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Agenda 01/13/2026 Item #11B (Status update on County-owned property at Camp Keais)1/13/2026 Item # 11.B ID# 2025-4692 Executive Summary *** This Item to be heard at 11:00 AM *** Recommendation to accept a status update on the Barron Collier Companies’ revised property exchange proposal for approximately 292 acres of County-owned property at Camp Keais for an equally sized property at Silver Strand along with a 57-acre tract at Silver Strand; to authorize a land allocation plan defining a County operational use, including future utility and infrastructure needs; and for future conveyance to designated non-profit stakeholders (Collier County Agricultural & Fair Exposition, Inc., Swamp Buggy, Inc., and Collier County Junior Deputies League) and to authorize the negotiation of sales contracts for future Board consideration, with notice of the proposed property exchange to be advertised in accordance with Section 125.37, Florida Statutes. OBJECTIVE: To provide a status update on the proposed exchange of approximately 292 acres of County-owned property at Camp Keais (the “Camp Keais Parcel”) for equally sized Barron Collier Companies’ (“Barron Collier”) property at Silver Strand (the “Silver Strand Parcel”), and to seek direction regarding implementation of a land allocation plan and negotiation of future sales contracts. CONSIDERATIONS: On August 27, 2024 (Item 11B), the Board of County Commissioners (“the Board”) directed the County Manager to investigate the desirability of exchanging the Camp Keais Parcel (a portion of the Camp Keais property) for the Silver Strand Parcel. The 1,046.19-acre Camp Keais was purchased by the County in 2021 for $13,600,470 or $13,000 per acre plus closing costs. The property was acquired as a core campus for the County Fairgrounds, essential public services such as workforce housing, hurricane debris management, and horticultural processing to effectively satisfy the County’s immediate and future needs and related operations, and is currently the subject of County land allocation efforts to define long-term public and stakeholder uses. Stakeholders are Collier County Agricultural & Fair Exposition, Inc., Swamp Buggy, Inc., and Collier County Junior Deputies League (“Junior Deputies”). The original proposal contemplated an exchange of approximately 439 acres of County-owned property for an equally sized Silver Strand parcel. Following appraisal review and further discussions, Barron Collier has now proposed a smaller exchange involving approximately 292-acre parcels, along with the County’s potential purchase of an additional 57 acres at Silver Strand. The updated proposal, summarized in the attached Letter of Intent dated September 17, 2025, reflects these changes. An aerial map included in the backup to the item titled Silver Strand Swap/Purchase Parcels depicts the boundaries of the portions of property the County would acquire, totaling approximately 349 acres. A second map titled Silver Strand Swap/Purchase Parcels with Original Parcel depicts the original configuration of the swap parcel with the new configuration and the added purchase parcels. The property, if acquired, would be reserved for future operational use and other long-term infrastructure. The exchange provides a public benefit by positioning the County to own property near existing public facilities at Silver Strand. This location may offer practical advantages for future public use and allows the County to manage its real estate holdings more efficiently over time. Additionally, and as will appear below, the market value of the Silver Strand Parcel is $803,000 higher than the Camp Keais Parcel. The Letter of Intent includes land use restrictions and future cooperation to manage drainage, land management, and access. The proposal also deals with a potential purchase by the County of additional land at Silver Strand. A Phase 1 Environmental Assessment was completed for the 439-acre Silver Strand parcel as originally configured. In light of concerns regarding possible soil contamination, a Limited Soil Sampling Report was requested and furnished. This report identified no soil impacts that required further assessment. No other concerns requiring further assessment were noted. While the revised Silver Strand Parcel is substantially smaller than the parcel originally proposed, approximately 90.59 acres of the revised parcel were not included in the environmental assessment. Additionally, 43.58 acres of the property proposed for purchase have not been assessed. Two appraisal firms currently under contract with the County, namely RKL Appraisal and Consulting (“RKL”) and Carrol & Carrol Real Estate Appraisers & Consultants (“Carroll & Carroll”) were jointly hired by the County and Barron Collier to appraise the two 439-acre parcels as originally configured. Their opinions of unit value, as of the effective date of January 8, 2025, along with the corresponding calculated market values for the revised swap parcels, are set forth in the following table: CAMP KEAIS PARCEL APPRAISED VALUES (JANUARY 2025) Page 3782 of 14062 1/13/2026 Item # 11.B ID# 2025-4692 APPRAISER PER ACRE MARKET VALUE Carroll & Carroll $19,000 $5,548,000 RKL $21,500 $6,278,000 Average $20,250 $5,913,000 SILVER STRAND PARCEL APPRAISED VALUES (JANUARY 2025) APPRAISER PER ACRE MARKET VALUE Carroll & Carroll $22,000 $6,424,000 RKL $24,000 $7,008,000 Average $23,000 $6,716,000 These appraisals reflect a difference of $803,000 between the average estimated market values of the two revised swap parcels, with the Silver Strand Parcel having the higher market value. These appraisal reports have been updated at Barron Collier's cost, with the understanding that any future agreement brought to the Board for consideration will provide for the County's reimbursement of these costs. The updated reports reflect the revised parcel configurations and acreages, including a single recalculated unit value for the 349-acre Silver Strand swap and purchase parcels and a separate unit value for the 292-acre Camp Keais Parcel. If approved, staff will publish a notice of intent to exchange for the Silver Strand Parcel, in accordance with Section 125.37, Florida Statutes, through the Clerk of the Circuit Court and Comptroller’s official public notice website. After publication, a property exchange agreement and resolution will be brought back to the Board. The agreement will include provisions dealing with the purchase of the additional 57 acres. The most recent appraisals, received in December 2025, indicate higher per-acre values for both parcels compared to prior estimates. Based on these updated analyses, the revised average market value for the Camp Keais Parcel is $6,497,000, while the Silver Strand Parcel is $7,592,000. These updated market values reflect a difference of $1,095,000 between the two parcels. While these updated figures provide additional context, they do not necessarily imply any change to the proposed values outlined in the Letter of Intent. Their updated opinions of unit value, as of December 2025, along with the corresponding calculated market values for the revised swap parcels, are set forth in the following table: CAMP KEAIS PARCEL UPDATED APPRAISED VALUES (DECEMBER 2025) APPRAISER PER ACRE MARKET VALUE Carroll & Carroll $22,000 $6,424,000 RKL $22,500 $6,570,000 Average $22,250 $6,497,000 SILVER STRAND PARCEL UPDATED APPRAISED VALUES (DECEMBER 2025) APPRAISER PER ACRE MARKET VALUE Carroll & Carroll $27,000 $7,884,000 RKL $25,000 $7,300,000 Average $26,000 $7,592,000 As the land allocation planning for Camp Keais progresses, portions of the property are anticipated to remain under County ownership for public use, while defined areas may be reserved or conveyed to partner entities consistent with Board direction. On May 27, 2025 (Item 11C), the Board considered and approved the Collier County Agricultural & Fair Exposition, Inc. (Fair Board) Letter of Interest to purchase land at the Camp Keais for the relocation of the Collier County Fairgrounds. Since that time, Real Property Management has been working with the Fair Board on a draft sales contract, and negotiations are underway. Once the allocation plan is finalized for the Fair Board and other Camp Keais stakeholders, a sales contract for each stakeholder will be presented to the Board for consideration. The proposed per- acre value for all stakeholder conveyances is based on the County’s historical acquisition cost of $13,045.48 per acre (inclusive of closing costs). Public solicitation and competitive bidding are not required for this transfer, as Section 125.38, Florida Statutes, permits the County to convey property directly to a not-for-profit entity serving a public purpose. To assist in reviewing the land allocation plan, the table below summarizes the approximate acreage currently utilized Page 3783 of 14062 1/13/2026 Item # 11.B ID# 2025-4692 by each stakeholder, along with the acreage proposed under the land allocation plan. The Public Utilities Department has not previously been assigned a designated site and is therefore shown as N/A for current use. LAND ALLOCATION TABLE This table summarizes each stakeholder, their current acreage at their existing location (if any), proposed acreage at Camp Keais, and key notes for implementation. Stakeholder Current Acreage Proposed Acreage (Camp Keais) Notes Fair Board 85.96 acres (currently located on County-owned property at 751 39th Avenue N.E.) 99.7 acres Relocation of the Fairgrounds Swamp Buggy, Inc. 23.3 acres (currently located at 8520 Rattlesnake Hammock Boulevard) 77.7 acres Event and operational facilities Junior Deputies 8.29 acres (currently located at 3200 Bailey Lane) 50.2 acres Youth training and recreation Public Utilities (Collier County Water-Sewer District) N/A 22 acres Future utility site and operations area. Proposed Swap Parcel N/A 292 acres Exchange for Silver Strand Parcel County Retained (Future Operational Use) N/A 504.4 acres To remain under County Ownership Total 1,046 acres Implementation of the allocation plan may require future applications for lot splits, subdivision plats, or lot line adjustments to align property boundaries with the plan. These adjustments are also necessary for preparing accurate legal descriptions, which are a prerequisite to developing the purchase and sale agreements. These applications may be initiated either by the County or by the applicable stakeholder, depending on what is most practical and consistent with the terms negotiated in each sales contract. The County holds a lease with Winget Mill Composting, LLC, a private entity that provides mulching services and debris staging for Collier County in the event of hurricanes or other emergency events. A portion of the leased area at Camp Keais overlaps with the proposed Public Utilities and Fair Board sites. Winget has indicated a willingness to release that portion from the lease boundary. If this item is approved, staff will evaluate alternative areas within Camp Keais and negotiate a lease boundary adjustment with Winget for future Board consideration. The lease expires October 17, 2027, and if all extension options are exercised, it would terminate in 2042. The lease also includes a 60-day bilateral termination provision that may be exercised by either party for any reason. This item is consistent with the Collier County strategic plan objective to plan and build public infrastructure and facilities to effectively, efficiently, and sustainably meet the needs of our community. This item is consistent with the Collier County strategic plan objective to plan and build public infrastructure and facilities to effectively, efficiently, and sustainably meet the needs of our community. FISCAL IMPACT: All due diligence costs thus far have been paid by Barron Collier, who will continue to be requested to pay for all future costs relating to the proposed land exchange. The Camp Keais property is financed through the Series 202B Taxable Note. The final payment on the note is October 1, 2029. The current principal and interest balance attributable to the Camp Keais property is approximately $9.6m. There is no fiscal impact associated Page 3784 of 14062 1/13/2026 Item # 11.B ID# 2025-4692 with the ongoing land allocation efforts or proposed land exchange and purchase from Barron Collier. Should any sales contracts be approved and closings occur, the County will recover its historical acquisition cost and all costs associated with each conveyance, including any applicable interest or financing changes under the taxable note. GROWTH MANAGEMENT IMPACT: The proposed property exchange and allocation plan is consistent with the Collier County Growth Management Plan, including the Future Land Use, Housing, Conservation, Recreation, and Open Space Elements. Together, these actions promote the efficient use and distribution of public lands, support coordinated infrastructure and utility planning, preserve natural resources, and provide opportunities for future public and stakeholder recreation consistent with the County’s long-term growth objectives. It should be noted that the zoning designation for both properties, Agricultural/Rural Land Stewardship Area Overlay, will not be affected by the proposed swap. Any proposed land use changes must be consistent with the Future Land Use Designation or will require an amendment to the Growth Management Plan. LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal issues at this time and requires a majority vote for Board action. –JAK RECOMMENDATION(S): That the Board: 1. Accept the proposed land allocation plan for Camp Keais. 2. Approve the property exchange of approximately 292 acres at Camp Keais for an equally sized parcel at Silver Strand, including the related purchase of additional Silver Strand property at a purchase price to be negotiated, and authorize preparation of all necessary contracts to implement the allocation plan, property exchange and purchase, to be brought back for Board consideration at a future meeting in accordance with Sections 125.37 and 125.38, Florida Statutes. 3. Authorize the application for any required lot splits, subdivision plats, or lot line adjustments necessary to implement the approved allocation plan and property exchange. PREPARED BY: Robert Bosch, Manager, Right of Way Acquisition, Jennifer A. Belpedio, Manager, Real Property Acquisition Operations & Performance Management Division ATTACHMENTS: 1. Revised Letter of Interest w Exhibits - 09-17-25 2. Silver Strand Swap & Purchase Parcels 3. Silver Strand with Original Parcel 4. Camp Keais-Rock Springs Land Allocation Plan 5. Facilities Memo 11-13-2025 6. Carroll & Carroll Appraisal - Camp Keais Parcel 7. Carroll & Carroll Appraisal - Silver Strand Parcel 8. RKL Appraisal - Camp Keais Parcel 9. RKL Appraisal - Silver Strand Parcel Page 3785 of 14062 Page 3786 of 14062 Page 3787 of 14062 Immokalee RDStockade RDS 1st STComplex DR Sgt Joe Jones RDNancy Motlow CT Mary Watts Billie DRJohn Jimmie BLVDKoowachobee TRLEthel Frank CT L e n a F r a n k D R E Al ice J immie CIRFable Che WAYLake Loop RDW Alice Jimmie CIRJoe Doctor Sr CIR Source: Esri, Maxar, Earthstar Geographics, and the GIS User Community Project:Map Title:Date:Notes:Document Path: P:\01 CIA Files\05 Closing Files - 2024\_General\Collier County Camp Keais to Silver Strand\GIS Files\Silver Strand III Swap Parcel_New_Proposals.mxdCollier County - Silver Strand III Parcel Swap Silver Strand III Proposed Swap Parcel 6/3/2025 Legend Silver Strand Proposed Swap Parcel 292 acres Land Use Land Cover Uplands 266 Acres Wetlands 26 Acres Page 3788 of 14062 Source: Esri, Maxar, Earthstar Geographics, and the GIS User Community Project:Map Title:Date:Notes:Document Path: P:\01 CIA Files\05 Closing Files - 2024\_General\Collier County Camp Keais to Silver Strand\GIS Files\Camp Keais Swap Parcel Landscape.mxdLegend Camp Keais Campus 1,048 Acres +/- Camp Keais Proposed Swap Parcel 292 acres Land Use Land Cover Uplands 262 Acres Wetlands 30 Acres Collier County - Barron Collier Parcel Swap Camp Keais Swap Parcel 6/3/2025 Barron Collier Partnership, LLLP Lands Page 3789 of 14062 Project:Map Title:Date:Notes:Document Path: P:\01 CIA Files\05 Closing Files - 2024\_General\Collier County Camp Keais to Silver Strand\GIS Files\Silver Strand III Swap Parcel with Additional Property.aprxCollier County - Silver Strand III Parcel Swap Additional Property for Purchase / Sale 9/16/2025JohnJimmie BlvdS toc kade R d Sgt Joe JonesRdL a keLoopS 1stStImmokalee RdIm m okalee R d Cam p K e ais R d Immokalee RdImmokalee RdImmokalee RdC om p lex D rWAliceJi mmie Cir Stockade R dKo o wa c h obee T r l E A lice J i mmie CirState of Florida, Maxar, Sources: Esri, TomTom, Garmin, FAO, NOAA, USGS, (c) OpenStreetMap contributors, and the GIS User Community Swap Parcel Purchase / Sale Parcel WRA Purchase / Sale Parcel Future Affordable Housing Legend Immokalee Urban Boundary Silver Strand Proposed Swap Parcel 292 Acres Restricted Use - Affordable Housing 37 Acres +/- Restricted Use - WRA 62 Acres +/- Additional Property for Purchase / Sale 57 Acres +/- 200-Foot Common Land Use Restriction Area Page 3790 of 14062 S 1st STImmokalee RDSilver Strand Swap/Purchase Parcels Total Acquired Acreage: 349 Acres Silver Strand Swap Parcel: 292 Acres Purchase Parcels: 57 Acres ®0 0.1 0.2 Miles Page 3791 of 14062 S 1st STImmokalee RDSilver Strand Swap/Purchase Parcels with Original Parcel Total Acquired Acreage: 349 Acres Silver Strand Swap Parcel: 292 Acres Purchase Parcels: 57 Acres Original Parcel ®0 0.2 0.4 Miles Page 3792 of 14062 Page 3793 of 14062 November 13, 2025 MEMORANDUM TO: Robert Bosch Real Property Manager RE: Master Planning Efforts – Camp Keais and Silver Strand Properties Dear Mr. Bosch, Facilities Management provides the following information to support your efforts related to the proposed exchange involving the Camp Keais property and the Silver Strand property. The purpose of this correspondence is solely to present operational and financial context from a planning and development perspective. Facilities Management is currently engaged in a master planning effort for the approximately 1,000-acre Camp Keais property to prepare the site for multiple potential public uses, including potential locations for the Collier County Fairgrounds, the Swamp Buggy races, and other uses directed by the Board of County Commissioners following acquisition. We understand that adjacent property owners to the east have expressed concerns regarding certain potential uses and have proposed a possible exchange involving approximately 439 acres of the Silver Strand property located roughly five miles to the north. The firm contracted to support the Camp Keais master planning effort has estimated that conducting a parallel planning and zoning effort for both properties would result in approximately $126,000 in additional consulting costs. This estimate reflects the need to duplicate tasks such as conceptual site planning, zoning analysis, utility coordination, and preparation for potential subdivision, lease, or sale. Concurrent planning efforts also require increased County staff time for interdepartmental coordination, project management, and public engagement. In addition to the planning and zoning workstreams, both properties carry a range of typical project development considerations that would need to be evaluated and managed independently for each site through the planning process. These include environmental and conservation reviews, listed species assessments, wetland considerations, geotechnical evaluations, transportation and access analysis, and confirmation and management of any existing encumbrances, easements, or regulatory obligations. The timing and scope of these efforts may differ between the two properties and would likely require coordination with multiple internal and external agencies. Page 3794 of 14062 Differences between the two sites in their proximity to and access to utilities and service providers may also influence development planning. Both properties may require future coordination with utility providers regarding potable water, sewer, electric, fiber, and other infrastructure needs. Any required extensions, improvements, or service connections would need to be assessed separately for each property. The Silver Strand property includes additional considerations related to water management. The property is currently associated with South Florida Water Management District (SFWMD) permits 11-00261-S, 11-00263-W, and 11-00817-W, and it requires the joint development of a water management plan with Baron Collier Companies, the adjacent property owner, subject to SFWMD approval. Additional analysis may include environmental, geotechnical, transportation, land use, and utility evaluations to fully understand the development opportunities and constraints at the additional site. These items are not evaluated within this correspondence but are noted here for awareness as part of the overall planning context. Thank you for the opportunity to provide this information. Please let us know if further clarification or technical details are needed. Sincerely, Tony Barone Principal Project Manager Facilities Management Division Collier County Government Page 3795 of 14062 APPRAISAL REPORT FOR COLLIER COUNTY TRANSPORTATION MANAGEMENT SERVICES DEPARTMENT SUBJECT PROPERTY: CAMP KEAIS PARCEL 439.00 GROSS ACRES LOCATED ALONG OIL WELL ROAD IMMOKALEE, FL 34142 AT THE REQUEST OF: LISA BARFIELD REVIEW APPRAISER COLLIER COUNTY TRANSPORTATION ENGINEERING DIVISION 2885 S. HORSESHOE DRIVE NAPLES, FL 34104 ASSIGNMENT NO.: 6893A-TS APPRAISAL EFFECTIVE DATE: JANUARY 8, 2025 DATE OF REPORT: MARCH 9, 2025 Page 3796 of 14062 6893A Report Table of Contents Carroll & Carroll Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1 CERTIFICATION ..................................................................................................................................... 6 SCOPE OF WORK ................................................................................................................................... 8 ESTATE APPRAISED .............................................................................................................................. 9 DEFINITION OF MARKET VALUE ................................................................................................... 10 ASSUMED EXPOSURE TIME .............................................................................................................. 10 AREA INFORMATION ........................................................................................................................ 11 MARKET AREA ..................................................................................................................................... 20 PROPERTY INFORMATION ............................................................................................................... 36 SUBJECT PHOTOGRAPHS .............................................................................................................. 37 ENVIRONMENTAL CONTAMINATION .................................................................................... 41 NATURAL RESOURCE CONCERNS ............................................................................................ 42 ZONING .............................................................................................................................................. 47 ASSESSMENT AND TAXES ............................................................................................................ 49 FLOOD ZONE DATA ....................................................................................................................... 50 TRANSACTIONAL HISTORY ........................................................................................................ 52 CURRENT STATUS ........................................................................................................................... 52 VALUE OF THE PARENT TRACT ..................................................................................................... 53 SITE DESCRIPTION – PARENT TRACT ....................................................................................... 58 HIGHEST AND BEST USE ............................................................................................................... 61 CONSIDERATION OF APPROACHES ......................................................................................... 62 SALES COMPARISON APPROACH ................................................................................................. 63 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 65 VACANT LAND COMPARABLES ................................................................................................ 66 LAND SALES ADJUSTMENT GRID – PARENT TRACT ........................................................... 73 ESTIMATE OF VALUE – PARENT TRACT ...................................................................................... 79 VALUE OF THE PROPOSED SWAP PARCEL AND THE REMAINDER PROPERTY ............. 80 SITE DESCRIPTION – SWAP PARCEL ......................................................................................... 84 VALUE OF THE SWAP PARCEL ................................................................................................... 87 LAND SALES ADJUSTMENT GRID – SWAP PARCEL ............................................................. 88 ESTIMATE OF VALUE – SWAP PARCEL ........................................................................................ 90 VALUE OF THE REMAINDER PROPERTY ..................................................................................... 91 SITE DESCRIPTION – REMAINDER PROPERTY ....................................................................... 92 VALUE OF THE REMAINDER PROPERTY ................................................................................. 95 LAND SALES ADJUSTMENT GRID – REMAINDER PROPERTY ........................................... 96 ESTIMATE OF VALUE – REMAINDER PROPERTY ...................................................................... 98 SEVERANCE DAMAGES TO THE REMAINDER PROPERTY ..................................................... 99 SEVERANCE DAMAGES ............................................................................................................... 100 SPECIAL BENEFITS ........................................................................................................................ 100 Page 3797 of 14062 6893A Report Table of Contents Carroll & Carroll ADDENDA ........................................................................................................................................... 101 Page 3798 of 14062 6893A 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. GENERAL INFORMATION Property Identification Camp Keais Parcel 439.00-acres located along Oil Well Road Immokalee, FL 34142 Property Type Vacant Land Owner of Record Collier County Property ID # A portion of Parcel ID#00227280108 Client Collier County Transportation Management Services Department Intended Use To assist in negotiation and decision-making purposes. Intended Users Collier County Transportation Management Services Department, the Collier County Board of County Commissioners, and Barron Collier Companies. Appraisal Effective Date January 8, 2025 Date of Report March 9, 2025 Date of Inspection January 8, 2025 Appraiser Timothy W. Sunyog, MAI State-Certified General Appraiser RZ 3288 Page 3799 of 14062 6893A Report Summary of Important Data & Conclusions Carroll & Carroll 2 PARENT TRACT BEFORE THE LAND SWAP Property Type Vacant Land Legal Description Lengthy legal description copied into the addendum of the report. Parcel ID# 00227240300, 00227240203, 00227280108 Land Area 1,048.97 Gross Acres Shape Irregular Zoning “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay Improvements The parent tract is mostly cleared and improved with minimal site improvements. Highest and Best Use As Though Vacant The maximally productive use is that the property obtains the Stewardship Receiving Area (SRA) Village or Town designation and develops as a low density residential or mixed-use development consistent with the SRA designation. As Improved N/A VALUE INDICATION BEFORE THE LAND SWAP Land Value $21,500,000 Improvements $ 0 Total Market Value of Parent Tract Concluded Unit Value $21,500,000 $20,500 Per Gross Acre Page 3800 of 14062 6893A Report Summary of Important Data & Conclusions Carroll & Carroll 3 SWAP PARCEL/CAMP KEAIS PARCEL Property Identification A 439.00-acre parcel located along the south side of Oil Well Road, approximately 1.36 acre east of Camp Keais Road in Immokalee, Florida. Legal Description N/A Land Area 439.00 Gross Acres Shape Irregular Improvements None VALUE INDICATION OF PROPOSED SWAP PARCEL Land $8,340,000 (439.00 acres x $19,000/Acre) Improvements $ 0 Total Concluded Unit Value $8,340,000 $19,000 Per Gross Acre VALUE INDICATION REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of Parent Tract, Before the Swap $21,500,000 Less Market Value of the Proposed Swap Parcel ($8,340,000) Total Market Value of the Remainder Property, As Part of the Whole $13,160,000 Page 3801 of 14062 6893A Report Summary of Important Data & Conclusions Carroll & Carroll 4 REMAINDER PROPERTY AFTER THE SWAP Land Area The remainder property shall contain 609.97 acres of gross land area and is still irregular in shape. The is located at the southeast corner of Camp Keais Road and Oil Well Road. The remainder property’s overall access, availability to utilities, topography, land use designation, and zoning are unchanged. It now has a higher percentage of useable area. Improvements The remainder property’s site improvements will be the same as before the proposed swap. Highest and Best Use As Though Vacant The maximally productive use is that the property obtains the Stewardship Receiving Area (SRA) Village designation and develops as a low density residential or mixed-use development consistent with the SRA. As Improved N/A VALUE INDICATION OF REMAINDER PROPERTY, AFTER THE SWAP Land Value $13,110,000 Improvements $ 0 Total Market Value of the Remainder Property $13,110,000 Page 3802 of 14062 6893A Report Summary of Important Data & Conclusions Carroll & Carroll 5 SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Severance Damages The remainder property will not be damaged after the land swap, it will have minimal special benefits. Value of the Whole $21,500,000 Less Value Swap Parcel ($8,340,000) Value of the Remainder Property as Part of the Whole $13,160,000 Value of the Remainder Property as Severed $13,110,000 Difference $50,0000 EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS Ave Maria Utility Company is a privately owned and operated potable water and sewer plant located within Ave Maria. This would be the best option for the subject property obtaining water and sewer service, but there are no agreements to connect. Capacity was not verified by Barron Collier Companies. Collier County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the Parent Tract from Barron Collier Companies. For the purpose of this appraisal, I have assumed the Parent Tract, the Swap Parcel, and the Remainder Property will have access to utilities from Ave Maria Utility Company. HYPOTHETICAL CONDITION None Page 3803 of 14062 6893A Report Certification Carroll & Carroll 6 CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property. I personally inspected Comparables 3, 4, 5, and 6 and relied on aerial photography for Comparables 1 and 2. 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 an appraiser, 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 3804 of 14062 6893A Report Certification Carroll & Carroll 7 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 3805 of 14062 6893A Report Scope of Work Carroll & Carroll 8 SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Reviewed aerial photographs, land use plans, the Land Development Code, the Proposed Parcel Boundaries, a Phase I Environmental Assessment, Limited Soil Sampling Report, and other documentation. • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use. • Researched vacant land comparable sales, listings, and pending sales. • Developed the sales comparison approach following a Before-and-After methodology. • Estimated the fair market value of the parent tract before and after the proposed land swap. • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion. Sources of market data included local and regional MLS systems, CoStar, LoopNet, public records, and interviews with real estate brokers. Page 3806 of 14062 6893A Report Estate Appraised Carroll & Carroll 9 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 3807 of 14062 6893A Report Definition of Market Value Carroll & Carroll 10 DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 9 and 12 months. Page 3808 of 14062 6893A Report Area Analysis Carroll & Carroll 11 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 3809 of 14062 6893A Report Area Analysis Carroll & Carroll 12 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 3810 of 14062 6893A Report Area Analysis Carroll & Carroll 13 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 3811 of 14062 6893A Report Area Analysis Carroll & Carroll 14 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 3812 of 14062 6893A Report Area Analysis Carroll & Carroll 15 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 3813 of 14062 6893A Report Area Analysis Carroll & Carroll 16 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 3814 of 14062 6893A Report Area Analysis Carroll & Carroll 17 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 3815 of 14062 6893A Report Area Analysis Carroll & Carroll 18 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 3816 of 14062 6893A Report Area Analysis Carroll & Carroll 19 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 3817 of 14062 6893A Report Market Area Carroll & Carroll 20 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 Immokalee area. For appraisal purposes, the market area boundaries are shown below: ➢ North Collier/Hendry County Line ➢ South Oil Well Road ➢ East Collier/Hendry County Line ➢ West Collier/Lee County Line Page 3818 of 14062 6893A Report Market Area Carroll & Carroll 21 Introduction The property being appraised lies within the boundaries of the Immokalee Planning Community which is a 26 square mile area centered on the unincorporated community of Immokalee. Immokalee is in north central Collier County approximately 25 miles east of the Gulf of Mexico, six miles south of the Collier County-Hendry County line and 18 miles north of I-75. The Immokalee area is home to Lake Trafford, which is the largest lake in Collier County encompassing 1,500 acres. At the county's formation in 1923, Immokalee was the only non-coastal settlement. Today it remains the only interior community of considerable size. Immokalee was fairly isolated from the coastal area until the Immokalee Road (CR-846) was rebuilt and resurfaced in 1955-56. With major improvements to the transportation system, Immokalee became a thriving center of ranching, farming, and lumbering. Immokalee is the agricultural center of an area that includes parts of Collier, Lee, Glades and Hendry counties. The economy is dominated by the agricultural industry which employs over a third of the working population in ranching, truck farms and citrus. This industry has made Immokalee the leading domestic producer of winter vegetables for the United States. Most of the land and agricultural business is vested in a few large corporate- owned enterprises. Environmental Influences This area is desired because of mild winter weather and easy access to miles of beaches. The subtropical weather allows for year-round recreational opportunities. Boating and swimming are popular activities and boating is supported for seasonal residents and tourists by local marinas and charter boats. Bicycling, walking, and jogging are supported by an extensive network of connected biking and walking paths. Collier County has more golf courses per capita than most areas in the United States. Development has occurred in such a way that the open-space and lush landscaping give the appearance of a well-manicured, tropical paradise. Governmental Influences This market area 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 3819 of 14062 6893A Report Market Area Carroll & Carroll 22 County government has zoning and comprehensive plan ordinances (Immokalee Area Master Plan) 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. 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 full range of services for Collier County. This market area is served by several major roadways including Immokalee Road (CR 846), State Road 29, State Road 82, and Oil Well Road. Immokalee Road (CR 846) is a 6-lane, divided, east-west arterial highway connecting the north coastal community with north, interior Collier County and ultimately with the regional agricultural center of Immokalee. East of the I-75 interchange, Immokalee Road has been widened to six lanes as far as the Orangetree subdivision at Oil Well Road. The remaining ±16 miles to Immokalee are a two-lane asphalt road that is heavily traveled and dangerous due to morning and evening rushes mixing with heavy truck traffic. The extension of four lanes on to Immokalee is not in the current 5-year plan. This is the County's northernmost relevant east/west arterial. Development along Immokalee Road is clustered almost exclusively west of Collier Boulevard at the major intersection of Collier Boulevard, Interstate I-75, Airport Road and Tamiami Trail. Development consists of single/multi-family residential, as well as office and retail uses. State Road 82 is two/four land arterial road extending from US-41/Cleveland Avenue in Downtown Fort Myers and extending east 29 miles until it ends at State Road 29. The road serves the City of Fort Myers, Lehigh Acres, and the Immokalee area. Development varies from intense commercial development in the Fort Myers area to farmlands/wetlands as it approaches State Road 29. Oil Well Road is a primarily 4-lane east-west asphalt paved road extending east from Immokalee Road approximately 10 miles to the entrance of Ave Maria. Development along this road begins with a mixture of single-family residential near Immokalee Road and gradually changes to open farmland. State Road 29 is the principal highway through Immokalee. These two lanes, asphalt surfaced, highway runs south from Immokalee to Everglades City in the Ten Thousand Islands and north from Immokalee to La Belle in Hendry County. State Road 82 intersects Page 3820 of 14062 6893A Report Market Area Carroll & Carroll 23 State Road 29 north of Immokalee providing access into the City of Fort Myers. The state road system leading into Immokalee is in good condition. The Immokalee urban area traffic network is focused on Main Street (State Road 29) as it passes from east to west through the center of town and then turns north toward LaBelle. Immokalee Road (CR-846) from Naples enters south Immokalee, turns east joining Main Street, then continues into the agricultural areas of Hendry County about 8 miles east of Immokalee. Asphalt surfaced, 2-lane local collectors consist of New Market Road/Westclox, a northwest-southeast neighborhood collector through the heart of the agricultural market area and into the northwest residential neighborhoods, Immokalee Drive, an east-west neighborhood collector serving developing residential districts west of SR-29 and Lake Trafford Road, a medium collector connecting the northwest Immokalee commercial district on SR-29 with residential neighborhoods and the Lake Trafford recreational area three miles west. Local streets, sometimes asphalt paved and sometimes not, are typically laid out on a grid pattern. Connectivity is fairly good, but the community remains segmented by the road system. Public transportation is provided by a county transit bus service. Social Influences The Immokalee market area ranges from planned developments to mostly undeveloped land. This area remains as one of the last areas in Collier County with large tracts that are developable. Most are still being used for agricultural purposes, but Collier County has designated much of this land as Rural Lands Stewardship area, promoting future growth. The purpose of this program is to encourage smart growth patterns in rural areas of the county per the Growth Management Plan. Collier County’s objective is to create an incentive-based land use overlay system, herein referred to as the Collier County Rural Lands Stewardship Area Overlay, based on the principles of rural land stewardship. The Stewardship Send Area (SSA) is used to issue designated Sending Area Stewardship credits to property owners which may be used to entitle Stewardship Receiving Area (SRA) which can be in the form of self-contained planned urban developments in the RLSA. This area has grown considerably in the past 10 years with the growth of Ave Maria. US Census Bureau, Esri forecasts, 2024 population is 41,945 with a projected growth to 50,369 (20%% growth) by 2029, which will mainly be attributable to the growth and development of Ave Maria and the proposed Towns and Villages along Oil Well Road. The population also nearly doubles during the winter months in Immokalee due to agricultural seasonality. This increase occurs during the winter when the harvest season for vegetables and citrus is at its peak. Page 3821 of 14062 6893A Report Market Area Carroll & Carroll 24 The median age in the Immokalee market area is 33.2, significantly lower than the county average of 53.7. Only 23.5% of the population is 55 and older and 39.8% are younger than 25. Page 3822 of 14062 6893A Report Market Area Carroll & Carroll 25 Page 3823 of 14062 6893A Report Market Area Carroll & Carroll 26 Page 3824 of 14062 6893A Report Market Area Carroll & Carroll 27 Economic Influences This area’s income levels are considerably lower than the County’s average. The average household income in 2024 was $91,977, which is approximately 32.1% lower than the county’s average household income of $135,508. In the subject market area only 30.6% of the households have annual incomes greater than $100,000, compared to the county figure of 43.1%. On the other hand, 25.1% of households have average household incomes of less than $35,000. The economy of rural Southwest Florida has been and continues to be based primarily on agriculture, which has not kept pace with job growth and income levels throughout the state of Florida. Rural Florida continues to have lower earned income, higher unemployment, lower property values and fewer opportunities for employment. The median home value in the market area is $408,613 which is considerably lower than the County’s average home value of $604,707. However, the median home value has increased substantially due to the overall market conditions and the amount of new residential products in Ave Maria and Skysail. The total number of housing units in the market area is 12,513, of which, 64.6% are owner occupied, 35.4% renter occupied. Development trends: Residential Residential development density varies from less than one unit per 10 acres in agricultural districts, to as high as eight units per acre in the high-density residential areas in Immokalee. The Immokalee area of housing diversity ranging from large ranch style homes to low-income housing. In the immediate Immokalee area, the density of residential development is relatively high and there are many substandard structures. Other parts of the market area include acreage homesites and the planned development of Ave Maria. The Town of Ave Maria is an entire town including a University. Ave Maria is accessible from both Oil Well Road and Camp Keais Road. The campus and town are 30 miles from Naples and just 10 miles from Immokalee. Ave Maria totals about 5,000 acres, of which nearly 20% has been designated as the University campus. When completed, the Town will contain some 11,000 residential dwellings in a wide variety of price ranges and neighborhoods. Residential units include rental apartments, condominiums, starter homes, and estate homes. Over the past 10+ years there has been a residential boom in Ave Maria ranking it as the #18 Top Selling Master Planned Community in the United States. Ave Maria has sold more than 5,200 new homes since the development first opened. For the year 2024, Ave Maria reported 600 new home sales ranking it as the top development in Collier County. Ave Maria currently has four national home builders including, Del Webb, CC Homes, Pulte Homes, and Lennar. There are a total of 75 floor plans between the builders with prices ranging from the high $200s to $800s. Page 3825 of 14062 6893A Report Market Area Carroll & Carroll 28 The goal of the University is to become the major Catholic University in the south, with some 5,000 graduate and undergraduate students. Also, within Ave Maria is the Arthrex Commerce Park. Arthrex, Inc. is a world-renowned medical company. Their campus is currently designed with a 355,870 square foot manufacturing facility with a 55,027 square foot finishing building situated on a 35.88-acre site. Dialum, a Chilean based glass manufacturer recently purchased a 10-acre site and plans to construct a 100,000 square foot manufacturing facility within the park. The Arthrex Commerce Park will eventually encompass 200 acres to accommodate future growth. The newest residential development in the market area is SkySail, which is being developed by Neal Communities. SkySail is a 1,500 single-family home community located on 642 acres located just east of Everglades Boulevard along Oil Well Road. The development has 13 different floor plans with prices starting in the mid-$400,000 to over $700,000. The Rural Lands Stewardship Area of the market area (the Oil Well corridor) has many residential developments in the planning stages. On the following pages are maps depicting the proposed developments within the RLSA. The four largest projects are the Town of Big Cypress, Rivergrass Village, Longwater Village, and Bellmar Village which will include a total of 8,350 homes upon completion. Collier Enterprises has been obtaining Stewardship Receiving Area (SRA) designation for the Town and Villages and are selling portions of the developments to national home builders Lennar, Taylor Morrison, and Forestar. The developments will preserve approximately 10,000 acres of environmental lands. Located east of Camp Keais Road is the proposed Collier Rod and Gun Club at the Preserve being developed by Barron Collier Companies. Located on more than 2,000 acres, the property will include 225 single family homes on 259.6 acres, an 18-hole golf course, clubhouse, shooting clay amenities, archery, fishing lakes, and 20 member-only cottages. Located to the north of the Collier Rod and Gun Club at the Preserve is Horse Trails Village (SRA) also being developed by Barron Collier. It will consist of 1,770 acres in size and is located at the northwest corner of the intersection of Oil Well Road and SR 29. The Village will consists of 2,900 dwelling units, 153,700 square feet of commercial uses and 29,000 square feet of civic, governmental, and institutional uses according to the pre-application meeting. The Oil Well corridor is one of the last remaining areas in Collier County with tracts of land available for large scale developments. The road network and infrastructure are sufficient to accommodate future growth and with the success of Ave Maria, development to the east has become a proven concept. Page 3826 of 14062 6893A Report Market Area Carroll & Carroll 29 Page 3827 of 14062 6893A Report Market Area Carroll & Carroll 30 Page 3828 of 14062 6893A Report Market Area Carroll & Carroll 31 Commercial The majority of the commercial development in this area is located along Main Street/SR 29 and New Market Road. The newest development is located near the intersection of Lake Trafford Road and SR 29. This is where the majority of the franchise restaurants and national companies are located. Small commercial businesses support the majority of neighborhood needs. Small retail shops are about 50% owner occupied family businesses. Commercial businesses run the gamut from ethnic restaurants, grocery, hardware, clothing, furniture, and auto parts. Most of the commercial buildings are over 40 years old and are legally nonconforming with current development standards. Redevelopment would require larger setbacks; hence, gentrification and routine maintenance has allowed buildings to exist beyond their economic and physical life expectancy. Many of the larger businesses in the market area are agriculturally related and function as produce packing and shipping operations that operate primarily during harvest season. These large agricultural businesses provide most of the employment. Immokalee also has a large industrial component that is located on the east side of town were processing plants, packing houses and similar agri-industrial uses are located. The Public Facilities category is composed of the Immokalee Airport, the University of Florida Page 3829 of 14062 6893A Report Market Area Carroll & Carroll 32 Institute of Food and Agricultural Science (IFAS) experimental farm, the Seminole Indian reservation, schools, and government facilities. The Seminole Casino Immokalee is 24 hour/7 days a week casino located along east side of Immokalee Road as you enter into Immokalee. Gaming at the casino includes blackjack, high paying slots, and live-action poker. In 2009 the casino received a $22 million renovation. The casino now contains 75,600 square feet and a 750-seat outdoor pavilion for music performances was also added. The casino also includes the Seminole Casino Hotel which offers 19 suites along with 80 deluxe rooms. Page 3830 of 14062 6893A Report Market Area Carroll & Carroll 33 Page 3831 of 14062 6893A Report Market Area Carroll & Carroll 34 According to the business summary report, the services, retail trade, and agriculture/mining industries lead the business sector. The agriculture industry dominates this area and the above report might not take into account the number of part time/seasonal employees. The agriculture economy is primarily based on a combination of commodity prices and crop yields. In other words, if the farmers are making money, so will the local and regional businesses. Farming is always uncertain and usually has a pattern of a few exceptional years to more years of marginal profit or worse. Over time the lean and rich years appear to average out to a steady economy. Agricultural labor is the driving force behind the market area. During peak harvest season (Oct-May) the immediate area is inundated by Mexican, Guatemalan, and Haitian migrant populations requiring close proximity to local employment or local crew bus pick-up points for field harvesting. The Collier County School Board operates four elementary schools, one middle school and one high school. These schools are located within walking distance of most of the urban area and are easily assessable by those who require transportation by school bus. Also located in the neighborhood is the Immokalee Technical Center. The Immokalee Technical Center is a three-story, 90,000 square foot state of the art career center, with technical Page 3832 of 14062 6893A Report Market Area Carroll & Carroll 35 education programs for high school students and adults. The center offers programs in industrial engineering, health services, business technology, and human services. 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. There has been strong growth in the Immokalee residential real estate market, especially in Ave Maria which continues to be the number one selling single-family community in the Naples-Ft Myers. Well located commercial land in Immokalee has also increased, but other segments of the commercial market including agricultural packing/distribution facilities appear to have remained flat for at least the past five years. Developers are also taking positions by purchasing large tracts of land throughout the market taking advantage of the population growth and the density benefits of the Rural Lands Stewardship Area Overlay. Overall, the market area is considered to be in a period of growth. CONCLUSION In summary, the Immokalee community is primarily supported by Immokalee’s agri- business. The success of future commercial development depends on the vitality of Florida agriculture in a global economy. The outlook for the foreseeable future is always uncertain with the volatility of agricultural markets and legislation on international trade. Future growth of gaming, Ave Maria, and the proposed developments along Oil Well Road will help to stabilize and diversify Immokalee’s economy. On the other hand, the Rural Lands Stewardship Area of the market area, will continue to grow. The Oil Well corridor is one of the last remaining areas in Collier County with tracts of land available for large scale developments. The road network and infrastructure are sufficient to accommodate future growth and with the success of Ave Maria, development to the east has become a proven concept. Page 3833 of 14062 6893A Report Property Information Carroll & Carroll 36 PROPERTY INFORMATION Page 3834 of 14062 6893A Report Property Information Carroll & Carroll 37 SUBJECT PHOTOGRAPHS View to the north of the intersection of Oil Well Rd & Pacific Grade Rd. (Photo Taken January 8, 2025) View to the west along Rock Springs Road. (Photo Taken January 8, 2025) Page 3835 of 14062 6893A Report Property Information Carroll & Carroll 38 View to the east along Rock Springs Road. (Photo Taken January 8, 2025) View to the southwest across the subject property. (Photo Taken January 8, 2025) Page 3836 of 14062 6893A Report Property Information Carroll & Carroll 39 View to the southeast across the property. (Photo Taken January 8, 2025) View to the south across the property. (Photo Taken January 8, 2025) Page 3837 of 14062 6893A Report Property Information Carroll & Carroll 40 View to the southeast across the property. (Photo Taken January 8, 2025) View to the southwest near the northwest corner property. (Photo Taken January 8, 2025) Page 3838 of 14062 6893A Report Property Information Carroll & Carroll 41 ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment Available Yes. I was provided with a Phase I Environmental Site Assessment (ESA) for the Camp Keais Swap Parcel conducted by Earth Tech Environmental, LLC and dated December 9, 2024. The Earth Tech assessment revealed no Recognized Environmental Conditions (RECs), Historic RECs (HRECs), and/or Controlled RECs (CRECs) in connection with the Subject Property. Therefore no further assessment was recommended at this time. 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 3839 of 14062 6893A Report Property Information Carroll & Carroll 42 NATURAL RESOURCE CONCERNS Condition of subject The majority of the property has been cleared. The property is improved with various sod, compost, and agricultural fields. I was not provided with any environmental reports. The wetlands encompass approximately 134.81 acres or 13% of the Parent Tract. 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 No 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 3840 of 14062 6893A Report Property Information Carroll & Carroll 43 FUTURE LAND USE Ordinance or Plan Collier County Growth Management Plan Future Land Use Designation Open Area of the Rural Lands Stewardship Area Overlay District. The south 107 acres are also located within a Habitat Stewardship Area (HSA). Purpose of Designation The purpose of this program is to encourage smart growth patterns in rural areas of the county per the Growth Management Plan. Collier County’s objective is to create an incentive-based land use overlay system, herein referred to as the Collier County Rural Lands Stewardship Area Overlay, based on the principles of rural land stewardship. The Stewardship Sending Area (SSA) is used to issue designated Sending Area Stewardship credits to property owners which may be used to entitle Stewardship Receiving Area (SRA) which can be in the form of self-contained planned urban developments in the RLSA. This future land use designation allows such uses as agriculture and related uses, essential services, residential (maximum density of 1 dwelling unit per 5 acres), parks and open space, earth mining, etc. The subject is currently identified within the open area. It could be eligible for the Stewardship Receiving Area (SRA) designation. Open areas not developed as SRA’s and not protected by easements remain under baseline agricultural zoning rules, allowing agricultural uses, potential conditional uses, and residential development at 1 unit per 5 acres. SRA’s developed as a Town or Village could obtain a residential density of 1 to 4 dwelling units per gross acre and a Hamlet could obtain a residential density of ½ to 2 dwelling units per gross acre. The Larger Parcel (1,048.97 acres) would be eligible to become designated as a Town. Towns are the Page 3841 of 14062 6893A Report Property Information Carroll & Carroll 44 largest and most diverse form of SRA, with a full range of housing types and mix of uses. Towns have urban level services and infrastructure that support development that is compact, mixed use, human scale, and provides a balance of land uses to reduce automobile trips and increase livability. Towns shall be not less than 1,000 acres or more than 4,000 acres and are comprised of several villages and/or neighborhoods that have individual identity and character. Towns shall have a mixed-use town center that will serve as a focal point for community facilities and support services. Towns shall be designed to encourage pedestrian and bicycle circulation by including an interconnected sidewalk and pathway system serving all residential neighborhoods. Towns shall have at least one community park with a minimum size of 200 square feet per dwelling unit in the Town The Camp Keais Parcel/Swap Parcel (439.00 acres) would be eligible to become designated as a Village. Villages are primarily residential communities with a diversity of housing types and mix of uses appropriate to the scale and character of the particular village. Villages shall be not less than 100 acres or more than 1,000 acres. Villages are comprised of residential neighborhoods and shall include a mixed-use village center to serve as the focal point for the community’s support services and facilities. Villages shall be designed to encourage pedestrian and bicycle circulation by including an interconnected sidewalk and pathway system serving all residential neighborhoods. Villages shall have parks or public green spaces within neighborhoods. Villages shall include neighborhood scaled retail and office uses, in a ratio as provided in Policy 4.15. Villages are an appropriate location for a full range of schools. To the extent possible, schools and parks shall be located adjacent to each other to allow for the sharing of recreational facilities. Design criteria for Villages shall be included in the LDC Stewardship District. To ensure that SRA residents Page 3842 of 14062 6893A Report Property Information Carroll & Carroll 45 have such areas proximate to their homes, open space shall also comprise a minimum of 35% of the gross acreage of an individual SRA Town, Village, or those CRDs exceeding 100 acres. Habitat Stewardship Areas (HSAs) protect listed animal and plant species and their habitats. HSAs are delineated on the Overlay Map and contain approximately 40,000 acres. HSAs are privately owned agricultural areas, which include both areas with natural characteristics that make them suitable habitat for listed species and areas without these characteristics. These latter areas are included because they are located contiguous to habitat to help form a continuum of landscape that can augment habitat values. The Overlay provides an incentive to permanently protect HSAs by the creation and transfer of Credits, resulting in the elimination of incompatible uses and the establishment of protection measures described in Group 1 Policies. Not all lands within the delineated HSAs are comparable in terms of their habitat value; therefore the index shall be used to differentiate higher value (X) = Plan Amendment by Ordinance No. 2003-43 on September 9, 2003 Future Land Use Element as of Ordinance No. 2017-48 adopted December 12, 2017 123 from lower value lands for the purpose of Overlay implementation. Analysis of the Index Map Series shows that HAS lands score within a range of 0.6 to 2.2. There are approximately 13,800 acres of cleared agricultural fields located in HSAs. The average Index score of HSA designated lands is 1.3, however, the average index score of the naturally vegetated areas within HSAs is 1.5. Agriculture will continue to be a permitted use and its supporting activities will continue to be permitted as conditional uses within FSAs and HSAs. Page 3843 of 14062 6893A Report Property Information Carroll & Carroll 46 Page 3844 of 14062 6893A Report Property Information Carroll & Carroll 47 ZONING Ordinance or Land Development Code Collier County Zoning “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay Purpose or Intent of Zoning The purpose and intent of the Rural Agricultural District is to provide land for agricultural, pastoral, and rural land uses. In addition, several conditional uses including churches, schools, childcare centers, social and fraternal organizations, and group care facilities are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, group care facilities, and earth mining are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The maximum shall not exceed the density permissible under the density rating system. Below are the development requirements as set forth in the Agricultural Zoning District: Minimum Lot Area: 217,800 square feet or 5.00 acres Minimum Lot Width: 165 feet Minimum Front Yard Setback: 50 feet minimum Minimum Side Yard Setback: 30 feet Page 3845 of 14062 6893A Report Property Information Carroll & Carroll 48 Minimum Rear Yard Setback: 50 feet Maximum Building Height: 35 feet The Mobile Home Overlay (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when certain requirements and procedures are met. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. Page 3846 of 14062 6893A Report Property Information Carroll & Carroll 49 ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID 00227240300, 00227240203, 00227280108 Assessment and Tax Year 2024 Land Assessment $13,794,300 Improvement Assessment $0 Total Assessment $13,794,300 10% CAP ($0) AG Exemption ($0) Taxable Value $0 (The property is owned by Collier County and not taxable.) Total Taxes $0 Taxing Authority/Jurisdiction Collier County The land is assessed at $13,150 per acre and is within the range of other similar parcels in the surrounding area. The assessment is considerably less than my estimate of market value. The subject property is owned by Collier County and therefore tax exempt. Page 3847 of 14062 6893A Report Property Information Carroll & Carroll 50 FLOOD ZONE DATA Flood Zone X, X500, and AH Flood Zone Comments The majority of the property is located within the AH flood zone. Zone X – Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone X500 – Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone AH – Areas of 1% annual-chance shallow flooding with a constant water- surface elevation (usually areas of ponding) where average depths are between 1 and 3 feet. Base flood elevations determined. Community Panel Number 12021C0270H & 12021C0290H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps Page 3848 of 14062 6893A Report Property Information Carroll & Carroll 51 Page 3849 of 14062 6893A Report Property Information Carroll & Carroll 52 TRANSACTIONAL HISTORY Sales History The Parent Tract was acquired by Collier County from Barron Collier Partnership, LLLP on April 20, 2021, for a consideration of $13,553,111 or $12,920 per gross acre as recorded in Official Records Book 5931, Page 2913 of the Public Records of Collier County, Florida. The sale was verified with Austin Howell, representative of the seller, and he said the property was never formally listed for sale. Collier County approached the seller and negotiated the price. I also verified the sale with Roosevelt Leonard, representative of Collier County. He also confirmed all of the sale details. Due to the age of the sale and the upward trend of the market, it is no longer an indicator of current market value. There have been no other transactions or transfers of ownership in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract No Page 3850 of 14062 6893A Report Parent Tract Carroll & Carroll 53 VALUE OF THE PARENT TRACT Page 3851 of 14062 6893A Report Parent Tract Carroll & Carroll 54 Page 3852 of 14062 6893A Report Parent Tract Carroll & Carroll 55 Page 3853 of 14062 6893A Report Parent Tract Carroll & Carroll 56 Page 3854 of 14062 6893A Report Parent Tract Carroll & Carroll 57 Page 3855 of 14062 6893A Report Parent Tract Carroll & Carroll 58 SITE DESCRIPTION – PARENT TRACT Address The SE Corner of Oil Well Road and Camp Keais Road Immokalee, FL 34142 Legal Description Lengthy legal description copied into the addendum of the report. Property ID# 00227240300, 00227240203, 00227280108 Owner of Record Collier County Size The size of the property is based on a boundary survey conducted by Stantec and dated October 10, 2019. 1,048.97 gross acres A total of 134.81 acres (13%) are considered/designated wetlands and 107 acres are located within an HSA (Habitat Stewardship Area) (10%) and the remaining 807.16 acres (77%) can be used/developed. Easements No easements that are identified on the boundary survey. Shape Irregular Frontage The property fronts for 9,288 feet along the south side of Oil Well Road. Access The subject property is provided full-service access from Oil Well Road. There are currently two access points from Oil Well Road. Overall, access is average. Topography Based on my physical inspection, the property is generally level and at or slightly below road grade. Ground Cover The majority of the property is cleared farmland utilized for various agricultural purposes including vegetable fields, sod, compost, and cattle. The scattered vegetation consists of Pine trees, Cabbage Palms, Palmettos, and exotic vegetation including Brazilian Pepper. There is approximately 134.81 acres of designated wetlands scattered throughout the property based on South Florida Water Management District FLUCCS maps. Vegetation in the wetland areas consists of Cypress, trees, Pine trees, Cabbage Palms, and Brazilian Pepper. Utilities Electricity, telephone, and TV cable are available. There are power lines extending north/south near the eastern boundary of the property that will need to be relocated by the buyer to provide electricity to the properties to the Page 3856 of 14062 6893A Report Parent Tract Carroll & Carroll 59 south. The property is currently serviced by well and septic. Ave Maria Utility Company is a privately owned and operated potable water and sewer plant located within Ave Maria. This would be the best option for the subject property obtaining water and sewer service, but there are no agreements to connect. Capacity was not verified by Barron Collier Companies. Collier County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the Parent Tract from Barron Collier Companies. For the purpose of this appraisal, I have assumed the Parent Tract and the Swap Parcel will have access to utilities from Ave Maria Utility Company. Surrounding Land Uses The subject is located in outlying Collier County, in an area that is continuing to develop. Located to the northwest of the intersection of Camp Keais Road and Oil Well Road is the Ave Maria master planned community. Located to the north and west is agricultural land. Located to the south of the subject are 5,868.7 acres which have been designated and are part of the Stewardship Sending Area Credit Agreement (SSA-10). Located to the east of the subject is The Collier Rod and Gun Club at the Preserve being developed by Barron Collier Companies. Located on more than 2,000 acres, the property will include 225 single family homes on 259.6 acres, an 18- hole golf course, clubhouse, shooting clay amenities, archery, fishing lakes, and 20 member-only cottages. Demographics (2024) 2 mile 5 10 Population 1,808 9,901 39,937 Households 613 3,128 11,192 Median HH Income $70,532 $70,049 $61,945 Median Home Value $375,725 $373,005 $312,825 Traffic Counts (AADT) 2023 The average daily traffic counts for Oil Well Road, east of Everglades Blvd.: 4Q 2023 12,020 vehicles 3Q 2023 9,822 vehicles 2Q 2023 11,680 vehicles 1Q 2023 12,957 vehicles Page 3857 of 14062 6893A Report Parent Tract Carroll & Carroll 60 Site Improvements Barbwire fencing and multiple gates. The site improvements are in average condition. Page 3858 of 14062 6893A Report Parent Tract Carroll & Carroll 61 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: Collier County designates this property as “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay with a Future Land Use of Open Area of the Rural Lands Stewardship Area Overlay. The current zoning allows a maximum density of one residential unit per five acres. The zoning ordinance and future land use are consistent in identifying the property for residential uses or varying types of ancillary agricultural uses. A maximum of 210 residential units (0.20 units per acre) could be developed under the current future land use. Given its overall location, physical characteristics, and frontage along Oil Well Road, the likelihood of obtaining an SRA designation (Town or Village) on the property to a residential or mixed-use (residential and commercial) is possible. The subject is currently identified within the open area and could be eligible for the Stewardship Receiving Area (SRA) designation and potentially developed as a Town. A Town allows a density of 1 to 4 developable units per gross acre. Density can be increased beyond the base density through the affordable workforce housing density bonus or through the density blending provision, per RLSA policy 4.7 in the FLUE of the GMP. The density will need to be obtained by purchasing Stewardship Credits. Page 3859 of 14062 6893A Report Parent Tract Carroll & Carroll 62 The south 107 acres are also located within a Habitat Stewardship Area (HSA). The Overlay provides an incentive to permanently protect HSAs by the creation and transfer of Credits. According to the Future Land Use Element, HSA’s land scores within a range of 0.6 to 2.2 based on the Index Map Series. There are approximately 13,800 acres of cleared agricultural fields located in HSAs. The average Index score of HSA designated lands is 1.3, however, the average index score of the naturally vegetated areas within HSAs is 1.5. Therefore 139.1 Stewardship Credits could be obtained from the HSA. Additional credits can also be obtained from the Wetland areas on the property. Physically Possible: The physical location, shape/size, topography, and access characteristics suggest some type of low-density residential development or mixed-use development incorporating commercial type uses as required by the SRA designation. The size is large enough to support a variety of development plans and potentials. I have assumed the property will have access to utilities from Ave Maria Utility Company. Additional uses include some type of agricultural, cattle grazing and ranching, or hunting type use. Financially Feasible: The financial feasibility of residential development continues to be good especially the new construction market. The success of new development east of Immokalee Road including Ave Maria, The Ranch at Orange Blossom, and Skysail, argues that development is financially feasible. However, there are a number of proposed residential units along Oil Well Road that the subject property will be competing with. The four largest projects are the Town of Big Cypress, Rivergrass Village, Longwater Village, and Bellmar Village will include a total of 8,350 homes upon completion. The proposed Collier Rod and Gun Club at the Preserve will include 225 single family homes and Horse Trails Village is proposed to have 2,900 residential units. These six projects total 11,475 units in addition to units still be sold at Ave Maria and Skysail. In order to be financially feasible, the developer of the subject property will need to be creative and develop a product that does not compete directly with the other proposed developments. Commercial development is required to be included in the SRA Village or Town designation, however until these communities mature, there are not enough residential development/population to support commercial facilities. Commercial development is not financially feasible. Maximally Productive: The maximally productive use is that the property obtains the Stewardship Receiving Area (SRA) Village or Town designation and develop as a low density residential or mixed-use development consistent with the SRA designation. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. Page 3860 of 14062 6893A Report Parent Tract Carroll & Carroll 63 SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: 1. Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales of land comparable to the subject site. The intention was to find comparable sales in similar locations that offer similar functional utility. Six closed sales were identified as the best available for analysis. I am aware of two other large tracts of land that are under contract to be purchased by Collier County. Approximately 150.00 acres of land located along 20th Street SE is under contract for $4,015,000 or $26,767 per acre. The land area is considerably smaller, and it is located within the Rural Fringe Mixed Use District (northern most parcel contains 40.00 acres and is designated Neutral and the remining 110.00 acres are designated Sending). I typically don’t incorporate government purchases because they are not purchased for an economic use. Also due to the zoning/future land use/highest and best use differences, I did not include this sale. Page 3861 of 14062 6893A Report Parent Tract Carroll & Carroll 64 I am also aware of the pending sale of the Williams Reserve at Lake Trafford located east of Lake Trafford along the south side of Lake Trafford Road. Collier County is under contract to purchase the 2,247 acres for $20,770,000 or $9,243 per acre. Approximately 153 acres of the property is entitled for the development of approximately 336 residential units. The majority of the property is zoned A-MHO, but approximately 50% of the property is considered wetlands. Although the property is located within RLSA, it has various zonings, future land uses, and considerably inferior physical characteristics due to the large amount of wetlands and therefore it was not included in the 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, seller, and brokers of land similar to the subject parcel. Comparable land sales data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Page 3862 of 14062 6893A Report Parent Tract Carroll & Carroll 65 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES Page 3863 of 14062 6893A Report Parent Tract Carroll & Carroll 66 VACANT LAND COMPARABLE 1 ADDRESS 39450 Bermont Road, Punta Gorda, FL 33982 PROPERTY ID NO. 402527100001 and a portion of 40253410001 SALE PRICE $13,300,000 UNIT AREA 835.00 acres UNIT PRICE $15,928 per acre DATE OF RECORDING December 18, 2024 O.R. BOOK-PAGE 3478722 CONTRACT DATE Unknown GRANTOR Hall Family Ranch, LLC GRANTEE Copart of Connecticut, Inc. FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Agriculture ZONING AG-- Agricultural General IMPROVEMENTS The property is improved with various structures associated with a paintball park including an office, paintball shop, general store, tiki huts, and storage buildings. The majority of the improvements were constructed in 2015. UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Christi Pritchett, CCIM, of LSI Companies, Inc. She verified the sale price and the arm's-length nature. The intended use of the buyer is unknown. Minimal amounts of Freshwater Emergent Wetlands and Freshwater Forested/Shrub Wetlands located on the property. Page 3864 of 14062 6893A Report Parent Tract Carroll & Carroll 67 VACANT LAND COMPARABLE 2 ADDRESS 12850 N River Road, Alva, FL 33920 PROPERTY ID NO. 18-43-26-00-00002.0020, 18-43-26-00-00002.0000, 19-43-26-00-00002.1020 SALE PRICE $5,500,000 UNIT AREA 345.06 acres UNIT PRICE $15,939 per acre DATE OF RECORDING May 31, 2023 O.R. BOOK-PAGE 2023000192933 CONTRACT DATE Unknown GRANTOR Talon Ventures, LLC GRANTEE Takoda Land Group, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at or below road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Rural and Wetlands ZONING RPD - Residential Planned Development IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Hunter Ward, local broker familiar with the sale. He verified the sale price sale and the arm's-length nature. The buyer is Neal Communities who plans to develop the property for residential development. Another national home builder backed out of the deal due to the lack of utilities to the site. The property was listed for $6,725,000. The property is approved for a total of 380 residential units including 124 multi-family twin villa units and 267 detached single-family units. The property is also approved for 96 boat slips along Owl Creek and the Caloosahatchee River. Page 3865 of 14062 6893A Report Parent Tract Carroll & Carroll 68 VACANT LAND COMPARABLE 3 ADDRESS 20750-21070 Palm Beach Boulevard, Alva, FL 33920 PROPERTY ID NO. 28-43-27-00-00019.0000, 27-43-27-00-00042.0000, 27-43-27-00-00043.0000, 28-43-27-00- 00020.0000 SALE PRICE $3,200,000 UNIT AREA 178.98 acres UNIT PRICE $17,879 per acre DATE OF RECORDING January 12, 2023 O.R. BOOK-PAGE 2023000023593 CONTRACT DATE Unknown GRANTOR The Lillian Austin Family, LLC GRANTEE BR Estates at Alva, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Urban Community, Rural, and Wetlands ZONING AG-2 - Agriculture IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Hunter Ward, listing and selling agent. He verified the sale price and the arm's-length nature. The buyer is a land banker who plans to hold the property due the lack of utilities in the area. The Future Land Use is Urban Community, Rural, and Wetlands. The property consists of approximately 26% wetlands. Page 3866 of 14062 6893A Report Parent Tract Carroll & Carroll 69 VACANT LAND COMPARABLE 4 ADDRESS 15651 Oil Well Road, Naples, FL 34142 PROPERTY ID NO. 00232840009 SALE PRICE $2,000,000 UNIT AREA 130.87 acres UNIT PRICE $15,282 per acre DATE OF RECORDING December 21, 2023 O.R. BOOK-PAGE 6316/2770 CONTRACT DATE Unknown GRANTOR JFT Farms, LLC GRANTEE Ventura Land, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at or below road grade GROUND COVER Mostly Cleared LAND USE DESIGNATION Rural Lands Stewardship Area – Flow Way Stewardship Area (FSA) and Stewardship Sending Area (SSA) ZONING A-MHO-RLSAO-ACSC/ST” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay and Area of Critical State Concern Special Treatment Overlay IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. The sale appears to be between two unrelated parties and therefore arm’s-length. Page 3867 of 14062 6893A Report Parent Tract Carroll & Carroll 70 VACANT LAND COMPARABLE 5 ADDRESS SR 29, Immokalee, FL 34142 PROPERTY ID NO. 00063600007 SALE PRICE $1,521,400 UNIT AREA 152.14 acres UNIT PRICE $10,000 per acre DATE OF RECORDING April 25, 2023 O.R. BOOK-PAGE 6244/1001 CONTRACT DATE Unknown GRANTOR Nabucee Gufer Investments II, LLC and Jaqueline Rock GRANTEE Monterrey Real Estate, LLC FINANCING Cash to seller TOPO-ELEVATION Level and slightly below road grade GROUND COVER Cleared LAND USE DESIGNATION Rural Lands Stewardship Area – Open Area ZONING “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay IMPROVEMENTS The property is improved with an 1,800 square foot and a 480 square foot carport. There is also perimeter fencing. UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. It does not appear that the property was listed for sale. Page 3868 of 14062 6893A Report Parent Tract Carroll & Carroll 71 VACANT LAND COMPARABLE 6 ADDRESS Oil Well Road, Immokalee, FL 34142 PROPERTY ID NO. 00233280008 SALE PRICE $5,500,000 UNIT AREA 639.17 acres UNIT PRICE $8,605 per acre DATE OF RECORDING July 07, 2023 O.R. BOOK-PAGE 6266/2604 CONTRACT DATE May 17, 2023 GRANTOR Paola Copeland Groverman Trust GRANTEE We Struck Oil, LLC FINANCING Cash to seller TOPO-ELEVATION Level and slightly below road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Open Area and Area of Critical State Concern of the Rural Lands Stewardship Area Overlay District ZONING “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. Page 3869 of 14062 6893A Report Parent Tract Carroll & Carroll 72 VERIFICATION Verified with Greg Zaino, buyer. He verified the sale price and the arm's-length nature. This was a speculative purchase and he plans to resell the property. The property was listed for $6,900,000 and was on the market 45 days. The price was discounted 20% due to the cash offer and quick closing. Page 3870 of 14062 6893A Report Parent Tract Carroll & Carroll 73 LAND SALES ADJUSTMENT GRID – PARENT TRACT ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 Immokalee Punta Gorda Alva Alva Immokalee Immokalee Immokalee PROPERTY IDENTIFICATION Parent Tract 39450 Bermont 12850 N. River 20750-21070 15651 Oil Well SR 29 Oil Well Road Road Road Palm Beach Blvd Road (Wildflowerz) SALE PRICE N/A $13,300,000 $5,500,000 $3,200,000 $2,000,000 $1,521,400 $5,500,000 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 Below Market 0 0 0 0 0 2,200,000 BUILDING IMPROVEMENTS Cleared 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 $13,300,000 $5,500,000 $3,200,000 $2,000,000 $1,521,400 $7,700,000 Recording Date N/A 12/18/24 05/31/23 01/12/23 12/21/23 04/25/23 07/07/23 Months Prior To Effective Date 01/08/25 0.69 19.33 23.90 12.62 20.51 18.11 MARKET CHANGE ADJUSTMENT N/A 0.3%9.7%11.9%6.3%10.3%9.1% ADJUSTED SALE PRICE N/A $13,345,907 $6,031,558 $3,582,380 $2,126,233 $1,677,441 $8,397,354 Parcel Area in Gross Acres 1,048.97 835.00 345.06 178.98 130.87 152.14 639.17 PRICE PER ACRE ?$15,983 $17,480 $20,016 $16,247 $11,026 $13,138 LOCATION ADDRESS Oil Well Rd.Bermont Road N. River Road Palm Beach Blvd Oil Well Rd.SR 29 Oil Well Rd. PAVED ACCESS Yes Yes Yes Yes Yes Yes Yes OVERALL LOCATION Average Inferior Similar Similar Inferior Inferior Inferior 10%0%0%30%30%30% UTILITIES All Available Inferior Inferior Inferior Inferior Inferior Inferior 20%20%20%20%20%20% COMP. PLAN RLSA Agriculture Rural/Wetlands Urban/Rural RLSA RLSA RLSA ZONING A-MHO-RLSAO AG RPD AG-2 A-MHO-RLSAO A-MHO-RLSAO A-MHO-RLSAO 0%-20%0%0%0%0% SIZE IN ACRES 1,048.97 835.00 345.06 178.98 130.87 152.14 639.17 SHAPE/CONFIGURATION Irregular Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Cleared/Veg.Similar Similar Similar Similar Similar Similar WETLANDS Yes Yes Yes Yes Yes Yes Yes WETLANDS/HSA %23%N/A N/A 26%30%28%N/A USEABLE ACREAGE %77%N/A N/A 74%70%72%N/A 0%0%0%0%0%0% GROSS ADJUSTMENT N/A 30%40%20%50%50%50% INDICATION OF UNIT VALUE ?$20,778 $17,480 $24,019 $24,370 $16,538 $19,707 Page 3871 of 14062 6893A Report Parent Tract Carroll & Carroll 74 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. • Comparable 6 sold for a below market price and required an adjustment for conditions of sale. The property was listed for $6,900,000 and was on the market 45 days. The price was discounted 20% due to the cash offer and quick closing. Based on other recent sales of similar properties, Comparable 6 sold for approximately 40% below market and was adjusted upward accordingly. 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 Page 3872 of 14062 6893A Report Parent Tract Carroll & Carroll 75 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. 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. Land values in the market are appreciating due to the demand for large tracts of vacant land in Florida. The buyers of the comparable sales include a mix of owner-users and land speculators. I was unable to find any sale/resales or matched paired sales to extract market change rates. I also consulted the Lay of The Land 2023 Market Report which reported that the average per acre sale price for 100–500-acre ranch and recreational land sales throughout the State of Florida increased 9% from 2022 to 2023 or an average monthly change rate of 0.75%. On the other hand, the 2023 transaction volume for the large acreage market (500+ acres) contracted from 2022 to 2023 and the average price per acre decreased from $6,665 to $5,588 or a decrease of 16%. The sales utilized in the report range from less than a month to almost 24 months old. Based on the trend of per acre sales prices and the demand for land along the Oil Well corridor, I applied a market change rate of 0.50% per month or 6.00% annually. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. Below is a table of various locational characteristics that were taken into consideration to determine the locational differences between each comparable. Page 3873 of 14062 6893A Report Parent Tract Carroll & Carroll 76 SUBJECT COMP 1 COMP 2 COMP 3 COMP 4 COMP 5 COMP 6 Traffic Counts (AADT 2023)13,700 8,400 4,700 27,000 900 7,000 900 Demographics (3 mile radius) 2024 Population 82 12 10,310 5,915 32 492 37 2029 Population 87 14 10,499 6,643 32 490 37 Percentage Change (Annual)1.19%3.13%0.36%2.35%0.00%-0.08%0.00% Average Household Income $114,597 $135,651 $101,160 $99,614 $62,561 $79,385 $62,561 Average Home Value $671,212 $475,000 $549,117 $534,218 $430,000 $365,476 $430,000 Exposure Good Similar Similar Similar Similar Similar Similar Waterfront No No Yes No No No No Access Direct Direct Direct Direct Direct Direct Direct Overall Comparison N/A Inferior Similar Similar Inferior Inferior Inferior LOCATION COMPARISON ANALYSIS (Esri Forecast for 2024 and 2029) Page 3874 of 14062 6893A Report Swap Parcel Carroll & Carroll 77 • Comparable 1 is located along Bermont Road in Punta Gorda. This is a more remote location with fewer proposed developments nearby. This location is inferior to the subject and was adjusted upward 10%. Comparables 4 and 6 are located along Oil Well Road, east of SR 29. These are more remote and inferior locations with limited supporting population. Comparables 4 and 6 were adjusted upward 30% each. Comparable 5 is located north of Immokalee along SR 29, not in the path of future development. This is also an inferior location and was adjusted upward 30%. 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. • Access to utilities is a major factor for developers and land speculators when considering sites to purchase. The subject is assumed to have access to utilities. All six comparables do not have access to utilities and each was adjusted upward 20% for their inferior features. 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. • The subject is zoned “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay with a Future Land Use of Open Area and Habitat Stewardship Area of the Rural Lands Stewardship Area Overlay. The majority of the comparable sales included various Agricultural zonings, which are similar to the subject. Comparable 2 was zoned RPD and approved and entitled for a residential development at the time of sale. Comparable 2 was adjusted downward 20% for its superior zoning. Page 3875 of 14062 6893A Report Swap Parcel Carroll & Carroll 78 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. • All six comparables had some amount of wetlands and therefore no adjustments were warranted. Wetlands in the Rural Lands Stewardship Overlay can be a benefit due to the fact that you can create an SSA and extract the density and transfer the credits to an upland/developable area. The subject had a similar percentage of useable area as the comparable sales. Due to the amount of difference no adjustment was warranted. Page 3876 of 14062 6893A Report Swap Parcel Carroll & Carroll 79 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Acre of Land Area 1 $20,778 2 $17,480 3 $24,019 4 $24,370 5 $16,538 6 $19,707 Average $20,482 Median $20,242 Weighted Avg. $20,565 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject site, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparable 1 is the strongest indicator of value. It is the most similar to the subject and the most recent sale. Comparable 1 was weighted 30%. Comparables 2, 3, 4, and 5 are good indicators of value and were weighted 15% each. Due to the conditions surrounding Comparable 6 and the inferior characteristics, it was weighted 10%. The range of unit value indications is from $16,538 to $24,370 per acre with an average of $20,482 per acre and a median of $20,242 per acre. The weighting process discussed above indicates a unit value of $20,565 per acre. Based on the range of Comparables, I concluded to a unit value of $20,500 per acre. ESTIMATE OF VALUE – PARENT TRACT $20,500 per gross acre results in an indication of value for the Parent Tract as of January 8, 2025, of $21,503,885 (1,048.97 acres x $20,500 per acre), which rounds to $21,500,000. Page 3877 of 14062 6893A Report Swap Parcel Carroll & Carroll 80 VALUE OF THE PROPOSED SWAP PARCEL AND THE REMAINDER PROPERTY Page 3878 of 14062 6893A Report Swap Parcel Carroll & Carroll 81 Page 3879 of 14062 6893A Report Swap Parcel Carroll & Carroll 82 Page 3880 of 14062 6893A Report Swap Parcel Carroll & Carroll 83 Page 3881 of 14062 6893A Report Swap Parcel Carroll & Carroll 84 SITE DESCRIPTION – SWAP PARCEL Legal Description I was not provided with a legal description for the subject property. According to Lisa Barfield, Review Appraiser with Collier County, a legal description has not been created and will not be provided until further direction is given from the Collier County Board of County Commissioners. The Swap Parcel is a portion of the Parent Tract. Property ID# A portion of 00227280108 Owner of Record Collier County Size I was not provided with a boundary survey and therefore I relied on the total acreage provided by the Collier County Transportation Management Services Department and Barron Collier Companies. 439.00 Gross Acres There are approximately 102 acres (23.2%) considered/designated wetlands and 107 acres are located within an HSA (Habitat Stewardship Area) (24.4%) and the remaining 230 acres (52.4%) can be used/developed. Easements I was not provided with a boundary survey, and it is unknown if any easements exist. For the purpose of this appraisal, I have assumed that there are no easements that negatively impact the development potential of the property. Shape Irregular Frontage The property fronts for approximately 2,020 feet along the south side of Oil Well Road. Access The subject property is provided full-service access from Oil Well Road. There is currently one access point from Oil Well Road. Overall, access is average. Topography Based on my physical inspection, the property is generally level and at or slightly below road grade. Ground Cover The majority of the property is cleared farmland utilized for various agricultural purposes including vegetable fields, sod, compost, and cattle. The scattered vegetation consists of Pine trees, Cabbage Palms, Palmettos, and exotic vegetation including Brazilian Pepper. There are approximately 102 acres (23.2%) of designated Page 3882 of 14062 6893A Report Swap Parcel Carroll & Carroll 85 wetlands scattered throughout the property based on the information provided by Collier County and Barron Collier. Vegetation in the wetland areas consists of Cypress, trees, Pine trees, Cabbage Palms, and Brazilian Pepper. Utilities Electricity, telephone, and TV cable are available. There are power lines extending north/south near the eastern boundary of the property that will need to be relocated by the buyer to provide electricity to the properties to the south. The property is currently serviced by well and septic. Ave Maria Utility Company is a privately owned and operated potable water and sewer plant located within Ave Maria. This would be the best option for the subject property obtaining water and sewer service, but there are no agreements to connect. Capacity was not verified by Barron Collier Companies. Collier County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the Parent Tract from Barron Collier Companies. For the purpose of this appraisal, I have assumed the Parent Tract and the Swap Parcel will have access to utilities from Ave Maria Utility Company. Surrounding Land Uses The subject is located in outlying Collier County, in an area that is continuing to develop. Located to the northwest of the intersection of Camp Keais Road and Oil Well Road is the Ave Maria master planned community. Located to the north is agricultural land and to the west is the remainder of the Parent Tract. Located to the south of the subject are 5,868.7 acres which have been designated and are part of the Stewardship Sending Area Credit Agreement (SSA-10). Located to the east of the subject is The Collier Rod and Gun Club at the Preserve being developed by Barron Collier Companies. Located on more than 2,000 acres, the property will include 225 single family homes on 259.6 acres, an 18- hole golf course, clubhouse, shooting clay amenities, archery, fishing lakes, and 20 member-only cottages. Future Land Use & Zoning Unchanged Highest & Best Use Unchanged. Page 3883 of 14062 6893A Report Swap Parcel Carroll & Carroll 86 Although the Swap Parcel has a considerably amount of wetlands and 107 acres are covered by an HSA, the highest and best use is that the property obtains the Stewardship Receiving Area (SRA) Village designation and develop as a low density residential or mixed-use development consistent with the SRA designation. Site Improvements Barbwire fencing and multiple gates. The site improvements are in average condition. Improvements None Page 3884 of 14062 6893A Report Swap Parcel Carroll & Carroll 87 VALUE OF THE SWAP PARCEL The market value of the fee simple interest of the Parent Tract was previously estimated via the Sales Comparison Approach to have a unit value of $20,500 per acre. Although it is smaller in size compared to the Parent Tract, no size adjustment was warranted. The Swap Parcel has the same highest and best use. It does have a considerably higher percentage of wetlands/HSA (48%) encompassing the property. In the Rural Lands Stewardship Overlay wetlands and HSA’s can be a benefit due to the fact that you can create an SSA on these portions and extract the density and transfer the credits to an upland/developable area on the property. However, the useable portion of the property is only 209 acres or 48% which will limit the amount of developable units/density you can physically fit on the property. I analyzed studies in our files to determine the percentage difference of properties with approximately 25% wetlands vs properties with approximately 50% wetlands to determine the difference/the required adjustment between the comparable sales and the Swap Parcel (and also how it compares to the Parent Tract). Properties with 50% wetlands typically sell for 8% to 23% less than properties with 25% wetlands. The subject will likely be at the lower end of the range due to the fact that only the useable area will be utilized and there will not be additional costs associated with mitigating the wetlands. Comparables 1, 2, 3, 4, 5, and 6 were all adjusted downward 10% due to their superior amount of upland area. On the following page is the sales grid for the Swap Parcel. Page 3885 of 14062 6893A Report Swap Parcel Carroll & Carroll 88 LAND SALES ADJUSTMENT GRID – SWAP PARCEL ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 Immokalee Punta Gorda Alva Alva Immokalee Immokalee Immokalee PROPERTY IDENTIFICATION Swap Parcel 39450 Bermont 12850 N. River 20750-21070 15651 Oil Well SR 29 Oil Well Road Road Road Palm Beach Blvd Road (Wildflowerz) SALE PRICE N/A $13,300,000 $5,500,000 $3,200,000 $2,000,000 $1,521,400 $5,500,000 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 Below Market 0 0 0 0 0 2,200,000 BUILDING IMPROVEMENTS Cleared 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 $13,300,000 $5,500,000 $3,200,000 $2,000,000 $1,521,400 $7,700,000 Recording Date N/A 12/18/24 05/31/23 01/12/23 12/21/23 04/25/23 07/07/23 Months Prior To Effective Date 01/08/25 0.69 19.33 23.90 12.62 20.51 18.11 MARKET CHANGE ADJUSTMENT N/A 0.3%9.7%11.9%6.3%10.3%9.1% ADJUSTED SALE PRICE N/A $13,345,907 $6,031,558 $3,582,380 $2,126,233 $1,677,441 $8,397,354 Parcel Area in Gross Acres 439.00 835.00 345.06 178.98 130.87 152.14 639.17 PRICE PER ACRE ?$15,983 $17,480 $20,016 $16,247 $11,026 $13,138 LOCATION ADDRESS Oil Well Rd.Bermont Road N. River Road Palm Beach Blvd Oil Well Rd.SR 29 Oil Well Rd. PAVED ACCESS Yes Yes Yes Yes Yes Yes Yes OVERALL LOCATION Average Inferior Similar Similar Inferior Inferior Inferior 10%0%0%30%30%30% UTILITIES All Available Inferior Inferior Inferior Inferior Inferior Inferior 20%20%20%20%20%20% COMP. PLAN RLSA Agriculture Rural/Wetlands Urban/Rural RLSA RLSA RLSA ZONING A-MHO-RLSAO AG RPD AG-2 A-MHO-RLSAO A-MHO-RLSAO A-MHO-RLSAO 0%-20%0%0%0%0% SIZE IN ACRES 439.00 835.00 345.06 178.98 130.87 152.14 639.17 SHAPE/CONFIGURATION Irregular Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Cleared/Veg.Similar Similar Similar Similar Similar Similar WETLANDS Yes Yes Yes Yes Yes Yes Yes WETLANDS/HSA %48%N/A N/A 26%30%28%N/A USEABLE ACREAGE %52%N/A N/A 74%70%72%N/A -10%-10%-10%-10%-10%-10% GROSS ADJUSTMENT N/A 40%50%30%60%60%60% INDICATION OF UNIT VALUE ?$19,180 $15,732 $22,017 $22,746 $15,436 $18,393 Page 3886 of 14062 6893A Report Swap Parcel Carroll & Carroll 89 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Acre of Land Area 1 $19,180 2 $15,732 3 $22,017 4 $22,746 5 $15,436 6 $18,393 Average $18,917 Median $18,786 Weighted Avg. $18,983 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject site, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparable 1 is the strongest indicator of value. It is the most similar to the subject and the most recent sale. Comparable 1 was weighted 30%. Comparables 2, 3, 4, and 5 are good indicators of value and were weighted 15% each. Due to the conditions surrounding Comparable 6 and the inferior characteristics, it was weighted 10%. The range of unit value indications is from $15,436 to $22,746 per acre with an average of $18,917 per acre and a median of $18,786 per acre. The weighting process discussed above indicates a unit value of $18,983 per acre. Based on the range of Comparables, I concluded to a unit value of $19,000 per acre. Page 3887 of 14062 6893A Report Swap Parcel Carroll & Carroll 90 ESTIMATE OF VALUE – SWAP PARCEL The value of the Swap Parcel is estimated to be: Land Area x Unit Value 439.00 gross acres x $19,000 per acre = $8,341,000 Rounded $8,340,000 VALUE INDICATION REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of Parent Tract, Before the Taking $21,500,000 Less Market Value of the Proposed Swap Parcel ($8,340,000) Total Market Value of the Remainder Property, As Part of the Whole $13,160,000 Page 3888 of 14062 6893A Report Remainder Property Carroll & Carroll 91 VALUE OF THE REMAINDER PROPERTY Page 3889 of 14062 6893A Report Remainder Property Carroll & Carroll 92 SITE DESCRIPTION – REMAINDER PROPERTY Legal Description I was not provided with a legal description for the remainder property. According to Lisa Barfield, Review Appraiser with Collier County, a legal description has not been created and will not be provided until further direction is given from the Collier County Board of County Commissioners. The Remainder Property is a portion of the Parent Tract. Property ID# 00227240300, 00227240203, and a portion of 00227280108 Owner of Record Collier County Size I was not provided with a boundary survey and therefore I relied on the total acreage provided by the Collier County Transportation Management Services Department and Barron Collier Companies. 609.97 Gross Acres There are approximately 32.81 acres (5.4%) considered/designated wetlands and the remaining 577.16 acres (94.6%) can be used/developed. Page 3890 of 14062 6893A Report Remainder Property Carroll & Carroll 93 Easements I was not provided with a boundary survey, and it is unknown if any easements exist. For the purpose of this appraisal, I have assumed that there are no easements that negatively impact the development potential of the property. Shape Irregular Frontage The property fronts for approximately 7,268 feet along the south side of Oil Well Road. Access The subject property is provided full-service access from Oil Well Road. There are currently two access points from Oil Well Road. Overall, access is average. Topography Based on my physical inspection, the property is generally level and at or slightly below road grade. Ground Cover The majority of the property is cleared farmland utilized for various agricultural purposes including vegetable fields, sod, compost, and cattle. The scattered vegetation consists of Pine trees, Cabbage Palms, Palmettos, and exotic vegetation including Brazilian Pepper. There are approximately 32.81 acres (5.4%) of designated wetlands scattered throughout the property based on the information provided by Collier County and Barron Collier. Vegetation in the wetland areas consists of Cypress, trees, Pine trees, Cabbage Palms, and Brazilian Pepper. Utilities Electricity, telephone, and TV cable are available. The property is currently serviced by well and septic. Ave Maria Utility Company is a privately owned and operated potable water and sewer plant located within Ave Maria. This would be the best option for the subject property obtaining water and sewer service, but there are no agreements to connect. Capacity was not verified by Barron Collier Companies. Collier County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the Parent Tract from Barron Collier Companies. For the purpose of this appraisal, I have assumed the Remainder Property will have access to utilities from Ave Maria Utility Company. Surrounding Land Uses The subject is located in outlying Collier County, in an area that is continuing to develop. Located to the northwest of the intersection of Camp Keais Road and Oil Well Road is Page 3891 of 14062 6893A Report Remainder Property Carroll & Carroll 94 the Ave Maria master planned community. Located to the north and west is agricultural land. Located to the south of the subject are 5,868.7 acres which have been designated and are part of the Stewardship Sending Area Credit Agreement (SSA-10). Located to the east of the subject beyond the Swap Parcel is The Collier Rod and Gun Club at the Preserve being developed by Barron Collier Companies. Located on more than 2,000 acres, the property will include 225 single family homes on 259.6 acres, an 18-hole golf course, clubhouse, shooting clay amenities, archery, fishing lakes, and 20 member-only cottages. Future Land Use & Zoning Unchanged Highest & Best Use Unchanged. The highest and best use is that the property obtains the Stewardship Receiving Area (SRA) Village designation and develop as a low density residential or mixed-use development consistent with the SRA designation. Site Improvements Barbwire fencing and multiple gates. The site improvements are in average condition. Improvements None Page 3892 of 14062 6893A Report Remainder Property Carroll & Carroll 95 VALUE OF THE REMAINDER PROPERTY After the land swap, the Remainder Property will be reduced to 609.97 acres (1,048.97 – 439.00). Although it is smaller in size compared to the Parent Tract, no size adjustment was warranted. The Remainder Property has the same highest and best use, but it has a lower percentage of wetlands/higher percentage of useable area. The remainder property has a higher percentage of useable area compared to the comparables and therefore all six comparables required an upward adjustment of 5%, which is consistent with the percentage differences for wetlands in my job files. On the following page is the sales grid for the Remainder Property. Page 3893 of 14062 6893A Report Remainder Property Carroll & Carroll 96 LAND SALES ADJUSTMENT GRID – REMAINDER PROPERTY ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 Immokalee Punta Gorda Alva Alva Immokalee Immokalee Immokalee PROPERTY IDENTIFICATION Remainder 39450 Bermont 12850 N. River 20750-21070 15651 Oil Well SR 29 Oil Well Road Property Road Road Palm Beach Blvd Road (Wildflowerz) SALE PRICE N/A $13,300,000 $5,500,000 $3,200,000 $2,000,000 $1,521,400 $5,500,000 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 Below Market 0 0 0 0 0 2,200,000 BUILDING IMPROVEMENTS Cleared 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 $13,300,000 $5,500,000 $3,200,000 $2,000,000 $1,521,400 $7,700,000 Recording Date N/A 12/18/24 05/31/23 01/12/23 12/21/23 04/25/23 07/07/23 Months Prior To Effective Date 01/08/25 0.69 19.33 23.90 12.62 20.51 18.11 MARKET CHANGE ADJUSTMENT N/A 0.3%9.7%11.9%6.3%10.3%9.1% ADJUSTED SALE PRICE N/A $13,345,907 $6,031,558 $3,582,380 $2,126,233 $1,677,441 $8,397,354 Parcel Area in Gross Acres 609.97 835.00 345.06 178.98 130.87 152.14 639.17 PRICE PER ACRE ?$15,983 $17,480 $20,016 $16,247 $11,026 $13,138 LOCATION ADDRESS Oil Well Rd.Bermont Road N. River Road Palm Beach Blvd Oil Well Rd.SR 29 Oil Well Rd. PAVED ACCESS Yes Yes Yes Yes Yes Yes Yes OVERALL LOCATION Average Inferior Similar Similar Inferior Inferior Inferior 10%0%0%30%30%30% UTILITIES All Available Inferior Inferior Inferior Inferior Inferior Inferior 20%20%20%20%20%20% COMP. PLAN RLSA Agriculture Rural/Wetlands Urban/Rural RLSA RLSA RLSA ZONING A-MHO-RLSAO AG RPD AG-2 A-MHO-RLSAO A-MHO-RLSAO A-MHO-RLSAO 0%-20%0%0%0%0% SIZE IN ACRES 609.97 835.00 345.06 178.98 130.87 152.14 639.17 SHAPE/CONFIGURATION Irregular Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Cleared/Veg.Similar Similar Similar Similar Similar Similar WETLANDS Yes Yes Yes Yes Yes Yes Yes WETLANDS/HSA %5%N/A N/A 26%30%28%N/A USEABLE ACREAGE %95%N/A N/A 74%70%72%N/A 5%5%5%5%5%5% GROSS ADJUSTMENT N/A 35%45%25%55%55%55% INDICATION OF UNIT VALUE ?$21,577 $18,354 $25,019 $25,183 $17,090 $20,364 Page 3894 of 14062 6893A Report Remainder Property Carroll & Carroll 97 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Acre of Land Area 1 $21,577 2 $18,354 3 $25,019 4 $25,183 5 $17,090 6 $20,364 Average $21,264 Median $20,970 Weighted Avg. $21,356 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject site, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparable 1 is the strongest indicator of value. It is the most similar to the subject and the most recent sale. Comparable 1 was weighted 30%. Comparables 2, 3, 4, and 5 are good indicators of value and were weighted 15% each. Due to the conditions surrounding Comparable 6 and the inferior characteristics, it was weighted 10%. The range of unit value indications is from $17,090 to $25,183 per acre with an average of $21,264 per acre and a median of $20,970 per acre. The weighting process discussed above indicates a unit value of $21,356 per acre. Based on the range of Comparables, I concluded to a unit value of $21,500 per acre. Page 3895 of 14062 6893A Report Remainder Property Carroll & Carroll 98 ESTIMATE OF VALUE – REMAINDER PROPERTY The value of the Remainder Property is estimated to be: Land Area x Unit Value 609.97 gross acres x $21,500 per acre = $13,114,355 Rounded $13,110,000 VALUE INDICATION OF REMAINDER PROPERTY, AFTER THE PROPOSED SWAP Land Value $13,110,000 Improvements $0 Total Market Value of the Remainder Property $13,110,000 Page 3896 of 14062 6893A Report Severance Damages Carroll & Carroll 99 SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Page 3897 of 14062 6893A Report Severance Damages Carroll & Carroll 100 SEVERANCE DAMAGES Severance damages are calculated as the negative difference between the value of the remainder property, as part of the whole, and the value of the remainder property, as severed. When the value of the remainder property, as severed, is less than the value of the remainder property, as part of the whole, the difference is the actual measurement of the damages to the remainder property. When the value of the remainder property, as severed, is greater than the value of the remainder property, as part of the whole, the difference is not damage but is considered a benefit. Severance damages are calculated below. SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Value of the Whole/Parent Tract $21,500,000 Less Value – Swap Parcel $8,340,000 Value of the Remainder Property as Part of the Whole $13,160,000 Value of the Remainder Property as Severed $13,110,000 Difference $50,000 SEVERANCE DAMAGES Based on the analysis of the remainder property, there are no severance damages. SPECIAL BENEFITS Based on the analysis of the remainder property, there are $50,000 of special benefits. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Page 3898 of 14062 6893A Report Addenda Carroll & Carroll ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Future Land Use................................................................................................................... 6 Zoning.................................................................................................................................... 10 Qualifications of Appraiser................................................................................................. 2 Page 3899 of 14062 6893A 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 Ave Maria Utility Company is a privately owned and operated potable water and sewer plant located within Ave Maria. This would be the best option for the subject property obtaining water and sewer service, but there are no agreements to connect. Capacity was not verified by Barron Collier Companies. Collier County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the Parent Tract from Barron Collier Companies. For the purpose of this appraisal, I have assumed the Parent Tract, the Swap Parcel, and the Remainder Property will have access to utilities from Ave Maria Utility Company. 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 Page 3900 of 14062 6893A Report Addenda Carroll & Carroll 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. 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 3901 of 14062 6893A Report Addenda Carroll & Carroll Page 3902 of 14062 6893A Report Addenda Carroll & Carroll Page 3903 of 14062 6893A Report Addenda Carroll & Carroll Page 3904 of 14062 6893A Report Addenda Carroll & Carroll Page 3905 of 14062 6893A Report Addenda Carroll & Carroll Page 3906 of 14062 6893A Report Addenda Carroll & Carroll Page 3907 of 14062 6893A Report Addenda Carroll & Carroll A. Rural Agricultural District (A). The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consistent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. 1. The following subsections identify the uses that are permissible by right and the uses that are allowable as accessory or conditional uses in the rural agricultural district (A). a. Permitted uses. 1. Single-family dwelling. 2. Agricultural activities, including, but not limited to: Crop raising; horticulture; fruit and nut production; forestry; groves; nurseries; ranching; beekeeping; poultry and egg production; milk production; livestock raising, and aquaculture for native species subject to Florida Fish and Wildlife Conservation Commission permits. i. The following permitted uses shall only be allowed on parcels 20 acres in size or greater: a) dairying; b) ranching; c) poultry and egg production; d) milk production; e) livestock raising; and f) animal breeding, raising, training, stabling or kenneling. ii. On parcels less than 20 acres in size, individual property owners are not precluded from the keeping of the following for personal use and not in association with a commercial agricultural activity provided there are no open feed lots: a) Fowl or poultry, not to exceed 25 in total number; and b) Horses and livestock (except for hogs) not to exceed two such animals for each acre. i. Notwithstanding the above, hog(s) may be kept for a 16 week period in preparation for showing and sale at the annual Collier County Fair and/or the Immokalee Livestock show. The following standards shall apply: a) One hog per child enrolled in a 4-H Youth Development Program, Collier County Fair Program or similar program is permitted. In no case shall there be more than 2 hogs per acre. b) Premises shall be fenced and maintained in a clean, healthful, and sanitary condition. c) Premises or roofed structure used for the sheltering, feeding, or confinement of such animals shall be setback a minimum of 30 feet from lot lines and a minimum of 100 feet from any dwelling unit on an adjacent parcel of land. d) Hog(s) shall not be returned to the property once removed for showing and/or sale. 3. Wholesale reptile breeding and raising (non-venomous), subject to the following standards: Page 3908 of 14062 6893A Report Addenda Carroll & Carroll i. Minimum 20 acre parcel size; ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located a minimum of 100 feet from any lot line. 4. Wildlife management, plant and wildlife conservancies, wildlife refuges and sanctuaries. 5. Conservation uses. 6. Oil and gas exploration subject to state drilling permits and Collier County site development plan review procedures. 7. Family care facilities, subject to section 5.05.04 8. Communications towers up to specified height, subject to section 5.05.09 9. Essential services, as set forth in section 2.01.03 10. Schools, public, including "Educational plants." b. Accessory uses. 1. Uses and structures that are accessory and incidental to the uses permitted as of right in the A district. 2. Farm labor housing, subject to section 5.05.03 3. Retail sale of fresh, unprocessed agricultural products, grown primarily on the property and subject to a review of traffic circulation, parking, and safety concerns pursuant to the submission of a site improvement plan as provided for in section 10.02.03 4. Packinghouse or similar agricultural processing of farm products produced on the property subject to the following restrictions: i. Agricultural packing, processing or similar facilities shall be located on a major or minor arterial street, or shall have access to an arterial street by a public street that does not abut properties zoned RSF-1 thru RSF-6, RMF-6, RMF-12, RMF-16, RT, VR, MH, TTRVC and PUD or are residentially used. ii. A buffer yard of not less than 150 feet in width shall be provided along each boundary of the site which abuts any residentially zoned or used property, and shall contain an Alternative B type buffer as defined within section 4.06.00. Such buffer and buffer yard shall be in lieu of front, side, or rear yards on that portion of the lot which abuts those districts and uses identified in subsection 2.03.01 A.1.b. 4 i. above. iii. The facility shall emit no noxious, toxic, or corrosive dust, dirt, fumes, vapors, or gases which can cause damage to human health, to animals or vegetation, or to other forms of property beyond the lot line of the use creating the emission. iv. A site development plan shall be provided in accordance with section 10.02.03 5. Excavation and related processing and production subject to the following criteria: i. The activity is clearly incidental to the agricultural development of the property. ii. The affected area is within a surface water management system for agricultural use as permitted by the South Florida Water Management District (SFWMD). iii. The amount of excavated material removed from the site cannot exceed 4,000 cubic yards. Amounts in excess of 4,000 cubic yards shall require conditional use approval for earthmining, pursuant to the procedures and conditions set forth in LDC section 10.08.00 and the Administrative Code. 6. Guesthouses, subject to section 5.03.03 7. Private boathouses and docks on lake, canal or waterway lots, subject to section 5.03.06 8. Use of a mobile home as a temporary residence while a permanent single-family dwelling is being constructed, subject to the following: Page 3909 of 14062 6893A Report Addenda Carroll & Carroll i. Receipt of a temporary use permit from the Development Services Director, pursuant to section 5.04.04, that allows for use of a mobile home while a permanent single-family dwelling is being built; ii. Assurance that the temporary use permit for the mobile home will expire at the same time of the building permit for the single-family dwelling, or upon the completion of the single-family dwelling, whichever comes first; iii. Proof that prior to the issuance of a final certificate of occupancy for the single-family dwelling, the mobile home is removed from the premises; and iv. The mobile home must be removed at the termination of the permitted period. 9. Use of a mobile home as a residence in conjunction with bona fide agricultural activities subject to the following: i. The applicant shall submit a completed application to the site development review director, or his designee, for approval of a temporary use permit to utilize a mobile home as a residence in conjunction with a bona fide commercial agricultural activity as described in subsection 2.03.01 A.1.2. Included with this application shall be a conceptual plot plan of the subject property depicting the location of the proposed mobile home; the distance of the proposed mobile home to all property lines and existing or proposed structures; and, the location, acreage breakdown, type and any intended phasing plan for the bona fide agricultural activity. ii. The receipt of any and all local, state, and federal permits required for the agricultural use and/or to place the mobile home on the subject site including, but not limited to, an agricultural clearing permit, building permit(s), ST permits, and the like. iii. The use of the mobile home shall be permitted on a temporary basis only, not to exceed the duration of the bona fide commercial agricultural activity for which the mobile home is an accessory use. The initial temporary use permit may be issued for a maximum of three years, and may, upon submission of a written request accompanied by the applicable fee, be renewed annually thereafter provided that there is continuing operation of the bona fide commercial agricultural activities. iv. The applicant utilizing, for the bona fide commercial agricultural activity, a tract of land a minimum of five acres in size. Any property lying within public road rights-of-way shall not be included in the minimum acreage calculations. v. A mobile home, for which a temporary use permit in conjunction with a bona fide commercial agricultural activity is requested, shall not be located closer than 100 feet from any county highway right-of-way line, 200 feet from any state highway right-of- way, or 500 feet from any federal highway right-of-way line. 10. Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or subdivision master plan for that development. Recreational facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields. c. Conditional uses. The following uses are permitted as conditional uses in the rural agricultural district (A), subject to the standards and procedures established in LDC section 10.08.00 and the Administrative Code. 1. Extraction or earthmining, and related processing and production not incidental to the agricultural development of the property. NOTE: "Extraction related processing and production" is not related to "Oil extraction and related processing" as defined in this Code. 2. Sawmills. 3. Zoo, aquarium, aviary, botanical garden, or other similar uses. 4. Hunting cabins. 5. Aquaculture for nonnative or exotic species, subject to Florida Fish and Wildlife Conservation Commission permits. Page 3910 of 14062 6893A Report Addenda Carroll & Carroll 6. Wholesale reptile breeding or raising (venomous) subject to the following standards; i. Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located at a minimum of 100 feet away from any lot line. 7. Churches. 8. Private landing strips for general aviation, subject to any relevant state and federal regulations. 9. Cemeteries. 10. Schools, private. 11. Child care centers and adult day care centers. 12. Collection and transfer sites for resource recovery. 13. Communication towers above specified height, subject to section 5.05.09 14. Social and fraternal organizations. 15. Veterinary clinic. 16. Group care facilities (category I and II); care units; nursing homes; assisted living facilities pursuant to § 400.402 F.S. and ch. 58A-5 F.A.C.; and continuing care retirement communities pursuant to § 651 F.S. and ch. 4-193 F.A.C., all subject to section 5.05.04 when located within the Urban Designated Area on the Future Land Use Map to the Collier County Growth Management Plan. 17. Golf courses and/or golf driving ranges. 18. Oil and gas field development and production subject to state field development permits. 19. Sports instructional schools and camps. 20. Sporting and recreational camps. 21. Retail plant nurseries subject to the following conditions: i. Retail sales shall be limited primarily to the sale of plants, decorative products such as mulch or stone, fertilizers, pesticides, and other products and tools accessory to or required for the planting or maintenance of said plants. ii. Additionally, the sale of fresh produce is permissible at retail plant nurseries as an incidental use of the property as a retail plant nursery. iii. The sale of large power equipment such as lawn mowers, tractors, and the like shall not be permitted in association with a retail plant nursery in the rural agricultural district. 22. Asphaltic and concrete batch making plants subject to the following conditions: i. Asphaltic or concrete batch making plants may be permitted within the area designated agricultural on the future land use map of the future land use element of the growth management plan. ii. The minimum site area shall not be less than ten acres. iii. Principal access shall be from a street designated collector or higher classification. iv. Raw materials storage, plant location and general operations around the plant shall not be located or conducted within 100 feet of any exterior boundary. v. The height of raw material storage facilities shall not exceed a height of fifty (50) feet. vi. Hours of operation shall be limited to two (2) hours before sunrise to sunset. vii. The minimum setback from the principal road frontage shall be 150 feet for operational facilities and seventy-five (75) feet for supporting administrative offices and associated parking. Page 3911 of 14062 6893A Report Addenda Carroll & Carroll viii. An earthen berm achieving a vertical height of eight feet or equivalent vegetative screen with eighty (80) percent opacity one (1) year after issuance of certificate of occupancy shall be constructed or created around the entire perimeter of the property. ix. The plant should not be located within the Greenline Area of Concern for the Florida State Park System as established by the Department of Environmental Protection (DEP): within the Area of Critical State Concern as depicted on the Future Land Use Map GMP; within 1,000 feet of a natural reservation; or within any County, State or federal jurisdictional wetland area. 23. Cultural, ecological, or recreational facilities that provide opportunities for educational experience, eco-tourism or agri-tourism and their related modes of transporting participants, viewers or patrons where applicable, subject to all applicable federal, state and local permits. Tour operations, such as, but not limited to airboats, swamp buggies, horses and similar modes of transportation, shall be subject to the following criteria: i. Permits or letters of exemption from the U.S. Army Corps of Engineers, the Florida Department of Environmental Protection, and the South Florida Water Management District shall be presented to the planning services director prior to site development plan approval. ii. The petitioner shall post the property along the entire property line with no trespassing signs approximately every 300 yards. iii. The petitioner shall utilize only trails identified and approved on the site development plan. Any existing trails shall be utilized before the establishment of new trails. iv. Motor vehicles shall be equipped with engines which include spark arrestors and mufflers designed to reduce noise. v. The maximum size of any vehicle, the number of vehicles, and the passenger capacity of any vehicle shall be determined by the board of zoning appeals during the conditional use process. vi. Motor vehicles shall be permitted to operate during daylight hours which means, one hour after sunrise to one hour before sunset. vii. Molestation of wildlife, including feeding, shall be prohibited. viii. Vehicles shall comply with state and United States Coast Guard regulations, if applicable. ix. The board of zoning appeals shall review such a conditional use for tour operations, annually. If during the review, at an advertised public hearing, it is determined by the board of zoning appeals that the tour operation is detrimental to the environment, and no adequate corrective action has been taken by the petitioner, the board of zoning appeals may rescind the conditional use. 24. Agricultural activities on parcels less than 20 acres in size: i. animal breeding, raising, training, stabling, or kenneling. ii. dairying; iii. livestock raising; iv. milk production; v. poultry and egg production; and vi. ranching. 25. The commercial production, raising or breeding of exotic animals, other than animals typically used for agricultural purposes or production, subject to the following standards: i. Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such animals shall be located a minimum of 100 feet from any lot line. 26. Essential services, as set forth in subsection 2.01.03 G. Page 3912 of 14062 6893A Report Addenda Carroll & Carroll 27. Model homes and model sales centers, subject to compliance with all other LDC requirements, to include but not limited to section 5.04.04 28. Ancillary plants. d. Prohibited uses. 1. Owning, maintaining or operating any facility or part thereof for the following purposes is prohibited: a) Fighting or baiting any animal by the owner of such facility or any other person or entity. b) Raising any animal or animals intended to be ultimately used or used for fighting or baiting purposes. c) For purposes of this subsection, the term baiting is defined as set forth in § 828.122(2)(a), F.S., as it may be amended from time to time. Page 3913 of 14062 6893A Report Addenda Carroll & Carroll Mobile home Overlay (MHO). The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. Page 3914 of 14062 6893A Report Addenda Carroll & Carroll Page 3915 of 14062 6787 Report Addenda Carroll & Carroll Page 3916 of 14062 29-43-27-00-00005.0000 APPRAISAL REPORT FOR COLLIER COUNTY TRANSPORTATION MANAGEMENT SERVICES DEPARTMENT SUBJECT PROPERTY: SILVER STRAND III PARCEL 439.00 GROSS ACRES LOCATED ALONG IMMOKALEE ROAD IMMOKALEE, FL 34142 AT THE REQUEST OF: LISA BARFIELD REVIEW APPRAISER COLLIER COUNTY TRANSPORTATION ENGINEERING DIVISION 2885 S. HORSESHOE DRIVE NAPLES, FL 34104 ASSIGNMENT NO.: 6893B-TS APPRAISAL EFFECTIVE DATE: JANUARY 8, 2025 DATE OF REPORT: MARCH 9, 2025 Page 3917 of 14062 6893B Report Table of Contents Carroll & Carroll Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1 CERTIFICATION ..................................................................................................................................... 2 SCOPE OF WORK ................................................................................................................................... 4 ESTATE APPRAISED .............................................................................................................................. 5 DEFINITION OF MARKET VALUE ..................................................................................................... 6 ASSUMED EXPOSURE TIME ................................................................................................................ 6 AREA INFORMATION .......................................................................................................................... 7 MARKET AREA ..................................................................................................................................... 16 PROPERTY INFORMATION ............................................................................................................... 32 SITE DESCRIPTION .......................................................................................................................... 36 SUBJECT PHOTOGRAPHS .............................................................................................................. 39 ENVIRONMENTAL CONTAMINATION .................................................................................... 46 NATURAL RESOURCE CONCERNS ............................................................................................ 48 ZONING .............................................................................................................................................. 53 ASSESSMENT AND TAXES ............................................................................................................ 57 FLOOD ZONE DATA ....................................................................................................................... 58 TRANSACTIONAL HISTORY ........................................................................................................ 60 CURRENT STATUS ........................................................................................................................... 60 HIGHEST AND BEST USE ................................................................................................................... 61 CONSIDERATION OF APPROACHES ............................................................................................. 63 SALES COMPARISON APPROACH ................................................................................................. 64 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 66 VACANT LAND COMPARABLES ................................................................................................ 67 LAND SALES ADJUSTMENT GRID .............................................................................................. 74 ESTIMATE OF VALUE ......................................................................................................................... 80 ADDENDA ............................................................................................................................................. 82 Page 3918 of 14062 6893B 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 Silver Strand III Parcel 439.00-acres located along Immokalee Road Immokalee, FL 34142 Property Description A 439.00-acre parcel located at the southeast corner of Immokalee Road and Stockade Road in Immokalee, Florida. Property Type Vacant Land Owner of Record Barron Collier Partnership, LLLP and Silver Strand III, LLC Property ID # All of Parcel#00137760103 and a portion of 00137640003 and 00138120001 CLIENT INFO & VALUE CONCLUSIONS Client Collier County Transportation Management Services Department Intended Use To assist in negotiation and decision-making purposes. Intended Users Collier County Transportation Management Services Department, the Collier County Board of County Commissioners, and Barron Collier Companies. Appraisal Effective Date January 8, 2025 Date of Report March 9, 2025 Date of Inspection January 8, 2025 Purpose of Appraisal Estimate market value “As Is” Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Value (439.00 Acres x $22,000/Acre) $9,660,000 Concluded Unit Value $22,000 Per Gross 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 3919 of 14062 6893B Report Certification Carroll & Carroll 2 CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property. I personally inspected Comparables 3, 4, 5, and 6 and relied on aerial photography for Comparables 1 and 2. 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 3920 of 14062 6893B Report Certification Carroll & Carroll 3 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 3921 of 14062 6893B Report Scope of Work Carroll & Carroll 4 SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Reviewed aerial photographs, land use plans, the Land Development Code, the Proposed Parcel Boundaries, a Phase I Environmental Assessment, Limited Soil Sampling Report, and other documentation. • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use. • Researched vacant land comparable sales, listings, and pending sales. • Developed the sales comparison approach. • Estimated the market value of the fee simple estate. • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion. Sources of market data included local and regional MLS systems, CoStar, LoopNet, public records, and interviews with real estate brokers. Page 3922 of 14062 6893B Report Estate Appraised Carroll & Carroll 5 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 3923 of 14062 6893B Report Definition of Market Value Carroll & Carroll 6 DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 9 and 12 months. Page 3924 of 14062 6893B Report Area Analysis Carroll & Carroll 7 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 3925 of 14062 6893B Report Area Analysis Carroll & Carroll 8 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 3926 of 14062 6893B Report Area Analysis Carroll & Carroll 9 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 3927 of 14062 6893B Report Area Analysis Carroll & Carroll 10 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 3928 of 14062 6893B Report Area Analysis Carroll & Carroll 11 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 3929 of 14062 6893B Report Area Analysis Carroll & Carroll 12 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 3930 of 14062 6893B Report Area Analysis Carroll & Carroll 13 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 3931 of 14062 6893B Report Area Analysis Carroll & Carroll 14 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 3932 of 14062 6893B Report Area Analysis Carroll & Carroll 15 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 3933 of 14062 6893B Report Market Area Carroll & Carroll 16 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 Immokalee area. For appraisal purposes, the market area boundaries are shown below: ➢ North Collier/Hendry County Line ➢ South Oil Well Road ➢ East Collier/Hendry County Line ➢ West Collier/Lee County Line Page 3934 of 14062 6893B Report Market Area Carroll & Carroll 17 Introduction The property being appraised lies within the boundaries of the Immokalee Planning Community which is a 26 square mile area centered on the unincorporated community of Immokalee. Immokalee is in north central Collier County approximately 25 miles east of the Gulf of Mexico, six miles south of the Collier County-Hendry County line and 18 miles north of I-75. The Immokalee area is home to Lake Trafford, which is the largest lake in Collier County encompassing 1,500 acres. At the county's formation in 1923, Immokalee was the only non-coastal settlement. Today it remains the only interior community of considerable size. Immokalee was fairly isolated from the coastal area until the Immokalee Road (CR-846) was rebuilt and resurfaced in 1955-56. With major improvements to the transportation system, Immokalee became a thriving center of ranching, farming, and lumbering. Immokalee is the agricultural center of an area that includes parts of Collier, Lee, Glades and Hendry counties. The economy is dominated by the agricultural industry which employs over a third of the working population in ranching, truck farms and citrus. This industry has made Immokalee the leading domestic producer of winter vegetables for the United States. Most of the land and agricultural business is vested in a few large corporate- owned enterprises. Environmental Influences This area is desired because of mild winter weather and easy access to miles of beaches. The subtropical weather allows for year-round recreational opportunities. Boating and swimming are popular activities and boating is supported for seasonal residents and tourists by local marinas and charter boats. Bicycling, walking, and jogging are supported by an extensive network of connected biking and walking paths. Collier County has more golf courses per capita than most areas in the United States. Development has occurred in such a way that the open-space and lush landscaping give the appearance of a well-manicured, tropical paradise. Governmental Influences This market area 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 3935 of 14062 6893B Report Market Area Carroll & Carroll 18 County government has zoning and comprehensive plan ordinances (Immokalee Area Master Plan) 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. 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 full range of services for Collier County. This market area is served by several major roadways including Immokalee Road (CR 846), State Road 29, State Road 82, and Oil Well Road. Immokalee Road (CR 846) is a 6-lane, divided, east-west arterial highway connecting the north coastal community with north, interior Collier County and ultimately with the regional agricultural center of Immokalee. East of the I-75 interchange, Immokalee Road has been widened to six lanes as far as the Orangetree subdivision at Oil Well Road. The remaining ±16 miles to Immokalee are a two-lane asphalt road that is heavily traveled and dangerous due to morning and evening rushes mixing with heavy truck traffic. The extension of four lanes on to Immokalee is not in the current 5-year plan. This is the County's northernmost relevant east/west arterial. Development along Immokalee Road is clustered almost exclusively west of Collier Boulevard at the major intersection of Collier Boulevard, Interstate I-75, Airport Road and Tamiami Trail. Development consists of single/multi-family residential, as well as office and retail uses. State Road 82 is two/four land arterial road extending from US-41/Cleveland Avenue in Downtown Fort Myers and extending east 29 miles until it ends at State Road 29. The road serves the City of Fort Myers, Lehigh Acres, and the Immokalee area. Development varies from intense commercial development in the Fort Myers area to farmlands/wetlands as it approaches State Road 29. Oil Well Road is a primarily 4-lane east-west asphalt paved road extending east from Immokalee Road approximately 10 miles to the entrance of Ave Maria. Development along this road begins with a mixture of single-family residential near Immokalee Road and gradually changes to open farmland. State Road 29 is the principal highway through Immokalee. These two lanes, asphalt surfaced, highway runs south from Immokalee to Everglades City in the Ten Thousand Islands and north from Immokalee to La Belle in Hendry County. State Road 82 intersects Page 3936 of 14062 6893B Report Market Area Carroll & Carroll 19 State Road 29 north of Immokalee providing access into the City of Fort Myers. The state road system leading into Immokalee is in good condition. The Immokalee urban area traffic network is focused on Main Street (State Road 29) as it passes from east to west through the center of town and then turns north toward LaBelle. Immokalee Road (CR-846) from Naples enters south Immokalee, turns east joining Main Street, then continues into the agricultural areas of Hendry County about 8 miles east of Immokalee. Asphalt surfaced, 2-lane local collectors consist of New Market Road/Westclox, a northwest-southeast neighborhood collector through the heart of the agricultural market area and into the northwest residential neighborhoods, Immokalee Drive, an east-west neighborhood collector serving developing residential districts west of SR-29 and Lake Trafford Road, a medium collector connecting the northwest Immokalee commercial district on SR-29 with residential neighborhoods and the Lake Trafford recreational area three miles west. Local streets, sometimes asphalt paved and sometimes not, are typically laid out on a grid pattern. Connectivity is fairly good, but the community remains segmented by the road system. Public transportation is provided by a county transit bus service. Social Influences The Immokalee market area ranges from planned developments to mostly undeveloped land. This area remains as one of the last areas in Collier County with large tracts that are developable. Most are still being used for agricultural purposes, but Collier County has designated much of this land as Rural Lands Stewardship area, promoting future growth. The purpose of this program is to encourage smart growth patterns in rural areas of the county per the Growth Management Plan. Collier County’s objective is to create an incentive-based land use overlay system, herein referred to as the Collier County Rural Lands Stewardship Area Overlay, based on the principles of rural land stewardship. The Stewardship Send Area (SSA) is used to issue designated Sending Area Stewardship credits to property owners which may be used to entitle Stewardship Receiving Area (SRA) which can be in the form of self-contained planned urban developments in the RLSA. This area has grown considerably in the past 10 years with the growth of Ave Maria. US Census Bureau, Esri forecasts, 2024 population is 41,945 with a projected growth to 50,369 (20%% growth) by 2029, which will mainly be attributable to the growth and development of Ave Maria and the proposed Towns and Villages along Oil Well Road. The population also nearly doubles during the winter months in Immokalee due to agricultural seasonality. This increase occurs during the winter when the harvest season for vegetables and citrus is at its peak. Page 3937 of 14062 6893B Report Market Area Carroll & Carroll 20 The median age in the Immokalee market area is 33.2, significantly lower than the county average of 53.7. Only 23.5% of the population is 55 and older and 39.8% are younger than 25. Page 3938 of 14062 6893B Report Market Area Carroll & Carroll 21 Page 3939 of 14062 6893B Report Market Area Carroll & Carroll 22 Page 3940 of 14062 6893B Report Market Area Carroll & Carroll 23 Economic Influences This area’s income levels are considerably lower than the County’s average. The average household income in 2024 was $91,977, which is approximately 32.1% lower than the county’s average household income of $135,508. In the subject market area only 30.6% of the households have annual incomes greater than $100,000, compared to the county figure of 43.1%. On the other hand, 25.1% of households have average household incomes of less than $35,000. The economy of rural Southwest Florida has been and continues to be based primarily on agriculture, which has not kept pace with job growth and income levels throughout the state of Florida. Rural Florida continues to have lower earned income, higher unemployment, lower property values and fewer opportunities for employment. The median home value in the market area is $408,613 which is considerably lower than the County’s average home value of $604,707. However, the median home value has increased substantially due to the overall market conditions and the amount of new residential products in Ave Maria and Skysail. The total number of housing units in the market area is 12,513, of which, 64.6% are owner occupied, 35.4% renter occupied. Development trends: Residential Residential development density varies from less than one unit per 10 acres in agricultural districts, to as high as eight units per acre in the high-density residential areas in Immokalee. The Immokalee area of housing diversity ranging from large ranch style homes to low-income housing. In the immediate Immokalee area, the density of residential development is relatively high and there are many substandard structures. Other parts of the market area include acreage homesites and the planned development of Ave Maria. The Town of Ave Maria is an entire town including a University. Ave Maria is accessible from both Oil Well Road and Camp Keais Road. The campus and town are 30 miles from Naples and just 10 miles from Immokalee. Ave Maria totals about 5,000 acres, of which nearly 20% has been designated as the University campus. When completed, the Town will contain some 11,000 residential dwellings in a wide variety of price ranges and neighborhoods. Residential units include rental apartments, condominiums, starter homes, and estate homes. Over the past 10+ years there has been a residential boom in Ave Maria ranking it as the #18 Top Selling Master Planned Community in the United States. Ave Maria has sold more than 5,200 new homes since the development first opened. For the year 2024, Ave Maria reported 600 new home sales ranking it as the top development in Collier County. Ave Maria currently has four national home builders including, Del Webb, CC Homes, Pulte Homes, and Lennar. There are a total of 75 floor plans between the builders with prices ranging from the high $200s to $800s. Page 3941 of 14062 6893B Report Market Area Carroll & Carroll 24 The goal of the University is to become the major Catholic University in the south, with some 5,000 graduate and undergraduate students. Also, within Ave Maria is the Arthrex Commerce Park. Arthrex, Inc. is a world-renowned medical company. Their campus is currently designed with a 355,870 square foot manufacturing facility with a 55,027 square foot finishing building situated on a 35.88-acre site. Dialum, a Chilean based glass manufacturer recently purchased a 10-acre site and plans to construct a 100,000 square foot manufacturing facility within the park. The Arthrex Commerce Park will eventually encompass 200 acres to accommodate future growth. The newest residential development in the market area is SkySail, which is being developed by Neal Communities. SkySail is a 1,500 single-family home community located on 642 acres located just east of Everglades Boulevard along Oil Well Road. The development has 13 different floor plans with prices starting in the mid-$400,000 to over $700,000. The Rural Lands Stewardship Area of the market area (the Oil Well corridor) has many residential developments in the planning stages. On the following pages are maps depicting the proposed developments within the RLSA. The four largest projects are the Town of Big Cypress, Rivergrass Village, Longwater Village, and Bellmar Village which will include a total of 8,350 homes upon completion. Collier Enterprises has been obtaining Stewardship Receiving Area (SRA) designation for the Town and Villages and are selling portions of the developments to national home builders Lennar, Taylor Morrison, and Forestar. The developments will preserve approximately 10,000 acres of environmental lands. Located east of Camp Keais Road is the proposed Collier Rod and Gun Club at the Preserve being developed by Barron Collier Companies. Located on more than 2,000 acres, the property will include 225 single family homes on 259.6 acres, an 18-hole golf course, clubhouse, shooting clay amenities, archery, fishing lakes, and 20 member-only cottages. Located to the north of the Collier Rod and Gun Club at the Preserve is Horse Trails Village (SRA) also being developed by Barron Collier. It will consist of 1,770 acres in size and is located at the northwest corner of the intersection of Oil Well Road and SR 29. The Village will consists of 2,900 dwelling units, 153,700 square feet of commercial uses and 29,000 square feet of civic, governmental, and institutional uses according to the pre-application meeting. The Oil Well corridor is one of the last remaining areas in Collier County with tracts of land available for large scale developments. The road network and infrastructure are sufficient to accommodate future growth and with the success of Ave Maria, development to the east has become a proven concept. Page 3942 of 14062 6893B Report Market Area Carroll & Carroll 25 Page 3943 of 14062 6893B Report Market Area Carroll & Carroll 26 Page 3944 of 14062 6893B Report Market Area Carroll & Carroll 27 Commercial The majority of the commercial development in this area is located along Main Street/SR 29 and New Market Road. The newest development is located near the intersection of Lake Trafford Road and SR 29. This is where the majority of the franchise restaurants and national companies are located. Small commercial businesses support the majority of neighborhood needs. Small retail shops are about 50% owner occupied family businesses. Commercial businesses run the gamut from ethnic restaurants, grocery, hardware, clothing, furniture, and auto parts. Most of the commercial buildings are over 40 years old and are legally nonconforming with current development standards. Redevelopment would require larger setbacks; hence, gentrification and routine maintenance has allowed buildings to exist beyond their economic and physical life expectancy. Many of the larger businesses in the market area are agriculturally related and function as produce packing and shipping operations that operate primarily during harvest season. These large agricultural businesses provide most of the employment. Immokalee also has a large industrial component that is located on the east side of town were processing plants, packing houses and similar agri-industrial uses are located. The Public Facilities category is composed of the Immokalee Airport, the University of Florida Page 3945 of 14062 6893B Report Market Area Carroll & Carroll 28 Institute of Food and Agricultural Science (IFAS) experimental farm, the Seminole Indian reservation, schools, and government facilities. The Seminole Casino Immokalee is 24 hour/7 days a week casino located along east side of Immokalee Road as you enter into Immokalee. Gaming at the casino includes blackjack, high paying slots, and live-action poker. In 2009 the casino received a $22 million renovation. The casino now contains 75,600 square feet and a 750-seat outdoor pavilion for music performances was also added. The casino also includes the Seminole Casino Hotel which offers 19 suites along with 80 deluxe rooms. Page 3946 of 14062 6893B Report Market Area Carroll & Carroll 29 Page 3947 of 14062 6893B Report Market Area Carroll & Carroll 30 According to the business summary report, the services, retail trade, and agriculture/mining industries lead the business sector. The agriculture industry dominates this area and the above report might not take into account the number of part time/seasonal employees. The agriculture economy is primarily based on a combination of commodity prices and crop yields. In other words, if the farmers are making money, so will the local and regional businesses. Farming is always uncertain and usually has a pattern of a few exceptional years to more years of marginal profit or worse. Over time the lean and rich years appear to average out to a steady economy. Agricultural labor is the driving force behind the market area. During peak harvest season (Oct-May) the immediate area is inundated by Mexican, Guatemalan, and Haitian migrant populations requiring close proximity to local employment or local crew bus pick-up points for field harvesting. The Collier County School Board operates four elementary schools, one middle school and one high school. These schools are located within walking distance of most of the urban area and are easily assessable by those who require transportation by school bus. Also located in the neighborhood is the Immokalee Technical Center. The Immokalee Technical Center is a three-story, 90,000 square foot state of the art career center, with technical Page 3948 of 14062 6893B Report Market Area Carroll & Carroll 31 education programs for high school students and adults. The center offers programs in industrial engineering, health services, business technology, and human services. 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. There has been strong growth in the Immokalee residential real estate market, especially in Ave Maria which continues to be the number one selling single-family community in the Naples-Ft Myers. Well located commercial land in Immokalee has also increased, but other segments of the commercial market including agricultural packing/distribution facilities appear to have remained flat for at least the past five years. Developers are also taking positions by purchasing large tracts of land throughout the market taking advantage of the population growth and the density benefits of the Rural Lands Stewardship Area Overlay. Overall, the market area is considered to be in a period of growth. CONCLUSION In summary, the Immokalee community is primarily supported by Immokalee’s agri- business. The success of future commercial development depends on the vitality of Florida agriculture in a global economy. The outlook for the foreseeable future is always uncertain with the volatility of agricultural markets and legislation on international trade. Future growth of gaming, Ave Maria, and the proposed developments along Oil Well Road will help to stabilize and diversify Immokalee’s economy. On the other hand, the Rural Lands Stewardship Area of the market area, will continue to grow. The Oil Well corridor is one of the last remaining areas in Collier County with tracts of land available for large scale developments. The road network and infrastructure are sufficient to accommodate future growth and with the success of Ave Maria, development to the east has become a proven concept. Page 3949 of 14062 6893B Report Property Information Carroll & Carroll 32 PROPERTY INFORMATION Page 3950 of 14062 6893B Report Property Information Carroll & Carroll 33 Page 3951 of 14062 6893B Report Property Information Carroll & Carroll 34 Page 3952 of 14062 6893B Report Property Information Carroll & Carroll 35 Page 3953 of 14062 6893B Report Property Information Carroll & Carroll 36 SITE DESCRIPTION Address Immokalee Road Immokalee, FL 34142 Legal Description I was not provided with a legal description for the subject property. According to Lisa Barfield, Review Appraiser with Collier County, a legal description has not been created and will not be provided until further direction is given from the Collier County Board of County Commissioners. Legal descriptions for the three parcels are included in the addendum of the report. Property ID# All of Parcel#00137760103 and a portion of 00137640003 and 00138120001 Owner of Record Barron Collier Partnership, LLLP and Silver Strand III, LLC Size I was not provided with a boundary survey and therefore I relied on the total acreage provided by the Collier County Transportation Management Services Department and Barron Collier Companies. 439.00 Gross Acres Wetlands and waterbodies encompass approximately 69 acres or 15.7% of the property and therefore approximately 370 acres or 84.3% of the property can be used/developed. Easements I was not provided with a boundary survey, and it is unknown if any easements exist. For the purpose of this appraisal, I have assumed that there are no easements that negatively impact the development potential of the property. According to a letter from Barron Collier, they plan to create an agreement to maintain any pumps or water management berms within the subject property until Collier County proceeds with development plans for the parcel and necessary permit modifications are initiated. This agreement should not negatively impact the property since it will end once development commences. Shape Flag Page 3954 of 14062 6893B Report Property Information Carroll & Carroll 37 Frontage The subject fronts for approximately 7,392 feet or 1.40 miles along the east side if Immokalee Road and for approximately 575 feet along the south side of Stockade Road. The exposure is average to good. Access The subject property is provided full-service access from Immokalee Road with one access point. The subject can also be accessed from Stockade Road. Overall, access is average. Topography Based on my physical inspection, the property is generally level and at road grade. Ground Cover The majority of the property is cleared and previously operated as a citrus grove. The northwest corner of the property is in its native state and covered in mostly wetlands. There are also isolated wetlands scattered around the property as well as an 18.00-acre manmade lake for irrigating the citrus trees located near the southwest corner of the property. The wetlands and waterbodies encompass approximately 69 acres or 15.7% of the property and therefore approximately 370 acres or 84.3% of the property is useable. Utilities The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. A significant portion of the property (north 267 acres) is located within the Immokalee Water Sewer District. According to Gary C. Ferrante, PE, Team Leader with Weston & Sampson, there is an existing 12” water main that runs along Stockade Road. Adequate water capacity exists to support a 1,068-unit development (267 acres x 4.00 units per acre). There is also an existing small lift station and 4” force main that serves the jail complex. Based on the flow values calculated above for the proposed development, the existing lift station and force main would not be able to serve the proposed development. Therefore, a new larger capacity lift station with a 12” force main would be necessary to provide sewer service for the proposed development. For the purposes of this appraisal I have assumed that there is adequate capacity for development. Surrounding Land Uses The subject is located in Collier County, approximately 1.50 miles south of Main Street within the town of Immokalee. Page 3955 of 14062 6893B Report Property Information Carroll & Carroll 38 Located to the north and northeast along Stockade Road is the Seminole Indian Reservation, Immokalee Transfer Station, Collier County Sheriff’s Office, Collier County Facilities Management, and scattered residential development. Located to the east, south, and west across Immokalee Road is undeveloped agricultural land owned by Barron Collier Companies. Demographics (2024) 2 mile 5 10 Population 7,535 23,173 34,014 Households 1,969 5,938 9,409 Median HH Income $36,515 $44,582 $60,272 Median Home Value $186,069 $202,478 $318,206 Traffic Counts (AADT) 2023 The average daily traffic counts for Immokalee Road, north of Stockade Road: 4Q 2023 17,730 vehicles 2Q 2023 14,518 vehicles Site Improvements Perimeter fencing and multiple gates. Based on the aerials provided, it appears there are a total of six irrigation wells/pumps with above ground diesel storage tanks scattered throughout the property. Page 3956 of 14062 6893B Report Property Information Carroll & Carroll 39 SUBJECT PHOTOGRAPHS View to the north along Immokalee Road. (Photo Taken January 8, 2025) View to the south along Immokalee Road. (Photo Taken January 8, 2025) Page 3957 of 14062 6893B Report Property Information Carroll & Carroll 40 View to the east from the access point along Immokalee Road. (Photo Taken January 8, 2025) View to the northeast from western boundary of the property. (Photo Taken January 8, 2025) Page 3958 of 14062 6893B Report Property Information Carroll & Carroll 41 View to the southeast from the eastern boundary of the property. (Photo Taken January 8, 2025) View to the east across the property. (Photo Taken January 8, 2025) Page 3959 of 14062 6893B Report Property Information Carroll & Carroll 42 View to the east from the central portion of the property. (Photo Taken January 8, 2025) View to the south from the central portion of the property. (Photo Taken January 8, 2025) Page 3960 of 14062 6893B Report Property Information Carroll & Carroll 43 View to the west along the southern boundary. (Photo Taken January 8, 2025) View to the north across the manmade lake. (Photo Taken January 8, 2025) Page 3961 of 14062 6893B Report Property Information Carroll & Carroll 44 View of a well, pump, and diesel fuel AST on the property. (Photo Taken January 8, 2025) View to the south from Stockade Road. (Photo Taken January 8, 2025) Page 3962 of 14062 6893B Report Property Information Carroll & Carroll 45 View to the east along Stockade Road. (Photo Taken January 8, 2025) View to the west along Stockade Road. (Photo Taken January 8, 2025) Page 3963 of 14062 6893B Report Property Information Carroll & Carroll 46 ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment Available Yes. I was provided with a Phase I Environmental Site Assessment (ESA) for the Silver Strand III Swap Parcel conducted by Earth Tech Environmental, LLC and dated December 9, 2024. The Earth Tech assessment revealed no Historic Recognized Environmental Conditions (HREC’s) and or Controlled REC’s in connection with the subject property. One (1) Recognized Environmental Condition (REC) in connection with the Subject Property was identified associated with the “likely” historic application of agricultural chemicals (herbicides, pesticides, etc.) on the Subject Property. Earth Tech Environmental considers the risk level of this REC to be low and recommendations may be further discussed based on intended use of the Subject Property. I was also provided with a Limited Soil Sampling Report for the Silver Strand III Swap Parcel conducted by Earth Tech Environmental, LLC and dated January 16, 2025. A total of 9 soil samples were taken. The MDL for three (3) organochlorine pesticides analytes were above the FDEP SCTL for leachability to groundwater due to laboratory dilution. Earth Tech Environmental does not believe the elevated MDLs in SS-3 represent soil impacts on the Subject Property at that location. Based on the laboratory data, Earth Tech Environmental does not recommend any further assessment. 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 Page 3964 of 14062 6893B Report Property Information Carroll & Carroll 47 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 3965 of 14062 6893B Report Property Information Carroll & Carroll 48 NATURAL RESOURCE CONCERNS Condition of subject The majority of the property is cleared and previously operated as a citrus grove. I was not provided with an informal wetland determination report. Based on the information provided by Collier County and Barron Collier Companies, the northwest corner of the property is in its native state and covered in mostly wetlands. There are also isolated wetlands scattered around the property as well as a manmade lake for irrigating the citrus trees located near the southwest corner of the property. The wetlands and waterbodies encompass approximately 69 acres or 15.7% of the property. 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 No 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 3966 of 14062 6893B Report Property Information Carroll & Carroll 49 FUTURE LAND USE Ordinance or Plan Immokalee Area Master Plan and Collier County Growth Management Plan North 267.00 Acres Future Land Use Designation The north approximately 267 acres are located within the Immokalee Area Master Plan and designated LR – Low Residential Subdistrict. Purpose of Designation The purpose of this subdistrict is to provide for low density residential development and supporting uses. Mobile homes are allowed pursuant to the provisions of IAMP Policy 5.1.4. Residential densities are allowed as provided below, except for properties within the Lake Trafford/Camp Keais Strand System Overlay. Base Density: Four (4) dwelling units per gross acre. Maximum Density: Eight (8) dwelling units per gross acre, inclusive of all density bonuses. Densities above the base density can only be achieved through available density bonuses. South 172.00 Acres Future Land Use Designation The south approximately 172 acres are located within the Collier County Growth Management Plan and are designated Open Area of the Rural Lands Stewardship Area Overlay District. Purpose of Designation The purpose of this program is to encourage smart growth patterns in rural areas of the county per the Growth Management Plan. Collier County’s objective is to create an incentive-based land use overlay system, herein referred to as the Collier County Rural Lands Stewardship Area Overlay, based on the principles of rural land stewardship. The Stewardship Sending Area (SSA) is used to issue designated Sending Area Stewardship credits to property owners which may be used to entitle Stewardship Receiving Area (SRA) which can be in the form of self-contained planned urban developments in the RLSA. Page 3967 of 14062 6893B Report Property Information Carroll & Carroll 50 This future land use designation allows such uses as agriculture and related uses, essential services, residential (maximum density of 1 dwelling unit per 5 acres), parks and open space, earth mining, etc. The subject is currently identified within the open area. It could be eligible for the Stewardship Receiving Area (SRA) designation. Open areas not developed as SRA’s and not protected by easements remain under baseline agricultural zoning rules, allowing agricultural uses, potential conditional uses, and residential development at 1 unit per 5 acres. SRA’s developed as a Town or Village could obtain a residential density of 1 to 4 dwelling units per gross acre and a Hamlet could obtain a residential density of ½ to 2 dwelling units per gross acre. The subject parcel (439.00 acres) would be eligible to become designated as a Village. Villages are primarily residential communities with a diversity of housing types and mix of uses appropriate to the scale and character of the particular village. Villages shall be not less than 100 acres or more than 1,000 acres. Villages are comprised of residential neighborhoods and shall include a mixed-use village center to serve as the focal point for the community’s support services and facilities. Villages shall be designed to encourage pedestrian and bicycle circulation by including an interconnected sidewalk and pathway system serving all residential neighborhoods. Villages shall have parks or public green spaces within neighborhoods. Villages shall include neighborhood scaled retail and office uses, in a ratio as provided in Policy 4.15. Villages are an appropriate location for a full range of schools. To the extent possible, schools and parks shall be located adjacent to each other to allow for the sharing of recreational facilities. Design criteria for Villages shall be included in the LDC Stewardship District. To ensure that SRA residents have such areas proximate to their homes, open space shall also Page 3968 of 14062 6893B Report Property Information Carroll & Carroll 51 comprise a minimum of 35% of the gross acreage of an individual SRA Town, Village, or those CRDs exceeding 100 acres. Page 3969 of 14062 6893B Report Property Information Carroll & Carroll 52 Page 3970 of 14062 6893B Report Property Information Carroll & Carroll 53 ZONING Ordinance or Land Development Code Collier County North 267.00 Acres Zoning “A-MHO” – Rural Agricultural District including a Mobile Home Overlay. A portion of the property is also located within the Airport Overlay. Purpose or Intent of Zoning The purpose and intent of the Rural Agricultural District is to provide land for agricultural, pastoral, and rural land uses. In addition, several conditional uses including churches, schools, childcare centers, social and fraternal organizations, and group care facilities are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, group care facilities, and earth mining are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The maximum shall not exceed the density permissible under the density rating system. Below are the development requirements as set forth in the Agricultural Zoning District: Minimum Lot Area: 217,800 square feet or 5.00 acres Minimum Lot Width: 165 feet Minimum Front Yard Setback: 50 feet minimum Page 3971 of 14062 6893B Report Property Information Carroll & Carroll 54 Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 50 feet Maximum Building Height: 35 feet The Mobile Home Overlay (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when certain requirements and procedures are met. The purpose and intent of the Airport Overlay (APO) district is to provide both airspace protection and land use compatibility in relation to the normal operation of public-use airports located within the County, including the Naples Municipal Airport, Everglades City Airpark, Marco Island Executive Airport, Immokalee Regional Airport, and all existing and future public-use airports and heliports in the County. There was also a Conditional Use Approval for a concrete manufacturing facility on a 14.74-acre portion of the property that was approved June 12, 2007 or Resolution No. 07-149. The use never commenced and therefore the conditional use expired. South 172.00 Acres Zoning “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay Purpose or Intent of Zoning The purpose and intent of the Rural Agricultural District is to provide land for agricultural, pastoral, and rural land uses. In addition, several conditional uses including churches, schools, childcare centers, social and fraternal organizations, and group care facilities are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating Page 3972 of 14062 6893B Report Property Information Carroll & Carroll 55 traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County. In addition, several conditional uses including churches, schools, child care centers, social and fraternal organizations, group care facilities, and earth mining are available under conditional use provisions. It is also a “holding” classification applied to land the future development of which is uncertain. The maximum shall not exceed the density permissible under the density rating system. Below are the development requirements as set forth in the Agricultural Zoning District: Minimum Lot Area: 217,800 square feet or 5.00 acres Minimum Lot Width: 165 feet Minimum Front Yard Setback: 50 feet minimum Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 50 feet Maximum Building Height: 35 feet The Mobile Home Overlay (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when certain requirements and procedures are met. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. Page 3973 of 14062 6893B Report Property Information Carroll & Carroll 56 Page 3974 of 14062 6893B Report Property Information Carroll & Carroll 57 ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Because there are portions of three separate parcels, I only included the land assessments from the Collier County Property Appraiser. I did not include any 10% CAPs or Agricultural Exemptions, when estimating the property taxes. The current millage rates were applied to estimate the property taxes. Parcel Tax ID All of Parcel#00137760103 and a portion of 00137640003 and 00138120001 Assessment and Tax Year 2024 Estimated Land Assessment $3,860,103 Improvement Assessment $0 Total Assessment $3,860,103 10% CAP N/A AG Exemption N/A Taxable Value $3,860,103 Total Estimated Taxes $49,640.92 Taxing Authority/Jurisdiction Collier County The total assessment is $3,860,103 or $8,793 per gross acre of land area (based on 439.00 acres). The land assessment is within the range of other similar parcels. The assessment is less than my estimate of market value. As of the appraisal effective date the 2024 taxes have been paid. Page 3975 of 14062 6893B Report Property Information Carroll & Carroll 58 FLOOD ZONE DATA Flood Zone X, X500, AH, and AE Flood Zone Comments Zone X – Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone X500 is an area subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Flood insurance is not required but recommended and minimum floodplain management standards apply. Zone AH is an area subject to inundation by 1% annual chance shallow flooding with a constant water-surface elevation (usually areas of ponding) where average depths are between 1 and 3 feet. Zone AE – Areas of inundation by the 1% annual-chance flood, including areas with the 2% wave run-up, elevation less than 3 feet above the ground, and areas with wave heights less than 3 feet. Community Panel Number 12021C0145H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps Page 3976 of 14062 6893B Report Property Information Carroll & Carroll 59 Page 3977 of 14062 6893B Report Property Information Carroll & Carroll 60 TRANSACTIONAL HISTORY Sales History There have been no transactions or transfers of ownership in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract No Subject Leased Yes. The subject property including an additional 1,888 acres are leased to The Palmer Ranch & Cattle Company, LLC & JCM Cattle Company, LLC. This is a one- year grazing lease agreement that commenced January 1, 2025 and is set to expire December 31, 2025. I was provided with a copy of the lease, but the monthly lease rate was redacted. Page 3978 of 14062 6893B Report Highest and Best Use Carroll & Carroll 61 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: Collier County designates the north 267.00 acres as “A-MHO” – Rural Agricultural District including a Mobile Home Overlay. A portion of the property is also located within the Airport Overlay. The north approximately 267.00 acres are located within the Immokalee Area Master Plan and designated LR – Low Residential Subdistrict. The south 172.00 acres are zoned “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay. They are located within the Collier County Growth Management Plan and the 172.00 acres are designated Open Area of the Rural Lands Stewardship Area Overlay District. The current zoning allows a maximum density of 1.00 residential unit per 5.00 acres or a total of 88 developable units. On the other hand, the 267.00 acres of Low Residential Subdistrict (Future Land Use) has a base density of 4.00 units per acre. Therefore, if the subject were rezoned it would be guaranteed a minimum of 1,068 units (267 acres x 4.00 units per acre). Assuming the remainder of the property has a base density of 1 unit per 5.00 acres or a total of 34 units, indicates a total of 1,102 units or an average density of 2.51 units per acre. A significant number of Stewardship Credits would need to be purchased in the RLSAO in order to achieve a similar density. Page 3979 of 14062 6893B Report Highest and Best Use Carroll & Carroll 62 Given its overall location, physical characteristics, access to utilities, and frontage along Immokalee Road, the likelihood of rezoning the property to a Planned Unit Development or obtaining an SRA designation on the property to a residential or mixed-use (residential and commercial) is possible. Physically Possible: The physical location, shape/size, topography, and access characteristics suggest some type of low density residential development or mixed-use development incorporating commercial type uses as required by the SRA designation. The size is large enough to support a variety of development plans and potentials. The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. A significant portion of the property (north 267 acres) is located within the Immokalee Water Sewer District. Financially Feasible: The financial feasibility of residential development continues to be good especially the new construction market. The success of new development east of Immokalee Road including Ave Maria, The Ranch at Orange Blossom, and Skysail, argues that development is financially feasible. The location and price point of the subject property should also be well received given its location and the lack of competition. Based on recent closed sales and pending sales the price per unit developers are willing to pay for single- family residential represents the highest and best use. Commercial development is required to be included in the SRA Village or Town designation, however until these communities mature, there are not enough residential development/population to support commercial facilities. Commercial development is not financially feasible. Maximally Productive: The maximally productive use is that the property either be rezoned to a Planned Unit Development or obtain the Stewardship Receiving Area (SRA) Village designation and develop as a low density residential or mixed-use development consistent with the PUD or SRA designation. Page 3980 of 14062 6893B Report Consideration of Approaches Carroll & Carroll 63 CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. Page 3981 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 64 SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: 1. Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales of land comparable to the subject site. The intention was to find comparable sales in similar locations that offer similar functional utility. Six closed sales were identified as the best available for analysis. I am aware of two other large tracts of land that are under contract to be purchased by Collier County. Approximately 150.00 acres of land located along 20th Street SE is under contract for $4,015,000 or $26,767 per acre. The land area is considerably smaller, and it is located within the Rural Fringe Mixed Use District (northern most parcel contains 40.00 acres and is designated Neutral and the remining 110.00 acres are designated Sending). I typically don’t incorporate government purchases because they are not purchased for an economic use. Also due to the zoning/future land use/highest and best use differences, I did not include this sale. Page 3982 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 65 I am also aware of the pending sale of the Williams Reserve at Lake Trafford located east of Lake Trafford along the south side of Lake Trafford Road. Collier County is under contract to purchase the 2,247 acres for $20,770,000 or $9,243 per acre. Approximately 153 acres of the property is entitled for the development of approximately 336 residential units. The majority of the property is zoned A-MHO, but approximately 50% of the property is considered wetlands. Although the property is located within RLSA, it has various zonings, future land uses, and considerably inferior physical characteristics due to the large amount of wetlands and therefore it was not included in the 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, seller, and brokers of land similar to the subject parcel. Comparable land sales data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Page 3983 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 66 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES Page 3984 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 67 VACANT LAND COMPARABLE 1 ADDRESS 39450 Bermont Road, Punta Gorda, FL 33982 PROPERTY ID NO. 402527100001 and a portion of 40253410001 SALE PRICE $13,300,000 UNIT AREA 835.00 acres UNIT PRICE $15,928 per acre DATE OF RECORDING December 18, 2024 O.R. BOOK-PAGE 3478722 CONTRACT DATE Unknown GRANTOR Hall Family Ranch, LLC GRANTEE Copart of Connecticut, Inc. FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Agriculture ZONING AG-- Agricultural General IMPROVEMENTS The property is improved with various structures associated with a paintball park including an office, paintball shop, general store, tiki huts, and storage buildings. The majority of the improvements were constructed in 2015. UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Christi Pritchett, CCIM, of LSI Companies, Inc. She verified the sale price and the arm's-length nature. The intended use of the buyer is unknown. Minimal amounts of Freshwater Emergent Wetlands and Freshwater Forested/Shrub Wetlands located on the property. Page 3985 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 68 VACANT LAND COMPARABLE 2 ADDRESS 12850 N River Road, Alva, FL 33920 PROPERTY ID NO. 18-43-26-00-00002.0020, 18-43-26-00-00002.0000, 19-43-26-00-00002.1020 SALE PRICE $5,500,000 UNIT AREA 345.06 acres UNIT PRICE $15,939 per acre DATE OF RECORDING May 31, 2023 O.R. BOOK-PAGE 2023000192933 CONTRACT DATE Unknown GRANTOR Talon Ventures, LLC GRANTEE Takoda Land Group, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at or below road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Rural and Wetlands ZONING RPD - Residential Planned Development IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Hunter Ward, local broker familiar with the sale. He verified the sale price sale and the arm's-length nature. The buyer is Neal Communities who plans to develop the property for residential development. Another national home builder backed out of the deal due to the lack of utilities to the site. The property was listed for $6,725,000. The property is approved for a total of 380 residential units including 124 multi-family twin villa units and 267 detached single-family units. The property is also approved for 96 boat slips along Owl Creek and the Caloosahatchee River. Page 3986 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 69 VACANT LAND COMPARABLE 3 ADDRESS 20750-21070 Palm Beach Boulevard, Alva, FL 33920 PROPERTY ID NO. 28-43-27-00-00019.0000, 27-43-27-00-00042.0000, 27-43-27-00-00043.0000, 28-43-27-00- 00020.0000 SALE PRICE $3,200,000 UNIT AREA 178.98 acres UNIT PRICE $17,879 per acre DATE OF RECORDING January 12, 2023 O.R. BOOK-PAGE 2023000023593 CONTRACT DATE Unknown GRANTOR The Lillian Austin Family, LLC GRANTEE BR Estates at Alva, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Urban Community, Rural, and Wetlands ZONING AG-2 - Agriculture IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified with Hunter Ward, listing and selling agent. He verified the sale price and the arm's-length nature. The buyer is a land banker who plans to hold the property due the lack of utilities in the area. The Future Land Use is Urban Community, Rural, and Wetlands. The property consists of approximately 26% wetlands. Page 3987 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 70 VACANT LAND COMPARABLE 4 ADDRESS 15651 Oil Well Road, Naples, FL 34142 PROPERTY ID NO. 00232840009 SALE PRICE $2,000,000 UNIT AREA 130.87 acres UNIT PRICE $15,282 per acre DATE OF RECORDING December 21, 2023 O.R. BOOK-PAGE 6316/2770 CONTRACT DATE Unknown GRANTOR JFT Farms, LLC GRANTEE Ventura Land, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at or below road grade GROUND COVER Mostly Cleared LAND USE DESIGNATION Rural Lands Stewardship Area – Flow Way Stewardship Area (FSA) and Stewardship Sending Area (SSA) ZONING A-MHO-RLSAO-ACSC/ST” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay and Area of Critical State Concern Special Treatment Overlay IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. The sale appears to be between two unrelated parties and therefore arm’s-length. Page 3988 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 71 VACANT LAND COMPARABLE 5 ADDRESS SR 29, Immokalee, FL 34142 PROPERTY ID NO. 00063600007 SALE PRICE $1,521,400 UNIT AREA 152.14 acres UNIT PRICE $10,000 per acre DATE OF RECORDING April 25, 2023 O.R. BOOK-PAGE 6244/1001 CONTRACT DATE Unknown GRANTOR Nabucee Gufer Investments II, LLC and Jaqueline Rock GRANTEE Monterrey Real Estate, LLC FINANCING Cash to seller TOPO-ELEVATION Level and slightly below road grade GROUND COVER Cleared LAND USE DESIGNATION Rural Lands Stewardship Area – Open Area ZONING “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay IMPROVEMENTS The property is improved with an 1,800 square foot and a 480 square foot carport. There is also perimeter fencing. UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. VERIFICATION Verified through Public Records. It does not appear that the property was listed for sale. Page 3989 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 72 VACANT LAND COMPARABLE 6 ADDRESS Oil Well Road, Immokalee, FL 34142 PROPERTY ID NO. 00233280008 SALE PRICE $5,500,000 UNIT AREA 639.17 acres UNIT PRICE $8,605 per acre DATE OF RECORDING July 07, 2023 O.R. BOOK-PAGE 6266/2604 CONTRACT DATE May 17, 2023 GRANTOR Paola Copeland Groverman Trust GRANTEE We Struck Oil, LLC FINANCING Cash to seller TOPO-ELEVATION Level and slightly below road grade GROUND COVER Cleared and Native Vegetation LAND USE DESIGNATION Open Area and Area of Critical State Concern of the Rural Lands Stewardship Area Overlay District ZONING “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lengthy legal description retained in appraiser's file. Page 3990 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 73 VERIFICATION Verified with Greg Zaino, buyer. He verified the sale price and the arm's-length nature. This was a speculative purchase and he plans to resell the property. The property was listed for $6,900,000 and was on the market 45 days. The price was discounted 20% due to the cash offer and quick closing. Page 3991 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 74 LAND SALES ADJUSTMENT GRID ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 Immokalee Punta Gorda Alva Alva Immokalee Immokalee Immokalee PROPERTY IDENTIFICATION Silver Strand III 39450 Bermont 12850 N. River 20750-21070 15651 Oil Well SR 29 Oil Well Road Road Road Palm Beach Blvd Road (Wildflowerz) SALE PRICE N/A $13,300,000 $5,500,000 $3,200,000 $2,000,000 $1,521,400 $5,500,000 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 Below Market 0 0 0 0 0 2,200,000 BUILDING IMPROVEMENTS Cleared 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 $13,300,000 $5,500,000 $3,200,000 $2,000,000 $1,521,400 $7,700,000 Recording Date N/A 12/18/24 05/31/23 01/12/23 12/21/23 04/25/23 07/07/23 Months Prior To Effective Date 01/08/25 0.69 19.33 23.90 12.62 20.51 18.11 MARKET CHANGE ADJUSTMENT N/A 0.3%9.7%11.9%6.3%10.3%9.1% ADJUSTED SALE PRICE N/A $13,345,907 $6,031,558 $3,582,380 $2,126,233 $1,677,441 $8,397,354 Parcel Area in Gross Acres 439.00 835.00 345.06 178.98 130.87 152.14 639.17 PRICE PER ACRE ?$15,983 $17,480 $20,016 $16,247 $11,026 $13,138 LOCATION ADDRESS Immokalee Road Bermont Road N. River Road Palm Beach Blvd Oil Well Rd.SR 29 Oil Well Rd. PAVED ACCESS Yes Yes Yes Yes Yes Yes Yes OVERALL LOCATION Average Similar Superior Superior Inferior Inferior Inferior 0%-10%-10%20%20%20% UTILITIES All Available Inferior Inferior Inferior Inferior Inferior Inferior 20%20%20%20%20%20% COMP. PLAN Low Res./RSLA Agriculture Rural/Wetlands Urban/Rural RSLA RSLA RSLA ZONING A-MHO & RSLAO AG RPD AG-2 A-MHO-RSLAO A-MHO-RSLAO A-MHO-RSLAO 20%0%20%20%20%20% SIZE IN ACRES 439.00 835.00 345.06 178.98 130.87 152.14 639.17 SHAPE/CONFIGURATION Flag Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Cleared/Veg.Similar Similar Similar Similar Similar Similar WETLANDS Yes Yes Yes Yes Yes Yes Yes WETLANDS/HSA %16%N/A N/A 26%30%28%N/A USEABLE ACREAGE %84%N/A N/A 74%70%72%N/A 0%0%0%0%0%0% GROSS ADJUSTMENT N/A 40%30%50%60%60%60% INDICATION OF UNIT VALUE ?$22,376 $19,228 $26,020 $25,995 $17,641 $21,021 Page 3992 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 75 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. • Comparable 6 sold for a below market price and required an adjustment for conditions of sale. The property was listed for $6,900,000 and was on the market 45 days. The price was discounted 20% due to the cash offer and quick closing. Based on other recent sales of similar properties, Comparable 6 sold for approximately 40% below market and was adjusted upward accordingly. 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 Page 3993 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 76 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. 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. Land values in the market are appreciating due to the demand for large tracts of vacant land in Florida. The buyers of the comparable sales include a mix of owner-users and land speculators. I was unable to find any sale/resales or matched paired sales to extract market change rates. I also consulted the Lay of The Land 2023 Market Report which reported that the average per acre sale price for 100–500-acre ranch and recreational land sales throughout the State of Florida increased 9% from 2022 to 2023 or an average monthly change rate of 0.75%. On the other hand, the 2023 transaction volume for the large acreage market (500+ acres) contracted from 2022 to 2023 and the average price per acre decreased from $6,665 to $5,588 or a decrease of 16%. The sales utilized in the report range from less than a month to almost 24 months old. Based on the trend of per acre sales prices and the demand for land in the rural Collier County area, I applied a market change rate of 0.50% per month or 6.00% annually. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. Below is a table of various locational characteristics that were taken into consideration to determine the locational differences between each comparable. Page 3994 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 77 SUBJECT COMP 1 COMP 2 COMP 3 COMP 4 COMP 5 COMP 6 Traffic Counts (AADT 2023)10,700 8,400 4,700 27,000 900 7,000 900 Demographics (3 mile radius) 2024 Population 9,866 12 10,310 5,915 32 492 37 2029 Population 9,800 14 10,499 6,643 32 490 37 Percentage Change (Annual)-0.13%3.13%0.36%2.35%0.00%-0.08%0.00% Average Household Income $66,893 $135,651 $101,160 $99,614 $62,561 $79,385 $62,561 Average Home Value $310,133 $475,000 $549,117 $534,218 $430,000 $365,476 $430,000 Exposure Good Similar Similar Similar Similar Similar Similar Waterfront No No Yes No No No No Access Direct Direct Direct Direct Direct Direct Direct Overall Comparison N/A Similar Superior Superior Inferior Inferior Inferior LOCATION COMPARISON ANALYSIS (Esri Forecast for 2024 and 2029) Page 3995 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 78 • Comparable 2 is located along N. River Road with a higher supporting population and average home value within a 3-mile radius and it has waterfrontage. This location is superior to the subject and was adjusted downward 10%. Comparable 3 is located along Palm Beach Boulevard. This is a superior location with a higher supporting population and higher traffic counts. Comparable 3 also has a considerably higher average home value. Comparable 3 was adjusted downward 10% for its superior location. Comparables 4 and 6 are located along Oil Well Road, east of SR 29. These are more remote and inferior locations. Comparables 4 and 6 were adjusted upward 20% each. Comparable 5 is located north of Immokalee along SR 29. This is also an inferior location and was adjusted upward 20%. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public water distribution system and the public wastewater collection system of each comparable property as that compares with the same services available to the subject property. • Access to utilities is a major factor for developers and land speculators when considering sites to purchase. The subject is assumed to have access to utilities. All six comparables do not have access to utilities and each was adjusted upward 20% for their inferior features. 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. • The subject is zoned “A-MHO-RLSAO” – Rural Agricultural District including a Mobile Home Overlay and Rural Lands Stewardship Area Overlay with a Future Land Use of LR – Low Residential Subdistrict on the north 267.00 acres and Open Area of the Rural Lands Stewardship Area Overlay on the south 172.00 acres. The majority of the comparable sales included various Agricultural zonings, which are similar to the subject, however the subject has a superior Future Land Use on the 267.00 aces. The Low Residential Subdistrict has a base density of 4.00 units per acre. Therefore, if the subject were rezoned it would be guaranteed a minimum of 1,068 units (267 acres x Page 3996 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 79 4.00 units per acre). Assuming the remainder of the property has a base density of 1 unit per 5.00 acres or a total of 34 units, indicates a total of 1,102 units or an average density of 2.51 units per acre. It is unlikely that Comparables 1, 2, 3, 4, 5, and 6 could achieve as high of density, especially not within the RLSAO without purchasing a significant number of Stewardship Credits. Overall, the subject’s Future Land Use is superior to Comparables 1, 2, 3, 4, 5, and 6 and therefore all were adjusted upward 20%. Comparable 2 was zoned RPD and approved and entitled for a residential development at the time of sale. Comparable 2 was adjusted downward 20% for its superior zoning. Overall, Comparable 2 received a net adjustment of 0%, the Future Land Use and Zoning characteristics offset one another. 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. • All six comparables had some amount of wetlands and therefore no adjustments were warranted. Wetlands in the Rural Lands Stewardship Overlay can be a benefit due to the fact that you can create an SSA and extract the density and transfer the credits to an upland/developable area. The subject had a slightly higher percentage of useable area than the comparable sales. Due to the amount of difference no adjustment was warranted. Page 3997 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 80 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Acre of Land Area 1 $22,376 2 $19,228 3 $26,020 4 $25,995 5 $17,641 6 $21,021 Average $22,047 Median $21,699 Weighted Avg. $22,148 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject site, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparable 1 is the strongest indicator of value. It is the most similar to the subject and the most recent sale. Comparable 1 was weighted 30%. Comparables 2, 3, 4, and 5 are good indicators of value and were weighted 15% each. Due to the conditions surrounding Comparable 6 and the inferior characteristics, it was weighted 10%. The range of unit value indications is from $17,641 to $26,020 per acre with an average of $22,047 per acre and a median of $21,699 per acre. The weighting process discussed above indicates a unit value of $22,148 per acre. Based on the range of Comparables, I concluded to a unit value of $22,000 per acre. ESTIMATE OF VALUE $22,000 per gross acre results in an indication of value for the subject as of January 8, 2025, of $9,658,000 (439.00 acres x $22,000 per acre), which rounds to $9,660,000. Page 3998 of 14062 6893B Report Sales Comparison Approach Carroll & Carroll 81 CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Page 3999 of 14062 6893B Report Addenda Carroll & Carroll ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Future Land Use................................................................................................................... 7 Zoning.................................................................................................................................... 10 Legal Descriptions................................................................................................................ 4 Qualifications of Appraiser................................................................................................. 2 Page 4000 of 14062 6893B 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 4001 of 14062 6893B 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 4002 of 14062 6893B Report Addenda Carroll & Carroll Page 4003 of 14062 6893B Report Addenda Carroll & Carroll Page 4004 of 14062 6893B Report Addenda Carroll & Carroll Page 4005 of 14062 6893B Report Addenda Carroll & Carroll Page 4006 of 14062 6893B Report Addenda Carroll & Carroll Page 4007 of 14062 6893B Report Addenda Carroll & Carroll Page 4008 of 14062 6893B Report Addenda Carroll & Carroll Page 4009 of 14062 6893B Report Addenda Carroll & Carroll A. Rural Agricultural District (A). The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consistent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. 1. The following subsections identify the uses that are permissible by right and the uses that are allowable as accessory or conditional uses in the rural agricultural district (A). a. Permitted uses. 1. Single-family dwelling. 2. Agricultural activities, including, but not limited to: Crop raising; horticulture; fruit and nut production; forestry; groves; nurseries; ranching; beekeeping; poultry and egg production; milk production; livestock raising, and aquaculture for native species subject to Florida Fish and Wildlife Conservation Commission permits. i. The following permitted uses shall only be allowed on parcels 20 acres in size or greater: a) dairying; b) ranching; c) poultry and egg production; d) milk production; e) livestock raising; and f) animal breeding, raising, training, stabling or kenneling. ii. On parcels less than 20 acres in size, individual property owners are not precluded from the keeping of the following for personal use and not in association with a commercial agricultural activity provided there are no open feed lots: a) Fowl or poultry, not to exceed 25 in total number; and b) Horses and livestock (except for hogs) not to exceed two such animals for each acre. i. Notwithstanding the above, hog(s) may be kept for a 16 week period in preparation for showing and sale at the annual Collier County Fair and/or the Immokalee Livestock show. The following standards shall apply: a) One hog per child enrolled in a 4-H Youth Development Program, Collier County Fair Program or similar program is permitted. In no case shall there be more than 2 hogs per acre. b) Premises shall be fenced and maintained in a clean, healthful, and sanitary condition. c) Premises or roofed structure used for the sheltering, feeding, or confinement of such animals shall be setback a minimum of 30 feet from lot lines and a minimum of 100 feet from any dwelling unit on an adjacent parcel of land. d) Hog(s) shall not be returned to the property once removed for showing and/or sale. 3. Wholesale reptile breeding and raising (non-venomous), subject to the following standards: Page 4010 of 14062 6893B Report Addenda Carroll & Carroll i. Minimum 20 acre parcel size; ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located a minimum of 100 feet from any lot line. 4. Wildlife management, plant and wildlife conservancies, wildlife refuges and sanctuaries. 5. Conservation uses. 6. Oil and gas exploration subject to state drilling permits and Collier County site development plan review procedures. 7. Family care facilities, subject to section 5.05.04 8. Communications towers up to specified height, subject to section 5.05.09 9. Essential services, as set forth in section 2.01.03 10. Schools, public, including "Educational plants." b. Accessory uses. 1. Uses and structures that are accessory and incidental to the uses permitted as of right in the A district. 2. Farm labor housing, subject to section 5.05.03 3. Retail sale of fresh, unprocessed agricultural products, grown primarily on the property and subject to a review of traffic circulation, parking, and safety concerns pursuant to the submission of a site improvement plan as provided for in section 10.02.03 4. Packinghouse or similar agricultural processing of farm products produced on the property subject to the following restrictions: i. Agricultural packing, processing or similar facilities shall be located on a major or minor arterial street, or shall have access to an arterial street by a public street that does not abut properties zoned RSF-1 thru RSF-6, RMF-6, RMF-12, RMF-16, RT, VR, MH, TTRVC and PUD or are residentially used. ii. A buffer yard of not less than 150 feet in width shall be provided along each boundary of the site which abuts any residentially zoned or used property, and shall contain an Alternative B type buffer as defined within section 4.06.00. Such buffer and buffer yard shall be in lieu of front, side, or rear yards on that portion of the lot which abuts those districts and uses identified in subsection 2.03.01 A.1.b. 4 i. above. iii. The facility shall emit no noxious, toxic, or corrosive dust, dirt, fumes, vapors, or gases which can cause damage to human health, to animals or vegetation, or to other forms of property beyond the lot line of the use creating the emission. iv. A site development plan shall be provided in accordance with section 10.02.03 5. Excavation and related processing and production subject to the following criteria: i. The activity is clearly incidental to the agricultural development of the property. ii. The affected area is within a surface water management system for agricultural use as permitted by the South Florida Water Management District (SFWMD). iii. The amount of excavated material removed from the site cannot exceed 4,000 cubic yards. Amounts in excess of 4,000 cubic yards shall require conditional use approval for earthmining, pursuant to the procedures and conditions set forth in LDC section 10.08.00 and the Administrative Code. 6. Guesthouses, subject to section 5.03.03 7. Private boathouses and docks on lake, canal or waterway lots, subject to section 5.03.06 8. Use of a mobile home as a temporary residence while a permanent single-family dwelling is being constructed, subject to the following: Page 4011 of 14062 6893B Report Addenda Carroll & Carroll i. Receipt of a temporary use permit from the Development Services Director, pursuant to section 5.04.04, that allows for use of a mobile home while a permanent single-family dwelling is being built; ii. Assurance that the temporary use permit for the mobile home will expire at the same time of the building permit for the single-family dwelling, or upon the completion of the single-family dwelling, whichever comes first; iii. Proof that prior to the issuance of a final certificate of occupancy for the single-family dwelling, the mobile home is removed from the premises; and iv. The mobile home must be removed at the termination of the permitted period. 9. Use of a mobile home as a residence in conjunction with bona fide agricultural activities subject to the following: i. The applicant shall submit a completed application to the site development review director, or his designee, for approval of a temporary use permit to utilize a mobile home as a residence in conjunction with a bona fide commercial agricultural activity as described in subsection 2.03.01 A.1.2. Included with this application shall be a conceptual plot plan of the subject property depicting the location of the proposed mobile home; the distance of the proposed mobile home to all property lines and existing or proposed structures; and, the location, acreage breakdown, type and any intended phasing plan for the bona fide agricultural activity. ii. The receipt of any and all local, state, and federal permits required for the agricultural use and/or to place the mobile home on the subject site including, but not limited to, an agricultural clearing permit, building permit(s), ST permits, and the like. iii. The use of the mobile home shall be permitted on a temporary basis only, not to exceed the duration of the bona fide commercial agricultural activity for which the mobile home is an accessory use. The initial temporary use permit may be issued for a maximum of three years, and may, upon submission of a written request accompanied by the applicable fee, be renewed annually thereafter provided that there is continuing operation of the bona fide commercial agricultural activities. iv. The applicant utilizing, for the bona fide commercial agricultural activity, a tract of land a minimum of five acres in size. Any property lying within public road rights-of-way shall not be included in the minimum acreage calculations. v. A mobile home, for which a temporary use permit in conjunction with a bona fide commercial agricultural activity is requested, shall not be located closer than 100 feet from any county highway right-of-way line, 200 feet from any state highway right-of- way, or 500 feet from any federal highway right-of-way line. 10. Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or subdivision master plan for that development. Recreational facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields. c. Conditional uses. The following uses are permitted as conditional uses in the rural agricultural district (A), subject to the standards and procedures established in LDC section 10.08.00 and the Administrative Code. 1. Extraction or earthmining, and related processing and production not incidental to the agricultural development of the property. NOTE: "Extraction related processing and production" is not related to "Oil extraction and related processing" as defined in this Code. 2. Sawmills. 3. Zoo, aquarium, aviary, botanical garden, or other similar uses. 4. Hunting cabins. 5. Aquaculture for nonnative or exotic species, subject to Florida Fish and Wildlife Conservation Commission permits. Page 4012 of 14062 6893B Report Addenda Carroll & Carroll 6. Wholesale reptile breeding or raising (venomous) subject to the following standards; i. Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such reptiles shall be located at a minimum of 100 feet away from any lot line. 7. Churches. 8. Private landing strips for general aviation, subject to any relevant state and federal regulations. 9. Cemeteries. 10. Schools, private. 11. Child care centers and adult day care centers. 12. Collection and transfer sites for resource recovery. 13. Communication towers above specified height, subject to section 5.05.09 14. Social and fraternal organizations. 15. Veterinary clinic. 16. Group care facilities (category I and II); care units; nursing homes; assisted living facilities pursuant to § 400.402 F.S. and ch. 58A-5 F.A.C.; and continuing care retirement communities pursuant to § 651 F.S. and ch. 4-193 F.A.C., all subject to section 5.05.04 when located within the Urban Designated Area on the Future Land Use Map to the Collier County Growth Management Plan. 17. Golf courses and/or golf driving ranges. 18. Oil and gas field development and production subject to state field development permits. 19. Sports instructional schools and camps. 20. Sporting and recreational camps. 21. Retail plant nurseries subject to the following conditions: i. Retail sales shall be limited primarily to the sale of plants, decorative products such as mulch or stone, fertilizers, pesticides, and other products and tools accessory to or required for the planting or maintenance of said plants. ii. Additionally, the sale of fresh produce is permissible at retail plant nurseries as an incidental use of the property as a retail plant nursery. iii. The sale of large power equipment such as lawn mowers, tractors, and the like shall not be permitted in association with a retail plant nursery in the rural agricultural district. 22. Asphaltic and concrete batch making plants subject to the following conditions: i. Asphaltic or concrete batch making plants may be permitted within the area designated agricultural on the future land use map of the future land use element of the growth management plan. ii. The minimum site area shall not be less than ten acres. iii. Principal access shall be from a street designated collector or higher classification. iv. Raw materials storage, plant location and general operations around the plant shall not be located or conducted within 100 feet of any exterior boundary. v. The height of raw material storage facilities shall not exceed a height of fifty (50) feet. vi. Hours of operation shall be limited to two (2) hours before sunrise to sunset. vii. The minimum setback from the principal road frontage shall be 150 feet for operational facilities and seventy-five (75) feet for supporting administrative offices and associated parking. Page 4013 of 14062 6893B Report Addenda Carroll & Carroll viii. An earthen berm achieving a vertical height of eight feet or equivalent vegetative screen with eighty (80) percent opacity one (1) year after issuance of certificate of occupancy shall be constructed or created around the entire perimeter of the property. ix. The plant should not be located within the Greenline Area of Concern for the Florida State Park System as established by the Department of Environmental Protection (DEP): within the Area of Critical State Concern as depicted on the Future Land Use Map GMP; within 1,000 feet of a natural reservation; or within any County, State or federal jurisdictional wetland area. 23. Cultural, ecological, or recreational facilities that provide opportunities for educational experience, eco-tourism or agri-tourism and their related modes of transporting participants, viewers or patrons where applicable, subject to all applicable federal, state and local permits. Tour operations, such as, but not limited to airboats, swamp buggies, horses and similar modes of transportation, shall be subject to the following criteria: i. Permits or letters of exemption from the U.S. Army Corps of Engineers, the Florida Department of Environmental Protection, and the South Florida Water Management District shall be presented to the planning services director prior to site development plan approval. ii. The petitioner shall post the property along the entire property line with no trespassing signs approximately every 300 yards. iii. The petitioner shall utilize only trails identified and approved on the site development plan. Any existing trails shall be utilized before the establishment of new trails. iv. Motor vehicles shall be equipped with engines which include spark arrestors and mufflers designed to reduce noise. v. The maximum size of any vehicle, the number of vehicles, and the passenger capacity of any vehicle shall be determined by the board of zoning appeals during the conditional use process. vi. Motor vehicles shall be permitted to operate during daylight hours which means, one hour after sunrise to one hour before sunset. vii. Molestation of wildlife, including feeding, shall be prohibited. viii. Vehicles shall comply with state and United States Coast Guard regulations, if applicable. ix. The board of zoning appeals shall review such a conditional use for tour operations, annually. If during the review, at an advertised public hearing, it is determined by the board of zoning appeals that the tour operation is detrimental to the environment, and no adequate corrective action has been taken by the petitioner, the board of zoning appeals may rescind the conditional use. 24. Agricultural activities on parcels less than 20 acres in size: i. animal breeding, raising, training, stabling, or kenneling. ii. dairying; iii. livestock raising; iv. milk production; v. poultry and egg production; and vi. ranching. 25. The commercial production, raising or breeding of exotic animals, other than animals typically used for agricultural purposes or production, subject to the following standards: i. Minimum 20 acre parcel size. ii. Any roofed structure used for the shelter and/or feeding of such animals shall be located a minimum of 100 feet from any lot line. 26. Essential services, as set forth in subsection 2.01.03 G. Page 4014 of 14062 6893B Report Addenda Carroll & Carroll 27. Model homes and model sales centers, subject to compliance with all other LDC requirements, to include but not limited to section 5.04.04 28. Ancillary plants. d. Prohibited uses. 1. Owning, maintaining or operating any facility or part thereof for the following purposes is prohibited: a) Fighting or baiting any animal by the owner of such facility or any other person or entity. b) Raising any animal or animals intended to be ultimately used or used for fighting or baiting purposes. c) For purposes of this subsection, the term baiting is defined as set forth in § 828.122(2)(a), F.S., as it may be amended from time to time. Page 4015 of 14062 6893B Report Addenda Carroll & Carroll Mobile home Overlay (MHO). The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. Page 4016 of 14062 6893B Report Addenda Carroll & Carroll Page 4017 of 14062 6893B Report Addenda Carroll & Carroll Page 4018 of 14062 6893B Report Addenda Carroll & Carroll Page 4019 of 14062 6893B Report Addenda Carroll & Carroll Page 4020 of 14062 6893B Report Addenda Carroll & Carroll Page 4021 of 14062 6787 Report Addenda Carroll & Carroll Page 4022 of 14062 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com REAL ESTATE APPRAISAL REPORT CAMP KEAIS PARCEL Agricultural Southeast corner of Oil Well Road (C.R. 858) and Camp Keais Road Immokalee, Collier County, Florida, 34142 PREPARED FOR: Ms. Lisa Barfield Review Appraiser I Collier County Transportation Management Services Department 2885 South Horseshoe Drive Naples, FL 34104 EFFECTIVE DATE OF THE APPRAISAL: January 8, 2025 DATE OF THE REPORT: March 13, 2025 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2024-258 Page 4023 of 14062 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Camp Keais Parcel Southeast corner of Oil Well Road (C.R. 858) and Camp Keais Road Immokalee, Florida Page 4024 of 14062 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com March 13, 2025 Ms. Lisa Barfield Collier County Transportation Management Services Department 2885 South Horseshoe Drive Naples, FL 34104 Re: Real Estate Appraisal Camp Keais Parcel Southeast corner of Oil Well Road (C.R. 858) and Camp Keais Road , Immokalee, Collier County, Florida, 34142 RKL File Number: 2024-258 Dear Ms. Barfield: 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 determine both the Market Value of the fee simple interest in the Camp Keais Parcel as well as the sum of the loss in real estate and improvements (if any) to the larger parcel, known as the Camp Keais Campus, along with any diminution in value to the remaining land and any improvements as a result of the proposed land swap. The intended users for the assignment are Collier County Board of County Commissioners (County) and Barron Collier Companies (Barron Collier). The intended use of the appraisal is for negotiation and decision-making purposes. 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. The parent tract is an active agricultural parcel of land containing an area of 1,048.97 acres comprised of approximately 135 wetland acres and 914 upland acres. The site is zoned Agriculture (A) within the Mobile Home Overlay (MHO). It is designated as Open Lands within the Rural Land Stewardship Area Overlay (RLSAO). The southeastern portion of the site is located within a Habitat Stewardship Area (HSA). The part swapped consists of the eastern 439.00 acres. Page 4025 of 14062 Ms. Lisa Barfield Collier County Transportation Management Services Department March 13, 2025 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), we have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise: Market Value, As Is Interest Appraised: Fee Simple Date of Value: January 8, 2025 Parent Parcel Before Swap: $22,550,000 Proposed Part Swapped: $9,440,000 Remainder Parcel: $13,110,000 Concluded Value per Acre: $21,500 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: In previous valuations of the subject parent tract, it was asserted that Ave Maria Utilities, which currently services Ave Maria, has excess capacity which could service the subject site. Extension of utilities would increase the quality of the subject property. Capacity was not verified by Barron Collier Companies. The County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the campus property from Barron Collier Companies. We reserve the right to readdress valuation should these assumptions be proven otherwise. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC K. C. Lowry, MAI, CPA Florida State-Certified General Real Estate Appraiser RZ #2355 klowry@rklac.com; Phone 239-596-0802 Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0801 Page 4026 of 14062 CAMP KEAIS PARCEL TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions ................................................................... 1 Introduction Information ..................................................................................................... 6 Subject Identification ...................................................................................................... 6 Current Ownership and Property History ....................................................................... 8 Appraisal Scope .............................................................................................................. 8 Client, Intended User, and Intended Use ........................................................................ 9 Definition of Market Value ............................................................................................. 9 Definition of Property Rights Appraised ........................................................................ 9 Purpose of Appraisal, Property Rights Appraised, and Dates ...................................... 10 Scope of Work .............................................................................................................. 10 Economic Analysis ........................................................................................................... 12 National Economic Analysis......................................................................................... 12 Florida Economic Analysis ........................................................................................... 14 Collier County Area Analysis ....................................................................................... 15 Market Area Analysis ................................................................................................... 31 Property Description and Analysis ................................................................................... 37 Site Analysis - Parent Tract .......................................................................................... 37 Real Estate Taxes and Assessments .............................................................................. 57 Highest and Best Use .................................................................................................... 58 Valuation Methodology .................................................................................................... 61 Analyses Applied .......................................................................................................... 62 Sales Comparison Approach ......................................................................................... 63 Valuation Analysis of Part Swapped and Remainder Property ........................................ 75 Description of Part Swapped ........................................................................................ 75 Value Analysis Proposed Part Swapped ....................................................................... 76 Valuation Analysis of Remainder Property As Severed ................................................... 77 Description of Remainder Property as Severed ............................................................ 77 Value Analysis Remainder Property As Severed ......................................................... 77 Severance Damages to the Remainder Property ........................................................... 78 Cost to Cure Analysis ................................................................................................... 78 Special Benefits Analysis ............................................................................................. 78 Summary and Conclusion ............................................................................................. 79 Certification ...................................................................................................................... 80 Assumptions and Limiting Conditions ............................................................................. 82 Addenda Appraiser Qualifications ....................................................................................... Addendum A Property Information ............................................................................................ Addendum B Comparable Data .................................................................................................. Addendum C Page 4027 of 14062 CAMP KEAIS PARCEL SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Camp Keais Parcel Southeast corner of Oil Well Road (C.R. 858) and Camp Keais Road, Immokalee, Collier County, Florida, 34142 Owner: Collier County Intended Use: The intended use is for negotiation and decision-making purposes. Intended User(s): Collier County Board of County Commissioners (County) and Barron Collier Companies (Barron Collier) PARENT TRACT BEFORE THE SWAP Current Use: Agricultural uses including cattle pasture and mulch processing lands. Legal Description: Lengthy legal description for the parent tract. To be determined for the swap parcel. Tax Identification: 00227280108, 00227240300, 00227240203 and 00227440207 Land Area: Total: 1,048.97 acres; 45,693,133 square feet Shape: The parent site is irregular in shape. Flood Zone: Zone AE and AH Zoning: (A) within the Mobile Home Overlay (MHO) Future Land Use: Highest and Best Use As Vacant Rural Land Stewardship Area Overlay (RLSAO) - Open Lands. Includes 107.73 acres of the site is located within a Habitat Stewardship Area (HSA). Agricultural and/or recreational uses (HSA Lands) and future residential development consistent with the future land use VALUE INDICATIONS BEFORE THE SWAP Market Value of Parent Tract: $22,550,000 Effective Date(s) January 8, 2025 Property Rights Fee Simple 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: In previous valuations of the subject parent tract, it was asserted that Ave Maria Utilities, which currently services Ave Maria, has excess capacity which could service the subject site. Extension of utilities would increase the quality of the subject property. Capacity was not verified by Barron Collier Companies. The County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the campus property from Barron Collier Companies. We reserve the right to readdress valuation should these assumptions be proven otherwise. Page 4028 of 14062 CAMP KEAIS PARCEL SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 2 PART SWAPPED Identification: Legal to be determined. Eastern 439.00 acres of the parent tract Description: The part swapped consists of primarily pasture lands and some moderate to heavy vegetation. The future land use includes Open Lands within the Rural Lands Stewardship Area (RLSA). The subject southern border runs along the northern border of SSA 10. The southeastern 107.73 acres of the site is located within a Habitat Stewardship Area (HSA). The HSA are agricultural lands to be protected that are also habitat for listed species, which can be designated as SSAs. Land Area: Total: 439.00 acres; 19,122,840 square feet Shape: Irregular Improvements Swapped: There are no significant improvements on the parent tract or the part swapped. VALUE INDICATIONS Part Swapped: $9,440,000 Effective Date(s) January 8, 2025 VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Swap: $22,550,000 Less Market Value of the Proposed Part Swapped: $9,440,000 Total Market Value of the Remainder Property, As Part of the Whole: $13,110,000 Effective Date(s) January 8, 2025 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: In previous valuations of the subject parent tract, it was asserted that Ave Maria Utilities, which currently services Ave Maria, has excess capacity which could service the subject site. Extension of utilities would increase the quality of the subject property. Capacity was not verified by Barron Collier Companies. The County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the campus property from Barron Collier Companies. We reserve the right to readdress valuation should these assumptions be proven otherwise. Page 4029 of 14062 CAMP KEAIS PARCEL SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 3 REMAINDER PROPERTY, AFTER THE SWAP Land Area: Total: 609.97000 acres; 26,570,293 square feet Shape: The remainder parcel is irregular in shape. Improvements: The remainder parcel is undeveloped and vegetated. Existing Easements and Encumbrances: 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. Proposed Acquisition: The part swapped consists of the eastern 439.00 acres of the parent tract. Highest and Best Use As Vacant Agricultural and/or recreational uses (HSA Lands) and future residential development consistent with the future land use VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE SWAP Market Value of Reminder Property: $13,110,000 Effective Date(s) January 8, 2025 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: In previous valuations of the subject parent tract, it was asserted that Ave Maria Utilities, which currently services Ave Maria, has excess capacity which could service the subject site. Extension of utilities would increase the quality of the subject property. Capacity was not verified by Barron Collier Companies. The County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the campus property from Barron Collier Companies. We reserve the right to readdress valuation should these assumptions be proven otherwise. Page 4030 of 14062 CAMP KEAIS PARCEL SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 4 Net Cost to Cure: $0 Special Benefits: $0 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: In previous valuations of the subject parent tract, it was asserted that Ave Maria Utilities, which currently services Ave Maria, has excess capacity which could service the subject site. Extension of utilities would increase the quality of the subject property. Capacity was not verified by Barron Collier Companies. The County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the campus property from Barron Collier Value of the Whole $22,550,000 Less Value of the Part Swapped $9,440,000 Value of the Remainder Property as Part of the Whole $13,110,000 Value of the Remainder Property as Severed $13,110,000 Difference (Severance Damages)$0 Special Benefits $0 Net Damages $0 Severance Damages to the Remainder Property Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Parent Tract Before Swap Land $21,500 1,048.97 $22,552,855 $22,550,000 Total $22,550,000 Proposed Part Swapped Proposed Part Swapped $21,500 439.00 $9,438,500 $9,440,000 Total Part Taken $9,440,000 Remainder Property, as Part of the Whole $13,110,000 Remainder Property Land Area $21,500 609.97 $13,114,355 $13,110,000 Total $13,110,000 Damages $0 Special Benefits $0 Net Damages $0 Proposed Part Swapped $21,500 439.00 $9,438,500 $9,440,000 Total $9,440,000 Net Damages $0 Net Cost to Cure $0 Camp Keais Parcel Summary Page 4031 of 14062 CAMP KEAIS PARCEL SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 5 Companies. We reserve the right to readdress valuation should these assumptions be proven otherwise. Page 4032 of 14062 CAMP KEAIS PARCEL INTRODUCTION INFORMATION Page 6 INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Camp Keais Parcel Southeast corner of Oil Well Road (C.R. 858) and Camp Keais Road, Immokalee, Collier County, Florida, 34142 Legal Description: Lengthy legal description for the parent tract. To be determined for the swap parcel. Tax Identification: 00227280108, 00227240300, 00227240203 and 00227440207 The parent tract is an active agricultural parcel of land containing an area of 1,048.97 acres comprised of approximately 135 wetland acres and 914 upland acres. The site is zoned Agriculture (A) within the Mobile Home Overlay (MHO). It is designated as Open Lands within the Rural Land Stewardship Area Overlay (RLSAO). The southeastern portion of the site is located within a Habitat Stewardship Area (HSA). The part swapped consists of the eastern 439.00 acres. Legal Description: Page 4033 of 14062 CAMP KEAIS PARCEL INTRODUCTION INFORMATION Page 7 Page 4034 of 14062 CAMP KEAIS PARCEL INTRODUCTION INFORMATION Page 8 CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Collier County. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is not currently listed for sale, or under contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. 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 Page 4035 of 14062 CAMP KEAIS PARCEL INTRODUCTION INFORMATION Page 9 ● 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. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Board of County Commissioners (County) and Barron Collier Companies (Barron Collier). The intended use is for negotiation and decision-making purposes. 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) The county indicated that there are cattle leases associated with the property. The leases were not disclosed to these appraisers and county representatives indicated that they are Page 4036 of 14062 CAMP KEAIS PARCEL INTRODUCTION INFORMATION Page 10 short term. We reserve the right to readdress valuation upon disclosure of any long term leases. PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to determine both the Market Value of the fee simple interest in the Camp Keais Parcel as well as the sum of the loss in real estate and improvements (if any) to the larger parcel, known as the Camp Keais Campus, along with any diminution in value to the remaining land and any improvements as a result of the proposed land swap. The effective date of the subject appraisal is January 8, 2025. The date of inspection was January 8, 2025. The date of the report is March 13, 2025. SCOPE OF WORK The problem to be solved is to determine both the Market Value of the fee simple interest in the Camp Keais Parcel as well as the sum of the loss in real estate and improvements (if any) to the larger parcel, known as the Camp Keais Campus, along with any diminution in value to the remaining land and any improvements as a result of the proposed land swap. 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 parent tract has been identified by the legal description and the assessors' parcel number. The part swapped has been identified by a sketch dated October 16, 2024 provided by Barron Collier Companies. Inspection: An 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 the subject tract is vacant land. 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. Page 4037 of 14062 CAMP KEAIS PARCEL Page 11 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: In previous valuations of the subject parent tract, it was asserted that Ave Maria Utilities, which currently services Ave Maria, has excess capacity which could service the subject site. Extension of utilities would increase the quality of the subject property. Capacity was not verified by Barron Collier Companies. The County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the campus property from Barron Collier Companies. We reserve the right to readdress valuation should these assumptions be proven otherwise. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 4038 of 14062 CAMP KEAIS PARCEL NATIONAL ECONOMIC ANALYSIS Page 12 ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on January 29, 2025. Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat 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 roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional 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 will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. The Committee is strongly committed to supporting maximum employment and 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 September 2024. Real GDP is projected to grow at a rate of 2.0% in 2024, a decrease from the March 2024 projection. The 2025 and 2026 projections of 2.0% remain the same. The unemployment projection increased to 4.4% from the 4.0% projection. The Core PCE inflation projection for 2024 decreased from 2.8% in June 2024 to 2.6%. Page 4039 of 14062 CAMP KEAIS PARCEL NATIONAL ECONOMIC ANALYSIS Page 13 Lawrence Yun, NAR Chief Economist, noted in a January 2025 Economic Issues and Home Sales Trends webinar that 2025 may be a better year for real estate, with more inventory, more listings and more sales. Dr. Yun projects home sales rising 9% this year and another 13% in 2026. He projects price growth to be more muted at 0% to 5%. According to the Freddie Mac 2025 Outlook, although demand is expected to remain well above average in 2025, vacancy is expected to increase to 6.2%. The below-average rent growth of 2.2% and rising vacancy rates result in a forecast of gross rental income growth of 2% for 2025. According to the National Association of Real Estate Investment Trusts’ (NAREIT) 2025 Report, “there is a real possibility for an environment with both moderating interest rates and robust economic growth, otherwise known as an economic soft landing. Nevertheless, there are both lingering and emerging risks, including soft property fundamentals in some sectors and higher interest rates reflecting fiscal imbalances. Overall, in a world that will be marked by increasing and accelerating change, we see opportunities for REITs in 2025.” In the 2025 CBRE U.S. Real Estate Market Outlook, Dr. Richard Barkham, Global Chief Economist and Head of Global Research, predicts that despite many uncertainties, “the U.S. economy is poised for growth in 2025, driven by consumer spending, easing financial conditions and productivity gains. While retail and data centers have been supported by longer-term trends, all other real estate sectors will see the start of a new cycle.” Even though the 10-year Treasury yield is projected to remain above 4%, Dr. Barkham projects capitalization rates will compress slightly. Investors have the opportunity to secure long-term returns that have not been available for many years. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2025, “the global economic recovery has been uneven across geographies, and this will likely continue going forward.” Results from Deloitte’s 2025 commercial real estate outlook survey give some indication that commercial real estate owners and investors are hopeful that 2025 will emerge as a year of potential recovery over two years of muted revenues and pullbacks in spending. After two consecutive years where most survey respondents expected revenue declines, 88% of global respondents now report Page 4040 of 14062 CAMP KEAIS PARCEL FLORIDA ECONOMIC ANALYSIS Page 14 they expect their company’s revenues to increase going forward, a substantial shift from the 60% who expected further declines last year. Moreover, 60% of respondents expect growth to be in excess of 5% year over year. According to the PwC Emerging Trends in Real Estate 2025, real estate investors and developers should be poised for an upturn in industry trends as the post-pandemic disruption abates and positive cyclical forces gain strength. “The Federal Reserve is among the most important cyclical forces. Its pivot to reducing interest rates indicates a peak for inflation and construction costs — and the pivot is helping real estate markets to clear, boosting transaction activity. However, not all dealmakers are ready to jump in with both feet. After all, rate cuts also indicate a slower economy and that could affect net operating income (NOI) growth. The path to renewed vigor could take surprising detours.” According to J.P. Morgan Chase 2025 commercial real estate outlook, Following several years of elevated inflation, muted growth and general uncertainty, commercial real estate could be positioned for an upswing. “The industry is poised to be in a better place compared to the last few years,” said Victor Calanog, Global Head of Research and Strategy, Real Estate Private Markets at Manulife Investment Management. “It appears that the landing will be relatively soft, so that should mean continued positive momentum for economic activity, benefiting leasing and income drivers, including rents and occupancies.” Overall, the outlook for the 2025 commercial real estate is positive. The industrial sector remains the industry’s darling. Multifamily and retail continue to perform well, although they do have vulnerabilities. In some markets, even office vacancy rates are beginning to moderate. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, Florida was home to four of the nation’s top five fastest-growing metropolitan statistical areas and three of the top 10 that gained the largest number of people from 2022 to 2023, reflecting continued population growth across the South. U.S. migration patterns played a significant role in the South’s population growth. Many people moved to this region, contributing to its overall positive net domestic migration (more people moving in from the rest of the United States than moving out to other parts of the United States). From 2022 to 2023, 28 of the top 30 metro areas with the highest positive domestic migration were in the South. According to the Winter 2024 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida’s economy, as measured by real Gross State Product, will expand at an average annual rate of 2.5% from 2024 to 2027. Real Gross State Product will decelerate during the economic slowdown as growth will slow to 3.3% in 2024 and 2.2% in 2025, then accelerate to reach 2.5% by 2026 and ease to 2.1% in 2027. Payroll job growth in Florida will begin to gradually decelerate as the economy remains at full employment. After year-over-year growth of 5.7% in 2022, payroll employment in 2023 was 3.4% but will slow to 2.0% in 2024 and drift lower to 0.6% by 2027. Page 4041 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 15 Housing starts have felt the bitter chill of higher mortgage rates. Total starts were 193,500 in 2022—before higher mortgage rates and worries of a slowing economy started a deceleration that will slow starts to 157,072 in 2027. The unemployment rate fell to 2.7% in 2023. The slower economy will push the rate up to 3.1% in 2024, and to 3.6% in 2025 before creeping to 3.8% in 2027. 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 4042 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 16 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 Charlotte County. 2023 2025 2030 2023 2025 2030 2035 to 2025 to 2030 to 2035 Southwest Florida 1,922,304 1,993,700 2,144,000 2,262,900 3.71%7.54%5.55% Charlotte 204,126 211,300 226,900 240,000 3.51%7.38%5.77% Collier 399,480 413,300 443,000 466,000 3.46%7.19%5.19% Glades 12,591 12,700 12,900 13,000 0.87%1.57%0.78% Hendry 40,895 41,500 42,600 43,400 1.48%2.65%1.88% Lee 800,989 835,900 908,500 964,400 4.36%8.69%6.15% Sarasota 464,223 479,000 510,100 536,100 3.18%6.49%5.10% Percent Change Projections of Florida Population by County, 2025-2050, with Estimates for 2023 Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 198, January 2024 Population 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 2024 25 Best Places to Retire includes six Florida metro areas with Daytona Beach the top Florida market at No. 8. Tampa is No. 12 overall while Sarasota is No. 18. Naples is ranked 6th overall in the 2023-2024 Best Places to Live report released by U.S. News & World Report and Sarasota is ranked 5th. Naples ranks No. 1 in the annual U.S. News & World Report Best Places to Live in the U.S. Sarasota, was ranked No. 11. Employment The local economy is largely dependent on the real estate market. Naples is one of the wealthiest areas in Florida, and it has seen significant population and job growth over the past several years. As migration from state to state has returned to pre-pandemic levels, the Naples region has seen population and job growth slow over the past year. Page 4043 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 17 According to the 1Q 2025 CoStar report, like many parts of Florida, population growth has been a main driver for commercial real estate expansion over the past few years. However, Collier County’s relative affordability compared to other areas in the state has kept population trends muted. Population growth peaked between 2021 and 2022 when the market added roughly 10,300 new residents. That dropped down to 6,800 new residents between 2022 and 2023, and that trend is expected to continue when the census releases more recent figures in early 2025. Healthcare is a driving force of Collier County’s economy and is the largest share of the market's employment base. Many of the hospital systems are the largest employer in the market. In addition, Arthrex, a medical device manufacturing company, has a large presence in the market and employs nearly 4,000 people. The following table shows the 1Q 2025 Collier County Employment by Industry as well as historical and projected job growth. Page 4044 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 18 The following table shows employment projections through 2032 by the Florida Department of Economic Opportunity. As shown, the Construction and Professional and Business Services Industries have the largest projected growth rate of 11.1% and 11% respectively. Agriculture, Forestry, Fishing and Hunting are all projected to decline by 10%. NAICS Title 2024 2032 Growth Percent Growth Total, All Industries 667,076 710,326 43,250 6.5 Agriculture, Forestry, Fishing & Hunting 6,315 5,681 -634 -10.0 Mining 583 622 39 6.7 Construction 74,293 82,513 8,220 11.1 Manufacturing 16,413 16,459 46 0.3 Trade, Transportation, and Utilities 117,977 125,261 7,284 6.2 Information 6,229 6,715 486 7.8 Financial Activities 31,824 33,907 2,083 6.5 Professional and Business Services 82,530 91,587 9,057 11.0 Education and Health Services 76,975 84,462 7,487 9.7 Leisure and Hospitality 100,721 103,073 2,352 2.3 Other Services, Ex. Public Admin 24,972 26,837 1,865 7.5 Government 77,367 79,170 1,803 2.3 Self Employed and Unpaid Family Workers, All Jobs 50,877 54,039 3,162 6.2 Source: Florida Department of Economic Opportunity JOBS BY INDUSTRY WORKFORCE REGION 24 - CHARLOTTE, COLLIER, GLADES, HENDRY, LEE AND MONROE COUNTIES Employment 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. Since the pandemic, unemployment numbers have generally decreased as the economy continues to improve. Page 4045 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 19 As of December 2024, the unemployment rate for the State of Florida was 3.4%, down from the peak in May 2020 of 14.3%. On a national level, the unemployment rate in December 2024 was 4.1%, a decrease from the peak in April 2020 of 14.8%. Collier County currently has a higher November rate, at 3.5%, 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 2014 through 2024. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. All sectors have regained all lost jobs and have exceeded 2019 levels. Page 4046 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 20 Year Service- Providing % Change Goods Producing % Change Mining, Logging, & Const. % Change Leisure and Hospitality % Change All Employees, Total Nonfarm % Change 2014 114,400 4.4%15,400 14.1%12,100 15.2%25,500 4.5%129,400 4.9% 2015 118,500 3.6%17,000 10.4%13,600 12.4%26,500 3.9%135,500 4.7% 2016 123,200 4.0%18,700 10.0%14,900 9.6%27,500 3.8%141,900 4.7% 2017 125,400 1.8%19,400 3.7%15,400 3.4%28,300 2.9%144,800 2.0% 2018 128,600 2.6%21,500 10.8%17,200 11.7%29,100 2.8%150,100 3.7% 2019 132,200 2.8%22,400 4.2%17,700 2.9%30,000 3.1%154,600 3.0% 2020 125,300 -5.2%22,100 -1.3%17,200 -2.8%25,600 -14.7%147,400 -4.7% 2021 132,000 5.3%23,200 5.0%18,100 5.2%27,800 8.6%155,300 5.4% 2022 139,700 5.8%24,800 6.9%19,400 7.2%29,300 5.4%164,500 5.9% 2023 144,700 3.6%26,400 6.5%20,800 7.2%30,000 2.4%171,100 4.0% 2024 147,600 2.0%27,400 3.8%21,600 3.8%31,400 4.7%175,000 2.3% 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 4047 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 21 The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute in 2023. Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators January 2025 report prepared by Florida Gulf Coast University shows Collier, Lee, Charlotte, Sarasota County’s tourist tax revenues. Seasonally-adjusted real tourist tax revenues for the coastal counties slipped to $8.2 million in November 2024, up 13 percent from the prior month and 1 percent over the November 2023 figure. Collier County’s seasonally-adjusted real tourist tax revenues ascended to $4.0 million in November 2024, a 17 percent increase from October 2024 and a 1 percent improvement compared to the November 2023 figure. Page 4048 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 22 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 600 new home sales in 2024 and 652 new home sales in 2023. It is the highest - ranking community in all of Collier County. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. According to a June 2023 Naples Daily News article, Collier County commissioners approved an increase in the town of Ave 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%. Approximately 50% of the buyers are from the east coast of Florida. Page 4049 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 23 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 The Ritz-Carlton Residences, Naples (formerly known as 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 was completed in 2024 and Tower 500 is scheduled for completion in September 2026 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 2024 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 2.7% increase in home prices (all-transactions including purchase and refinance mortgage) over the trailing 12 months. Home prices (purchase-only) in the state of Florida increased 1.02% over the past year (3Q 2023 - 3Q 2024) which was 49th in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport-Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square-foot, six-story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa-based company, Mainsail, to manage all elements of the hotel operation, including employees. Page 4050 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 24 NCH Healthcare partnered with New York-based Hospital for Hospital for Special Surgery, known as HSS, to build a three-story, 80,000-square-foot hospital. HSS at NCH will be a 15-bed acute-care addition on the hospital campus located along the north side of Immokalee Road near the NCH North Naples campus between Health Park and Medical Boulevards. The facility is expected to open to patients in early 2025. 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, with 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, listen 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 Lodge is built on 20 acres of land along City Gate Boulevard North and feature a 100,000 square foot indoor water park, 500- room hotel, and 62,000 square feet of amenities and attractions. The resort opened in September 2024 and has 600 full-time and part-time employees. Investment Trends The following CoStar data shows Collier County trends in the Multi-Family, Retail, Office, and Industrial sectors as of the first quarter 2025. According to the CoStar report, multifamily investment is down across Florida, and Collier County is no exception, with limited trades over the past year. Page 4051 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 25 There have been less than a handful of transactions over the past 12 months totaling $114 million in sales volume. The bulk of that occurred in one transaction in the final months of 2024. Prior to that trade, less than $15 million had been transacted over the course of the year. Ohio-based PLK Communities purchased the 286-Mark Lane Apartments for $82 million, or $285,000 per unit. The 2022-built 4 Star complex was 80% at the time of sale with a monthly average rent of $2,800. Multifamily fundamentals are challenged in the Collier County market, which could keep transaction volumes down over the coming quarters. According to the CoStar Report, the Collier County retail sales volumes fell back in line with historical norms in 2024, with Collier County ending the year with $170 million in total sales volume. That was down from a three-year run of sales activity averaging Page 4052 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 26 around $400 million annually. Further, the fourth quarter of 2024 was the first time in five years that the market did not surpass $25 million in quarterly sales volume. A significant portion of 2024's sales volume came from one sale. Benderson Development purchased Carillon Place from SITE Centers in June for $55 million, or $218/SF. The 250,000-SF Power Center was 92% leased at the time of sale and was anchored by a Walmart grocery store, TJMaxx, and DSW. That transaction was the exception and not the norm for Naples in 2024, as the average sale price was around $2.8 million when that sale was removed. According to the CoStar Report, office investment activity picked up in the third quarter of 2024 on the back of one of the few $20 million-plus trades over the past five years. One trade in July was more than what the market recorded over the first six months of Page 4053 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 27 2024. However, it is not abnormal for Collier County to see a few down quarters. In fact, Collier County only recorded $1.5 million in 2024Q4. Sales are typically on the smaller side, with an average sale price of just $1.5 million over the past year. The largest trade this year was the $21.5 million, or $310/SF, acquisition of the Truist Building along Laurel Oak Drive by Massachusetts-based Carruth Capital from American National Insurance Company. The 68,000-SF, 3 Star office building was more than 90% leased at the time of sale with tenants such as Truist Bank, BMO Harris Bank, and Collier County government offices. The seller purchased the property in 2015 for $23.7 million, or $350/SF, at a 6% cap rate. According to the CoStar report, industrial activity stalled over the latter half of 2024 after opening the year with two strong quarters. Collier County has been one of the most consistent markets in Florida, with the region achieving over $80 million in total sales Page 4054 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 28 volume for five consecutive years. In comparison, the market would typically only see around $55 million pre-pandemic. Over the past year, the market has recorded $106 million in total sales volume. Pricing has remained more or less the same over the past several years, averaging around $183/SF, as of the first quarter of 2025. Sales are typically on the smaller side, with an average sale price of just under $2.5 million. Collier County is not reliant on institutional investors, and as such, future investment volumes should be in line with current volumes. 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 Page 4055 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 29 CCIM Site to do Business. Overall, Collier County has an average household income of $135,508 and a per capita income of $57,867. 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 and 2024 as demand declined due to continued increases in interest rates. Pricing has generally stabilized and is projected to remain fairly stable through 2025. 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 2024 Annual Market Report released by NABOR reported total sales decreased 10.0% in 2024 and the overall median sales price incrased 1.7% to $610,000 for the year. Single Family home prices increased 2.0% percent compared to last year, and Condo home prices remained flat. 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. The recent 50 basis point decrease and subsequent 25 basis point decrease in the federal funds rate, as well as the projected future decreases through 2025, are expected to further stabilize the commercial market and potentially increase demand for both residential and commercial property. 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. Page 4056 of 14062 CAMP KEAIS PARCEL COLLIER COUNTY AREA ANALYSIS Page 30 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). Collier County Area Map Subject Page 4057 of 14062 CAMP KEAIS PARCEL MARKET AREA ANALYSIS Page 31 MARKET AREA ANALYSIS Boundaries The subject is in the northeastern part of Collier County in the unincorporated area (town) of Immokalee. At the present time, the area is mostly influenced by the surrounding farming community as well as Ave Maria University and the supporting town of Ave Maria. The area has become more attractive to developers of affordable housing as home prices continue to rise in the western portions of Collier County. Lake Trafford, a 1,500 acre lake, is located west of Immokalee. It is regarded as a premiere fishing lake. Market Area Access and Linkages Primary access to the area from Interstate75 is by: • State Road 29 (I-75 exit 80) at Miles City. • County Highway 846 (Immokalee Road, I-75 exit 111). • State Road 80 (Palm Beach Boulevard; I-75 exit 141) then south on SR 29. State Road 29 is important as it runs from Chokoloskee and Everglades City in the south through Immokalee and La Belle (Hendry County Seat) and into Glades County where it intercepts US 27. US 27 is a the major interior highway is south Florida, intersecting I-4 just west of Orlando then extending northwest through Tallahassee and eventually terminating in Mackinaw City, MI. Road access to Immokalee is average for a rural Florida city. Employment Demand Generators Primary employers/employment centers are currently the surrounding farms. According to The Site to Do Business 2024 Civilian Labor Force Profile; Agriculture/Forestry/Fishing comprise 15.2% of total employment followed by Construction at 13.9%, and Admin/Support/Waste Management at 10.2%. Page 4058 of 14062 CAMP KEAIS PARCEL MARKET AREA ANALYSIS Page 32 Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for the immediate market area defined as a 2 mile radius from the subject. The table was developed using data from STDBOnline.com. Retail and Public Services The nearest commercial area with restaurants, convenience stores and support services is located within Immokalee, all within a few miles of the subject property. The nearest fire and police stations are within two miles of the property. The main public school area of Immokalee includes Immokalee High School, the Immokalee Middle School and the newer Immokalee Tech Center. The enrollment for Immokalee High School is approximately 1,940. The Immokalee Tech Center is accredited by the Commission of Council on Occupational Education (COE) and is also accredited with Cognia. The Immokalee Technical Center focuses on state of the art career and technical education programs that will challenge adults to earn a vocational certificate from iTECH and an industry certification within their program field. The center also offers ABE/GED and adult literacy programs. The Immokalee Sports Complex includes a gymnasium/indoor basketball, 2 lit football/soccer fields, game room, fitness center, aquatic facility with 25-yard by 25- meter pool (heated), 1 one-meter springboard, slide and children's activity pool (heated). Page 4059 of 14062 CAMP KEAIS PARCEL MARKET AREA ANALYSIS Page 33 Lastly, Collier County received a $13 million grant from the U.S. Department of Transportation to build 20 miles of sidewalks; upgrade 32 intersections; add 22 shaded bus stops; add lights to most intersections and build 20 miles of drainage ditches along roads in Immokalee. The work was completed in 2021. Housing Profile The following table shows the historical, current and projected housing profile for the immediate market area defined as a 2 mile radius from the subject. The table was developed using data from STDBOnline.com. Land Use Market area land uses at this time are primarily agricultural and residential uses. In 1999 the U.S. Department of Agriculture named Immokalee and parts of eastern Hendry County a Rural Federal Enterprise Community. The Enterprise Community designation includes all of Immokalee; Harlem, Montura, South Clewiston and Hookers Point in Hendry County; and the Seminole Tribe of Florida's Indians reservations in Big Cypress and Immokalee. The purpose of the Federal Enterprise Community program is to help the working poor become self-sufficient and to improve their quality of life. Page 4060 of 14062 CAMP KEAIS PARCEL MARKET AREA ANALYSIS Page 34 In addition to the funding received for the farm worker housing project, the Collier County Housing Authority has been awarded grants and loans from the U.S. Department of Agriculture to build units at Farm Worker Village in Immokalee. Arrowhead Reserve is a 307.3 acre development of which 274 acres are located in the Low Residential District on the Immokalee Future Land Use Map. Within this district, 15 acres are proposed for commercial use and the district permits 4 dwelling units per acre or 1,245 units on 259 acres. The 15 acres of commercial land will be consistent with C-2, C-3 and C-4 zoning and will be allowed a maximum of 130,000 square feet of improvements. The amenities include 15 lakes, a community park with clubhouse and pool, a second clubhouse and pool for the apartments, recreation trails, over 40 acres of open space and preserve which creates a wildlife corridor. The community consists of single family homes, town homes, and multi-family apartments. The decline in residential supply has continued to increase the price of homes in Arrowhead Reserve. As of late April 2021, pricing for a three-bedroom, two-bath home began at $199,900. The 150- home community sold out in early 2022. Phase One of the Boys & Girls Club of Collier County Bolch Campus in Immokalee opened in October 2016 and consists of a 27,786 square foot youth center with classrooms, game rooms, a teen center, a library, kitchen, and dance and art rooms. The facility hosts an after-school program serving over 400 children. Construction for the second and third phases consisting of a 14,000 square foot gymnasium and outdoor pavilion; a 5,000 square foot swimming pool; a weight room; and an athletic field will be completed by DeAngelis Diamond. Additionally, a new business incubator is a major part of the Immokalee Area Master Plan that will support an assembly area for tenants of a manufacturing incubator that opened at the airport in 2009. In March 2017 Collier officials celebrated the start of construction of a culinary accelerator for entrepreneurs. A vacant building at Immokalee Regional Airport was transformed into a state-of-the-art food manufacturing plant. The 5,274 square foot facility includes a commercial-grade kitchen with ovens, grills, fryers, a bakery, heat pasteurization, industrial-size mixing bowls and other cooking tools and equipment. The state-funded $1.2 million center also includes areas for packaging, labeling and shipping. The facility, which had been delayed for several months due to unforeseen regulatory issues, opened in March 2018. Ave Maria Ave Maria earned the 18th spot on the prestigious list of 50 Top-Selling Master-Planned Communities in the United States by prominent national real estate consulting agency, John Burns Research and Consulting, in their 2024 annual report. The community reported 600 new home sales in 2024, securing its position as the top-ranking development in Collier County. There are currently 5,200 new homes sold in Ave Maria with a total of 11,000 new homes anticipated at build out. Page 4061 of 14062 CAMP KEAIS PARCEL MARKET AREA ANALYSIS Page 35 Collier Rod & Gun Club Located on more than 2,000 acres, the Collier Rod & Gun Club will include single- family seasonal residences and member-only rental cabins. Amenities will include a Kyle Phillips-designed 18-hole masterpiece, sporting club for up to 300 members and an extensive trail system designed around the natural terrain. The proposal includes 225 single-family homes, or "cabins," on about 260 acres. The walkable community includes a 2.8-acre linear park, with commercial development capped at 5,000 square feet. "The Homestead" would serve as a hub for goods and services, offering everything from a general store and market garden to dining, fitness, wellness and environmental education. The sports and recreational camp would offer fishing and archery, in addition to shooting and golf. Outlook and Conclusions The expected growth in Collier County should provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions should stimulate increases in general property values 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 and 2024 as demand declined due to continued increases in interest rates. Pricing has generally stabilized and is projected to remain fairly stable through 2025. 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. The recent 50 basis point decrease and subsequent 25 basis point decreases in the federal funds rate, as well as the projected future decreases through 2025, are expected to further stabilize the commercial market and potentially increase demand for both residential and commercial property. Page 4062 of 14062 CAMP KEAIS PARCEL MARKET AREA ANALYSIS Page 36 Market Area Map Page 4063 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 37 PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS - PARENT TRACT The following description is based on our property inspection and public records. SITE Location: The parent tract is located at the southeast corner of Oil Well Road and Camp Keais Road in the Royal Fakapalm Planning Community. The Town of Ave Maria DRI is located within the northwest quadrant of Oil Well Road and Camp Keais Road. The proposed Collier Rod and Gun Club is located directly east of subject. Current Use of the Property: Agricultural uses including cattle pasture and mulch processing lands. Shape: The parent site is irregular in shape. Road Frontage/Access: The subject property has average access with frontage as follows: • Oil Well Road (Two laned primary arterial): 9,288 feet It is not a corner lot. Visibility: Average Topography: The subject has level topography. The subject consists of approximately 135± acres of wetlands (as estimated by a GIS survey prepared by Barron Collier Companies). Per wetlands mapper from the US Fish & Wildlife survey, the property includes 135.24± acres of Freshwater Forested/Shrub wetlands. Additionally, there is a pond at 6.76 acres. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. Per the Phase I Environmental Site Assessment (ESA) prepared by Earth Tech Environmental, LLC and National Resource Conservation Service (NRCS), the Part Swapped contains the following historical soil types: Holopaw fine sand, limestone substratum; Immokalee fine sand; Oldsmar fine sand, limestone substratum; Oldsmar fine sand; Basinger fine sand; Boca fine sand; Boca, Riviera, limestone substratum, and Copeland fine sands, depressional; Holopaw fine sand; and Pineda and Riviera fine sands. It is assumed that the parent tract is similar in quality. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support Land Summary - Parent Tract Before Swap Parcel ID Gross Land Area (Acres) Gross Land Area (Sq Ft) 00227280108 1,048.97 45,693,133 00227240300 00227240203 00227440207 Totals 1,048.97 45,693,133 Page 4064 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 38 development. Utilities: Electricity: LCEC Sewer: Ave Maria Utilities offsite currently serving Ave Maria Water: Ave Maria Utilities offsite currently serving Ave Maria Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is no street lighting along Oil Well Road. • Sidewalks: There are no sidewalks along Oil Well Road. • Curbs and Gutters: There are no curbs and gutters along Oil Well Road. • Curb Cuts: The subject currently has two curb cuts off Oil Well Road. • Landscaping: The subject has pasture lands, mulch processing areas and moderate to heavy vegetation in select areas. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AE and AH. Both Zone AE and AH are classified as a flood hazard area. FEMA Map Number: 12021C 0270 H FEMA Map Date: May 16, 2012 The subject is in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: A Phase I Environmental Site Assessment (ESA) was prepared by Earth Tech Environmental, LLC on December 9, 2024. This assessment has revealed no Historic Recognized Environmental Conditions (HRECs) and/or Controlled RECs (CRECs) in connection with the Subject Property. A review of previous reports associated with the overall Camp Keais property in 2020, which includes the Subject Property, did not reveal any significant concerns associated with the Subject Property. A small area of diesel fuel impacted soil was identified during a Phase II ESA associated with an active AST located on the adjoining property to the west (Mulch Processing Facility). Based on the information reviewed in the Phase II ESA and the relative distance from the Subject Property, ETE does not consider this to be a significant concern to the Subject Property. 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 parent site includes 1,048.97 acres or 45,693,133 square feet. It has frontage along Oil Well Road at 9,288± feet. The subject consists of approximately 135± acres of wetlands (as estimated by a GIS survey prepared by Barron Collier Companies). Per wetlands mapper from the US Fish & Wildlife survey, the property includes 135.24± acres of Freshwater Forested/Shrub wetlands. There is an Page 4065 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 39 additional pond at 6.76 acres. It is located in both AH and AE flood zones. Leases The county indicated that there are cattle leases associated with the property. The leases were not disclosed to these appraisers and county representatives indicated that they are short term. We reserve the right to readdress valuation upon disclosure of any long term leases. ZONING Zoning Code (A) within the Mobile Home Overlay (MHO) Zoning Authority Collier County Zoning Description Rural Agricultural District within the Mobile Home Overlay (MHO) Permitted Uses The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. The Mobile home Overlay (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. Current Use Legally Conforming The subject is legal and conforming use. Zoning Change Likely A zoning change consistent with the Rural Lands Stewardship Area Overlay is likely. Minimum Lot Area (SF) 5 acres Minimum Floor Area (SF) 550 square feet Minimum Street Frontage (Feet) 165 Front Set Back Distance (Feet) 50 Rear Set Back Distance (Feet) 50 Side Yard Distance (Feet) 30 Maximum Density/FAR 1/du per 5 acres; No maximum coverage ratio. Maximum Building Height (Feet) 35 Future Land Use Designation Rural Land Stewardship Area Overlay (RLSAO) - Open Lands. Includes 107.73 acres of the site is located within a Habitat Stewardship Area (HSA). The subject is identified as Open Lands within the Rural Lands Stewardship Area (RLSA). The subject southern border runs along the northern border of SSA 10. The southeastern 107.73 acres of the site is located within a Habitat Stewardship Area (HSA). The HSA are agricultural lands to be protected that are also habitat for listed species, which can be designated as SSAs. The County has designated several Natural Resource Protection Area (NRPA) overlays within the Rural Fringe Mixed Use District. Included in this designation is Habitat Stewardship Areas (HSAs) within the Rural Lands Stewardship Overlay. Listed animal and plant species and their habitats shall be protected Page 4066 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 40 through the establishment of Habitat Stewardship Areas (HSAs), as SSAs within the RLSA Overlay. HSAs are delineated on the Overlay Map and contain approximately 39,991 acres. HSAs are privately owned agricultural areas, which include both areas with natural characteristics that make them suitable habitat for listed species and areas without these characteristics. There are approximately 15,156 acres of cleared agricultural fields located in HSAs. Agriculture will continue to be a permitted use and its supporting activities will continue to be permitted as conditional uses within FSAs and HSAs, pursuant to the Agriculture Group classifications. The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive-based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. Through the RLSA program, Stewardship Sending Areas (SSAs) can be approved for preservation purposes, creating credits to entitle Stewardship Receiving Areas (SRAs), typically towns, villages, hamlets and compact rural developments (CRDs). The credit system is designed to incentivize preservation of the most important environmental lands, including large, connected wetland systems and significant habitat for listed species, by awarding higher credit values for high value preservation areas. Qualifying properties can increase their development density and expand permitted uses through an application process as well as the transfer and receipt of Stewardship Credits. The maximum permitted density under the Agricultural (A) zoning district is 1 dwelling unit per 5 acres. Qualifying properties can apply through the RLSA application process to increase residential development up to a maximum of 4 dwelling units per acre. Attachment C on the following page shows the Stewardship Receiving Area Characteristics. The SRA designation is intended to encourage and facilitate uses that enable economic prosperity and diversification of the economic base of the RLSA District, and encourage development that utilizes creative land use planning techniques and facilitates a compact form of development to accommodate population growth by the establishment of SRAs. Stewardship Credits generated from SSAs are exchanged for additional residential or non-residential entitlements in an SRA on a per acre basis. Density and intensity within the RLSA District shall not be increased beyond the Baseline Standards except through the provisions of the Stewardship Credit System, the affordable housing density Bonus as referenced in the density Rating System of the FLUE, and the density and intensity blending provision of the Immokalee Area Master Plan. Page 4067 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 41 Subject Parent Tract and Proposed Swap Land Parent Tract Swap land Page 4068 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 42 RLSA Overlay - Stewardship Receiving Area Characteristics Page 4069 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 43 Zoning Map – Eastern Section Folio 00137760103 Folio 00137640003 Page 4070 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 44 Zoning Map - Western Section Page 4071 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 45 Future Land Use Subject Page 4072 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 46 Aerial Subject Proposed Collier Rod & Gun Club Page 4073 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 47 Flood Map – Western Section Subject Page 4074 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 48 Flood Map – Eastern Southern Section Subject Page 4075 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 49 Wetlands Mapper Page 4076 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 50 Sketch of Description – Parent Tract Page 4077 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 51 GIS Aerial Showing Wetlands and HSA – Parent Tract HSA Page 4078 of 14062 CAMP KEAIS PARCEL SITE ANALYSIS - PARENT TRACT Page 52 Site Photographs Oil Well Road looking westerly towards intersection with Camp Keais Road (Photo Taken on January 8, 2025) Oil Well Road looking easterly (Photo Taken on January 8, 2025) Page 4079 of 14062 CAMP KEAIS PARCEL Page 53 Site Photographs Entrance (Photo Taken on January 8, 2025) Secondary entrance off Oil well Road (Photo Taken on January 8, 2025) Page 4080 of 14062 CAMP KEAIS PARCEL Page 54 Site Photographs Swap lands (Photo Taken on January 8, 2025) Swap lands (Photo Taken on January 8, 2025) Page 4081 of 14062 CAMP KEAIS PARCEL Page 55 Site Photographs Swap lands (Photo Taken on January 8, 2025) Interior roads in swap lands (Photo Taken on January 8, 2025) Page 4082 of 14062 CAMP KEAIS PARCEL Page 56 Site Photographs Interior roads (Photo Taken on January 8, 2025) Swap lands (Photo Taken on January 8, 2025) Page 4083 of 14062 CAMP KEAIS PARCEL REAL ESTATE TAXES AND ASSESSMENTS Page 57 REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non-homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non-homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non-homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The property tax identification number and assessed value of the property for tax year 2024 are as follows: The subject parcels are county owned and tax exempt. The tax assessment for subject property is currently $13,333 per acre. Based on our valuation analysis, the subject’s assessment appears low but reasonable. Real Estate Assessment and Taxes Tax ID Land Improvements Total Tax Rate Total Taxes 00227280108 $6,641,190 $0 $6,641,190 1.20221%$0 00227240300 $1,755,675 $0 $1,755,675 1.20221%$0 00227240203 $5,397,435 $0 $5,397,435 1.20221%$0 00227440207 $191,200 $0 $191,200 1.20221%$0 Totals $13,985,500 $0 $13,985,500 $0 Notes:The subject parcels are county owned and tax exempt. Page 4084 of 14062 CAMP KEAIS PARCEL HIGHEST AND BEST USE Page 58 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 If Vacant Physically Possible The parent tract is 1,048.97 acres or 45,693,133 square feet with 9,288 feet of frontage along Oil Well Road (Two laned primary arterial). The subject has level topography. The subject consists of approximately 135± acres of wetlands (as estimated by a GIS survey prepared by Barron Collier Companies). Per wetlands mapper from the US Fish & Wildlife survey, the property includes 135.24± acres of Freshwater Forested/Shrub wetlands. Additionally, there is a pond at 6.76 acres. The subject's utilities are typical and adequate for the market area. Ave Maria Utilities currently services Ave Maria and there is assumed to be excess capacity which could service the subject site. Capacity was not verified by Barron Collier Companies. The County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the campus property from Barron Collier Companies. We reserve the right to readdress valuation should these assumptions be proven otherwise. The parent site is irregular in shape. The site is located in a FEMA flood zone AE and AH area per FEMA Flood Map Number: 12021C 0270 H, dated May 16, 2012, which is classified as a flood hazard area. There are no known physical reasons that would unusually restrict development. The site is considered to have a functional utility suitable for a variety of uses. 1 The Dictionary of Real Estate Appraisal 7th ed. (Chicago: Appraisal Institute, 2022) Page 4085 of 14062 CAMP KEAIS PARCEL HIGHEST AND BEST USE Page 59 Legally Permissible The subject site is zoned Rural Agricultural District within the Mobile Home Overlay (MHO) ((A) within the Mobile Home Overlay (MHO)), which allows single family homes, agricultural activities, family care facilities, schools, and conservation. The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. The Mobile home Overlay (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. The future land use is designated as Open Lands within the Rural Land Stewardship Area Overlay (RLSAO). The southeastern portion of the site is located within a Habitat Stewardship Area (HSA). The HSA are agricultural lands to be protected that are also habitat for listed species, which can be designated as SSAs. In reviewing the development of the nearby Collier Rod & Gun Club, it appears the HSA lands have been incorporated for recreational uses including for sporting activities (archery and shooting) and a golf course. Similar incorporation of the subject HSA as recreational use including possible equestrian and polo fields similar to those in Lakewood Ranch in Sarasota County would accentuate the value of the subject development tract and continue the theme of the nearby Collier Rod & Gun Club. The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive-based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. Through the RLSA program, Stewardship Sending Areas (SSAs) can be approved for preservation purposes, creating credits to entitle Stewardship Receiving Areas (SRAs), typically towns, villages, hamlets and compact rural developments (CRDs). The credit system is designed to incentivize preservation of the most import environmental lands, including large, connected wetland systems and significant habitat for listed species, by awarding higher credit values for high value preservation areas. Qualifying properties can increase their development density and expand permitted uses through an application process as well as the transfer and receipt of Stewardship Credits. The maximum permitted density under the Agricultural (A) zoning district is 1 dwelling unit per 5 acres. Qualifying properties can apply through the RLSA application process to increase residential development up to a maximum of 4 dwelling units per acre. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only agricultural type or recreational uses on the HSA lands or future Page 4086 of 14062 CAMP KEAIS PARCEL HIGHEST AND BEST USE Page 60 residential uses on open lands are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory increased in 2023 and 2024 as demand declined due to continued increases in interest rates. Pricing has generally stabilized and is projected to remain fairly stable through 2025. The recent 50 basis point decrease and subsequent 25 basis point decreases in the federal funds rate, as well as the projected future decreases through 2025, are expected to further stabilize the commercial market and potentially increase demand for both residential and commercial property. On this basis, barring unforeseen changes in the market, only agricultural type or recreational uses on the HSA lands or future residential uses on open lands that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Agricultural and/or recreational uses (HSA Lands) and future residential development consistent with the future land use is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, agricultural and/or recreational uses (HSA lands) and future residential development consistent with the future land use is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements with any significant contributory value are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size, class, and location of the property, the most probable buyer is an owner-user, investor or developer. Page 4087 of 14062 CAMP KEAIS PARCEL VALUATION METHODOLOGY Page 61 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 4088 of 14062 CAMP KEAIS PARCEL VALUATION METHODOLOGY Page 62 ANALYSES APPLIED A cost analysis was considered and was not developed because the subject tract is vacant land. 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 4089 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 63 SALES COMPARISON APPROACH 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 We have researched six 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 Zoning Comp City Acres Price Per Acre Subject Southeast corner of Oil Well Road (C.R. 858) and Camp Keais Road 1/8/2025 A-MHO Subject Immokalee 1,048.97 1 22750 and 23350 Palm Beach Blvd.3/8/2022 $2,770,800 Agricultural AG-2 1 Alva 230.90 $12,000 2 20750, 21050 & 21070 Palm Beach Blvd.1/12/2023 $3,200,000 AG-2 Agricultural 2 Alva 178.00 $17,978 3 39450 Bermont Road 12/18/2024 $13,300,000 AG - Agricultural 3 Punta Gorda 1,009.10 $13,180 4 2650 State Road 31 8/29/2022 $3,250,000 AG - Agricultural 4 Punta Gorda 220.00 $14,773 5 17850 Wildcat Drive 4/28/2023 $2,500,000 AG-2 Agricultural 5 Fort Myers 100.78 $24,807 6 1330 20th Street SE Pending Contract $4,015,000 Agricultural (A) 6 Naples 154.63 $25,965 Page 4090 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 64 Comparable 1 Listed at $4,194,000 via MLS # 221038690 on 5/28/2021. Price reduced to $3,495,000 on 8/26/2021 and listing expired on 11/25/2021. Relisted at MLS # 221083000 on 12/1/2021 for $3,262,000 and pended on 12/1/2021. Non producing orange grove. Infrastructure is in place to refurbish and replant the grove or push and start a farming operation. The buyer is an investor who is not farming the site. The properties are not contiguous. Future land use is rural. The eastern 78 acres (25-43-27-00-00005.0000) resold in August 2022 for $2,425,600. It was not publicly marketed and unknown if the resale was arm's length. The sites have minimal wetlands exposure. Comparable 2 Sale included Folios 27-43-27-00-00042.0000, 27-43-27-00-00043.0000, 28-43-27-00- 00019.0000 and 28-43-27-00-00020.0000. Property is bisected by east and west FPL easement at 100 feet. Water and sewer are approximately 5 miles west on State Road 80 from the site per Mr. Ward. Future Land Use is Urban Community which allows up to 6 units per acre. Buyers are investors who relisted the property at $9,000,000 with a long term view. The previous owner started a rezoning process; however, the application was withdrawn before its completion. Previous discussion and submission to the county contemplated 694 residential units, 200,000 square feet of Commercial Development, and a 150-key hotel. This plan made it quite a way through the rezoning process, and an extensive amount of engineering work was completed. However, the application was ultimately withdrawn by a previous owner. The current owner is in the process of rekindling this failed zoning to see the project through. Comparable 3 Originally listed at $20,000,000. A former multi-themed outdoor adventure park with agricultural zoning. Designed for ATV/UTV and motocross riders, the property has five professionally designed tracks and off-road trails, two mud zones and 300 ft. sand drag strip. More than 2,000,000 Cubic Yards of clean material removed from on-site lakes to construct the extensive tracks and parking surfaces. Improvements include five modular buildings, offices, ticketing shelters, tiki huts, wells, septic systems, three-phase power and fiberoptic internet. Marketed as an opportunity for material extraction, RV park, farming, hunting, or other agricultural uses in addition to the existing recreation component. Future land uses include Agriculture at 883 acres and Resource Conservation at 126 acres. Includes Freshwater Forest/Shrub wetlands and Freshwater Emergent Wetlands at 119± acres including 90± acres along Shell Creek. FEMA zone A lands include 280± acres. Buyer has not disclosed potential use. Page 4091 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 65 Comparable 4 Listed for $3,500,000 on 6/19/2022. Pended on 6/28/2022. Property included a residence at 1,218 sf circa 1974. Also included carports, sheds, mobile home and pole barn at 3,748 sf. All built between 1967 and 1974. Future land use is agricultural. No wetlands. Comparable 5 Property was originally listed on 8/29/2022 for $3,999,999. There were price decreases on 2/1/2023, 2/17/2023 and 2/28/2023 to $3,799,900, $3,499,999 and $3,399,999, respectively. This listing, MLS No. 222063258, terminated on 3/1/2023. The property was relisted, MLS No. 223016355, on 3/1/2023 at $3,399,999, there were price decreases on 3/9/2023,3/18/2023, 4/4/2023 and 4/15/2023 to $3,300,000, $3,200,000, 3,198,999 and $2,999,999, respectively. The property pended on 4/16/2023. It was marketed as an area near future development. The future land use is Density Reduction/Groundwater Resource (70.35%) and Wetlands (29.65%). Per the U.S. Fish and Wildlife Service, it includes 32.25± acres of Freshwater Forested /Shrub Wetlands. A corrective deed recorded as Instrument No. 2023000282266 states that the seller names was Paul Dinger. Since the sale, the property was listed at $3,499,000 on 2/07/2024 with a price increase to $4,499,000 on 5/18/2024. The property is currently identified as Zone X flood zone based on FEMA Map 12071C 0650 F dated 8/28/2008. We note that remapped lands to the east in Collier County are almost entirely zoned AH per a map dated 5/16/2012. Wildcat Drive is a private easement access road with sand and gravel. Comparable 6 Property includes 11 parcels ranging from 5 to 40 acres. Folios 301320007, 300880001, 299120005, 300800007, 299800008, 299440002, 301800006, 299480004, 299680008, 299560005 and 299920001. It was marketed in bulk at $7,750,000.The parcels are included within the Rural Fringe Mixed Use Overlay, designated as Neutral Land (114.63-acres) and Sending Land (40 acres). All parcels are part of the North Belle Meade Overlay. The sale was approved at a 10/22/2024 meeting of the Collier County Board of Commissioners subject to a Phase 2 environmental assessment. Sale price was based on 100% of appraised value. Access to the parcels is via sand and gravel roads or trails. Property has minimal wetlands. The sending lands were marketed for TDR use at 91.70 credits. Mr. Saluan noted that the north 40 acres which was marketed individually at $5,000,000 was overpriced. He mentioned that there were several 'tire kickers' but no other significant interest. Page 4092 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 66 Comparables Map 2 Page 4093 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 67 Analysis Grid The above sales have been analyzed and compared with the subject property. We 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 4094 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 68 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% Financing American AgCredit, FLCA at $1,815,528 0.0%Conventional at $1.8M 0.0%Cash sale 0.0%Cash sale 0.0%Cash sale 0.0%Cash sale 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% Market Trends Through 1/1/2023 15.0% Subsequent Trends Ending 1/8/2025 5.0% Location % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Topography / Wetlands % Adjustment $ Adjustment Shape % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Flood Zone % Adjustment $ Adjustment Net Adjustments Gross Adjustments $15,596 $22,070$17,959 0.0% $26,954 -15.0% $17,078 15.0% $23,775 5.0% 35.0% Adjusted Acre Unit Price 15%20% Adjusted Acre Unit Price 0.3%10.4% $13,180 20% $3,421 -$1,298 154.63 -5% 0.0% $0 Minimal -$1,298 0% -5% Zone X per FIRM 12071C 0650 F $0 $0 $0 AG-2 Agricultural 0% 0%-5% 5% 32% Irregular 0% Nearly square -$855-$264 $0 -2% Zones X and A per FIRM 12015 C 0300 G Agricultural (A) 18.0% 45.0%22.0% 20.0% -5% Zone X per FIRM 12082C 0328 G A-MHO AE and AH $0 0% $0 13% 178.00 -$991 $1,981 Nearly square and rectangle Irregular Zone X per FIRM 12071C 0329 F -5% -$743 Irregular -$743 -$991 -5% 1,048.97 $2,972 -5% $13,456 12.1% $2,228 230.90 -5% Alva 0.0% $19,812 10.2% $17,978 15% Adjusted Acre Unit Price $14,851 Ave Maria 10.4% Alva $17,978 Fee Simple Transaction Adjustments Adjusted Acre Unit Price $12,000 $13,180 Punta Gorda Southeast corner of Oil Well Road (C.R. 858) and Camp Keais Road 20750, 21050 & 21070 Palm Beach Blvd. AlvaImmokalee $13,180 1,009.10 39450 Bermont Road 230.90 12/18/2024 $13,300,000$2,770,800 1,048.97 $12,000 178.00 Alva 22750 and 23350 Palm Beach Blvd. 20750 - 21070 Palm Beach Blvd. 22750 and 23350 Palm Beach Blvd. Comp 2 $17,978 Camp Keais Parcel Land Analysis Grid Comp 1 Comp 4 2650 State Road 31 Comp 5 39450 Bermont Road Comp 3 Charlotte County 0% Minimal $2,228 -$743 Agricultural AG-2 15% AG-2 Agricultural $2,643 $0 AG - Agricultural $13,217 1,009.10 0%10% 12% 0% $0 0% Fort Myers 220.00 Charlotte County -$2,695 $24,807 0% -$855 26% $991 $0 Irregular -$855 -5%0%5% 1330 20th Street SE AG - Agricultural Symphony Properties2650 State Road 31 $14,773 8.7% Pending Contract $25,965 4.9% $2,500,000 17850 Wildcat Drive $3,250,000 Punta Gorda 8/29/2022 Zone X per FIRMS 12015C 0300G & 0325 G $4,015,000 Naples 220.00 $15,497 None -5% $25,965 100.78 $25,965 154.63 0.0% 0.0% 4/28/2023 17850 Wildcat Drive Comp 6 0.0% $24,807 North Belle Meade $25,965 $24,807 $14,773 100.78 10% $26,954 SE Lee County -5% -10% $2,695 Irregular -$1,348 $0 Zone AH per FIRMS12021C 0430 H & 0435 H 0% -$1,298 $0 0% $0 $1,348 30.0%15.0% 1/12/20231/8/2025 3/8/2022 $3,200,000 40.0% -5% $17,104 Page 4095 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 69 Comparable Land Sale Adjustments Comparable 3 was a former sports park. It was marketed for a variety of uses. No adjustment could be supported for the improvements for the failed sports park; therefore, none is made. Comparable 4 included a small residence, mobile home and pole barn. No adjustment could be supported; therefore, none is made. Comparable 6 include several cabins. It was marketed at land value and no adjustment was indicated. Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm’s length transactions; therefore, no adjustments for conditions of sale are required. Comparable 6 is a pending sale. The price shown in the grid is the pending sale price. We consider the property was exposed to the open market, but the seller decided to contract with Collier County. This will be considered in reconciliation. Page 4096 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 70 Economic Trends The following graph developed from CoStar shows raw residential and agricultural land sales in the Charlotte, Collier, Lee County marketplace since January 1, 2021. The survey was limited to properties greater than 75 acres. Certain outliers were excluded including developed subdivisions and multi-family lands. The survey included 38 transactions. Prices per acre ranged from $1,718 to $149,745 per acre and averaged $36,042 per acre. Properties ranged from 79 to 2,755 acres and averaged 477 acres. The graph indicates an increasing trend in sales prices from January 2021 through the current date. However, it is noted this is unadjusted raw data and does not relate directly to the subject. The analyses and value opinion in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand and significant price increases for the industrial sector and select retail and office properties. Additionally, we consider the rapid price increases during and just following the pandemic. This period included significant population surge in all three counties which increased demand for residential developments. The subject tract is agricultural in current use with future residential potential. Based on the previous analysis, we have applied a 15.0% annual adjustment though December 31, 2022 and a 5.0% annual adjustment from 2022 through the current date. Page 4097 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 71 Location The following table summarizes the population growth, average household income and home values within a two mile radius. Subject and Comparable 6 are located in Collier County. Comparables 1, 2 and 5 are located in Lee County. Comparables 3 and 4 are located in Charlotte County. The subject property is located east of Ave Maria on Oil Well Road. It is also located adjacent to the west of the proposed Collier Rod & Gun Club. Utilities, water and sewer, are reportedly to the west in Ave Maria at approximately 1.5 miles. It has the third lowest population density but the with second highest household incomes and highest home values. The nearby population density should increase with continued development of Ave Maria. Comparables 1 and 2 are in a future development corridor along Palm Beach Blvd/State Road 80. Utilities are reportedly several miles west of these sites. The Alva area has half the population density of subject but significantly higher household incomes and home values. Comparables 3 and 4 are rural in character with no available utilities nearby or anticipated in the future. These comparables are agricultural in character although Comparable 3 was once employed as a sports park. Comparable 5 is in SE Lee County near the Corkscrew corridor at the Lee and Collier border. This area is rural in character but long-term prognosis is for the extension of the Corkscrew road corridor development occurring several miles to the west. There is no near term availability of utilities. Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Address Oil Well and Camp Keais Roads 22750 and 23350 Palm Beach Blvd. 20750, 21050 & 21070 Palm Beach Blvd. 39450 Bermont Road 2650 State Road 31 17850 Wildcat Drive 1330 20th Street SE City Immokalee Alva Alva Punta Gorda Punta Gorda Fort Myers Naples 2024 Population 57 2,303 2,034 12 0 519 4,245 2029 Population 62 2,573 2,190 14 0 580 4,620 % Change 8.77%11.72%7.67%16.67%N/A 11.75%8.83% Avg Household Income $130,746 $107,110 $114,559 $135,651 $0 $119,247 $116,730 Median Home Value $483,333 $391,718 $491,071 $450,000 $0 $566,176 $438,268 Average Home Value $708,036 $599,474 $563,561 $475,000 $0 $873,973 $455,858 Traffic Count Street Oil Well Palm Beach Palm Beach Bermont SR 31 Corkscrew Golden Gate Frontage Direct Direct Direct Direct Direct Indirect Indirect Count 13,700 24,000 24,000 8,400 6,800 6,800 33,000 Source: STDB Online and Department of Transportation Locational Adjustment - Site to Do Business (2 Mile Radius) Page 4098 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 72 Comparable 6 is located in the North Belle Meade near an area of Golden Gate Estates/Rural Estates. While the North Belle Meade is sparsely populated with poor road and trial access, the Estates area is generally subdivided into 1.14 to 2.25 acre tracts. Well and septic is required in the North Belle Meade and the Estates. This area has the highest population density due to its proximity to Greater Naples. Subject and Comparables 1 through 4 are located on primary arterials. In the evaluation of the sites, emphasis is given to subject’s nearby availability to utilities and its proximity to Ave Maria and the proposed Collier Rod & Gun Club. All comparables are evaluated and adjusted for accordingly. Size The following was developed with data from the trend analysis survey. For this analysis, Comparables 1, 2, 4, 5 and 6 are adjusted for their smaller size. Topography / Wetlands The subject property overall includes a mixture of mostly pasture lands and mulch processing area. It includes Fresh Emergent Wetlands, Freshwater Forested/Shrub Wetlands and Freshwater Ponds. Comparables 1 and 4 are crop lands with minimal to no wetlands exposure. Comparable 2 had significant vegetation and wetlands exposure. Comparable 3 had a mixture of cleared, improved lands and moderate to heavy vegetation similar percentage wetlands to subject. Comparable 5 was primarily crop land with a large percentage of wetlands exposure. Comparable 6 had a mixture of cleared and moderate to heavy vegetation with minimal wetlands. All comparables are evaluated and adjusted for accordingly. Page 4099 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 73 Configuration Comparable 1 includes two non-contiguous parcels. Comparable 2 is bisected by an FP&L line. Both are adjusted for accordingly. No adjustment could be quantified for configuration differences for Comparables 3, 4, 5, and 6. Zoning All of the comparables are similar in terms of zoning; therefore, no adjustments are required. Flood Zone The subject and Comparable 6 are located within impacted AH and or AE flood zones. Comparable 3 is partially impacted by its A zone location but is mostly X zone. Comparables 1, 2, 4 and 5 all have superior X zone locations. All comparables are evaluated and adjusted for accordingly. Other Transactions Neal Communities recently received rezoning approval to develop a 1,099 home development on 788 acres of mostly agricultural land, with 420 acres preserved under conservation easements. The tracts with multiple ownerships are located north of the Caloosahatchee River between North River Road and Duke Highway in Lee County. The RPD plan calls for over 60% of the land be open space, with 420 acres preserved under conservation easements. Conditions also call for the creation of 300 acres of rare and unique upland habitat and the restoration or protection of an additional 20 acres, allowing a density incentive for additional homes over and above the one per acre that is called for in the county Comprehensive Growth Management Plan. The property benefits from its proximity to nearby Babcock Ranch and nearby urban areas in Lee County via I-75. Per William H. Rollins, JR. CCIM, ALC with LSI Companies, the property will be serviced by its own utility plant. Although he is not involved in the transaction, he offered that land prices would be between $27,000 to $29,000± per acre. He noted that Neal Communities incurred the time and cost of rezoning. We could not independently confirm Mr. Rollins’ information. Page 4100 of 14062 CAMP KEAIS PARCEL SALES COMPARISON APPROACH Page 74 Sales Comparison Approach Conclusion – Land Valuation All of the value indications have been considered. Comparables 1, 2 and 5 are in future growth corridors similar to subject. Comparables 3 and 4 are located in rural areas that will likely remain agricultural for the next 10 years. Comparable 6 is the only Collier comparable. Finally, we consider the relatively large size of the parent tract. Based on the preceding analysis, we arrive at our final reconciled per acre value of $21,500. 6 % Δ 29.97% 3.81% 13.55% $22,550,000Reconciled Final Value: Reconciled Value/Unit Value: Number of Comparables:Unadjusted Adjusted $15,596 $26,954 $20,572 $25,965 $18,117 $12,000 Land Value Ranges & Reconciled Values Low: Subject Size: High: Average: Indicated Value: $21,500 1,048.97 $22,552,855 Page 4101 of 14062 CAMP KEAIS PARCEL DESCRIPTION OF PART SWAPPED Page 75 VALUATION ANALYSIS OF PART SWAPPED AND REMAINDER PROPERTY DESCRIPTION OF PART SWAPPED The part swapped consists of primarily pasture lands and some moderate to heavy vegetation. The future land use includes Open Lands within the Rural Lands Stewardship Area (RLSA). The subject southern border runs along the northern border of SSA 10. The southeastern 107.73 acres of the site is located within a Habitat Stewardship Area (HSA). The HSA are agricultural lands to be protected that are also habitat for listed species, which can be designated as SSAs. Land Area: 439.00 acres; 19,122,840 square feet Shape: Irregular Proposed Improvements Taken: There are no improvements on the parent tract or the part swapped. Aerial - Part Swapped Page 4102 of 14062 CAMP KEAIS PARCEL VALUE ANALYSIS PROPOSED PART SWAPPED Page 76 VALUE ANALYSIS PROPOSED PART SWAPPED The market value of the fee simple interest of the parent tract was previously estimated via the Sales Comparison Approach to have a unit value of $21,500 per acre. In valuing the part swapped, we consider the tract is smaller than the parent tract which is a positive influence on the value per acre. However, the part swapped is located further from the future potential utility connections with Ave Maria, which is a negative influence on the value per acre. We also consider the part swapped includes the 107.73 acres of protected HSA lands, a negative influence. Finally, we consider the part swapped abuts sporting land (HSA lands) in the proposed Collier Rod & Gun Club as well as other lands controlled by Barron Collier Companies, a positive influence. The result is offsetting positive and negative influences on value, or no net change in value per acre from the parent tract. As previously stated, the Proposed Part Swapped will be transferred in Fee Simple Interest. 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) Therefore, the Proposed Part Swapped includes 100% of the fee simple value. The concluded value of the Proposed Part Swapped is shown in the following table. The valuation of the remainder property, as part of the whole is shown in the following table. VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $22,550,000 Less Market Value of the Proposed Part Swapped: $9,440,000 Total Market Value of the Remainder Property, As Part of the Whole: $13,110,000 Effective Date(s) January 8, 2025 Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Proposed Part Swapped Proposed Part Swapped $21,500 439.00 $9,438,500 $9,440,000 Total $9,440,000 Value Indications Proposed Part Swapped Page 4103 of 14062 CAMP KEAIS PARCEL DESCRIPTION OF REMAINDER PROPERTY AS SEVERED Page 77 VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED DESCRIPTION OF REMAINDER PROPERTY AS SEVERED The remainder property will consist of 609.97000 acres or 26,570,293 square feet. The remainder property will consist of a relatively similar shape as before the swap, since the part swapped consists the eastern portion of the parent tract. The remainder property’s overall access, easements, availability to utilities, topography, land use designation, and zoning are unchanged. The remainder property is located closer to Ave Maria utilities and has no HSA lands. It does not abut the proposed Collier Rod & Gun Club. The property has similar frontages along Oil Well Road as the part swapped. REMAINDER PROPERTY, AFTER THE SWAP Land Area: Total: 609.97000 acres; 26,570,293 square feet Shape: The parent site is irregular in shape. Road Frontage/Access: The remainder property has average access with frontage as follows: • Oil Well Road (Two laned primary arterial): To be determined It is not a corner lot. Improvements: The remainder parcel is undeveloped and vegetated. Proposed Acquisition: The part swapped consists of the eastern 439.00 acres of the parent tract. Highest and Best Use As Vacant Agricultural and/or recreational uses (HSA Lands) and future residential development consistent with the future land use VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED The Remainder Property will have a similar highest and best use as the parent parcel. In the interim, both the remainder property and part swapped will likely remain agricultural; however, the part swapped, located adjacent to the proposed Collier Rod & Gun Club could benefit from the proximity to the new development. We previously estimated the fee simple market value of the parent tract at $21,500 per acre. The remainder property has both positive and negative influences on value which results in no net change in value per acre from the parent tract. Therefore, we conclude to a final reconciled per acre $21,500 for the remainder property. The concluded value of the Remainder Property is shown in the following table. Page 4104 of 14062 CAMP KEAIS PARCEL SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Page 78 SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Severance damages are calculated as the negative difference between the value of the remainder property, as part of the whole, and the value of the remainder property, as severed. When the value of the remainder property, as severed, is less than the value of the remainder property, as part of the whole, the difference is the actual measurement of the damages to the remainder property. When the value of the remainder property, as severed, is greater than the value of the remainder property, as part of the whole, the difference is not damage but is considered a benefit. Severance damages are calculated in the following table. COST TO CURE ANALYSIS Based on the analysis of the remainder property, there is no net cost to cure. SPECIAL BENEFITS ANALYSIS Based on the analysis of the remainder property, there are no special benefits. Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Remainder Property Land Area $21,500 609.97 $13,114,355 $13,110,000 Total $13,110,000 Value Indications Remainder Property, After Swap Value of the Whole $22,550,000 Less Value of the Part Swapped $9,440,000 Value of the Remainder Property as Part of the Whole $13,110,000 Value of the Remainder Property as Severed $13,110,000 Difference (Severance Damages)$0 Special Benefits $0 Net Damages $0 Severance Damages to the Remainder Property Page 4105 of 14062 CAMP KEAIS PARCEL SUMMARY AND CONCLUSION Page 79 SUMMARY AND CONCLUSION Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), we have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise: Market Value, As Is Interest Appraised: Fee Simple Date of Value: January 8, 2025 Parent Parcel Before Swap: $22,550,000 Proposed Part Swapped: $9,440,000 Remainder Parcel: $13,110,000 Concluded Value per Acre: $21,500 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: In previous valuations of the subject parent tract, it was asserted that Ave Maria Utilities, which currently services Ave Maria, has excess capacity which could service the subject site. Extension of utilities would increase the quality of the subject property. Capacity was not verified by Barron Collier Companies. The County requested that the same assumptions be used for utilities as were employed in the appraisal prepared for the 2021 purchase of the campus property from Barron Collier Companies. We reserve the right to readdress valuation should these assumptions be proven otherwise. Page 4106 of 14062 CAMP KEAIS PARCEL CERTIFICATION Page 80 CERTIFICATION We certify that, to the best of our 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 our personal, unbiased professional analyses, opinions and conclusions. 3. We 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. We 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. K. C. Lowry, MAI, CPA has made a personal inspection of the subject property. Rachel M. Zucchi, MAI, CCIM has not made a personal 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 4107 of 14062 CAMP KEAIS PARCEL CERTIFICATION Page 81 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. K. C. Lowry, MAI, CPA and Rachel M. Zucchi, MAI, CCIM have 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, K. C. Lowry, MAI, CPA and Rachel M. Zucchi, MAI, CCIM have completed the continuing education program for Designated Members of the Appraisal Institute. K. C. Lowry, MAI, CPA Florida State-Certified General Real Estate Appraiser RZ #2355 klowry@rklac.com; Phone 239-596-0802 Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0801 Page 4108 of 14062 CAMP KEAIS PARCEL ASSUMPTIONS AND LIMITING CONDITIONS Page 82 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 4109 of 14062 CAMP KEAIS PARCEL ASSUMPTIONS AND LIMITING CONDITIONS Page 83 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 4110 of 14062 CAMP KEAIS PARCEL ASSUMPTIONS AND LIMITING CONDITIONS Page 84 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 4111 of 14062 CAMP KEAIS PARCEL ASSUMPTIONS AND LIMITING CONDITIONS Page 85 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 4112 of 14062 CAMP KEAIS PARCEL ADDENDA - APPRAISER QUALIFICATIONS ADDENDA Page 4113 of 14062 CAMP KEAIS PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS Page 4114 of 14062 CAMP KEAIS PARCEL 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 4115 of 14062 CAMP KEAIS PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF KENNETH C. LOWRY, MAI, CPA REAL ESTATE EXPERIENCE: RKL APPRAISAL AND CONSULTING, PLC Naples, Florida Partner (2009 – Present) INTEGRA REALTY RESOURCES – SOUTHWEST FLORIDA - NAPLES Naples, Florida Senior Real Estate Analyst (1996 – 2009) STEVEN GRAVES ASSOCIATES Greenwood, Indiana Fee Appraiser (1994 – 1996) AVL APPRAISAL SERVICES, INC. Greenwood, Indiana Appraiser/Vice President (1991 – 1996) AMERICAN COMMUNITY DEVELOPMENT CORPORATION Indianapolis, Indiana Controller (1990 – 1991) MANSUR DEVELOPMENT, INC. Indianapolis, Indiana Senior Accountant (1988 – 1990) PROFESSIONAL ACTIVITIES: Member: Licensed: Licensed: Appraisal Institute – MAI Certificate No. 12501 Florida State Certified General Real Estate Appraiser License No. RZ 2355 Indiana State – Certified Public Accountant #CPO8800355 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County, Lee County, and Charlotte County EDUCATION: Bachelor of Science-1981; Indiana University–Bloomington; School of Business; Accounting Major. Successfully completed numerous real estate and business valuation courses and seminars sponsored by the Appraisal Institute, Institute of Business Appraisers, accredited universities and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since the early 1990’s. Practice is focused on community/neighborhood shopping centers, power centers, office buildings, warehouse/distribution, multi-family, condominium projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisals, business valuations, market feasibility studies, and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, business/industry and government, and mortgage bankers. Valuations have been performed for condemnation purposes, estate, financing, and due diligence support. Page 4116 of 14062 CAMP KEAIS PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS Page 4117 of 14062 CAMP KEAIS PARCEL 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 (2023-2026) 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 4118 of 14062 CAMP KEAIS PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS Page 4119 of 14062 CAMP KEAIS PARCEL ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION Page 4120 of 14062 $ 13,553,200 $ 0 $ 14,417,500 $ 0 $ 0 $ 5,397,435 $ 0 $ 5,397,435 $ 5,397,435 $ 0 $ 0 $ 0 $ 0 $ 0 Collier County Property AppraiserProperty Summar y Parcel ID 00227240203 Site Address *Disclaimer Site City IMMOKALEE Site Zone *Note 34142 Name / Address COLLIER CNTY 3335 TAMIAMI TRAIL EAST STE 101 City NAPLES State FL Zip 34112 Map No.Strap No.Section Township Range Acres *Estimated 3E22 000100 003 03E22 22 48 29 399.81 Legal 22 48 29 THAT PORTION OF SEC 22 AS DESC IN OR 5931 PG 2913 Millage Area 242 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 86 - COUNTIES INCLUDING NON-MUNICIPAL GOV.4.3132 7.7089 12.0221 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 04/13/21 5931-2913 01/01/14 4998-865 12/21/98 2493-2779 06/01/82 975-674 09/01/80 884-1432 2024 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value Ad Valorem Taxes (+) Non-Ad Valorem Taxes (=) Total Taxes Values are as of January 1st each year. If all values are 0, this parcel was created after the Final Tax Roll. Disclaimer: The actual total property taxes may vary due to changes in millage rates set by taxing authorities, the addition of non-ad valorem assessments, and special assessments. For the most accurate and up-to-date tax information, please visit the CollierCounty Tax Collector's office to see the final Tax bills. 1/24/25, 4:24 PM Details https://www.collierappraiser.com/main_search/recorddetail.html?sid=&Map=No&FolioNum=00227240203 1/1Page 4121 of 14062 $ 13,553,200 $ 4,500,000 $ 1,755,675 $ 0 $ 1,755,675 $ 1,755,675 $ 0 $ 0 $ 0 $ 0 $ 0 Collier County Property AppraiserProperty Summar y Parcel ID 00227240300 Site Address *Disclaimer Site City IMMOKALEE Site Zone *Note 34142 Name / Address COLLIER CNTY 3335 TAMIAMI TRAIL EAST STE 101 City NAPLES State FL Zip 34112 Map No.Strap No.Section Township Range Acres *Estimated 3E22 000100 004 03E22 22 48 29 130.05 Legal 22 48 29 SW1/4 OF NW1/4, NW1/4 OF SW1/4, N 825FT OF SW1/4 OF SW1/4, W1/2 OF NE1/4 OF SW1/4, N 825FT OF W1/2 OF SE1/4 OF SW 1/4, LESS THAT PART OFTHE ABOVE DESCRIBED LANDS THAT IS INCLUDED IN THE LEGAL DESC IN OR 5931 PG 2924 Millage Area 242 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 86 - COUNTIES INCLUDING NON-MUNICIPAL GOV.4.3132 7.7089 12.0221 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 04/13/21 5931-2913 12/08/94 2009-1546 2024 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value Ad Valorem Taxes (+) Non-Ad Valorem Taxes (=) Total Taxes Values are as of January 1st each year. If all values are 0, this parcel was created after the Final Tax Roll. Disclaimer: The actual total property taxes may vary due to changes in millage rates set by taxing authorities, the addition of non-ad valorem assessments, and special assessments. For the most accurate and up-to-date tax information, please visit the CollierCounty Tax Collector's office to see the final Tax bills. 1/24/25, 4:33 PM Details https://www.collierappraiser.com/main_search/recorddetail.html?sid=&Map=No&FolioNum=00227240300 1/1Page 4122 of 14062 $ 13,553,200 $ 0 $ 14,417,500 $ 0 $ 0 $ 6,641,190 $ 0 $ 6,641,190 $ 6,641,190 $ 0 $ 0 $ 0 $ 0 $ 0 Collier County Property AppraiserProperty Summar y Parcel ID 00227280108 Site Address *Disclaimer 6875 ROCK SPRINGS RD Site City IMMOKALEE Site Zone *Note 34142 Name / Address COLLIER CNTY 3335 TAMIAMI TRAIL EAST STE 101 City NAPLES State FL Zip 34112 Map No.Strap No.Section Township Range Acres *Estimated 3E23 000100 002 03E23 23 48 29 491.94 Legal 23 48 29 THAT PORTION OF SEC 23 AS DEC IN OR 5931 PG 2913 Millage Area 242 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 86 - COUNTIES INCLUDING NON-MUNICIPAL GOV.4.3132 7.7089 12.0221 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 04/13/21 5931-2913 01/01/14 4998-865 12/21/98 2493-2779 06/01/82 975-674 09/01/80 884-1432 2024 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value Ad Valorem Taxes (+) Non-Ad Valorem Taxes (=) Total Taxes Values are as of January 1st each year. If all values are 0, this parcel was created after the Final Tax Roll. Disclaimer: The actual total property taxes may vary due to changes in millage rates set by taxing authorities, the addition of non-ad valorem assessments, and special assessments. For the most accurate and up-to-date tax information, please visit the CollierCounty Tax Collector's office to see the final Tax bills. 1/24/25, 4:35 PM Details https://www.collierappraiser.com/main_search/recorddetail.html?sid=&Map=No&FolioNum=00227280108 1/1Page 4123 of 14062 $ 13,553,200 $ 0 $ 14,417,500 $ 0 $ 0 $ 191,200 $ 0 $ 191,200 $ 191,200 $ 0 $ 0 $ 0 $ 0 $ 0 Collier County Property AppraiserProperty Summar y Parcel ID 00227440207 Site Address *Disclaimer Site City IMMOKALEE Site Zone *Note 34142 Name / Address COLLIER CNTY 3335 TAMIAMI TRAIL EAST STE 101 City NAPLES State FL Zip 34112 Map No.Strap No.Section Township Range Acres *Estimated 3E27 000100 003 03E27 27 48 29 19.12 Legal 27 48 29 THAT PORTION OF SEC 27 AS DESC IN OR 5931 PG 2913 Millage Area 242 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 86 - COUNTIES INCLUDING NON-MUNICIPAL GOV.4.3132 7.7089 12.0221 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 04/13/21 5931-2913 01/01/14 4998-865 12/21/98 2493-2779 06/01/82 975-674 09/01/80 884-1432 2024 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value Ad Valorem Taxes (+) Non-Ad Valorem Taxes (=) Total Taxes Values are as of January 1st each year. If all values are 0, this parcel was created after the Final Tax Roll. Disclaimer: The actual total property taxes may vary due to changes in millage rates set by taxing authorities, the addition of non-ad valorem assessments, and special assessments. For the most accurate and up-to-date tax information, please visit the CollierCounty Tax Collector's office to see the final Tax bills. 1/24/25, 4:22 PM Details https://www.collierappraiser.com/main_search/recorddetail.html?sid=&Map=No&FolioNum=00227440207 1/1Page 4124 of 14062 Page 4125 of 14062 Page 4126 of 14062 Page 4127 of 14062 Page 4128 of 14062 Page 4129 of 14062 Page 4130 of 14062 Page 4131 of 14062 CAMP KEAIS PARCEL ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA Page 4132 of 14062 CAMP KEAIS PARCEL ADDENDUM C - COMPARABLE DATA ID 4375 Date 3/8/2022 Name 22750 and 23350 Palm Beach Blvd.Price $2,770,800 Address 22750 and 23350 Palm Beach Blvd.Price per Acre $12,000 City Alva Transaction Type Closed Sale Grantor CKR Land Development, LLC Financing American AgCredit, FLCA at $1,815,528 Grantee Epic Estates 4, LLC Property Rights Fee Simple Tax ID Days on Market 11 months Sale Verification Date 3/22/2022 Book/Page or Reference Doc Instr. 2022000079049 Sale Verification Source Wayne Simmons w/ Southern Heritage Real Estate Conditions of Sale Arm's length Sale History None in last 5 years Acres 230.90 Topography Level Land SF 10,058,004 Zoning Agricultural AG-2 Primary Frontage Feet 2,645 Flood Zone Zone X per FIRM 12071C 0329 F Primary Frontage Street Palm Beach Blvd. (SR 80)Dimensions N/A Utilities Electric Shape Nearly square and rectangle Transaction Site 26-43-27-00-00013.0000 & 25-43-27-00-00005.0000 Listed at $4,194,000 via MLS # 221038690 on 5/28/2021. Price reduced to $3,495,000 on 8/26/2021 and listing expired on 11/25/2021. Relisted at MLS # 221083000 on 12/1/2021 for $3,262,000 and pended on 12/1/2021. Non producing orange grove. Infrastructure is in place to refurbish and replant the grove or push and start a farming operation. The buyer is an investor who is not farming the site. The properties are not contiguous. Future land use is rural. The eastern 78 acres (25-43-27-00-00005.0000) resold in August 2022 for $2,425,600. It was not publicly marketed and unknown if the resale was arm's length. The sites have minimal wetlands exposure. Comments Land Comparable 1 Page 4133 of 14062 CAMP KEAIS PARCEL ADDENDUM C - COMPARABLE DATA ID 7929 Date 1/12/2023 Name 20750 - 21070 Palm Beach Blvd.Price $3,200,000 Address 20750, 21050 & 21070 Palm Beach Blvd.Price per Acre $17,978 City Alva Transaction Type Closed Sale Grantor The Lillian Austin Family, LLC Financing Conventional at $1.8M Grantee BR Estates at Alva, LLC Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 6/28/2023 Book/Page or Reference Doc Instr. 2023000023593 Sale Verification Source Hunter Ward, CCIM w/ LSI Companies Conditions of Sale Arm's length Sale History None in last 3 years. Acres 178.00 Topography Heavy vegetation Land SF 7,753,680 Zoning AG-2 Agricultural Primary Frontage Feet 3,212 Flood Zone Zone X per FIRM 12082C 0328 G Primary Frontage Street Palm Beach Blvd. /SR 80 (3,212 ft)Dimensions N/A Utilities Well and septic Shape Irregular Comments Site Transaction 27-43-27-00-00042.0000 et al Land Comparable 2 Sale included Folios 27-43-27-00-00042.0000, 27-43-27-00-00043.0000, 28-43-27-00-00019.0000 and 28-43-27-00-00020.0000. Property is bisected by east and west FPL easement at 100 feet. Water and sewer are approximately 5 miles west on State Road 80 from the site per Mr. Ward. Future Land Use is Urban Community which allows up to 6 units per acre. Buyers are investors who relisted the property at $9,000,000 with a long term view. The previous owner started a rezoning process; however, the application was withdrawn before its completion. Previous discussion and submission to the county contemplated 694 residential units, 200,000 square feet of Commercial Development, and a 150-key hotel. This plan made it quite a way through the rezoning process, and an extensive amount of engineering work was completed. However, the application was ultimately withdrawn by a previous owner. The current owner is in the process of rekindling this failed zoning to see the project through. Page 4134 of 14062 CAMP KEAIS PARCEL ADDENDUM C - COMPARABLE DATA ID 8572 Date 12/18/2024 Name 39450 Bermont Road Price $13,300,000 Address 39450 Bermont Road Price per Acre $13,180 City Punta Gorda Transaction Type Closed Sale Grantor Hall Family Ranch, LLC Financing Cash sale Grantee Copart of Connecticut, Inc.Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 6/24/2024 Book/Page or Reference Doc Instr. 3478722 Sale Verification Source Christi Pritchett, CCIM w/ LSI Companies, Inc. Conditions of Sale Arm's length Sale History None in last 3 years Acres 1,009.10 Topography Mixed Land SF 43,956,396 Zoning AG - Agricultural Primary Frontage Feet 4,085 Flood Zone Zones X and A per FIRM 12015 C 0300 G Primary Frontage Street Bermonth Road (4,085 feet)Dimensions Irregular Utilities FPL Shape Irregular 402527100001 and 402527100001 Land Comparable 3 Originally listed at $20,000,000. A former multi-themed outdoor adventure park with agricultural zoning. Designed for ATV/UTV and motocross riders, the property has five professionally designed tracks and off-road trails, two mud zones and 300 ft. sand drag strip. More than 2,000,000 Cubic Yards of clean material removed from on-site lakes to construct the extensive tracks and parking surfaces. Improvements include five modular buildings, offices, ticketing shelters, tiki huts, wells, septic systems, three-phase power and fiberoptic internet. Marketed as an opportunity for material extraction, RV park, farming, hunting, or other agricultural uses in addition to the existing recreation component. Future land uses include Agriculture at 883 acres and Resource Conservation at 126 acres. Includes Freshwater Forest/Shrub wetlands and Freshwater Emergent Wetlands at 119± acres including 90± acres along Shell Creek. FEMA zone A lands include 280± acres. Buyer has not disclosed potential use. Site Comments Transaction Page 4135 of 14062 CAMP KEAIS PARCEL ADDENDUM C - COMPARABLE DATA ID 8573 Date 8/29/2022 Name 2650 State Road 31 Price $3,250,000 Address 2650 State Road 31 Price per Acre $14,773 City Punta Gorda Transaction Type Closed Sale Grantor Battista Farms SR 31 Real Property, LLC Financing Cash sale Grantee Lake Lonely, LLC Property Rights Fee Simple Tax ID 402618300001 Days on Market 9 Sale Verification Date 6/24/2024 Book/Page or Reference Doc Instr. 3146101 Sale Verification Source Darius Cochran w/ RE/MAX Realty Team Conditions of Sale Arm's length Sale History None in last three years. Acres 220.00 Topography Level Land SF 9,583,200 Zoning AG - Agricultural Primary Frontage Feet 2,650 Flood Zone Zone X per FIRMS 12015C 0300G & 0325 G Primary Frontage Street State Road 31 (2,650 feet)Dimensions Irregular Utilities FPL Shape Irregular Transaction Land Comparable 4 Site Comments Listed for $3,500,000 on 6/19/2022. Pended on 6/28/2022. Property included a residence at 1,218 sf circa 1974. Also included carports, sheds, mobile home and pole barn at 3,748 sf. All built between 1967 and 1974. Future land use is agricultural. No wetlands. Page 4136 of 14062 CAMP KEAIS PARCEL ADDENDUM C - COMPARABLE DATA ID 9738 Date 4/28/2023 Name 17850 Wildcat Drive Price $2,500,000 Address 17850 Wildcat Drive Price per Acre $24,807 City Fort Myers Transaction Type Closed Sale Grantor Carl M. Garrett Financing Cash sale Grantee Avodah Family Farms, LLC Property Rights Fee Simple Tax ID Days on Market 46 Sale Verification Date 9/5/2024 Book/Page or Reference Doc Instr. 2023000154122 Sale Verification Source Seth Hensley w/ Premiere Plus Realty Company Conditions of Sale Arm's length Sale History None in last 3 years. Acres 100.78 Topography Cleared with treed wetlands Land SF 4,389,977 Zoning AG-2 Agricultural Primary Frontage Feet 2,130 Flood Zone Zone X per FIRM 12071C 0650 F Primary Frontage Street Wildcat Drive (2,130± feet)Dimensions 2,130' x 2,060' Utilities Septic and well required Shape Nearly square 12-46-27-00-00007.0000 Property was originally listed on 8/29/2022 for $3,999,999. There were price decreases on 2/1/2023, 2/17/2023 and 2/28/2023 to $3,799,900, $3,499,999 and $3,399,999, respectively. This listing, MLS No. 222063258, terminated on 3/1/2023. The property was relisted, MLS No. 223016355, on 3/1/2023 at $3,399,999, there were price decreases on 3/9/2023,3/18/2023, 4/4/2023 and 4/15/2023 to $3,300,000, $3,200,000, 3,198,999 and $2,999,999, respectively. The property pended on 4/16/2023. It was marketed as an area near future development. The future land use is Density Reduction/Groundwater Resource (70.35%) and Wetlands (29.65%). Per the U.S. Fish and Wildlife Service, it includes 32.25± acres of Freshwater Forested /Shrub Wetlands. A corrective deed recorded as Instrument No. 2023000282266 states that the seller names was Paul Dinger. Since the sale, the property was listed at $3,499,000 on 2/07/2024 with a price increase to $4,499,000 on 5/18/2024. The property is currently identified as Zone X flood zone based on FEMA Map 12071C 0650 F dated 8/28/2008. We note that remapped lands to the east in Collier County are almost entirely zoned AH per a map dated 5/16/2012. Wildcat Drive is a private easement access road with sand and gravel. Comments Site Transaction Land Comparable 5 Page 4137 of 14062 CAMP KEAIS PARCEL ADDENDUM C - COMPARABLE DATA ID 9937 Date Pending Contract Name Symphony Properties Price $4,015,000 Address 1330 20th Street SE Price per Acre $25,965 City Naples Transaction Type Pending Contract Grantor Symphony Properties, LLC Financing Cash sale Grantee Collier County Property Rights Fee Simple Tax ID Multiple Days on Market N/A Sale Verification Date 1/29/2025 Book/Page or Reference Doc Pending sale Sale Verification Source Andrew Saluan w/ AJS Realty Group Conditions of Sale Arm's length Sale History None in the last 3 years Acres 154.63 Topography Moderate to heavy vegetation Land SF 6,735,683 Zoning Agricultural (A) Primary Frontage Feet 1,320 Flood Zone Zone AH per FIRMS12021C 0430 H & 0435 H Primary Frontage Street 20th Street SE Dimensions N/A Utilities Well and septic required Shape Irregular Land Comparable 6 Transaction Site Comments Property includes 11 parcels ranging from 5 to 40 acres. Folios 301320007, 300880001, 299120005, 300800007, 299800008, 299440002, 301800006, 299480004, 299680008, 299560005 and 299920001. It was marketed in bulk at $7,750,000.The parcels are included within the Rural Fringe Mixed Use Overlay, designated as Neutral Land (114.63-acres) and Sending Land (40 acres). All parcels are part of the North Belle Meade Overlay. The sale was approved at a 10/22/2024 meeting of the Collier County Board of Commissioners subject to a Phase 2 environmental assessment. Sale price was based on 100% of appraised value. Access to the parcels is via sand and gravel roads or trails. Property has minimal wetlands. The sending lands were marketed for TDR use at 91.70 credits. Mr. Saluan noted that the north 40 acres which was marketed individually at $5,000,000 was overpriced. He mentioned that there were several 'tire kickers' but no other significant interest. Page 4138 of 14062 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com REAL ESTATE APPRAISAL REPORT SILVER STRAND III SWAP PARCEL Agricultural Land 2000 Camp Keais Road Immokalee, Collier County, Florida, 34142 PREPARED FOR: Ms. Lisa Barfield Review Appraiser I Collier County Transportation Management Services Department 2885 South Horseshoe Drive Naples, FL 34104 EFFECTIVE DATE OF THE APPRAISAL: January 8, 2025 DATE OF THE REPORT: March 14, 2025 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2024-259 Page 4139 of 14062 Silver Strand III Swap Parcel 2000 Camp Keais Road Immokalee, Florida Page 4140 of 14062 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com March 14, 2025 Ms. Lisa Barfield Collier County Transportation Management Services Department 2885 South Horseshoe Drive Naples, FL 34104 Re: Real Estate Appraisal Silver Strand III Swap Parcel 2000 Camp Keais Road, Immokalee, Collier County, Florida, 34142 RKL File Number: 2024-259 Dear Ms. Barfield: 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 of the fee simple interest in the subject property. The intended users for the assignment are Collier County Board of County Commissioners (County) and Barron Collier Companies (Barron Collier), and the intended use of the appraisal is for negotiation and decision-making purposes. 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. The subject is a vacant agricultural parcel of land containing an area of 439.00 acres, or 19,122,840 square feet. It includes crop lands and former citrus groves. It is zoned Rural Agricultural District within the Mobile Home Overlay (A-MHO). The northern 267± acres are impacted by the Immokalee Urban community boundary with a Low Residential Subdistrict (LR) future land use. The remaining southern 172± acres are in the Collier County rural community area and are identified as Open Lands within the Rural Lands Stewardship Area (RLSA). Finally, the site consists of approximately 69± acres of wetlands. Page 4141 of 14062 Ms. Lisa Barfield Collier County Transportation Management Services Department March 14, 2025 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), we have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple January 8, 2025 $10,540,000 Concluded Value per Acre $24,000 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: There is reportedly a required easement agreement by Barron Collier to maintain the pumps and berms at the Silver Strand III parcel for the benefit of the South Florida Water Management District. There will also most likely be a further reciprocation agreement for drainage requirements once the parcel is developed. We are unable to determine any impact on value; therefore, we conclude the agreement will not affect value. We reserve the right to readdress valuation should this assumption be proven otherwise. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC K. C. Lowry, MAI, CPA Florida State-Certified General Real Estate Appraiser RZ2355 klowry@rklac.com; Phone 239-596-0802 Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 4142 of 14062 SILVER STRAND III SWAP PARCEL TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions ................................................................... 1 Introduction Information ..................................................................................................... 2 Subject Identification ...................................................................................................... 2 Current Ownership and Property History ....................................................................... 2 Appraisal Scope .............................................................................................................. 3 Client, Intended User, and Intended Use ........................................................................ 3 Definition of Market Value ............................................................................................. 3 Definition of Property Rights Appraised ........................................................................ 4 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 4 Scope of Work ................................................................................................................ 4 Economic Analysis ............................................................................................................. 6 National Economic Analysis........................................................................................... 6 Florida Economic Analysis ............................................................................................. 8 Collier County Area Analysis ......................................................................................... 9 Market Area Analysis ................................................................................................... 25 Property Description and Analysis ................................................................................... 31 Site Analysis ................................................................................................................. 31 Real Estate Taxes and Assessments .............................................................................. 56 Highest and Best Use .................................................................................................... 58 Valuation Methodology .................................................................................................... 61 Analyses Applied .......................................................................................................... 62 Sales Comparison Approach ......................................................................................... 63 Reconciliation ............................................................................................................... 75 Final Value Conclusion................................................................................................. 75 Certification ...................................................................................................................... 76 Assumptions and Limiting Conditions ............................................................................. 78 Addenda Appraiser Qualifications ....................................................................................... Addendum A Property Information ............................................................................................ Addendum B Comparable Data .................................................................................................. Addendum C Page 4143 of 14062 SILVER STRAND III SWAP PARCEL SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Silver Strand III Swap Parcel 2000 Camp Keais Road, Immokalee, Collier County, Florida, 34142 Owner: Barron Collier Partnership, LLLP and Silver Strand III, LLC Legal Description: To be determined. Tax Identification: Portions of 00137640003 and 00138120001 and all of 00137760103 Intended Use: The intended use is for negotiation and decision-making purposes. Intended User(s): Collier County Board of County Commissioners (County) and Barron Collier Companies (Barron Collier) PROPERTY Land Area: Total: 439.00 acres; 19,122,840 square feet Flood Zone: AH with some AE and minimal X Zoning: Future Land Use: A-MHO - Rural Agricultural District within the Mobile Home Overlay (MHO) 267± acres: Low Residential Subdistrict (LR) 172± acres: Open Lands within the Rural Lands Stewardship Area (RLSA) Highest and Best Use As Vacant Agricultural use and future residential development consistent with both future land use designations Exposure Time 12-16 months Marketing Period 12-16 months VALUE INDICATIONS Value Range of Comparables: $17,579 to $29,649 per acre Reconciled Value(s): As Is Value Conclusion(s) Value Per Acre $10,540,000 $24,000 Effective Date(s) January 8, 2025 Property Rights Fee Simple 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: There is reportedly a required easement agreement by Barron Collier to maintain the pumps and berms at the Silver Strand III parcel for the benefit of the South Florida Water Management District. There will also most likely be a further reciprocation agreement for drainage requirements once the parcel is developed. We are unable to determine any impact on value; therefore, we conclude the agreement will not affect value. We reserve the right to readdress valuation should this assumption be proven otherwise. Page 4144 of 14062 SILVER STRAND III SWAP PARCEL INTRODUCTION INFORMATION Page 2 INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Silver Strand III Swap Parcel 2000 Camp Keais Road, Immokalee, Collier County, Florida, 34142 Legal Description: To be determined. Tax Identification: Portions of 00137640003 and 00138120001 and all of 00137760103 The subject is a vacant agricultural parcel of land containing an area of 439.00 acres, or 19,122,840 square feet. It includes crop lands and former citrus groves. It is zoned Rural Agricultural District within the Mobile Home Overlay (A-MHO). The northern 267± acres are impacted by the Immokalee Urban community boundary with a Low Residential Subdistrict (LR) future land use. The remaining southern 172± acres are in the Collier County rural community area and are identified as Open Lands within the Rural Lands Stewardship Area (RLSA). Finally, the site consists of approximately 69± acres of wetlands. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Barron Collier Partnership, LLLP and Silver Strand III, LLC. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is not currently listed for sale, or under contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. Parcel ID Parent Tract Land Area (Acres) Parent Tract Land Area (Sq Ft) Subject Land Area (Acres) Subject Land Area (Sq Ft) 00137640003 459.81 20,029,324 233.63 10,176,923 00138120001 603.84 26,303,270 171.61 7,475,332 00137760103 33.76 1,470,586 33.76 1,470,586 Totals 1,097.41 47,803,180 439.00 19,122,840 Land Summary Page 4145 of 14062 SILVER STRAND III SWAP PARCEL INTRODUCTION INFORMATION Page 3 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. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Board of County Commissioners (County) and Barron Collier Companies (Barron Collier). The intended use is for negotiation and decision-making purposes. 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.” Page 4146 of 14062 SILVER STRAND III SWAP PARCEL INTRODUCTION INFORMATION Page 4 (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) Leases Ownership indicated that there are agricultural leases associated with the property. The leases were not disclosed to these appraisers and ownership indicated that they are short term. We reserve the right to readdress valuation upon disclosure of any long term leases. PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is January 8, 2025. The date of inspection was January 8, 2025. The date of the report is March 14, 2025. SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. 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 has been identified by a sketch dated October 16, 2024 provided by Barron Collier Companies. Inspection: An 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. Page 4147 of 14062 SILVER STRAND III SWAP PARCEL INTRODUCTION INFORMATION Page 5 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: There is reportedly a required easement agreement by Barron Collier to maintain the pumps and berms at the Silver Strand III parcel for the benefit of the South Florida Water Management District. There will also most likely be a further reciprocation agreement for drainage requirements once the parcel is developed. We are unable to determine any impact on value; therefore, we conclude the agreement will not affect value. We reserve the right to readdress valuation should this assumption be proven otherwise. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 4148 of 14062 SILVER STRAND III SWAP PARCEL NATIONAL ECONOMIC ANALYSIS Page 6 ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on January 29, 2025. Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat 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 roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional 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 will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. The Committee is strongly committed to supporting maximum employment and 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 September 2024. Real GDP is projected to grow at a rate of 2.0% in 2024, a decrease from the March 2024 projection. The 2025 and 2026 projections of 2.0% remain the same. The unemployment projection increased to 4.4% from the 4.0% projection. The Core PCE inflation projection for 2024 decreased from 2.8% in June 2024 to 2.6%. Page 4149 of 14062 SILVER STRAND III SWAP PARCEL NATIONAL ECONOMIC ANALYSIS Page 7 Lawrence Yun, NAR Chief Economist, noted in a January 2025 Economic Issues and Home Sales Trends webinar that 2025 may be a better year for real estate, with more inventory, more listings and more sales. Dr. Yun projects home sales rising 9% this year and another 13% in 2026. He projects price growth to be more muted at 0% to 5%. According to the Freddie Mac 2025 Outlook, although demand is expected to remain well above average in 2025, vacancy is expected to increase to 6.2%. The below-average rent growth of 2.2% and rising vacancy rates result in a forecast of gross rental income growth of 2% for 2025. According to the National Association of Real Estate Investment Trusts’ (NAREIT) 2025 Report, “there is a real possibility for an environment with both moderating interest rates and robust economic growth, otherwise known as an economic soft landing. Nevertheless, there are both lingering and emerging risks, including soft property fundamentals in some sectors and higher interest rates reflecting fiscal imbalances. Overall, in a world that will be marked by increasing and accelerating change, we see opportunities for REITs in 2025.” In the 2025 CBRE U.S. Real Estate Market Outlook, Dr. Richard Barkham, Global Chief Economist and Head of Global Research, predicts that despite many uncertainties, “the U.S. economy is poised for growth in 2025, driven by consumer spending, easing financial conditions and productivity gains. While retail and data centers have been supported by longer-term trends, all other real estate sectors will see the start of a new cycle.” Even though the 10-year Treasury yield is projected to remain above 4%, Dr. Barkham projects capitalization rates will compress slightly. Investors have the opportunity to secure long-term returns that have not been available for many years. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2025, “the global economic recovery has been uneven across geographies, and this will likely continue going forward.” Results from Deloitte’s 2025 commercial real estate outlook survey give some indication that commercial real estate owners and investors are hopeful that 2025 will emerge as a year of potential recovery over two years of muted revenues and pullbacks in spending. After two consecutive years where most survey respondents expected revenue declines, 88% of global respondents now report Page 4150 of 14062 SILVER STRAND III SWAP PARCEL FLORIDA ECONOMIC ANALYSIS Page 8 they expect their company’s revenues to increase going forward, a substantial shift from the 60% who expected further declines last year. Moreover, 60% of respondents expect growth to be in excess of 5% year over year. According to the PwC Emerging Trends in Real Estate 2025, real estate investors and developers should be poised for an upturn in industry trends as the post-pandemic disruption abates and positive cyclical forces gain strength. “The Federal Reserve is among the most important cyclical forces. Its pivot to reducing interest rates indicates a peak for inflation and construction costs — and the pivot is helping real estate markets to clear, boosting transaction activity. However, not all dealmakers are ready to jump in with both feet. After all, rate cuts also indicate a slower economy and that could affect net operating income (NOI) growth. The path to renewed vigor could take surprising detours.” According to J.P. Morgan Chase 2025 commercial real estate outlook, Following several years of elevated inflation, muted growth and general uncertainty, commercial real estate could be positioned for an upswing. “The industry is poised to be in a better place compared to the last few years,” said Victor Calanog, Global Head of Research and Strategy, Real Estate Private Markets at Manulife Investment Management. “It appears that the landing will be relatively soft, so that should mean continued positive momentum for economic activity, benefiting leasing and income drivers, including rents and occupancies.” Overall, the outlook for the 2025 commercial real estate is positive. The industrial sector remains the industry’s darling. Multifamily and retail continue to perform well, although they do have vulnerabilities. In some markets, even office vacancy rates are beginning to moderate. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, Florida was home to four of the nation’s top five fastest-growing metropolitan statistical areas and three of the top 10 that gained the largest number of people from 2022 to 2023, reflecting continued population growth across the South. U.S. migration patterns played a significant role in the South’s population growth. Many people moved to this region, contributing to its overall positive net domestic migration (more people moving in from the rest of the United States than moving out to other parts of the United States). From 2022 to 2023, 28 of the top 30 metro areas with the highest positive domestic migration were in the South. According to the Winter 2024 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida’s economy, as measured by real Gross State Product, will expand at an average annual rate of 2.5% from 2024 to 2027. Real Gross State Product will decelerate during the economic slowdown as growth will slow to 3.3% in 2024 and 2.2% in 2025, then accelerate to reach 2.5% by 2026 and ease to 2.1% in 2027. Payroll job growth in Florida will begin to gradually decelerate as the economy remains at full employment. After year-over-year growth of 5.7% in 2022, payroll employment in 2023 was 3.4% but will slow to 2.0% in 2024 and drift lower to 0.6% by 2027. Page 4151 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 9 Housing starts have felt the bitter chill of higher mortgage rates. Total starts were 193,500 in 2022—before higher mortgage rates and worries of a slowing economy started a deceleration that will slow starts to 157,072 in 2027. The unemployment rate fell to 2.7% in 2023. The slower economy will push the rate up to 3.1% in 2024, and to 3.6% in 2025 before creeping to 3.8% in 2027. 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 4152 of 14062 SILVER STRAND III SWAP PARCEL 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 Charlotte County. 2023 2025 2030 2023 2025 2030 2035 to 2025 to 2030 to 2035 Southwest Florida 1,922,304 1,993,700 2,144,000 2,262,900 3.71%7.54%5.55% Charlotte 204,126 211,300 226,900 240,000 3.51%7.38%5.77% Collier 399,480 413,300 443,000 466,000 3.46%7.19%5.19% Glades 12,591 12,700 12,900 13,000 0.87%1.57%0.78% Hendry 40,895 41,500 42,600 43,400 1.48%2.65%1.88% Lee 800,989 835,900 908,500 964,400 4.36%8.69%6.15% Sarasota 464,223 479,000 510,100 536,100 3.18%6.49%5.10% Percent Change Projections of Florida Population by County, 2025-2050, with Estimates for 2023 Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 198, January 2024 Population 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 2024 25 Best Places to Retire includes six Florida metro areas with Daytona Beach the top Florida market at No. 8. Tampa is No. 12 overall while Sarasota is No. 18. Naples is ranked 6th overall in the 2023-2024 Best Places to Live report released by U.S. News & World Report and Sarasota is ranked 5th. Naples ranks No. 1 in the annual U.S. News & World Report Best Places to Live in the U.S. Sarasota, was ranked No. 11. Employment The local economy is largely dependent on the real estate market. Naples is one of the wealthiest areas in Florida, and it has seen significant population and job growth over the past several years. As migration from state to state has returned to pre-pandemic levels, the Naples region has seen population and job growth slow over the past year. Page 4153 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 11 According to the 1Q 2025 CoStar report, like many parts of Florida, population growth has been a main driver for commercial real estate expansion over the past few years. However, Collier County’s relative affordability compared to other areas in the state has kept population trends muted. Population growth peaked between 2021 and 2022 when the market added roughly 10,300 new residents. That dropped down to 6,800 new residents between 2022 and 2023, and that trend is expected to continue when the census releases more recent figures in early 2025. Healthcare is a driving force of Collier County’s economy and is the largest share of the market's employment base. Many of the hospital systems are the largest employer in the market. In addition, Arthrex, a medical device manufacturing company, has a large presence in the market and employs nearly 4,000 people. The following table shows the 1Q 2025 Collier County Employment by Industry as well as historical and projected job growth. Page 4154 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 12 The following table shows employment projections through 2032 by the Florida Department of Economic Opportunity. As shown, the Construction and Professional and Business Services Industries have the largest projected growth rate of 11.1% and 11% respectively. Agriculture, Forestry, Fishing and Hunting are all projected to decline by 10%. NAICS Title 2024 2032 Growth Percent Growth Total, All Industries 667,076 710,326 43,250 6.5 Agriculture, Forestry, Fishing & Hunting 6,315 5,681 -634 -10.0 Mining 583 622 39 6.7 Construction 74,293 82,513 8,220 11.1 Manufacturing 16,413 16,459 46 0.3 Trade, Transportation, and Utilities 117,977 125,261 7,284 6.2 Information 6,229 6,715 486 7.8 Financial Activities 31,824 33,907 2,083 6.5 Professional and Business Services 82,530 91,587 9,057 11.0 Education and Health Services 76,975 84,462 7,487 9.7 Leisure and Hospitality 100,721 103,073 2,352 2.3 Other Services, Ex. Public Admin 24,972 26,837 1,865 7.5 Government 77,367 79,170 1,803 2.3 Self Employed and Unpaid Family Workers, All Jobs 50,877 54,039 3,162 6.2 Source: Florida Department of Economic Opportunity JOBS BY INDUSTRY WORKFORCE REGION 24 - CHARLOTTE, COLLIER, GLADES, HENDRY, LEE AND MONROE COUNTIES Employment 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. Since the pandemic, unemployment numbers have generally decreased as the economy continues to improve. Page 4155 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 13 As of December 2024, the unemployment rate for the State of Florida was 3.4%, down from the peak in May 2020 of 14.3%. On a national level, the unemployment rate in December 2024 was 4.1%, a decrease from the peak in April 2020 of 14.8%. Collier County currently has a higher November rate, at 3.5%, 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 2014 through 2024. As shown, unemployment from the Covid-19 pandemic affected the service and leisure and hospitality sectors the most. All sectors have regained all lost jobs and have exceeded 2019 levels. Page 4156 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 14 Year Service- Providing % Change Goods Producing % Change Mining, Logging, & Const. % Change Leisure and Hospitality % Change All Employees, Total Nonfarm % Change 2014 114,400 4.4%15,400 14.1%12,100 15.2%25,500 4.5%129,400 4.9% 2015 118,500 3.6%17,000 10.4%13,600 12.4%26,500 3.9%135,500 4.7% 2016 123,200 4.0%18,700 10.0%14,900 9.6%27,500 3.8%141,900 4.7% 2017 125,400 1.8%19,400 3.7%15,400 3.4%28,300 2.9%144,800 2.0% 2018 128,600 2.6%21,500 10.8%17,200 11.7%29,100 2.8%150,100 3.7% 2019 132,200 2.8%22,400 4.2%17,700 2.9%30,000 3.1%154,600 3.0% 2020 125,300 -5.2%22,100 -1.3%17,200 -2.8%25,600 -14.7%147,400 -4.7% 2021 132,000 5.3%23,200 5.0%18,100 5.2%27,800 8.6%155,300 5.4% 2022 139,700 5.8%24,800 6.9%19,400 7.2%29,300 5.4%164,500 5.9% 2023 144,700 3.6%26,400 6.5%20,800 7.2%30,000 2.4%171,100 4.0% 2024 147,600 2.0%27,400 3.8%21,600 3.8%31,400 4.7%175,000 2.3% 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 4157 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 15 The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute in 2023. Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators January 2025 report prepared by Florida Gulf Coast University shows Collier, Lee, Charlotte, Sarasota County’s tourist tax revenues. Seasonally-adjusted real tourist tax revenues for the coastal counties slipped to $8.2 million in November 2024, up 13 percent from the prior month and 1 percent over the November 2023 figure. Collier County’s seasonally-adjusted real tourist tax revenues ascended to $4.0 million in November 2024, a 17 percent increase from October 2024 and a 1 percent improvement compared to the November 2023 figure. Page 4158 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 16 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 600 new home sales in 2024 and 652 new home sales in 2023. It is the highest - ranking community in all of Collier County. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. According to a June 2023 Naples Daily News article, Collier County commissioners approved an increase in the town of Ave 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%. Approximately 50% of the buyers are from the east coast of Florida. Page 4159 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 17 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 The Ritz-Carlton Residences, Naples (formerly known as 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 was completed in 2024 and Tower 500 is scheduled for completion in September 2026 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 2024 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 2.7% increase in home prices (all-transactions including purchase and refinance mortgage) over the trailing 12 months. Home prices (purchase-only) in the state of Florida increased 1.02% over the past year (3Q 2023 - 3Q 2024) which was 49th in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport-Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square-foot, six-story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa-based company, Mainsail, to manage all elements of the hotel operation, including employees. Page 4160 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 18 NCH Healthcare partnered with New York-based Hospital for Hospital for Special Surgery, known as HSS, to build a three-story, 80,000-square-foot hospital. HSS at NCH will be a 15-bed acute-care addition on the hospital campus located along the north side of Immokalee Road near the NCH North Naples campus between Health Park and Medical Boulevards. The facility is expected to open to patients in early 2025. 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, with 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, listen 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 Lodge is built on 20 acres of land along City Gate Boulevard North and feature a 100,000 square foot indoor water park, 500- room hotel, and 62,000 square feet of amenities and attractions. The resort opened in September 2024 and has 600 full-time and part-time employees. Investment Trends The following CoStar data shows Collier County trends in the Multi-Family, Retail, Office, and Industrial sectors as of the first quarter 2025. According to the CoStar report, multifamily investment is down across Florida, and Collier County is no exception, with limited trades over the past year. Page 4161 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 19 There have been less than a handful of transactions over the past 12 months totaling $114 million in sales volume. The bulk of that occurred in one transaction in the final months of 2024. Prior to that trade, less than $15 million had been transacted over the course of the year. Ohio-based PLK Communities purchased the 286-Mark Lane Apartments for $82 million, or $285,000 per unit. The 2022-built 4 Star complex was 80% at the time of sale with a monthly average rent of $2,800. Multifamily fundamentals are challenged in the Collier County market, which could keep transaction volumes down over the coming quarters. According to the CoStar Report, the Collier County retail sales volumes fell back in line with historical norms in 2024, with Collier County ending the year with $170 million in total sales volume. That was down from a three-year run of sales activity averaging Page 4162 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 20 around $400 million annually. Further, the fourth quarter of 2024 was the first time in five years that the market did not surpass $25 million in quarterly sales volume. A significant portion of 2024's sales volume came from one sale. Benderson Development purchased Carillon Place from SITE Centers in June for $55 million, or $218/SF. The 250,000-SF Power Center was 92% leased at the time of sale and was anchored by a Walmart grocery store, TJMaxx, and DSW. That transaction was the exception and not the norm for Naples in 2024, as the average sale price was around $2.8 million when that sale was removed. According to the CoStar Report, office investment activity picked up in the third quarter of 2024 on the back of one of the few $20 million-plus trades over the past five years. One trade in July was more than what the market recorded over the first six months of Page 4163 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 21 2024. However, it is not abnormal for Collier County to see a few down quarters. In fact, Collier County only recorded $1.5 million in 2024Q4. Sales are typically on the smaller side, with an average sale price of just $1.5 million over the past year. The largest trade this year was the $21.5 million, or $310/SF, acquisition of the Truist Building along Laurel Oak Drive by Massachusetts-based Carruth Capital from American National Insurance Company. The 68,000-SF, 3 Star office building was more than 90% leased at the time of sale with tenants such as Truist Bank, BMO Harris Bank, and Collier County government offices. The seller purchased the property in 2015 for $23.7 million, or $350/SF, at a 6% cap rate. According to the CoStar report, industrial activity stalled over the latter half of 2024 after opening the year with two strong quarters. Collier County has been one of the most consistent markets in Florida, with the region achieving over $80 million in total sales Page 4164 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 22 volume for five consecutive years. In comparison, the market would typically only see around $55 million pre-pandemic. Over the past year, the market has recorded $106 million in total sales volume. Pricing has remained more or less the same over the past several years, averaging around $183/SF, as of the first quarter of 2025. Sales are typically on the smaller side, with an average sale price of just under $2.5 million. Collier County is not reliant on institutional investors, and as such, future investment volumes should be in line with current volumes. 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 Page 4165 of 14062 SILVER STRAND III SWAP PARCEL COLLIER COUNTY AREA ANALYSIS Page 23 CCIM Site to do Business. Overall, Collier County has an average household income of $135,508 and a per capita income of $57,867. 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 and 2024 as demand declined due to continued increases in interest rates. Pricing has generally stabilized and is projected to remain fairly stable through 2025. 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 2024 Annual Market Report released by NABOR reported total sales decreased 10.0% in 2024 and the overall median sales price incrased 1.7% to $610,000 for the year. Single Family home prices increased 2.0% percent compared to last year, and Condo home prices remained flat. 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. The recent 50 basis point decrease and subsequent 25 basis point decrease in the federal funds rate, as well as the projected future decreases through 2025, are expected to further stabilize the commercial market and potentially increase demand for both residential and commercial property. 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. Page 4166 of 14062 SILVER STRAND III SWAP PARCEL Page 24 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). Collier County Area Map Subject Page 4167 of 14062 SILVER STRAND III SWAP PARCEL MARKET AREA ANALYSIS Page 25 MARKET AREA ANALYSIS Boundaries The subject is in the northeastern part of Collier County in the unincorporated area (town) of Immokalee. At the present time, the area is mostly influenced by the surrounding farming community as well as Ave Maria University and the supporting town of Ave Maria. The area has become more attractive to developers of affordable housing as home prices continue to rise in the western portions of Collier County. Lake Trafford, a 1,500 acre lake, is located west of Immokalee. It is regarded as a premiere fishing lake. Market Area Access and Linkages Primary access to the area from Interstate75 is by: • State Road 29 (I-75 exit 80) at Miles City. • County Highway 846 (Immokalee Road, I-75 exit 111). • State Road 80 (Palm Beach Boulevard; I-75 exit 141) then south on SR 29. State Road 29 is important as it runs from Chokoloskee and Everglades City in the south through Immokalee and La Belle (Hendry County Seat) and into Glades County where it intercepts US 27. US 27 is a the major interior highway is south Florida, intersecting I-4 just west of Orlando then extending northwest through Tallahassee and eventually terminating in Mackinaw City, MI. Road access to Immokalee is average for a rural Florida city. Employment Demand Generators Primary employers/employment centers are currently the surrounding farms. According to The Site to Do Business 2024 Civilian Labor Force Profile; Agriculture/Forestry/Fishing comprise 15.2% of total employment followed by Construction at 13.9%, and Admin/Support/Waste Management at 10.2%. Page 4168 of 14062 SILVER STRAND III SWAP PARCEL MARKET AREA ANALYSIS Page 26 Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for the immediate market area defined as a 2 mile radius from the subject. The table was developed using data from STDBOnline.com. Retail and Public Services The nearest commercial area with restaurants, convenience stores and support services is located within Immokalee, all within a few miles of the subject property. The nearest fire and police stations are within two miles of the property. The main public school area of Immokalee includes Immokalee High School, the Immokalee Middle School and the newer Immokalee Tech Center. The enrollment for Immokalee High School is approximately 1,940. The Immokalee Tech Center is accredited by the Commission of Council on Occupational Education (COE) and is also accredited with Cognia. The Immokalee Technical Center focuses on state of the art career and technical education programs that will challenge adults to earn a vocational certificate from iTECH and an industry certification within their program field. The center also offers ABE/GED and adult literacy programs. The Immokalee Sports Complex includes a gymnasium/indoor basketball, 2 lit football/soccer fields, game room, fitness center, aquatic facility with 25-yard by 25- meter pool (heated), 1 one-meter springboard, slide and children's activity pool (heated). Page 4169 of 14062 SILVER STRAND III SWAP PARCEL MARKET AREA ANALYSIS Page 27 Lastly, Collier County received a $13 million grant from the U.S. Department of Transportation to build 20 miles of sidewalks; upgrade 32 intersections; add 22 shaded bus stops; add lights to most intersections and build 20 miles of drainage ditches along roads in Immokalee. The work was completed in 2021. Housing Profile The following table shows the historical, current and projected housing profile for the immediate market area defined as a 2 mile radius from the subject. The table was developed using data from STDBOnline.com. Land Use Market area land uses at this time are primarily agricultural and residential uses. In 1999 the U.S. Department of Agriculture named Immokalee and parts of eastern Hendry County a Rural Federal Enterprise Community. The Enterprise Community designation includes all of Immokalee; Harlem, Montura, South Clewiston and Hookers Point in Hendry County; and the Seminole Tribe of Florida's Indians reservations in Big Cypress and Immokalee. The purpose of the Federal Enterprise Community program is to help the working poor become self-sufficient and to improve their quality of life. Page 4170 of 14062 SILVER STRAND III SWAP PARCEL MARKET AREA ANALYSIS Page 28 In addition to the funding received for the farm worker housing project, the Collier County Housing Authority has been awarded grants and loans from the U.S. Department of Agriculture to build units at Farm Worker Village in Immokalee. Arrowhead Reserve is a 307.3 acre development of which 274 acres are located in the Low Residential District on the Immokalee Future Land Use Map. Within this district, 15 acres are proposed for commercial use and the district permits 4 dwelling units per acre or 1,245 units on 259 acres. The 15 acres of commercial land will be consistent with C-2, C-3 and C-4 zoning and will be allowed a maximum of 130,000 square feet of improvements. The amenities include 15 lakes, a community park with clubhouse and pool, a second clubhouse and pool for the apartments, recreation trails, over 40 acres of open space and preserve which creates a wildlife corridor. The community consists of single family homes, town homes, and multi-family apartments. The decline in residential supply has continued to increase the price of homes in Arrowhead Reserve. As of late April 2021, pricing for a three-bedroom, two-bath home began at $199,900. The 150- home community sold out in early 2022. Phase One of the Boys & Girls Club of Collier County Bolch Campus in Immokalee opened in October 2016 and consists of a 27,786 square foot youth center with classrooms, game rooms, a teen center, a library, kitchen, and dance and art rooms. The facility hosts an after-school program serving over 400 children. Construction for the second and third phases consisting of a 14,000 square foot gymnasium and outdoor pavilion; a 5,000 square foot swimming pool; a weight room; and an athletic field will be completed by DeAngelis Diamond. Additionally, a new business incubator is a major part of the Immokalee Area Master Plan that will support an assembly area for tenants of a manufacturing incubator that opened at the airport in 2009. In March 2017 Collier officials celebrated the start of construction of a culinary accelerator for entrepreneurs. A vacant building at Immokalee Regional Airport was transformed into a state-of-the-art food manufacturing plant. The 5,274 square foot facility includes a commercial-grade kitchen with ovens, grills, fryers, a bakery, heat pasteurization, industrial-size mixing bowls and other cooking tools and equipment. The state-funded $1.2 million center also includes areas for packaging, labeling and shipping. The facility, which had been delayed for several months due to unforeseen regulatory issues, opened in March 2018. Ave Maria Ave Maria earned the 18th spot on the prestigious list of 50 Top-Selling Master-Planned Communities in the United States by prominent national real estate consulting agency, John Burns Research and Consulting, in their 2024 annual report. The community reported 600 new home sales in 2024, securing its position as the top-ranking development in Collier County. There are currently 5,200 new homes sold in Ave Maria with a total of 11,000 new homes anticipated at build out. Page 4171 of 14062 SILVER STRAND III SWAP PARCEL MARKET AREA ANALYSIS Page 29 Collier Rod & Gun Club Located on more than 2,000 acres, the Collier Rod & Gun Club will include single- family seasonal residences and member-only rental cabins. Amenities will include a Kyle Phillips-designed 18-hole masterpiece, sporting club for up to 300 members and an extensive trail system designed around the natural terrain. The proposal includes 225 single-family homes, or "cabins," on about 260 acres. The walkable community includes a 2.8-acre linear park, with commercial development capped at 5,000 square feet. "The Homestead" would serve as a hub for goods and services, offering everything from a general store and market garden to dining, fitness, wellness and environmental education. The sports and recreational camp would offer fishing and archery, in addition to shooting and golf. Outlook and Conclusions The expected growth in Collier County should provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions should stimulate increases in general property values 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 and 2024 as demand declined due to continued increases in interest rates. Pricing has generally stabilized and is projected to remain fairly stable through 2025. 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. The recent 50 basis point decrease and subsequent 25 basis point decreases in the federal funds rate, as well as the projected future decreases through 2025, are expected to further stabilize the commercial market and potentially increase demand for both residential and commercial property. Page 4172 of 14062 SILVER STRAND III SWAP PARCEL Page 30 Market Area Map Page 4173 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 31 PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. The subject property includes portions of Folios 00137640003 and 00138120001 and all of Folio 00137760103. SITE Location: The subject is located at the southeast quadrant of Immokalee Road and Stockade Road near the unincorporated area of Collier County known as Immokalee. There is a flashing signal at the corner of Immokalee Road and Stockade Road. The northern 267± acres are impacted by the Immokalee Urban community boundary while the remaining southern 172± acres is in the Collier County rural community area. Current Use of the Property: The property is primarily crop and former citrus lands. There is a reservoir/pond on the site for irrigation. Shape: The site is roughly flag shaped. Road Frontage/Access: The subject property has average access with frontage as follows: • Immokalee Road / 1st Street (Two laned, primary arterial): 7,585± feet • Stockade Road (two laned collector street): Two segments at 355± and 205± feet The site depth varies. It is a corner lot. Traffic Count (2023 FDOT): 10,700 along Immokalee Road/1st Street Visibility: Average Topography: The subject has level topography. The subject consists of approximately 69± acres of wetlands (as estimated by a GIS survey prepared by Barron Collier Companies). Per wetlands mapper from the US Fish & Wildlife survey, the property includes 14.07± acres of Freshwater Forested/Shrub wetlands, 17.11± acres of freshwater pond with the remaining 37.82± acres being Freshwater Emergent wetlands. The irrigation pond is constructed with dike wall and has irrigation canals which serviced the former citrus grove. Soil Conditions: A Limited Soil Sampling Report was prepared by Earth Tech Environmental, LLC on January 16, 2025. According to the Natural Resources Conservation Service (NRCS) Soil Survey of Collier County (1998) the Subject Property is underlain by the following soil Parcel ID Parent Tract Land Area (Acres) Parent Tract Land Area (Sq Ft) Subject Land Area (Acres) Subject Land Area (Sq Ft) 00137640003 459.81 20,029,324 233.63 10,176,923 00138120001 603.84 26,303,270 171.61 7,475,332 00137760103 33.76 1,470,586 33.76 1,470,586 Totals 1,097.41 47,803,180 439.00 19,122,840 Land Summary Page 4174 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 32 units: Malabar fine sand; Immokalee fine sand; Pomello fine sand; Oldsmar fine sand; Chobee, Winder, and Gator soils, depressional; Holopaw fine sand; and Wabasso fine sand. We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: LCEC Sewer: Immokalee Water & Sewer District offsite Water: Immokalee Water & Sewer District offsite Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is no street lighting along Immokalee Road or Stockade Road • Sidewalks: There are no sidewalks along Immokalee Road. There are concrete sidewalks on the north side of Stockade Road. • Curbs and Gutters: There are drainage swales along Immokalee Road and Stockade Road • Curb Cuts: The subject has one curb cut along Immokalee Road and none along Stockade Road • Landscaping: The subject has generally crop lands and damaged citrus groves. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located primarily in FEMA flood zone AH with some AE and minimal X, Zones AH and AE are classified as a flood hazard area. FEMA Map Number: 12021C 0145 H FEMA Map Date: May 16, 2012 The subject is primarily in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: A Phase I Environmental Site Assessment (ESA) was prepared by Earth Tech Environmental, LLC on December 9, 2024. This assessment has revealed no Historic Recognized Environmental Conditions (HRECs) and/or Controlled RECs (CRECs) in connection with the Subject Property. One (1) Recognized Environmental Condition (REC) in connection with the Subject Property was identified associated with the “likely” historic application of agricultural chemicals (herbicides, pesticides, etc.) on the Subject Property. ETE considers the risk level of this REC to be low and recommendations may be further discussed based on intended use of the Subject Property (see Section 8.0 – Opinion, for additional details). It includes six aboveground diesel storage tanks. 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 Page 4175 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 33 valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: The site includes 439 acres or 19,122,840 square feet. It has frontages along Immokalee Road (7,585± feet) and two separated segments along Stockade Road (355± and 205± feet). In discussions with the Immokalee Water and Sewer District, it was determined that utility lines exist along Stockade Road for the service of the Immokalee Jail. The adjacent Seminole Reservation operates their own water and sewer utility. The subject consists of approximately 69± acres of wetlands (as estimated by a GIS survey prepared by Barron Collier Companies). Per wetlands mapper from the US Fish & Wildlife survey, the property includes 14.07± acres of Freshwater Forested/Shrub wetlands, 17.11± acres of freshwater pond with the remaining 37.82± acres being Freshwater Emergent wetlands. The irrigation pond is constructed with dike wall and has irrigation canals which serviced the former citrus grove. It is primarily located in an AH flood zone with some AE exposure and minimal X zones. Leases Ownership indicated that there are agricultural leases associated with the property. The leases were not disclosed to these appraisers and ownership indicated that they are short term. We reserve the right to readdress valuation upon disclosure of any long term leases. Utilities The following was received from Gary Ferrante with Weston & Sampson regarding availability of nearby utilities from Immokalee Water & Sewer. “There is an existing 12” water main that runs along Stockade Road from the South 9th Water Treatment Plant to SR 29. Based on the 267 acres being developed at 4 units per acre, and each unit having an average water demand of 300 gallons per day, results in an average flow rate of 222.5 gallons per minute. Using a peaking factor of 3.5, the peak flow rate would be 778 gallons per minute. The existing 12” water main would have sufficient capacity to serve the proposed development.” “There is an existing small lift station and 4” force main that serves the jail complex. Based on the flow values calculated above for the proposed development, the existing lift station and force main would not be able to serve the proposed development. Therefore, a new larger capacity lift station with a 12” force main would be necessary to provide sewer service for the proposed development. Typically, the developer would be responsible for these improvements.” Page 4176 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 34 ZONING Zoning Code A-MHO Zoning Authority Collier County Zoning Description Rural Agricultural District within the Mobile Home Overlay (MHO) Permitted Uses The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. Current Use Legally Conforming The subject is legal and conforming use. Zoning Change Likely A zoning change consistent with the site's two future land uses is likely. Minimum Lot Area (SF) 5 acres Minimum Floor Area (SF) 550 square feet Minimum Street Frontage (Feet) 165 Front Set Back Distance (Feet) 50 Rear Set Back Distance (Feet) 50 Side Yard Distance (Feet) 30 Maximum Density/FAR 1/du per 5 acres; No maximum coverage ratio. Maximum Building Height (Feet) 35 Future Land Use The subject property includes two future land use designations. The northern sections at 267± are subject to the Immokalee Area Master Plan prepared by Collier County Growth Management. The southern 172± acres is part of the Collier County Growth Management Plan. Northern 267± Acres The future land use is Low Residential Subdistrict (LR). The purpose of this subdistrict is to provide for low density residential development and supporting uses. Mobile homes are allowed pursuant to the provisions of IAMP Policy 5.1.4. Residential densities are allowed as provided below, except for properties within the Lake Trafford/Camp Keais Strand System Overlay. • Base Density: Four (4) dwelling units per gross acre. • Maximum Density: Eight (8) dwelling units per gross acre, inclusive of all density bonuses. Densities above the base density can only be achieved through available density bonuses. As agriculture is a significant economic driver in Immokalee, the following uses will be allowed in accordance with IAMP Policy 1.2.4: Page 4177 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 35 • agricultural research and development facilities, • agri-business offices and headquarters, and • facilities, offices, headquarters and apparatuses associated with an alternative energy use. Southern 172± acres The subject is identified as Open Lands within the Rural Lands Stewardship Area (RLSA). The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive-based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. Through the RLSA program, Stewardship Sending Areas (SSAs) can be approved for preservation purposes, creating credits to entitle Stewardship Receiving Areas (SRAs), typically towns, villages, hamlets and compact rural developments (CRDs). The credit system is designed to incentivize preservation of the most important environmental lands, including large, connected wetland systems and significant habitat for listed species, by awarding higher credit values for high value preservation areas. Qualifying properties can increase their development density and expand permitted uses through an application process as well as the transfer and receipt of Stewardship Credits. The maximum permitted density under the Agricultural (A) zoning district is 1 dwelling unit per 5 acres. Qualifying properties can apply through the RLSA application process to increase residential development up to a maximum of 4 dwelling units per acre. The SRA designation is intended to encourage and facilitate uses that enable economic prosperity and diversification of the economic base of the RLSA District, and encourage development that utilizes creative land use planning techniques and facilitates a compact form of development to accommodate population growth by the establishment of SRAs. Stewardship Credits generated from SSAs are exchanged for additional residential or non-residential entitlements in an SRA on a per acre basis. Density and intensity within the RLSA District shall not be increased beyond the Baseline Standards except through the provisions of the Stewardship Credit System, the affordable housing density Bonus as referenced in the density Rating System of the FLUE, and the density and intensity blending provision of the Immokalee Area Master Plan. The overall purpose and description of the Rural Stewardship program is defined in the Rural Lands Stewardship Area (RLSA) Overlay found in the in the Future Land Use Element. A Stewardship Credit system has been established that shall serve as the primary basis for the protection of Flow way Stewardship Areas (FSAs), Habitat Stewardship Areas (HSAs) and Water Retention Areas (WRAs). The RLSA Overlay also contains policies that shall direct incompatible land uses away from FSAs, HSAs and WRAs in order to protect wetlands, upland habitats and listed species within the RLSA. Page 4178 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 36 Aerial from Barron Collier – Subject Parcel and Immokalee Urban Boundary Page 4179 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 37 Aerial from Barron Collier Folio 00137760103 Folio 00137640003 Folio 00138120001 Page 4180 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 38 RLSA Overlay - Stewardship Receiving Area Characteristics Page 4181 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 39 Zoning Map - Northern Section Folio 00137760103 Folio 00137640003 Page 4182 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 40 Zoning Map - Southern Section Folio 00138120001 Page 4183 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 41 Future Land Use - Northern Section Folio 00137760103 & 00137640003 Page 4184 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 42 Future Land Use - Southern Section Folio 00138120001 Page 4185 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 43 Aerial Subject Page 4186 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 44 Flood Map – Northern Section Subject Page 4187 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 45 Flood Map – Southern Section Subject Page 4188 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 46 Wetlands Mapper – Northern Section Page 4189 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 47 Wetlands Mapper – Southern Section Page 4190 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 48 Utilities Page 4191 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 49 Site Photographs Immokalee Road looking northerly from access drive to Silver Strand III (Photo Taken on January 8, 2025) Immokalee Road looking southerly from access drive to Silver Strand III (Photo Taken on January 8, 2025) Page 4192 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 50 Site Photographs Access drive from Immokalee Road (Photo Taken on January 8, 2025) Immokalee Road looking southerly from the intersection with Stockade Road (Photo Taken on January 8, 2025) Page 4193 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 51 Site Photographs Immokalee Road/1st Street looking northerly from the intersection with Stockade Road (Photo Taken on January 8, 2025) Stockade Road looking easterly from the intersection with Immokalee Road/1st Street (Photo Taken on January 8, 2025) Page 4194 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 52 Site Photographs Subject crop lands and Immokalee landfill in the distance (Photo Taken on January 8, 2025) Subject crop lands (Photo Taken on January 8, 2025) Page 4195 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 53 Site Photographs Irrigation pump (Photo Taken on January 8, 2025) Irrigation canal (Photo Taken on January 8, 2025) Page 4196 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 54 Site Photographs Pond (Photo Taken on January 8, 2025) Pond (Photo Taken on January 8, 2025) Page 4197 of 14062 SILVER STRAND III SWAP PARCEL SITE ANALYSIS Page 55 Site Photographs Former citrus grove (Photo Taken on January 8, 2025) Former citrus grove (Photo Taken on January 8, 2025) Page 4198 of 14062 SILVER STRAND III SWAP PARCEL REAL ESTATE TAXES AND ASSESSMENTS Page 56 REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non-homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non-homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non-homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The subject property includes portions of Folios 00137640003 and 00138120001 and all of Folio 00137760103. The property tax identification number and assessed value of the property for tax year 2024 are as follows: Property Parent Tract Subject Tax Identification Number Acreage 459.81 233.63 Land Assessed Value $4,043,700 $2,054,609 Building Assessed Value $368,876 $0 Ag Exemption -$3,322,899 -$1,688,369 Total Assessed Value $1,089,677 $366,240 Tax Identification Number Acreage 603.84 171.61 Land Assessed Value $5,492,800 $1,561,042 Building Assessed Value $0 $0 10% Assessment Cap -$5,370,369 -$1,526,247 Total Assessed Value $122,431 $34,795 Tax Identification Number Acreage 33.76 33.76 Land Assessed Value $246,448 $246,448 Building Assessed Value $0 $0 Homestead Exemption -$81,976 -$81,976 Total Assessed Value $164,472 $164,472 Totals Acreage 1,097.41 439.00 Total Land Assessed Value $9,782,948 $3,862,098 Total Building Assessed Value $368,876 0 Exemptions -$8,775,244 -$3,296,592 Total Assessment $1,376,580 $565,506 Total Assessment per Acre $1,254 $1,288 Rates, Taxes, More Tax Rates 13.3200 13.3200 12.1851 12.1851 Ad Valorem Tax Amount $18,550.68 $7,846.63 00137760103 00138120001 00137640003 Assessed Values Page 4199 of 14062 SILVER STRAND III SWAP PARCEL REAL ESTATE TAXES AND ASSESSMENTS Page 57 The 2023 and 2024 taxes have been paid. Folios 00137640003 and 00137760103 have an millage rate at 13.3200. Folio 00138120001 has a millage rate at 12.1851. There are no special assessments. In reviewing the proportional share to the subject 439 acre parent tract, the tax assessment for subject property is currently $1,288 per acre or $8,797 per acre excluding the agricultural exemptions. Based on our valuation analysis, the subject’s assessment appears low. Page 4200 of 14062 SILVER STRAND III SWAP PARCEL HIGHEST AND BEST USE Page 58 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 site is 439.00 acres or 19,122,840 square feet with 7,585± feet of frontage along Immokalee Road / 1st Street (Two laned, primary arterial) and two segments at 355± and 205± feet along Stockade Road (two laned collector street). The physical characteristics of the subject tract should reasonably accommodate any use that is not restricted by its size. The subject property is located on the outskirts of Immokalee. Utilities, water and sewer, are just offsite to the north. The sewer lines will require upgrades for residential development. The subject's utilities are typical and adequate for the market area. The site is roughly flag shaped. The site is located primarily in flood zone AH with some AE and minimal X area per FEMA Flood Map Number: 12021C 0145 H, dated May 16, 2012. Zones AH and AE are classified as a flood hazard area. There are no known physical reasons that would unusually restrict development. The site is considered to have a functional utility suitable for a variety of uses. Legally Permissible The subject site is zoned Rural Agricultural District within the Mobile Home Overlay (MHO) (A-MHO), which allows single family homes, agricultural activities, family care facilities, schools, and conservation. 1 The Dictionary of Real Estate Appraisal 7th ed. (Chicago: Appraisal Institute, 2022) Page 4201 of 14062 SILVER STRAND III SWAP PARCEL HIGHEST AND BEST USE Page 59 The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. The subject property includes two future land use designations. The northern sections at 267± acres are subject to the Immokalee Area Master Plan prepared by Collier County Growth Management. The southern 172± acres is part of the Collier County Growth Management Plan. In the Immokalee Master Plan, the future land use is Low Residential Subdistrict (LR). The purpose of this subdistrict is to provide for low density residential development and supporting uses. Mobile homes are allowed pursuant to the provisions of IAMP Policy 5.1.4. Residential densities are allowed as provided below, except for properties within the Lake Trafford/Camp Keais Strand System Overlay. Base density is four (4) dwelling units per gross acre. Maximum density is eight (8) dwelling units per gross acre, inclusive of all density bonuses. Densities above the base density can only be achieved through available density bonuses. For the Collier County area, the Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive-based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. Through the RLSA program, Stewardship Sending Areas (SSAs) can be approved for preservation purposes, creating credits to entitle Stewardship Receiving Areas (SRAs), typically towns, villages, hamlets and compact rural developments (CRDs). The credit system is designed to incentivize preservation of the most import environmental lands, including large, connected wetland systems and significant habitat for listed species, by awarding higher credit values for high value preservation areas. Qualifying properties can increase their development density and expand permitted uses through an application process as well as the transfer and receipt of Stewardship Credits. The maximum permitted density under the Agricultural (A) zoning district is 1 dwelling unit per 5 acres. Qualifying properties can apply through the RLSA application process to increase residential development up to a maximum of 4 dwelling units per acre. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only agricultural or future residential uses are given further consideration in determining the highest and best use of the site, as if vacant. Page 4202 of 14062 SILVER STRAND III SWAP PARCEL HIGHEST AND BEST USE Page 60 Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory increased in 2023 and 2024 as demand declined due to continued increases in interest rates. Pricing has generally stabilized and is projected to remain fairly stable through 2025. The recent 50 basis point decrease and subsequent 25 basis point decreases in the federal funds rate, as well as the projected future decreases through 2025, are expected to further stabilize the commercial market and potentially increase demand for both residential and commercial property. On this basis, barring unforeseen changes in the market, agricultural use with future residential development of product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Agricultural use and future residential development consistent with both future land use designations is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, agricultural use and future residential development consistent with both future land use designations 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, class, and location of the property, the most probable buyer is an owner-user, investor or developer. Page 4203 of 14062 SILVER STRAND III SWAP PARCEL VALUATION METHODOLOGY Page 61 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 4204 of 14062 SILVER STRAND III SWAP PARCEL VALUATION METHODOLOGY Page 62 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 4205 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 63 SALES COMPARISON APPROACH 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 We have researched six 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 Zoning Comp City Acres Price Per Acre Subject 2000 Camp Keais Road 1/8/2025 A-MHO Subject Immokalee 439.00 1 22750 and 23350 Palm Beach Blvd.3/8/2022 $2,770,800 Agricultural AG-2 1 Alva 230.90 $12,000 2 20750, 21050 & 21070 Palm Beach Blvd.1/12/2023 $3,200,000 AG-2 Agricultural 2 Alva 178.00 $17,978 3 39450 Bermont Road 12/18/2024 $13,300,000 AG - Agricultural 3 Punta Gorda 1,009.10 $13,180 4 2650 State Road 31 8/29/2022 $3,250,000 AG - Agricultural 4 Punta Gorda 220.00 $14,773 5 17850 Wildcat Drive 4/28/2023 $2,500,000 AG-2 Agricultural 5 Fort Myers 100.78 $24,807 6 1330 20th Street SE Pending Contract $4,015,000 Agricultural (A) 6 Naples 155 $25,965.21 Page 4206 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 64 Comparable 1 Listed at $4,194,000 via MLS # 221038690 on 5/28/2021. Price reduced to $3,495,000 on 8/26/2021 and listing expired on 11/25/2021. Relisted at MLS # 221083000 on 12/1/2021 for $3,262,000 and pended on 12/1/2021. Non producing orange grove. Infrastructure is in place to refurbish and replant the grove or push and start a farming operation. The buyer is an investor who is not farming the site. The properties are not contiguous. Future land use is rural. The eastern 78 acres (25-43-27-00-00005.0000) resold in August 2022 for $2,425,600. It was not publicly marketed and unknown if the resale was arm's length. The sites have minimal wetlands exposure. Comparable 2 Sale included Folios 27-43-27-00-00042.0000, 27-43-27-00-00043.0000, 28-43-27-00- 00019.0000 and 28-43-27-00-00020.0000. Property is bisected by east and west FPL easement at 100 feet. Water and sewer are approximately 5 miles west on State Road 80 from the site per Mr. Ward. Future Land Use is Urban Community which allows up to 6 units per acre. Buyers are investors who relisted the property at $9,000,000 with a long term view. The previous owner started a rezoning process; however, the application was withdrawn before its completion. Previous discussion and submission to the county contemplated 694 residential units, 200,000 square feet of Commercial Development, and a 150-key hotel. This plan made it quite a way through the rezoning process, and an extensive amount of engineering work was completed. However, the application was ultimately withdrawn by a previous owner. The current owner is in the process of rekindling this failed zoning to see the project through. Comparable 3 Originally listed at $20,000,000. A former multi-themed outdoor adventure park with agricultural zoning. Designed for ATV/UTV and motocross riders, the property has five professionally designed tracks and off-road trails, two mud zones and 300 ft. sand drag strip. More than 2,000,000 Cubic Yards of clean material removed from on-site lakes to construct the extensive tracks and parking surfaces. Improvements include five modular buildings, offices, ticketing shelters, tiki huts, wells, septic systems, three-phase power and fiberoptic internet. Marketed as an opportunity for material extraction, RV park, farming, hunting, or other agricultural uses in addition to the existing recreation component. Future land uses include Agriculture at 883 acres and Resource Conservation at 126 acres. Includes Freshwater Forest/Shrub wetlands and Freshwater Emergent Wetlands at 119± acres including 90± acres along Shell Creek. FEMA zone A lands include 280± acres. Buyer has not disclosed potential use. Page 4207 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 65 Comparable 4 Listed for $3,500,000 on 6/19/2022. Pended on 6/28/2022. Property included a residence at 1,218 sf circa 1974. Also included carports, sheds, mobile home and pole barn at 3,748 sf. All built between 1967 and 1974. Future land use is agricultural. No wetlands. Comparable 5 Property was originally listed on 8/29/2022 for $3,999,999. There were price decreases on 2/1/2023, 2/17/2023 and 2/28/2023 to $3,799,900, $3,499,999 and $3,399,999, respectively. This listing, MLS No. 222063258, terminated on 3/1/2023. The property was relisted, MLS No. 223016355, on 3/1/2023 at $3,399,999, there were price decreases on 3/9/2023,3/18/2023, 4/4/2023 and 4/15/2023 to $3,300,000, $3,200,000, 3,198,999 and $2,999,999, respectively. The property pended on 4/16/2023. It was marketed as an area near future development. The future land use is Density Reduction/Groundwater Resource (70.35%) and Wetlands (29.65%). Per the U.S. Fish and Wildlife Service, it includes 32.25± acres of Freshwater Forested /Shrub Wetlands. A corrective deed recorded as Instrument No. 2023000282266 states that the seller names was Paul Dinger. Since the sale, the property was listed at $3,499,000 on 2/07/2024 with a price increase to $4,499,000 on 5/18/2024. The property is currently identified as Zone X flood zone based on FEMA Map 12071C 0650 F dated 8/28/2008. We note that remapped lands to the east in Collier County are almost entirely zoned AH per a map dated 5/16/2012. Wildcat Drive is a private easement access road with sand and gravel. Comparable 6 Property includes 11 parcels ranging from 5 to 40 acres. Folios 301320007, 300880001, 299120005, 300800007, 299800008, 299440002, 301800006, 299480004, 299680008, 299560005 and 299920001. It was marketed in bulk at $7,750,000.The parcels are included within the Rural Fringe Mixed Use Overlay, designated as Neutral Land (114.63-acres) and Sending Land (40 acres). All parcels are part of the North Belle Meade Overlay. The sale was approved at a 10/22/2024 meeting of the Collier County Board of Commissioners subject to a Phase 2 environmental assessment. Sale price was based on 100% of appraised value. Access to the parcels is via sand and gravel roads or trails. Property has minimal wetlands. The sending lands were marketed for TDR use at 91.70 credits. Mr. Saluan noted that the north 40 acres which was marketed individually at $5,000,000 was overpriced. He mentioned that there were several 'tire kickers' but no other significant interest. Page 4208 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 66 Comparables Map 2 Page 4209 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 67 Analysis Grid The above sales have been analyzed and compared with the subject property. We 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 4210 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 68 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% Financing American AgCredit, FLCA at $1,815,528 0.0%Conventional at $1.8M 0.0%Cash sale 0.0%Cash sale 0.0%Cash sale 0.0%Cash sale 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% Market Trends Through 1/1/2023 15.0% Subsequent Trends Ending 1/8/2025 5.0% Location % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Topography / Wetlands % Adjustment $ Adjustment Shape % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Flood Zone % Adjustment $ Adjustment Net Adjustments Gross Adjustments 10.0% $29,649 25.0% $25,756 15.0% 35.0% -5.0% $18,563 $24,667$19,669$17,579 10%15% Adjusted Acre Unit Price 0.3%10.4% $13,180 0.0% Minimal -$1,298 0% -$2,597 154.63 0% 0% $2,597 $0 $2,695 $0 Irregular AG-2 Agricultural 10% 0% Nearly square -5% Zone X per FIRM 12071C 0650 F Agricultural (A) -$855-$264 $1,322 -2% Zones X and A per FIRM 12015 C 0300 G 33.0% 45.0%37.0% 30.0% Adjusted Acre Unit Price -5% Zone X per FIRM 12082C 0328 G A-MHO and 267 acres LR in Immokalee FLU AH with some AE and minimal X $1,485 10% $1,981 16% 178.00 $0 $1,981 Nearly square and rectangle Irregular Zone X per FIRM 12071C 0329 F -5% -$743 Flagged shape -$743 -$991 -5% 439.00 $1,981 0% $13,456 12.1% $1,485 230.90 0% Alva 0.0% $19,812 10.2% $17,978 10% Adjusted Acre Unit Price $14,851 Immokalee 10.4% Alva $17,978 Fee Simple Transaction Adjustments Adjusted Acre Unit Price $12,000 $13,180 Punta Gorda 2000 Camp Keais Road 20750, 21050 & 21070 Palm Beach Blvd. AlvaImmokalee $13,180 1,009.10 39450 Bermont Road 230.90 12/18/2024 $13,300,000$2,770,800 439.00 $12,000 178.00 Alva 22750 and 23350 Palm Beach Blvd. 20750 - 21070 Palm Beach Blvd. 22750 and 23350 Palm Beach Blvd. Comp 2 $17,978 Silver Strand III Swap Parcel Land Analysis Grid Comp 1 Comp 4 2650 State Road 31 Comp 5 39450 Bermont Road Comp 3 Charlotte County 10% Minimal $2,228 $0 Agricultural AG-2 15% AG-2 Agricultural $1,983 $0 AG - Agricultural $13,217 1,009.10 0%10% 12% 0% $0 10% Fort Myers 220.00 Charlotte County -$1,348 $24,807 10% -$855 26% $991 $1,322 Irregular $0 -5%0%5% 1330 20th Street SE AG - Agricultural Symphony Properties2650 State Road 31 $14,773 8.7% Pending Contract $25,965 4.9% $2,500,000 17850 Wildcat Drive $3,250,000 Punta Gorda 8/29/2022 Zone X per FIRMS 12015C 0300G & 0325 G $4,015,000 Naples 220.00 $15,497 None -5% $25,965 100.78 $25,965 154.63 0.0% 0.0% 4/28/2023 17850 Wildcat Drive Comp 6 0.0% $24,807 North Belle Meade $25,965 $24,807 $14,773 100.78 5% $26,954 SE Lee County -10% -5% $1,348 $1,710 10% $0 $1,348 -5%5% 32% 1/12/20231/8/2025 3/8/2022 $3,200,000 40.0% 0% $17,104 15% $2,566 Irregular 30.0%25.0% -$1,348 $0 Zone AH per FIRMS12021C 0430 H & 0435 H 10% $0 Page 4211 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 69 Comparable Land Sale Adjustments Comparable 3 was a former sports park. It was marketed for a variety of uses. No adjustment could be supported for the improvements for the failed sports park; therefore, none is made. Comparable 4 included a small residence, mobile home and pole barn. No adjustment could be supported; therefore, none is made. Comparable 6 include several cabins. It was marketed at land value and no adjustment was indicated. Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm’s length transactions; therefore, no adjustments for conditions of sale are required. Comparable 6 is a pending sale. The price shown in the grid is the pending sale price. We consider the property was exposed to the open market, but the seller decided to contract with Collier County. This will be considered in reconciliation. Page 4212 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 70 Economic Trends The following graph developed from CoStar shows raw residential and agricultural land sales in the Charlotte, Collier, Lee County marketplace since January 1, 2021. The survey was limited to properties greater than 75 acres. Certain outliers were excluded including developed subdivisions and multi-family lands. The survey included 38 transactions. Prices per acre ranged from $1,718 to $149,745 per acre and averaged $36,042 per acre. Properties ranged from 79 to 2,755 acres and averaged 477 acres. The graph indicates an increasing trend in sales prices from January 2021 through the current date. However, it is noted this is unadjusted raw data and does not relate directly to the subject. The analyses and value opinion in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand and significant price increases for the industrial sector and select retail and office properties. Additionally, we consider the rapid price increases during and just following the pandemic. This period included significant population surge in all three counties which increased demand for residential developments. The subject tract is agricultural in current use with future residential potential. Based on the previous analysis, we have applied a 15.0% annual adjustment though December 31, 2022 and a 5.0% annual adjustment from 2022 through the current date. Page 4213 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 71 Location The following table summarizes the population growth, average household income and home values within a two mile radius. Subject and Comparable 6 are located in Collier County. Comparables 1, 2 and 5 are located in Lee County. Comparables 3 and 4 are located in Charlotte County. The subject property is located on the outskirts of Immokalee. Utilities, water and sewer, are just offsite to the north. The sewer lines will require upgrades for residential development. It has the second highest population density but the with significantly lower household incomes and home values. Comparables 1 and 2 are in a future development corridor along Palm Beach Blvd/State Road 80. Utilities are reportedly several miles west of these sites. The Alva area has half the population density of subject but significantly higher household incomes and home values. Comparables 3 and 4 are rural in character with no available utilities nearby or anticipated in the future. These comparables are agricultural in character although Comparable 3 was once employed as a sports park. Comparable 5 is in SE Lee County near the Corkscrew corridor at the Lee and Collier border. This area is rural in character but long-term prognosis is for the extension of the Corkscrew road corridor development occurring several miles to the west. There is no near term availability of utilities. Comparable 6 is located in the North Belle Meade near an area of Golden Gate Estates/Rural Estates. While the North Belle Meade is sparsely populated with poor road Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Address 2000 Camp Keais Road 22750 and 23350 Palm Beach Blvd. 20750, 21050 & 21070 Palm Beach Blvd. 39450 Bermont Road 2650 State Road 31 17850 Wildcat Drive 1330 20th Street SE City Immokalee Alva Alva Punta Gorda Punta Gorda Fort Myers Naples 2024 Population 4,034 2,303 2,034 12 0 519 4,245 2029 Population 3,994 2,573 2,190 14 0 580 4,620 % Change -0.99%11.72%7.67%16.67%N/A 11.75%8.83% Avg Household Income $59,840 $107,110 $114,559 $135,651 $0 $119,247 $116,730 Median Home Value $224,180 $391,718 $491,071 $450,000 $0 $566,176 $438,268 Average Home Value $358,006 $599,474 $563,561 $475,000 $0 $873,973 $455,858 Traffic Count Street Immokalee Palm Beach Palm Beach Bermont SR 31 Corkscrew Golden Gate Frontage Direct Direct Direct Direct Direct Indirect Indirect Count 10,700 24,000 24,000 8,400 6,800 6,800 33,000 Source: STDB Online and Department of Transportation Locational Adjustment - Site to Do Business (2 Mile Radius) Page 4214 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 72 and trial access, the Estates area is generally subdivided into 1.14 to 2.25 acre tracts. Well and septic is required in the North Belle Meade and the Estates. This area has the highest population density due to its proximity to Greater Naples. Subject and Comparables 1 through 4 are located on primary arterials. In the evaluation of the sites, emphasis is given to subject’s availability to utilities. We note that a cost estimate for the extension of the sewer line was not made available to these appraisers. All comparables are evaluated and adjusted for accordingly. Size The following was developed with data from the trend analysis survey. Size and price per acre are typically inversely related; therefore Comparable 3 is adjusted upward for its larger size while Comparables 2, 5, and 6 are adjusted downward for their smaller size. Topography / Wetlands The subject property overall includes a mixture of mostly crop lands and a former citrus grove. It includes Fresh Emergent Wetlands, Freshwater Forested/Shrub Wetlands and Freshwater Ponds. Comparables 1 and 4 are crop lands with minimal to no wetlands exposure. Comparable 2 had significant vegetation and wetlands exposure. Comparable 3 had a mixture of cleared, improved lands and moderate to heavy vegetation similar percentage wetlands to subject. Comparable 5 was primarily crop land with a large percentage of wetlands exposure. Comparable 6 had a mixture of cleared and moderate to heavy vegetation with minimal wetlands. All comparables are evaluated and adjusted for accordingly. Page 4215 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 73 Configuration Comparable 1 includes two non-contiguous parcels. Comparable 2 is bisected by an FP&L line. Both are adjusted for accordingly. No adjustment could be quantified for configuration differences for Comparables 3, 4, 5, and 6. Zoning All of the comparables are similar in terms of zoning. The northern sections at 267± acres are subject to the Immokalee Area Master Plan prepared by Collier County Growth Management. The southern 172± acres is part of the Collier County Growth Management Plan. In the Immokalee Master Plan, the future land use is Low Residential Subdistrict (LR). Mobile homes are allowed pursuant to the provisions of IAMP Policy 5.1.4. Base density is four (4) dwelling units per gross acre. For the Collier County area, the Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). The maximum permitted density under the Agricultural (A) zoning district is 1 dwelling unit per 5 acres. Qualifying properties can apply through the RLSA application process to increase residential development up to a maximum of 4 dwelling units per acre. We have adjusted for the subject 267± acres which are located within the Low Residential future land use designation. Flood Zone The subject and Comparable 6 are located within impacted AH and or AE flood zones. Comparable 3 is partially impacted by its A zone location but is mostly X zone. Comparables 1, 2, 4 and 5 all have superior X zone locations. All comparables are evaluated and adjusted for accordingly. Other Transactions Neal Communities recently received rezoning approval to develop a 1,099 home development on 788 acres of mostly agricultural land, with 420 acres preserved under conservation easements. The tracts with multiple ownerships are located north of the Caloosahatchee River between North River Road and Duke Highway in Lee County. The RPD plan calls for over 60% of the land be open space, with 420 acres preserved under conservation easements. Conditions also call for the creation of 300 acres of rare and unique upland habitat and the restoration or protection of an additional 20 acres, allowing a density incentive for additional homes over and above the one per acre that is called for in the county Comprehensive Growth Management Plan. Page 4216 of 14062 SILVER STRAND III SWAP PARCEL SALES COMPARISON APPROACH Page 74 The property benefits from its proximity to nearby Babcock Ranch and nearby urban areas in Lee County via I-75. Per William H. Rollins, JR. CCIM, ALC with LSI Companies, the property will be serviced by its own utility plant. Although he is not involved in the transaction, he offered that land prices would be between $27,000 to $29,000± per acre. He noted that Neal Communities incurred the time and cost of rezoning. We could not independently confirm Mr. Rollins’ information. Sales Comparison Approach Conclusion All of the value indications have been considered. Comparables 1, 2 and 5 are in future growth corridors similar to subject. Comparables 3 and 4 are located in rural areas that will likely remain agricultural for the next 10 years. Comparable 6 is the only Collier comparable. Finally, we again consider the northern 267± acres are located within the Low Residential Subdistrict future land use designation. Based on the previous analysis, we have reconciled to a per acre value of $24,000. 6 % Δ 46.49% 14.19% 25.01% Low: Number of Comparables:Unadjusted Adjusted $17,579 $29,649 $22,647 $25,965 $18,117 $12,000 Subject Size: High: Average: Reconciled Final Value: Reconciled Value/Unit Value: Indicated Value: $24,000 439.00 $10,536,000 $10,540,000 Land Value Ranges & Reconciled Values Page 4217 of 14062 SILVER STRAND III SWAP PARCEL RECONCILIATION Page 75 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, we have reconciled to the following value conclusion(s), as of January 8, 2025, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple January 8, 2025 $10,540,000 Concluded Value per Acre $24,000 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: There is reportedly a required easement agreement by Barron Collier to maintain the pumps and berms at the Silver Strand III parcel for the benefit of the South Florida Water Management District. There will also most likely be a further reciprocation agreement for drainage requirements once the parcel is developed. We are unable to determine any impact on value; therefore, we conclude the agreement will not affect value. We reserve the right to readdress valuation should this assumption be proven otherwise. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12-16 months. Page 4218 of 14062 SILVER STRAND III SWAP PARCEL CERTIFICATION Page 76 CERTIFICATION We certify that, to the best of our 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 our personal, unbiased professional analyses, opinions and conclusions. 3. We 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. We 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. K. C. Lowry, MAI, CPA has made a personal inspection of the subject property. Rachel M. Zucchi, MAI, CCIM has not made a personal 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 4219 of 14062 SILVER STRAND III SWAP PARCEL Page 77 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. K. C. Lowry, MAI, CPA and Rachel M. Zucchi, MAI, CCIM have 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, K. C. Lowry, MAI, CPA and Rachel M. Zucchi, MAI, CCIM have completed the continuing education program for Designated Members of the Appraisal Institute. K. C. Lowry, MAI, CPA Florida State-Certified General Real Estate Appraiser RZ2355 klowry@rklac.com; Phone 239-596-0802 Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 4220 of 14062 SILVER STRAND III SWAP PARCEL ASSUMPTIONS AND LIMITING CONDITIONS Page 78 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 4221 of 14062 SILVER STRAND III SWAP PARCEL ASSUMPTIONS AND LIMITING CONDITIONS Page 79 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 4222 of 14062 SILVER STRAND III SWAP PARCEL ASSUMPTIONS AND LIMITING CONDITIONS Page 80 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 4223 of 14062 SILVER STRAND III SWAP PARCEL ASSUMPTIONS AND LIMITING CONDITIONS Page 81 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 4224 of 14062 SILVER STRAND III SWAP PARCEL ADDENDA - APPRAISER QUALIFICATIONS ADDENDA Page 4225 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS Page 4226 of 14062 SILVER STRAND III SWAP PARCEL 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 4227 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF KENNETH C. LOWRY, MAI, CPA REAL ESTATE EXPERIENCE: RKL APPRAISAL AND CONSULTING, PLC Naples, Florida Partner (2009 – Present) INTEGRA REALTY RESOURCES – SOUTHWEST FLORIDA - NAPLES Naples, Florida Senior Real Estate Analyst (1996 – 2009) STEVEN GRAVES ASSOCIATES Greenwood, Indiana Fee Appraiser (1994 – 1996) AVL APPRAISAL SERVICES, INC. Greenwood, Indiana Appraiser/Vice President (1991 – 1996) AMERICAN COMMUNITY DEVELOPMENT CORPORATION Indianapolis, Indiana Controller (1990 – 1991) MANSUR DEVELOPMENT, INC. Indianapolis, Indiana Senior Accountant (1988 – 1990) PROFESSIONAL ACTIVITIES: Member: Licensed: Licensed: Appraisal Institute – MAI Certificate No. 12501 Florida State Certified General Real Estate Appraiser License No. RZ 2355 Indiana State – Certified Public Accountant #CPO8800355 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County, Lee County, and Charlotte County EDUCATION: Bachelor of Science-1981; Indiana University–Bloomington; School of Business; Accounting Major. Successfully completed numerous real estate and business valuation courses and seminars sponsored by the Appraisal Institute, Institute of Business Appraisers, accredited universities and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since the early 1990’s. Practice is focused on community/neighborhood shopping centers, power centers, office buildings, warehouse/distribution, multi-family, condominium projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisals, business valuations, market feasibility studies, and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, business/industry and government, and mortgage bankers. Valuations have been performed for condemnation purposes, estate, financing, and due diligence support. Page 4228 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS Page 4229 of 14062 SILVER STRAND III SWAP PARCEL 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 (2023-2026) 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 4230 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM A - APPRAISER QUALIFICATIONS Page 4231 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION Page 4232 of 14062 $ 7,600,000 $ 0 $ 4,043,700 $ 368,876 $ 4,412,576 $ 3,322,899 $ 1,089,677 $ 1,089,677 $ 1,089,677 $ 14,514.51 $ 0 $ 14,514.51 Collier County Property AppraiserProperty Summar y Parcel ID 00137640003 Site Address *Disclaimer 2000 CAMP KEAIS RD Site City IMMOKALEE Site Zone *Note 34142 Name / Address SILVER STRAND III LLC 2600 GOLDEN GATE PKWY STE 200 City NAPLES State FL Zip 34105-3227 Map No.Strap No.Section Township Range Acres *Estimated 2E15 000100 001 02E15 15 47 29 459.81 Legal 15 47 29 ALL LESS NE1/4 OF NW1/4 & LESS N 60FT OF NW1/4 OF NW1/4, LESS OR 941 PG 521 & OR 1033 PG 1742 LESS NW 1/4 OF NW1/4 469.86 AC OR 1560 PG411, LESS 100FT WIDE STRIP AS DESC IN OR 4322 PG 1352 REFERENCED AS "PARCEL 6" Millage Area 244 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 61 - GRAZING LAND SOIL CAPABILITY CLASS II 4.3132 9.0068 13.32 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 09/01/90 1560-411 06/01/82 975-674 2024 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (-) Agriculture (=) Assessed Value (=) School Taxable Value (=) Taxable Value Ad Valorem Taxes (+) Non-Ad Valorem Taxes (=) Total Taxes Values are as of January 1st each year. If all values are 0, this parcel was created after the Final Tax Roll. Disclaimer: The actual total property taxes may vary due to changes in millage rates set by taxing authorities, the addition of non-ad valorem assessments, and special assessments. For the most accurate and up-to-date tax information, please visit the CollierCounty Tax Collector's office to see the final Tax bills. 1/23/25, 3:13 PM Details https://www.collierappraiser.com/main_search/recorddetail.html?sid=&Map=No&FolioNum=00137640003 1/1Page 4233 of 14062 $ 0 $ 14,417,500 $ 0 $ 246,448 $ 0 $ 246,448 $ 81,976 $ 164,472 $ 246,448 $ 164,472 $ 2,544.34 $ 0 $ 2,544.34 Collier County Property AppraiserProperty Summar y Parcel ID 00137760103 Site Address *Disclaimer Site City IMMOKALEE Site Zone *Note 34142 Name / Address BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 City NAPLES State FL Zip 34105-3227 Map No.Strap No.Section Township Range Acres *Estimated 2E15 000100 005 02E15 15 47 29 33.76 Legal 15 47 29 NW1/4 OF NW 1/4 LESS OR 339 PG 390-391 35.12 AC OR 975 PG 674, LESS OR 4322 PG 1361 Millage Area 244 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 99 - ACREAGE NOT CLASSIFIED AGRICULTURAL 4.3132 9.0068 13.32 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 01/01/14 4998-865 12/21/98 2493-2779 06/01/82 975-674 2024 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (-) 10% Non-Homestead Cap (=) Assessed Value (=) School Taxable Value (=) Taxable Value Ad Valorem Taxes (+) Non-Ad Valorem Taxes (=) Total Taxes Values are as of January 1st each year. If all values are 0, this parcel was created after the Final Tax Roll. Disclaimer: The actual total property taxes may vary due to changes in millage rates set by taxing authorities, the addition of non-ad valorem assessments, and special assessments. For the most accurate and up-to-date tax information, please visit the CollierCounty Tax Collector's office to see the final Tax bills. 1/23/25, 3:24 PM Details https://www.collierappraiser.com/main_search/recorddetail.html?sid=&Map=No&FolioNum=00137760103 1/1Page 4234 of 14062 $ 7,600,000 $ 1,733,500 $ 5,492,800 $ 0 $ 5,492,800 $ 5,370,369 $ 122,431 $ 122,431 $ 122,431 $ 1,491.83 $ 0 $ 1,491.83 Collier County Property AppraiserProperty Summar y Parcel ID 00138120001 Site Address *Disclaimer Site City IMMOKALEE Site Zone *Note 34142 Name / Address SILVER STRAND III LLC 2600 GOLDEN GATE PKWY STE 200 City NAPLES State FL Zip 34105-3227 Map No.Strap No.Section Township Range Acres *Estimated 2E22 000100 001 02E22 22 47 29 603.84 Legal 22 47 29 ALL LESS CAMP KEAIS RD & LESS LANDS LYING W OF CAMP KEAIS RD OR 1560 PG 397 OR 1560 PG 404 OR 1560 PG 411, LESS OR 4322 PG 1351REFERENCD AS "PARCEL 5" Millage Area 243 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 60 - GRAZING LAND SOIL CAPABILITY CLASS I 4.3132 7.8719 12.1851 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 09/20/90 1560-411 10/01/85 1166-1884 2024 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (-) Agriculture (=) Assessed Value (=) School Taxable Value (=) Taxable Value Ad Valorem Taxes (+) Non-Ad Valorem Taxes (=) Total Taxes Values are as of January 1st each year. If all values are 0, this parcel was created after the Final Tax Roll. Disclaimer: The actual total property taxes may vary due to changes in millage rates set by taxing authorities, the addition of non-ad valorem assessments, and special assessments. For the most accurate and up-to-date tax information, please visit the CollierCounty Tax Collector's office to see the final Tax bills. 1/23/25, 3:22 PM Details https://www.collierappraiser.com/main_search/recorddetail.html?sid=&Map=No&FolioNum=00138120001 1/1Page 4235 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA Page 4236 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM C - COMPARABLE DATA ID 4375 Date 3/8/2022 Name 22750 and 23350 Palm Beach Blvd.Price $2,770,800 Address 22750 and 23350 Palm Beach Blvd.Price Per Acre $12,000.00 City Alva Transaction Type Closed Sale Grantor CKR Land Development, LLC Financing American AgCredit, FLCA at $1,815,528 Grantee Epic Estates 4, LLC Property Rights Fee Simple Tax ID Days on Market 11 months Sale Verification Date 3/22/2022 Book/Page or Reference Doc Instr. 2022000079049 Sale Verification Source Wayne Simmons w/ Southern Heritage Real Estate Conditions of Sale Arm's length Sale History None in last 5 years Acres 230.90 Topography Level Land SF 10,058,004 Zoning Agricultural AG-2 Primary Frontage Feet 2,645 Flood Zone Zone X per FIRM 12071C 0329 F Primary Frontage Street Palm Beach Blvd. (SR 80)Dimensions N/A Utilities Electric Shape Nearly square and rectangle Comments Listed at $4,194,000 via MLS # 221038690 on 5/28/2021. Price reduced to $3,495,000 on 8/26/2021 and listing expired on 11/25/2021. Relisted at MLS # 221083000 on 12/1/2021 for $3,262,000 and pended on 12/1/2021. Non producing orange grove. Infrastructure is in place to refurbish and replant the grove or push and start a farming operation. The buyer is an investor who is not farming the site. The properties are not contiguous. Future land use is rural. The eastern 78 acres (25-43-27-00-00005.0000) resold in August 2022 for $2,425,600. It was not publicly marketed and unknown if the resale was arm's length. The sites have minimal wetlands exposure. Transaction Site Land Comparable 1 26-43-27-00-00013.0000 & 25-43-27-00-00005.0000 Page 4237 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM C - COMPARABLE DATA ID 7929 Date 1/12/2023 Name 20750 - 21070 Palm Beach Blvd.Price $3,200,000 Address 20750, 21050 & 21070 Palm Beach Blvd.Price Per Acre $17,977.53 City Alva Transaction Type Closed Sale Grantor The Lillian Austin Family, LLC Financing Conventional at $1.8M Grantee BR Estates at Alva, LLC Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 6/28/2023 Book/Page or Reference Doc Instr. 2023000023593 Sale Verification Source Hunter Ward, CCIM w/ LSI Companies Conditions of Sale Arm's length Sale History None in last 3 years. Acres 178.00 Topography Heavy vegetation Land SF 7,753,680 Zoning AG-2 Agricultural Primary Frontage Feet 3,212 Flood Zone Zone X per FIRM 12082C 0328 G Primary Frontage Street Palm Beach Blvd. /SR 80 (3,212 ft)Dimensions N/A Utilities Well and septic Shape Irregular Comments Site Transaction Land Comparable 2 Sale included Folios 27-43-27-00-00042.0000, 27-43-27-00-00043.0000, 28-43-27-00-00019.0000 and 28-43-27-00-00020.0000. Property is bisected by east and west FPL easement at 100 feet. Water and sewer are approximately 5 miles west on State Road 80 from the site per Mr. Ward. Future Land Use is Urban Community which allows up to 6 units per acre. Buyers are investors who relisted the property at $9,000,000 with a long term view. The previous owner started a rezoning process; however, the application was withdrawn before its completion. Previous discussion and submission to the county contemplated 694 residential units, 200,000 square feet of Commercial Development, and a 150-key hotel. This plan made it quite a way through the rezoning process, and an extensive amount of engineering work was completed. However, the application was ultimately withdrawn by a previous owner. The current owner is in the process of rekindling this failed zoning to see the project through. 27-43-27-00-00042.0000 et al Page 4238 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM C - COMPARABLE DATA ID 8572 Date 12/18/2024 Name 39450 Bermont Road Price $13,300,000 Address 39450 Bermont Road Price Per Acre $13,180.06 City Punta Gorda Transaction Type Closed Sale Grantor Hall Family Ranch, LLC Financing Cash sale Grantee Copart of Connecticut, Inc.Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 6/24/2024 Book/Page or Reference Doc Instr. 3478722 Sale Verification Source Christi Pritchett, CCIM w/ LSI Companies, Inc. Conditions of Sale Arm's length Sale History None in last 3 years Acres 1,009.10 Topography Mixed Land SF 43,956,396 Zoning AG - Agricultural Primary Frontage Feet 4,085 Flood Zone Zones X and A per FIRM 12015 C 0300 G Primary Frontage Street Bermonth Road (4,085 feet)Dimensions Irregular Utilities FPL Shape Irregular Land Comparable 3 Originally listed at $20,000,000. A former multi-themed outdoor adventure park with agricultural zoning. Designed for ATV/UTV and motocross riders, the property has five professionally designed tracks and off-road trails, two mud zones and 300 ft. sand drag strip. More than 2,000,000 Cubic Yards of clean material removed from on-site lakes to construct the extensive tracks and parking surfaces. Improvements include five modular buildings, offices, ticketing shelters, tiki huts, wells, septic systems, three-phase power and fiberoptic internet. Marketed as an opportunity for material extraction, RV park, farming, hunting, or other agricultural uses in addition to the existing recreation component. Future land uses include Agriculture at 883 acres and Resource Conservation at 126 acres. Includes Freshwater Forest/Shrub wetlands and Freshwater Emergent Wetlands at 119± acres including 90± acres along Shell Creek. FEMA zone A lands include 280± acres. Buyer has not disclosed potential use. Site Comments Transaction 402527100001 and 402527100001 Page 4239 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM C - COMPARABLE DATA ID 8573 Date 8/29/2022 Name 2650 State Road 31 Price $3,250,000 Address 2650 State Road 31 Price Per Acre $14,772.73 City Punta Gorda Transaction Type Closed Sale Grantor Battista Farms SR 31 Real Property, LLC Financing Cash sale Grantee Lake Lonely, LLC Property Rights Fee Simple Tax ID Days on Market 9 Sale Verification Date 6/24/2024 Book/Page or Reference Doc Instr. 3146101 Sale Verification Source Darius Cochran w/ RE/MAX Realty Team Conditions of Sale Arm's length Sale History None in last three years. Acres 220.00 Topography Level Land SF 9,583,200 Zoning AG - Agricultural Primary Frontage Feet 2,650 Flood Zone Zone X per FIRMS 12015C 0300G & 0325 G Primary Frontage Street State Road 31 (2,650 feet)Dimensions Irregular Utilities FPL Shape Irregular Transaction Land Comparable 4 Site Comments Listed for $3,500,000 on 6/19/2022. Pended on 6/28/2022. Property included a residence at 1,218 sf circa 1974. Also included carports, sheds, mobile home and pole barn at 3,748 sf. All built between 1967 and 1974. Future land use is agricultural. No wetlands. 402618300001 Page 4240 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM C - COMPARABLE DATA ID 9738 Date 4/28/2023 Name 17850 Wildcat Drive Price $2,500,000 Address 17850 Wildcat Drive Price Per Acre $24,806.51 City Fort Myers Transaction Type Closed Sale Grantor Carl M. Garrett Financing Cash sale Grantee Avodah Family Farms, LLC Property Rights Fee Simple Tax ID Days on Market 46 Sale Verification Date 9/5/2024 Book/Page or Reference Doc Instr. 2023000154122 Sale Verification Source Seth Hensley w/ Premiere Plus Realty Company Conditions of Sale Arm's length Sale History None in last 3 years. Acres 100.78 Topography Cleared with treed wetlands Land SF 4,389,977 Zoning AG-2 Agricultural Primary Frontage Feet 2,130 Flood Zone Zone X per FIRM 12071C 0650 F Primary Frontage Street Wildcat Drive (2,130± feet)Dimensions 2,130' x 2,060' Utilities Septic and well required Shape Nearly square Property was originally listed on 8/29/2022 for $3,999,999. There were price decreases on 2/1/2023, 2/17/2023 and 2/28/2023 to $3,799,900, $3,499,999 and $3,399,999, respectively. This listing, MLS No. 222063258, terminated on 3/1/2023. The property was relisted, MLS No. 223016355, on 3/1/2023 at $3,399,999, there were price decreases on 3/9/2023,3/18/2023, 4/4/2023 and 4/15/2023 to $3,300,000, $3,200,000, 3,198,999 and $2,999,999, respectively. The property pended on 4/16/2023. It was marketed as an area near future development. The future land use is Density Reduction/Groundwater Resource (70.35%) and Wetlands (29.65%). Per the U.S. Fish and Wildlife Service, it includes 32.25± acres of Freshwater Forested /Shrub Wetlands. A corrective deed recorded as Instrument No. 2023000282266 states that the seller names was Paul Dinger. Since the sale, the property was listed at $3,499,000 on 2/07/2024 with a price increase to $4,499,000 on 5/18/2024. The property is currently identified as Zone X flood zone based on FEMA Map 12071C 0650 F dated 8/28/2008. We note that remapped lands to the east in Collier County are almost entirely zoned AH per a map dated 5/16/2012. Wildcat Drive is a private easement access road with sand and gravel. Comments Site Transaction Land Comparable 5 12-46-27-00-00007.0000 Page 4241 of 14062 SILVER STRAND III SWAP PARCEL ADDENDUM C - COMPARABLE DATA ID 9937 Date Pending Contract Name Symphony Properties Price $4,015,000 Address 1330 20th Street SE Price Per Acre $25,965.21 City Naples Transaction Type Pending Contract Grantor Symphony Properties, LLC Financing Cash sale Grantee Collier County Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 1/29/2025 Book/Page or Reference Doc Pending sale Sale Verification Source Andrew Saluan w/ AJS Realty Group Conditions of Sale Arm's length Sale History None in the last 3 years Acres 154.63 Topography Moderate to heavy vegetation Land SF 6,735,683 Zoning Agricultural (A) Primary Frontage Feet 1,320 Flood Zone Zone AH per FIRMS12021C 0430 H & 0435 H Primary Frontage Street 20th Street SE Dimensions N/A Utilities Well and septic required Shape Irregular Land Comparable 6 Transaction Site Comments Property includes 11 parcels ranging from 5 to 40 acres. Folios 301320007, 300880001, 299120005, 300800007, 299800008, 299440002, 301800006, 299480004, 299680008, 299560005 and 299920001. It was marketed in bulk at $7,750,000.The parcels are included within the Rural Fringe Mixed Use Overlay, designated as Neutral Land (114.63-acres) and Sending Land (40 acres). All parcels are part of the North Belle Meade Overlay. The sale was approved at a 10/22/2024 meeting of the Collier County Board of Commissioners subject to a Phase 2 environmental assessment. Sale price was based on 100% of appraised value. Access to the parcels is via sand and gravel roads or trails. Property has minimal wetlands. The sending lands were marketed for TDR use at 91.70 credits. Mr. Saluan noted that the north 40 acres which was marketed individually at $5,000,000 was overpriced. He mentioned that there were several 'tire kickers' but no other significant interest. Multiple Page 4242 of 14062