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Agenda 10/22/2024 Item #16A 6 (Sale and Purchase under Conservation Collier Land Aquisition Program with Robert A. Dennison for a 2.73-acre parcel)10/22/2024 Item # 16.A.6 ID# 2024-1163 Executive Summary *** This item continued from the October 8, 2024, BCC Meeting. *** Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier Land Acquisition Program with Robert A. Dennison for a 2.73-acre parcel at a cost of $62,790, for a total cost not to exceed $64,510 inclusive of closing costs. OBJECTIVE: To purchase a 2.73-acre within the Conservation Collier Dr. Robert H. Gore III Preserve multi-parcel project. CONSIDERATIONS: On October 10, 2023, Agenda Item No. 11B, the Board of County Commissioners (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. The Dennison parcel, within the Dr. Robert H. Gore III Preserve multi-parcel project, was approved as an A-list property on the Cycle 12A AAL. Dr. Robert H. Gore III Preserve: Potential public uses at Gore Preserve include hiking, nature photography, bird watching, and environmental education. Hydrologic indicators such as karst topography, cypress knees, and watermarks on buttressed cypress trees provide evidence of seasonal flooding. The mature cypress trees in the preserve project indicate that the area has historically contained wetlands. The properties are within a historic wetland area connecting east with the Florida Panther National Wildlife Refuge (FPNWR) via the old Ford Test Track. The Gore Preserve and surrounding lands enhance the FPNWR by acting as a buffer and providing a reasonably large-sized wild land addition north of I-75. Wildlife underpasses at the adjacent Faka-Union and nearby Miller canals create an ecological link south under I-75 to the Picayune Strand State Forest. A little over two miles to the west are the North Belle Meade Preserve and the North Belle Meade sending lands. The Gore Preserve project is within the Florida Fish and Wildlife Conservation Commission (FWC) Primary Panther habitat zone. The project area contains protected plant species, including giant sword fern, several listed bromeliads in the Tillandsia genus, and five native orchid species. It also contains Florida panthers, Florida black bears, and numerous other wildlife. The observed habitat and location would also support the presence of Everglades mink, tricolored heron, and little blue heron, all state-protected species. In February 2024, staff contracted with two independent, state-certified general real estate appraisal firms to appraise all parcels within the Gore Project area. The appraisals provided an average appraised value of $23,000 an acre for parcels between 1.14 and 2.73 acres, based on comparable sales from wetland, not upland parcels. The cost to obtain the appraisals was $4,900. Dennison - Parcel 41619160002 on the north side of 38th Ave SE, west of Desoto Blvd S • 2.73-acres of vacant, unimproved land consisting of cypress and mixed wetland hardwoods with hydric mapped soils. • An offer of $59,650 was made on March 8, 2024, and rejected. The negotiated sale price of $62,790 was accepted on June 26, 2024. The purchase price of $62,790 is 100% of the appraised value. This acquisition is consistent with the Conservation Collier Purchasing Policy, Resolution No. 2023-10, which allows offer amounts to be determined by staff but no more than the appraised value. Pursuant to Ordinance 2024-17, Section 12(6), a Project Design Report (“PDR”) for 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 $64,510 as follows: Seller Name Acres Appraised Purchase Closing Costs Total Initial 5 Yr. Long-term Page 1351 of 7162 10/22/2024 Item # 16.A.6 ID# 2024-1163 Value Price (title commitment, title policy, closing fee, recording fees) Purchase Price Maint. Costs Annual Maint. Costs Dennison 2.73 $62,790 $62,790 $1,720 $64,510 $5,600 $700 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 $5,600. After initial restoration, the estimated maintenance costs for this parcel will be approximately $700 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. - JAK 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. Gore Appraisal - Carroll and Carroll 2. Gore Appraisal - RKL 3. Dennison-PDR-Gore 4. Dennison Agreement Page 1352 of 7162 APPRAISAL REPORT FOR THE CONSERVATION COLLIER PROGRAM AND THE COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS SUBJECT PROPERTY: DR. ROBERT H. GORE III PRESERVE NAPLES, FL 34117 AT THE REQUEST OF: ROOSEVELT LEONARD, R/W-AC SUPERVISOR – REAL PROPERTY MANAGEMENT COLLIER COUNTY FACILITIES MANAGEMENT/REAL PROPERTY 3335 TAMIAMI TRAIL E., STE. 101 NAPLES, FL 34112 ASSIGNMENT NO.: 6617-TS APPRAISAL EFFECTIVE DATE: FEBRUARY 1, 2024 DATE OF REPORT: FEBRUARY 29, 2024 Page 1353 of 7162 6617 Report Table of Contents Carroll & Carroll Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1 CERTIFICATION ..................................................................................................................................... 3 SCOPE OF WORK ................................................................................................................................... 5 ESTATE APPRAISED .............................................................................................................................. 6 DEFINITION OF MARKET VALUE ..................................................................................................... 7 ASSUMED EXPOSURE TIME ................................................................................................................ 7 AREA INFORMATION .......................................................................................................................... 8 MARKET AREA ..................................................................................................................................... 17 PROPERTY INFORMATION ............................................................................................................... 29 SITE DESCRIPTION – DR. ROBERT H. GORE III PRESERVE ................................................... 31 ENVIRONMENTAL CONTAMINATION .................................................................................... 33 NATURAL RESOURCE CONCERNS ............................................................................................ 34 FUTURE LAND USE ......................................................................................................................... 36 ZONING .............................................................................................................................................. 38 HIGHEST AND BEST USE ................................................................................................................... 40 CONSIDERATION OF APPROACHES ............................................................................................. 41 SALES COMPARISON APPROACH ................................................................................................. 42 DR. ROBERT H. GORE III PRESERVE (1.14-2.73 ACRES) .............................................................. 43 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 44 LAND SALES ADJUSTMENT GRID – 0-75% WETLANDS ....................................................... 45 LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS ................................................... 46 FINAL ESTIMATE OF VALUE – DR. ROBERT H. GORE III PRESERVE ................................ 53 (1.14-2.73 ACRES) .............................................................................................................................. 53 DR. ROBERT H. GORE III PRESERVE (2.74-7.17 ACRES) .............................................................. 54 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 55 LAND SALES ADJUSTMENT GRID – 0-75% WETLANDS ....................................................... 56 LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS ................................................... 57 FINAL ESTIMATE OF VALUE – DR. ROBERT H. GORE III PRESERVE ................................ 64 (2.74-7.17 ACRES) .............................................................................................................................. 64 ADDENDA ............................................................................................................................................. 65 Page 1354 of 7162 6617 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 Dr. Robert H. Gore III Preserve Market Area Naples, FL 34117 Property Description Dr. Robert H. Gore III Preserve consists of 268 parcels or a total of 600.50 acres located within Golden Gate Estates, Units 91 and 92 in Naples, Florida. Property Type Vacant Land Owner of Record Full List Copied into the Addendum Property ID # Full List Copied into the Addendum CLIENT INFO & VALUE CONCLUSIONS Client Collier County Facilities Management Department Intended Use To assist the Conservation Collier Program and the Collier County Board of County Commissioners. Intended Users Conservation Collier Program and the Collier County Board of County Commissioners. Appraisal Effective Date February 1, 2024 Date of Report February 29, 2024 Date of Inspection N/A Purpose of Appraisal Estimate the market value on a price per acre basis within the Dr. Robert H. Gore Preserve for the various tiers for parcels ranging in size from 1.14 acres-2.73 acres, 2.74 acres- 4.00 acres, and 4.01 acres-7.17 acres. Tiers I. Up to 25% Wetlands II. 26-50% Wetlands III. 51-75% Wetlands IV. 76-100% Wetlands Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Values 1.14-2.73 Acres I Up to 25% Wetlands $50,000 per acre II 26-50% Wetlands $34,000 per acre III 51-75% Wetlands $27,000 per acre IV 76-100% Wetlands $21,000 per acre Page 1355 of 7162 6617 Report Summary of Important Data & Conclusions Carroll & Carroll 2 2.74-4.00 Acres I Up to 25% Wetlands $39,000 per acre II 26-50% Wetlands $30,000 per acre III 51-75% Wetlands $25,500 per acre IV 76-100% Wetlands $20,000 per acre 4.01-7.17 Acres I Up to 25% Wetlands $39,000 per acre II 26-50% Wetlands $30,000 per acre III 51-75% Wetlands $25,500 per acre IV 76-100% Wetlands $20,000 per acre 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 None HYPOTHETICAL CONDITIONS None Page 1356 of 7162 6617 Report Certification Carroll & Carroll 3 CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I did not physically inspect the Dr. Robert H. Gore III Preserve parcels or comparable sales, but I relied on aerial photography for my analysis. The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. In the three years immediately prior to acceptance of this assignment I have not performed any services regarding the subject property as appraisers, or in any other capacity. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Page 1357 of 7162 6617 Report Certification Carroll & Carroll 4 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 1358 of 7162 6617 Report Scope of Work Carroll & Carroll 5 SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • I did not physically inspect the Dr. Robert H. Gore III Preserve parcels or the comparable sales, but I relied on aerial photography. • Reviewed aerial photographs, land use plans, the Land Development Code, the Conservation Collier Initial Criteria Screening Report, and other documentation. • Reviewed how the properties relate to their neighborhood and to the broader market area in development of an opinion of highest and best use. • Researched vacant land comparable sales, listings, and pending sales. • Developed the sales comparison approach. • Estimated the market value on a price per acres basis within Dr. Rober H. Gore III Preserve for the various tiers for parcels ranging in size from 1.14 acres-2.73 acres, 2.74 acres-4.00 acres, and 4.01 acres-7.17 acres. Tiers I. Up to 25% Wetlands II. 26-50% Wetlands III. 51-75% Wetlands IV. 76-100% Wetlands • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusions. Sources of market data included local and regional MLS systems, CoStar, LoopNet, public records, and interviews with real estate brokers. Page 1359 of 7162 6617 Report Estate Appraised Carroll & Carroll 6 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 1360 of 7162 6617 Report Definition of Market Value Carroll & Carroll 7 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 6 and 9 months. Page 1361 of 7162 6617 Report Area Analysis Carroll & Carroll 8 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 1362 of 7162 6617 Report Area Analysis Carroll & Carroll 9 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 1363 of 7162 6617 Report Area Analysis Carroll & Carroll 10 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 1364 of 7162 6617 Report Area Analysis Carroll & Carroll 11 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 1365 of 7162 6617 Report Area Analysis Carroll & Carroll 12 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 1366 of 7162 6617 Report Area Analysis Carroll & Carroll 13 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 1367 of 7162 6617 Report Area Analysis Carroll & Carroll 14 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 1368 of 7162 6617 Report Area Analysis Carroll & Carroll 15 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 1369 of 7162 6617 Report Area Analysis Carroll & Carroll 16 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 1370 of 7162 6617 Report Market Area Carroll & Carroll 17 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 1371 of 7162 6617 Report Market Area Carroll & Carroll 18 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 1372 of 7162 6617 Report Market Area Carroll & Carroll 19 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 1373 of 7162 6617 Report Market Area Carroll & Carroll 20 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 1374 of 7162 6617 Report Market Area Carroll & Carroll 21 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 1375 of 7162 6617 Report Market Area Carroll & Carroll 22 Page 1376 of 7162 6617 Report Market Area Carroll & Carroll 23 Page 1377 of 7162 6617 Report Market Area Carroll & Carroll 24 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 1378 of 7162 6617 Report Market Area Carroll & Carroll 25 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 1379 of 7162 6617 Report Market Area Carroll & Carroll 26 Page 1380 of 7162 6617 Report Market Area Carroll & Carroll 27 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 1381 of 7162 6617 Report Market Area Carroll & Carroll 28 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 1382 of 7162 6617 Report Property Information Carroll & Carroll 29 PROPERTY INFORMATION Page 1383 of 7162 6617 Report Property Information Carroll & Carroll 30 Page 1384 of 7162 6617 Report Property Information Carroll & Carroll 31 SITE DESCRIPTION – DR. ROBERT H. GORE III PRESERVE Summary Dr. Robert H. Gore III Preserve consists of a total of 268 parcels or a total of 600.5 acres. The parcels are located in southern Golden Gate Estates, between 36th Avenue SE and Interstate 75, and east and west of Desoto Boulevard South. Parcel ID#& Owners There are a total of 147 parcels or just over 377 acres that Collier County is considering purchasing. A complete list of the parcels is included in the addendum of the report. Size The parcels range in size from 1.14 to 7.17 acres. Shape All the parcels are rectangular in shape. Access All parcels have legal and physical access along paved and non-paved roads. The parcels are accessible from Desoto Boulevard South, 36th Avenue SE, 38th Avenue SE, 40th Avenue SE, and 42nd Avenue SE. Topography The properties are generally level. Ground Cover The majority of the properties are covered in native and Page 1385 of 7162 6617 Report Property Information Carroll & Carroll 32 exotic vegetation and have never been cleared. I was provided with a Conservation Collier Property Summary for Dr. Robert H. Gore III Preserve dated July 2023. The parcels are located within the Gore Target Protection Mailing area which connects with the Florida Panther National Wildlife Refuge to the east, Picayune Strand State Forest to the south across Interstate 75, and Fakahatchee State Strand Preserve to the southeast across Interstate 75. The parcels consist of a mixture of vegetative communities including cypress, cypress-mixed hardwoods, mixed wetland hardwoods, mixed scrub-shrub wetland, and pine flatwoods with most containing wetlands. Utilities Electricity, telephone and TV cable are available. The properties are serviced by well and septic. Page 1386 of 7162 6617 Report Property Information Carroll & Carroll 33 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 1387 of 7162 6617 Report Property Information Carroll & Carroll 34 NATURAL RESOURCE CONCERNS Condition of subject The majority of the properties are covered in native and exotic vegetation and have never been cleared. I was provided with a Conservation Collier Property Summary for Dr. Robert H. Gore III Preserve dated July 2023. The parcels consist of a mixture of vegetative communities including cypress, cypress-mixed hardwoods, mixed wetland hardwoods, mixed scrub-shrub wetland, and pine flatwoods with most containing wetlands. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. Natural Resource Audits Available Yes Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser’s required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise required to discover them. Page 1388 of 7162 6617 Report Property Information Carroll & Carroll 35 Page 1389 of 7162 6617 Report Property Information Carroll & Carroll 36 FUTURE LAND USE Ordinance or Plan Collier County Future Land Use Designation GGE- Golden Gate Estates Residential Estates Subdistrict Purpose of Designation The Estates Land Use Designation encompasses lands which are already subdivided into semi-rural residential parcels (2.25 acres as an average) essentially consisting of the Golden Gate Estates Subdivision. The area is identified as having potential for population growth far removed from supportive services and facilities. Expansion of the area shall be discouraged. Refer to the Golden Gate Area Master Plan for siting criteria and development standards for specific land uses. Under the Estates future land use designation there is no provision for a conditional use and therefore a conditional use approval requires an amendment to the GGAMP. Page 1390 of 7162 6617 Report Property Information Carroll & Carroll 37 Page 1391 of 7162 6617 Report Property Information Carroll & Carroll 38 ZONING Ordinance or Land Development Code Collier County Zoning E- Estates Purpose or Intent of Zoning The subject is zoned “E” – Estates District. The purpose and intent of the Estates district is to provide lands for low density residential development in a semi-rural to rural environment. In addition, several conditional uses including churches, social and fraternal organizations, child care centers, private schools, and group care facilities are available under conditional use provisions. Permitted uses include single-family dwellings and Family Care Facilities, and public schools. Conditional uses permissible in the Estates district include churches and other places of worship, social and fraternal organizations, child and adult care centers, schools and group care facilities. These conditional uses are strictly regulated. Below are the development requirements as set forth in the Estate Zoning District: Minimum Lot Area: 98,010 square feet or 2.25 acres Minimum Lot Width: 150 feet Minimum Front Yard Setback: 75 feet minimum Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 75 feet Maximum Building Height: 30 feet Overlay District None. Page 1392 of 7162 6617 Report Property Information Carroll & Carroll 39 Page 1393 of 7162 6617 Report Highest and Best Use Carroll & Carroll 40 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 Legally Permissible – All parcels are zoned E-Estates with a future land use of Residential Estates. The purpose and intent of the E-Estates district is to apply to an area of low-density single-family residences in a semi-rural environment and permits all necessary residential activities as well as the keeping of limited agricultural animals as specified in this division. Physically Possible: The sites are level and at or slightly below road grade and could be developed as a single-family home sites. The location, surrounding land uses, and the size of the properties suggest some type of single-family use. Due to the potential presence of wetlands on the sites, mitigation could be required to develop single-family residences on some of the properties. Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Single-family residential development is financially feasible. Although it is not an economic use, acquisition of lands in the area by Collier County is encouraged for habitat preservation and conservation. Page 1394 of 7162 6617 Report Highest and Best Use Carroll & Carroll 41 Maximally Productive: The maximally productive use is that the wetlands be mitigated, and the properties developed with single-family residences, or the properties be purchased for preservation, conservation, and restoration. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for these vacant parcels. Page 1395 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 42 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. Page 1396 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 43 DR. ROBERT H. GORE III PRESERVE (1.14-2.73 ACRES) Collier County is interested in determining a per acre value for the various tiers for the Dr. Robert H. Gore III Preserve Area to assist them in acquiring parcels for the Conservation Collier land preservation program. The price per acre will be estimated for the various tiers for parcels ranging in size from 1.14 acres-2.73 acres, 2.74 acres-4.00 acres, and 4.01-7.17 acres. Tiers I. Up to 25% Wetlands II. 26-50% Wetlands III. 51-75% Wetlands IV. 76-100% Wetlands SALES DATA A search was made for sales of land comparable to the subject parcels. The intention was to find comparable sales in similar locations that offer similar functional utility. A total of 25 comparable sales were identified as the best available for analysis. Price per acre of gross land area was developed as the unit of comparison, since that is the unit best suited to the analysis, and the one most often utilized by local buyers, sellers, and brokers of land similar to the subject parcel. Comparable land sales grids are given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Page 1397 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 44 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES Page 1398 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 45 LAND SALES ADJUSTMENT GRID – 0-75% WETLANDS ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7 COMP #8 PARCEL #41167800005 41170960000 41717680002 41715080002 41227000004 41396680009 41169600009 41344600109 PROPERTY IDENTIFICATION Dr. Robert H. Gore 4659 22nd 22nd Avenue 3962 Everglades 2930 38th 24th Avenue 32nd Avenue 20th Avenue 26th Avenue III Preserve Avenue SE SE Blvd. S Avenue SE SE SE SE SE SALE PRICE N/A $140,000 $135,000 $65,000 $97,000 $77,500 $83,500 $90,000 $65,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Pending Market Market Market 0 0 0 0 0 0 0 0 BUILDING IMPROVEMENTS None None None None None None None None None 0 0 0 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Conventional Cash to seller Cash to seller Equivalent 0 0 0 0 0 0 0 0 ADJUSTED SALE PRICE N/A $140,000 $135,000 $65,000 $97,000 $77,500 $83,500 $90,000 $65,000 Recording Date N/A 10/02/23 10/23/23 05/24/23 09/07/23 02/01/24 09/27/23 10/30/23 10/29/23 Months Prior To Effective Date 02/01/24 4.01 3.32 8.32 4.83 0.00 4.17 3.09 3.12 MARKET CHANGE ADJUSTMENT N/A 4.0%3.3%8.3%4.8%0.0%4.2%3.1%3.1% ADJUSTED SALE PRICE N/A $145,615 $139,482 $70,406 $101,687 $77,500 $86,986 $92,781 $67,030 Parcel Area in Gross Acres 1.14-2.73 2.73 2.50 1.17 2.50 2.27 2.27 2.73 2.50 PRICE PER ACRE ?$53,339 $55,793 $60,176 $40,675 $34,141 $38,320 $33,986 $26,812 LOCATION ADDRESS Gore Preserve 22nd Ave. SE 22nd Ave. SE Everglades Blvd.38th Ave. SE 24th Ave. SE 32nd Ave. SE 20th Ave. SE 26th Ave. SE CORNER LOT N/A No No No No No No No No PAVED ROAD Yes Yes Yes Yes Yes Yes Yes Yes Yes CANAL FRONTAGE N/A No No No No No No No No OVERALL LOCATION Average Superior Superior Superior Superior Superior Superior Superior Superior -10%-10%-10%-10%-10%-10%-10%-10% UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0%0% COMP. PLAN Estates Estates Estates Estates Estates Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates 0%0%0%0%0%0%0%0% SIZE IN ACRES 1.14-2.73 2.73 2.50 1.17 2.50 2.27 2.27 2.73 2.50 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar Similar Similar Similar WETLANDS Yes No Yes Yes Yes Yes Yes Yes WETLANDS %15%0%12%35%48%48%50%+50-75% WETLANDS QUALITY Average N/A N/A Low/Medium N/A Low/Medium N/A Medium 0%0%0%0%0%0%0%0% GROSS ADJUSTMENT N/A 10%10%10%10%10%10%10%10% INDICATION OF UNIT VALUE ?$48,005 $50,214 $54,158 $36,607 $30,727 $34,488 $30,587 $24,131 Page 1399 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 46 LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS ITEM SUBJECT COMP #9 COMP #10 COMP #11 COMP #12 COMP #13 PARCEL #41501000005 41503760000 41500780009 41500520007 41509120000 PROPERTY IDENTIFICATION Dr. Robert H. Gore 34th Avenue 4430 34th 34th Avenue 36th Avenue 40th Avenue III Preserve SE Avenue SE SE SE SE SALE PRICE N/A $40,000 $60,000 $50,000 $57,000 $53,000 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 None None None None None None 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 0 0 ADJUSTED SALE PRICE N/A $40,000 $60,000 $50,000 $57,000 $53,000 Recording Date N/A 09/12/23 01/03/24 09/21/23 01/02/24 01/29/24 Months Prior To Effective Date 02/01/24 4.67 0.95 4.37 0.99 0.10 MARKET CHANGE ADJUSTMENT N/A 4.7%1.0%4.4%1.0%0.1% ADJUSTED SALE PRICE N/A $41,867 $60,572 $52,186 $57,562 $53,052 Parcel Area in Gross Acres 1.14-2.73 2.27 2.73 2.50 2.50 2.73 PRICE PER ACRE ?$18,444 $22,188 $20,874 $23,025 $19,433 LOCATION ADDRESS Gore Preserve 34th Ave. SE 34th Ave. SE 34th Ave. SE 36th Ave. SE 40th Ave. SE CORNER LOT N/A No No No No No PAVED ROAD Yes Yes Yes Yes Yes Yes CANAL FRONTAGE N/A No No No No No OVERALL LOCATION Average Similar Similar Similar Similar Similar 0%0%0%0%0% UTILITIES Well & Septic Similar Similar Similar Similar Similar 0%0%0%0%0% COMP. PLAN Estates Estates Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates 0%0%0%0%0% SIZE IN ACRES 1.14-2.73 2.27 2.73 2.50 2.50 2.73 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar 0%0%0%0%0% PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar WETLANDS Yes Yes Yes Yes Yes WETLANDS %N/A 100%100%100%100% WETLANDS QUALITY N/A N/A Low/Medium N/A N/A 0%0%0%0%0% GROSS ADJUSTMENT N/A 0%0%0%0%0% INDICATION OF UNIT VALUE ?$18,444 $22,188 $20,874 $23,025 $19,433 Page 1400 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 47 DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a “market” transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • None of the comparable sales required adjustment in this category. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • None of the comparable sales required adjustment in this category. Page 1401 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 48 FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. • The comparables occurred between 2023 and 2024, which market conditions continue to improve. I analyzed recent paired sales in the submarket area which indicate positive market change. Land values continue to appreciate due to the demand for affordable residential land. The buyers include a mix of individuals who plan to build a home, investors, and speculative home builders. Giving consideration to all of the above, I applied a market change rate of 1.00% per month or 12.00% annually. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • Comparables 1, 2, 3, 4, 5, 6, 7, and 8 are all located north or west of the subject in superior locations, and each was adjusted downward 10%. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. • None of the comparable sales required adjustment in this category. 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. Page 1402 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 49 • None of the comparables sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • I was provided with a Conservation Collier Property Summary for Dr. Robert H. Gore III Preserve dated July 2023. The parcels consist of a mixture of vegetative communities including cypress, cypress-mixed hardwoods, mixed wetland hardwoods, mixed scrub- shrub wetland, and pine flatwoods with most containing wetlands. • I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and sellers to determine the wetlands associated with the Comparable sales. No adjustments were made for physical characteristics and instead the comparables were bracketed with some being superior, similar, and inferior. Page 1403 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 50 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: UP TO 25% WETLANDS Comparables Price Per Gross Acre of Land Area 1 $48,005 2 $50,214 3 $54,158 The range of unit value indications is from $48,005 to $54,158 per acre with an average of $50,792 per acre and a median of $50,214 per acre. Based on the range, I concluded to a unit value of $50,000 per acre. Page 1404 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 51 26-50% WETLANDS Comparables Price Per Gross Acre of Land Area 4 $36,607 5 $30,727 6 $34,488 The range of unit value indications is from $30,727 to $36,607 per acre with an average of $33,941 per acre and a median of $34,488 per acre. Based on the range, I concluded to a unit value of $34,000 per acre. Page 1405 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 52 51-75% WETLANDS Comparables Price Per Gross Acre of Land Area 7 $30,587 8 $24,131 The range of unit value indications is from $24,131 to $30,587 per acre with an average of $27,359 per acre. Based on the range, I concluded to a unit value of $27,000 per acre. Page 1406 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 53 76-100% WETLANDS Comparables Price Per Gross Acre of Land Area 9 $18,444 10 $22,188 11 $20,874 12 $23,025 13 $19,433 The range of unit value indications is from $18,444 to $23,025 per acre with an average of $20,793 per acre and a median of $20,874 per acre. Based on the range, I concluded to a unit value of $21,000 per acre. FINAL ESTIMATE OF VALUE – DR. ROBERT H. GORE III PRESERVE (1.14-2.73 ACRES) The final indications of value on a per acre basis as of February 1, 2024 are presented below. Tier Amount of Wetlands Price Per Gross Acre I Up to 25% Wetlands $50,000 II 26-50% Wetlands $34,000 III 51-75% Wetlands $27,000 IV 76-100% Wetlands $21,000 Page 1407 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 54 DR. ROBERT H. GORE III PRESERVE (2.74-7.17 ACRES) SALES DATA A search was made for sales of land comparable to the subject parcels. The intention was to find comparable sales in similar locations that offer similar functional utility. A total of 12 comparable sales were identified as the best available for analysis. Price per acre of gross land area was developed as the unit of comparison, since that is the unit best suited to the analysis, and the one most often utilized by local buyers, sellers, and brokers of land similar to the subject parcel. There are a limited number of parcels from 2.74 to 4.00 acres within the Dr. Robert H. Gore III Preserve and it appears there is not difference in unit price given the size differences. The larger parcels tend to sell for similar unit prices because they can be subdivided into two or more lots. Comparable land sales grids are given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Page 1408 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 55 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES Page 1409 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 56 LAND SALES ADJUSTMENT GRID – 0-75% WETLANDS ITEM SUBJECT COMP #14 COMP #15 COMP #16 COMP #17 COMP #18 COMP #19 PARCEL #41397480004 41170960000 41615160006 41661520001 &4145012007 &41447400002 41661480002 41450160009 PROPERTY IDENTIFICATION Dr. Robert H. Gore 3908 32nd 22nd Avenue 40th Avenue 40th Avenue 26th Avenue Desoto III Preserve Avenue SE SE SE SE SE Blvd. S SALE PRICE N/A $265,000 $200,000 $160,000 $120,000 $135,000 $70,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Market Market 0 0 0 0 0 0 BUILDING IMPROVEMENTS None None None None None None None 0 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 0 0 0 ADJUSTED SALE PRICE N/A $265,000 $200,000 $160,000 $120,000 $135,000 $70,000 Recording Date N/A 03/17/23 03/06/23 04/26/23 07/08/22 10/26/23 12/15/22 Months Prior To Effective Date 02/01/24 10.55 10.91 9.24 18.84 3.22 13.58 MARKET CHANGE ADJUSTMENT N/A 10.6%10.9%9.2%18.8%3.2%13.6% ADJUSTED SALE PRICE N/A $292,964 $221,828 $174,780 $142,604 $139,349 $79,504 Parcel Area in Gross Acres 2.74-7.17 5.68 5.00 5.00 5.68 5.46 2.81 PRICE PER ACRE ?$51,578 $44,366 $34,956 $25,106 $25,522 $28,293 LOCATION ADDRESS Gore Preserve 32nd Ave. SE 22nd Ave. SE 40th Ave. SE 40th Ave. SE 26th Ave. SE Desoto Blvd. S CORNER LOT N/A No No No No No Yes PAVED ROAD Yes Yes Yes Yes Yes Yes Yes CANAL FRONTAGE N/A Yes No No Yes No No OVERALL LOCATION Average Superior Superior Superior Similar Superior Similar -25%-10%-10%0%-10%0% UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% COMP. PLAN Estates Estates Estates Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates 0%0%0%0%0%0% SIZE IN ACRES 2.74-7.17 5.68 5.00 5.00 5.68 5.46 2.81 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar Similar WETLANDS No No Yes Yes Yes Yes WETLANDS %Various 0%0%25-50%47%65%50-75% WETLANDS QUALITY N/A N/A N/A Very Low N/A N/A 0%0%0%0%0%0% GROSS ADJUSTMENT N/A 25%10%10%0%10%0% INDICATION OF UNIT VALUE ?$38,684 $39,929 $31,460 $25,106 $22,970 $28,293 Page 1410 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 57 LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS ITEM SUBJECT COMP #20 COMP #21 COMP #22 COMP #23 COMP #24 COMP #25 PARCEL #41506480002 41506240006 41440360000 41502040006 41510560002 41510840007 & 41510840104 PROPERTY IDENTIFICATION Dr. Robert H. Gore 3728 Desoto Desoto &30th Avenue 34th Avenue 40th Avenue 34th Avenue III Preserve Blvd. S 36th Ave. SE SE SE SE SE SALE PRICE N/A $54,900 $50,000 $115,000 $82,000 $76,000 $115,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Pending Market Market Market 0 0 0 0 0 0 BUILDING IMPROVEMENTS None None None None None None None 0 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Equivalent 0 0 0 0 0 0 ADJUSTED SALE PRICE N/A $54,900 $50,000 $115,000 $82,000 $76,000 $115,000 Recording Date N/A 01/05/23 02/02/23 02/01/24 10/20/23 04/14/23 04/28/23 Months Prior To Effective Date 02/01/24 12.89 11.97 0.00 3.42 9.63 9.17 MARKET CHANGE ADJUSTMENT N/A 12.9%12.0%0.0%3.4%9.6%9.2% ADJUSTED SALE PRICE N/A $61,975 $55,983 $115,000 $84,803 $83,320 $125,547 Parcel Area in Gross Acres 2.74-7.17 2.81 2.81 5.00 5.00 6.11 6.96 PRICE PER ACRE ?$22,055 $19,923 $23,000 $16,961 $13,637 $18,038 LOCATION ADDRESS Gore Preserve Desoto Blvd. S Desoto Blvd. S 30th Ave. SE 34th Ave. SE 40th Ave. SE 34th Ave. SE CORNER LOT N/A No Yes No No No No PAVED ROAD Yes Yes Yes Yes Yes No Yes CANAL FRONTAGE N/A No No No No No No OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% COMP. PLAN Estates Estates Estates Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates 0%0%0%0%0%0% SIZE IN ACRES 2.74-7.17 2.81 2.81 5.00 5.00 6.11 6.96 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar Similar WETLANDS Yes Yes Yes Yes Yes Yes WETLANDS %Various 93%N/A 100%100%100%100% WETLANDS QUALITY N/A N/A N/A N/A N/A N/A 0%0%0%0%0%0% GROSS ADJUSTMENT N/A 0%0%0%0%0%0% INDICATION OF UNIT VALUE ?$22,055 $19,923 $23,000 $16,961 $13,637 $18,038 Page 1411 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 58 DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a “market” transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • None of the comparable sales required adjustment in this category. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • None of the comparable sales required adjustment in this category. Page 1412 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 59 FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. • The comparables occurred between 2022 and 2024, which market conditions continue to improve. I analyzed recent paired sales in the submarket area which indicate positive market change. Land values continue to appreciate due to the demand for affordable residential land. The buyers include a mix of individuals who plan to build a home, investors, and speculative home builders. Giving consideration to all of the above, I applied a market change rate of 1.00% per month or 12.00% annually. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • Comparables 14, 15, 16, and 18 are all located north or west of the subject in superior locations, and each was adjusted downward 10%. Comparable 14 also has canal frontage and was adjusted downward an additional 15%. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. • None of the comparable sales required adjustment in this category. COMPREHENSIVE PLAN/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 Page 1413 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 60 exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparables sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • I was provided with a Conservation Collier Property Summary for Dr. Robert H. Gore III Preserve dated July 2023. The parcels consist of a mixture of vegetative communities including cypress, cypress-mixed hardwoods, mixed wetland hardwoods, mixed scrub- shrub wetland, and pine flatwoods with most containing wetlands. • I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and sellers to determine the wetlands associated with the Comparable sales. No adjustments were made for physical characteristics and instead the comparables were bracketed with some being superior, similar, and inferior. Page 1414 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 61 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: UP TO 25% WETLANDS Comparables Price Per Gross Acre of Land Area 14 $38,684 15 $39,929 The range of unit value indications is from $38,684 to $39,929 per acre with an average of $39,306 per acre. Based on the range, I concluded to a unit value of $39,000 per acre. Page 1415 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 62 26-50% WETLANDS Comparables Price Per Gross Acre of Land Area 16 $31,460 17 $25,106 The range of unit value indications is from $25,106 to $31,460 per acre with an average of $28,283 per acre. Comparable 16 is a more recent sale and was given more consideration. Based on the range, I concluded to a unit value of $30,000 per acre. Page 1416 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 63 51-75% WETLANDS Comparables Price Per Gross Acre of Land Area 18 $22,970 19 $28,293 The range of unit value indications is from $22,970 to $28,293 per acre with an average of $25,631 per acre. Based on the range, I concluded to a unit value of $25,500 per acre. Page 1417 of 7162 6617 Report Sales Comparison Approach Carroll & Carroll 64 76-100% WETLANDS Comparables Price Per Gross Acre of Land Area 20 $22,055 21 $19,923 22 $23,000 23 $16,961 24 $13,637 25 $18,038 The range of unit value indications is from $13,637 to $23,000 per acre with an average of $18,936 per acre and a median of $18,891 per acre. Comparable 24 is a low indicator due to its location along a non-paved road. Based on the range, I concluded to a unit value of $20,000 per acre. FINAL ESTIMATE OF VALUE – DR. ROBERT H. GORE III PRESERVE (2.74-7.17 ACRES) The final indications of value on a per acre basis as of February 1, 2024 are presented below. Tier Amount of Wetlands Price Per Gross Acre I Up to 25% Wetlands $39,000 II 26-50% Wetlands $30,000 III 51-75% Wetlands $25,500 IV 76-100% Wetlands $20,000 CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Page 1418 of 7162 6617 Report Addenda Carroll & Carroll ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Parcel List.............................................................................................................................. 3 Qualifications of Appraiser................................................................................................ 2 Page 1419 of 7162 6617 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 None 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 1420 of 7162 6617 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 1421 of 7162 6617 Report Addenda Carroll & Carroll Page 1422 of 7162 6617 Report Addenda Carroll & Carroll Page 1423 of 7162 6617 Report Addenda Carroll & Carroll Page 1424 of 7162 6617 Report Addenda Carroll & Carroll Page 1425 of 7162 6617 Report Addenda Carroll & Carroll Page 1426 of 7162 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com REAL ESTATE APPRAISAL REPORT DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY Residential Land Generally within Golden Gate Estates Units 91, 91A, 92, and 92A Naples, Collier County, Florida, 34117 PREPARED FOR: Mr. Roosevelt Leonard, R/W-AC Supervisor – Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Client File: PO Number 4500229737 EFFECTIVE DATE OF THE APPRAISAL: February 24, 2024 DATE OF THE REPORT: March 1, 2024 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2024-063 Page 1427 of 7162 Dr. Robert H. Gore III Preserve Area Market Study Generally within Golden Gate Estates Units 91, 91A, 92, and 92A Naples, Florida Page 1428 of 7162 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com March 1, 2024 Mr. Roosevelt Leonard, R/W-AC Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Dr. Robert H. Gore III Preserve Area Market Study Generally within Golden Gate Estates Units 91, 91A, 92, and 92A, Naples, Collier County, Florida, 34117 Client File: PO Number 4500229737 RKL File Number: 2024-063 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value on a price per acre basis for the targeted Dr. Robert H. Gore III Preserve Project Area of Golden Gate Estates in Units 91 and 92. A tier valuation will be provided as follows, a per acre value for parcels between 1.14 acres – 2.73 acres; parcels between 2.74 – 4.00 acres; and parcels between 4.01 – 7.17 acres consisting of i) up to 25% wetlands, ii) 25-50% wetlands, iii) 50-75% wetlands, and 75-100% wetlands. The intended users for the assignment are Collier County Real Property Management (Conservation Collier Program), and the intended use of the appraisal is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject market area is identified as the Dr. Robert H. Gore III Preserve Project Area. The entire Dr. Robert H. Gore Preserve project boundary, totaling 600.5 acres, was approved for the A-list by the Board of County Commissioners on February 28, 2023. To date, the Program has acquired 29% of the project area or 68 parcels for a total of 174.4 acres within Golden Gate Estates Units 91, 91A, 92, and 92A. A total of 147 parcels are targeted consisting of 377.17 acres remaining to be acquired. The per acre values reported in this market study will be offered to property owners with 1.14 to 7.17 acre parcels. The parcels are located within the Estates zoning designation which allows for low density residential development with limited agricultural uses. Page 1429 of 7162 Mr. Roosevelt Leonard, R/W-AC Collier County March 1, 2024 Page 2 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple February 24, 2024 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 25 - 50% Wetlands: 50 - 75% Wetlands: Up to 25% Wetlands:$43,000 1.14 - 2.73 acresSubject Size: 75 - 100% Wetlands: $35,000 Indicated Value per Acre $30,000 $25,000 25 - 50% Wetlands:$31,500 50 - 75% Wetlands:$26,500 75 - 100% Wetlands:$21,500 Indicated Value per Acre Up to 25% Wetlands:$41,500 $39,500 $33,500 $28,500 $23,500 Subject Size:2.74 - 4.00 acres 4.01 - 7.17 acres Page 1430 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions ................................................................... 1 Introduction Information ..................................................................................................... 3 Subject Identification ...................................................................................................... 3 Current Ownership and Property History ....................................................................... 3 Appraisal Scope .............................................................................................................. 3 Client, Intended User, and Intended Use ........................................................................ 4 Definition of Market Value ............................................................................................. 4 Definition of Property Rights Appraised ........................................................................ 4 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 4 Scope of Work ................................................................................................................ 5 Economic Analysis ............................................................................................................. 6 National Economic Analysis........................................................................................... 6 Florida Economic Analysis ............................................................................................. 8 Collier County Area Analysis ......................................................................................... 9 Property Description and Analysis ................................................................................... 27 Site Analysis ................................................................................................................. 27 Highest and Best Use .................................................................................................... 40 Valuation Methodology .................................................................................................... 42 Analyses Applied .......................................................................................................... 43 Sales Comparison Approach: 1.14-2.73 Acres ............................................................. 44 Sales Comparison Approach: 2.74-7.17 Acres ............................................................. 52 Reconciliation ............................................................................................................... 58 Final Value Conclusion................................................................................................. 58 Certification ...................................................................................................................... 60 Assumptions and Limiting Conditions ............................................................................. 62 Addenda Appraiser Qualifications ....................................................................................... Addendum A Property Information ............................................................................................ Addendum B Comparable Data .................................................................................................. Addendum C Page 1431 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Dr. Robert H. Gore III Preserve Area Market Study Generally within Golden Gate Estates Units 91, 91A, 92, and 92A, Naples, Collier County, Florida, 34117 Owner: Multiple Legal Description: Multiple parcels generally within Golden Gate Estates Units 91, 91A, 92, and 92A Tax Identification: Multiple parcels generally within Golden Gate Estates Units 91, 91A, 92, and 92A Intended Use: The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. Intended User(s): Collier County Real Property Management (Conservation Collier Program) PROPERTY Market Area: Dr. Robert H. Gore III Preserve Area Gross Land Area (Acres): 377.17 Typical Parcel Site (Acres): 1.14 – 7.17 Zoning: E - Estates FDEP Standard Map: According to the FDEP Standard Map, the Dr. Robert H. Gore III Preserve Project Area consists mainly of Freshwater Forested/Shrub Wetlands. According to the Conservation Collier Property Summary, the Preserve is within a historic wetland that connects with the Florida Panther National Wildlife Refuge (FPNWR) to the east, however it is separated by Desoto and the Test Track. According to Collier County FDEP Informal Wetland Determinations map, the Dr. Robert H. Gore III Preserve Project Area consists mainly of Depressional or Slough Hydric Soils. Several parcels have been identified to indicate wetlands and will require permits prior to development. Highest and Best Use: As Vacant Conservation and/or single-family development Exposure Time 9-12 months Marketing Period 9-12 months VALUE INDICATIONS Effective Date(s) February 24, 2024 Property Rights Fee Simple Page 1432 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 2 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. 25 - 50% Wetlands: 50 - 75% Wetlands: Up to 25% Wetlands:$43,000 1.14 - 2.73 acresSubject Size: 75 - 100% Wetlands: $35,000 Indicated Value per Acre $30,000 $25,000 25 - 50% Wetlands:$31,500 50 - 75% Wetlands:$26,500 75 - 100% Wetlands:$21,500 Indicated Value per Acre Up to 25% Wetlands:$41,500 $39,500 $33,500 $28,500 $23,500 Subject Size:2.74 - 4.00 acres 4.01 - 7.17 acres Page 1433 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY INTRODUCTION INFORMATION Page 3 INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Dr. Robert H. Gore III Preserve Area Market Study Generally within Golden Gate Estates Units 91, 91A, 92, and 92A, Naples, Collier County, Florida, 34117 Legal Description: Multiple parcels generally within Golden Gate Estates Units 91, 91A, 92, and 92A Tax Identification: Multiple parcels generally within Golden Gate Estates Units 91, 91A, 92, and 92A The subject market area is identified as the Dr. Robert H. Gore III Preserve Project Area. The entire Dr. Robert H. Gore Preserve project boundary, totaling 600.5 acres, was approved for the A-list by the Board of County Commissioners on February 28, 2023. To date, the Program has acquired 29% of the project area or 68 parcels for a total of 174.4 acres within Golden Gate Estates Units 91, 91A, 92, and 92A. A total of 147 parcels are targeted consisting of 377.17 acres remaining to be acquired. The per acre values reported in this market study will be offered to property owners with 1.14 to 7.17 acre parcels. The parcels are located within the Estates zoning designation which allows for low density residential development with limited agricultural uses. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner There are multiple owners. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser’s responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: ● the client and any other intended users; ● the intended use of the appraiser’s opinions and conclusions; ● the type and definition of value; ● the effective date of the appraiser’s opinions and conclusions; ● subject of the assignment and its relevant characteristics ● assignment conditions ● the expectations of parties who are regularly intended users for similar assignments; and ● what an appraiser’s peer’s actions would be in performing the same or a similar assignment. Page 1434 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY INTRODUCTION INFORMATION Page 4 CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal is Collier County Real Property Management (Conservation Collier Program). The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier Program. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ▪ Buyer and seller are typically motivated; ▪ Both parties are well informed or well advised, and acting in what they consider their best interests; ▪ A reasonable time is allowed for exposure in the open market; ▪ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ▪ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.” (Source: 12 C.F.R. Part 34.42(h); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994; 79 Federal Register 28400, May 16, 2014; 83 Federal Register April 9, 2018; 84 Federal Register, October 8, 2019) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value on a price per acre basis for the targeted Dr. Robert H. Gore III Preserve Project Area of Golden Gate Estates in Units 91 and 92. A tier valuation will be provided as follows, a per acre value for parcels between 1.14 acres – 2.73 acres; parcels between 2.74 – 4.00 acres; and parcels between 4.01 – 7.17 acres consisting of i) up to 25% wetlands, ii) 25-50% wetlands, iii) 50-75% wetlands, and 75-100% wetlands. The effective date of the subject appraisal is February Page 1435 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY INTRODUCTION INFORMATION Page 5 24, 2024. The date of inspection was February 24, 2024. The date of the report is March 1, 2024. SCOPE OF WORK The problem to be solved is to estimate the market value on a price per acre basis for the targeted Dr. Robert H. Gore III Preserve Project Area of Golden Gate Estates in Units 91 and 92. A tier valuation will be provided as follows, a per acre value for parcels between 1.14 acres – 2.73 acres; parcels between 2.74 – 4.00 acres; and parcels between 4.01 – 7.17 acres consisting of i) up to 25% wetlands, ii) 25-50% wetlands, iii) 50-75% wetlands, and 75-100% wetlands. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject area is identified as between 36th Avenue SE and I-75, east and west of Desoto Boulevard. Inspection: A limited on site inspection was made and photographs were taken. Market Area and Analysis of Market Conditions: A complete analysis of market conditions has been made. The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 1436 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY NATIONAL ECONOMIC ANALYSIS Page 6 ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on January 31, 2024. Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since earlier last year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage- backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of December 2023. Real GDP is projected to grow at a rate of 1.4% in 2024, a decrease from the September projection of 1.5%. The unemployment projection for 2024 remained the same at 4.1%. The Core PCE inflation projection also decreased from 2.6% to 2.4% in 2024. Page 1437 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY NATIONAL ECONOMIC ANALYSIS Page 7 According to Freddie Mac Chief Economist Sam Khater, “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year.” According to a December 2013 AP report, the recent downward shift in mortgage rates is a welcome development for homebuyers. Mortgage applications notched their sixth consecutive weekly increase last week, according to the Mortgage Bankers Association. According to an November 2023 report by Lawrence Yun, although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter. Mr. Yun expects existing-home sales to increase by 15% in 2024 as mortgage rates stabilize and home sellers adapt. “I believe we’ve already reached the peak in terms of interest rates. The question is when are rates going to come down?” According to the National Association of Real Estate Investment Trusts’ (NAREIT) 2024 Outlook, with the Federal Reserve at, or near, the end of its tightening cycle, REITs are well-situated for outsized performance in 2024. “While public real estate valuations have adjusted, private real estate valuations probably will see further declines in 2024.” The firm noted that REITs’ well-managed balance sheets likely will enable them to navigate economic uncertainty in 2024. The 2024 CBRE U.S. Real Estate Market Outlook there is an increased chance that the U.S. will avoid a recession and achieve a soft economic landing in 2024, but economic growth will slow and downside risks are elevated. Commercial real estate investment activity likely will begin to pick up in the second half of 2024. The normalization of hybrid working arrangements will continue to limit the growth of office demand. Retail real estate fundamentals are expected to remain strong due to the scarcity of new construction deliveries over the past decade. The industrial market is expected to remain healthy, with net absorption on par with 2023 levels. The biggest wave of new apartment supply in decades will temper rent growth and improve affordability for renters in 2024. The hotel industry will face headwinds to RevPAR growth in 2024, including competition from alternative lodging sources and a slower economy, but fewer Americans traveling internationally will benefit the domestic market. Demand for new Page 1438 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY FLORIDA ECONOMIC ANALYSIS Page 8 data center development will attract more institutional investment in 2024, as investors reallocate capital from the office sector to real estate alternatives. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2024, “the global real estate industry has an opportunity to start rebuilding on more solid ground. Multiple factors, from a pandemic-era recovery that shifted how and where people work to more recent geopolitical uncertainties and financial market instability, the coming year is expected to be pivotal in real estate firms’ ability to recover and build up. Marked by a myriad of mixed signals about the health and trajectory of our industry, real estate leaders may need to find their footing as they shape the next phase of real estate ownership and investment.” According to the PwC Emerging Trends in Real Estate 2024, there’s a reluctant acceptance in the industry that interest rates will remain high for at least the next year and possibly even longer. “Even good news, such as investors being eager to acquire new assets, is tempered by bleak sector data. For example, despite available equity, transactions are down — and many in the industry point to instances where buyers and sellers simply can’t agree on pricing because the dearth of sales limits price clarity.” Respondents to the Emerging Trends survey believe the worst of inflation is behind us, which should give the Federal Reserve a reason to pause interest rate hikes. According to J.P. Morgan Chase 2024 commercial real estate outlook, “multifamily and neighborhood retail stay strong, while industrial may be starting to soften. The future of office buildings remains unclear.” They also report the future of interest rates is uncertain as the economy begins to slow down. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, after a historically low rate of change between 2020 and 2021, the U.S. resident population increased by 0.4%, or 1,256,003, to 333,287,557 in 2022. Florida was the fastest-growing state in 2022, with an annual population increase of 1.9%, resulting in a total resident population of 22,244,823. It was also the second largest-gaining state behind Texas, with an increase of 416,754 residents. Net migration was the largest contributing component of change to Florida’s growth, adding 444,484 residents. “While Florida has often been among the largest-gaining states,” Kristie Wilder, a demographer in the Population Division at the Census Bureau noted, “this was the first time since 1957 that Florida has been the state with the largest percent increase in population. According to the Summer 2023 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida’s economy, as measured by real Gross State Product, will expand at an average annual rate of 1.5% from 2023 to 2026. Real Gross State Product will decelerate during the economic slowdown as growth will slow to 0.5% in 2024 and 0.8% in 2025, then accelerate to reach 1.7% by 2026. Payroll job growth in Florida will begin to falter with a slowdown in the U.S. economy, but not in every sector. After year-over-year growth of 4.7% in 2021 and job growth of Page 1439 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 9 5.6% in 2022, payroll employment in 2023 will decrease to 2.4%, contract by 1.8% in 2024, and by 0.4% in 2025. Job growth turns positive and grows by 1.0% in 2026. Housing starts have felt the bitter chill of higher mortgage rates. Total starts were 192,213 in 2022—before higher mortgage rates and worries of a slowing economy will result in a deceleration in starts to 183,134 in 2023, 158,716 in 2024, 154,424 in 2025, and 150,981 in 2026. The unemployment rate fell to 4.7% in 2021, and then to 2.9% in 2022. The slowing economy will push the rate up to 3.1% in 2023, to 4.4% in 2024, and to 5.0% in 2025 and 2026. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County’s population increases up to 25% between November and April due to seasonal residents and short-term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County’s economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Page 1440 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 10 Metro Area Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Distance to Other Major Markets Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in all six Southwest Florida counties with the greatest percentage growth in Lee County and the second highest in Collier County. 2022 2025 2030 2022 2025 2030 2035 to 2025 to 2030 to 2035 Southwest Florida 1,895,116 1,995,400 2,142,100 2,261,600 5.29% 7.35% 5.58% Charlotte 196,742 206,600 220,900 232,100 5.01% 6.92% 5.07% Collier 390,912 409,800 436,900 459,500 4.83% 6.61% 5.17% Glades 12,273 12,300 12,400 12,500 0.22% 0.81% 0.81% Hendry 40,633 41,600 43,000 44,000 2.38% 3.37% 2.33% Lee 802,178 852,500 927,700 989,100 6.27% 8.82% 6.62% Sarasota 452,378 472,600 501,200 524,400 4.47% 6.05% 4.63% Percent Change Projections of Florida Population by County, 2025-2050, with Estimates for 2022 Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 195, April 2023 Population The following table shows the projected population through 2050. As shown, Lee County also has the highest projected growth rates with Collier County second. Page 1441 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 11 County and State 2025 2030 2035 2040 2045 2050 CHARLOTTE Low 192,100 195,500 195,600 193,400 190,200 186,900 Medium 206,600 220,900 232,100 241,000 248,700 256,000 High 221,100 246,300 268,700 288,600 307,100 325,100 COLLIER Low 385,200 393,200 396,300 394,400 390,300 385,800 Medium 409,800 436,900 459,500 476,600 491,000 504,400 High 434,400 480,500 522,600 558,800 591,600 622,900 GLADES Low 11,600 11,200 10,800 10,400 10,000 9,700 Medium 12,300 12,400 12,500 12,600 12,600 12,700 High 13,100 13,700 14,200 14,700 15,200 15,700 HENDRY Low 39,100 38,700 38,000 37,100 36,100 35,200 Medium 41,600 43,000 44,000 44,800 45,400 46,100 High 44,100 47,300 50,100 52,500 54,800 56,900 LEE Low 801,300 835,000 853,100 858,400 857,300 854,400 Medium 852,500 927,700 989,100 1,037,300 1,078,300 1,116,800 High 903,600 1,020,500 1,125,100 1,216,200 1,299,400 1,379,300 SARASOTA Low 444,300 451,100 452,300 449,400 444,400 438,800 Medium 472,600 501,200 524,400 543,100 559,000 573,600 High 501,000 551,300 596,500 636,800 673,600 708,400 Projections, April 1 Projections of Florida Population by County 2025-2050 Source: Bureau of Economic and Business Research, Florida Population Studies, Bulletin 195 U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country’s 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2022-2023 25 Best Places to Retire is dominated by Pennsylvania and Florida metro areas. Pensacola is the top Florida market at No. 3 behind Lancaster and Harrisburg, PA. Naples is No. 6 overall while Sarasota is No. 11. Naples is ranked 12th overall in the 2022-2023 Best Places to Live report released by U.S. News & World Report in May 2022. Cape Coral-Fort Myers fell from No. 43 to No. 100 while Sarasota-Bradenton maintained its No. 9 ranking. According to data released by the National Association of Realtors in November 2022, half of the top 10 most expensive markets were in California. Naples | Marco Island was the 8th most expensive and only Florida market in the top ten. Employment The local economy is largely dependent on the real estate market. Covid-19 negatively impacted overall employment and the service and leisure and hospitality sectors in Page 1442 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 12 particular; however, jobs continue to return as the market improves. Tourism drives much of the Collier County area's economy, with leisure and hospitality composing almost 20% of the workforce. The following table shows the 1Q 2024 Collier County Employment by Industry as well as historical and projected job growth. The following table shows employment projections through 2030 by the Florida Department of Economic Opportunity. As shown, the construction industry has the largest projected growth rate of 16.6% followed by Education and Health Services (12.7%). Page 1443 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 13 NAICS Title 2022 2030 Growth Percent Growth Total, All Industries 570,705 622,709 52,004 9.1 Agriculture, Forestry, Fishing and Hunting 7,834 7,200 -634 -8.1 Mining 420 466 46 11.0 Construction 61,755 72,022 10,267 16.6 Manufacturing 13,931 14,805 874 6.3 Trade, Transportation and Utilities 100,302 107,182 6,880 6.9 Information 4,973 5,029 56 1.1 Financial Activities 26,943 29,341 2,398 8.9 Professional and Business Services 70,219 76,888 6,669 9.5 Education and Health Services 108,593 122,385 13,792 12.7 Leisure and Hospitality 82,935 90,974 8,039 9.7 Other Services (except Public Administration)21,884 24,391 2,507 11.5 Government 66,345 71,937 5,592 8.4 Self Employed and Unpaid Family Workers, All Jobs 44,152 44,487 335 0.8 Source: Florida Department of Economic Opportunity Employment JOBS BY INDUSTRY CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 13.1% in April 2020. The preliminary reported unemployment rate in June 2023 was only 3.0%. The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. The 2020 annual rate was 7.3%. The annual rate declined to 3.7% in 2021 and 2.8% in 2022. Page 1444 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 14 As of June 2023, the unemployment rate for the State of Florida was 3.0%, down from the peak in May 2020 of 14.2%. On a national level, the unemployment rate in June 2023 was 3.6%, a decrease from the peak in April 2020 of 14.7%. Collier County currently has a similar June rate, at 3.0%, than state levels and lower rate than national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2013 through July 2023. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. With the exception of Leisure and Hospitality, all sectors have regained all lost jobs and have exceeded 2019 levels. The Leisure and Hospitality sector has declined again due to the signficant damage caused by Hurricane Ian. Page 1445 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 15 Year Service- Providing % Change Goods Producing % Change Mining, Logging, & Const. % Change Leisure and Hospitality % Change All Employees, Total Nonfarm % Change 2013 109,600 2.8%13,500 11.6%10,500 11.7%24,400 3.4%123,300 3.9% 2014 114,400 4.4%15,400 14.1%12,100 15.2%25,500 4.5%129,800 5.3% 2015 119,000 4.0%17,000 10.4%13,600 12.4%26,500 3.9%136,000 4.8% 2016 123,800 4.0%18,700 10.0%14,900 9.6%27,500 3.8%142,500 4.8% 2017 126,100 1.9%19,400 3.7%15,400 3.4%28,300 2.9%145,500 2.1% 2018 129,400 2.6%21,500 10.8%17,200 11.7%29,100 2.8%150,900 3.7% 2019 133,100 2.9%22,400 4.2%17,700 2.9%30,000 3.1%155,500 3.0% 2020 126,200 -5.2%22,100 -1.3%17,200 -2.8%25,600 -14.7%148,400 -4.6% 2021 133,100 5.5%23,200 5.0%18,100 5.2%27,800 8.6%156,300 5.3% 2022 140,400 5.5%24,800 6.9%19,400 7.2%29,100 4.7%165,200 5.7% 2023*140,400 0.2%25,500 4.6%19,900 5.0%28,700 -4.1%165,900 0.8% *Through July 2023; percentage increase in comparison to July 2022 YTD Source: U.S. Department of Labor Naples - Immokalee - Marco Island Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region’s success. The table below provides a few examples of some key employers in Southwest Florida. Page 1446 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 16 The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Rank Company SWFL Employees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc. 3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn-Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc.1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc.1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp.1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yum! Brands, Inc.1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators August 2023 report prepared by Florida Gulf Coast University shows Collier, Lee, Charlotte, Sarasota County’s tourist tax revenues. The after-effects of Hurricane Ian continue to be felt in the Southwest Florida economy. Lee County’s seasonally-adjusted real tourist tax revenues dropped to $2.7 million in June 2023, a 3% decline from the May 2023 measure of $2.6 million and 50% below the June 2022 figure. Collier County’s seasonally- adjusted real tourist tax revenues rose to $3.6 million in June 2023, a 1% increase from May 2023 but 12% below the June 2022 figure. Page 1447 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 17 Development Growth continues to shift east with Ave Maria becoming the top-selling single-family residential community in Collier County and was recently ranked as one of the Top 20 Selling Master-Planned Communities in the United States. It has maintained the top ranking in the Naples-Fort Myers market for the past eight years. Ave Maria reported a total of 586 new home sales in 2022, a decrease from the record breaking 646 new home sales in 2021, but still the highest-ranking commumity in all of Collier County. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. According to a June 2023 Naples Daily News article, Collier County commissioners approved an increase in the town of Ave Page 1448 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 18 Maria by nearly 1,000 acres to 5,000 acres which doesn’t include the roughly 1,000-acre Ave Maria University campus and other public benefits such as parks. According to David Genson, president of development for Barron Collier Cos., while more single- family homes will be built, the maximum number of residences won’t change, with the cap remaining at 11,000. With the way the town was originally laid out, it would have supported about 8,400 units without adding more land. The original plans called for 60% of the homes to be single-family which will increase to more than 80%. According to Genson, they are on pace to possibly sell close to 700 homes in 2023. Approximately 50% of the buyers are from the east coast of Florida. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The village is the first of three planned 1,000-acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for civic government, and institutional buildings. In a near unanimous decision, the Collier County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. The commissioners approved Brightshore, another rural village with thousands of proposed homes in December 2022. There are more than $1 billion in new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 was completed in December 2022, Tower 400 currently under construction) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 3rd Quarter 2023 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 6.5% increase in home prices (all-transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 4.89% over the past year (3Q 2022 - 3Q 2023) which was 32nd in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport-Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Page 1449 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 19 Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square-foot, six-story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa-based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix-based Sprouts Farmers Market anchors The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed-use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development is anchored by The Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building leased by Physicians Regional Medical Healthcare; and StorQuest a 110,000 square foot self-storage facility. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit-down dining, a full-service bar, three bars for beer and wine, wine room with samples on tap, a wood- fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor-outdoor seating. Paradise Coast Sports Complex, is Collier County’s new $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man-made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in Page 1450 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 20 July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres of land along City Gate Boulevard North and will feature a 100,000 square foot indoor water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The resort is expected to open in the summer of 2024. It will bring in more than 200 construction jobs, plus an additional 600 full-time and part-time jobs once open. Investment Trends The following CoStar data shows Collier County trends in the Multi-Family, Retail, Office, and Industrial sectors as of the first quarter 2024. According to the CoStar report, after a strong first quarter it appears that the macro- conditions that have been impacting capital markets have finally caught up to Collier County multifamily investment market. While roughly $191 million has traded over the past year, $160 million occurred in the first quarter and activity has been declining since then. Private buyers have been the only active buyer-group year to date, up from roughly 50% over the past five years. As investment volume has fallen over the past year so too has the average price per unit. Pricing peaked here at roughly $312,000/unit in early 2022 and has dropped to $290,000 as of the first quarter of 2023, a trend that is anticipated to continue over the coming quarters. Page 1451 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 21 According to the CoStar Report, nearly $318 million of retail space has traded in the past 12 months. The price per SF has stalled somewhat in recent quarters, however at $340/SF, it is still significantly higher than the national average of $250/SF and is one of the most expensive retail markets to in invest in in Florida. Retail investment activity soared in the final quarter of 2023 on a massive multi-property portfolio. Colorado-based M Development purchased 27 office and retail buildings as well as a parcel for land for nearly $190 million, one of the largest transactions in Naples history. Page 1452 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 22 According to the CoStar Report, office investment has reached a five-year low in Collier County, with just $75.7 million trading in the past 12 months. Private buyers are the dominate player in the Collier County office investment market accounting for 80% of buyers over the past five years and are particularly active in the sub-$5 million price point. Page 1453 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 23 According to the CoStar report, industrial investor interest picked up in 2021 through mid-2022 when interest rates were near all-time lows and investors were flocking to the Florida market. Investment volumes have declined in 2023, with just $108 million trading over the trailing 12-month period. In comparison, 2021 was a record year for the region with over $140 million in annual sales volume. However, while 2023 levels were off from the previous peak, they were well above pre-pandemic levels when the region only surpassed $60 million in annual sales once. Sale pricing has largely plateaued over the past year, hovering around $171/SF as of the fourth quarter of 2024. Naples is one of the most expensive industrial markets to invest in Southwest Florida, roughly 40% more expensive than Sarasota. Page 1454 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 24 Institutional capital has never played a major role, with private investors and owner-users accounting for roughly 95% of buyers of the past five years. That trend shifted in 2023, with institutional buyers capturing nearly 15% of the buyer market share. Income Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $128,096 and a per capita income of $54,169. Page 1455 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 25 Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory increased in 2023 as demand declined due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021 with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed price (year over year). The November 2023 Market Report released by NABOR shows inventory of homes in Naples increased 38.8% from November 2022. The report also showed 1,080 price decreases, the highest in six months. Price deceleration may be happening in parts of Naples as the medical overall closed price dropped to $580,000 from $600,000 (November 2022). Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest Florida on September 28, 2022, and caused widespread wind and storm surge damage. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Page 1456 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY COLLIER COUNTY AREA ANALYSIS Page 26 Collier County Area Map Subject Page 1457 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 27 PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. The Dr. Robert H. Gore III Preserve target area contains 147 parcels remaining to be acquired totaling 377.17 acres within Golden Gate Estates Units 91, 91A, 92, and 92A. The parcel sizes to be acquired range from 1.14 to 7.17 acres in size. SITE Location: Dr. Robert H. Gore III Preserve is located east and west of Desoto Boulevard between 36th Avenue SE and I-75. It is surrounded mostly by undeveloped Estates residential land and some developed single-family homes. Current Use of the Property: Vacant wetlands with some single-family development. Shape: Each parcel is rectangular in shape. Road Frontage/Access: Access to targeted parcels within the Panther Walk is provided by: • 36th Ave SE; 38th Ave SE; 40th Ave SE; and 42nd Ave SE: All arterials run east/west through market area. 36th Avenue SE is unpaved west of Desoto Blvd S. and paved east of Desoto Blvd S. 38th Ave SE is paved both east and west of Desoto Blvd S. 40th Ave SE is paved west of Desoto Blvd S and unpaved east of Desoto Blvd S. 42nd Ave SE is only a ROW and is overgrown both east and west of Desoto Blvd S. • The parcels each have 75 - 375 feet of frontage. The parcels are generally 660 feet deep. Parcels along 42nd Ave SE are 925 feet deep. Parcels along Desoto Blvd S are 680 feet deep. Topography: According to the FDEP Standard Map, the Dr. Robert H. Gore III Preserve Project Area consists mainly of Freshwater Forested/Shrub Wetlands. According to the Conservation Collier Property Summary, the Preserve is within a historic wetland that connects with the Florida Panther National Wildlife Refuge (FPNWR) to the east, however it is separated by Desoto and the Test Track. According to Collier County FDEP Informal Wetland Determinations map, the Dr. Robert H. Gore III Preserve Project Area consists mainly of Depressional or Slough Hydric Soils. Several parcels have been identified to indicate wetlands and will require permits prior to development. Soil Conditions: According to the Conservation Collier Property Summary, hydric soils exist; wetland indicators noted and numerous wetland dependent plants species noted; very minimal mapped aquifer recharge. Market Area Gross Land Area (Acres) Typical Parcel Size (Acres)Zoning FDEP Standard Map Dr. Robert H. Gore III Preserve Area 377.17 1.14 – 7.17 E - Estates Freshwater forested/shrub wetlands Market Area Page 1458 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 28 Utilities: Electricity: FP&L Sewer: None; Private septic systems service homes in the area Water: None; Private wells service homes in the area Environmental Issues: According to the Conservation Collier Property Summary Initial Exotic Removal estimated at $500/acre and ongoing annual estimated at $250/acre. These parcels would be managed along with the existing preserve parcels. Encumbrance / Easements: A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: The 147 targeted parcels range from 1.14 acres to 7.17 acres with an average of 2.57 acres. There are 113 'Small' parcels ranging from 1.14 acres to 2.73 acres with an average of 1.93 acres. There are 12 'Medium' parcels ranging from 2.81 acres to 3.82 acres with an average of 3.03 acres and 22 'Large' parcels ranging from 4.12 acres to 7.17 acres with an average of 5.60 acres. ZONING Zoning Code E Zoning Authority Collier County Zoning Description Estates Permitted Uses Includes single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Minimum Lot Area (SF) 2.25 acres Minimum Floor Area (SF) 1,000 Minimum Street Frontage (Feet) 150 Front Set Back Distance (Feet) 75 Rear Set Back Distance (Feet) 75 Side Yard Distance (Feet) 30 feet; 37.5 feet for corner lots along longest side Maximum Density/FAR One dwelling units per 2.25 acres Maximum Building Height (Feet) 30 Page 1459 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 29 Dr. Robert H. Gore III Preserve Area Market Study Aerial Page 1460 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 30 Site Photographs 36th Ave SE – West of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Parcel View along 36th Ave SE – West of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1461 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 31 Site Photographs 38th Ave SE – West of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Parcel View from 38th Ave SE – West of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1462 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 32 Site Photographs 40th Ave SE – West of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Parcel View from 40th Ave SE – West of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1463 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 33 Site Photographs Typical Canal view West of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Canal view West of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1464 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 34 Site Photographs 42nd Ave SE – West of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Parcel View from 42nd Ave SE – West of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1465 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 35 Site Photographs 42nd Ave SE – East of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Parcel View from 42nd Ave SE – East of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1466 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 36 Site Photographs 40th Ave SE – East of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Parcel View from 40th Ave SE – East of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1467 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 37 Site Photographs 38th Ave SE – East of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Parcel View from 38th Ave SE – East of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1468 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 38 Site Photographs 36th Ave SE – East of Desoto Blvd S (Photo Taken on February 24, 2024) Typical Parcel View from 36th Ave SE – East of Desoto Blvd S (Photo Taken on February 24, 2024) Page 1469 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SITE ANALYSIS Page 39 Site Photographs Desoto Blvd S – Northerly (Photo Taken on February 24, 2024) Page 1470 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY HIGHEST AND BEST USE Page 40 HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ▪ Physically possible for the land to accommodate the size and shape of the ideal improvement. ▪ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ▪ Financially feasible to generate sufficient income to support the use. ▪ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject consists of parcels ranging in size from 1.14 to 7.17 acres located within the previously defined Dr. Robert H. Gore III Preserve area. Access through Dr. Robert H. Gore III Preserve is provided by paved (Desoto Blvd S, 36th Ave SE – east of Desoto, 38th Ave SE, 40th Ave SE – west of Desoto) and unpaved roads (36th Ave SE – west of Desoto and 40th Ave SE – east of Desoto). 42nd Avenue SE is only a ROW and is overgrown both east and west of Desoto Blvd. The parcels range in width from 75 feet to 375 feet and are generally 660 feet of depth. Parcels along 42nd Ave SE are 925 feet deep and parcels along Desoto Blvd are 680 feet deep. The physical characteristics of the parcels should reasonably accommodate any use that is not restricted by its size. However, development on the parcels may be limited due to wetland coverage. Legally Permissible The subject parcels are zoned Estates (E), which allows low density residential with limited agricultural uses. Parcels with impacted wetlands will require permits from FDEP prior to development. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate 1 The Dictionary of Real Estate Appraisal 7th ed. (Chicago: Appraisal Institute, 2022) Page 1471 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY HIGHEST AND BEST USE Page 41 continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory increased in 2023 as demand declined due to continued increases in interest rates. Prices continue to increase; however, the rate of increase is declining. On this basis, barring unforeseen changes in the market, a well-designed single-family home that is appropriately marketed and priced, should be received favorably by the market. It is noted, the substantial costs associated with permitting and fill typically result in a lower price per acre for wetland parcels than upland parcels in order to make development financially feasible. If the costs make development financially unfeasible or permitting is not achievable; conservation use becomes the only financially feasible use. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Conservation and/or single-family development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. The permitting process for parcels with significant coverage of active wetlands will likely be very difficult, if not impossible. Therefore, conservation and/or single-family development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size and location of the property, the most probable buyer of an individual parcel is an owner-user or builder for single-family development or wetland mitigation. Conservation Collier is also a probable buyer as a multi-parcel conservation project. Page 1472 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY VALUATION METHODOLOGY Page 42 VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor’s perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 1473 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY VALUATION METHODOLOGY Page 43 ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 1474 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Page 44 SALES COMPARISON APPROACH: 1.14-2.73 ACRES The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched eight comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 1475 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Page 45 Comparables Map Comp Address Date Price Comp City Acres Price Per Acre Subject Generally within Golden Gate Estates Units 91, 91A, 92, and 92A 2/24/2024 Subject Naples 1.14 - 2.73 acres 1 4430 34th AVE SE 1/5/2024 $60,000 1 Naples 2.73 $22,000 2 36th AVE SE, TR 5 1/2/2024 $57,000 2 Naples 2.50 $22,800 3 40th AVE SE, TR 97 1/29/2024 $53,000 3 Naples 2.73 $19,433 4 4385 36th AVE SE 10/11/2023 $44,500 4 Naples 2.27 $19,580 5 Desoto Blvd S 2/9/2024 $47,900 5 Naples 1.17 $40,912 6 4760 24th AVE SE Pending $53,500 6 Naples 1.59 $33,629 7 22nd AVE SE 10/23/2023 $135,000 7 Naples 2.50 $54,000 8 4332 28th AVE SE 6/21/2023 $70,000 8 Naples 1.14 $61,600 Heavily treed parcel located along south side of 36th Ave SE west of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Heavily treed parcel located along south side of 34th Ave SE west of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Heavily treed parcel located along south side of 28th Ave SE west of Desoto Blvd S. Informal Wetland Determination dated 8/22/2018 shows the site is entirely uplands with no wetlands. Heavily treed parcel located along south side of 40th Ave SE east of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Sale Comments Heavily treed parcel located along north side of 36th Ave SE west of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Heavily treed parcel located along the east of Desoto Blvd S. Informal Wetland Determination dated 5/27/2020 shows 0.44 acres (38%) wetlands located in the front of the site. Heavily treed parcel located along north side of 22nd Ave SE east of Desoto Blvd S. Informal Wetland Determination dated 7/29/21 shows the site is entirely uplands with no wetlands. Heavily treed parcel located along south side of 24th Ave SE east of Desoto Blvd S. Informal Wetland Determination dated 12/12/22 shows 1.54 acres (97%) wetlands. Page 1476 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Page 46 Comparables Map – Aerial Page 1477 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Page 47 Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non- realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 1478 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Page 48 Name Address City Date Price Acres Acre Unit Price Property Rights Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0% Financing Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Pending 0.0%Cash 0.0%Cash 0.0% Conditions of Sale Arm's length 0.0% Arm's length 0.0% Arm's length 0.0% Arm's length 0.0%Arm's Length 0.0%Pending -5.0% Arm's length 0.0% Arm's length 0.0% Market Trends Through 2/24/2024 10.0% Location % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Environmental Issues % Adjustment $ Adjustment Topography % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Net Adjustments Gross Adjustments 10.0%10.0%10.0%10.0% $0 0% $0 -10% $0 0% $0 $0 100% Uplands 1/2/20242/24/2024 1/5/2024 $57,000 0.0% 0% $20,288 0% $0 Heavily Treed E-Estates $0 E-Estates 0% $0 E-Estates 0% 0% Heavily Treed $0 0% 38% Wetlands (Front) Heavily TreedHeavily Treed $40,912 Superior $40,912 $19,580 1.17 -10% $41,073 Superior -10% 0% -$4,107 $54,000 0% 0% 22nd AVE SE, TR 116 22nd AVE SE $31,947 1.17 $33,629 1.59 0.4% 2/9/2024 Desoto Blvd S Comp 6 $55,777 0.0% Comp 7 2.50 Naples $53,500 $54,000 3.3% $135,000 Naples 2.27 FDEP - freshwater forested/shrub wetlands 4760 24th AVE SE E-Estates 10/23/2023 -$5,578 4760 24th AVE SE4385 36th AVE SE $19,580 Pending $31,947 3.6% $47,900 Desoto Blvd S $44,500 Naples 10/11/2023 0% FDEP - freshwater forested/shrub wetlands 0% $0 0% Naples 2.27 Similar $0 0% $0 FDEP - freshwater forested/shrub wetlands $0 $0 Heavily Treed $0 0%0%0% Comp 3 Similar 0% FDEP - freshwater forested/shrub wetlands $0 $0 E-Estates 0% E-Estates $0 $0 E-Estates $19,566 2.73 0% $22,800 Dr. Robert H. Gore III Preserve Area Market Study Land Analysis Grid Comp 1 Comp 4 4385 36th AVE SE Comp 5 40th AVE SE, TR 97 Naples 4430 34th AVE SE 36th AVE SE, TR 5 4430 34th AVE SE Comp 2 Naples Generally within Golden Gate Estates Units 91, 91A, 92, and 92A 36th AVE SE, TR 5 NaplesNaples $19,433 2.73 40th AVE SE, TR 97 2.73 1/29/2024 $53,000$60,000 1.14 - 2.73 acres $22,000 2.50 $22,800 Fee Simple Transaction Adjustments Adjusted Acre Unit Price $22,000 $19,433 1.14 - 2.73 acres $0 0% 1.3% $0 2.73 0% Similar 1.4% $23,118 0% Adjusted Acre Unit Price $22,289 Average Similar FDEP - freshwater forested/shrub wetlands 2.50 $0 $0 Heavily Treed Heavily Treed 0% $0 Heavily Treed E-Estates $0 0% $0 Adjusted Acre Unit Price 0.0%0.0% 0.0%0.0% 0.0% $0 $0 $0$0 -$3,195 1.59 0% 0% $0 0% 0% 0% 2.50 97% Wetlands $0 0% $0 Heavily Treed 0% $0 E-Estates 0% $0 -$6,572 100% Uplands $0 1.14 -10% $61,600 $61,600 6.7% 6/21/2023 Superior $70,000 Naples Comp 8 4332 28th AVE SE 0.7% 1.14 4332 28th AVE SE 0%0% Superior $65,721 -10.0% $59,149 -10.0% $22,289 $28,752$20,288 -10.0% $19,566$23,118 0.0% 0.0% -10.0% $36,965 $50,199 Page 1479 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Page 49 Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale Comparable 6 is a pending sale. The price shown in the grid is the asking price as the pending contract price is confidential. It is adjusted downward based on typical list to selling price ratios. Economic Trends The following graph shows comparable residential land sales on the Southwest Florida MLS within the surrounding market area over the last year. The survey included 74 transactions. Prices ranged from $12,930 to $87,719 per acre and averaged $39,746 per acre. The graph indicates a decreasing trend in sales prices from February 2023 through the current date. However, it is noted this is unadjusted raw data and does not account for adjustments due to location, size, or wetland coverage. I also consider Comparable 3 was purchased in January 2023 for $35,000 and resold in January 2024 for $53,000, an annualized increase of 51%. Page 1480 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Page 50 Finally, I consider the lowest asking prices in the subject area for parcels less than 2.73 acres range from $29,060 to $30,793 per acre. Based on the previous analysis and considering the current asking prices, I have applied a 10.0% annual adjustment. Location Comparables 2, 3, and 4 are located within the Dr. Robert H. Gore III Preserve Area. Comparable 1 is located along 34th Ave SE, one block north of the Preserve Area. They are all similar in location. Comparables 5, 6, 7, and 8 are located north of the Preserve Area, closer to Golden Gate Boulevard and areas with more single-family homes. They are adjusted downward for their superior locations accordingly. Size For this analysis, all of the comparable sales are relatively similar in terms of size; therefore, no adjustments are required. Environmental Issues The subject parcels and Comparables 1, 2, 3, and 4 consist mainly of Freshwater Forested/Shrub Wetlands according to the FDEP Standard Map. Comparable 5 had an Informal Wetland Determination dated May 2020 showing the parcel has 0.44 acres (38%) wetlands in the front of the site. Comparable 6 had an Informal Wetland Determination dated December 2022 showing the parcel has 1.54 acres (97%) wetlands. Comparables 7 and 8 had Informal Wetland Determinations showing the parcels are entirely uplands with no wetlands. No adjustments are made in the grid; however, the varying wetland coverage is considered in the final reconciliation. Topography The subject parcels are heavily treed similar to all of the comparables. Therefore, no adjustments are required. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Page 1481 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES Page 51 Sales Comparison Approach Conclusion: 1.14 – 2.73 Acre Parcels Finally, I consider the lowest asking prices in the subject area for parcels less than 2.73 acres range from $29,060 to $30,793 per acre. All of the value indications have been considered. The “Small” parcels to be acquired range from 1.14 acres to 2.73 acres with an average of 1.93 acres. Based on the preceding analysis, I arrive at my final reconciled per acre value for each tier as shown in the following table. 8 % Δ 0.68% -3.98% -4.97% Land Value Ranges & Reconciled Values Low: 25 - 50% Wetlands: 50 - 75% Wetlands: Up to 25% Wetlands:$43,000 1.14 - 2.73 acresSubject Size: High: Average: 75 - 100% Wetlands: $35,000 Number of Comparables:Unadjusted Adjusted $19,566 $59,149 $32,541 $61,600 $34,244 $19,433 Indicated Value per Acre $30,000 $25,000 Page 1482 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES Page 52 SALES COMPARISON APPROACH: 2.74-7.17 ACRES Land Comparables I have researched eight comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Comp Address Date Price Comp City Acres Price Per Acre Subject Generally within Golden Gate Estates Units 91, 91A, 92, and 92A 2/24/2024 Subject Naples 2.74 -7.17 acres 1 40th AVE SE, TR 56 4/28/2023 $160,000 1 Naples 5.00 $32,000 2 40th AVE SE, TR 114 4/14/2023 $79,000 2 Naples 6.11 $12,938 3 3908 32nd AVE SE 3/17/2023 $265,000 3 Naples 5.68 $46,640 4 30th AVE SE, TR 4 2/6/2024 $115,000 4 Naples 5.00 $23,000 5 1521 Desoto BLVD S 1/12/2024 $92,500 5 Naples 2.81 $32,919 6 Desoto Blvd & 8th Ave SE 1/12/2024 $132,500 6 Naples 2.81 $47,154 7 4849 26th AVE SE 10/30/2023 $135,000 7 Naples 5.00 $27,000 8 34th AVE SE, TR 23 10/20/2023 $82,000 8 Naples 5.00 $16,400 Heavily treed parcel located along south side of 32nd Ave SE west of Desoto Blvd S along a canal. Informal Wetland Determination dated 12/7/22 shows no wetlands. Heavily treed parcel located along north side of 30th Ave SE west of Desoto Blvd S. Informal Wetland Determination shows 4.56 acres (91%) wetlands. Heavily treed parcel located along west side of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is uplands. Heavily treed parcel located at southeast corner of Desoto Blvd S and 8th Ave SE. Informal Wetland Determination dated 9/28/2023 shows 1.16 acres (41%) wetlands located in the rear of the site. Heavily treed parcel located along north side of 26th Ave SE east of Desoto Blvd S. Informal Wetland Determination shows approximately 50% wetlands in the rear of the site. Heavily treed parcel located along south side of 34th Ave SE west of Desoto Blvd S. Informal Wetland Determination dated 6/12/2023 shows 3.50 acres (70%) wetlands located throughout the site. Sale Comments Heavily treed parcel located along north side of 40th Ave SE east of Everglades Blvd S. Informal Wetland Determination shows approximately 10% wetlands in the front eastern corner and rear. Heavily treed parcel located along north side of 40th Ave SE east of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Page 1483 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES Page 53 Comparables Map Page 1484 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES Page 54 Comparables Map - Aerial Page 1485 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES Page 55 Name Address City Date Price Acres Acre Unit Price Property Rights Fee Simple 0.0% Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0% Conditions of Sale Arm's length 0.0% Arm's length 0.0% Arm's length 0.0% Arm's length 0.0%Arm's length 0.0% Arm's length 0.0% Arm's length 0.0% Arm's length 0.0% Market Trends Through 2/24/2024 10.0% Location % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Environmental Issues % Adjustment $ Adjustment Topography % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Net Adjustments Gross Adjustments Dr. Robert H. Gore III Preserve Area Market Study 40th AVE SE, TR 56 40th AVE SE, TR 114 3908 32nd AVE SE 30th AVE SE, TR 4 1521 Desoto BLVD S Desoto Blvd & 8th Ave SE 4849 26th AVE SE 34th AVE SE, TR 23 Comp 5 Comp 6 Comp 7 Comp 8Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 2/24/2024 4/28/2023 4/14/2023 3/17/2023 2/6/2024 1/12/2024 1/12/2024 10/30/2023 $135,000 34th AVE SE, TR 23 Naples Naples Naples Naples Naples Naples Naples Generally within Golden Gate Estates Units 91, 91A, 92, and 92A 40th AVE SE, TR 56 40th AVE SE, TR 114 3908 32nd AVE SE 30th AVE SE, TR 4 1521 Desoto BLVD S Desoto Blvd & 8th Ave SE 4849 26th AVE SE 10/20/2023 Naples Naples $160,000 $79,000 $265,000 $115,000 $132,500 $82,000$92,500 2.74 -7.17 acres 5.00 6.11 5.68 5.00 2.81 2.81 5.00 5.00 $47,154 $27,000 $16,400 Transaction Adjustments $32,000 $12,938 $46,640 $23,000 $32,919 Fee Simple Adjusted Acre Unit Price $32,000 $12,938 $46,640 $23,000 $32,919 8.2%8.6%9.4%0.5%1.1% $47,154 $27,000 $16,400 1.1%3.1%3.4% Average Superior Similar Similar Similar Adjusted Acre Unit Price $34,626 $14,051 $51,023 $23,108 $33,291 Superior Superior Superior -15% Similar $47,687 $27,838 $16,953 -20%-10%0% -$5,194 $0 $0 $0 -$4,994 -15%0%0%0% -$9,537 -$2,784 $0 0%0%0%0% 2.74 -7.17 acres 5.00 6.11 5.68 5.00 0%0%0%0% 2.81 5.00 5.002.81 $0 $0 $0$0 $0 $0 $0 $0 FDEP - freshwater forested/shrub wetlands 10% Wetlands (Front and Rear) FDEP - freshwater forested/shrub wetlands 100% Uplands 91% Wetlands 100% Uplands 41% Wetlands (Rear) 50% Wetlands (Rear) 70% Wetlands $0 $0 $0 $0 0%0%0%0% $0 $0 $0 $0 0%0%0%0% 0%0%-10%0% Heavily Treed Heavily Treed Heavily Treed Heavily Treed; Brazilian Pepper Removed Heavily Treed Heavily Treed 0%0%0% $0 0% Heavily Treed Heavily Treed Heavily Treed E-Estates E-Estates E-Estates E-Estates E-Estates $0 $0 $0 E-Estates E-Estates E-Estates E-Estates $0 $0 -$5,102 $0 0%0%0%0%0%0%0%0% $0 $0 $0 $0 $0 $0 $0 $0 Adjusted Acre Unit Price $29,432 $14,051 $45,921 $23,108 $28,297 $38,149 $25,054 $16,953 -20.0%-10.0%0.0% 15.0%0.0%10.0%0.0%15.0% -15.0%0.0%-10.0%0.0%-15.0% 20.0%10.0%0.0% Page 1486 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES Page 56 Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparables were arm’s length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends As in the previous analysis, we have applied a 10.0% annual adjustment. Location Comparable 2 is located within the Dr. Robert H. Gore III Preserve Area. Comparables 4 and 8 are located just north of the Preserve Area. Comparable 3 is also located just north of the Preserve Area, with canal frontage similar to some of the targeted parcels. No adjustments are required for Comparables 2, 3, 4, and 8. Comparables 5, 6, and 7 are located north of the Preserve Area, closer to Golden Gate Boulevard and areas with more single-family homes. They are adjusted downward for their superior locations accordingly. Comparable 1 is located west of the Dr. Robert H. Gore III Preserve Area and is accessed from Everglades Boulevard. It has superior access and is adjusted downward accordingly. Size The “Medium” parcels range from 2.74 to 4.00 acres in size and the “Large” parcels range from 4.01 to 7.17 acres in size. Size and price per acre are typically inversely related. Comparables 5 and 6 are at the low end of the range for the “Medium” parcels. Comparables 1, 2, 3, 4, 7 and 8 are generally in the middle of the range for the “Large” parcels. No adjustments are applied; however, the differing sizes are considered in the final reconciliation. Environmental Issues The subject parcels and Comparable 2 consist mainly of Freshwater Forested/Shrub Wetlands according to the FDEP Standard Map. Comparables 1, 3, 4, 6, 7, and 8 all had Informal Wetland Determinations showing varying amounts of wetlands and no wetlands for Comparable 3. The FDEP Standard Map shows Comparable 5 is 100% uplands. Page 1487 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDYSALES COMPARISON APPROACH: 2.74-7.17 ACRES Page 57 No adjustments are made in the grid; however, the varying wetland coverage is considered in the final reconciliation. Topography The subject parcels are heavily treed similar to all of the comparables. The Brazilian Pepper had been removed from Comparable 3. It is adjusted downward accordingly. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Sales Comparison Approach Conclusion: 2.74 – 5.0 Acre Parcels Finally, I consider the lowest asking price in the subject area for a 2.7 acre parcel is $27,741 per acre. The parcel has been on the market for approximately two years and the listing comments say, “make offer.” Additionally, there are two five-acre parcels listed for $98,900 and $99,750 or $19,780 and $19,950 per acre each. Both have 95%+ wetland coverage according to Informal Wetland Determinations. All of the value indications have been considered. The “Medium” parcels to be acquired range from 2.81 acres to 3.82 acres with an average of 3.03 acres. The “Large” parcels to be acquired range from 4.12 acres to 7.17 acres with an average of 5.60 acres. Based on the preceding analysis, I arrive at my final reconciled per acre value for each tier as shown in the following table. 8 % Δ 8.60% -2.62% -7.18% Land Value Ranges & Reconciled Values Number of Comparables:Unadjusted Adjusted Low:$12,938 $14,051 High:$47,154 $45,921 25 - 50% Wetlands:$31,500 50 - 75% Wetlands:$26,500 75 - 100% Wetlands:$21,500 Average:$29,756 $27,621 Indicated Value per Acre Up to 25% Wetlands:$41,500 $39,500 $33,500 $28,500 $23,500 Subject Size:2.74 - 4.00 acres 4.01 - 7.17 acres Page 1488 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY RECONCILIATION Page 58 RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of February 24, 2024, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Market Value, As Is Fee Simple February 24, 2024 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an 25 - 50% Wetlands: 50 - 75% Wetlands: Up to 25% Wetlands:$43,000 1.14 - 2.73 acresSubject Size: 75 - 100% Wetlands: $35,000 Indicated Value per Acre $30,000 $25,000 25 - 50% Wetlands:$31,500 50 - 75% Wetlands:$26,500 75 - 100% Wetlands:$21,500 Indicated Value per Acre Up to 25% Wetlands:$41,500 $39,500 $33,500 $28,500 $23,500 Subject Size:2.74 - 4.00 acres 4.01 - 7.17 acres Page 1489 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY FINAL VALUE CONCLUSION Page 59 estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 9-12 months. Page 1490 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY CERTIFICATION Page 60 CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 1491 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY Page 61 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 1492 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS Page 62 ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 1493 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS Page 63 scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third- party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 1494 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS Page 64 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner’s financial ability with the cost to cure the non-conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner’s financial ability to cure non-accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 1495 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS Page 65 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 1496 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDA - APPRAISER QUALIFICATIONS ADDENDA Page 1497 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS Page 1498 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Page 1499 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 – Present) President of D&R Realty Group, Inc. Naples, FL (2009 – Present) Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida Naples, FL (2003 – 2009) Research Associate, Integra Realty Resources – Southwest Florida Naples, FL (2002-2003) PROFESSIONAL ACTIVITIES: Member: President: VP/Secretary/Treasurer: Region X Representative: Board of Directors: Government. Relations: Prof. Standards & Guidance: LDAC Attendee: Member: Member: Licensed: Licensed: Appraisal Institute – MAI Certificate Number 451177 Appraisal Institute Florida Gulf Coast Chapter (2020) Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022) Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Appraisal Institute National (2022) Appraisal Institute National (2023-2024) Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) CCIM Institute - CCIM Designation Pin Number 21042 Naples Area Board of REALTORS Florida State Certified General Real Estate Appraiser License No. RZ 2984 Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi-family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. Page 1500 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS Page 1501 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION Page 1502 of 7162 Map of Dr. Robert H. Gore III Preserve Project Area Page 1503 of 7162 34TH AVE SE 36TH AVE SE 38TH AVE SE 40TH AVE SE DESOTO BLVD S42ND AVE SE 36TH AVE SE 40TH AVE SE 0 10.5 Milesl Legend Parcels in Project Area Dr. Robert H. Gore III Preserve FDEP Informal Wetland Determination Map Conservation Collier Dr. Robert H. Gore III Preserve Project Area Page 1504 of 7162 Table of Dr. Robert H. Gore III Preserve Project Area Parcels FOLIO NUMBER ACRES FOLIO NUMBER ACRES FOLIO NUMBER ACRES 41618120001 1.14 41508760005 1.59 41506920009 2.34 41617000009 1.14 41510200003 1.59 41507120002 2.34 41619280005 1.14 41619000007 1.59 41504880002 2.34 41618440008 1.14 41503960004 1.59 41506680006 2.34 41503040005 1.14 41507480001 1.59 41507640100 2.50 41504160007 1.14 41618040000 1.59 41617240005 2.50 41618400006 1.14 41506840008 1.64 41617240102 2.50 41501160000 1.14 41506560003 1.64 41661480002 2.65 41501200009 1.14 41504840000 1.64 41503320000 2.73 41501800001 1.14 41507240005 1.64 41617920008 2.73 41507400007 1.14 41560560007 1.64 41618360007 2.73 41507520000 1.14 41560680000 1.64 41617200003 2.73 41507680005 1.14 41502600006 2.27 41619240003 2.73 41507800005 1.14 41503280001 2.27 41501240001 2.73 41507840007 1.14 41503880003 2.27 41501760002 2.73 41507920008 1.14 41507560002 2.27 41619160002 2.73 41508920007 1.14 41507720004 2.27 41501120008 2.73 41509080001 1.14 41508640002 2.27 41503240009 2.73 41509160002 1.14 41508720003 2.27 41503920002 2.73 41509200001 1.14 41508800004 2.27 41505040003 2.73 41509280005 1.14 41509000007 2.27 41507600001 2.73 41510160004 1.14 41509360006 2.27 41508600000 2.73 41510240005 1.14 41509440007 2.27 41508840006 2.73 41510280007 1.14 41509520008 2.27 41508880008 2.73 41510320006 1.14 41510640100 2.27 41509040009 2.73 41510360008 1.14 41616800006 2.27 41509120000 2.73 41619040009 1.14 41617800005 2.27 41509240003 2.73 41504920001 1.17 41619080001 2.27 41509320004 2.73 41507280007 1.17 41617080003 2.27 41509400005 2.73 41560440004 1.17 41504000002 2.27 41509480009 2.73 41560480006 1.17 41503200007 2.27 41510400007 2.73 41507360008 1.17 41617880009 2.27 41617040001 2.73 41506720005 1.17 41504800008 2.34 41617840007 2.73 41506640004 1.17 41505000001 2.34 41504760009 2.81 41507040001 1.17 41506360009 2.34 41506320007 2.81 41506880000 1.17 41506440000 2.34 41506400008 2.81 41506960001 1.17 41560640008 2.34 41506480002 2.81 41504480004 1.17 41560760001 2.34 41560520005 2.81 41507320006 1.17 41560840002 2.34 41560800000 2.81 41507880009 1.59 41506520001 2.34 41504640006 2.81 Page 1505 of 7162 FOLIO NUMBER ACRES 41661520001 3.03 41560241009 3.18 41560280002 3.19 41616800103 3.41 41560240000 3.82 41510640003 4.12 41560400002 4.29 41560880004 4.36 41500520007 5.00 41510080003 5.00 41510120002 5.00 41618480000 5.00 41661840008 5.00 41501880005 5.00 41504320009 5.00 41504960003 5.15 41504360001 5.15 41616880000 5.68 41616840008 5.68 41510520000 5.97 41510560002 6.11 41510600001 6.25 41661880000 6.92 41560360003 7.05 41560920003 7.14 41560960005 7.16 41561000003 7.17 Page 1506 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA Page 1507 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8304 Date 1/5/2024 Name 4430 34th AVE SE Price $60,000 Address 4430 34th AVE SE Price Per Acre $22,000 City Naples Transaction Type Closed Sale Grantor Golden Land Partners LLC Financing Cash Grantee Nadine Clergeau Property Rights Fee Simple Tax ID Days on Market 174 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6495558 Sale Verification Source Steven Horn w/ West Bay Realty LLC Conditions of Sale Arm's length Sale History None in previous 3 years Acres 2.73 Topography Heavily Treed Land SF 118,800 Zoning E-Estates Primary Frontage Feet 180 Dimensions 180' x 660' Primary Frontage Street 34th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Land Comparable 1 - Small Parcels Transaction Site Heavily treed parcel located along south side of 34th Ave SE west of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Comments 41503760000 Page 1508 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8301 Date 1/2/2024 Name 36th AVE SE, TR 5 Price $57,000 Address 36th AVE SE, TR 5 Price Per Acre $22,800 City Naples Transaction Type Closed Sale Grantor Javier M Villalobos Financing Cash Grantee Mario Guerra Vasquez Property Rights Fee Simple Tax ID Days on Market 128 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6494125 Sale Verification Source Carlos Diaz, LLC w/ Sun Realty Conditions of Sale Arm's length Sale History 10/2020 - $70,000 Acres 2.50 Topography Heavily Treed Land SF 108,900 Zoning E-Estates Primary Frontage Feet 165 Dimensions 165' x 660' Primary Frontage Street 36th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Heavily treed parcel located along south side of 36th Ave SE west of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Land Comparable 2 Comments Site Transaction 41500520007 Page 1509 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8303 Date 1/29/2024 Name 40th AVE SE, TR 97 Price $53,000 Address 40th AVE SE, TR 97 Price Per Acre $19,433 City Naples Transaction Type Closed Sale Grantor Jose E F Rodriguez Financing Cash Grantee Tatsiana Harai Property Rights Fee Simple Tax ID Days on Market 144 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6503979 Sale Verification Source Yamirla Alvarez, LLC w/ Coldwell Banker Realty Conditions of Sale Arm's length Sale History 1/2023 - $35,000 Acres 2.73 Topography Heavily Treed Land SF 118,800 Zoning E-Estates Primary Frontage Feet 180 Dimensions 180' x 660' Primary Frontage Street 40th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Transaction Land Comparable 3 Heavily treed parcel located along south side of 40th Ave SE east of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Site Comments 41509120000 Page 1510 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8300 Date 10/11/2023 Name 4385 36th AVE SE Price $44,500 Address 4385 36th AVE SE Price Per Acre $19,580 City Naples Transaction Type Closed Sale Grantor Shirley Dipillo-Caputi Individually and as Personal Representative of the Estate of Joseph E. Perrenod Financing Cash Grantee A.H. Windows & Doors, Inc.Property Rights Fee Simple Tax ID Days on Market 12 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6464816 Sale Verification Source Peggy Elkins w/ Staton Properties, LLC Conditions of Sale Arm's length Sale History None in previous 3 years Acres 2.27 Topography Heavily Treed Land SF 99,000 Zoning E-Estates Primary Frontage Feet 150 Dimensions 105' x 660' Primary Frontage Street 36th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Comments Heavily treed parcel located along north side of 36th Ave SE west of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Site Transaction Land Comparable 4 41503400001 Page 1511 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8316 Date 2/9/2024 Name Desoto Blvd S Price $47,900 Address Desoto Blvd S Price Per Acre $40,912 City Naples Transaction Type Closed Sale Grantor Worrell and Pauline White Financing Cash Grantee Christopher Manuel Nunez Property Rights Fee Simple Tax ID Days on Market 3 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instru #6507221 Sale Verification Source Patricia Ewashko w/ Royal Shell Real Estate Conditions of Sale Arm's Length Sale History 9/2020 - $20,000. Acres 1.17 Topography Heavily Treed Land SF 51,000 Zoning E-Estates Primary Frontage Feet 75 Dimensions 75' x 680' Primary Frontage Street Desoto Blvd S Shape Rectangular Utilities None Topography Heavily Treed Land Comparable 5 41166560003 Transaction Site Heavily treed parcel located along the east of Desoto Blvd S. Informal Wetland Determination dated 5/27/2020 shows 0.44 acres (38%) wetlands located in the front of the site. Comments Page 1512 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8299 Date Pending Name 4760 24th AVE SE Price $53,500 Address 4760 24th AVE SE Price Per Acre $33,629 City Naples Transaction Type Pending Sale Grantor David Jesus Lopez Zanelli Financing Pending Grantee Confidential Property Rights Fee Simple Tax ID Days on Market 321 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Not yet recorded Sale Verification Source Maria Zanelli w/ Century 21 Selling Paradise Conditions of Sale Pending Sale History None in previous 3 years Acres 1.59 Topography Heavily Treed Land SF 69,300 Zoning E-Estates Primary Frontage Feet 105 Dimensions 105' x 660' Primary Frontage Street 24th Ave SE Shape Rectangular Utilities None Topography Heavily Treed 41169080001 Heavily treed parcel located along south side of 24th Ave SE east of Desoto Blvd S. Informal Wetland Determination dated 12/12/22 shows 1.54 acres (97%) wetlands. Site Comments Land Comparable 6 Transaction Page 1513 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8326 Date 10/23/2023 Name 22nd AVE SE, TR 116 Price $135,000 Address 22nd AVE SE Price Per Acre $54,000 City Naples Transaction Type Closed Sale Grantor Joseph & Mary Prush Individually and as Trustee Financing Cash Grantee Clinton Miles Dunmire Property Rights Fee Simple Tax ID Days on Market 17 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6468393 Sale Verification Source Joseph Prush w/ Premiere Plus Realty Company Conditions of Sale Arm's length Sale History 3/2023 $100,000 as part of 5- acre parcel Acres 2.50 Topography Heavily Treed Land SF 108,900 Zoning E-Estates Primary Frontage Feet 165 Dimensions 165' x 660' Primary Frontage Street 22nd Ave SE Shape Rectangular Utilities None Topography Heavily Treed Site 41170960000 Comments Heavily treed parcel located along north side of 22nd Ave SE east of Desoto Blvd S. Informal Wetland Determination dated 7/29/21 shows the site is entirely uplands with no wetlands. Land Comparable 7 Transaction Page 1514 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8325 Date 6/21/2023 Name 4332 28th AVE SE Price $70,000 Address 4332 28th AVE SE Price Per Acre $61,600 City Naples Transaction Type Closed Sale Grantor Homes Art Investment Llc Financing Cash Grantee Idolidia Vazquez and Elisa Alonso Property Rights Fee Simple Days on Market 7 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6420935 Sale Verification Source Nathalia Mato w/ Sellstate Achievers Realty Conditions of Sale Arm's length Sale History None in previous 3 years Acres 1.1 Topography Heavily Treed Land SF 49,500 Zoning E-Estates Primary Frontage Feet 75 Dimensions 75' x 660' Primary Frontage Street 28th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Comments Land Comparable 8 Transaction Site Heavily treed parcel located along south side of 28th Ave SE west of Desoto Blvd S. Informal Wetland Determination dated 8/22/2018 shows the site is entirely uplands with no wetlands. Page 1515 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8307 Date 4/28/2023 Name 40th AVE SE, TR 56 Price $160,000 Address 40th AVE SE, TR 56 Price Per Acre $32,000 City Naples Transaction Type Closed Sale Grantor Megan M Mcgreevy Financing Cash Grantee Katherine Delgado Property Rights Fee Simple Tax ID Days on Market 703 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6396049 Sale Verification Source William K McGreevy, Jr. w/ Premiere Plus Realty Co. Conditions of Sale Arm's length Sale History None in previous 3 years Acres 5.00 Topography Heavily Treed Land SF 217,800 Zoning E-Estates Primary Frontage Feet 330 Dimensions 330' x 660' Primary Frontage Street 40th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Transaction 41615160006 Site Comments Land Comparable 1 - Medium and Large Parcels Heavily treed parcel located along north side of 40th Ave SE east of Everglades Blvd S. Informal Wetland Determination shows approximately 10% wetlands in the front eastern corner and rear. Page 1516 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8305 Date 4/14/2023 Name 40th AVE SE, TR 114 Price $79,000 Address 40th AVE SE, TR 114 Price Per Acre $12,938 City Naples Transaction Type Closed Sale Grantor Nannette Rinehart Financing Cash Grantee Primitivo D. Sapla, Jr and Sonia G. Sapla Property Rights Fee Simple Tax ID Days on Market 4 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6391193 Sale Verification Source Matthew Harrington w/ William Raveis Real Estate Conditions of Sale Arm's length Sale History 2/2021 - $65,000 Acres 6.11 Topography Heavily Treed Land SF 265,980 Zoning E-Estates Primary Frontage Feet 403 Dimensions 403' x 660' Primary Frontage Street 40th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Transaction 41510560002 Site Comments Heavily treed parcel located along north side of 40th Ave SE east of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is freshwater forested/shrub wetlands. Land Comparable 2 Page 1517 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8306 Date 3/17/2023 Name 3908 32nd AVE SE Price $265,000 Address 3908 32nd AVE SE Price Per Acre $46,640 City Naples Transaction Type Closed Sale Grantor Carl Tackles Financing Cash Grantee Keo and Kou Yang Property Rights Fee Simple Tax ID Days on Market 53 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6380600 Sale Verification Source Taryn R Cafiero w/ John R. Wood Properties Conditions of Sale Arm's length Sale History None in previous 3 years Acres 5.68 Topography Heavily Treed; Brazilian Pepper Removed Land SF 247,500 Zoning E-Estates Primary Frontage Feet 375 Dimensions 375' x 660' Primary Frontage Street 32nd Ave SE Shape Rectangular Utilities None Topography Heavily Treed Comments Heavily treed parcel located along south side of 32nd Ave SE west of Desoto Blvd S along a canal. Informal Wetland Determination dated 12/7/22 shows no wetlands. Land Comparable 3 Transaction 41397480004 Site Page 1518 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8308 Date 2/6/2024 Name 30th AVE SE, TR 4 Price $115,000 Address 30th AVE SE, TR 4 Price Per Acre $23,000 City Naples Transaction Type Closed Sale Grantor Mary Lou Klage & Michelle L Elmendorf Financing Cash Grantee Jeanette Casulli Property Rights Fee Simple Tax ID Days on Market 274 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6509607 Sale Verification Source Kevin Heaslip w/ Prime Real Estate of Naples Conditions of Sale Arm's length Sale History None in previous 3 years Acres 5.00 Topography Heavily Treed Land SF 217,800 Zoning E-Estates Primary Frontage Feet 330 Dimensions 330' x 660' Primary Frontage Street 30th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Land Comparable 4 Transaction 41440360000 Site Comments Heavily treed parcel located along north side of 30th Ave SE west of Desoto Blvd S. Informal Wetland Determination shows 4.56 acres (91%) wetlands. Page 1519 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8310 Date 1/12/2024 Name 1521 Desoto BLVD S Price $92,500 Address 1521 Desoto BLVD S Price Per Acre $32,919 City Naples Transaction Type Closed Sale Grantor Chandra & Kuar Ramnarine Financing Cash Grantee Palantir Homes, LLC Property Rights Fee Simple Tax ID Days on Market 706 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6501764 Sale Verification Source Oscar Velez, PA w/ John R. Wood Properties Conditions of Sale Arm's length Sale History None in previous 3 years Acres 2.81 Topography Heavily Treed Land SF 122,400 Zoning E-Estates Primary Frontage Feet 180 Dimensions 180' x 660' Primary Frontage Street Desoto Blvd Shape Rectangular Utilities None Topography Heavily Treed Transaction 41104800000 Site Comments Heavily treed parcel located along west side of Desoto Blvd S. No wetland determination on file. FDEP map shows parcel is uplands. Land Comparable 5 Page 1520 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8311 Date 1/12/2024 Name Desoto Blvd & 8th Ave SE Price $132,500 Address Desoto Blvd & 8th Ave SE Price Per Acre $47,154 City Naples Transaction Type Closed Sale Grantor Bogart Properties Llc Financing Cash Grantee B&G Properties of Naples, LLC Property Rights Fee Simple Tax ID Days on Market 66 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6498283 Sale Verification Source Juan David Chaparro w/ Clever Home Selling Conditions of Sale Arm's length Sale History None in previous 3 years Acres 2.81 Topography Heavily Treed Land SF 122,400 Zoning E-Estates Primary Frontage Feet 180 Dimensions 180' x 660' Primary Frontage Street Desoto Blvd Shape Rectangular Utilities None Topography Heavily Treed Comments Heavily treed parcel located at southeast corner of Desoto Blvd S and 8th Ave SE. Informal Wetland Determination dated 9/28/2023 shows 1.16 acres (41%) wetlands located in the rear of the site. Land Comparable 6 Transaction 40807760008 Site Page 1521 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8309 Date 10/30/2023 Name 4849 26th AVE SE Price $135,000 Address 4849 26th AVE SE Price Per Acre $27,000 City Naples Transaction Type Closed Sale Grantor J Alves Ezzard individually and as Trustee Financing Cash Grantee MSG Leon, LLC Property Rights Fee Simple Tax ID Days on Market 124 Sale Verification Date 2/22/2024 Book/Page or Reference Doc Instr #6471753 Sale Verification Source Cory Lauer w/ Keller Williams Realty Naples Conditions of Sale Arm's length Sale History 8/2021 - $93,000 Acres 5.00 Topography Heavily Treed Land SF 217,800 Zoning E-Estates Primary Frontage Feet 330 Dimensions 330' x 660' Primary Frontage Street 26th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Land Comparable 7 Transaction 41450160009 Site Comments Heavily treed parcel located along north side of 26th Ave SE east of Desoto Blvd S. Informal Wetland Determination shows approximately 50% wetlands in the rear of the site. Page 1522 of 7162 DR. ROBERT H. GORE III PRESERVE AREA MARKET STUDY ADDENDUM C - COMPARABLE DATA ID 8312 Date 10/20/2023 Name 34th AVE SE, TR 23 Price $82,000 Address 34th AVE SE, TR 23 Price Per Acre $16,400 City Naples Transaction Type Closed Sale Grantor Jose & Luz Rivera Financing Cash Grantee John Blanco and Annarella Acotsa Garcia Property Rights Fee Simple Days on Market 798 Sale Verification Date 45344 Book/Page or Reference Doc Instr #6471475 Sale Verification Source Nicholas T Sassi w/ Global Realty of Southwest Florida Inc Conditions of Sale Arm's length Sale History None in previous 3 years Acres 5.0 Topography Heavily Treed Land SF 217,800 Zoning E-Estates Primary Frontage Feet 330 Dimensions 330' x 660' Primary Frontage Street 34th Ave SE Shape Rectangular Utilities None Topography Heavily Treed Transaction Site Comments Heavily treed parcel located along south side of 34th Ave SE west of Desoto Blvd S. Informal Wetland Determination dated 6/12/2023 shows 3.50 acres (70%) wetlands located throughout the site. Land Comparable 8 Page 1523 of 7162 1 Conservation Collier Land Acquisition Program Project Design Report Dennison Property Date: October 2024 Property Owner: Robert A. Dennison Folio(s): 41619160002 Location: GOLDEN GATE EST UNIT 92 TR 110 Size: 2.73 acres Purchase Price: $62,790 History of Project: Purpose of Project: Environmental Conservation – Conservation Collier Program Program Qualifications: This parcel is within the Dr. Robert H. Gore III (Gore) Preserve multi-parcel project boundary. The Dennison parcel was considered due to its proximity to an existing Conservation Collier preserve. The Gore Preserve project area, which includes the Dennison parcel, met 5 out of 6 Initial Screening Criteria identified in the Conservation Collier Ordinance, No. 2007-65, as amended, including presence of native habitat, potential for nature-based recreational and educational opportunities, protection of water resource values and wetland dependent species habitat, presence of significant biological/ecological values, listed species habitat, connectivity, and restoration potential. The parcel offers access from 38th Ave. SE, west of Desoto Blvd. S. This property could accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III Preserve. Potential public uses include hiking, nature photography, bird watching, and environmental education. The project area is approximately 75% wetlands, with the remaining 25% seasonal wetlands. Significant areas of karst have been observed in the area. Karst is limestone terrain characterized by sinkholes, caverns and underground streams, and is a wetland indicator. Plant communities found on the property are consistent with mapped soils and provide habitat for wetland dependent species. The project area is mapped by the South Florida Water Management District as contributing 43’ to 56” annually of water to the Surficial Aquifer System and can be expected to contribute to the attenuation of area flood waters. Hydrologic indicators such as karst topography, cypress knees, and water marks on buttressed cypress trees provide evidence of seasonal flooding. Selected for the “A” category, #1 priority, on the Active Acquisition List (AAL) by CCLAAC Selected for the “A” category, #1 priority, on AAL by BCC Offer made to owners Offer accepted 7/14/2023 10/10/2023 3/8/2024 6/26/2024 Page 1524 of 7162 2 The mature cypress trees found on the property indicate that the area has historically contained wetlands. Invasive exotic plant species are present in significant amounts, up to 95% along the roadside and approximately 50% interiorly. The primary invasive exotic plant is Brazilian pepper (Schinus terebinthifolius), but others are likely also present. The project area contains protected species of plants, including giant sword fern (Nephrolepis biserrata) and several listed bromeliads in the Tillandsia genus. A neighbor and environmental professional who is familiar with the property reported 5 native orchid species present within the project area. The same neighbor has seen 5 panthers in the area since 2014 (including a panther with kittens), dozens of Florida black bears (including females with cubs), and numerous other wildlife. The observed habitat and location would support the presence of Everglades mink (Neovison vison evergladensis), tricolored heron (Egretta tricolor), and little blue heron (Egretta caerulea), all state-protected species. The property is within an historic wetland area that connects on the east with the Florida Panther National Wildlife Refuge (FPNWR) via the old Ford Test Track. The Gore Preserve and surrounding lands enhance the FPNWR by acting as a buffer and providing a reasonably large sized wild land addition north of I-75. There are wildlife underpasses at the adjacent Faka Union and nearby Miller canals creating an ecological link south under I-75 to the Picayune Strand State Forest. A little over two miles to the west are the North Belle Meade sending lands. The Gore project is within the Florida Fish and Wildlife Conservation Commission (FWC) Primary Panther habitat zone. The Dennison parcel expands the Gore Preserve. This parcel, joined with many others, could permanently protect a corridor between North Belle Meade and the Florida Panther National Wildlife Refuge. Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification. There are no additional land use overlays applicable. Projected Management Activities: Projected management activities include the removal of invasive plants, the development of a Land Management Plan, and continued development of public access to selected portions of the preserve. Estimated Management Costs: Management Element 2025 2026 2027 2028 2029 Exotics $1,400 $1,100 $1,100 $1,100 $700 Signage $200 Total $1,600 $1,100 $1,100 $1,100 $700 SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL. Page 1525 of 7162 3 Page 1526 of 7162 4 Page 1527 of 7162 CONSERVATION COLLIER TAX lD NUMBER: 41619160002 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between ROBERTA. DENNISON, whose address is 730 20th St NE, Naples FL 34120-3623 (hereinafter referred to as "Sellei'), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101 , Naples, FL 34112 (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars (910.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: I. AGREEMENT 2.0'1 The purchase price (the "Purchase Price") for the Property shall be Sixty- Two Thousand Seven Hundred Ninety Dollars and 00/100 Dollars ($62,790.00), (U.S. Currency) payable at time of closing. III. CLOSING 3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOS|NG", OR "CLOS|NG") of the transaction shall be held on or before one hundred and eighty (180) days following execution of this Agreement by the Purchaser, or within thirty (30) days of Purchaser's receipt of all closing documents, whichever is later. The Closing shall be held at the office of the insuring title company or by mail. The procedure to be followed by the parties in connection with the Closing shall be as follows: CC Agreement 06.10..2024 Page 'l of 13 6\ \, WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. '1 .01 ln consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE Page 1528 of 7162 CONSERVATION COLLIER TAX lD NUMBER: 41619160002 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (b) Such other easements, restrictions, or conditions of record. 3.01 12 Combined Purchaser-Seller closing statement 3.0113 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by Section 1445 of the lnternal Revenue Code and as required by the title insurance undenryriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification" as required by the lnternal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0'122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article lll hereof, shall be subject to adjustment for prorations as hereinafter set forth. o o Page 2 of 13 (a) The lien for current taxes and assessments. 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201 .01 , CC Agreement 06 10 2024 Page 1529 of 7162 CONSERVATION COLLIER TAX ID NUMBER: 41619160002 Florida Statutes, and the cost and electronic fee of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, lssued pursuant to the Commitment provided for in Section 4.01'1 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. lf required by a Phase I report and desired by Purchaser, Seller shall pay for a Phase ll Environmental Assessment selected by Purchaser. IV. RE UIREMENTS AND C NDITIONS 4.011 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy (ALTA Form 8-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. lf the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Ag reement. 4.012 lI Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seller shall have thirty (30) days to remedy any defects to convey good and marketable title at Seller's expense, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. ln the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be o o CC Agreement 06.1 0..2024 Page 3 of 13 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. lf Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; Page 1530 of 7162 CONSERVATION COLLIER TAX lD NUMBER: 41619160002 deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 4.013 Seller agrees to furnish any existing surveys of the Property in Selleis possession to Purchaser within ten (10) days of the effective date of this Agreement. Purchaser shall have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. lf the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal environ- mental laws and the Property is free from any pollution or contamination. 4. The Property can be utilized for its intended use and purpose in the Conservation Collier program. o o cc Agreement 06.10..2024 Page 4 of '13 V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred twenty (120) days from the date of this Agreement, ("lnspection Period"), to determine through appropriate investigation that: Page 1531 of 7162 5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the Inspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the lnspection Period, it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. ln the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. 7.01 Purchaser shall be entitled to full possession of the Property at Closing VIII. PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of current year taxes, and shall be paid by Seller. 9.01 lf Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Ag reement. o CC Agreement 06.10..2024 Page 5 of 13 CONSERVATION COLLIER TAX lD NUITBER: 41619160002 VI, INSPECTION 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. VII. POSSESSION IX. TERMINATION AND REMEDIES Page 1532 of 7162 CONSERVATION COLLIER TAX lD NUMBER: 41619160002 9.02 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 10.01 Seller and Purchaser represent and warrant the following: 10.01 1 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. Seller further represents the Property is free from any and all occupants, tenants, and other persons or entities claiming possession of the Property at the time of closing. This provision shall survive closing. 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10.01 5 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 10.016 Until the date fixed for Closing, so long as this Agreement remains rn force and effect, Seller shall not encumber or convey any portion of the o o CC Agreement 06.10. 2024 Page 6 of l3 Page 1533 of 7162 CONSERVATION COLLIER TAX lD NUMBER: 41619160002 Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. 10.017 Seller represents that they have (it has) no knowledge that there is or ever has been incinerators, septic tanks, or cesspools on the Property; all waste, if any, is discharged into a public sanitary sewer system; Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents that to their knowledge the Property has not been used for the production, handling, storage, transportation, manufacture, or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents that they have (it has) no knowledge that there is or ever has been any storage tanks for gasoline, or any other substances are or were located on the Property at any time during or prior to Seller's ownership thereof. Seller represents that they have (it has) no knowledge that any part of the Property has ever been used as a sanitary landfill. 10.0'18 Seller has no knowledge that the Property and Seller's operations concerning the Property are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. 10.0'19 Seller has no knowledge of unrecorded leases, licenses or other possessory interests, restrictions, easements, or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service, or other contracts affecting the Property. 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay-back agreements, paving agreements, road expansion or CC Agreement 06.10..2024 Page 7 of l3 Page 1534 of 7162 CONSERVATION COLLIER TAX lD NUIvIBER: 41619160002 improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.021 Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the Date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. 10.022 AI the Closing, Seller shall deliver to Purchaser a statement (hereinafter called the "Closing Representative Statement") reasserting the foregoing representations as of the Date of Closing, which provisions shall survive the Closing. 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 10.024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. CC Agreement 06.1 0..2024 Page 8 of 13 Page 1535 of 7162 CONSERVATION COLLIER TAX lD NUITBER: 416'19160002 11.01 Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: Summer Araque, Coordinator Conservation Collier Program Collier County Parks and Recreation Division Public Services Department Golden Gate Community Park 3300 Santa Barbara Blvd. Naples, Florida 34116 With a copy to:Attn: Deborah Goodaker Collier County Real Property Management 3335 Tamiami Trail East, Sulte 102 Naples, Florida 34112 Telephone n umber: 239-252-8922 Fax number: 239-252-8876 lf to Seller Robert A. Dennison 730 20th St NE Naples FL 34120-3623 Telephone number: 239-784-3303 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. XII. REAL ESTATE BROKERS 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. CC Agreement 06.10..2024 Page I of '13 XI. NOTICES lf to Purchaser: Page 1536 of 7162 CONSERVATION COLLIER TAX lD NUMBER: 41619'160002 XIII. MISCELLANEOUS '13.0'1 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend, or limit the scope or intent of this Agreement or any provisions hereof- 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 lf any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. 13.08 Seller is aware of and understands that the "offer" to purchase represented by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. CC Agreement 06.'10 2024 Page '10 of '13 Page 1537 of 7162 CONSERVATION COLLIER TAX lD NUITBER: 41619160002 13.09 lf the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (lf the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty, or covenant not included in this Agreement, or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. 15.01 Any development rights or credits available on the Property are relinquished by the Seller and conveyed to the Purchaser at closing as part of the sale of the Property. 15.02 Seller and Purchaser acknowledge and agree that any portion of the Property may be used for public road right of way and roadway related improvements, including, but not limited to, stormwater and utility improvements, at the sole discretion of Purchaser. S/GNATURES APPEAR ON THE FOLLOWING PAGES CC Agreement 06.'10..2024 Page 11 of 13 XV. ACKNOWLEDGMENT OF POTENTIAL FUTURE USE Page 1538 of 7162 CONSERVATION COLLIER TAX lD NUMBER: 41619160002 lN WTNESS WHEREOF, the partaes hereto have signed below. Dated ProjecUAcquisition Approved by BCC:_ AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller , Deputy Clerk AS TO SELLER: DATED 7 - 7_{) By: N Approved as to form and legality: Assistant County Attorney BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA By: CHRIS HALL, Chairman (2 @ CC Agreement 06.1 0..2024 $d Page 12 of 13 Page 1539 of 7162 CONSERVATION COLLIER TAX lD NU[IBER: 41619160002 EXHIBlT "A" PROPERTY IDENTIFICATION NUMBER: 4161 91 60002 The East 180 Feet of Tract 1'10, Golden Gate Estates, Unit No. 92, in accordance with and subject to the plat recorded in Plat Book 5, Page 31, of the Public Records of Collier County, Florida. Comprised of 2.73 Acres according to the Collier County Property Appraiser Records. CC Agreement 06.1 0..2024 Page 13 of 13 Page 1540 of 7162