical aspects of the site impact legally permissible uses. The subject tract is rectangular in configuration containing 110 acres or 4,791,600 +/- square feet with no frontage but access from 20th Street SE. Based on the size and configuration of the site, it is our opinion the physically possible and legally permissible uses of the subject property would include agricultural, cattle grazing, single-family dwelling (1du/40acres), conservation and recreational uses. Economically and Financially Feasible: Any physical possible and legal use of the vacant land that produces a positive return to the land after considering risk and all costs to create and maintain the use. The subject is located within the North Belle Meade District with access along the 20th Street SE in Naples, Florida. The surrounding land uses in the subject’s immediate area include single-family residential, agriculture and conservation. The most probable buyer would purchase the subject property for agricultural, cattle grazing, single-family dwelling (1du/40acres), conservation and recreational uses which in our opinion is a financially feasible use. Maximally Productive: The future land use and zoning classifications allow for low density residential and agricultural uses. Considering the nearby land uses and the typical buyers, it is our opinion that the highest and best use as vacant is for agricultural, cattle grazing, single-family dwelling (1du/40acres), conservation and recreational uses. Highest and Best Use as Improved The subject property is currently vacant agricultural land with supporting improvements that are in line with the allowable uses. Typically, improvements of these nature do not contribute value to high acreage agricultural land like the subject property. The subject property as vacant represents the highest and best use. Page 952 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 75 Section 5 – Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: “A set of procedures through which a value indication is derived for the fee simple estate by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive or profit; deducting depreciation from the total cost; and adding the estimated land value. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property interest being appraised.” Since there are no significant improvements of value to consider, the cost approach will not be used in this appraisal. VALUE ESTIMATE BY THE INCOME APPROACH The Income Approach is defined as “Specific appraisal techniques applied to develop a value indication for a property based on its earning capability and calculated by the capitalization of property income.” This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate.” The Income Approach is widely applied in appraising income-producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. Since vacant land is typically not purchased for its ability to generate a positive cash stream, the income approach will not be used in this appraisal. VALUE ESTIMATE BY THE SALES COMPARISON APPROACH Sales Comparison Approach is defined as: “The process of deriving a value indication for the subject property by comparing sale of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available.” The Sales Comparison Approach will be used, and it involves the direct comparison of sales of similar properties, adjustments for variances, and correlation of the results into a property value indication. Page 953 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 76 Adjustments to the sale prices of competitive properties selected for comparison are considered as they relate to the subject property and to the various dissimilar investment features. The application of this approach produces an estimate of value for a property by comparing it with similar properties which have been sold or are currently offered for sale in the same or competing areas. Site Valuation: The valuation of the subject site involves research, analysis, and comparison of sales of similar properties to the subject. There are several units of comparison applicable for appraisal purposes. Due to the nature of the subject property and comparable sales, it is our opinion the sales price per acre would be the most appropriate for utilization. This unit is calculated by dividing the sale price of the comparable sales by the number of acres contained within the sale. The subject site is being valued based on highest and best use; and as such, data selection begins by limiting the sales considered to include only those sites with a highest and best use similar to that of the subject. From these sales, only the most similar to the subject in terms of physical and locational characteristics were selected. The appraiser’s research uncovered multiple sales of sites that were considered appropriate for comparison purposes. These transactions were included in the analysis process. In the analysis process, the analyst will utilize a qualitative procedure. In the initial step the appraiser will utilize a cumulative adjustment for each of the sale properties considering property rights, financing, conditions of sale, expenditures immediately after sale, and market conditions (commonly known as time). As the adjustments are cumulative in nature, they must be performed in the order in which they occur. Next the analyst will utilize a qualitative procedure by considering physical characteristics including location, site size, future land use, zoning, access, and topography. These properties will be rated and compared to the subject. They will be considered as similar, inferior, or superior and adjusted accordingly. After completion of the analysis of each individual sale based on its physical characteristics, an overall net adjustment will be made to each of the sale properties. After completion of the analysis and adjustment process, the appraiser will estimate an appropriate value per acre and multiply this by the number of acres contained within the property in order to estimate the market value for the subject site. This value estimate will then be rounded to an appropriate figure for appraisal purposes. Page 954 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 77 We now invite your attention to a land sales location map which follows. This map shows the relative location of each of the sales to that of the subject property. Following the land sales map will be a land sales exhibit which will contain land sales data sheets for each transaction utilized in the analysis process showing the relative size, configuration and location of the site as well as the relative information for each individual sales transaction. Following the land sales exhibit will be a sales grid showing the relevant information for the subject and each of the comparable sales as well as the adjustments and factors which were considered in providing an overall adjustment for each of the comparable properties. LAND SALES LOCATION MAP Please consider the sale exhibits on the following pages. The exhibits furnish aerial views along with locational, site and financial information for each of the sales. Page 955 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 78 COMPARABLE 1 Property Reference: Property Type: Agriculture Vacant Land Address: 2380 Woodland Grade Road Naples, FL 34117 3022County: Collier Location: STRAP/ID: 00322560008 Grantor: Ivonne Mercado Barkman Grantee: Terrence & Viktoria Hsu Legal Data: Sale Date: November 09, 2023 Sale Price: $160,000 Sale Price per Sq. Ft.: $0.73 Sale Price per Acre: $32,000 Price per Dev. Unit: N/A Recording: Inst# 6475808 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NRPA-NBMO-SENDING Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3064 Page 956 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 79 Site Data: Site Dimensions: 340' X 660' Site Size: 217,800 square feet, 5.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: No Road Access Wetlands/Uplands: 80% Uplands Soils: Typical Sale Analysis: Sale Price: $160,000 Financing: Cash to Seller Price per SF: $0.73 Price per Acre: $32,000 Price per Dev. Unit: N/A Sale Confirmation: Verification: Milly Mercado, 3056097784 Verifying Appraiser: Brandon Jonas, January 19, 2024 Sale History: None in the last 3 years Comments: This is a sale of 5 acres of vacant land that has no frontage or direct access located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is 80% uplands. The parcel has a sending value designation. The parcel sold for $160,000 on November 9, 2023. The sale details were verified by the listing agent. CNA Data # 3064 Page 957 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 80 Page 958 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 81 Page 959 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 82 COMPARABLE 2 Property Reference: Property Type: Agriculture Vacant Land Address: 1634,1630,1626 Frangipani Avenue Naples, FL 34117 County: Collier Location: STRAP/ID: 00302000009, 00302040001, 00302080003 Grantor: Property Offer Pro LLC Grantee: Shermania 29 LLC Legal Data: Sale Date: November 03, 2023 Sale Price: $390,000 Sale Price per Sq. Ft.: $0.61 Sale Price per Acre: $26,531 Price per Dev. Unit: N/A Recording: Inst# 6473802 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NBMO-NEUTRAL Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3059 Page 960 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 83 Site Data: Site Dimensions: 1325' X 480' Site Size: 640,332 square feet, 14.700 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: No Road Access Wetlands/Uplands: 70% Uplands Soils: Typical Sale Analysis: Sale Price: $390,000 Financing: Cash to Seller Price per SF: $0.61 Price per Acre: $26,531 Price per Dev. Unit: N/A Sale Confirmation: Verification: Juan Chaparro, 2392005857 Verifying Appraiser: Brandon Jonas, January 19, 2024 Sale History: Sold for $235,000 on May 10, 2023 Comments: This is a sale of 3 separate parcels with 15 acres of vacant land that has no frontage or direct access located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is 70% uplands. The parcel has a neutral value designation. The parcels sold for $390,000 on November 3, 2023. The sale details were verified by the listing agent. CNA Data # 3059 Page 961 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 84 Page 962 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 85 Page 963 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 86 COMPARABLE 3 Property Reference: Property Type: Agriculture Vacant Land Address: Vacant Land Kreske Way Naples, FL 34117 County: Collier Location: STRAP/ID: 00306320002 Grantor: Run He Lie Grantee: Joseph Hellstern & Shannon Nelson Legal Data: Sale Date: October 13, 2023 Sale Price: $105,000 Sale Price per Sq. Ft.: $0.63 Sale Price per Acre: $27,632 Price per Dev. Unit: N/A Recording: Inst# 6465780 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NBMO-SENDING Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3062 Page 964 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 87 Site Data: Site Dimensions: 1320' X 125' Site Size: 165,528 square feet, 3.800 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: No Road Access Wetlands/Uplands: Wetlands Soils: Typical Sale Analysis: Sale Price: $105,000 Financing: Cash to Seller Price per SF: $0.63 Price per Acre: $27,632 Price per Dev. Unit: N/A Sale Confirmation: Verification: Fred Kermani, 2396594960 Verifying Appraiser: Brandon Jonas, January 19, 2024 Sale History: None in the last 3 years Comments: This is a sale of 3.8 acres of vacant land that has no frontage or direct access located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is completely wetlands. The parcel has a sending value designation. The parcels sold for $105,000 on October 13, 2023. The sale details were verified by the listing agent. CNA Data # 3062 Page 965 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 88 Page 966 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 89 Page 967 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 90 COMPARABLE 4 Property Reference: Property Type: Agriculture Vacant Land Address: 1702 Frangipani Avenue Naples, FL 34117 County: Collier Location: STRAP/ID: 00302000009 Grantor: Carlos M Tillan Grantee: Shermania 30 LLC Legal Data: Sale Date: July 31, 2023 Sale Price: $120,000 Sale Price per Sq. Ft.: $0.56 Sale Price per Acre: $24,490 Price per Dev. Unit: N/A Recording: Inst# 6436104 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NBMO-NEUTRAL Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3058 Page 968 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 91 Site Data: Site Dimensions: 1325' X 160' Site Size: 213,444 square feet, 4.900 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: No Road Access Wetlands/Uplands: Uplands Soils: Typical Sale Analysis: Sale Price: $120,000 Financing: Cash to Seller Price per SF: $0.56 Price per Acre: $24,490 Price per Dev. Unit: N/A Sale Confirmation: Verification: Alex Gomez, 2394049479 Verifying Appraiser: Brandon Jonas, January 19, 2024 Sale History: None in the last 3 years Comments: This is a sale of 5 acres of vacant land that has no frontage or direct access located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is completely uplands. The parcel has a neutral value designation. The parcels sold for $120,000 on July 31, 2023. The sale details were verified by the listing agent. CNA Data # 3058 Page 969 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 92 Page 970 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 93 Page 971 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 94 COMPARABLE 5 Property Reference: Property Type: Agriculture Vacant Land Address: Vacant Land Ivy WAY Naples, FL 34117 County: Collier Location: STRAP/ID: 00318960007 Grantor: R3 Trading Co LLC Grantee: Bruce A. Gelinas Legal Data: Sale Date: June 05, 2023 Sale Price: $117,500 Sale Price per Sq. Ft.: $0.55 Sale Price per Acre: $23,980 Price per Dev. Unit: N/A Recording: Inst# 6416538 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NRPA-NBMO-SENDING Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3057 Page 972 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 95 Site Data: Site Dimensions: 1325' X 160' Site Size: 213,444 square feet, 4.900 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: No Road Access Wetlands/Uplands: Uplands Soils: Typical Sale Analysis: Sale Price: $117,500 Financing: Cash to Seller Price per SF: $0.55 Price per Acre: $23,980 Price per Dev. Unit: N/A Sale Confirmation: Verification: Stephen Hachey, 8136426030 Verifying Appraiser: Brandon Jonas, January 19, 2024 Sale History: Sold for $25,000 on April 22, 2021 Comments: This is a sale of 5 acres of vacant land that has no frontage or direct access located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is completely uplands. The parcel has a sending value designation. The parcels sold for $117,500 on June 5, 2023. The sale details were verified by the listing agent. CNA Data # 3057 Page 973 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 96 Page 974 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 97 Page 975 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 98 COMPARABLE 6 Property Reference: Property Type: Agriculture Vacant Land Address: 1760 Ivy Way Naples, FL 34117 County: Collier Location: STRAP/ID: 00306240001 Grantor: Carlos W. Alvarez Grantee: Kathleen Oliva Legal Data: Sale Date: April 18, 2023 Sale Price: $135,000 Sale Price per Sq. Ft.: $0.63 Sale Price per Acre: $27,551 Price per Dev. Unit: N/A Recording: Inst# 6398300 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NBMO-SENDING Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3060 Page 976 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 99 Site Data: Site Dimensions: 1325' X 160' Site Size: 213,444 square feet, 4.900 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: Poor Dirt Road Access Wetlands/Uplands: Uplands Soils: Typical Sale Analysis: Sale Price: $135,000 Financing: Cash to Seller Price per SF: $0.63 Price per Acre: $27,551 Price per Dev. Unit: N/A Sale Confirmation: Verification: Jean Adams, 2392694538 Verifying Appraiser: Brandon Jonas, January 19, 2024 Sale History: None in the last 3 years Comments: This is a sale of 5 acres of vacant land that has frontage along dirt road Ivy Way located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is completely uplands. The parcel has a sending value designation. The parcels sold for $135,000 on April 18, 2023. The sale details were verified by the listing agent. CNA Data # 3060 Page 977 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 100 Page 978 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 101 COMPARABLE 7 Property Reference: Property Type: Agriculture Vacant Land Address: Vacant Land Tobias Naples, FL 34117 County: Collier Location: STRAP/ID: 00299960003 Grantor: Santosh, Shobha, Chacko, & Accamma Jacob Grantee: Shermania 29 LLC Legal Data: Sale Date: August 06, 2022 Sale Price: $100,000 Sale Price per Sq. Ft.: $0.46 Sale Price per Acre: $20,000 Price per Dev. Unit: N/A Recording: Inst# 6297147 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NBMO-SENDING Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3061 Page 979 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 102 Site Data: Site Dimensions: 365' X 660' Site Size: 217,800 square feet, 5.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: No Road Access Wetlands/Uplands: Uplands Soils: Typical Sale Analysis: Sale Price: $100,000 Financing: Cash to Seller Price per SF: $0.46 Price per Acre: $20,000 Price per Dev. Unit: N/A Sale Confirmation: Verification: David Huff, 2396491990 Verifying Appraiser: Brandon Jonas, January 19, 2024 Sale History: None in the last 3 years Comments: This is a sale of 5 acres of vacant land that has no frontage or direct access located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is completely uplands. The parcel has a sending value designation. The parcels sold for $100,000 on August 6, 2022. The sale details were verified by the listing agent. CNA Data # 3061 Page 980 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 103 Page 981 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 104 Page 982 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 105 COMPARABLE 8 Property Reference: Property Type: Agriculture Vacant Land Address: 1190 Ivy Way Naples, FL 34117 County: Collier Location: STRAP/ID: 00302800005 Grantor: Noel & Yilianna Hernandez Grantee: Best Homes Builder at Golden Gate LLC Legal Data: Sale Date: July 14, 2022 Sale Price: $175,000 Sale Price per Sq. Ft.: $0.82 Sale Price per Acre: $35,714 Price per Dev. Unit: N/A Recording: Inst# 6318377 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NBMO-NEUTRAL Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3065 Page 983 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 106 Site Data: Site Dimensions: 1325' X 160' Site Size: 213,444 square feet, 4.900 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: Poor Dirt Road Access Wetlands/Uplands: Uplands Soils: Typical Sale Analysis: Sale Price: $175,000 Financing: Cash to Seller Price per SF: $0.82 Price per Acre: $35,714 Price per Dev. Unit: N/A Sale Confirmation: Verification: MLS & Public Record Verifying Appraiser: Brandon Jonas, Sale History: None in the last 3 years Comments: This is a sale of 5 acres of vacant land that has frontage along dirt road Ivy Way located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is completely uplands. The parcel has a neutral value designation. The parcels sold for $175,000 on July 14, 2022. The sale details were verified by MLS and public record. CNA Data # 3065 Page 984 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 107 Page 985 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 108 Page 986 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 109 COMPARABLE 9 Property Reference: Property Type: Agriculture Vacant Land Address: 2120 Frangipani Avenue Naples, FL 34117 County: Collier Location: STRAP/ID: 00301480002 Grantor: Timothy T. Lainhart & Anthony I. Lainhart Grantee: Shermania 29 LLC Legal Data: Sale Date: February 28, 2022 Sale Price: $150,000 Sale Price per Sq. Ft.: $0.69 Sale Price per Acre: $30,000 Price per Dev. Unit: N/A Recording: Inst# 6215875 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: RFMUO-NBMO-NEUTRAL Zoning: Agricultural Highest and Best Use: Agricultural CNA Data # 3063 Page 987 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 110 Site Data: Site Dimensions: 340' X 670' Site Size: 217,800 square feet, 5.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: N/A Utilities: Well & Septic Available Access: Dirt Road Access Wetlands/Uplands: 60% Uplands Soils: Typical Sale Analysis: Sale Price: $150,000 Financing: Cash to Seller Price per SF: $0.69 Price per Acre: $30,000 Price per Dev. Unit: N/A Sale Confirmation: Verification: MLS & Public Record Verifying Appraiser: Brandon Jonas, Sale History: None in the last 3 years Comments: This is a sale of 5 acres of vacant land that has dirt road access along Frangipani Avenue located in the North Belle Meade area in Bonita Springs. The sale contains one parcel that is zoned agricultural and is 60% uplands. The parcel has a neutral value designation. The parcels sold for $150,000 on February 28, 2022. The sale details were verified by MLS and Public record. CNA Data # 3063 Page 988 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 111 Page 989 of 3899 COLLI ER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & ASSOCIATES 112 Page 990 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 113 Land Sales Qualitative One Parcel 40 Acres Neutral Page 991 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 114 Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Real Property Rights Conveyed: “An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.” In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing Terms: “The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction’s financing terms and those assumed in the valuation of a subject property.” In this analysis the transactions were either market financed or cash to the seller, no adjustments were necessary. Conditions of Sale: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction.” In this analysis, the sales were all at “arm’s length” including no conditions of sale. Expenditures made immediately after purchase: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued.” The appraisers are not aware of any expenditures made immediately after the sale of these transactions. Market Conditions: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time.” The sales transactions occurred between February 2022 (Sale Nine) and November 2023 (Sale One). We compared and contrasted the transactions utilized in our analysis as well as considering other sales from the marketplace. We found no market conditions adjustment was necessary for the sales as a clearly identified adjustment was not found. Page 992 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 115 Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, size, future land use, zoning, access, and topography. This process involves a quantitative analysis. Location: The subject property is located along the east side of 20th street SE in Naples, Florida. The comparable sales are all considered similar in this category. Size: The subject property contains 1,742,400 square feet or 40 acres and the comparables range in size from 3.8 acres to 14.7 acres. Typically, as land size increase, the value per acre decreases due to economies of scale. All of the sales with the exception of sale two were superior for smaller site sizes. Sale two was deemed similar to the subject property. Future Land Use & Zoning Classification: The subject property has an Agriculture/Rural Mixed-Use District future land use and A zoning classification. The sales all having zoning and land use classifications that are relatively similar to the subject. Utilities: The subject property has limited utilities available to site as is typically of agricultural land. The comparable sales are all considered similar in this category. Access: The subject property has frontage and access along 20th Street SE. Sales one, two, three, four, five, & seven have no road access to the site and were adjusted deemed inferior for accessibility. Wetlands: The subject is fully upland on site. Sale Three was deemed inferior for containing wetlands. The remaining sales have similar minimal wetlands present and were deemed similar. Topography: The subject property is level and mostly cleared land. The comparable sales are all considered similar in this category. Miscellaneous: The subject contains Metal residential building; Metal storage building; 3 small wooden cabins as typically of agricultural land. While all sales contain no improvement, Typically, improvements of these nature do not contribute value to high acreage agricultural land like the subject property. The remaining sales were all considered as relatively similar in this regard. Page 993 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 116 Final Analysis This Sales Comparison Approach has utilized nine sales ranging in price per acre from a low of $20,000 to a high of $35,714.29, with mean-median values of $27,544.10 and $27,551.02 respectively. When selecting the comparable sales most similar to the subject the criteria utilized include location, size, future land use & zoning classification, utilities, access, wetlands, and topography. This is displayed in the chart below. It is our opinion the most appropriate unit value for the subject is within the upper range of our values closer to the adjusted price per acre of neutral designated properties. We have concluded to a value of $30,000 per acre which is also near upper end of our price per acre noted above. location, size, future land use & zoning classification, utilities, access, wetlands, and topography were considered in estimating an appropriate unit value. Multiplying this unit value times the land area of 40 acres equals an estimated value of $1,200,000. Therefore, when utilizing the Sale Comparison Approach to value it is our opinion that the subject property “As-Is” fee simple interest as of the date of inspection of January 17, 2024 has an estimated value of $1,200,000. Page 994 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 117 Land Sales Qualitative Ten Parcels 110 Acres Sending Page 995 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORR I S , & ASSOC IATES 118 Adjustment Analysis: The sales were compared to each other individually and collectively as well as being compared to the subject property in order to assist in the adjustment process. Real Property Rights Conveyed: “An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.” In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing Terms: “The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction’s financing terms and those assumed in the valuation of a subject property.” In this analysis the transactions were either market financed or cash to the seller, no adjustments were necessary. Conditions of Sale: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction.” In this analysis, the sales were all at “arm’s length” including no conditions of sale. Expenditures made immediately after purchase: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued.” The appraisers are not aware of any expenditures made immediately after the sale of these transactions. Market Conditions: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur. Sometimes called a time adjustment because the differences in dates of sale are often compared, although the usage can be misleading because property values do not change merely as the result of the passage of time.” The sales transactions occurred between February 2022 (Sale Nine) and November 2023 (Sale One). We compared and contrasted the transactions utilized in our analysis as well as considering other sales from the marketplace. We found no market conditions adjustment was necessary for the sales as a clearly identified adjustment was not found. Page 996 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 119 Physical Characteristics: Next the sales were considered and compared with one another and the subject for physical characteristics. These include location, size, future land use, zoning, access, and topography. This process involves a quantitative analysis. Location: The subject property is located along the east side of 20th street SE in Naples, Florida. The comparable sales are all considered similar in this category and were deemed as such. Size: The subject property contains 4,791,600 square feet or 110 acres and the comparables range in size from 3.8 acres to 14.7 acres. Typically, as land size increase, the value per acre decreases due to economies of scale. The subject property contains 10 parcels ranging in size from 5 acres to 20 acres, The comparable sales are all considered similar in regard to site size. Future Land Use & Zoning Classification: The subject property has an Agriculture/Rural Mixed-Use District future land use and A zoning classification. The sales all having zoning and land use classifications that are relatively similar to the subject. Utilities: The subject property has limited utilities available to site as is typically of agricultural land. The comparable sales are all considered similar in this category. Access: The subject property has no road frontage and is accessible from the 40-acre lot along 20th Street SE. Sales six, eight, & nine have dirt road access and frontage on the site and were regarded as superior for accessibility. Wetlands: The subject is fully upland on site. Sale Three was deemed inferior for containing wetlands. The remaining sales have similar minimal wetlands present and were deemed similar. Topography: The subject property is level and mostly cleared land. The comparable sales are all considered similar in this category. Miscellaneous: The subject contains Metal residential building; Metal storage building; 3 small wooden cabins as typically of agricultural land. While all sales contain no improvement, Typically, improvements of these nature do not contribute value to high acreage agricultural land like the subject property. The remaining sales were all considered as relatively similar in this regard. Page 997 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 120 Final Analysis This Sales Comparison Approach has utilized nine sales ranging in price per acre from a low of $20,000 to a high of $35,714.29, with mean-median values of $27,544.10 and $27,551.02 respectively. When selecting the comparable sales most similar to the subject the criteria utilized include location, size, future land use & zoning classification, utilities, access, wetlands, and topography. This is displayed in the chart below. It is our opinion the most appropriate unit value for the subject is mean & median range of our values. We have concluded to a value of $28,000 per acre which is also near mean & median end of our price per acre noted above. location, size, future land use & zoning classification, utilities, access, wetlands, and topography were considered in estimating an appropriate unit value. Multiplying this unit value times the land area of 110 acres equals an estimated value of $3,080,000. Therefore, when utilizing the Sale Comparison Approach to value it is our opinion that the subject property “As-Is” fee simple interest as of the date of inspection of January 17, 2024 has an estimated value of $3,080,000. Section 6 – Reco nciliation of Value The Cost Approach is based upon the principal of substitution which states that a prudent purchaser would not pay more for a property than the amount required to purchase a similar site and construct similar improvements without undue delay, producing a property of equal desirability and utility. As noted previously, the subject property has no improvements of significant value to consider and therefore the cost approach was not utilized. The Income Approach to value was not included and not considered to be applicable in this appraisal. The Sales Comparison Approach was applied. An adequate number of closed sales were available to reflect the actions of buyers and sellers in the subject’s marketplace as of the effective date of value. We have concluded to the values used in the Sales Comparison Approach and we have arrived at an estimate for the subject property(s). Page 998 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 121 Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the 40-acre parcel designated Rural Lands Mixed Use District Neutral Lands, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: ONE MILLION TWO HUNDRED THOUSAND DOLLARS ..................................... ($1,200,000.00). Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the ten parcels totaling 110-acres designated Rural Lands Mixed Use District Sending Lands, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: THREE MILLION EIGHTY THOUSAND DOLLARS............................................... ($3,080,000.00). Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the eleven parcels totaling 150-acres, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: FOUR MILLION TWO HUNDRED EIGHTY THOUSAND DOLLARS ................... ($4,280,000.00). Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact us. Respectfully submitted, Michael Jonas, MAI, AI-GRS, CCIM State-certified general real estate appraiser RZ2623 Brandon Jonas State-registered trainee appraiser RI25835 Page 999 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 122 Section 7 – Certification and Limiting Conditions Certification of Michael Jonas, MAI, AI-GRS, CCIM I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results.7 • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, Michael Jonas has completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute. • As of the date of this report, Michael Jonas has completed the continuing education program for Designated Members of the Appraisal Institute. Page 1000 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 123 • Michael Jonas has completed the requirements of education for registration through the State of Florida is current until November 30, 2024. • Michael Jonas has not made a personal inspection of the property that is the subject of this report. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. • Michael Jonas has not appraised the subject in the last three years. He has not provided any other services related to the property in the last three years. • Brandon Jonas, Registered Appraiser Trainee License: RI25835, contributed twenty hours relating to development, research, inspection, and writing of this report. • I, the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication of this appraisal, hereby accepts full and complete responsibility for any work performed by the registered appraisal trainee named in this report as if it were my own work. Page 1001 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 124 Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the 40-acre parcel designated Rural Lands Mixed Use District Neutral Lands, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: ONE MILLION TWO HUNDRED THOUSAND DOLLARS ..................................... ($1,200,000.00). Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the ten parcels totaling 110-acres designated Rural Lands Mixed Use District Sending Lands, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: THREE MILLION EIGHTY THOUSAND DOLLARS............................................... ($3,080,000.00). Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the eleven parcels totaling 150-acres, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: FOUR MILLION TWO HUNDRED EIGHTY THOUSAND DOLLARS ................... ($4,280,000.00). Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact us. Respectfully submitted, Michael Jonas, MAI, AI-GRS, CCIM State-certified general real estate appraiser RZ2623 Page 1002 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 125 Certification of Brandon Jonas I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • Brandon Jonas has completed the requirements of education for registration through the State of Florida is current until November 30, 2022. • Brandon Jonas has made a personal inspection of the property that is the subject of this report. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. Page 1003 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 126 • Brandon Jonas is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. • Brandon Jonas has not appraised the subject in the last three years. He has not provided any other services related to the property in the last three years. Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the 40-acre parcel designated Rural Lands Mixed Use District Neutral Lands, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: ONE MILLION TWO HUNDRED THOUSAND DOLLARS ..................................... ($1,200,000.00). Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the ten parcels totaling 110-acres designated Rural Lands Mixed Use District Sending Lands, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: THREE MILLION EIGHTY THOUSAND DOLLARS............................................... ($3,080,000.00). Based on market conditions existing as of the effective date of appraisal, and in consideration of the property as it existed on this date, it is our opinion the eleven parcels totaling 150-acres, under the extraordinary assumptions as discussed in this report, warranted a market value in its “as is” condition in fee simple ownership on January 17, 2024 of: FOUR MILLION TWO HUNDRED EIGHTY THOUSAND DOLLARS ................... ($4,280,000.00). Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact us. Respectfully submitted, Brandon Jonas State-registered trainee appraiser RI25835 Page 1004 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 127 Section 6 –Limiting Conditions General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Page 1005 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 128 A report related to an estate that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest, plus the value of all other fractional interests, may or may not equal the value of the entire fee simple estate considered as a whole. A report relating to the geographic portion of a larger property applies only to such geographic portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographic portions, plus the value of all other geographic portions, may or may not equal the value of the entire property or tract considered as a single entity. All valuations in the report are applicable only under the estimated program of the highest and best use and are not necessarily appropriate under other programs of use. Auxiliary and Related Studies: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or conclusions upon any subsequent study or analysis or previous study or analysis that subsequently becomes available to us. Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as of the date of value estimate. Inclusions: Furnishings and equipment or business operations, except as otherwise specifically indicated, have been disregarded, with only the real estate being considered. Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site improvements proposed, if any, as well as any repairs required, are considered to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. The estimate of value, as proposed, is as of the date shown, as if completed and operating at levels shown and projected. Value Change, Dynamic Market Influences: The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property both physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretation of income and yields and other factors which were derived from general and specific market information. Such estimates are made as of the date of the estimate of value. As a result, they are subject to change, as the market is dynamic and may naturally change over time. The date upon which the value estimate applies is only as of the date of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein. An appraisal is the product of a professionally trained person, but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best estimate as of Page 1006 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 129 the date of valuation. There are no guaranties, either written or implied, that the property would sell for the expressed estimate of value. Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to the subject property. No title search has been made, and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any information given by the appraiser as to a sales history is information that the appraiser has researched; to the best of my knowledge, this information is accurate, but not warranted. Management of the Property: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised. Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this report and analytical findings or conclusions or give a copy of this report to anyone other than the client or his designee, as specified in writing, except as may be required by the Appraisal Institute, as they may request in confidence for ethic enforcement, or by a court of law with the power of subpoena. All conclusions and opinions concerning the analyses as set forth herein are prepared by the appraisers whose signatures appear. No change of any item in the report shall be made by anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is made. Whenever our opinion herein with respect to the existence or absence of fact is qualified by the phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate that, during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use whatsoever. Neither our name nor this report may be used in connection with any financing plans which would be classified as a public offering under State or Federal Security Laws. Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof, does not carry with it the right of publication, nor may it be used for other than its intended use. The physical report remains the property of the firm for the use of the client, with the fee being for the analytical services only. This report may not be used for any purpose by any person or corporation other than the client or the party to whom the report is addressed. Additional copies may not be made without the written consent of an officer of the firm, and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations effort, news, sales or other media without my prior written consent and approval of the client. It has been assumed that the client or representative thereof, if soliciting funds for his project, has furnished to the user of this report complete plans, specifications, surveys and photographs of land and improvements, along with all other information which might be deemed necessary to correctly analyze and appraise the subject property. Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized and may have been altered and, therefore, is considered invalid. Page 1007 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 130 Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of the report. The appraisers or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part, nor will they be asked or required to engage in post appraisal consultation with client or third parties except under separate and special arrangement and at an additional fee. Any subsequent copies of this appraisal report will be furnished on a cost-plus expenses basis, to be negotiated at the time of request. Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the physical report. The acceptance of the report by the client takes with it the agreement and acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or written. The fee is in no way contingent on the value estimated. Special Limiting Conditions: The Americans with Disabilities Act became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable barrier removable construction items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the A.D.A. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance with one or more of the requirements of the A.D.A. If so, this fact could have a negative effect on the value estimated herein. Since Carlson, Norris and Associates has no specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of any possible noncompliance with the requirements of the A.D.A. was not considered in estimating the value of the subject property. This analysis is made in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute. Please note the following extraordinary assumptions: • A soil analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions and would recommend that an expert be consulted. • It is assumed that there are no hazardous materials either at ground level or subsurface. We assume the legal description and size provided are correct. Page 1008 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 131 Section 8 – Addenda Page 1009 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 132 Flood Map Page 1010 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 133 APPRAISERS' LICENSES License of Michael P. Jonas, MAI, AI-GRS, CCIM License of Brandon Jonas Page 1011 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 134 QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623 EDUCATION: University of Central Florida - 1999 BSBA – Finance PROFESSIONAL EDUCATION: Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020, 2022 Appraisal Institute: 2018 Legislative VALUEvent , 2018 Appraisal Institute: Advanced Income Capitalization, 2003 Appraisal Institute: Advancing the Appraisal Profession, 2019 Appraisal Institute: Analyzing Distressed Real Estate, 2007 Appraisal Institute: Appraisal Laws and Rules, 2000, 2002, 2004, 2020, 2022 Appraisal Institute: Appraisal Report Writing, 2005 Appraisal Institute: Artificial Intelligence, AVMS, 2019 Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020 Appraisal Institute: Capital Reserve Studies 2022 Appraisal Institute: Central Florida Real Estate Forum, 2022 Appraisal Institute: Desktop Appraisals 2020 Appraisal Institute: Evaluations for Commercial and Residential Appraisers, 2022 Appraisal Institute: FL State Law for Real Estate Appraisers, 2004 Appraisal Institute: Florida Appraisal Laws and Rules, 2012, 2014, 2016 Appraisal Institute: Florida Real Estate Valuation, 2011 Appraisal Institute: Florida State Law for Real Estate Appraisers, 2006 Appraisal Institute: Fundamentals of Separating Real Estate, 2012 Appraisal Institute: Insurance Appraisal, 2011 Appraisal Institute: National USPAP Update Course, 2000, 2002, 2004, 2006, 2008, 2010, 2012 Appraisal Institute: Real Estate Damages, 2011 Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007 Appraisal Institute: Review Involving Appraisals by Multiple Appraisers, 2022 Appraisal Institute: Review Theory – General, 2014 Appraisal Institute: Roles/Responsibilities Supervisor/Trainee, 2006, 2008 Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008, 2012, 2014, 2016 2020, 2022 Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012 Appraisal Institute: The Appraiser as an Expert Witness, 2016 Appraisal Institute: The Paperless Real Estate Appraisal Office, 2022 Appraisal Institute: Trial Components, 2016 Appraisal Institute: Uniform Appraisal Standards for Federal Land Acquisitions, 2007 Bert Rodgers: Continuing Real Estate Education, 2004, 2006, 2021 Bob Hogue: CE for Florida Real Estate Professionals, 2016 CCIM Institute: Financial Analysis Commercial Investment, 2008 CCIM Institute: Financial Analysis for Commercial, 2008 CCIM Institute: Investment Analysis Commercial Investment, 2009 CCIM Institute: Investment Analysis Commercial, 2009 CCIM Institute: Market Analysis Commercial Investment, 2008 CCIM Institute: User Decision Analysis Commercial Industrial, 2009 CLE International: Eminent Domain, 2006 Cooke: CE for Real Estate Professionals, 2015 DPBR: FREAB Board Meeting, 2007 Florida Dept. Revenue: Real Property Appraiser Special Magistrates VAB Training, 2022 Larson Educational Services: Core Law, 2010 McKissock: Supervisor – Trainee Course for Florida, 2019 Page 1012 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 135 NABOR Ethics Training: 2004, 2008, 2012, 2016 EXPERIENCE: 1999 – 2000 Clayton, Roper & Marshall Orlando, FL 2000 – 2001 Chapman & Associates Sarasota, FL 2001 – 2008 Coast Engineering Consultants, Inc Naples, FL 2008 – 2009 Orion Bank. Naples, FL 2009 – 2011 Iberia Bank Naples, FL 2011 – 2014 Integra Realty Resources Naples, FL 2014 – 2016 Capstone Valuation Advisors, LLC Naples, FL 2016 – 2019 MPJ Real Estate Services, Inc. Naples, FL 2019 – Present Carlson, Norris & Associates Fort Myers & Naples, FL 2022 – Special Magistrate, Collier County Value Adjustment Board PROFESSIONAL MEMBERSHIP: Appraisal Institute, Member (MAI / AI-GRS) No. 12480 Certified Commercial Investment Member, CCIM No. 18275 Certification, State Certified General Appraiser RZ2623 Member, Naples Area Board of Realtors State of Florida, Registered Real Estate Broker BK700992 Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial buildings, warehouses, mobile home parks, professional offices, medical offices, office/warehouse condominiums, single family homes, duplexes, apartment projects, individual condominium projects, residential lots, acreage, wetlands, special use properties, ranches, conservation easements hotels, marinas, mixed-use subdivisions, regional malls, gas stations, self-storage facilities and eminent domain cases. Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders, developers, mortgage companies, insurance companies, home transfer companies, private individuals, and local, state and federal government agencies. Qualified as an expert witness in Monroe and Collier County Circuit Court Page 1013 of 3899 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 136 QUALIFICATIONS OF BRANDON M. JONAS REGISTERED TRAINEE APPRAISER RI25835 EDUCATION: University South Florida – Bachelor of Science – Biology PROFFESIONAL EDUCATION: Basic Appraisal Principles – April 2023 Basic Appraisal Procedures – April 2023 National 15-Hour USPAP Course – May 2023 Commercial Cost Approach Certification – February 2023 Florida Trainee Appraiser Subject Matter Electives – May 2023 Supervisor-Trainee Course for Florida – May 2023 EXPERIENCE: 2023-Present: Carlson, Norris and Associates, Inc. Fort Myers, Florida PROFESSIONAL MEMBERSHIP: Certification State-Registered Trainee Appraiser RI25835 Properties appraised/assisted include: commercial buildings, industrial buildings, warehouses, retail centers, vacant land, multi-family, single-family homes, and other miscellaneous properties. Page 1014 of 3899 APPRAISAL REPORT FOR THE CONSERVATION COLLIER PROGRAM AND THE COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS SUBJECT PROPERTY: SYMPHONY PROPERTIES, LLC 150.00 ACRES IN NORTH BELLE MEADE NAPLES, FL 34117 AT THE REQUEST OF: ROOSEVELT LEONARD, R/W-AC SUPERVISOR – REAL PROPERTY MANAGEMENT COLLIER COUNTY FACILITIES MANAGEMENT/REAL PROPERTY 3335 TAMIAMI TRAIL E., STE. 101 NAPLES, FL 34112 ASSIGNMENT NO.: 6600-TS APPRAISAL EFFECTIVE DATE: JANUARY 17, 2024 DATE OF REPORT: FEBRUARY 5, 2024 Page 1015 of 3899 6600 Report Table of Contents Carroll & Carroll Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1 CONSERVATION FEATURES SUMMARY OVERVIEW ................................................................. 3 CERTIFICATION ..................................................................................................................................... 5 SCOPE OF WORK ................................................................................................................................... 7 ESTATE APPRAISED .............................................................................................................................. 8 DEFINITION OF MARKET VALUE ..................................................................................................... 9 ASSUMED EXPOSURE TIME ................................................................................................................ 9 AREA INFORMATION ........................................................................................................................ 10 MARKET AREA ..................................................................................................................................... 19 PROPERTY INFORMATION ............................................................................................................... 31 SITE DESCRIPTION – 40.00 ACRES ............................................................................................... 33 SITE DESCRIPTION – 110.00 ACRES ............................................................................................. 35 SUBJECT PHOTOGRAPHS .............................................................................................................. 37 ENVIRONMENTAL CONTAMINATION .................................................................................... 47 NATURAL RESOURCE CONCERNS ............................................................................................ 48 ZONING .............................................................................................................................................. 56 40.00 ACRES ....................................................................................................................................... 56 110.00 ACRES ..................................................................................................................................... 57 ASSESSMENT AND TAXES ............................................................................................................ 62 FLOOD ZONE DATA ....................................................................................................................... 64 TRANSACTIONAL HISTORY ........................................................................................................ 65 CURRENT STATUS ........................................................................................................................... 65 HIGHEST AND BEST USE ................................................................................................................... 66 CONSIDERATION OF APPROACHES ............................................................................................. 70 SALES COMPARISON APPROACH ................................................................................................. 71 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 73 VACANT LAND COMPARABLES ................................................................................................ 75 LAND SALES ADJUSTMENT GRID – 40.00 ACRES ................................................................... 88 LAND SALES ADJUSTMENT GRID – 110.00 ACRES ................................................................. 89 ESTIMATE OF VALUE – 40.00 ACRES .............................................................................................. 95 ESTIMATE OF VALUE – 110.00 ACRES ............................................................................................ 96 ESTIMATE OF VALUE – 150.00 ACRES ............................................................................................ 97 ADDENDA ............................................................................................................................................. 98 Page 1016 of 3899 6600 Report Summary of Important Data & Conclusions Carroll & Carroll 1 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 Symphony Properties, LLC 150.00 Acres in North Belle Meade, Naples, FL 34117 Property Description A total of 150.00-acres consisting of 11 parcels located off 20th Street SE in the North Belle Meade area in Naples, Florida. The northern most parcel contains 40.00 acres and is designated Neutral and the remining 110.00 acres are designated Sending as part of the Rural Fringe Mixed Use District. Property Type Vacant Land Owner of Recor Symphony Properties, LLC Property ID # 00301320007, 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, 00299920001 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 January 17, 2024 Date of Report February 5, 2024 Date of Inspection January 17, 2024 Purpose of Appraisal Estimate market value “As Is” Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Values 40.00 Acres $1,440,000 110.00 Acres $2,310,000 Combined 150.00 Acres $3,750,000 GENERAL INFO 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 The northern 40.00 acres are improved with a private shooting range. I was not provided Page 1017 of 3899 6600 Report Summary of Important Data & Conclusions Carroll & Carroll 2 with any environmental reports and therefore I have assumed the property is not contaminated. HYPOTHETICAL CONDITIONS None Page 1018 of 3899 6600 Report Conservation Summary Overview Carroll & Carroll 3 CONSERVATION FEATURES SUMMARY OVERVIEW Project Name: Symphony Properties Appraisal Project 150.00 Acres in North Belle Meade, Naples, FL 34117 Folio Number & Owner(s) of Record: 00301320007, 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, 00299920001 Symphony Properties, LLC Zoning/Overlays: 40.00 Acres “A” – Rural Agricultural District RFMUO - NBMO – Neutral Rural Fringe Mixed Use District (RFMUO) - Neutral Lands and the North Belle Meade Overlay 110.00 Acres “A” – Rural Agricultural District RFMUO - NBMO – Sending Rural Fringe Mixed Use District (RFMUO) - Sending Lands and the North Belle Meade Overlay Zoning Considerations for TDR’s, PHU, other endangered species: N/A Was the cost to mitigate wetlands or endangered species taken into consideration? Yes, the plant communities present on the property include hydric pine flatwoods. A portion of the property could be mitigated in order to construct single-family residences if wetlands are present on the property. Scope of Proposed Mitigation: N/A Land Area: 150.00 gross acres Access for the Parcel Taken Into Consideration: The subject parcel has legal and physical access. Page 1019 of 3899 6600 Report Conservation Summary Overview Carroll & Carroll 4 Highest and Best Use: 40.00 Acres- The highest and best use is to develop with a maximum of 8 single-family homes. 110.00 Acres - The highest and best use is to sever and sell the TDR credits to potential developers and sell the undevelopable land to an owner-user for agricultural or recreational uses. Date of Estimated Value: January 17, 2024 Estimated Values: 40.00 Acres $1,440,000 110.00 Acres $2,310,000 Combined 150.00 Acres $3,750,000 Page 1020 of 3899 6600 Report Certification Carroll & Carroll 5 CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property. I personally inspected Comparables 7, 8, and 12 and relied on aerial photography for Comparables 1, 2, 3, 4, 5, 6, 9, 10, and 11. 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. Page 1021 of 3899 6600 Report Certification Carroll & Carroll 6 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 Page 1022 of 3899 6600 Report Scope of Work Carroll & Carroll 7 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: • Reviewed aerial photographs, land use plans, the Land Development Code, the Conservation Collier Initial Criteria Screening Report, an Environmental Assessment, marketing materials, and other documentation. • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use. • Researched vacant land comparable sales, listings, and pending sales. • Developed the sales comparison approach. • Estimated the market value of the fee simple estate for the northern 40.00-acre parcel designated Neutral, the 110.00 acres designated Sending, and the combined 150.00 acres. • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion. Sources of market data included local and regional MLS systems, CoStar, LoopNet, public records, and interviews with real estate brokers. Page 1023 of 3899 6600 Report Estate Appraised Carroll & Carroll 8 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. Page 1024 of 3899 6600 Report Definition of Market Value Carroll & Carroll 9 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) ¶ 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 9 and 12 months. Page 1025 of 3899 6600 Report Area Analysis Carroll & Carroll 10 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). GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. About 63% of the land area is in public ownership, is set aside for environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild, and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. Most of the county is less than 15 feet above mean sea level. Although changes in elevation Page 1026 of 3899 6600 Report Area Analysis Carroll & Carroll 11 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 14th Edition) 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. Page 1027 of 3899 6600 Report Area Analysis Carroll & Carroll 12 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. 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. Page 1028 of 3899 6600 Report Area Analysis Carroll & Carroll 13 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. 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 Page 1029 of 3899 6600 Report Area Analysis Carroll & Carroll 14 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 Page 1030 of 3899 6600 Report Area Analysis Carroll & Carroll 15 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. Page 1031 of 3899 6600 Report Area Analysis Carroll & Carroll 16 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 Page 1032 of 3899 6600 Report Area Analysis Carroll & Carroll 17 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 Page 1033 of 3899 6600 Report Area Analysis Carroll & Carroll 18 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. Page 1034 of 3899 6600 Report Market Area Carroll & Carroll 19 MARKET AREA Market Area is defined as: “The geographic region from which a majority of demand comes and in which the majority of competition is located.” (The Dictionary of Real Estate Appraisal 7th Edition) “A market area is defined in terms of the market for a specific category of real estate and thus is the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users.” (The Appraisal of Real Estate 15th 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: Page 1035 of 3899 6600 Report Market Area Carroll & Carroll 20 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. Page 1036 of 3899 6600 Report Market Area Carroll & Carroll 21 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 Page 1037 of 3899 6600 Report Market Area Carroll & Carroll 22 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. Page 1038 of 3899 6600 Report Market Area Carroll & Carroll 23 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. Page 1039 of 3899 6600 Report Market Area Carroll & Carroll 24 Page 1040 of 3899 6600 Report Market Area Carroll & Carroll 25 Page 1041 of 3899 6600 Report Market Area Carroll & Carroll 26 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 Page 1042 of 3899 6600 Report Market Area Carroll & Carroll 27 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. Page 1043 of 3899 6600 Report Market Area Carroll & Carroll 28 Page 1044 of 3899 6600 Report Market Area Carroll & Carroll 29 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. Page 1045 of 3899 6600 Report Market Area Carroll & Carroll 30 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. Page 1046 of 3899 6600 Report Property Information Carroll & Carroll 31 PROPERTY INFORMATION Page 1047 of 3899 6600 Report Property Information Carroll & Carroll 32 Page 1048 of 3899 6600 Report Property Information Carroll & Carroll 33 40.00 ACRES SITE DESCRIPTION – 40.00 ACRES Address 1320 20th Street SE, Naples, FL 34117 Legal Description The Southeast ¼ of the Northwest ¼ of Section 13, Township 49 South, Range 27 East, Collier County, Florida. Property ID# 00301320007 Owner of Record Symphony Properties, LLC Size I was not provided with a boundary survey. The Collier County Property Appraiser reports the subject property to be 1,742,400 gross square feet or 40.00 gross acres. Easements None Shape Square Dimensions Approximately 1,320’x1,320’ Access The subject has both legal and physical access. The property is accessible from 20th Street SE. 20th Street SE is a privately maintained gravel road extending south of Frangipani Avenue. North of Frangipani Avenue 20th Street SE is a 2-lane, asphalt paved publicly maintained road Page 1049 of 3899 6600 Report Property Information Carroll & Carroll 34 extending south from Golden Gate Boulevard. Topography The topography is generally level. Ground Cover The majority of the property is cleared. The southwest corner is covered in native vegetation. I was provided with a Conservation Collier Initial Criteria Screening Report Symphony Properties dated July 14, 2023. The subject property contains a variety of vegetative communities including pine flatwoods, mesic pine flatwoods, hydric pine flatwoods, palmetto prairie, and shrub/brushland. The majority of the property is hydric flatwoods, mesic flatwoods, and pine flatwoods with the property being identified as rural open. Very few invasive plants are located on the property. The invasives include a patch of cogon grass, occasional Caesar weed, Brazilian pepper, lantana, and shrubby false buttonwood. Utilities Electricity, telephone, and TV cable are available. The property is currently serviced by well and septic. Surrounding Land Uses The subject is surrounded to the south and east by privately owned vacant and improved Agricultural zoned parcels to the north and west by 115 acres owned by the School District of Collier County. Demographics (2023) 2 mile 5 10 Population 3,260 17,457 108,854 Households 1,004 5,446 38,151 Median HH Income $88,586 $77,191 $74,769 Median Home Value $328,979 $331,681 $358,841 Site Improvements The property is improved with an 1,125 square foot metal building constructed in 2018, an 870 square foot metal building built in 2018, three small cabins, three shooting shelters, two chickee huts, brick paver deck, well, septic system, perimeter fencing, and multiple gates. The improvements are in average condition. Page 1050 of 3899 6600 Report Property Information Carroll & Carroll 35 110.00 ACRES SITE DESCRIPTION – 110.00 ACRES Address No site Address, Naples, FL 34117 Legal Description Lengthy legal description copied into the addendum of the report. Property ID# 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, 00299920001 Owner of Record Symphony Properties, LLC Size I was not provided with a boundary survey. The Collier County Property Appraiser reports the subject property to be 4,791,600 gross square feet or 110.00 gross acres. Easements None Shape Irregular Dimensions Varies Access The property is accessible from 20th Street SE through the adjacent property to the north. It is assumed the subject has both legal and physical access. Page 1051 of 3899 6600 Report Property Information Carroll & Carroll 36 Topography The topography is generally level. Ground Cover A significant portion of the property is in its native state with a few of the parcels being selectively cleared. I was provided with a Conservation Collier Initial Criteria Screening Report Symphony Properties dated July 14, 2023. The subject property contains a variety of vegetative communities including pine flatwoods, mesic pine flatwoods, hydric pine flatwoods, palmetto prairie, and shrub/brushland. The majority of the property is hydric flatwoods, mesic flatwoods, and pine flatwoods with the property being identified as rural open. Very few invasive plants are located on the property. The invasives include a patch of cogon grass, occasional Caesar weed, Brazilian pepper, lantana, and shrubby false buttonwood. Utilities Electricity, telephone, and TV cable are available. The property is currently serviced by well and septic. Surrounding Land Uses The subject is surrounded to the north, south, east and by privately owned vacant and improved Agricultural zoned parcels. Located to the northeast is 115 acres and to the northwest are 35 acres owned by the School District of Collier County. Demographics (2023) 2 mile 5 10 Population 3,260 17,457 108,854 Households 1,004 5,446 38,151 Median HH Income $88,586 $77,191 $74,769 Median Home Value $328,979 $331,681 $358,841 Site Improvements The property is improved with a 2,643 square foot barn that was built in 2005. The structure suffered damage from prior hurricanes and is in poor condition. There is also a well, perimeter fencing, and multiple gates. The site improvements are in average condition. Page 1052 of 3899 6600 Report Property Information Carroll & Carroll 37 SUBJECT PHOTOGRAPHS View to the south along 20th Street SE. (Photo Taken January 17, 2024) View to the north along 20th Street SE. (Photo Taken January 17, 2024) Page 1053 of 3899 6600 Report Property Information Carroll & Carroll 38 View into the subject property from 20th Street SE. (Photo Taken January 17, 2024) View to the east along the northern boundary. (Photo Taken January 17, 2024) Page 1054 of 3899 6600 Report Property Information Carroll & Carroll 39 View to west across the northern 40.00 acres. (Photo Taken January 17, 2024) View of the cabins on the north 40.00 acres. (Photo Taken January 17, 2024) Page 1055 of 3899 6600 Report Property Information Carroll & Carroll 40 View of the cabins on the north 40.00 acres. (Photo Taken January 17, 2024) View of the cabins on the north 40.00 acres. (Photo Taken January 17, 2024) Page 1056 of 3899 6600 Report Property Information Carroll & Carroll 41 View of one the metal buildings on the north 40.00 acres. (Photo Taken January 17, 2024) View of the second metal building on the north 40.00 acres. (Photo Taken January 17, 2024) Page 1057 of 3899 6600 Report Property Information Carroll & Carroll 42 View to the east across the north 40.00 acres. (Photo Taken January 17, 2024) View to the east along a boundary in the central portion of the property. (Photo Taken January 17, 2024) Page 1058 of 3899 6600 Report Property Information Carroll & Carroll 43 View to the south along a western boundary. (Photo Taken January 17, 2024) View to the south along a western boundary. (Photo Taken January 17, 2024) Page 1059 of 3899 6600 Report Property Information Carroll & Carroll 44 View to the east from the southwest corner of the property. (Photo Taken January 17, 2024) View to the north along the eastern boundary. (Photo Taken January 17, 2024) Page 1060 of 3899 6600 Report Property Information Carroll & Carroll 45 View to the north along the far eastern boundary. (Photo Taken January 17, 2024) View to the west across the property (barn ahead). (Photo Taken January 17, 2024) Page 1061 of 3899 6600 Report Property Information Carroll & Carroll 46 View of the old barn. (Photo Taken January 17, 2024) View to the north along an eastern boundary to the north of the property. (Photo Taken January 17, 2024) Page 1062 of 3899 6600 Report Property Information Carroll & Carroll 47 ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment Available No 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. Page 1063 of 3899 6600 Report Property Information Carroll & Carroll 48 NATURAL RESOURCE CONCERNS Condition of subject The majority of the property has been cleared. I was provided with a Conservation Collier Initial Criteria Screening Report Symphony Properties dated July 14, 2023. The subject property contains a variety of vegetative communities including pine flatwoods, mesic pine flatwoods, hydric pine flatwoods, palmetto prairie, and shrub/brushland. The majority of the property is hydric flatwoods, mesic flatwoods, and pine flatwoods with the property being identified as rural open. Very few invasive plants are located on the property. The invasives include a patch of cogon grass, occasional Caesar weed, Brazilian pepper, lantana, and shrubby false buttonwood. The hydric pine flatwoods hold shallow surface water during the wet season. I interviewed Howard, the property manager who said that there is only one spot on the southeast corner of the property that holds water during the wet season. He has never seen water across the property in all the years he has managed the property. The property/habitat would support the presence of many species including the federally endangered Florida panther, red-cockaded woodpecker, Florida bonneted bat, and state-threatened Florida gopher tortoise and Big Cypress fox squirrel. 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 Page 1064 of 3899 6600 Report Property Information Carroll & Carroll 49 appraiser’s required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise required to discover them. Page 1065 of 3899 6600 Report Property Information Carroll & Carroll 50 Page 1066 of 3899 6600 Report Property Information Carroll & Carroll 51 FUTURE LAND USE 40.00 ACRES Ordinance or Plan Collier County Growth Management Plan Future Land Use Designation Rural Fringe Mixed Use District (RFMUD) – Neutral Lands and the North Belle Meade Overlay Purpose of Designation The Rural Fringe Mixed Use District provides a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. The Rural Fringe Mixed Use District employs a balanced approach, including both regulations and incentives, to protect natural resources and private property rights, providing for large areas of open space, and allowing, in designated areas, appropriate types, density and intensity of development. The Rural Fringe Mixed Use District allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses and essential services deemed necessary to serve the residents of the District. Neutral Lands are those lands within the Rural Fringe Mixed Use District that have been identified for limited semi-rural residential development. Available data indicates that Neutral Lands have a higher ratio of native vegetation, and thus higher habitat values, than lands designated as Receiving Lands, but these values do not approach those of Sending Lands. Therefore, these lands are appropriate for limited development, if such development is directed away from existing native vegetation and habitat. Permitted uses include agricultural uses, single family uses at a maximum density of one dwelling unit per 5 acres (0.2 units per acre), multi-family residential structures shall be permitted under the Residential Clustering provision, group housing, farm labor housing, sporting and recreational Page 1067 of 3899 6600 Report Property Information Carroll & Carroll 52 camps, essential services, golf courses, community facilities, and private schools. Development rights may also be severed from Neutral Lands at a maximum rate of 0.2 TDR (Transfer of Development Rights) credits per acre (1 TDR Credit per five acres). Utilization of TDR Credits and TDR Bonus Credits in Receiving Lands may only occur in whole number increments (fractions are prohibited). In the case of legal nonconforming lots or parcels in existence as of June 22, 1999, where such lot or parcel is less than 5 acres in size, one TDR Credit may be severed from said lot or parcel. North Belle Meade area is surrounded by Golden Gate Estates to the north, east, and west and I-75 to the south and is unique to the Rural Fringe area because it is surrounded by areas that are vested for development on three sides. Because this area is largely undeveloped and includes substantial vegetated areas, the Sending Lands can and do provide valuable habitat for wildlife, including endangered species. The challenge for the NBM Overlay area is to achieve a balance of both preservation and opportunities for future development that takes into account resource protection and the relationship between this area and the Estates developing around the NBM Overlay area. 110.00 ACRES Ordinance or Plan Collier County Growth Management Plan Future Land Use Designation Rural Fringe Mixed Use District (RFMUD) – Sending Lands and the North Belle Meade Overlay Purpose of Designation The Rural Fringe Mixed Use District provides a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. The Rural Fringe Mixed Use District employs a balanced approach, including both regulations and incentives, to protect natural resources and private property rights, providing for Page 1068 of 3899 6600 Report Property Information Carroll & Carroll 53 large areas of open space, and allowing, in designated areas, appropriate types, density and intensity of development. The Rural Fringe Mixed Use District allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses and essential services deemed necessary to serve the residents of the District. Sending Lands are those lands within the Rural Fringe Mixed Use District that have the highest degree of environmental value and sensitivity and generally include significant wetlands, uplands, and habitat for listed species. Permitted uses include agricultural uses, detached single family uses at a maximum density of one dwelling unit per 40 acres or one dwelling unit per lot or parcel of less than 40 acres, which existed on or before June 22, 1999, habitat preservation and conservation use, passive parks, sporting and recreational camps, essential services, and oil and gas exploration. Development rights may also be severed from Sending Lands at a maximum rate of 0.2 TDR (Transfer of Development Rights) credits per acre (1 TDR Credit per five acres). Utilization of TDR Credits and TDR Bonus Credits in Receiving Lands may only occur in whole number increments (fractions are prohibited). In the case of legal nonconforming lots or parcels in existence as of June 22, 1999, where such lot or parcel is less than 5 acres in size, one TDR Credit may be severed from said lot or parcel. North Belle Meade area is surrounded by Golden Gate Estates to the north, east, and west and I-75 to the south and is unique to the Rural Fringe area because it is surrounded by areas that are vested for development on three sides. Because this area is Page 1069 of 3899 6600 Report Property Information Carroll & Carroll 54 largely undeveloped and includes substantial vegetated areas, the Sending Lands can and do provide valuable habitat for wildlife, including endangered species. The challenge for the NBM Overlay area is to achieve a balance of both preservation and opportunities for future development that takes into account resource protection and the relationship between this area and the Estates developing around the NBM Overlay area. Page 1070 of 3899 6600 Report Property Information Carroll & Carroll 55 Page 1071 of 3899 6600 Report Property Information Carroll & Carroll 56 ZONING 40.00 ACRES Ordinance or Land Development Code Collier County Zoning “A” – Rural Agricultural District RFMUO – NBMO – Neutral Rural Fringe Mixed Use District (RFMUO) – Neutral Lands and the North Belle Meade Overlay Purpose or Intent of Zoning The purpose and intent of the Rural Agricultural District is to provide land for agricultural, pastoral, and rural land uses. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, and group care facilities are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, group care facilities, and earth mining are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The maximum shall not exceed the density permissible under the density rating system. Below are the development requirements as set forth in the Agricultural Zoning District: Minimum Lot Area: 217,800 square feet or 5.00 acres Minimum Lot Width: 165 feet Page 1072 of 3899 6600 Report Property Information Carroll & Carroll 57 Minimum Front Yard Setback: 50 feet minimum Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 50 feet Maximum Building Height: 35 feet The purpose and intent of the RFMU District is to provide a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. The RFMU District employs a balanced approach, including both regulations and incentives, to protect natural resources and private property rights, providing for large areas of open space, and allowing, in designated areas, appropriate types, density and intensity of development. The RFMU District allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses, and essential services deemed necessary to serve the residents of the RFMU District. The innovative planning and development techniques which are required and/or encouraged within the RFMU District were developed to preserve existing natural resources, including habitat for listed species, to retain a rural, pastoral, or park-like appearance from the major public rights-of-way, and to protect private property rights. Neutral Lands have been identified for limited semi- rural residential development. Available data indicates that neutral lands have a higher ratio of native vegetation, and thus higher habitat values, than lands designated as RFMU receiving lands, but these values do not approach those of RFMU sending lands. Therefore, these lands are appropriate for limited development, if such development is directed away from existing native vegetation and habitat. 110.00 ACRES Ordinance or Land Development Code Collier County Zoning “A” – Rural Agricultural District RFMUO - NBMO – Sending Page 1073 of 3899 6600 Report Property Information Carroll & Carroll 58 Rural Fringe Mixed Use District (RFMUO) – Sending Lands and the North Belle Meade Overlay Purpose or Intent of Zoning The purpose and intent of the Rural Agricultural District is to provide land for agricultural, pastoral, and rural land uses. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, and group care facilities are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, group care facilities, and earth mining are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The maximum shall not exceed the density permissible under the density rating system. Below are the development requirements as set forth in the Agricultural Zoning District: Minimum Lot Area: 217,800 square feet or 5.00 acres Minimum Lot Width: 165 feet Minimum Front Yard Setback: 50 feet minimum Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 50 feet Maximum Building Height: 35 feet The purpose and intent of the RFMU District is to provide a transition between the Urban and Estates Page 1074 of 3899 6600 Report Property Information Carroll & Carroll 59 Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. The RFMU District employs a balanced approach, including both regulations and incentives, to protect natural resources and private property rights, providing for large areas of open space, and allowing, in designated areas, appropriate types, density and intensity of development. The RFMU District allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses, and essential services deemed necessary to serve the residents of the RFMU District. The innovative planning and development techniques which are required and/or encouraged within the RFMU District were developed to preserve existing natural resources, including habitat for listed species, to retain a rural, pastoral, or park-like appearance from the major public rights-of-way, and to protect private property rights. Sending Lands are those lands that have the highest degree of environmental value and sensitivity and generally include significant wetlands, uplands, and habitat for listed species. RFMU sending lands are the principal target for preservation and conservation. Density may be transferred from RFMU sending lands as provided in LDC section 2.03.07 D.4.c. All NRPAs within the RFMU district are also RFMU sending lands.. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. Page 1075 of 3899 6600 Report Property Information Carroll & Carroll 60 Page 1076 of 3899 6600 Report Property Information Carroll & Carroll 61 Page 1077 of 3899 6600 Report Property Information Carroll & Carroll 62 ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID On the following page is a complete list of all 11 Parcels. Assessment and Tax Year 2023 Combined Land Assessment $4,326,500 Improvement Assessment $277,900 Combined Total Assessment $4,604,400 10% CAP ($19,434) AG Exemption ($4,272,870) Taxable Value $312,096 Total Taxes $3,550.98 Taxing Authority/Jurisdiction Collier County The total assessment is $4,604,400 or $30,696 per gross acre of land area (based on 150.00 acres). The land assessment is within the range of other similar parcels. The assessment is higher than my estimate of market value. As of the appraisal effective date the 2023 taxes have been paid. Page 1078 of 3899 6600 Report Property Information Carroll & Carroll 63 PARCEL PARCEL ID OWNERSHIP ACREAGE 2023 LAND 2023 IMPROVED 2023 MARKET 10% CAP AG EXEMPTION 2023 TAXABLE 2023 TOTAL VALUE VALUE VALUE VALUE TAXES 1 0030132007 Symphony Properties, LLC 40.00 $1,200,000 $192,190 $1,392,190 ($19,434)($1,163,970)$208,786 $2,485.64 2 00300880001 Symphony Properties, LLC 15.00 $450,000 $0 $450,000 $0 ($447,900)$2,100 $21.66 3 00299120005 Symphony Properties, LLC 10.00 $300,000 $0 $300,000 $0 ($298,600)$1,400 $14.44 4 00300800007 Symphony Properties, LLC 10.00 $300,000 $0 $300,000 $0 ($298,600)$1,400 $14.44 5 00299800008 Symphony Properties, LLC 5.00 $150,000 $0 $150,000 $0 ($149,300)$700 $7.22 6 00299440002 Symphony Properties, LLC 10.00 $300,000 $85,710 $385,710 $0 ($294,600)$91,110 $939.52 7 00301800006 Symphony Properties, LLC 20.00 $600,000 $0 $600,000 $0 ($597,800)$2,200 $22.70 8 00299480004 Symphony Properties, LLC 15.00 $450,000 $0 $450,000 $0 ($448,350)$1,650 $17.02 9 00299680008 Symphony Properties, LLC 15.00 $450,000 $0 $450,000 $0 ($448,350)$1,650 $17.02 10 00299560005 Symphony Properties, LLC 5.00 $63,250 $0 $63,250 $0 ($62,700)$550 $5.66 11 00299920001 Symphony Properties, LLC 5.00 $63,250 $0 $63,250 $0 ($62,700)$550 $5.66 TOTAL 150.00 $4,326,500 $277,900 $4,604,400 ($19,434)($4,272,870)$312,096 $3,550.98 Page 1079 of 3899 6600 Report Property Information Carroll & Carroll 64 FLOOD ZONE DATA Flood Zone AH Flood Zone Comments Zone AH – Areas of 1% annual-chance shallow flooding with a constant water- surface elevation (usually areas of ponding) where average depths are between 1 and 3 feet. Base flood elevations determined. Community Panel Number 12021C0430H & 12021C0435H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps Page 1080 of 3899 6600 Report Property Information Carroll & Carroll 65 TRANSACTIONAL HISTORY Sales History There have been no transactions or transfers of ownership in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract The northern 40.00 acres are listed for $5,000,000 or $125,000 per gross acre. I interviewed the listing agent, Andrew Saluan, who said he has little interest and no offers. According to Costar the property has been on the market approximately 270 days. The remaining 110.00 acres are listed for $2,750,000 or $25,000 per gross acre. Andrew also said that there has been little interest and it has also been on the market for 270 days. The combined asking price for both properties is $7,750,000 or $51,667 per acre. The combined property was also listed for $5,998,000 or $39,987 per acre in late 2021. The property was on the market for 176 days and the listing expired January 1, 2022. Page 1081 of 3899 6600 Report Highest and Best Use Carroll & Carroll 66 HIGHEST AND BEST USE DEFINITION The Dictionary of Real Estate Appraisal, 7th 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 40.00 ACRES Legally Permissible: Collier County designates the property as “A” – Rural Agricultural District - RFMUO – NBMO – Neutral, Rural Fringe Mixed Use District (RFMUO) – Neutral Lands and the North Belle Meade Overlay. Neutral Lands have been identified for limited semi-rural residential development. Available data indicates that Neutral Lands have a higher ratio of native vegetation, and thus higher habitat values, than lands designated as Receiving Lands, but these values do not approach those of Sending Lands. Permitted uses include agricultural uses, single family uses at a maximum density of one dwelling unit per 5 acres (0.2 units per acre), multi-family residential structures shall be permitted under the Residential Clustering provision, group housing, farm labor housing, sporting and recreational camps, essential services, golf courses, community facilities, and private schools. A maximum of 8 residential units (0.20 units per acre) could be developed under the current future land use. The development rights may also be severed from Neutral Lands at a maximum rate of 0.2 TDR (Transfer of Development Rights) credits per acre (1 TDR Credit per five acres), with a maximum of 4 TDR Credits. The subject would be entitled to 1 base TDR credit. Bonus Page 1082 of 3899 6600 Report Highest and Best Use Carroll & Carroll 67 TDR credits can also be obtained. The property would also qualify for 1 early entry TDR bonus credit. The second bonus credit is the Environmental Restoration and Maintenance Bonus credits which are generated at a rate of 1 credit for each TDR credit severed from that RFMU sending land for which a Restoration and Management Plan (RMP) has been accepted by the County. Conveyance Bonus credits are generated at a rate of 1 credit for each TDR credit severed from that RFMU sending land that is conveyed in fee simple to a federal, state, or local government agency as a gift. The subject property would be entitled to a maximum of 32.00 TDR credits. Physically Possible: Assuming there are no significant environmental issues, the subject could be developed as single-family home site a one unit per 5.00 acres (0.20 units per acre) or some type of agricultural operation. The site is served by well and septic systems and electricity. The location, surrounding land uses, and the size of the property suggest some type of rural agricultural use, single-family use, passive recreational use, or transfer the TDR credits. Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Due to the limited number of locations in Naples for agricultural uses, this is also a financially feasible use. The majority of the current buyers are either land speculators or owner-users. There is a market for TDR credits. As development continues to move east, the developers of land in the Rural Fringe Mixed Use District will become more reliant on TDRs to increase their density. Collier County had originally established a minimum price of $25,000 per base TDR credit, but that has been eliminated. Therefore, base credits and bonus density credits are sold for any price. I interviewed Parker Kloph, Planner III with the Collier County Growth Management Division with the most recent TDR rates being between $5,000 and $33,000 depending on the motivation of the user. I also interviewed Mark Dhondt, CEO of B&G Land Holdings, who said the price for base TDR credits is approximately $25,000. Based on the recent sales of TDR credits, the highest and best use is to sever and sell the TDR credits and sell the undevelopable land to an owner-user for agricultural or recreational uses. Although it is not an economic use, acquisition of lands in the area by Collier County is encouraged for habitat preservation and conservation. Maximally Productive: The maximally productive use is to develop with a maximum of 8 single-family homes. Page 1083 of 3899 6600 Report Highest and Best Use Carroll & Carroll 68 110.00 ACRES Legally Permissible: Collier County designates the property as “A” – Rural Agricultural District - RFMUO – NBMO – Sending, Rural Fringe Mixed Use District (RFMUO) – Sending Lands and the North Belle Meade Overlay. Sending Lands are those lands within the Rural Fringe Mixed Use District that have the highest degree of environmental value and sensitivity and generally include significant wetlands, uplands, and habitat for listed species. The zoning ordinance and future land use are consistent in identifying the property for residential uses, varying types of ancillary agricultural uses, habitat preservation and conservation, passive recreational uses, essential services, and oil and gas exploration. The property can be used for agricultural purposes, a maximum of one single family home per 40 acres or one dwelling unit per lot or parcel of less than 40 acres, which existed on or before June 22, 1999. The development rights may also be severed from Sending Lands at a maximum rate of 0.2 TDR (Transfer of Development Rights) credits per acre (1 TDR Credit per five acres), with a maximum of 4 TDR Credits. The subject would be entitled to 1 base TDR credit. Bonus TDR credits can also be obtained. The property would also qualify for 1 early entry TDR bonus credit. The second bonus credit is the Environmental Restoration and Maintenance Bonus credits which are generated at a rate of 1 credit for each TDR credit severed from that RFMU sending land for which a Restoration and Management Plan (RMP) has been accepted by the County. Conveyance Bonus credits are generated at a rate of 1 credit for each TDR credit severed from that RFMU sending land that is conveyed in fee simple to a federal, state, or local government agency as a gift. The subject property would be entitled to a maximum of 88.00 TDR credits. Physically Possible: Assuming there are no significant environmental issues, the subject could be developed as two single-family home sites or some type of agricultural operation. The site is served by well and septic systems. The property has both legal and physical access. The location, surrounding land uses, and the size of the property suggest some type of rural agricultural use, single-family use, passive recreational use, or transfer the TDR credits. Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Page 1084 of 3899 6600 Report Highest and Best Use Carroll & Carroll 69 Due to the limited number of locations in Naples for agricultural uses, this is also a financially feasible use. The majority of the current buyers are either land speculators or owner-users. There is a market for TDR credits. As development continues to move east, the developers of land in the Rural Fringe Mixed Use District will become more reliant on TDRs to increase their density. Collier County had originally established a minimum price of $25,000 per base TDR credit, but that has been eliminated. Therefore, base credits and bonus density credits are sold for any price. I interviewed Parker Kloph, Planner III with the Collier County Growth Management Division with the most recent TDR rates being between $5,000 and $33,000 depending on the motivation of the user. I also interviewed Mark Dhondt, CEO of B&G Land Holdings, who said the price for base TDR credits is approximately $25,000. Based on the recent sales of TDR credits, the highest and best use is to sever and sell the TDR credits and sell the undevelopable land to an owner-user for agricultural or recreational uses. Although it is not an economic use, acquisition of lands in the area by Collier County is encouraged for habitat preservation and conservation. Maximally Productive: The maximally productive use is to sever and sell the TDR credits to possible developers and sell the undevelopable land to an owner-user for agricultural or recreational uses. PROPERTY AS IMPROVED 40.00 ACRES Legally Permissible: The existing buildings and site improvements are consistent with the Growth Management Plan and land development code and therefore are a legal use. Physically Possible: The existing structures and site improvements are substantially smaller than the ideal improvement or an under improvement of the site. Their position on the site is not ideal for single-family development. The improvements are at the end of their economic life. Financially Feasible: The improvements do not represent the highest and best use of the site and therefore contribute no additional value. Maximally Productive – The highest and best use is the existing improvements be razed and the site be redeveloped with a maximum of 8 single-family homes. Page 1085 of 3899 6600 Report Consideration of Approaches Carroll & Carroll 70 CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for these vacant parcels. At the request of the client, I was engaged to appraise the property under the three separate tasks/value scenarios described below. Task 1: One separate, standalone appraised value for 1 parcel with Folio # 00301320007 (40.0 acres). This parcel is in the Rural Lands Mixed Use District Neutral Lands. Task 2: One separate, standalone appraised value for 10 parcels appraised as one unit totaling 110 acres. Folio #s are: 00299120005 (10.0 acres) 00299800008 (5.0 acres) 00299440002 (10.0 acres) 00299920001 (5.0 acres) 00299480004 (15.0 acres) 00300800007 (10.0 acres) 00299560005 (5.0 acres) 00300880001 (15.0 acres) 00299680008 (15.0 acres) 00301800006 (20.0 acres) These parcels are in the Rural Lands Mixed Use District Sending Lands with a North Belle Meade Overlay. Task 3: One separate, standalone appraised value for all 11 parcels from Task 1 and Task 2 above appraised as one unit totaling 150.00 acres. Page 1086 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 71 SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: 1. Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales of land comparable to the subject parcels. The intention was to find comparable sales in similar locations that offer similar functional utility. Task 1 was to value the northern 40.00 acres. Six closed sales and one pending sale (Comparables 1-7) were identified as the best available for analysis. The seven comparables are all zoned “A” – Rural Agricultural District RFMUO – Neutral, Rural Fringe Mixed Use District (RFMUO) – Neutral Lands with a Future Land Use of Neutral Lands. Task 2 was to value the remaining 110.00 acres. Five closed sales (Comparables 8-12) were identified as the best available for analysis. Four comparables are zoned “A” – Rural Agricultural District RFMUO – Sending, Rural Fringe Mixed Use District (RFMUO) – Sending Lands with a Future Land Use of Sending Lands. Comparable 8 is zoned “A- Page 1087 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 72 MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay, but was included because of its large size. There have been a number sales throughout the North Belle Meade area throughout 2023. All the sales are from B&G Land Holdings, LLC. They purchased 93 parcels from Resource Conservation Properties, Inc. on January 20, 2023 for $100,000. I was able to speak with Mark Dhondt, CEO of B&G Land Holdings, who said that all the properties have had their base TDR credits severed and therefore have no development rights. B&G Land Holdings has since begun to sell off these parcels for prices ranging from $3,000 to $5,000 per acre throughout 2023. I was able to speak with Michael Adams, Operations Manager with B&G Land Holdings, but due the confidentiality of the sales, he was unable to confirm the sale prices, and how they were being marketed. Since the sales did not include development rights/TDR credits I elected not to include the sales in my 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 data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Page 1088 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 73 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES – 40.00 ACRES Page 1089 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 74 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES – 110.00 ACRES Page 1090 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 75 VACANT LAND COMPARABLE 1 ADDRESS 2256 Frangipani Avenue, Naples, FL 34117 PROPERTY ID NO. 00299080006 SALE PRICE $200,000 UNIT AREA 10.00 acres UNIT PRICE $20,000 per acre DATE OF RECORDING June 17, 2022 O.R. BOOK-PAGE 6145/852 CONTRACT DATE June 9, 2022 GRANTOR Dominic and Beverly Sparacino GRANTEE Shermania 29, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural-RFMUO-NBMO-Neutral IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records and SWFLA MLS. The parcel was listed for $350,000 and was on the market 40 days. Page 1091 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 76 VACANT LAND COMPARABLE 2 ADDRESS 1626 Frangipani Avenue, Naples, FL 34117 PROPERTY ID NO. 00302080003, 00302120002, 00302160004 SALE PRICE $390,000 UNIT AREA 14.70 acres UNIT PRICE $26,531 per acre DATE OF RECORDING November 03, 2023 O.R. BOOK-PAGE 6303/2721 CONTRACT DATE October 6, 2023 GRANTOR Property Offer Pro, LLC GRANTEE Shermania 29, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural-RFMUO-NBMO-Neutral IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES Two of the parcels sold May 10, 2023 for $235,000. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through SWFLA MLS and Public Records. The property was listed for $390,000 and was on the market 175 days. Based on an informal wetlands determination, the property is 100% uplands. Page 1092 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 77 VACANT LAND COMPARABLE 3 ADDRESS 2140 Frangipani Avenue, Naples, FL 34117 PROPERTY ID NO. 00301560003 SALE PRICE $155,000 UNIT AREA 5.00 acres UNIT PRICE $31,000 per acre DATE OF RECORDING November 10, 2022 O.R. BOOK-PAGE 6191/177 CONTRACT DATE Unknown GRANTOR Liquid Property Group, LLC GRANTEE Alfredo Arcia FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural-RFMUO-NBMO-Neutral IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES The property sold on the same day for $81,000. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. It does not appear the property was formally listed for sale. Page 1093 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 78 VACANT LAND COMPARABLE 4 ADDRESS 7555 Friendship Lane, Naples, FL 34120 PROPERTY ID NO. 00103280002, 00100800003, 00101200000 SALE PRICE $515,000 UNIT AREA 14.11 acres UNIT PRICE $36,499 per acre DATE OF RECORDING February 10, 2022 O.R. BOOK-PAGE 6085/3074 CONTRACT DATE January 13, 2022 GRANTOR Raymond and Lisa Pelletier GRANTEE Gerardo Regaldo FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Mostly cleared including a small lake LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural-MHO-RFMUO-Neutral IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. The property was listed for $550,000 and was on the market 1,001 days. Page 1094 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 79 VACANT LAND COMPARABLE 5 ADDRESS 1633 Angela Road, Naples, FL 34120 PROPERTY ID NO. 00102520006 SALE PRICE $350,000 UNIT AREA 8.58 acres UNIT PRICE $40,793 per acre DATE OF RECORDING December 01, 2023 O.R. BOOK-PAGE 6310/1558 CONTRACT DATE October 25, 2023 GRANTOR Jonathan Golden GRANTEE Olde Florida Farm, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural-MHO-RFMUO-Neutral IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES Sold February 24, 2022 for $235,000. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records and SWFLA MLS. The property was listed for $385,000 and was on the market 78 days. According to an informal wetland determination dated August 5, 2021, the property has approximately 1.51 acres of medium quality wetlands scattered around the property. Page 1095 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 80 VACANT LAND COMPARABLE 6 ADDRESS Ivy Way, Naples, FL 34117 PROPERTY ID NO. 00302680005 SALE PRICE $259,000 UNIT AREA 4.90 acres UNIT PRICE $52,857 per acre DATE OF RECORDING January 17, 2024 O.R. BOOK-PAGE 6322/2901 CONTRACT DATE Unknown GRANTOR Angel Madera, Jr. GRANTEE GGR Custom Cabinets, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural-RFMUO-NBMO-Neutral IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES Sold July 31, 2023 for $135,000. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. It does not appear the property was formally listed for sale. Page 1096 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 81 VACANT LAND COMPARABLE 7 (PENDING) ADDRESS Brantley Boulevard, Naples, FL 34117 PROPERTY ID NO. 61731680000, 61731720009, 61731760001, 61734040003, 61734080005, 61734560004 SALE PRICE $6,695,000 UNIT AREA 96.84 acres UNIT PRICE $69,135 per acre DATE OF RECORDING N/A O.R. BOOK-PAGE N/A CONTRACT DATE February 16, 2023 GRANTOR John L. Cowan Trust Agreement and Jane Ann Cowan T GRANTEE N/A FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Neutral Lands ZONING A - Rural Agricultural-RFMUO-NBMO-Neutral IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified the pending sale with Erica Dawn Eister, listing agent. She was unable to disclose the contract price, but said it was close to the asking price. She said the sale is supposed to close by the end of 2024 and she could also not disclose the intended use of t he buyers. The property was listed for $6,695,000 and was on the market 300 days. Page 1097 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 82 VACANT LAND COMPARABLE 8 ADDRESS Oil Well Road, Immokalee, FL 34142 PROPERTY ID NO. 00233280008 SALE PRICE $5,500,000 UNIT AREA 639.17 acres UNIT PRICE $8,605 per acre DATE OF RECORDING July 07, 2023 O.R. BOOK-PAGE 6266/2604 CONTRACT DATE May 17, 2023 GRANTOR Paola Copeland Groverman Trust GRANTEE We Struck Oil, LLC FINANCING Cash to seller TOPO-ELEVATION Level and slightly below road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Rural Lands Stewardship Area ZONING “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Greg Zaino, buyer. He verified the sale price and the arm's-length nature. This was a speculative purchase, and he plans to resell the property. The property was listed for $6,900,000 and was on the market 45 days. Page 1098 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 83 VACANT LAND COMPARABLE 9 ADDRESS Kam Luck Drive, Naples, FL 34117 PROPERTY ID NO. 00351560008 SALE PRICE $85,000 UNIT AREA 5.00 acres UNIT PRICE $17,000 per acre DATE OF RECORDING December 27, 2022 O.R. BOOK-PAGE 6202/1431 CONTRACT DATE December 7, 2022 GRANTOR Three Brothers Property, LLC GRANTEE Rafael M. Lancon Garcia and Brenda N. Vallejo-Barrueta FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Sending Lands ZONING A-RFMUO-NRPA-NBMO-SENDING IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records and SWFLA MLS. The property was listed for $199,999 and was on the market 340 days. The zoning is A- RFMUO-NRPA-NBMO-SENDING. The parcel included development rights (TDR's included). Page 1099 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 84 VACANT LAND COMPARABLE 10 ADDRESS Wooodland Estates Road, Naples, FL 34117 PROPERTY ID NO. 00299960003 SALE PRICE $100,000 UNIT AREA 5.00 acres UNIT PRICE $20,000 per acre DATE OF RECORDING August 15, 2022 O.R. BOOK-PAGE 6164/1055 CONTRACT DATE June 13, 2022 GRANTOR Santosh and Shobha Jacob and Chacko and Accamma Jacob GRANTEE Shermania 29, LLC FINANCING Cash to seller TOPO-ELEVATION Level GROUND COVER Native Vegetation LAND USE DESIGNATION Sending Lands ZONING A - Rural Agricultural-RFMUO-NBMO-Sending IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION The E 1/2 of the SE 1/4 of the SE 1/4 of the SE 1/4 of Section 13, Township 49 South, Range 27 East, Collier County, Florida. VERIFICATION Verified through Public Records and SWFLA MLS. The sale appears to be between two unrelated parties and therefore arm's-length. The property was listed for $119,900 and was on the market 633 days before it went under contract. Page 1100 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 85 VACANT LAND COMPARABLE 11 ADDRESS 2000 Markley Avenue, Naples, FL 34117 PROPERTY ID NO. 00337480005, 00337360002, 00339800007, 00338120005, 00339840009, 00341880002, 00337120006, 00337320000 SALE PRICE $1,000,000 UNIT AREA 44.54 acres UNIT PRICE $22,452 per acre DATE OF RECORDING February 18, 2022 O.R. BOOK-PAGE 6087/1070 CONTRACT DATE Unknown GRANTOR Abelardo Martinez GRANTEE John R. Nebus FINANCING Cash to seller TOPO-ELEVATION Level GROUND COVER Mostly Cleared LAND USE DESIGNATION Sending Lands ZONING A - Rural Agricultural-RFMUO-NBMO-Sending IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. The sale appears to be between two unrelated parties and therefore arm's-length. It does not appear the property was formally listed for sale. Page 1101 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 86 VACANT LAND COMPARABLE 12 ADDRESS 1480 Peach Place, Naples, FL 34117 PROPERTY ID NO. 00300440001, 002994000000, 00299280000, 00300920000, 0030028009, 00300160006, 00299880002, & 00299320009 SALE PRICE $1,700,000 UNIT AREA 50.00 acres UNIT PRICE $34,000 per acre DATE OF RECORDING June 04, 2021 O.R. BOOK-PAGE 5960/2559 CONTRACT DATE March 7, 2021 GRANTOR Curtis D. Mitchell GRANTEE Matthew Wilson Lacy FINANCING Cash to seller TOPO-ELEVATION Level GROUND COVER Cleared LAND USE DESIGNATION Sending Lands ZONING A - Rural Agricultural-RFMUO-NBMO-Sending IMPROVEMENTS The property is improved with an average to good quality single-family residence constructed by Gulfstream Homes in 2001. The structure is constructed of CBS and designed with a hip roof finished with concrete tiles. The home consists of 2,217 square feet or gross living area and includes a 462 square foot 2-car garage, a covered entry, and a 398 square foot screened lanai. The home is designed with 3 bedrooms, den, and two bathrooms. Interior finishes include ceramic tile and carpet floors, drywall walls and ceilings, wood cabinets, and laminate countertops in the kitchen. Site improvements consist of approximately 12,210 linear feet of four-foot, 4-strand barbed wire fencing on wooden posts. There is a lime rock driveway extending from the property entrance to the house, a metal gate at the entrance, a concrete pad near the garage, and average quality landscaping, lighting, and irrigation surrounding the house. There are also three irrigation wells with submersible pumps and underground PVC piping extending to the eastern and western edges of the property. Page 1102 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 87 UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Lisa Marie Johnson, listing agent. She verified the sale price and the arm's-length nature. The property was listed for $1,750,000 and has been on the market 675 days or over 22 months. The price originally began at $1,900,000 December 27, 2018 and had been reduced multiple times over the past couple of years. Page 1103 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 88 LAND SALES ADJUSTMENT GRID – 40.00 ACRES ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7 PENDING PROPERTY IDENTIFICATION 1330 20th Street 2256 Frangipani 1626 Frangipani 2140 Frangipani 7555 Friendship 1633 Angela Ivy Way Brantley Blvd. SE Ave.Ave.Ave.Ln.Rd. SALE PRICE N/A $200,000 $390,000 $155,000 $515,000 $350,000 $259,000 $6,695,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Market Market Market 0 0 0 0 0 0 0 BUILDING IMPROVEMENTS Cleared None None None None None None None 0 0 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller N/A Equivalent 0 0 0 0 0 0 0 ADJUSTED SALE PRICE N/A $200,000 $390,000 $155,000 $515,000 $350,000 $259,000 $6,695,000 Recording Date N/A 06/17/22 11/03/23 11/10/22 02/10/22 12/01/23 01/17/24 01/17/24 Months Prior To Effective Date 01/17/24 19.03 2.47 14.23 23.21 1.55 0.00 0.00 MARKET CHANGE ADJUSTMENT N/A 14.3%1.8%10.7%17.4%1.2%0.0%0.0% ADJUSTED SALE PRICE N/A $228,550 $397,212 $171,547 $604,643 $354,056 $259,000 $6,695,000 Parcel Area in Gross Acres 40.00 10.00 14.70 5.00 14.11 8.58 4.90 96.84 PRICE PER ACRE ?$22,855 $27,021 $34,309 $42,852 $41,265 $52,857 $69,135 LOCATION ADDRESS 20th St. SE Frangipani Ave.Frangipani Ave.Frangipani Ave.Friendship Ln.Angela Rd.Ivy Way Brantley Blvd. LEGAL ACCESS Yes Yes Yes Yes Yes Yes Yes Yes PHYSICAL ACCESS Yes Yes Yes Yes Yes Yes Yes Yes OVERALL LOCATION Average Similar Similar Similar Superior Superior Similar Superior 0%0%0%-10%-10%0%-20% UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar Similar Electric 0%0%0%0%0%0%0% COMP. PLAN Neutral Similar Similar Similar Similar Similar Similar Similar ZONING A-RFMUO-NBMO Similar Similar Similar Similar Similar Similar Similar NEUTRAL 0%0%0%0%0%0%0% SIZE IN ACRES 40.00 10.00 14.70 5.00 14.11 8.58 4.90 96.84 SHAPE/CONFIGURATION Square Similar Similar Similar Similar Similar Similar Similar 0%0%-5%0%-5%-5%0% PHYSICAL CHARACTERISTICS Mostly Cleared Inferior Inferior Inferior Similar Inferior Similar Inferior 5%5%5%0%5%0%5% GROSS ADJUSTMENT N/A 5%5%10%10%20%5%25% INDICATION OF UNIT VALUE ?$23,998 $28,372 $34,309 $38,567 $37,139 $50,214 $58,764 Page 1104 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 89 LAND SALES ADJUSTMENT GRID – 110.00 ACRES ITEM SUBJECT COMP #8 COMP #9 COMP #10 COMP #11 COMP #12 110.00 Acres PROPERTY IDENTIFICATION 20th Street SE Oil Well Rd.Kam Luck Dr.Woodland 2000 Markley 1480 Peach Estates Rd.Ave.Place SALE PRICE N/A $5,500,000 $85,000 $100,000 $1,000,000 $1,700,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Market 0 0 0 0 0 BUILDING IMPROVEMENTS Cleared None None None None Yes 0 0 0 0 (450,000) FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 0 0 ADJUSTED SALE PRICE N/A $5,500,000 $85,000 $100,000 $1,000,000 $1,250,000 Recording Date N/A 07/07/23 12/27/22 08/15/22 02/18/22 06/04/21 Months Prior To Effective Date 01/17/24 6.38 12.69 17.09 22.95 31.46 MARKET CHANGE ADJUSTMENT N/A 4.8%9.5%12.8%17.2%23.6% ADJUSTED SALE PRICE N/A $5,763,067 $93,089 $112,821 $1,172,091 $1,544,933 Parcel Area in Gross Acres 110.00 639.17 5.00 5.00 44.54 50.00 PRICE PER ACRE ?$9,016 $18,618 $22,564 $26,315 $30,899 LOCATION ADDRESS 20th St. SE Oil Well Rd.Kam Luck Dr.Wooodland Est.Markley Ave.Peach Pl. LEGAL ACCESS Yes Yes Yes Yes Yes Yes PHYSICAL ACCESS Yes Yes Yes Yes Yes Yes OVERALL LOCATION Average Inferior Inferior Inferior SL Superior Similar 20%10%10%-5%0% UTILITIES Well & Septic Similar Similar Similar Similar Similar Electric 0%0%0%0%0% COMP. PLAN Neutral Similar Similar Similar Similar Similar ZONING A-RFMUO-NBMO Similar Similar Similar Similar Similar SENDING 0%0%0%0%0% SIZE IN ACRES 110.00 639.17 5.00 5.00 44.54 50.00 SHAPE/CONFIGURATION Irregular Similar Superior Similar Similar Similar 10%-10%-10%-5%-5% PHYSICAL CHARACTERISTICS Partially Cleared Similar Inferior Similar Similar Superior 0%5%0%0%-10% GROSS ADJUSTMENT N/A 30%25%20%10%15% INDICATION OF UNIT VALUE ?$11,721 $19,549 $22,564 $23,684 $26,264 Page 1105 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 90 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. Page 1106 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 91 • Comparable 12 was improved with a single-family residence and various site improvements and was adjusted downward $450,000 for the contribution value of the improvements. FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. The land market was appreciating and saw the greatest increases from 2021 to 2022. The buyers of the comparable sales include a mix of owner-users and land speculators. The land market has begun to stabilize due to increasing interest rates, the costs associated with mitigation, and the economic instability. The subject property’s remote location reduces the number of buyers for this type of real estate, however entry level land is in demand and there appears to be a market for TDR credits. Comparable 2, 5, and 6 have all sold and resold within the past three years. Five sales are presented below, including the three comparables. The sales indicate market change rates from 1.85% to 16.34% per month. The high indicators are short time frames, which indicate that the property likely sold below market the first time and therefore the market change rates are not good indicators. The sales utilized in the report range from pending sales to over 31 months old. Based om the market change rates above and the overall market, I adjusted the sales 0.75% per month or 9.00% annually for market change. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. Address Parcel ID#Prior Sale Recent Sale Months Prior Sale Price Recent Sale Price Appreciation Monthly Change Frangipani Ave 302080003 05/10/23 11/01/23 5.75 $235,000 $260,000 10.64%1.85% 1633 Angela Rd.102520006 02/24/22 12/01/23 21.20 $235,000 $350,000 48.94%2.31% Ivy Way 302680005 07/31/23 01/18/24 5.62 $135,000 $259,000 91.85%16.34% 1478 Ivy Way 01/03/19 04/21/23 51.58 $58,000 $150,000 158.62%3.08% No Address 316280006 01/20/23 04/07/23 2.53 $100,000 $115,000 15.00%5.93% AVG 5.90% Page 1107 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 92 • Comparables 4 and 5 are located north of Immokalee Road. This is a superior location which commands higher underlying land values and Comparables 4 and 5 were adjusted downward 10% each for their superior locations. Comparable 7 is located west of the subject and adjacent to the Hideout Golf Club and access is from a paved road. Comparable 7 was adjusted downward 20% for its superior location. Comparable 8 is located east of SR 29 on Oil Well Road. This is an inferior location and was adjusted upward 20%. Comparable 9 and 10 are inferior locations and each was adjusted upward 10%. Comparable 11 is located west of the subject and was adjusted downward 5% for its slightly superior location. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. • None of the comparable sales required adjustment in this category. COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparables sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • The comparables range in size from 4.90 to 639.17 gross acres. To account for the inverse relationship that often exists between size and unit value, the comparables required adjustments. Page 1108 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 93 Comparables 3, 5, and 6 are considerably smaller than the subject and were adjusted downward 5% each. Comparables 9 and 10 are significantly smaller than the subject and were adjusted downward 10% each. Comparables 11 and 12 are smaller and were adjusted downward 5% each. Comparable 8 is significantly larger than the subject and was adjusted upward 10%. 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. • Comparables 1, 2, 3, 5, 7, and 9 were all adjusted upward 5% for their inferior physical characteristics. Comparable 12 is completely cleared and sodded and was adjusted downward 10% for its superior physical characteristics. Page 1109 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 94 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: 40.00 ACRES Comparables Price Per Gross Acre of Land Area 1 $17,000 2 $13,600 3 $11,765 4 $12,320 5 $9,000 6 $9,540 7 $6,765 8 $11,765 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 3, 5, and 6 are the strongest indicators of value. They are the most recent sales which increases their strength as indicators of value. Comparables 3, 5, and 6 were weighted 20% each. Comparables 2 and 4 are good indicators of value and were weighted 15% each. Comparable 1 is clearly ad low indicator of value and was weighted 10%. Comparable 7 is a current listing/pending sale, however I was unable to confirm the contract price. I typically don’t weight listings, but they tend to set an upper limit of value. Therefore, the subject should be less than $58,764 per gross acre. The range of unit value indications is from $23,998 to $58,764 per acre with an average of $35,433 per acre and a median of $35,724 per acre. The weighting process discussed above indicates a unit value of $36,773 per acre. Based on the range of sales, I concluded to a unit value of $36,000 per acre. Page 1110 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 95 ESTIMATE OF VALUE – 40.00 ACRES $36,000 per gross acre results in an indication of value for the 40.00 acres as of January 17, 2024, of $1,440,000 (40.00 acres x $36,000 per acre). Page 1111 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 96 110.00 ACRES Comparables Price Per Gross Acre of Land Area 8 $11,721 9 $19,549 10 $22,564 11 $23,684 12 $26,264 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparable 11 is the strongest indicator of value. It is most similar to the subject and was weighted 30%. Comparables 9 and 10 are good indicators of value and were weighted 20% each. Comparable 12 is an older sale and it required an adjustment for building improvements, but it is adjacent to the subject and was weighted 20%. Comparable 8 is a low indicator of value and it required the most adjustments. Comparable 8 received a minimal weighting of 10%. The range of unit value indications is from $11,721 to $26,264 per acre with an average of $20,756 per acre and a median of $22,564 per acre. The weighting process discussed above indicates a unit value of $20,781 per acre. Based on the range of sales, I concluded to a unit value of $21,000 per acre. ESTIMATE OF VALUE – 110.00 ACRES $21,000 per gross acre results in an indication of value for the 110.00 acres as of January 17, 2024, of $2,310,000 (110.00 acres x $21,000 per acre). Page 1112 of 3899 6600 Report Sales Comparison Approach Carroll & Carroll 97 150.00 ACRES The third task/value scenario was to value all 150.00 acres as one. I searched the market for sales of land with both Sending and Neutral lands, but I was unable to find any sales. Although the combined acreage is larger, it does not appear that the market would discount the price. The 40.00 acres could be sold off separately or the 11 parcels could be sold individually. Based on my experience and market data, the sum of the two parts equal the whole. Market Value of the 40.00 Acres $1,440,000 Market Value of the 110.00 Acres $2,310,000 Market Value of the 150.00 Acres $3,750,000 ESTIMATE OF VALUE – 150.00 ACRES The indication of value for the 150.00 acres as of January 17, 2024 is $3,750,000 or $25,000 per gross acre. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Page 1113 of 3899 6600 Report Addenda Carroll & Carroll ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Future Land Use................................................................................................................... 13 Zoning.................................................................................................................................... 16 Listing Flyers......................................................................................................................... 6 Qualifications of Appraiser................................................................................................. 2 Page 1114 of 3899 6600 Report Addenda Carroll & Carroll ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS The northern 40.00 acres are improved with a private shooting range. I was not provided with any environmental reports and therefore I have assumed the property is not contaminated. HYPOTHETICAL CONDITIONS None 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. Page 1115 of 3899 6600 Report Addenda Carroll & Carroll 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "vested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection we were sensitive to obvious signs of contamination and we reported anything unusual. However, we are not qualified to render professional opinions regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. 14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are not required to give further consultation, testimony, or to be in attendance in court. Page 1116 of 3899 6600 Report Addenda Carroll & Carroll Page 1117 of 3899 6600 Report Addenda Carroll & Carroll Page 1118 of 3899 6600 Report Addenda Carroll & Carroll Page 1119 of 3899 6600 Report Addenda Carroll & Carroll Page 1120 of 3899 6600 Report Addenda Carroll & Carroll Page 1121 of 3899 6600 Report Addenda Carroll & Carroll Page 1122 of 3899 6600 Report Addenda Carroll & Carroll Page 1123 of 3899 6600 Report Addenda Carroll & Carroll Page 1124 of 3899 6600 Report Addenda Carroll & Carroll Page 1125 of 3899 6600 Report Addenda Carroll & Carroll Page 1126 of 3899 6600 Report Addenda Carroll & Carroll Page 1127 of 3899 6600 Report Addenda Carroll & Carroll Page 1128 of 3899 6600 Report Addenda Carroll & Carroll Page 1129 of 3899 6600 Report Addenda Carroll & Carroll A. Rural Agricultural District (A). The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consistent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. 1. The following subsections identify the uses that are permissible by right and the uses that are allowable as accessory or conditional uses in the rural agricultural district (A). a. Permitted uses. 1. Single-family dwelling. 2. Agricultural activities, including, but not limited to: Crop raising; horticulture; fruit and nut production; forestry; groves; nurseries; ranching; beekeeping; poultry and egg production; milk production; livestock raising, and aquaculture for native species subject to Florida Fish and Wildlife Conservation Commission permits. i. The following permitted uses shall only be allowed on parcels 20 acres in size or greater: a) dairying; b) ranching; c) poultry and egg production; d) milk production; e) livestock raising; and f) animal breeding, raising, training, stabling or kenneling. ii. On parcels less than 20 acres in size, individual property owners are not precluded from the keeping of the following for personal use and not in association with a commercial agricultural activity provided there are no open feed lots: a) Fowl or poultry, not to exceed 25 in total number; and b) Horses and livestock (except for hogs) not to exceed two such animals for each acre. i. Notwithstanding the above, hog(s) may be kept for a 16 week period in preparation for showing and sale at the annual Collier County Fair and/or the Immokalee Livestock show. The following standards shall apply: a) One hog per child enrolled in a 4-H Youth Development Program, Collier County Fair Program or similar program is permitted. In no case shall there be more than 2 hogs per acre. b) Premises shall be fenced and maintained in a clean, healthful, and sanitary condition. c) Premises or roofed structure used for the sheltering, feeding, or confinement of such animals shall be setback a minimum of 30 feet from lot lines and a minimum of 100 feet from any dwelling unit on an adjacent parcel of land. d) Hog(s) shall not be returned to the property once removed for showing and/or sale. 3. Wholesale reptile breeding and raising (non-venomous), subject to the following standards: Page 1130 of 3899 6600 Report Addenda Carroll & Carroll i. Minimum 20 acre parcel size; ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located a minimum of 100 feet from any lot line. 4. Wildlife management, plant and wildlife conservancies, wildlife refuges and sanctuaries. 5. Conservation uses. 6. Oil and gas exploration subject to state drilling permits and Collier County site development plan review procedures. 7. Family care facilities, subject to section 5.05.04 8. Communications towers up to specified height, subject to section 5.05.09 9. Essential services, as set forth in section 2.01.03 10. Schools, public, including "Educational plants." b. Accessory uses. 1. Uses and structures that are accessory and incidental to the uses permitted as of right in the A district. 2. Farm labor housing, subject to section 5.05.03 3. Retail sale of fresh, unprocessed agricultural products, grown primarily on the property and subject to a review of traffic circulation, parking, and safety concerns pursuant to the submission of a site improvement plan as provided for in section 10.02.03 4. Packinghouse or similar agricultural processing of farm products produced on the property subject to the following restrictions: i. Agricultural packing, processing or similar facilities shall be located on a major or minor arterial street, or shall have access to an arterial street by a public street that does not abut properties zoned RSF-1 thru RSF-6, RMF-6, RMF-12, RMF-16, RT, VR, MH, TTRVC and PUD or are residentially used. ii. A buffer yard of not less than 150 feet in width shall be provided along each boundary of the site which abuts any residentially zoned or used property, and shall contain an Alternative B type buffer as defined within section 4.06.00. Such buffer and buffer yard shall be in lieu of front, side, or rear yards on that portion of the lot which abuts those districts and uses identified in subsection 2.03.01 A.1.b. 4 i. above. iii. The facility shall emit no noxious, toxic, or corrosive dust, dirt, fumes, vapors, or gases which can cause damage to human health, to animals or vegetation, or to other forms of property beyond the lot line of the use creating the emission. iv. A site development plan shall be provided in accordance with section 10.02.03 5. Excavation and related processing and production subject to the following criteria: i. The activity is clearly incidental to the agricultural development of the property. ii. The affected area is within a surface water management system for agricultural use as permitted by the South Florida Water Management District (SFWMD). iii. The amount of excavated material removed from the site cannot exceed 4,000 cubic yards. Amounts in excess of 4,000 cubic yards shall require conditional use approval for earthmining, pursuant to the procedures and conditions set forth in LDC section 10.08.00 and the Administrative Code. 6. Guesthouses, subject to section 5.03.03 7. Private boathouses and docks on lake, canal or waterway lots, subject to section 5.03.06 8. Use of a mobile home as a temporary residence while a permanent single-family dwelling is being constructed, subject to the following: Page 1131 of 3899 6600 Report Addenda Carroll & Carroll i. Receipt of a temporary use permit from the Development Services Director, pursuant to section 5.04.04, that allows for use of a mobile home while a permanent single-family dwelling is being built; ii. Assurance that the temporary use permit for the mobile home will expire at the same time of the building permit for the single-family dwelling, or upon the completion of the single-family dwelling, whichever comes first; iii. Proof that prior to the issuance of a final certificate of occupancy for the single-family dwelling, the mobile home is removed from the premises; and iv. The mobile home must be removed at the termination of the permitted period. 9. Use of a mobile home as a residence in conjunction with bona fide agricultural activities subject to the following: i. The applicant shall submit a completed application to the site development review director, or his designee, for approval of a temporary use permit to utilize a mobile home as a residence in conjunction with a bona fide commercial agricultural activity as described in subsection 2.03.01 A.1.2. Included with this application shall be a conceptual plot plan of the subject property depicting the location of the proposed mobile home; the distance of the proposed mobile home to all property lines and existing or proposed structures; and, the location, acreage breakdown, type and any intended phasing plan for the bona fide agricultural activity. ii. The receipt of any and all local, state, and federal permits required for the agricultural use and/or to place the mobile home on the subject site including, but not limited to, an agricultural clearing permit, building permit(s), ST permits, and the like. iii. The use of the mobile home shall be permitted on a temporary basis only, not to exceed the duration of the bona fide commercial agricultural activity for which the mobile home is an accessory use. The initial temporary use permit may be issued for a maximum of three years, and may, upon submission of a written request accompanied by the applicable fee, be renewed annually thereafter provided that there is continuing operation of the bona fide commercial agricultural activities. iv. The applicant utilizing, for the bona fide commercial agricultural activity, a tract of land a minimum of five acres in size. Any property lying within public road rights-of-way shall not be included in the minimum acreage calculations. v. A mobile home, for which a temporary use permit in conjunction with a bona fide commercial agricultural activity is requested, shall not be located closer than 100 feet from any county highway right-of-way line, 200 feet from any state highway right-of- way, or 500 feet from any federal highway right-of-way line. 10. Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or subdivision master plan for that development. Recreational facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields. c. Conditional uses. The following uses are permitted as conditional uses in the rural agricultural district (A), subject to the standards and procedures established in LDC section 10.08.00 and the Administrative Code. 1. Extraction or earthmining, and related processing and production not incidental to the agricultural development of the property. NOTE: "Extraction related processing and production" is not related to "Oil extraction and related processing" as defined in this Code. 2. Sawmills. 3. Zoo, aquarium, aviary, botanical garden, or other similar uses. 4. Hunting cabins. 5. Aquaculture for nonnative or exotic species, subject to Florida Fish and Wildlife Conservation Commission permits. Page 1132 of 3899 6600 Report Addenda Carroll & Carroll 6. Wholesale reptile breeding or raising (venomous) subject to the following standards; i. Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located at a minimum of 100 feet away from any lot line. 7. Churches. 8. Private landing strips for general aviation, subject to any relevant state and federal regulations. 9. Cemeteries. 10. Schools, private. 11. Child care centers and adult day care centers. 12. Collection and transfer sites for resource recovery. 13. Communication towers above specified height, subject to section 5.05.09 14. Social and fraternal organizations. 15. Veterinary clinic. 16. Group care facilities (category I and II); care units; nursing homes; assisted living facilities pursuant to § 400.402 F.S. and ch. 58A-5 F.A.C.; and continuing care retirement communities pursuant to § 651 F.S. and ch. 4-193 F.A.C., all subject to section 5.05.04 when located within the Urban Designated Area on the Future Land Use Map to the Collier County Growth Management Plan. 17. Golf courses and/or golf driving ranges. 18. Oil and gas field development and production subject to state field development permits. 19. Sports instructional schools and camps. 20. Sporting and recreational camps. 21. Retail plant nurseries subject to the following conditions: i. Retail sales shall be limited primarily to the sale of plants, decorative products such as mulch or stone, fertilizers, pesticides, and other products and tools accessory to or required for the planting or maintenance of said plants. ii. Additionally, the sale of fresh produce is permissible at retail plant nurseries as an incidental use of the property as a retail plant nursery. iii. The sale of large power equipment such as lawn mowers, tractors, and the like shall not be permitted in association with a retail plant nursery in the rural agricultural district. 22. Asphaltic and concrete batch making plants subject to the following conditions: i. Asphaltic or concrete batch making plants may be permitted within the area designated agricultural on the future land use map of the future land use element of the growth management plan. ii. The minimum site area shall not be less than ten acres. iii. Principal access shall be from a street designated collector or higher classification. iv. Raw materials storage, plant location and general operations around the plant shall not be located or conducted within 100 feet of any exterior boundary. v. The height of raw material storage facilities shall not exceed a height of fifty (50) feet. vi. Hours of operation shall be limited to two (2) hours before sunrise to sunset. vii. The minimum setback from the principal road frontage shall be 150 feet for operational facilities and seventy-five (75) feet for supporting administrative offices and associated parking. Page 1133 of 3899 6600 Report Addenda Carroll & Carroll viii. An earthen berm achieving a vertical height of eight feet or equivalent vegetative screen with eighty (80) percent opacity one (1) year after issuance of certificate of occupancy shall be constructed or created around the entire perimeter of the property. ix. The plant should not be located within the Greenline Area of Concern for the Florida State Park System as established by the Department of Environmental Protection (DEP): within the Area of Critical State Concern as depicted on the Future Land Use Map GMP; within 1,000 feet of a natural reservation; or within any County, State or federal jurisdictional wetland area. 23. Cultural, ecological, or recreational facilities that provide opportunities for educational experience, eco-tourism or agri-tourism and their related modes of transporting participants, viewers or patrons where applicable, subject to all applicable federal, state and local permits. Tour operations, such as, but not limited to airboats, swamp buggies, horses and similar modes of transportation, shall be subject to the following criteria: i. Permits or letters of exemption from the U.S. Army Corps of Engineers, the Florida Department of Environmental Protection, and the South Florida Water Management District shall be presented to the planning services director prior to site development plan approval. ii. The petitioner shall post the property along the entire property line with no trespassing signs approximately every 300 yards. iii. The petitioner shall utilize only trails identified and approved on the site development plan. Any existing trails shall be utilized before the establishment of new trails. iv. Motor vehicles shall be equipped with engines which include spark arrestors and mufflers designed to reduce noise. v. The maximum size of any vehicle, the number of vehicles, and the passenger capacity of any vehicle shall be determined by the board of zoning appeals during the conditional use process. vi. Motor vehicles shall be permitted to operate during daylight hours which means, one hour after sunrise to one hour before sunset. vii. Molestation of wildlife, including feeding, shall be prohibited. viii. Vehicles shall comply with state and United States Coast Guard regulations, if applicable. ix. The board of zoning appeals shall review such a conditional use for tour operations, annually. If during the review, at an advertised public hearing, it is determined by the board of zoning appeals that the tour operation is detrimental to the environment, and no adequate corrective action has been taken by the petitioner, the board of zoning appeals may rescind the conditional use. 24. Agricultural activities on parcels less than 20 acres in size: i. animal breeding, raising, training, stabling, or kenneling. ii. dairying; iii. livestock raising; iv. milk production; v. poultry and egg production; and vi. ranching. 25. The commercial production, raising or breeding of exotic animals, other than animals typically used for agricultural purposes or production, subject to the following standards: i. Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such animals shall be located a minimum of 100 feet from any lot line. 26. Essential services, as set forth in subsection 2.01.03 G. Page 1134 of 3899 6600 Report Addenda Carroll & Carroll 27. Model homes and model sales centers, subject to compliance with all other LDC requirements, to include but not limited to section 5.04.04 28. Ancillary plants. d. Prohibited uses. 1. Owning, maintaining or operating any facility or part thereof for the following purposes is prohibited: a) Fighting or baiting any animal by the owner of such facility or any other person or entity. b) Raising any animal or animals intended to be ultimately used or used for fighting or baiting purposes. c) For purposes of this subsection, the term baiting is defined as set forth in § 828.122(2)(a), F.S., as it may be amended from time to time. Page 1135 of 3899 6600 Report Addenda Carroll & Carroll A. Rural Fringe Mixed-Use District (RFMU District). 1. Purpose and scope. The purpose and intent of the RFMU district is to provide a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. The RFMU district employs a balanced approach, including both regulations and incentives, to protect natural resources and private property rights, providing for large areas of open space, and allowing, in designated areas, appropriate types, density and intensity of development. The RFMU district allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses and essential services deemed necessary to serve the residents of the RFMU district. The innovative planning and development techniques which are required and/or encouraged within the RFMU district were developed to preserve existing natural resources, including habitat for listed species, to retain a rural, pastoral, or park-like appearance from the major public rights-of-way, and to protect private property rights. a. Establishment of RFMU Zoning Overlay District. In order to implement the RFMU designation in the Future Land Use Element (FLUE) of the GMP, the RFMU District shall be designated as "RFMUO" on the Official Zoning Atlas and is hereby established. The County -wide Future Land Use Map is located in the Future Land Use Element of the GMP or can be obtained at the Community Development Building, located at 2800 N. Horseshoe Drive, Naples, FL 34104. The lands included in the RFMU District and to which this section 2.03.08 apply are depicted by the following map: Page 1136 of 3899 6600 Report Addenda Carroll & Carroll b. Exemptions. The requirements of this section shall not apply to, affect or limit the continuation of existing uses. Existing uses shall include those uses for which all required permits were issued prior to June 19, 2002, and projects for which a Conditional use or Rezone petition has been approved by the County prior to June 19, 2002, or land use petitions for which a completed application has been submitted prior to June 19, 2002. The continuation of existing uses shall include expansions of those uses if such expansions are consistent with or clearly ancillary to the existing uses. Hereafter, such previously approved development s shall be deemed to be consistent with the Plan's Goals, Objectives and Policies and for the RFMU district, and they may be built out in accordance with their previously approved plans. Changes to these previous approvals shall also be deemed consistent with the Plan's Goals, Policies and Objectives for the RFMU district as long as they do not result in an increase in development density or intensity. Page 1137 of 3899 6600 Report Addenda Carroll & Carroll c. Ordinance superceded. Ordinance Number 98-17 is hereby expressly superceded. Any development in the area formerly subject to that ordinance shall henceforth conform to the provisions of this Section and all other provisions of this Code that are applicable to development within the RFMU district. 4. RFMU sending lands. RFMU sending lands are those lands that have the highest degree of environmental value and sensitivity and generally include significant wetlands, uplands, and habitat for listed species. RFMU sending lands are the principal target for preservation and conservation. Density may be transferred from RFMU sending lands as provided in section 2.03.07 D.4.c. All NRPAs within the RFMU district are also RFMU sending lands. With the exception of specific provisions applicable only to NBMO neutral lands, the following standards shall apply within all RFMU sending lands: a. Allowable uses where TDR credits have not been severed. (1) Uses Permitted as of Right: (a) Agricultural uses consistent with Sections 163.3162 and 823.14(6) Florida Statutes (Florida Right to Farm Act). (b) Detached single-family dwelling units, including mobile homes where the mobile home Zoning Overlay exists, (c) Habitat preservation and conservation uses. (d) Passive parks and other passive recreational uses. (e) Sporting and Recreational camps, within which the lodging component shall not exceed 1 unit per 5 gross acres. (f) Those essential services identified in section 2.01.03(B). (g) Oil and gas exploration, subject to applicable state and federal drilling permits and Collier County non-environmental site development plan review procedures. Directional- drilling and/or previously cleared or disturbed areas shall be utilized in order to minimize impacts to native habitats, where determined to be practicable. This requirement shall be deemed satisfied upon issuance of a state permit in compliance with the criteria established in Chapter 62C-25 through 62C-30, F.A.C., as such rules existed on Oct. 3, 2005 [the effective date of this provision], regardless of whether the activity occurs within the Big Cypress Watershed, as defined in Rule 62C-30.001(2), F.A.C. All applicable Collier County environmental permitting requirements shall be considered satisfied by evidence of the issuance of all applicable federal and/or state oil and gas permits for proposed oil and gas activities in Collier County, so long as the state permits comply with the requirements of Chapter 62C-25 through 62C-30, F.A.C. For those areas of Collier County outside the boundary of the Big Cypress Watershed, the applicant shall be responsible for convening the Big Cypress Swamp Advisory Committee as set forth in Section 377.42, F.S., to assure compliance with Chapter 62C-25 through 62C-30, F.A.C., even if outside the defined Big Cypress Watershed. All oil and gas access roads shall be constructed and protected from unauthorized uses according to the standards established in Rule 62C-30.005(2)(a)(1) through (12), F.A.C. (2) Accessory uses. Accessory uses and structures that are accessory and incidental to uses permitted as of right in section 2.03.08 (A)(2)(a)(1) above. (3) Conditional uses. (a) Those essential services identified in section 2.01.03 G.2. (b) Public facilities, including solid waste and resource recovery facilities, and public vehicle and equipment storage and repair facilities, shall be permitted within Section 25, Township 49S, Range 26E, on lands adjacent to the existing County landfill. This shall not be interpreted to allow for the expansion of the landfill into Section 25 for the purpose of solid waste disposal. (c) Oil and gas field development and production, subject to applicable state and federal field development permits and Collier County non-environmental site development plan review procedures. Directional-drilling and/or previously cleared or disturbed areas shall Page 1138 of 3899 6600 Report Addenda Carroll & Carroll be utilized in order to minimize impacts to native habitats, where determined to be practicable. This requirement shall be deemed satisfied upon issuance of a state permit in compliance with the criteria established in Chapter 62C-25 through 62C-30, F.A.C., as those rules existed on Oct. 3, 2005 [the effective date of this provision], regardless of whether the activity occurs within the Big Cypress Watershed, as defined in Rule 62C- 30.001(2), F.A.C. All applicable Collier County environmental permitting requirements shall be considered satisfied by evidence of the issuance of all applicable federal and/or state oil and gas permits for proposed oil and gas activities in Collier County, so long as the state permits comply with the requirements of Chapter 62C -25 through 62C-30, F.A.C. For those areas of Collier County outside the boundary of the Big Cypress Watershed, the applicant shall be responsible for convening the Big Cypress Swamp Advisory Committee as set forth in Section 377.42, F.S., to assure compliance with Chapter 62C-25 through 62C-30, F.A.C., even if outside the defined Big Cypress Watershed. All oil and gas access roads shall be constructed and protected from unauthorized uses according to the standards established in Rule 62C-30.005(2)(a)(1) through (12), F.A.C. (d) Commercial uses accessory to permitted uses 1.a, 1.c. and 1.d above, such as retail sales of produce accessory to farming, or a restaurant accessory to a park or preserve, so long as restrictions or limitations are imposed to insure the commercial use functions as an accessory, subordinate use. b. Uses allowed where TDR credits have been severed. (1) Uses Permitted as of Right: (a) Agricultural uses consistent with Sections 163.3162 and 823.14(6) Florida Statutes (Florida Right to Farm Act), including water management facilities, to the extent and intensity that such operations exist at the date of any transfer of development rights. (b) Cattle grazing on unimproved pasture where no clearing is required; (c) Detached single-family dwelling units, including mobile homes where the mobile home Zoning Overlay exists, at a maximum density of one dwelling unit per 40 acres. In order to retain these development rights after any transfer, up to one dwelling must be retained (not transferred) per 40 acres. (d) One detached dwelling unit, including mobile homes where the mobile home zoning overlay exists, per lot or parcel in existence as of June 22, 1999, that is less than 40 acres. In order to retain these development rights after any transfer, up to one dwelling must be retained (not transferred) per each lot or parcel. For the purposes of this provision, a lot or parcel shall be deemed to have been in existence as of June 22, 1999, upon a showing of any of the following: i. the lot or parcel is part of a subdivision that was recorded in the public records of the County on or before June 22, 1999; ii. a description of the lot or parcel, by metes and bounds or other specific legal description, was recorded in the public records of the County on or before June 22, 1999; or iii. an agreement for deed for the lot or parcel, which includes description of the lot or parcel by limited fixed boundary, was executed on or before June 22, 1999. (e) Habitat preservation and conservation uses. (f) Passive parks and passive recreational uses. (g) Those essential services identified in section 2.01.03 B. (h) Oil and gas exploration, subject to applicable state and federal drilling permits and Collier County non-environmental site development plan review procedures. Directional- drilling and/or previously cleared or disturbed areas shall be utilized in order to minimize impacts to native habitats, where determined to be practicable. This requirement shall be deemed satisfied upon issuance of a state permit in compliance with the criteria established in Chapter 62C-25 through 62C-30, F.A.C., as those rules existed on Oct. 3, Page 1139 of 3899 6600 Report Addenda Carroll & Carroll 2005 [the effective date of this provision], regardless of whether the activity occurs within the Big Cypress Watershed, as defined in Rule 62C-30.001(2), F.A.C. All applicable Collier County environmental permitting requirements shall be considered satisfied by evidence of the issuance of all applicable federal and/or state oil and gas permits for proposed oil and gas activities in Collier County, so long as the state permits comply with the requirements of Chapter 62C-25 through 62C-30, F.A.C. For those areas of Collier County outside the boundary of the Big Cypress Watershed, the applicant shall be responsible for convening the Big Cypress Swamp Advisory Committee as set forth in Section 377.42, F.S., to assure compliance with Chapter 62C-25 through 62C-30, F.A.C., even if outside the defined Big Cypress Watershed. All oil and gas access roads shall be constructed and protected from unauthorized uses according to the standards established in Rule 62C-30.005(2)(a)(1) through (12), F.A.C. (i) Mitigation in conjunction with any County, state, or federal permitting. (2) Conditional uses: (a) Those Essential Uses identified in section 2.01.03 G.2. (b) Oil and gas field development and production, subject to applicable state and federal field development permits and Collier County non-environmental site development plan review procedures. Directional-drilling and/or previously cleared or disturbed areas shall be utilized in order to minimize impacts to native habitats, where determined to be practicable. This requirement shall be deemed satisfied upon issuance of a state permit in compliance with the criteria established in Chapter 62C-25 through 62C-30, F.A.C., as those rules existed on Oct. 3, 2005 [the effective date of this provision], regardless of whether the activity occurs within the Big Cypress Watershed, as defined in Rule 62C- 30.001(2), F.A.C. All applicable Collier County environmental permitting requirements shall be considered satisfied by evidence of the issuance of all applicable federal and/or state oil and gas permits for proposed oil and gas activities in Collier County, so long as the state permits comply with the requirements of Chapter 62C -25 through 62C-30, F.A.C. For those areas of Collier County outside the boundary of the Big Cypress Watershed, the applicant shall be responsible for convening the Big Cypress Swamp Advisory Committee as set forth in Section 377.42, F.S., to assure compliance with Chapter 62C-25 through 62C-30, F.A.C., even if outside the defined Big Cypress Watershed. All oil and gas access roads shall be constructed and protected from unauthorized uses according to the standards established in Rule 62C-30.005(2)(a)(1) through (12), F.A.C. (c) Conditional use approval criteria: In addition to the criteria set forth in section 10.08.00 of this Code, the following additional criteria shall apply to the approval of conditional uses within RFMU sending lands: i. The applicant shall submit a plan for development that demonstrates that wetlands, listed species and their habitat are adequately protected as specified in Chapters 3, 4 and 10. ii. Conditions may be imposed, as deemed appropriate, to limit the size, location, and access to the conditional use. c. Density. (1) 1.0 dwelling units per 40 gross acres; or (2) 1.0 dwelling unit per nonconforming lot or parcel in existence as of June 22, 1999. For the purpose of this provision, a lot or parcel which is deemed to have been in existence on or before June 22, 1999 is: (a) A lot or parcel which is part of a subdivision recorded in the public records of Collier County, Florida; (b) A lot or parcel which has limited fixed boundaries, described by metes and bounds or other specific legal description, the description of which has been recorded in the public records of Collier County Florida on or before June 22, 1999; or Page 1140 of 3899 6600 Report Addenda Carroll & Carroll (c) A lot or parcel which has limited fixed boundaries and for which an agreement for deed was executed prior to June 22, 1999. d. Native vegetation retention. As required in Chapter 4 e. Other dimensional design standards. Dimensional standards set forth in section 4.02.01 of this Code shall apply to all development in Sending designated lands of the RFMU district, except as follows: (1) Lot Area and Width. (a) Minimum lot Area: 40 acres. (b) Minimum lot Width: 300 Feet. (2) Parking. As required in Chapter 4 (3) Landscaping. As required in Chapter 4 (4) Signs. As required in section 5.06.00 5. Specific vegetation standards for the RFMU district. For these specific standards, please refer to section 3.05.07 C. through 3.05.07 E. of this Code. Page 1141 of 3899 6600 Report Addenda Carroll & Carroll C. North Belle Meade Overlay District (NBMO). 1. Purpose and intent. The North Belle Meade Overlay (NBMO) is unique to the RFMU district because it is surrounded by areas that are vested for development on three sides. Because this area is largely undeveloped and includes substantial vegetated areas, the NBMO can and does provide valuable habitat for wildlife, including endangered species. The NBMO is intended to achieve a balance of both preservation and opportunities for future development that takes into account resource protection and the relationship between this area and the Estates developing around the NBMO. 2. General location. The NBMO District is surrounded by Golden Gate Estates to the north, east, and west and I-75 to the south. This NBMO comprises some 24 sections of land (approximately 15,550 acres) located entirely within the RFMU District (section 2.03.08 A.). The boundaries of the NBMO District are outlined in Illustration 2.03.08 D.2.A below and on the North Belle Meade Overlay Map in the Future Land Use Element of the GMP. Illustration 2.03.08 D.2.A. 3. Applicability: a. NBMO receiving lands. Permitted, conditional, and accessory uses within NBMO Receiving Lands shall be as set forth in section 2.03.08 (A)(2), except as provided in section 2.03.08 (D)(5). All other provisions of this Code that implement the Future Land Use Element, Conservation and Coastal Management Element, or Public Facilities Element, including but not limited to Chapters 3, 4 and 10, shall only be applicable to development in NBMO Receiving Lands to the extent specifically stated in this section. However, all development within NBMO Receiving Lands shall comply with all non-environmental review procedures for site development plans and platting as set forth in this Code. b. NBMO neutral lands. Except as otherwise specifically provided in section 2.03.08 D.4. and section 2.03.08 D.5.b., all development within NBMO neutral lands shall be consistent with section 2.03.08 A.3. Page 1142 of 3899 6600 Report Addenda Carroll & Carroll c. NBMO sending lands. Except as otherwise specifically provided in section 2.03.08 D.4., all development with NBMO Sending Lands shall be consistent with section 2.03.08 A.4. 4. General planning and design considerations: a. Transportation. As a condition for the approval of the residential component of any subdivision plat, site development plan, PUD, or DRI within Sections 21, 28, or 27 of the NBMO, the following transportation related improvements and planning and design elements shall be addressed and provision made for their completion. (1) An extension of Wilson Boulevard shall be provided, including ROW dedication and construction to County collector road standards, through Section 33, Range 27 East, extending to the south to Interstate 75 via an interchange or service road for residential development should it commence in Sections 21, 28 and 27. The portion of Wilson Boulevard that traverses through NBMO Sending Lands shall be designed with aquatic species crossings and small terrestrial animal crossings. (2) As an alternative to (1) above, a haul road along an extension of Wilson Boulevard shall be improved to standards sufficient, in the opinion of County transportation staff, to safely serve earth-mining activities with a connection through Sections 32 and 31 to Landfill Road. (3) Lands required for the extension of Wilson Boulevard will be dedicated to Collier County at the time of rezoning. The right-of-way shall be of a sufficient size to accommodate collector road requirements. (4) All new roads and road improvements, other than the Wilson Boulevard extension and the haul road referenced in 2 above, shall: (a) be routed so as to avoid traversing publicly owned natural preserves, publicly owned parks, publicly owned recreation areas, areas identified as environmentally sensitive wildlife habitat, wildlife corridors, and greenways unless there is no feasible and prudent alternative; and (b) be designed with aquatic species crossings, small terrestrial animal crossings, and large terrestrial animal crossings pursuant to Florida Fish and Wildlife Conservation Commission criteria. b. Buffering. The western ¼ of Sections 22 and 27 shall be buffered from the NBMO NRPA to the east by a buffer preservation that includes all of the eastern ½ of the western ¼ of Sections 22 and 27. This buffer shall consist of lake excavation areas between the Wilson Boulevard extension road right-of-way and the NRPA. c. Greenway. A Greenway that follows natural flowways, as contemplated in the Community Character Plan prepared by Dover Kohl, shall be created within NBMO Sending Lands. As a condition to the creation of TDR credits from NBMO Sending Lands that constitute natural flowways, such lands shall be dedicated to a public or private entity for use as part of the Greenway. 5. Additional specific area provisions. a. Receiving lands. (1) Density. (a) The base density in RFMU receiving lands, outside of a rural village is one dwelling unit per five (5) gross acres. (b) This density may be increased, through TDR credits and TDR Bonus Credits, up to a maximum of 1 dwelling unit per gross acre. (c) Once a density of 1 dwelling unit per gross acre is achieved through TDR credits and TDR Bonus Credits, additional density may be achieved as follows: i. 0.1 dwelling unit per acre for each acre of native vegetation preserved on-site; ii. 0.1 dwelling unit per acre for each acre of wetlands having a functionality value, as assessed using the South Florida Water Management District's Unified Wetlands Mitigation Assessment Method, of 0.65 or greater that are preserved on-site; and/or Page 1143 of 3899 6600 Report Addenda Carroll & Carroll iii. 0.1 dwelling unit per acre for each acre of NBMO Sending Land that is within either a NRPA or a buffer area adjoining a NRPA that is dedicated to a public or private entity for conservation use. (2) The earth mining operation and asphalt plant uses that currently exist within NBMO Receiving Lands may continue and may expand as follows: (a) Until June 19, 2005, or such other date as the GMP is amended to provide, such uses may expand only into the western half of Section 21 and shall not generate truck traffic beyond average historic levels. (b) Such mining operations and an asphalt plant may expand on Sections 21 and 28 and the western quarters of 22 and 27 as a permitted use if either of the following occurs by June 19, 2005, or such other date as the GMP is amended to provide: i. an alignment has been selected, funding has been determined, and an accelerated construction schedule established by the BCC and the mine operator, for an east - west connector roadway between County Road 951 and the Wilson Boulevard extension; or ii. the mine operator commits to construct a private haul road by June 19, 2007, or such other date as the GMP is amended to provide, without the use of any public funds. (c) If the conditions for expansion set forth in b above are not satisfied, any mining operations or asphalt plant in these areas, other than continued operations on the western half of Section 21 at historic levels, shall be permitted only as a conditional use. (3) A greenbelt is not required for any development in NBMO Receiving Lands, whether inside or outside of a rural village. However, any greenbelt that is provided in a NBMO rural village shall be included in the calculation of open space. (4) NBMO rural village. A NBMO rural village shall adhere to the provisions for rural village set forth in section 2.03.08 (A)(2)(b), except as follows: (a) Density. An NBMO rural village shall have a minimum gross density of 1.5 dwelling units per acre and a maximum gross density of three (3) dwelling units per acre. i. The minimum required density shall be achieved through TDR credits, TDR Bonus Credits, and Rural Village Bonus credits, as provided in section 2.03.08 A.2.b.(3)(C). ii. Once the minimum required density is achieved, additional density may be achieved, up to the maximum of three (3) dwelling units per gross acre through any one or combination of the following: a) TDR credits; b) TDR Bonus Credits; c) 0.3 dwelling unit per acre for each acre of native vegetation preserved on-site; d) 0.3 dwelling unit per acre for each acre of wetlands having a functionality value, as assessed using the South Florida Water Management District's Unified wetlands Mitigation Assessment Method, of 0.65 or greater that are preserved on-site; and/or e) 0.3 dwelling unit per acre for each acre of NBMO Sending Land that is within either a NRPA or a buffer area adjoining a NRPA that is dedicated to a public or private entity for conservation use. (b) Sidewalks shall be required on both sides of the streets. (c) Interconnected bike lanes shall be provided on all collector and arterial roadways. (d) Schools shall be located within a NBMO rural village whenever possible, in order to minimize bussing of students. Furthermore, whenever possible, schools shall be co - located with other public facilities and civic structures, such as parks, libraries, community centers, public squares, greens, and civic areas. Page 1144 of 3899 6600 Report Addenda Carroll & Carroll (e) Elementary schools shall be accessible by local streets and pedestrian and bicycle facilities and shall be located in or adjacent to the rural village center, provided that local streets provide access adequate to meets the needs of the School Board. b. Neutral lands. Neutral lands shall be governed by the standards set forth in section 2.03.08 (A)(3), with the exception that, in those neutral lands located in Section 24, Township 49 South, Range 26 East, a minimum of 70% of the native vegetation present shall be preserved. (Ord. No. 04-72, § 3.F; Ord. No. 05-27, § 3.E; Ord. No. 05-49, § 3.B; Ord. No. 07-67, § 3.E; Ord. No. 08-08, § 3.C; Ord. No. 12-38, § 3.C) Page 1145 of 3899 6600 Report Addenda Carroll & Carroll Page 1146 of 3899 6600 Report Addenda Carroll & Carroll Page 1147 of 3899 6600 Report Addenda Carroll & Carroll Page 1148 of 3899 6600 Report Addenda Carroll & Carroll Page 1149 of 3899 6600 Report Addenda Carroll & Carroll Page 1150 of 3899 6600 Report Addenda Carroll & Carroll Page 1151 of 3899 6600 Report Addenda Carroll & Carroll Page 1152 of 3899 6600 Report Addenda Carroll & Carroll Page 1153 of 3899 1 Conservation Collier Land Acquisition Program Project Design Report Symphony Properties Date: October 2024 Property Owners: Symphony Properties LLC Folio(s): 00301320007, 00300880001, 00299120005, 00300800007, 00299800008, 00299440002, 00301800006, 00299480004, 00299680008, 00299560005, 00299920001 Location: Within the northeast corner of North Belle Meade, south of Frangipani Ave., off 20th St. SE Size: 150.0 acres Purchase Price: $4,015,000 History of Project: Purpose of Project: Environmental Conservation – Conservation Collier Program Program Qualifications: The Symphony Properties site met the Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat, significant human social values, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, and restoration potential. The site fulfills program qualifications by satisfying four of six applicable screening criteria. The property can provide many recreational opportunities including hiking, biking, horseback riding, and potentially hunting. These parcels contain pine flatwoods, palmetto prairie, and improved pasture. The southernmost 40 acres of the site are within a 20-year wellfield protection zone. Gopher tortoises and burrows were observed on site, and there is potential for use by sandhill crane, Florida panther, and crested caracara. This area also contains historic nesting/foraging habitat for the endangered red cockaded woodpecker (RCW). Although not directly adjacent to protected land, undeveloped sending land exists between this property and a large block of private conservation easements to the southwest. This property contributes to an important wildlife corridor connecting species from the Florida Panther Refuge, Golden Gate Rural Estates, Dr. Robert H. Gore III Preserve, as well as the Picayune Strand State Forest and Fakahatchee Strand Selected for the “A” category, #1 priority, on the Active Acquisition List (AAL) by CCLAAC Selected for the “A” category, #1 priority, on AAL by BCC Purchase offer made to owner Offer Accepted 7/14/2023 10/10/2023 4/2/2024 4/25/2024 Page 1154 of 3899 2 State Preserve to the south through wildlife underpasses under I-75. This site also provides an ecological link to the northern range expansion goals of the RCW Recovery Plan. Zoning, Growth Management and Land Use Overlays: All parcels have a base zoning of Agricultural and are within the Rural Fringe Mixed Use District; the southern 110 acres are designated Sending with a North Belle Meade Overlay, and the northern 40 acres are designated Neutral. Projected Management Activities: Management of this property will address the costs of exotic vegetation removal and control and, potentially, management of native vegetation to maintain suitable habitat for red cockaded woodpeckers. Controlled burning on a 3-4-year interval will be used within this parcel to maintain the fire dependent plant communities. If it is deemed compatible, limited public quota hunts may be implemented by the County to support wildlife management goals and enhance stakeholder opportunities. The potential for use of the property as a gopher tortoise recipient site will also be explored. Estimated Management Costs: Management Element 2025 2026 2027 2028 2029 Invasive Vegetation Treatment $45,000 $30,000 $22,500 $22,500 $22,500 Trail/Firebreak Maint. $2,500 $2,500 $2,500 $2,500 $2,500 Interpretive Signage $1,000 $0 $0 $0 $0 Cabbage palm treatment $60,000 $0 $0 $0 $0 Total $108,500 $32,500 $25,000 $25,000 $25,000 Additional Acquisition Considerations: This property is adjacent to two undeveloped parcels owned by the Collier County School Board. If acquired, it could provide natural resource-based recreation and educational opportunities for students in the future. A metal residential building, a metal storage building, two small wooden cabins, two chickee huts, three covered shooting range shelters, two large shooting range berms, and a dilapidated barn exist on the property. Staff recommends exploring the option of utilizing the metal residential building and cabins as satellite offices and the metal storage building for storage of equipment. The chickee huts and shelters could be used for public picnic areas. The dilapidated barn would be removed as a condition of sale. A Phase 1 Environmental Site Assessment (ESA) determined that a Phase 2 ESA must be completed to indicate whether remediation of the shooting range berms is required. The Phase 2 ESA would be completed during the pre-acquisition inspection period and, if required, remediation would be completed as a condition of sale. Cattle currently graze the property. Cattle will be removed if acquired. Page 1155 of 3899 3 Symphony Properties Location Map Page 1156 of 3899 4 Symphony Properties Aerial Map Page 1157 of 3899 Page 1158 of 3899 Page 1159 of 3899 Page 1160 of 3899 Page 1161 of 3899 Page 1162 of 3899 Page 1163 of 3899 Page 1164 of 3899 Page 1165 of 3899 Page 1166 of 3899 Page 1167 of 3899 Page 1168 of 3899 Page 1169 of 3899 Page 1170 of 3899 Page 1171 of 3899 Page 1172 of 3899 Page 1173 of 3899 Page 1174 of 3899 Page 1175 of 3899