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Agenda 05/28/2019 Item #11B (Metro Commercial Development Group Offer)05/28/2019 EXECUTIVE SUMMARY Recommendation to accept the offer from Metro Commercial Development Group LLC in the amount of $3,500,000 for the County-owned parcel located between Immokalee Road and 4th Street Northeast (Randall Curve parcel) and authorize the County Manager to negotiate a Developer Contribution Agreement with Immokalee Road Rural Village for the development of a joint County and School District project. OBJECTIVE: To accept the offer from Metro Commercial Development Group LLC for the Randall Curve parcel and obtain authorization to negotiate a Developer Contribution Agreement with Immokalee Road Rural Village. CONSIDERATIONS: At the December 11, 2018 Board meeting, Agenda Item 11A, staff proposed entering into an agreement with the Collier County Public School District to jointly develop a bus garage, road maintenance facility and supporting ancillary facilities on the Randall Curve parcel. The Board directed staff to proceed with project planning as outlined, while simultaneously allowing interested buyers to submit proposals to acquire the property. Subsequent to that action, at the February 12, 2019 Board meeting, the County Commission directed that the property be advertised for sale for a period of 60 days. The property was advertised for sale in the Naples Daily News on March 7th and March 14th, a for sale sign was placed on the property and a press release was issued. The County received four (4) proposals for the property. At the April 23, 2019 Board meeting, Agenda Item 11A, Board direction was to continue the item to the May 28, 2019 Board Meeting to allow the District 5 Townhall Meeting and to request the offerors to present their proposals at the meeting. All offerors were contacted, and Mr. Kreilich declined to make a presentation. The most current proposals are outlined below and attached as back-up. Proposer’s Name Date Received Proposal Terms Shy Wolf Sanctuary (SWS) March 28, 2019 --Offer $1,000,000 for land purchase --Will construct a world class sanctuary, educational and research facility surrounded by a passive use park with trails for horseback riding, biking and hiking --Open to a Collier County & SWS partnership be formed --Sell to SWS with a down payment and balloon payment in 10 years (should larger price be required) --Long term lease with SWS with option to purchase --Split parcel and sell half to SWS & retain remaining acreage for another use Metro Commercial Development Group LLC March 29, 2019 --Offer $3,500,000 for land purchase --Refundable Earnest money deposit in the amount of $125,000 if Purchaser determines development of the property isn’t feasible for Purchaser’s intended use --Not contingent on property re-zone --Ninety (90) day feasibility period --Closing thirty (30) days after expiration of feasibility period Crown Management Services LLC March 29, 2019 --Swap 30+ acres located on corner of 1st Street on Golden Gate Blvd extending to 3rd Street with request to designate a portion for a park -- Provide County with 1+ acres at Randall Curve site to facilitate a County service building --Provide $750,000 in funding to facilitate the construction of a community park or the funds can be used as the County sees fit -- Amend the Estates Shopping Center Sub-district and the Estates Shopping Center CPUD to add the County’s proposed use and eliminate the requirement for a grocer for the remaining 10+ acre tract at corner of Golden Gate Blvd. & Wilson Blvd. to 1st Street NW, which would be retained --Contingent upon receiving all necessary required County/State approvals for the commercial use on the Randall Curve parcel and the 10 acre +/- parcel located on the corner of Golden Gate Blvd. West & Wilson Blvd. North 11.B Packet Pg. 87 05/28/2019 The County’s in-house state certified real estate appraiser has valued the property at $3,520,000. The County also obtained an outside independent appraisal from Maxwell-Hendry-Simmons and their valuation was in the amount of $3,630,000. A copy of the appraisal is attached. Based on the offers received to date, Metro Commercial’s proposal seems fair and equitable for the land. The County does have the option to counter. Subsequent to that meeting, the County received an offer for a potential partnership with the developer of the Immokalee Road Rural Village to provide acreage for a Collier County District School bus barn and a Collier County Road Maintenance Facility. The proposal is outlined in the attached letter from Bob Mulhere, Hole Montes, which offers 30 +/- acres for these facilities. Based on community concerns regarding the co-location of a bus barn and road maintenance facilities on the Randall Curve parcel and the new offer received from Immokalee Road Rural Village at a nearby location, staff is seeking Board authorization to direct staff to negotiate and bring back a proposed plan to the Board for the proposed location to co-locate a School District bus barn and County road maintenance facilities at the Immokalee Road Rural Village. Should the Board decide to accept Metro Commercial’s offer, the proceeds from the sale of the Randall Curve parcel should be utilized for the purchase of property, design, and construction of the County’s portion of a future joint use facility. On May 8, 2019, Commissioner McDaniel held a Randall Curve Property Options Meeting at the IFAS building on Immokalee Road that included presentations from the three (3) offerors and a live polling survey consisting of 10 questions. The results for the live polling survey are attached. FISCAL IMPACT: Net proceeds from the sale will be deposited into the appropriate Fund. GROWTH MANAGEMENT IMPACT: There is no impact to the Growth Management Plan. LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is approved as to form and legality, and requires majority vote for approval. -JAK RECOMMENDATION: That the Board of County Commissioners: 1. Declares the 47-acre +/- parcel surplus; 2. Accepts the offer from Metro Commercial Development Group LLC in the amount of $3,500,000 and dedicate those funds to the County’s portion of a future Road & Bridge facility; 3. Authorizes the County Manager or his designee to prepare a Real Estate Sales Agreement and authorizes the Chairman to execute the Agreement on behalf of the Board; 4. Authorizes the Chairman to execute the Statutory Deed once prepared and approved by the County Attorney’s Office; 5. Authorizes the net proceeds received from the sale be deposited into the appropriate account; 6. Authorizes the County Manager or his designee to follow appropriate closing procedures, and to record the deed, once approved by the County Attorney’s Office, in the public records of Collier County; 7. Directs the County Manager to work with the developer of the Immokalee Road Rural Village to create a Developer Contribution Agreement for a potential partnership with the developer; and work with the School District to locate joint facilities at this site; and 8. Authorizes the necessary budget amendments. Prepared By: Toni A. Mott, Manager, Facilities Management Division 11.B Packet Pg. 88 05/28/2019 ATTACHMENT(S) 1. Shy Wolf Sanctuary Proposal (PDF) 2. Metro Commercial Development Group LLC Proposal (PDF) 3. Crown Management Services LLC Proposal (PDF) 4. Maxwell- Collier County_Randall Curve Appraisal Report (PDF) 5. Immokalee Road Rural Village proposal (PDF) 6. Comm McDaniel - Live Polling Results - May 8, 20019 (PDF) 7. May 28th BCC - PowerPoint Presentation (PDF) 11.B Packet Pg. 89 05/28/2019 COLLIER COUNTY Board of County Commissioners Item Number: 11.B Doc ID: 9024 Item Summary: ***This item to be heard at 10:00 a.m.*** Recommendation to accept the offer from Metro Commercial Development Group LLC in the amount of $3,500,000 for the County-owned parcel located between Immokalee Road and 4th Street Northeast (Randall Curve parcel) and authorize the County Manager to negotiate a Developer Contribution Agreement with Immokalee Road Rural Village for the development of a joint County and School District project. (Toni A. Mott, Manager, Facilities Management Division) Meeting Date: 05/28/2019 Prepared by: Title: Manager - Property Acquisition & Const M – Facilities Management Name: Toni Mott 05/16/2019 4:56 PM Submitted by: Title: Director - Facilities Management – Facilities Management Name: Damon Grant 05/16/2019 4:56 PM Approved By: Review: Public Utilities Department Dan Rodriguez Additional Reviewer Completed 05/17/2019 9:05 AM Public Utilities Department Sarah Hamilton Level 1 Division Reviewer Completed 05/17/2019 5:31 PM Facilities Management Damon Grant Director - Facilities Completed 05/20/2019 5:08 PM Public Utilities Department Sarah Hamilton Level 2 Division Administrator Review Skipped 05/20/2019 10:44 AM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 05/20/2019 11:10 AM Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 05/20/2019 11:40 AM Budget and Management Office Mark Isackson Additional Reviewer Completed 05/21/2019 3:28 PM County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 05/21/2019 3:34 PM Board of County Commissioners MaryJo Brock Meeting Pending 05/28/2019 9:00 AM 11.B Packet Pg. 90 ゛f 言厖 r・ From the Heort For the Animols Q“iCkД "““ α′Statistics Total number of PEOPLE REACHED: 15,600 Totalnumber of EDUCAT:ONAL PRESENTAT:ONS: 312 Total number of VISITORS EDUCATED: 5,200 Totalnumberof VOLUNTEER HOURS: 61,000 0peration Statistics: Years of Service:1993-present lncorpOrated in 2001 as a Florida Non―Profit and 501c3 Estimated Operating Budget:5420′000L[ロr Mission Stotement Our mission is to reconnect people and animals through education. Shy Wolf Sanctuary Education and Experience Center, lnc. (Shy Wolf Sanctuary) provides rehabilitation and sanctuary to un-releasable wild and captive-bred exotic animals. We work year-round to educate the public about the importance of protecting these animals while filling a very large void between domestic animal services, wildlife rehabbers and zoos. Who We Serve Healing Hearts is a program especially designed for at-risk children and adults. lt began as a partnership with The Childrens Network of Southwest Florida (foster children) and has since expanded to include other organizations. Youth Haven, Valerie's House, PACE Center for Girls, and The Naples Shelter for Women & Children are all partners now. Participants come to the sanctuary and learn first hand how our resident animals have experienced neglect, abandonment, and abuse but have survived and thrived with our unconditional love and support. The resident animals inspire and give hope and joy for the promise the future holds. Contactinformation Deanna Deppen Executive Director 855-SHY―VVO LF(749-9653) admin@shywOrsanctuary org shywolfsanctuary org P O Box3032 Naples,FL 34106 11.B.1 Packet Pg. 91 Attachment: Shy Wolf Sanctuary Proposal (9024 : Randall Curve Update) Our Future Shy Wolf Sanctuary is planning a prototype facility that will be the first of its kind in the world. lt will be structured to attract visitors while catering to the needs of the resident animals and enabling research partnerships. Community Resource The sanctuary will provide the obvious, jobs and visitors coming from all over the world to spend money locally. The planned facility will also serve as a resource during natural disasters and emergencies. Hurricane-rated buildings will provide shelter to our residents in addition to animals from the shelter and those belonging to emergency responders unable to evacuate. An on-site veterinary clinic will allow externships for new veterinarians and offer specialized care for large and exotic animals not easily treated at a regular veterinarian's office. Educotionol Progroms Shy Wolf Sanctuary visits dozens of local elementary schools each year to share the message and importance of wolves and other exotic species, like Florida's Gopher Tortoise, in natural ecosystems. We partner with Boy Scouts, Girl Scouts, offer Eagle Scout projects, Corporate Volunteer Programs, Community Presentations, College Service Hours and Research, and much more. Our educational programs run the gamut from "The lmportance of Being Kind" to "Responsible Pet Ownership" to "Living with Wildlife and how to Protect lt". Good Neighbors Our founders, Kent and Nancy Smith, have been providing sanctuary to exotic animals since 1993 when they rescued Moondance, a Black Asian Leopard. People often ask what ou r neighbors think. Our neighbors have been completely supportive through the years and often callto ask how the wolves are doing if they don't hear them howling. INTERESTING FACT: Wolves howl for less than two minutes and the entire group howl has a lower decibel reading than a Harley motorcycle engine. Reseorch Portners Shy Wolf Sanctuary has a long history of partnering with college students from across the country. We've conducted cognitive behavioral research for a Princeton Senior Thesis and, more recently, drawn blood samples for DNA studies at University of North Alabama. We are involved in the ground breaking research being done with the New Guinea Wild Highland Dog and the DNA mapping related to New Guinea Singing Dogs and Dingoes. Our facility will embrace and lead the way in research. l' I Overview Summdry Shy Wolf Sonctuory Educotion & Experience Center, lnc. is o Florido Nonprofit & Desiqnoted 501(c) j Tox Exempt Orgonizotion. Donotions ore tox deductible. 11.B.1 Packet Pg. 92 Attachment: Shy Wolf Sanctuary Proposal (9024 : Randall Curve Update) Toll Free: 855-749-9653 E-mail: 5hI!q[!3Ig!!Iy]Q gL!9!l Web: www.shywolfsanctuary.com Mailing Address: P.O. Box 3032 Naples, FL 34106 Date: March 28,2OLg RE: lmmokalee & Randall Curve 47 ac. for use as Agricultural with a Special Exception Permit Ms. Toni Mott, Manater SR/WA Collier County Real Property Management 3335 Tamiami Trail E, Suite 101, Naples, FL 34112 Dear Ms. Mott, Shy Wolf Sonctuary Educotion ond Experience Center lnc. proposes that the Collier County Commissioners sell or lease the 47 county-owned acres on the curve of lmmokalee and Randall Boulevard to the sanctuary. The sanctuary will build a world class sanctuary, educational and research facility surrounded by a passive use park benefiting the community with trails for horseback riding, biking, and hiking. The endangered Fox Squirrels and Bald Eagles would have a safe home with us and we'd have less traffic impact than a shopping center would in that location. The SWS finds itself in a unique position having outgrown its current location. lt fills a vital role within the community for captive-bred and un-releasable wild animals, helping DAS and FWC. The sanctuary is also positioned to be a global travel destination and prototype research facility. SWS has already partnered with Princeton, University of North Alabama, and Duke University on canine cognitive behavior research and DNA studies. Building a green and sustainable facility designed with the health, well-being and natural behavior capabilities in mind will attract additional universities and research stakeholders. The newly built SWS housing and supportive structures will serve the surrounding community in natural disasters and emergencies such as wildfires and hurricanes. The CATS-rated buildings will offer shelter and the on-site large animal veterinary clinic will be a resource for the surrounding agricultural community. We thank you in advance for your time and consideration of all options proposed and outlined herein and welcome any questions you or the other vested parties may have for us. Kindest regards, L(co,"*e ka.frt,,- Deanna L. Deppen, Executive Director Shy Wolf Sanctuary Education & Experience Center lnc. admin@shvwolfsanctuarv.ore I 239-290-9867 11.B.1 Packet Pg. 93 Attachment: Shy Wolf Sanctuary Proposal (9024 : Randall Curve Update) Proposal 47 Acres Shy Wolf Sanctuary Education & Experience Center Proposal 47 Acres 855-SHY‐WOLF March 28′2019 Page l2 Prepared bv: Deanna L.Deppen,Executive Director l161 27th Street SW Naples,FL 34117 239‐290‐9867 聖WW.Shywoifsanctuarv.org adminoshywo「sanduarY.Org 11.B.1 Packet Pg. 94 Attachment: Shy Wolf Sanctuary Proposal (9024 : Randall Curve Update) Proposal 47 Acres Page l3 Overview Essential Needs Shy Wolf Sohctuory Educotion ond Experience Centet (SWS) needs land that would enable us to do the following: . Rescue and house captive-bred and un-releasable wild animals;. Safely shelter those animals during natural disasters such as wildfires and hurricanes;. Educate the community about the animals rescued and residing at the sanctuary by inviting them out to meet the animals on site. ldentified Criteria for Land The following have been identified as key to the sanctuary's future success:. A minimum of 20 acres to build the planned facility;. Centrally located between Collier and Lee counties to accommodate volunteers and guests from both;. Easily accessed from both Collier and Lee counties;. Agricultural or semi-suburban to accommodate the animals and the people visiting;. Close enough to universities to still form viable partnerships; Financial SWS is prepared to offer S1M for the 47 acres with an initial down payment and financing through our bank and supporters. Alternatively, the sanctuary would be open to one of the following options being considered:. A Collier County - SWS partnership be formed (precedent: The Naples Zoo);. Sellto SWS with a down payment and balloon payment in 10 years (should larger price be required);. Long term lease to the sanctuary with option to buy;. Split the 47 acres and sell half to the sanctuary while maintaining half for another use (least appealing to sWS as there is a vested interest in who / what is next to the sanctuary). Partnerships / Benefits to Community SWS has a long history of partnering with the schools and organizations:. Collier County Public Schools - Field Trip & Learning Center;. 4-H and agricultural programs - animal husbandry & care, gardening, bee keeping;. Boy & Girl Scouts, Eagle Scout Projects, other community volunteer programs; . Corporate partnerships, educational programs, and volunteer days;. Healing Hearts: PACE Center for Girls, Youth Haven, The Naples Shelter, Children's Network of Southwest Florida, Valerie's House; . Educationalprograms with partners in lmmokalee. 11.B.1 Packet Pg. 95 Attachment: Shy Wolf Sanctuary Proposal (9024 : Randall Curve Update) Proposal 47 Acres Page l4 Planned Facility . House - on-site property manager;. Pasture land - for horses, cows & other farm animals to be rescued;. Pavilion & Educational Center - an educational gathering location for programs and community use and office space for staff;. Parking lot / area - for guests and students to park at the facility;. Lean-Tos & Green Houses - to be used as educational planting stations & for maintenance;. Vet Clinic - to be used for large animal care for big cats, bears, horses, etc;. Work Build ing - approximate 30'x70' metal building will be a combination building for loading dock for food deliveries and food preparation area for the resident animals.. Chicken Coop - to raise chickens on site for fresh eggs (animals & community) and to partner with 4-H programs through this and farm animal rescue & gardening program; . Enclosures / Habitats - FWC required enclosures for exotic animals (including 10' high chain link with 3' lean-ins & antidig) - as well as smaller animal habitats built to greater than FWC specifications;. Kennels {CAT5 buildings) - Hurricane & Fire-proof kennel buildin8s (concrete) for lockdown and feeding / care of animals - additional capacity to shelter community animals in times of disasterj. Maintenance Building - needed to house farm equipment including bobcat, tractor, mowers & work space for construction & repairs; .lnternhousing-couldbeincorporatedintooneoftheotherstructuresbutwouldenableinternand externships in biology, zoology, veterinary medicine and other fields;. Barn -to house the farm animals;. Rehab Pool (not existing) - for rehabilitation and therapy of resident animals. Product / Service Features . Animals come to SWS from FWC, shelters, other rescues and private surr€nder. There is literally nowhere else for these animals to go. . Hurricane rated buildings will house kennels for our resident animals and have enough extra to take in animals from the county shelter in the path of the disaster or those of emergency workers who cannot evacuate due to job responsibilities. . Guests to SWS will be able to interact with and pet animals that they would otherwise never encounter and will be able to howl as one ofthe pack with the wolves, wolfdogs, dingoes, new guinea singing dogs, and coyotes. . Photographers will have a unique opportunity to photograph animals that would otherwise never be approachable in the wild. lnstructor led classes will provide tips and techniques to advance the photographer's skills. . Research conducted will be ground breaking on many levels and offer a prototype opportunity facility desiSn to study behaviors in canines that would never be possible in the wild as researchers cannot get close enough. 11.B.1 Packet Pg. 96 Attachment: Shy Wolf Sanctuary Proposal (9024 : Randall Curve Update) Proposal 47 Ac.e5 Page l5 Product / Service Benefits . Animals are provided a safe haven that cannot go to wildlife rehabilitators, zoos, or domestic animal shelters. Wetaketheworkofrescue&careofftheshouldersofotheror8anizations. These animals share their stories and educate guestr. . Local shelters are not rated above a CAT 3 storm and do not offer room for the pets ofthose emergency workers (EOC, deputies, paramedics, hospital workers)who cannot evacuate. More resources for community members whose animals cannot go to the shelter because there are too many pets, the wrong type of pet, or just no room allotted. . Guests willbetter relate to the wild cousins ofour resident animals and wantto actto protect them and their habitats. . Program participants will have a better understandinB of wild animals, the role they play in the ecosystem, and how to better live with the wild animals. Our HealinB Hearts program connects children and adults at risk with the animals and shows them there is hope beyond negled, abuse and abandonment. . Photographers will see animals in a way not possible otherwise while honing their photography rkills. They will be able to photograph animals up close in their habitats. . The research conducted will help define our understanding of canine behavior, pack dynamics, and how all canines are related through DNA studies. lndustry Overview There is a strong market for outdoor and animal related activities. The national parks and recreation facilities (US) number 71,219 while zoos and aquariums (US) number 4,990 and had a S2Bn revenue total in 2018 (www.ibisworld.com) with a 1.5% annual groMh since 2013. SWS fills a unique niche in both the animal rescue industry and the tourism attradion industry. lt rescues and provides sanctuary to un-releasable and captive-bred exotic animals that cannot go to the zoo, wildlife rehabilitation or domestic animal shelters and rescues. Many ofthe animals rescued come from these resources, in fact. People will travel from around the world to spend time with the wolves and other exotic residents because SWS will allow a smaller more intimate visit that encoura8es interacting with the animals that are safe who enjoy the enrichment offered by such attention. History of the Sanduary SWS gets rescue requests on a daily basis, sometimes several per day. There is no way to accommodate or help allofthe animals in need and a network of rescuers worksto rehome the onesthat can be safely adopted out. SWS was formally established in 2001 but the founders have been rescuing exotic animals since 1993 and have been continuously licensed and inspected by Collier County Domestic Animal Services, Florida Fish and Wildlife, and the United States Department of Agriculture. 11.B.1 Packet Pg. 97 Attachment: Shy Wolf Sanctuary Proposal (9024 : Randall Curve Update) Proposal 47 Acres Pag€ l6 Growth Potential The grolvth potentialfor sws is tremendous. There is a giant need for animals to be rescued but an equally great desire of people to meet and understand these exotic animals. That translates to conservation of wild animals sws is in a unique position to also become a leading research facility for cognitive canine behavior, DNA study contribution, and other non-intrusive projects. The main deterrent for groMh is finding at least 20 acres zoned in a manner that can house the animals and allow people to visit. sws has worked with three different counties to try to resolve this problem. SWS is such a unique entity that the county zoning departments don't really know how to classify the sanctuary up front to direct us to appropriate propenies. Trends There are seasonal trends for the market in Southwest Florida as the "snowbirds" visit and their grandchildren come during school breaks. Projections from the Collier County Government population studies predjct 379,900 people in April 2020 and 383,166 in October 2020 with 386,432 in April 2021; thus, demonstratinB the seasonal increase in winter months and continuing groMh within Collier County as a whole comprehensi ulation-and- demosraphics). SWS would undoubtedly have times that are busier, like now, but would stay relatively consistent even in off months- Conclusion SWS is very interested in the 47 acres, in part or whole, that is at Randall & lmmokalee and feelwe bring a unique and important resource to the surrounding community. Should it be the decision that something else would be better suited for that location, sWS would be interested and open to discussing alternative locations to form a partnership with the county or other interested parties. lt is the goal of sws to have a minimum of 20 acres identified and approved for the future facility and to launch a capital campaign by the end of 2019. 11.B.1 Packet Pg. 98 Attachment: Shy Wolf Sanctuary Proposal (9024 : Randall Curve Update) METRO° COMMERCIAL March29,2079 [wA ELECTRONIC DELTVERY ONLY] Board of County Commissioners c/o Toni Mot! Manager Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, FL 34112-5356 Re: Purchase and Sale Proposal Golden Gate Estates Unit 22, Tract A (Parcel No: 37690040003) Honorable Commissioners: Metro Commercia.l Development Group, LLC fMetro Commercial) is pleased to present this proposal for your review and consideration of the purchase and sale of Golden Gate Estates Unit 22, Tract A, Collier County, Florida. We see this purchase as an opportunity to create a cenEal area of mixed-uses for the benefit and enioyment of the residents ofGolden Gate Estates and surrounding communities. Coupled with the abutting parcels we currently own jointly with Barron Collier Companies north of this property, our holdings would then entail close to 70 acres and sretch along Immokatee Road from Randall Boulevard to Orange Tree Boulevard. - Our vision for the property is simple. It is to plan and develop a quality, vibrant mixed-use development to serve the needs of the rapidly growing eastern Collier County population Metro Commercid is under consEuction with a Wawa project at Route 41 and Price street and currently has two additional commercial properties in Collier County which we are planning the development of, and this propergz would complement our pordolio well. Metro Commercial is an industry leader for retail brokerage providing regional, national, and international tenani representauon to 140 individual and expanding retailers. Representing over 430 properties totaling over 32 million square feet, Metro commercial also specializes in proiect leasing property management and development services. fr60lortdsm.5ot!800. Ptllqlclrlrh,rf . AO3 . 2t5rgt.0:r0o . iG 2t5rS.03tll 660lr!t0dt'lot n?[! . Sulc LL20o . PtJao]$ L.t!g, n . i9{61 . 610125.52:A . h 60.!a5.5156 l7te[owCip loal . 5dic30o . Io$i trrct, t .0!05t. tg6.rG6.t9OO. h fg6 ESAlclt lSA05 CollFr nd . $tbzos . mts,tr . :tatig . 2!).t55.5a96 . h2:!.66 Sr:r! iletrocommrdol.com 11.B.2 Packet Pg. 99 Attachment: Metro Commercial Development Group LLC Proposal (9024 : Randall Curve Update) The framework for our proposal is typical of most real estate transactions. Below we have enumerated the terms and conditions of our proposal, Golden Gate Estates Unit 22 - Tract A Purchase and Sale Proposal Terms 1. Seller: Collier County c/o Real Property Management 2. Prcperty: Golden Gate Estates Unit 22, Tract A, less that portion ofTractA as described in 0R 3080 PG 723, as amended in 0R 4079 PG 1358 (Parcel No: 37690040003). 3. Property Sizet 47.6 acres (to be confirmed by boundary survey). 4. Purchase Price: $3,500,000.00 5. Purchaser: Metro Commercial Development Group, LLC or an affiliated entity. 6, Deposlt The first earnest money deposit in the amount of$125,000.00 shall be deposited with the Escrow Agent within five (5) days of the Effective Date of the Purchase and Sale Agreement (Agreement). 7. Feasibility Period: Ninety (90) days from the Effective Date ofthe AgreemenL perform its due diligence with respect to the Property includin& but not limited to the following: [a) physical inspecrion ofthe Property, [b) soils investigation, (3) environmental assessment, (c) survey and topographical study, (d) wetlands assessment, (e) condition oftitle, (! condition ofall leases and sub-leases and (g) engineering utilities and site planning studies. At the end of the Feasibility Period, Purchaser shall be entided to tJre return ofthe Deposi! and all interest accrued thereon, should Purchaser determine that the development of the Property is not feasible for Purchase/s intended use. If purchaser elects to proceed to Closing the Deposit shall become non-refundable except for in the event ofa Seller default. 8. Closing: Thirry (30) days after tle expiration of the Feasibility period. 9. Non-Binding Proposal: This Proposal is intended to only to summarize the principal terms ofa Purchase and Sale Agreement being considered by the undersigned parties. The undersigned parties intend to endeavor to negotiate one or more definitive written agreements and otler documentation providing for the proposed transaction. The provisions ofthis proposal do not constitud, and will not give rise to, and legally binding obligation or other liability on the part ofany ofthe undersigned pafties. くREMAINDER OF THIS PAGEINTENT10NALLY LEFT BLANK> 11.B.2 Packet Pg. 100 Attachment: Metro Commercial Development Group LLC Proposal (9024 : Randall Curve Update) Ifthe proposal outlined herein is acceptable, we would request that an authorized sigratory for Collier County sign below and return one (1) original of this Proposal. If you have questions or would like to discuss the Proposal, please call me at (609)790-1900. This Proposal shall be valid for 30 days from the March 29,2019. Thank you for your consideration, and we look forward to the opportunity to work with you toward a successful conclusion of this matter. Sincerely, Metro Commercial Development Group, LLC ACCEPTED AND AGREED on this _day of -20L9. By, Printed Name: Its Duly Authorized 0fficer 11.B.2 Packet Pg. 101 Attachment: Metro Commercial Development Group LLC Proposal (9024 : Randall Curve Update) Crown Management Seryices, LLC 207 Cherry Hill Drive Presto, PA l5142 Toni A. Mon, Manager, SR/WA Collier Coulty Real Property Management 3335 Tamiami Tmil East - Suite 101 Naplcs, Florids 34 I I 2 Dear Ms. Mott Wc arc plcsscd to submit our proposal to acquilc thc Collier County,s prcp€rty kno\ryn as the Randall Curve property, which consists of approximately 47+l- acres located off Immokalee Road near Raadall Boulcvard in Collicr County, Floride Our proposal would consist of a land swap utilizing 30 +/- aqes of land we currently own, which is within the Estqtes Shopping Center CPUD located approximately in the center of Golden Gate at the cornff of lst Steet on Croldcn Gat€ Blvd. ext€nding to 3d Stroet. Our goal is to work with the County and the Golden Gale Estates Community to provide the best use for both parcels ofland that would best serve the citizens of Golden Gate Estates and Collier County. Our objective would bc to develop the Randall Curve property as the Cornmercial Hub to serve the Golden Cate Estates commmity by providing many commercial services that are needed for the cotnmunity and creating firll and pan time jobs. The devclopment ofthe Randa.ll Curve propcrty would also be goviding much needed rclief to the County,s road systcm scrving the area so that preople living and staying in the area would not have to drive west or to the City ofNaples for their daity and monthly rceds, as well as providing them a cost savings ofgas and valuable d ve time out of their daily schedule. Crown Managemcnt has been in discussions with Barron Collier Companies which owns the plopcrty adjaceot to thc Randall Curve propcrty. Barron Collier Companies has agrced to give us access to the site thrcugh their abuning prop€rty, *fiich is oorth of the R-sndall Curve propcrty. Baron Collier has also commihed to working wilh us to devclop thc laltd. CombiniDg this tract of land to the abutting BaEon Collier land would provide a gleat opportunity 6 consolidate a Commcrcial Hub to scrvc the Goldcn Gatc Estates Community for the foreseeible futulc. Our proposal would consist of the following lerms and conditions: l) In exchange for the County's 47+/- ItaDdall Curve property, we would provide our 3G|/- acres (details attached below) to lhe County to be used by the County as it sccs fit for its best use. 11.B.3 Packet Pg. 102 Attachment: Crown Management Services LLC Proposal (9024 : Randall Curve Update) 2) We^ w.ould provide the County with a I + acre tracr of 1and (at rhe Randal Curvc propcny)lo facilitate a County s€rvica building to sewe the community. 3) We understand that the Coung bas the ultimate right ro dcaide how the 30 +/- acrcs is llfl:--H:y:r:r. we request $ar Co ier County-consider d"rig;iing a ponion of rherur/- acre ract tor a park serving the Colden Gate Estates Community, where familiesand.childrcn can enjoy a park and walking traitr, " ptr"" to g"tt "r,-ir.* family picnics, aswcll as commuoity events. 4) we would provide $750,000.00 in funding to facilitate the construcrion of such acommunity pa* progam or the funds can bcL"a * *," Co*ty s."s nt. 5) Y" :grld process a grotth management plan aEcndment aod rc-zone the County,sRandall Curve propety to allow comrnercial uses. 6) We would ameud the Estates Shoppiog Centcr Sub.district and the Estatos Shoppingcenter cpuD to add the county's pioposed,ses on thc 30 +/- acre tract and eriminatcthe requirement of a grocer for thc-remaining ro +l- acre tract aitie comcr of GoldcnGate Blvd. and Wilson Blvd. ro I st Sheet NWi ,"f,i"f, *orfa * *Li"d and used by us. We have met with several Colden Gate Estates community leade$ rcgarding this proposal andthey ye ln favor of the land swap and wo*ing togcthc, ti ;.;;i;;;ilffi of our 3o./_ acretract for the b€nefit ofthe Golden Gatc Estatcs com-munity. Our entire lransaction would be contingcnt upon us_ receiving all necessary lequired County/Stateappmvals fo. lhe commercial use of both haits of la.d. w.-*.rirJ;;; f;r alt fte associatedIegal costs of the land swap includinp zoning and usc apprord;. W" H;; ;;g"ged the seryiccsof wa),ne Arnotd of Grady Minor tJproviai at o* "i*.ii a'a tLJ il;;.:'; regal descriprionand aerial view ofour 3G+ acre tract are attachcd for your review. W-*iti uritize tte r"*i".s offuch Yovanovich for any land use work ncc"rory tJ ^odry tfr" exiffi'lina use entitlements. we look for*"rd to futule discussions and workinS wirh thc courty aod the Golden Gate E$atoscommunity to find a solution that worlc for and benefits *".y."". St..fO you have anyqucstions or need additional irformation, pleasc don;i f,"r-iiate-'t" "i"*f, out to me. CrowL Vice President Managcmcnt Services, LLC 11.B.3 Packet Pg. 103 Attachment: Crown Management Services LLC Proposal (9024 : Randall Curve Update) IRrcrT6 i I I rR^crro5 TRrT :12 !I TRACT 141 gi11,.l!,r N o;ls.#'E\ S89°“・∞・ど4098 PC 39的 660ml l lJ (0R s3ls, Pc 2193) s 89'40'50'E 660.00' (0R 5197, PC JJ27) (OR 5197.PC 3325) (0R s197. PG 3l5r) TRACT 160.ROADWAY L_______l」1POB― TRACT 87 1 l三二 1三二二 ]t~~~~~~量 LJ '・ υυ l___1 I TRACT 124|TCOLDEII CATE ESTATES UN「NO:2(PB 4,PC lo5) PROPERTY DESCR!PT:ON 鼈 I蛾蹴鮮品■.曲鮨淵懸 T麗留躙;,…sW∬'1認 Ψ紆凋呉品stCOLUER CCtNTY,FLOR味耐印 ∝ALM ttE疑 ¶uに oF TRCIS l∞詢 lo7 CF 選棚 1豫駐ず罷話器課彎:剛翫7.Ψ Ψ 調駐翻鍔∞ШER COtNrY FLORtt T「ENCE 40NC‐NOn Uに σ ttO IANDS SOtlm 諄 40'∞・ EAr,660∞FEET TO T「E SOU7-COR8 0F関 “ DESCRleED NOFF10AL REmlRDS 800K 5197,PACE"為 OF tt PuBuC RECOROS OF COLuER 躙磐Ψ響辮総晰脇豪%ぽ潮セ 1鶴犠 σ 馴O IADS SOtlTH諄 40'∞・EA7,囲 00 FEET TO TI NORTHAST COu σ 馴olADS,‐鉢睫田 “ A PONT ON‐tt u旺 ∝TRACT ll,∝釧o Ful‐NCE A(HC ‐ 0〔「旺 OF 釧O TR0 1,: ″0 画 ,lo SG』■ o19':o° 日935∞FEET T0 1に m舟摯釘coNR OF釧 OWり l10 AЮ ttЮ ttNC A Ю師ON]E SQlrH uに OF CoLXN OTE STAも山T Ю ll,ASに CORDED IN RAT∞い4,座 S105州 01鴫 OF TI P田 ∝RECORDS OF COLUER OtNIY.FLOR欧崚鵠ぽ D urrH uに NOn 8g“.∞・ISr.1520∞FEET Ю tt POIM σ α "CNNN3 27 20 ACRES,DRE OR LESSNOTESi l“嶋S鰤「EREON慶瞭Ю QTに sotlH uに OF COtDEN CATE〔,AБUMT Ю l',S RECOmED N RAT 800K 4,曜 S iCIS AND 104・ ∝■C PUaC ― ∝00LUER∞い旺FLCRtt S田略N8940.50・ ∥20旧旧銀SS網訥ICREON肛 :N uS Sl―FEEI AND OEOmS‐REOF3■IS X翻 ″0¨PF10N IS ttI VAJO H■OtjT‐OROЩ SImTUC AN0 凱 CF A uCEKD FLOR以 … 脚四穂 Ю・00m¨oR DELEnONS T0■S対鯛 &OESCRPl10N W ttE¨輛■10tr ttE EX―D IRITENCOSENT∝]E SINNC PAR「rLEGEND: POB ЮNT∝BEC出 |“OR mCAL RECORDS 80MPB PtAT D鰍 PC PACE(S) 0 100' 200. 400' SCALE: 1" = 200' TH:S PLAN MAY HAVE BEEN ENLARCED ORREDUCED FROM INTENDED DISPLAY SCALE FOR REPRODuCT10N REASONS ― “ S60 “ θピts [Z璽]GradyMinor clvll Englneers . Land surueyors . planners . Landscape Archltects Cc& of Aulh. EB 0005t 51 Ccrt of Aulh. LB OOOS l Sl Buslnffi t,C 20000266 O Crady MinOr and A800Ciates,PA 3800 Vla Del Rey Bonita Spr:ne',Flor:da 34134 CROWN RETA:L CENTER LY:NG:NSECT:ON4,TOWNSH:P49 SOUTH:RANGE 27 EAST COLLiER COUNIY,FLOR:DA 11.B.3 Packet Pg. 104 Attachment: Crown Management Services LLC Proposal (9024 : Randall Curve Update) Grad抑 linOr Q°1濯 ∥恐録漱鱗:輸 Civil Engineers o Land SuⅣeyors o Planners . Landscape Architecぉ Ccrt()Fヽ uth EB 0005151 Cert oFへ uth LB 0005151 Business LC 26000266 3onita Sprines:2399471144 ″″″θ′′″′Mノ ″0′′0″ Fori MveN ,30 fi00 4880 AER:AL EXH!BITCHECKED BY: DLS CROWN RETAIL CENTER LY:NG INSECT:ON4,TOWNSH:P49 SOUTH,RANGE 27 EASTCOLL:ER COUNTY,FLOR:DA 」OB CODE: ESC・ 19‐01 SCALE1 1・ =200' DATE: 28」ANUARY 2019 FILE1 19 21‐SL SHEET: , of l ・嬌ざrtt l ttI [11砲 |「―]訥LOヨ嗜 ■ 詳 11.B.3 Packet Pg. 105 Attachment: Crown Management Services LLC Proposal (9024 : Randall Curve Update) Appraisal Report Vacant Land Northeast quadrant of Immokalee Road and Randall Boulevard/4th Street NE Naples, Collier County, Florida Date of Valuation: 12 March 2019 Date of Report: 18 March 2019 File Name: 19025308 - Collier County_Randall Curve Prepared For Collier County Board of County Commissioners Real Property Management 3335 Tamiami Trail East Suite 101 Naples, Florida 34112-5256 11.B.4 Packet Pg. 106 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 11.B.4 Packet Pg. 107 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 18 March 2019 Collier County Board of County Commissioners Real Property Management 3335 Tamiami Trail East Suite 101 Naples, Florida 34112-5256 Attention: Mr. Roosevelt Leonard, R/W-AC Senior Review Appraiser Re: Appraisal of a vacant parcel located in the northeast quadrant of Immokalee Road and Randall Boulevard/4th Street NE, Collier County, Florida Dear Mr. Leonard: As you requested, an appraisal has been made of the above property, which is legally described in the attached report. This letter is an integral part of, and inseparable from, this report. The purpose of the appraisal is to arrive at an opinion of market value of the subject property in its “as-is” condition. Furthermore, as requested by the client, we have also developed an opinion of value under the hypothetical condition that the property has been rezoned to a PUD zoning that allows for mixed use development. The interest being appraised is the undivided fee simple interest in the land as if otherwise free and clear of all liens, mortgages, encumbrances, and/or encroachments. The intended use of this appraisal is understood to be for decision-making and planning guidance regarding the disposition of the property. The intended user of this appraisal is Collier County and/or its affiliates. The subject property was inspected on 12 March 2019 by Matthew H. Caldwell. This appraisal report is intended to conform to the Uniform Standards of Professional Appraisal Practice & the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal is made subject to the Assumptions and Conditions contained in the body of this report. Based upon our analysis of the data contained in the attached appraisal report, it is our opinion that the market value of the subject property, as of 12 March 2019, is THREE MILLION SIX HUNDRED THIRTY THOUSAND DOLLARS - $3,630,000 In addition to the “as is” condition, we have also developed an opinion of value under the hypothetical condition that the property has been rezoned to a PUD zoning and a GMP comprehensive plan amendment has been approved that allows for mixed-use development. This hypothetical condition is further detailed in the report. Based upon our analysis of the data contained in the attached appraisal report, it is our opinion that the market value of the subject property under the hypothetical condition, as of 12 March 2019, is EIGHT MILLION EIGHT HUNDRED THOUSAND DOLLARS - $8,800,000 Respectfully submitted, Matthew H. Caldwell State-Certified General Real Estate Appraiser RZ2901 Gerald A. Hendry, MAI, CCIM State-Certified General Real Estate Appraiser RZ 2245 11.B.4 Packet Pg. 108 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 11.B.4 Packet Pg. 109 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) TABLE OF CONTENTS SEC. I: INTRODUCTION ............................................................................................................................................. 1 SEC. II: SCOPE OF WORK ......................................................................................................................................... 3 EXTENT OF PROPERTY IDENTIFICATION ............................................................................................................................. 3 EXTENT OF INSPECTION ................................................................................................................................................. 3 TYPE AND EXTENT OF DATA RESEARCH ............................................................................................................................ 3 TYPE AND EXTENT OF ANALYSIS ...................................................................................................................................... 3 ASSUMPTIONS .............................................................................................................................................................. 5 EXTRAORDINARY ASSUMPTIONS ...................................................................................................................................... 5 HYPOTHETICAL CONDITIONS ........................................................................................................................................... 5 SEC. III: REGIONAL AND MARKET AREA ANALYSIS .................................................................................................. 6 SOUTHWEST FLORIDA / COLLIER COUNTY DATA ................................................................................................................ 6 CONCLUSION / LIFE CYCLE STAGE ................................................................................................................................ 10 EAST GOLDEN GATE/OIL WELL ROAD CORRIDOR ........................................................................................................... 11 SEC. IV: PROPERTY DESCRIPTION ......................................................................................................................... 22 LOCATION MAPS ......................................................................................................................................................... 22 AERIAL MAP ............................................................................................................................................................... 25 FLOOD MAP ............................................................................................................................................................... 26 ORIGINAL PLAT (PB 7/84) ......................................................................................................................................... 27 SITE SKETCH (OR 4079/1358) ................................................................................................................................ 28 PROPERTY PHOTOGRAPHS ........................................................................................................................................... 29 PROPERTY CHARACTERISTICS ....................................................................................................................................... 31 SEC. V: HIGHEST & BEST USE ANALYSIS ............................................................................................................... 34 PRESENT USE ............................................................................................................................................................ 34 HIGHEST AND BEST USE AS VACANT ............................................................................................................................. 34 SEC. VI: VALUATION OF SUBJECT PROPERTY ........................................................................................................ 36 THE APPRAISAL PROCESS ............................................................................................................................................ 36 LAND VALUATION (THE SALES COMPARISON APPROACH TO VALUE) ................................................................................... 37 HYPOTHETICAL VALUATION ........................................................................................................................................... 50 SEC. VII: RECONCILIATION OF OPINIONS OF VALUE .............................................................................................. 63 CONTRACTS, LISTINGS & SALES HISTORY ...................................................................................................................... 63 ESTIMATION OF MARKETING TIME ................................................................................................................................. 64 ESTIMATION OF EXPOSURE TIME ................................................................................................................................... 64 SEC. VIII: CERTIFICATION ....................................................................................................................................... 65 SEC. IX: ADDENDA .................................................................................................................................................. 67 QUALIFICATIONS: MATTHEW H. CALDWELL .................................................................................................................... 67 QUALIFICATIONS: GERALD A. HENDRY, MAI, CCIM ......................................................................................................... 68 ASSUMPTIONS ............................................................................................................................................................ 69 EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS ......................................................................................... 70 11.B.4 Packet Pg. 110 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 11.B.4 Packet Pg. 111 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 1 SEC. I: INTRODUCTION OWNER OF RECORD: Collier County ADDRESS: None Assigned TAX ID: 37690040003 LEGAL DESCRIPTION: Tract A, Unit 22, Golden Gate Estates, Plat Book 7, Page 84; Less 9.1208 described in Official Record Book 4079, Page 1358 SITE AREA: 2,072,114± square feet / 47.5692± acres IMPROVEMENTS: N/A ZONING / FUTURE LAND USE: “As Is”: E (Estates) / Estates “Hypothetical”: PUD (mixed use approval) HIGHEST & BEST USE AS VACANT: Speculative holding for residential and/or mixed-use development following rezoning HIGHEST & BEST USE AS IMPROVED: N/A EFFECTIVE DATE OF THE APPRAISAL: 12 March 2019 DATE OF THE REPORT: 18 March 2019 INTENDED USER: This appraisal is made for the exclusive use of our client, Collier County and/or affiliates, and its use by others is strictly prohibited. INTENDED USE: The intended use of this appraisal is understood to be for decision-making and planning guidance regarding the disposition of the property VALUE INDICATIONS: “AS IS” “HYPOTHETICAL” $3,630,000 $8,800,000 11.B.4 Packet Pg. 112 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 2 VIEW TO THE NORTHEAST OF SUBJECT VIEW TO THE NORTHEAST ALONG IMMOKALEE ROAD 11.B.4 Packet Pg. 113 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 3 SEC. II: SCOPE OF WORK Scope of Work is defined by the Uniform Standards of Appraisal Practice (USPAP), 2018/19 Ed., as “the type and extent of research and analyses in an appraisal and appraisal review assignment.” The Scope of Work includes, but is not limited to:  the extent to which the property is identified;  the extent to which tangible property is inspected;  the type and extent of data research; and  the type and extent of analysis applied to arrive at opinions or conclusions. EXTENT OF PROPERTY IDENTIFICATION For this analysis, the subject property was identified via a legal description and research of public records via the internet. For this appraisal, reliance was placed primarily on information provided by the local public records, as well as information provided by our client. EXTENT OF INSPECTION For the purposes of this appraisal, Matthew H. Caldwell conducted an exterior inspection of the subject property on 12 March 2019. TYPE AND EXTENT OF DATA RESEARCH Data research is regularly conducted using the following sources:  Public Records  Local REALTOR® Association Multiple Listing Services (MLS)/Loopnet/CCIM  Marshall Valuation Service/Marshall & Swift Cost Tables/Books  CoStar comparables service  Information from contractors, brokers, and agents in the area The primary emphasis of the data research concentrated on the subject’s market area. Census data, as well as municipal and governmental websites, were utilized in gathering the information analyzed. The time period researched for any sales data encompasses the last few years up until the date of the most current data available. All comparable data is verified with the buyer, seller, or a property representative, unless otherwise indicated. In the analysis, the selling price, financing, motivation to purchase/sell, and, if applicable, any lease or income/expense information was verified, as of the time of sale. TYPE AND EXTENT OF ANALYSIS Purpose of the Appraisal The purpose of this appraisal is to formulate an opinion of the “as is”, fee simple, market value of the subject property as if free and clear of all liens, mortgages, encumbrances, and/or encroachments. Furthermore, as requested by the client, we have also developed an opinion of value under the hypothetical condition that the property has been rezoned to a PUD zoning that allows for mixed use development. 11.B.4 Packet Pg. 114 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 4 Condition Appraised In this analysis, we are estimating the “as is” condition, as defined by the Appraisal Institute in the Dictionary of Real Estate Appraisal, 6th Ed. as: The estimate of market value of real property in its current physical condition, use, and zoning as of the appraisal date. Real Property Interest Appraised There are primarily two forms of interest to consider when developing an opinion of value of real property. These are defined by The Appraisal Institute in the Dictionary of Real Estate Appraisal, 6th Ed., as follows: Fee simple interest (estate) is: 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. Leased fee interest is: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. As the subject is vacant land, the interest being appraised in this situation is the undivided fee simple interest in the land as if free and clear of all liens, mortgages, encumbrances, and/or encroachments except as may be amended in the body of this report. Value Appraised The opinion of value developed and reported is the market value of the subject property. Market value, as defined by the agencies that regulate financial institutions in the United States and published by 12 CFR Ch. V Part 564.2 (g) Office of Thrift Supervision, Department of the Treasury, is: 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: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and acting in what they consider their own best interests. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. 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. 11.B.4 Packet Pg. 115 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 5 Approaches Developed As the subject of this appraisal is a vacant tract of land, we have utilized the Sales Comparison Approach to Value. As they are not applicable to the property type, the Cost Approach and Income Approach have not been utilized. Report Type This is an Appraisal Report which is intended to comply with the reporting standards set forth under Standard Rule 2-1 and 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP), 2018/19 Ed. ASSUMPTIONS An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: “that which is taken to be true.” Please see Addenda for further details regarding the assumptions utilized in this appraisal. EXTRAORDINARY ASSUMPTIONS Extraordinary Assumption is defined by the Uniform Standards of Appraisal Practice (USPAP), 2018/19 Ed., as “an assignment-specific assumption as of the effective date regarding uncertain information used in the analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.” Per USPAP standards, please note that the use of extraordinary assumptions might have affected the assignment results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they outline the limitations under which this appraisal is developed.  None applicable. HYPOTHETICAL CONDITIONS Hypothetical Condition is defined by the Uniform Standards of Appraisal Practice (USPAP), 2018/19 Ed., as “a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.” Per USPAP standards, please note that the use of hypothetical conditions might have affected the assignment results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they outline the limitations under which this appraisal is developed.  None applicable in the “as is” condition. In addition to the “as is” condition, we have also developed an opinion of value under the hypothetical condition that the property has been rezoned to a PUD zoning and a GMP comprehensive plan amendment has been approved that allows for mixed-use development. See Sec VI for details on the hypothetical valuation scenario. 11.B.4 Packet Pg. 116 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 6 SEC. III: REGIONAL AND MARKET AREA ANALYSIS SOUTHWEST FLORIDA / COLLIER COUNTY DATA 11.B.4 Packet Pg. 117 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 7 Collier County, named for Barron Collier, was created from Lee County in 1923, and is the second largest county in the State of Florida by land area. Collier County is bordered by Miami-Dade Counties to the east and Lee and Hendry Counties to the north. The county's western boundary is the Gulf of Mexico. The county contains a total of 2,025 square miles of land area and 91 square miles of inland water area. Collier County is the second largest county east of the Mississippi River and is larger than the States of Rhode Island and Delaware. The present- day Collier County encompasses 2,305 square miles, with a variety of natural inland, coastal, and barrier island habitats, with approximately 13% of the total area being water. The year-round population is 321,520 as of the 2010 census. There are three (3) incorporated municipalities in Collier County as follows: City of Naples: Incorporated in 1949. 14.41 Square Miles. 2010 Population: 19,537. The city of Naples is the county seat of Collier County, as well as being the principal city of the Naples-Marco Island Metropolitan Statistical Area. The city was originally settled in 1886, with the majority of growth occurring after the depression and World War II. The City is home to a number of major employers, as well as non-profit organizations and Fortune 1000 companies. The Fifth Avenue South and Third Street South corridors are considered to be the heart, or “downtown” of the City of Naples, and this area is a popular retail and shopping destination. The City of Naples also features a number of cultural centers and organizations including The Naples Players, the Opera Naples, the Philharmonic Center for the Arts, the Philharmonic Orchestra and Theatre Zone Equity Theatre Company, the Naples Jazz Orchestra, the Naples Youth Jazz Orchestra and the Naples Philharmonic Youth Orchestra. City of Marco Island: Incorporated in 1997. 17.1 Square Miles. 2010 Population: 16,413. Originally named San Marco Island by Spanish explorers, Marco Island is the largest barrier island within Southwest Florida's Ten Thousand Islands area, extending southerly to Cape Sable. The island was purchased in the 1920’s by Barron Collier, and was originally incorporated as Collier City in 1927, but was later unincorporated. Marco Island is generally considered to be a resort destination, and the desirability of real estate coupled with the finite supply, has led to a rapid escalation of property values, which are significantly higher than many other parts of Collier County. City of Everglades: Incorporated 1923. 1.2 Square Miles. 2010 Population: 400. The City of Everglades, known more commonly as Everglades City, is located at the mouth of the Barron River, on Chokoloskee Bay, approximately 32 miles southeast of Naples, near the extreme southeasterly corner of Collier County. With the establishment of the Everglades National Park in 1947, the economy of Everglades City began to shift from industrial and agricultural to tourism and eco-tourism. The Everglades National Park visitor’s center is located in Everglades City. There are many other unincorporated, yet distinct, communities in Collier County, both rural and suburban in nature. These include Ave Maria, Golden Gate, Goodland, Naples Manor, Naples Park, Immokalee, Lely Resort and many others. Collier County is a growing county with many diverse geographical areas and populous communities. Collier County is second only to Lee County as the center of growth and activity for the five (5) county area (Charlotte, Collier, Glades, Hendry, and Lee). 11.B.4 Packet Pg. 118 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 8 There are four basic factors that influence value according to The Appraisal of Real Estate, Fourteenth Edition. These factors include: I. Social Forces II. Economic Forces III. Governmental Forces IV. Environmental Forces Each of the forces interacts, resulting in increases, decreases, or stabilization of property values. As a result, these forces also serve to directly affect the demand for real property in a particular area. The four forces that affect values are described as follows: I. Social Forces Population fluctuation has a significant impact on property values. The chart below demonstrates the change in population between the two most recent decennial Censuses.. 2017 (1 JULY EST.) 2010 2000 Change COUNTY POPULATION 372,880 322,653 257,926 +44.57% 1. http://www.colliergov.net/your-government/divisions-a-e/comprehensive-planning/population-and-demographics II. Economic Forces Economic considerations involve the financial capacity of the inhabitants of a region to rent or own property and properly maintain it. These economic forces may include income levels, unemployment rates, the economic base of a region and the strength of development and construction. 2018 2017 2016 2015 UNEMPLOYMENT RATE1 4.1% (July) 4.1% (Annual) 4.8% (Annual) 5.2% (Annual) AVERAGE WEEKLY WAGE1 $929 (1Q) $966 (4Q) $915 (4Q) $969 (4Q) SINGLE-FAMILY MEDIAN PRICE2 $449,375 (July) $434,900 (Annual) $420,356 (Annual) $308,000 (Annual) RETAIL VACANCY RATE3 3.9% (2Q) 3.3% (4Q) 5.7% (4Q) 6.2% (4Q) OFFICE VACANCY RATE3 7.0% (2Q) 6.1% (4Q) 7.2% (4Q) 9.3% (4Q) INDUSTRIAL VACANCY RATE3 1.5% (2Q) 0.8% (4Q) 1.2% (4Q) 2.4% (4Q) 1. http://www.bls.gov/ 2. http://www.floridarealtors.org/ResearchAndStatistics/Florida-Market-Reports/Index.cfm 3. Costar 11.B.4 Packet Pg. 119 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 9 III. Governmental Forces The county government consists of a five-member board of county commissioners, elected to four-year terms within single-member districts. A non-elected county manager heads the government staff. Other elected officials in the county are sheriff, tax collector, supervisor of elections, clerk of the circuit court, and property appraiser. In addition, there are numerous special districts with independently elected boards, with the services provided ranging from fire protection tot water & sewer service. Services There are two incorporated cities with the usual municipal services, such as police protection and fire protection. The balance of the county is patrolled by the Florida State Highway Patrol and the Collier County Sheriff’s Department. Independent fire control districts serve the balance of the unincorporated area for fire and rescue services. Utilities CenturyLink is the primary telephone service provider for Southwest Florida. CenturyLink has a fiber optic backbone that has the ability to connect all of its central offices and maintain high network availability. KMC Telecom, Inc., along with CenturyLink, has a SONET ring surrounding Fort Myers. This SONET ring safeguards customers from service interruptions by using diverse routing of its fiber optic cables. Electricity is supplied by Florida Power and Light and TECO. Gas is available from any one of a number of manufactured bottled gas dealers in the county or directly from TECO. Water and sewer service is supplied by the either city or county government. Medical Services The Naples Community Hospital System is a private non-profit which oversees several facilities throughout the county. Educational System The School District of Collier County oversees the uniform K-12 public educations system within Collier County. There are also several private and parochial schools in the county. Florida Southwestern State College has a campus in Naples, while Florida Gulf Coast University is located in south Lee County. Ave Maria University is a newly established Catholic University located in Naples. Transportation By far, the major artery through Collier County is U.S. 41 (Tamiami Trail). Another major artery is Interstate 75 (I- 75), which connects Naples to the east coast population centers of Miami and Fort Lauderdale. Air service is limited but currently expanding out of Naples Airport. Currently, sixteen airlines operate out of Southwest Florida International Airport, just north of Naples, in Fort Myers. IV. Environmental Forces The county has a sub-tropical climate. The average temperature is 74 degrees. Temperature extremes are infrequent with only a rare freeze and few readings above the mid-90s. Rainfall averages just over 53 inches annually, with the heaviest rains during the summer months. 11.B.4 Packet Pg. 120 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 10 CONCLUSION / LIFE CYCLE STAGE The subject market area is in the Growth stage of its life cycle. This market area experienced tremendous development from 2003-2005 and then an equally significant decline in property values from 2006-2011. This trend has reversed over the last three years with year over year increases in property values and a returned cycle of new property development. This growth trend is most pronounced within the Naples area, but increasing property values and new development is also occurring in the eastern rural areas of the County as well. 11.B.4 Packet Pg. 121 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 11 EAST GOLDEN GATE/OIL WELL ROAD CORRIDOR 11.B.4 Packet Pg. 122 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 12 The subject property is located in the eastern portion of Collier County in an area whic h was historically residential and agricultural in nature. As the western portions of Collier County began to build out over the past decade, development trends have been trending eastward with notable developments such as Twin Eagles, The Quarry, Orange Blossom, and others further east such as Ave Maria, and the proposed, Rural Lands West. The subject area consists of lands located in portions of four planning communities of Collier County: Rural Estates, Corkscrew, Urban Estates, and Royal Fakapalm. The following is an illustration of the subject on the Collier County Planning Communities map: 11.B.4 Packet Pg. 123 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 13 The land west, north, and south of the subject has been identified to include residential areas east of I-75 in which residents typically commute to work, specifically including Golden Gate Estates, Ave Maria, and the future Rural Lands West. Demographics The surrounding area of the subject, although a less populated area of Collier County, is one of the fastest growing areas of the county. The following is a comparison of the population trends surrounding the subject as compared to Collier County, and the state of Florida: Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 As shown above the growth rate in population in Collier County and in the 3, 5, and 7 mile radius of the subject have exceeded the state of Florida rates since 2010. The 3 mile radius indicated a compounded annual growth rate (CAGR) of 1.38%, the 5 mile radius indicated a CAGR of 3.01%, and the 7mile radius indicated a compounded growth rate of 3.79%, compared to Collier County at 1.66%, and Florida at 1.32%. Also illustrated are the projected population growth rates over the next five years. Similar trends are projected with the 5 mile radius estimated to have a CAGR of 2.32% and the 7 mile radius estimated to have a CAGR of 2.52%, compared to Collier at 1.85%, and Florida at 1.41%. All trends lead to a positive conclusion of population growth in the market areas and Collier County relative to the State of Florida. Population 2010 Census 2018 2010-2018 CAGR* 2023 2018-2028 CAGR Radius of subject (0-3 mile) 10,376 11,580 1.38% 13,214 2.68% Radius of subject (3-5 mile) 13,471 17,081 3.01% 19,159 2.32% Radius of subject (5-7 mile) 20,380 27,438 3.79% 31,081 2.52% Collier County 321,520 366,709 1.66% 401,866 1.85% Florida 18,801,310 20,875,686 1.32% 22,394,909 1.41% CAGR=compounded annual growth rate 11.B.4 Packet Pg. 124 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 14 With a growing population, the area surrounding the subject is obviously seeing a similar growth in the number of households. Within a 7 mile radius of the subject, household growth indicated the highest CAGR since 2010 and is projected to have the highest CAGR over the next five years. These household trends are illustrated below: Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 Positive trends in population and household growth are also having a positive impact on home sales and home pricing. The Immokalee Road corridor has experienced a strong increase in new housing over the past decade and has gained favor in the market. Even beyond Immokalee Road, areas east are in demand as evidenced by Ave Maria which continues to lead the area in sales pace with Maple Ridge of Ave Maria recording the most sales of any development in Southwest Florida in 2017. Demand in this area and areas east is leading to increases in median home prices surrounding the subject. Income levels and projected growth rates in income are also expected in this area. As illustrated below, the areas of 3, 5 and 7 miles surrounding the subject, and Collier County exceed the state of Florida in most all income categories (average household income, median household income, per capita income): Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 As illustrated, the Collier County and subject area trends remain ahead of state and national trends. As this area continues to grow, and at a rate faster than Collier County, this area will transition from a once remote area to an area with more urban development and will continue to gain market acceptance. Existing Developments This portion of Collier County is generally less developed than the western or coastal portions of the County, and is primarily rural or agricultural in nature, with the exception of the Ave Maria development. To the north of this market area is Immokalee, which is an unincorporated community consisting of an estimated 2018 population of 27,454 (source: Esri). The urban core area of Naples is located approximately 15-20 miles to the west. The primary rural residential areas are identified as Golden Gate Estates within this area. A significant portion of Collier County west of Interstate 75 is nearing build out with new development pushing south and east. Over the past decade, the area along Immokalee Road from Interstate 75 east to just east of Collier Boulevard has experienced significant growth in the form of residential and commercial development. As this area continues to build out and as Collier County residents search for more affordable housing options, development has been Households 2010 Census 2018 2010-2018 CAGR 2023 2018-2028 CAGR Radius of subject (0-3 mile) 3,213 3,561 1.29% 5,063 2.67% Radius of subject (3-5 mile) 4,353 5,645 3.30% 6,371 2.45% Radius of subject (5-7 mile) 7,222 10,054 4.22% 11,476 2.68% Collier County 133,179 152,265 1.69% 167,090 1.88% Florida 7,420,802 8,152,541 1.18% 8,720,568 1.36% Household and Per Capita Income 2018 2023 2018-2028 CAGR Radius of subject (0-3 mile) - average $93,743 $112,015 3.63% Radius of subject (3-5 mile) - average $97,616 $118,219 3.90% Radius of subject (5-7 mile) - average $106,400 $128,066 3.78% Collier County-average $97,081 $116,367 3.69% Florida-average $75,281 $88,906 3.38% Radius of subject (0-3 mile) - median $75,273 $87,795 3.13% Radius of subject (3-5 mile) - median $67,486 $78,486 3.07% Radius of subject (5-7 mile) - median $74,345 $85,318 2.79% Collier County-median $61,684 $72,747 3.35% Florida-median $52,098 $59,013 2.52% Radius of subject (0-3 mile) -per capita $30,791 $36,934 3.71% Radius of subject (3-5 mile) - per capita $32,151 $38,946 3.91% Radius of subject (5-7 mile) - per capita $40,851 $49,420 3.88% Collier County-per capita $40,758 $48,792 3.66% Florida-per capita $29,913 $35,101 3.25% 11.B.4 Packet Pg. 125 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 15 pushing eastward with newer residential projects such as Waterways of Naples, Orange Blossom, and, most notable, Ave Maria. Ave Maria Ave Maria is the primary development close to the subject. The project, which is a Development of Regional Impact (DRI), was created in the early 2000’s as a town and university (Ave Maria University) in a partnership agreement between Tom Monaghan and the Barron Collier Companies. The original Ave Maria campus was located in Michigan but was relocated to Collier County when zoning rights for planned expansions in Ann Arbor Michigan could not be obtained. In 2003, the Barron Collier Companies donated approximately 5,000 acres of land for the project, and the campus was opened in 2007 with an initial enrollment of about 700 students. Approximately 20% of the overall lands are designated for the University Campus, with the rest of the lands being used for residential and other development. The town and university are conceptualized to be a Roman Catholic- centric enclave, in a mold similar to that of Notre Dame in Indiana. A number of master planned communities are being developed within the town of Ave Maria by third party builders, and there are 11,000 planned residential units at build-out. Enrollment and home sales initially fell short of expectations, and as a result, some of the new master planned communities (such as Maple Ridge, Coquina and Avalon Park) are being marketed to a wider demographic which includes families looking for affordable single family housing (relative to Naples as a whole) in a small town environment. Within Ave Maria, there are several developments: Del Webb, Emerson Park, Hampton Village, Bellera Walk, Residences at La Piazza, Maple Ridge, Silverwood, Avalon Park, and the Town Center and Arthrex development. 11.B.4 Packet Pg. 126 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 16 Del Webb: The Del Webb Naples neighborhood in Ave Maria is a 55+ adult community located along Anthem Parkway, south of the Ave Maria town center. There are 11 models of homes available within the community ranging from 1,289 square feet to 2,634 square feet with two and three bedrooms floor plans. Prices start from $202,490 up to $323,990. Amenities include the Oasis Club, an amenity center featuring over 12,000 square feet of entertainment and fitness space, resort and lap pools, tennis and bocce ball courts, café, art studio and an 18-hole championship golf course. Over 450 homes have sold in this project since 2007. Emerson Park: Emerson Park is a family friendly, all-ages neighborhood located at the northeast corner of the site, developed by Lennar now being marketed by Pulte, consisting of one and two story single-family homes. There are a number of floor plans and styles available from Pulte ranging from 1,570 square feet to 3,514 square feet, with three to six bedrooms. Prices range from $236,990 to $333,990. This project is at the end of the sellout with over 175 homes sold since 2007. Hampton Village: Hampton Village is being marketed as a traditional-style neighborhood, with homes that feature front porches, alley-loaded garages, and large, single-family floor plans designed specifically for growing families. Hampton Park is located just south of the Town Center. Pulte Homes is at the end of the sell out of this project with over 110 homes sold. 11.B.4 Packet Pg. 127 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 17 Bellera Walk: Bellera Walk is now sold out with over 140 homes sold. The project was most recently marketed by Divosta Homes. Residences at La Piazza: The Residences at La Piazza are condominium units located on the second and third floors of the Town Center. They are designed to be Mediterranean or European in style with views of the University and the downtown area. The floor plans range in size from 1,189 square feet to over 1,700 square feet of living space. Resales range in price from $180,000 to $287,000. Maple Ridge: Maple Ridge is one of the newer communities within Ave Maria and is intended for single family development by CC Devco. The development will have 1,699 units at buildout with Phases 5A, 5B, and 6A (42), Phase 2 (88), Phase 3 (220), Phase 4 (164), remaining Hampton Village (23), Phase 5A (130), Phase 5B (121), 6A (12) and future phases of 899 units. There are 17 floor plans being offered, with 30 exterior elevation packages. Floor plans range from three to five bedroom homes on one or two stories. Sizes range from 1,493 square feet to 4,032 square feet, and pricing from $210,990 to $406,990. Since 2014, over 425 homes have sold in Maple Ridge making it one of the fast selling projects in Collier County. Coquina at Maple Ridge: Coquina at Maple Ridge is located adjacent to the larger Maple Ridge project. This community is designed with smaller, single family lots (45’). This community has homes ranging in size from 1,348 square feet to 2,251 square feet and pricing ranging from $210,990 to $262,990. Since 2015, over 210 homes have sold in this project. Maple Ridge Reserve/Silverwood: Maple Ridge Reserve is one the newer communities within Ave Maria and is intended for larger, single family lots and residences. The development has homes ranging in size from 3,097 square feet to 4,358 square feet. Pricing within this community ranges from $366,990 to $484,990. Marketing began in approximately July 2015. There are 51 lots in Phase I. Due to slow sales, the developer is converting future phases to smaller 45’ lots with a project known as Silverwood. Under 30 homes have sold in the development since 2016. Avalon Park: Avalon Park is the newest community within Ave Maria and is being developed by Pulte Homes. The development will consist of 1,200 units with homes ranging in size from 1,565 square feet to 4,242 square feet. Pricing within this community ranges from $242,990 to $433,990. Over 50 homes have sold in this project since 2015. Town Center and the Arthrex Commerce Park: The La Piazza Town Center is located adjacent to the university campus near the northerly edge of the town of Ave Maria and is centered around the Ave Maria Oratory Church. The Town Center features retail shops and restaurants as well as office space and public services. Located near the southerly end of the Town of Ave Maria, the Arthrex Commerce Park is a 57-acre flex/light industrial park anchored by a 197,000 square foot manufacturing facility for Arthrex, Inc., a major medical instrument manufacturing company. This industrial park will eventually encompass 200 acres accommodating a wide range of businesses, R&D and manufacturing. Ave Maria experienced strong initial growth in 2007 with 177 sales followed by 2008-2012 which had an average of 48 sales per year. A resurgence in sales occurred in 2012 with 107 sales and continued with 183 sales in 2014, 287 sales in 2015, 321 sales in 2016, and 337 sales in 2017. In total, there have been just over 1,700 closed sales. According to Metro Study, Inc., Ave Maria has led the Lee/Collier County markets in annual starts and annual closings for 13 consecutive quarters. 11.B.4 Packet Pg. 128 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 18 Source: Collier County Property Appraiser; compiled by Maxwell, Hendry & Simmons, LLC. Orange Blossom Ranch MPUD The Orange Blossom Ranch MPUD is located just east of the subject property on both the north and south sides of Oil Well Road. The MPUD is a mixed-use development with a maximum of 1,600 units, and 200,000 square feet of commercial and office leasable area. Currently, the residential components are being marketed with Pulte Homes and Lennar Homes both offering residential product. Lennar is offering attached villas ranging from 1,417 square feet to 1,564 square feet with a base price of the low $200,000s to over $225,000 and single family homes ranging from 1,677 square feet to 3,867 square feet with a base price of just under $300,000 to over $400,00. Pulte Homes is offering single family homes ranging from 1,674 square feet to 3,811 square feet with a base home price from the high $200,000’s to over $400,000. The majority of the area east of the subject and, more specifically, the area surrounding Ave Maria is within the Rural Land Stewardship Overlay, which encourages conservation, clustering of development and smart growth concepts. Overall, this area generally serves as an agricultural and rural community with the exception of Ave Maria, and the western portions of the area which are more suburban. Of significance is a proposed project to the west of Ave Maria known as Rural Lands West. This project is proposed to be developed by the developer of Ave Maria, Collier Enterprises. The project will eventually include up to 10,000 residences and nearly 2.1 million square feet of commercial space. It is projected that permitting will take 18 to 24 months. As illustrated, the Collier County and trends surrounding the subject remain ahead of state and national trends. As this area continues to grow, and at a rate faster than Collier County, this area will transition from a remote area to an area with urban centers such as Ave Maria, and Rural Land West, and will continue to gain market acceptance. Potential Future Developments This portion of Collier County historically was less developed with the primary developments being agricultural uses, some residential uses, and minimal commercial uses. However, with significant traffic arteries such as Immokalee Road and Collier Boulevard (CR951), development patterns have shifted over the past two decades with a steady growth pattern along Immokalee Road from Interstate 75 east to the area surrounding the subject property. Over the past decade, the area along Immokalee Road from Interstate 75 east to just east of Collier Boulevard has experienced significant growth in the form of residential and commercial development. Major residential developments have changed the landscape of the area. Most notably Twin Eagles, The Quarry, and Esplanade are golf course communities which have infused new households to the area. Moreover, there 11.B.4 Packet Pg. 129 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 19 is a private golf course known as Bonita Bay Club Naples. Smaller projects include: Tuscany Cove, The Preserve at Bristol Pines, Tuscany Pointe, Compass Landing (Mattamy Homes), and Mockingbird Crossing (DR Horton). In addition to the aforementioned projects, the following are projects with significant inventory remaining, approved, or potential for the market area: Projects with residential potential: 1) 951 Villas RPUD (Ord. # 18-40): 37.5 acres, approved for 148 residential units 2) Abaco Bay (Ord. #16-09): 15.9 acres approved for 104 units. 8 have been developed. 3) Bent Creek Preserve (Ord. #12-26): 138.40 acres approved for 450 units. 117 units have been developed. 4) Brentwood Lakes fka Twin Eagles South (PL20130001020): 1,572 potential residential units. 5) Bucks Run (Ord. #05-39): 39.05 acres approved for 21,405 square feet of commercial which has been developed. The project also has approval for 156 single family units with 60 developed. 6) Esplanade Golf & Country Club (Ord. #14-36): 1,658 acres approved for 1,233 residential units of which 118 are multifamily. 11.B.4 Packet Pg. 130 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 20 7) LaMorada: 524.97 acres approved for 388 units of which 233 will be single family and 155 will be other residential units. 8) Olde Cypress (DRI, Ord. #00-53): 538.10 acres with 12.50 acres commercial approved for 165,000 square feet. This has been developed. The project also has approval for 1,100 units of which 570 multifamily units and 360 single family units have been developed. 9) Rushton Pointe RPUD (Ord. # 18-17): 38.10 acres, approved for 229 residential units 10) Tuscany Pointe (Ord. #13-53): 30.46 acres approved for 120 single family units of which 116 have been developed. 11) Warm Springs (Ord. #15-05): 113.67 acres approved for 400 single family units of which 105 have been developed. 12) Wolf Creek (Ord. #13-37): 189.00 acres approved for 754 residential units. 196 single family and 118 multifamily units have been developed. Projects with commercial potential: 13) Addie’s Corner PUD (Ord. # 11-08): 23.33 acres, approved for 75,000 square feet of commercial and 250 multifamily units. An Aldi grocery store is planned on a portion of the site along with a 240 unit apartment complex known as Addison Place (under construction). 14) AutoZone (PL20180002977): 7,381 square foot retail-auto parts store. 15) Cleary RPUD (Ord. # 17-44): 8.99 acres, approved for 200 ACLF units or 63 residential units. 16) Living Word Family Church (Ord. # 13-60): 35.00 acres, developed with a 43,035 square foot church. Also approved for 200 ACLF units. 17) Heritage Bay (DRI 01-01, Ord. #10-24): 73.50 acres of commercial, approved for 230,000 square feet of commercial of which 128,020 square feet have been developed. The project is also approved for 1,494 multifamily units, and 200 ACLF units. 18) Mission Hills (Ord. #00-50): 33.45 acres approved for 200,000 square feet. 29.72 acres have been developed with 135,980 square feet. 19) Orange Blossom Ranch (Ord. #04-74): 616 acres with acres commercial approved for 200,000 square feet of space. The project is also approved for 1,600 residential units of which 336 units have been developed. 20) Orange Tree (Ord. #12-09): 2,136.87 acres with 33.3 acres commercial approved for 332,000 square feet of space. 53,342 square feet has been developed. The property is also approved for 3,150 residential units of which 1,504 units have been developed. 21) Peace Lutheran Church (Resolution No. 09-241): 47,350 square feet of potential building area with a 15,500 square foot sanctuary, and 31,850 square feet for child care and multi-purpose use. 22) Pelican Nursery Plat – Baumgarten MPUD (active in approval process): requesting 370,000 square feet of commercial, 400 dwelling units, and 140 hotel/motel units. PL201700000768. The project is to be known as “The Point” and is being marketed by Trinity Commercial. 11.B.4 Packet Pg. 131 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 21 23) Sonoma Oaks (Ord. #05-61): 37.50 acres of which 9.38 acres is approved for 120,000 square feet of commercial. In addition, the site is approved for 456 ACLF units and 114 residential units. 24) Tree Farm (Ord. #07-54): 58.84 acres approved for 100,000 square feet of retail and 20,000 square feet of other commercial. In addition, the property is approved for 281 residential units. 25) Vanderbilt Commons (Ord. #17-47): 14.49 acres approved for 200,000 square feet of commercial of which 93,428 square feet has been developed. The property is also approved for 58 residential units. 26) Immokalee Square (application PL20180002233): 24.4 acres planned for 44,000 square feet of commercial space, 12,000 square foot of day care, and 5.3 dwelling units per acre. A GMP amendment and a PUD have been submitted. 27) Immokalee – Randall Commercial PUD (PL20180000709): 25.76 acres proposed for a maximum of 156,000 square feet of commercial uses with no more than 123,000 square feet of retail. As this area continues to grow and as Collier County residents search for more affordable housing options, development has been pushing even further east beyond the subject property with newer residential projects such as Waterways of Naples, Orange Blossom, and, most notable, Ave Maria. All of these projects are in the Rural Estates and/or Corkscrew planning districts. 11.B.4 Packet Pg. 132 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 22 SEC. IV: PROPERTY DESCRIPTION LOCATION MAPS 11.B.4 Packet Pg. 133 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 23 11.B.4 Packet Pg. 134 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 24 11.B.4 Packet Pg. 135 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 25 AERIAL MAP 11.B.4 Packet Pg. 136 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 26 FLOOD MAP 11.B.4 Packet Pg. 137 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 27 ORIGINAL PLAT (PB 7/84) 11.B.4 Packet Pg. 138 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 28 SITE SKETCH (OR 4079/1358) 11.B.4 Packet Pg. 139 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 29 PROPERTY PHOTOGRAPHS VIEW TO THE NORTHEAST OF SUBJECT VIEW TO THE NORTHEAST ALONG IMMOKALEE ROAD 11.B.4 Packet Pg. 140 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 30 VIEW TO THE SOUTHWEST OF SUBJECT VIEW TO THE SOUTH ALONG IMMOKALEE ROAD 11.B.4 Packet Pg. 141 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 31 PROPERTY CHARACTERISTICS ADDRESS: None Assigned TAX ID: 37690040003 LEGAL DESCRIPTION: Tract A, Unit 22, Golden Gate Estates, Plat Book 7, Page 84; Less 9.1208 described in Official Record Book 4079, Page 1358 LOCATION/ACCESS/ EXPOSURE: The property is located in the northeast quadrant of Immokalee Road (Arterial, 6-lanes, paved, divided) and 4th Street NE (Local, 2-lanes, paved), with excellent exposure to traffic passing by the parcel along Immokalee Road. 4th Street forms a lighted intersection with Randall Boulevard (Collector, 2-lanes, paved). Vehicular access to the subject property is gained from both Immokalee Road and 4th Street. Immokalee Road has a 2017 AADT of 7,400±. SIZE (SITE AREA)/SHAPE: Frontage (ft) 2,285± along Immokalee Road Site Area (sq. ft.) 2,072,114± Site Area (acres) 47.5692± Shape Triangular This information is based upon public records. This appraisal assumes that the site area is accurate. No survey was provided. PHYSICAL FEATURES (TOPOGRAPHY, ELEVATION, ETC.): The subject property is generally uncleared and appears to be approximately 1- 2 feet below the crown of the surrounding roads, at natural elevation. Drainage on the subject property, as well as in other areas, appears to be adequate and is primarily serviced by underground storm sewer and an open canal system. 11.B.4 Packet Pg. 142 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 32 UTILITIES: The subject is served by the following utilities: Telephone: CenturyLink Electricity: Florida Power & Light Water: Collier County, Available Sewer: Collier County, Available Natural Gas None Multimedia: Comcast FLOOD ZONE: The subject property is located in a flood hazard area, as indicated by the Federal Emergency Management Agency Maps. The subject property is located within Flood Zone AH as found on Flood Map Panel ID #12071C0240H, as of 16 May 2012. Properties located within this area are typically required to purchase flood insurance under most financing situations. This property is not located in a FEMA FIRM Floodway. EASEMENTS, ENCROACHMENTS, ETC.: The property is subject to a 30’ road easement for 4th Street NE. There are no known adverse easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar nature. No survey was provided. ASSESSED VALUE, TAXES, AND ASSESSMENTS: Tax Year Market Assessed Value Taxable Value Taxes & Assess. 2018 $1,101,246 $0 $0 2017 $410,918 $0 $0 2016 $373,562 $0 $0 The property is government owned and is therefore zero taxed. The ad valorem taxes and annual assessments due for each period are exclusive of any early payment discounts or late payment penalties. There are no known atypical outstanding assessments. 11.B.4 Packet Pg. 143 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 33 ZONING: The subject property has a designated zoning categorization, as follows: Governing Body Collier County Zoning Code E (Estates) Minimum Lot Size (sq. ft.) 2.25 acres Per the Land Development Code: Estate District (E). The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities. In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses, development that provides services for and is compatible with the low density residential, semi-rural and rural character of the E district. The E district corresponds to and implements the estates land use designation on the future land use map of the Collier County GMP, although, in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the E district shall be consistent with and not exceed the density permissible or permitted under the estates district of the future land use element of the Collier County GMP as provided under the Golden Gate Master Plan. Further specific allowable uses, minimum lot sizes, etc. for the aforementioned zoning classification, are set forth in the Land Development Code and the reader is encouraged to review these if further detail is required. The following is a link to the full zoning: (https://library.municode.com/fl/collier_county/codes/land_development_co de?nodeId=CH2ZODIUS_2.03.00ZODIPEUSACUSCOUS_2.03.01AGDI) FUTURE LAND USE: The subject property has a designated future land use categorization, as follows: Governing Body Collier County Future Land Use Designation Estates Per the Comprehensive Plan: The Estates Land Use Designation encompasses lands which are already subdivided into semi-rural residential parcels (2.25 acres as an average) essentially consisting of the Golden Gate Estates Subdivision. The area is identified as having potential for population growth far removed from supportive services and facilities. Expansion of the area shall be discouraged. Pursuant to Policy 4.2 of the Future Land Use Element, the Golden Gate Area Master Plan encompassing the Estates Designation was adopted by the Collier County Board of County Commissioners on February 5, 1991. Refer to the Golden Gate Area Master Plan for siting criteria and development standards for specific land uses. Further details for the aforementioned future land use classifications are set forth in the Comprehensive Plan and the reader is encouraged to review these if further detail is required. 11.B.4 Packet Pg. 144 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 34 SEC. V: HIGHEST & BEST USE ANALYSIS Real estate is valued in terms of its highest and best use. Highest and best use is the use which would be the most profitable and likely use of a property. It may also be defined as that available use and program of future utilization which produces the highest present land value. Highest and best use is defined by The Dictionary of Real Estate Appraisal, 6th Edition, as: 1. 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. 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset’s existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) The Highest and Best Use Analysis begins with an analysis of the property as if vacant and available to be put to its highest and best use. The property is further analyzed if there are improvements on the property or proposed for the site. The four criteria of highest and best use that a property must meet are as follows:  Legally Permissible Use - what uses are permitted by zoning and deed restrictions on the subject property?  Physically Possible Use - what uses are physically possible to put on the site?  Financially Feasible Use - which possible and permissible uses will produce a net return to the owner of the site?  Maximally Productive Use - among the feasible uses, which use will produce the highest net return? PRESENT USE The subject property is presently utilized for speculative holding for future development. HIGHEST AND BEST USE AS VACANT The highest and best use analysis of the site as though vacant assumes that a site is either vacant or can be made so through demolition of any improvements. This analysis examines the type of improvement that is most appropriate for a particular site. Legally Permissible Within this community, the future land use categories are broad indicators of growth potential such as raw residential density and service provision, while the zoning designation controls specific allowable development. This property is zoned E (Estates) and has a future land use of Estates. This zoning/future land use combination is designed to maintain the exurban/rural design of the original Golden Gate Estates development, with allowable uses overwhelming focused on agricultural and rural, single-family residential uses. With a gross density of 2.25 dwelling units per acre, the property could be developed by right with 21 units. This is a reasonable expectation, as a number of nearby properties are undergoing/have undergone a similar process (SEE REGIONAL AND MARKET ANALYSIS FOR POTENTIAL PROJECTS), including Randall Commercial and Immokalee Square. 11.B.4 Packet Pg. 145 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 35 Physically Possible Various physical factors have an effect on the uses to which a property may be developed. These factors may include size, shape, topography, and soil conditions. The site area is sufficient to allow development and all legally permissible uses could be physically placed on the subject without any unreasonable hindrance. The terrain and shape of the subject property are conducive for development. The utilities available to the subject site are adequate for the legally permissible uses. The physical aspects of the property do not impose apparent limitations on development and do not preclude any of the legally permissible uses. Based on the physical characteristics of the site, the legally permissible uses would be physically possible. Financially Feasible As long as a potential use has value commensurate with its cost and conforms to the first two tests, the use is considered to be financially feasible. In contemplating the feasible uses, consideration must be given to the site location and access. Although the subject property is located in the original Golden Gate Estates development, the expansion of Immokalee Road to a six-lane arterial dramatically changed the nature of this corridor, particularly for those properties located along the road or immediately adjacent. The nexus of Randall Boulevard/Immokalee Road/Oil Well Road has experienced significant development over the last several years, with most recently a Publix anchored commercial development on the southeast quadrant of the subject intersection. At the subject size (47.5692 acres), this is an excellent candidate for re-zoning and the typical market participant would view this as such. The existing Estates zoning would be viewed as a holding or “unzoned” condition and would look to pursue a planned development that would allow for greater density than the 2.25 du/ac allowed by right. This area of Collier County, like most of Southwest Florida currently, is experienced continued demand for residential product and related commercial development and similar “unzoned” properties have recently undergone, or are undergoing, the same rezoning/future land use change process in order to achieve higher development potential. Maximally Productive The maximally productive use is that development option which will return the greatest profit to the eventual developer. In more urban settings, this development option may be very specific and obvious, while in more suburban settings, with lower ratios of existing build-out, these options may be more general and broad. In the case of the subject property, which is located in a suburban environment, the financially feasible uses are considered equally productive options. The potential for development exists in the short to medium-term future and therefore, the highest and best use of the subject property is for speculative holding for residential and/or mixed-use development following rezoning being probable. 11.B.4 Packet Pg. 146 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 36 SEC. VI: VALUATION OF SUBJECT PROPERTY THE APPRAISAL PROCESS There are three standard approaches to property valuation:  Cost Approach to Value  Sales Comparison Approach to Value  Income Approach to Value Each of these three approaches usually will indicate a slightly different value. After all of the factors of the three approaches have been carefully weighed, the indicators of value are correlated to arrive at a final opinion of value. Cost Approach to Value The Cost Approach to Value requires estimating the replacement cost new of the improvements, utilizing current labor and material prices and modern construction techniques. Accrued depreciation is next computed and subtracted from the cost new. Finally, the land value is added to the remainder to derive a value for the property as a whole. The Cost Approach is most reliable when the improvements are new and the land value can be reasonably estimated. Conversely, when the improvements are old and/or adequate land sales are not available, the Cost Approach tends to lose credence. Sales Comparison Approach to Value An estimate under the Sales Comparison Approach to Value is derived by comparing the property under appraisal with other similar properties that have sold in recent months. The Sales Comparison Approach is most reliable when the comparable sales are very similar to the subject. Conversely, when large or numerous adjustments are necessary, the Sales Comparison Approach is less reliable. Income Approach to Value The Income Approach to Value is normally applied only to commercial or strictly income oriented properties, since it measures the present worth of future rights to income. The Income Approach to Value, when adequate income and expense data are available, is probably the most reliable approach in the valuation of commercial properties as it best represents investors' and lenders' actions in the marketplace. Approaches Developed As the subject of this appraisal is a vacant tract of land, we have utilized the Sales Comparison Approach to Value. As they are not applicable to the property type, the Cost Approach and Income Approach have not been utilized. 11.B.4 Packet Pg. 147 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 37 LAND VALUATION (THE SALES COMPARISON APPROACH TO VALUE) The Sales Comparison Approach to Value is a process of comparing sales of similar properties in the marketplace to the subject parcel. Market data, when carefully verified and analyzed is good evidence of value because it represents the actions and reactions of sellers, users, and investors. The market value estimate has been defined as an interpretation of the reactions of typical users and investors in the market. The Sales Comparison Approach is based on the principle of substitution, which states that a prudent person will not pay more to buy a property than it will cost to buy a comparable substitute property. The price a typical purchaser pays is usually the result of an extensive shopping process in which he is constantly comparing available alternatives. The steps in the Sales Comparison Approach are: 1. Seek out similar properties for which pertinent sales and data are available. 2. Qualify the prices as to terms, motivating forces, and bona fide nature. 3. Compare each of the comparable properties’ important attributes with the corresponding ones of the property being appraised under the general division of time, location, and physical characteristics. 4. Consider all dissimilarities in terms of their probable effect upon the sale price. 5. Formulate an opinion of relative value of the property being appraised as compared with the price of each similar property. Source: Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013). In developing an opinion of “as is” land value for the subject property via the Sales Comparison Approach, we have analyzed the following comparable sales: 11.B.4 Packet Pg. 148 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 38 COMPARABLE LAND SALE MAP 11.B.4 Packet Pg. 149 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 39 COMPARABLE LAND SALE 1 3569 DATE OF SALE: March 05, 2019 ADDRESS: SE Corner Golden Gate Blvd/25th St SW SALE PRICE: $250,000 STRAP #: 36817920004 SALE PRICE (ADJUSTED): $250,000 SALE CONDITIONS: Arm's Length RECORDING: 5605/1619 UTILITIES: Telephone, Electric GRANTOR: Patricia M. Samuelson ZONING: E GRANTEE: ARCS Investment, LLC LAND USE: Estates FINANCING: Cash or Equal SALE HISTORY: None in prior 3 years TOPOGRAPHY: Uncleared ACCESS: Direct (Intersection) VERIFICATION: Broker HIGHEST AND BEST USE: Spec. Hold. SITE AREA: 224,334 Square Feet 5.150 Acres UNIT OF VALUE: $1.11 Per SF $48,544 per AC COMMENTS: This is the sale of a 5.15+/- acre parcel located on the southeast corner of Golden Gate Boulevard West and 25th Street SW in Naples. 11.B.4 Packet Pg. 150 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 40 COMPARABLE LAND SALE 2 3571 DATE OF SALE: July 09, 2018 ADDRESS: Immokalee Road SALE PRICE: $2,400,000 STRAP #: 00214000003 & 00214160008 SALE PRICE (ADJUSTED): $2,400,000 SALE CONDITIONS: Arm's Length RECORDING: 5534/0851 UTILITIES: Full Available GRANTOR: World Strategic Alliances, LLC ZONING: A-MHO GRANTEE: Immokalee Square, LLC LAND USE: Rural Fringe Mixed Use Disrict (Receiving) FINANCING: Cash or Equal SALE HISTORY: 05/2016 - $1,200,000 ($1.12/sf) TOPOGRAPHY: Uncleared ACCESS: Direct (Intersection) VERIFICATION: Grantee HIGHEST AND BEST USE: Spec. Hold. SITE AREA: 1,067,656 Square Feet 24.510 Acres UNIT OF VALUE: $2.25 Per SF $97,919 per AC COMMENTS: This is the sale of a future development parcel located on the southwest corner of Immokalee Road and Catawba Street, east of Collier Boulevard, in Naples. Subsequent to the purchase, the Grantee pursued rezoning to allow for 44,000 square feet of commercial space, 12,000 square foot of day care, and 5.3 dwelling units per acre. 11.B.4 Packet Pg. 151 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 41 COMPARABLE LAND SALE 3 3050 DATE OF SALE: March 05, 2018 ADDRESS: Wilson Boulevard N SALE PRICE: $132,000 STRAP #: 37281320006 SALE PRICE (ADJUSTED): $132,000 SALE CONDITIONS: Arm's Length RECORDING: 5438/0025 UTILITIES: Telephone, Electric GRANTOR: Estate of Ralph B. Strouse, Jr. ZONING: E GRANTEE: Maritza Ramos LAND USE: Estates FINANCING: Cash or Equal SALE HISTORY: None in prior 3 years TOPOGRAPHY: Uncleared ACCESS: Direct (Open Median) VERIFICATION: Broker HIGHEST AND BEST USE: Spec. Hold. SITE AREA: 224,334 Square Feet 5.150 Acres UNIT OF VALUE: $0.59 Per SF $25,631 per AC COMMENTS: This is the sale of a 5.15+/- acre parcel located on the east side of Wilson Boulevard N, north of Golden Gate Boulevard W in Naples. 11.B.4 Packet Pg. 152 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 42 COMPARABLE LAND SALE 4 3113 DATE OF SALE: August 29, 2017 ADDRESS: Pine Ridge Road SALE PRICE: $405,000 STRAP #: 38390920008 SALE PRICE (ADJUSTED): $405,000 SALE CONDITIONS: Arm's Length RECORDING: 5430/3902 UTILITIES: Full Available GRANTOR: Anthony Charles Purpero ZONING: E GRANTEE: R & S, Inc LAND USE: Estates FINANCING: Cash SALE HISTORY: None in previous five years TOPOGRAPHY: Uncleared ACCESS: Direct (Intersection) VERIFICATION: Broker HIGHEST AND BEST USE: Spec. Hold. SITE AREA: 224,334 Square Feet 5.150 Acres UNIT OF VALUE: $1.81 Per SF $78,641 per AC COMMENTS: The property is located at the southwest corner of Pine Ridge Road and Logan Boulevard S in Naples. 11.B.4 Packet Pg. 153 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 43 COMPARABLE LAND SALE 5 2829 DATE OF SALE: November 28, 2016 ADDRESS: Collier Boulevard SALE PRICE: $675,000 STRAP #: 36760800006 & 36760720005 SALE PRICE (ADJUSTED): $675,000 SALE CONDITIONS: Arm's Length RECORDING: 5337/3573 UTILITIES: Telehone, Electric GRANTOR: MDLT Holdings, LLC ZONING: E (Estates) GRANTEE: "Grace" Romanian Baptist Church of Naples, Inc. LAND USE: Mixed Use District-Residential Estates Subdistrict FINANCING: Cash SALE HISTORY: None in prior 3 years TOPOGRAPHY: Wooded ACCESS: Direct (Intersection) VERIFICATION: Broker HIGHEST AND BEST USE: Spec. Hold. SITE AREA: 326,700 Square Feet 7.500 Acres UNIT OF VALUE: $2.07 Per SF $90,000 per AC COMMENTS: The property consists of two parcels located at the southeast corner of Collier Boulevard and Golden Gate Boulevard West and on the west side of Weber Boulevard South in Naples. One parcel also has frontage on the north side of 1st Avenue SW and is improved with a single family home that had no contributory value and will be demolished. A religious facility is planned to be constructed on the site. 11.B.4 Packet Pg. 154 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 44 COMPARABLE LAND SALE 6 2823 DATE OF SALE: August 19, 2016 ADDRESS: 13792 Tamiami Trail E SALE PRICE: $4,000,000 STRAP #: 00736480004 SALE PRICE (ADJUSTED): $4,000,000 SALE CONDITIONS: Arm's Length RECORDING: 5305/3297 UTILITIES: Telephone, Electric GRANTOR: Roberto Su, et al. ZONING: RSF-3 & A GRANTEE: Argo Manatee Collier, LP LAND USE: Urban Coastal Fringe Subdistrict FINANCING: Cash SALE HISTORY: None in the previous three years TOPOGRAPHY: Uncleared ACCESS: Direct (Intersection) VERIFICATION: Broker HIGHEST AND BEST USE: Spec. Hold. SITE AREA: 3,310,996 Square Feet 76.010 Acres UNIT OF VALUE: $1.21 Per SF $52,625 per AC COMMENTS: This is the sale of a future development parcel located on the south side of Tamiami Trail, east of Collier Boulevard, at the intersection with Manatee Road in Naples. The closing period was 3 years due to obtaining permits (wildlife, wetlands, etc.), however they closed prior to obtaining final permits, which were obtained subsequently. The price was negotiated downward by roughly $1,000,000 due to environmental impacts and fill costs. 11.B.4 Packet Pg. 155 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 45 Comparable Land Sales Chart The comparable sales and our analysis thereof are summarized in the following chart: Subject Comparable No. 1 Comparable No. 2 Comparable No. 3 Transaction Data: Date of Sale: Mar-19 Jul-18 Mar-18 Sale/Listing Price: $250,000 $2,400,000 $132,000 Sale/Listing Price (Adjusted): $250,000 $2,400,000 $132,000 Physical Data: Street Address: Immokalee Road SE Corner Golden Gate Blvd/25th St SW Immokalee Road Wilson Boulevard N City: Naples Naples Naples Naples Exposure (Frontage):Immokalee Rd (6-lane Arterial) Golden Gate Blvd (4-lane Arterial) Immokalee Rd (6-lane Arterial) Wilson Blvd (2-lane Collector) Access: Direct (Closed Median) Direct (Intersection) Direct (Intersection) Direct (Open Median) Gross Sq. Ft. (Site): 2,072,114 224,334 1,067,656 224,334 Gross Acres (Site): 47.5692 5.15 24.51 5.15 Topography: Uncleared Uncleared Uncleared Uncleared Shape: Triangular Rectangular Irregular Rectangular Utilities: Full Available Telephone, Electric Full Available Telephone, Electric Use Data: Zoning: E E A-MHO E Land Use: Estates Estates Rural Fringe Mixed Use Disrict (Receiving)Estates Highest and Best Use: Spec. Hold. Spec. Hold. Spec. Hold. Spec. Hold. Sales Price Analysis: Price per Square Foot (Site): $1.11 $2.25 $0.59 Price per Acre (Site): $48,544 $97,919 $25,631 Transactional Adjustments: Property Rights: 0.0%0.0%0.0% $1.11 $2.25 $0.59 Financing Terms: 0.0%0.0%0.0% $1.11 $2.25 $0.59 Conditions of Sale: 0.0%0.0%0.0% $1.11 $2.25 $0.59 Expenditures After Purchase: 0.0%0.0%0.0% $1.11 $2.25 $0.59 Market Conditions (time): 0.0%4.0%6.0% Adjusted Price: $1.11 $2.34 $0.62 Physical Adjustments: Location: 25% 0% 40% Exposure (Frontage): 5% 0% 20% Access: -10% -10% -5% Size (Site Area): -10% -5% -10% Topography: 0% 0% 0% Shape: 0% 0% 0% Utilities: 10% 0% 10% Zoning/Land Use: 0%-5%0% Net Adjustment:20% -20% 55% Adjusted Price: $1.34 $1.87 $0.97 11.B.4 Packet Pg. 156 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 46 Subject Comparable No. 4 Comparable No. 5 Comparable No. 6 Transaction Data: Date of Sale: Aug-17 Nov-16 Aug-16 Sale/Listing Price: $405,000 $675,000 $4,000,000 Sale/Listing Price (Adjusted): $405,000 $675,000 $4,000,000 Physical Data: Street Address: Immokalee Road Pine Ridge Road Collier Boulevard 13792 Tamiami Trail E City: Naples Naples Naples Naples Exposure (Frontage):Immokalee Rd (6-lane Arterial) Pine Ridge Rd (4-lane Arterial)Collier Blvd (6-lane Arterial) Tamiami Trl (4-lane Arterial) Access: Direct (Closed Median) Direct (Intersection) Direct (Lightted Intersection)Direct (Intersection) Gross Sq. Ft. (Site): 2,072,114 224,334 326,700 3,310,996 Gross Acres (Site): 47.5692 5.15 7.50 76.01 Topography: Uncleared Uncleared Uncleared Uncleared Shape: Triangular Rectangular Irregular Irregular Utilities: Full Available Full Available Telehone, Electric Telephone, Electric Use Data: Zoning: E E E (Estates) RSF-3 & A Land Use: Estates Estates Mixed Use District- Residential Estates Urban Coastal Fringe Subdistrict Highest and Best Use: Spec. Hold. Spec. Hold. Spec. Hold. Spec. Hold. Sales Price Analysis: Price per Square Foot (Site): $1.81 $2.07 $1.21 Price per Acre (Site): $78,641 $90,000 $52,625 Transactional Adjustments: Property Rights: 0.0%0.0%0.0% $1.81 $2.07 $1.21 Financing Terms: 0.0%0.0%0.0% $1.81 $2.07 $1.21 Conditions of Sale: 0.0%0.0%0.0% $1.81 $2.07 $1.21 Expenditures After Purchase: 0.0%0.0%0.0% $1.81 $2.07 $1.21 Market Conditions (time): 3.5%8.0%9.5% Adjusted Price: $1.87 $2.23 $1.32 Physical Adjustments: Location: -15% 0% 0% Exposure (Frontage): 5% 0% 5% Access: -10% -20% -10% Size (Site Area): -10% -10% 10% Topography: 0% 0% 0% Shape: 0% 0% 0% Utilities: 10% 10% 10% Zoning/Land Use: 0%-5%0% Net Adjustment:-20% -25% 15% Adjusted Price: $1.49 $1.67 $1.52 11.B.4 Packet Pg. 157 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 47 Adjustments to Comparable Data The Sales Comparison Approach is dependent on “…adjustments to the sale prices of the comparables based on the elements of comparison.” The Appraisal Institute outlines ten basic elements of comparison to be considered: 1. Real property rights conveyed 2. Financing terms 3. Conditions of sale 4. Expenditures made immediately after purchase 5. Market conditions 6. Location 7. Physical characteristics 8. Economic Characteristics 9. Use 10. Non-realty components of value For ease of analysis, we have divided this list into two parts. This division is based on the type of adjustments made for the differences. Elements 1 – 5 are considered to be transactional adjustments, whereas elements 6 – 10 are considered to be physical adjustments. Transactional Adjustments There were no transactional adjustments warranted for Property Rights Conveyed, Financing Terms, Conditions of Sale, and Expenditures Made Immediately after Purchase for these sales. In considering Changes in Market Conditions since the time of sale, we must consider the significant changes in the Southwest Florida real estate market. The property value trend found throughout Southwest Florida changed drastically over the last decade, with substantial increases during the period of 2002-2005, followed by equally substantial declines during the period of 2006-2009 and this declining trend reversed in 2012. Based on our paired sales analyses of properties sale/re-sales in the region, the comparable sales have been adjusted at 0.50% per month for market conditions. 11.B.4 Packet Pg. 158 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 48 Physical Adjustments We have considered the following specific physical adjustments to the comparable sales. A brief description of the nature of these characteristics is provided below.  Location: Location refers to the economic attributes of the surrounding market area. These attributes affect the financially feasible uses of the site. o Sales 1 and 3 are inferior to the subject, as they are located on arterial and collector travel corridors, thus they are better situated for development than say an interior, local street location, but these locations have not yet demonstrated demand for non-rural development, particularly Sale 3. Sale 4 is superior in location.  Exposure (Frontage): This refers to the exposure to the fronting thoroughfare (i.e. - capacity/traffic count). o As the subject has potential commercial appeal and exposure is a component of commercial value, Sales 1,4, and 6 are slightly inferior, while Sale 3 is inferior.  Access: This refers to the accessibility of a property (i.e. – frontage road vs. direct frontage, existence of median cuts, etc.). o All of the sales are slightly superior to superior to the subject. They have access either via an open median of at an intersection, while the subject lacks the “hard corner” at the intersection of 4th Street and Immokalee Road and being on the curve, will at best likely be granted a controlled turn median cut.  Size (Site Area): Larger parcels often sell for a lower price per unit, while smaller parcels typically sell for a higher price per unit. This attribute affects the physically possible uses of the site. o Sales 1-5 are superior, while Sale 6 is inferior.  Utilities: The presence or absence of certain utilities can severally impact the physically possible uses of a site, the second test in the analysis of Highest and Best Use (i.e. - the absence of central sewer may prevent intensive development). o Sales 1 and 3-5 are inferior in utilities.  Zoning/Future Land Use: Zoning and Future Land Use directly determine the legally permissible uses of a site, the first test in the analysis of Highest and Best Use. o Sales 2 and 5 are superior in future land use, giving them an advantage in re-zoning possibilities as compared with the subject. 11.B.4 Packet Pg. 159 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 49 Value Conclusion These comparables range in adjusted price as shown below: These sales present the competitive market for “unzoned” property in the immediate area. Sales 1 and 3 are smaller tracts with a much longer holding period horizon than the subject. Sales 4 and 5 are the opposite, with immediate development likely to be pursued. Sales 2 and 6 are most similar in development horizon to the subject, likely to come in the short to medium term future. Overall, Sale 2 was given the greatest weight. Considering all of the sales presented and their relative inferiority/superiority, it is our opinion that the value of the subject property falls near the middle end of this range, at $1.75 per square foot, as shown below: Descriptive Statistics: Multiplier:*Price per SF: Mean:$1.48 Median:$1.51 Standard Deviation:$0.31 Minimum:$0.97 Maximum:$1.87 Range:$0.90 * Based on adjusted price Site Area (sf)Value per Sq. Ft.Opinion of Value Rounded to 2,072,114 $1.75 $3,626,200 $3,630,000 11.B.4 Packet Pg. 160 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 50 HYPOTHETICAL VALUATION In addition to the “as is” condition, we have also developed an opinion of value under the hypothetical condition that the property has been rezoned to a PUD zoning and a GMP comprehensive plan change has been approved that allows for mixed-use development. In developing this opinion of value, we have utilized a Hypothetical Condition, assuming that the subject property had these approvals in place as of the date of value. For the purposes of this appraisal, we have assumed that the subject parcel is already approved for mixed-use development, with the following requirements: 75 foot setbacks - buffered, 3 story maximum, residential competent at 4 units per acre (density bonus not included) for 37.57 acres of residential (150 units), and 25,000 square feet of commercial per acre for acres of commercial (250,000 sq. ft.). This scenario is for planning purposes and there is no guarantee of approvals allowing for such uses on the subject property. In this analysis we have utilized the Sales Comparison Approach, which follows: 11.B.4 Packet Pg. 161 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 51 COMPARABLE LAND SALE MAP 11.B.4 Packet Pg. 162 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 52 COMPARABLE LAND SALE 1 3524 DATE OF SALE: January 10, 2019 ADDRESS: NE Corner US 41/Corkscrew Rd SALE PRICE: $24,562,500 STRAP #: Several - Comments SALE PRICE (ADJUSTED): $24,562,500 SALE CONDITIONS: Arm's Length RECORDING: 2019000008969 UTILITIES: Full GRANTOR: Village Partners, LLC ZONING: MPD GRANTEE: The Trust for Public Land LAND USE: Urban Community & Outlying Suburban FINANCING: Cash SALE HISTORY: None within prior three years TOPOGRAPHY: Uncleared ACCESS: Direct (Lighted Intersection) VERIFICATION: Grantee: Kate Brown (TPL) HIGHEST AND BEST USE: Mixed-Use SITE AREA: 2,709,432 Square Feet 62.200 Acres UNIT OF VALUE: $9.07 Per SF $394,895 per AC COMMENTS: The property is located at the northeast signalized corner of U.S. 41 and Corkscrew Road in Estero. The Village of Estero's town council adopted Resolution No. 2018-06 on September 20, 2018, approving the purchase for embracing Estero's historic heritage and protecting the environment. The property was part of a larger tract (85.07 acres) that had approvals (Estero on the River MPD) for 300,000 square feet of commercial space and 530 residential units. 11.B.4 Packet Pg. 163 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 53 COMPARABLE LAND SALE 2 3507 DATE OF SALE: December 20, 2018 ADDRESS: South Tamiami Trail SALE PRICE: $52,500,000 STRAP #: 33-46-25-E3-U1936.2290 SALE PRICE (ADJUSTED): $52,500,000 SALE CONDITIONS: Arm's Length RECORDING: 2018000298648 UTILITIES: Full GRANTOR: Estero North Point, Ltd. ZONING: MPD GRANTEE: Fawcett Memorial Hospital, inc. LAND USE: Urban Community FINANCING: Cash SALE HISTORY: None in previous five years TOPOGRAPHY: Cleared ACCESS: Direct (Lighted Intersection) VERIFICATION: Third Party HIGHEST AND BEST USE: Mixed Use SITE AREA: 4,343,368 Square Feet 99.710 Acres UNIT OF VALUE: $12.09 Per SF $526,527 per AC COMMENTS: The property is located at the northeast signalized corner of U.S. 41 and Williams Road in Estero. The property had prior Lee County approvals (North Point MPD/DRI) for 670,000 square feet of non- residential floor area (120,000 office & 550,000 retail), 150-hotel rooms, and 150 multi-family units. A hospital is planned for the site. 11.B.4 Packet Pg. 164 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 54 COMPARABLE LAND SALE 3 3299 DATE OF SALE: May 17, 2018 ADDRESS: 14285-14335 Collier Boulevard SALE PRICE: $5,532,500 STRAP #: 00203280009+ SALE PRICE (ADJUSTED): $5,532,500 SALE CONDITIONS: Arm's Length RECORDING: 5511/2775 UTILITIES: Full GRANTOR: Voila II, LLC ZONING: MPUD GRANTEE: We Have Arrived, LLC LAND USE: Estates-Mixed Use District, Residential Estates Subdistrict FINANCING: Cash SALE HISTORY: None in previous five years TOPOGRAPHY: Cleared ACCESS: Direct (Intersection) VERIFICATION: Broker HIGHEST AND BEST USE: MIxed-Use SITE AREA: 1,633,500 Square Feet 37.500 Acres UNIT OF VALUE: $3.39 Per SF $147,533 per AC COMMENTS: The property is located at the southwest corner of Collier Boulevard and Wolfe Road in Naples. This is a lighted intersection. The property stretches to the northwest corner of Collier Boulevard and Mission Hills Drive, as well. This is the Sonoma Oaks MPUD, which allows for 120,000 sf of commercial use on 9.38 acres, 456 ACLF units, 114 residential units, and 5.32 acres of conservation. 11.B.4 Packet Pg. 165 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 55 COMPARABLE LAND SALE 4 3029 DATE OF SALE: November 29, 2016 ADDRESS: Bonita Beach Road SALE PRICE: $6,381,000 STRAP #: 06-48-26-B1-2800F.0000, .000A, .0010, .0020, .0030, 00CE SALE PRICE (ADJUSTED): $6,381,000 SALE CONDITIONS: Arm's Length RECORDING: 2016000253674 UTILITIES: Full GRANTOR: Bonita Exchange, LLC ZONING: CPD GRANTEE: TRG Bonita Exchange, LLC LAND USE: Interchange Commercial FINANCING: Cash SALE HISTORY: 05/2016 - $5,200,000 TOPOGRAPHY: Partially cleared ACCESS: Direct (Frontage Road) VERIFICATION: Grantee: DR Horton HIGHEST AND BEST USE: Residential SITE AREA: 914,324 Square Feet 20.990 Acres ALLOWABLE UNITS: 242 UNIT OF VALUE: $6.98 Per SF $304,002 per AC $26,368 Per Unit COMMENTS: The property is located at the southwest quadrant of I-75 and Bonita Beach Road in Bonita Springs. A 242 unit apartment community is planned for the site. 11.B.4 Packet Pg. 166 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 56 COMPARABLE LAND SALE 5 2763 DATE OF SALE: October 11, 2016 ADDRESS: 9201/9301 Corkscrew Road SALE PRICE: $5,100,000 STRAP #: 34-46-25-00-00002.0010, 34-46-25-E1- U2011.2380 SALE PRICE (ADJUSTED): $5,100,000 SALE CONDITIONS: Arm's Length RECORDING: 2016000215359 UTILITIES: Full GRANTOR: RD Investment Properties, LLC ZONING: CPD GRANTEE: Voans SW Florida Healthcare, Inc LAND USE: Suburban FINANCING: Cash SALE HISTORY: None as assembled TOPOGRAPHY: Cleared ACCESS: Direct (Intersection) VERIFICATION: Broker: Adam Palmer w/ LandQwest Commercial HIGHEST AND BEST USE: Commercial SITE AREA: 930,442 Square Feet 21.360 Acres UNIT OF VALUE: $5.48 Per SF $238,764 per AC COMMENTS: This is the sale of a commercial planned development located on the northeast corner of Sandy Lane and Corkscrew Road in Estero. A retirement community known as the Colonnade of Estero is planned for the site, with 340 units of independent and assisted living. 11.B.4 Packet Pg. 167 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 57 COMPARABLE LAND SALE 6 2681 DATE OF SALE: June 30, 2016 ADDRESS: 3480 Pine Ridge Road SALE PRICE: $6,975,000 STRAP #: 00288000000 SALE PRICE (ADJUSTED): $6,975,000 SALE CONDITIONS: Arm's Length RECORDING: 5290/114 UTILITIES: Full Available GRANTOR: Federal Deposit Insurance Corporation, as Receiver for First Community Bank ZONING: CPUD GRANTEE: Naples One, LLC LAND USE: Mixed Use District-Urban Residential Subdistrict FINANCING: Cash SALE HISTORY: None in prior 3 years TOPOGRAPHY: Level ACCESS: Direct (Partial Median) VERIFICATION: Broker: Phil Fischler/Fischler Property Company HIGHEST AND BEST USE: Mixed-Use SITE AREA: 594,594 Square Feet 13.650 Acres UNIT OF VALUE: $11.73 Per SF $510,989 per AC COMMENTS: This is the sale of a development parcel located on the south side of Pine Ridge Road, east of Livingston Road and west of I-75 in Naples. The is approved as the Brynwood Center PUD and is permitted for 15,194 sf of commercial uses on 145,000 sf (3.33 ac) of site area, 7.16 acres of conservation and 197 ALF units on the balance. 11.B.4 Packet Pg. 168 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 58 Comparable Land Sales Chart The comparable sales and our analysis thereof are summarized in the following chart: Subject Comparable No. 1 Comparable No. 2 Comparable No. 3 Transaction Data: Date of Sale: Jan-19 Dec-18 May-18 Sale/Listing Price: $24,562,500 $52,500,000 $5,532,500 Sale/Listing Price (Adjusted): $24,562,500 $52,500,000 $5,532,500 Physical Data: Street Address: Immokalee Road US 41/Corkscrew Rd South Tamiami Trail 14285-14335 Collier Boulevard City: Naples Estero Estero Naples Exposure (Frontage):Immokalee Rd (6-lane Arterial)U.S. 41 (6-lane Arterial) Tamiami Trl (6-lane Arterial) Collier Blvd (6-lane Arterial) Access: Direct (Closed Median) Direct (Lighted Intersection) Direct (Lighted Intersection)Direct (Intersection) Gross Sq. Ft. (Site): 2,072,114 2,709,432 4,343,368 1,633,500 Gross Acres (Site): 47.5692 62.20 99.71 37.50 Topography: Uncleared Uncleared Cleared Cleared Shape: Triangular Irregular Irregular Rectangular Utilities: Full Available Full Full Full Use Data: Zoning: MPD* MPD MPD MPUD Land Use: Estates Urban Community & Urban Community Estates-Mixed Use District, Highest and Best Use: Mixed-Use Mixed-Use Mixed Use MIxed-Use Sales Price Analysis: Price per Square Foot (Site): $9.07 $12.09 $3.39 Transactional Adjustments: Property Rights: 0.0%0.0%0.0% $9.07 $12.09 $3.39 Financing Terms: 0.0%0.0%0.0% $9.07 $12.09 $3.39 Conditions of Sale: 0.0%0.0%0.0% $9.07 $12.09 $3.39 Expenditures After Purchase: 0.0%0.0%0.0% $9.07 $12.09 $3.39 Market Conditions (time): 1.0%1.5%5.0% Adjusted Price: $9.16 $12.27 $3.56 Physical Adjustments: Location: -15% -15% 0% Exposure (Frontage): -15% -15% 0% Access: -20% -20% -10% Size (Site Area): 5% 10% 0% Topography: 0% -5% -5% Shape: 0% 0% 0% Utilities: 0% 0% 0% Zoning/Land Use: -10%-10%0% Net Adjustment:-55% -55% -15% Adjusted Price: $4.12 $5.52 $3.02 11.B.4 Packet Pg. 169 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 59 Subject Comparable No. 4 Comparable No. 5 Comparable No. 6 Transaction Data: Date of Sale: Nov-16 Oct-16 Jun-16 Sale/Listing Price: $6,381,000 $5,100,000 $6,975,000 Sale/Listing Price (Adjusted): $6,381,000 $5,100,000 $6,975,000 Physical Data: Street Address: Immokalee Road Bonita Beach Road 9201/9301 Corkscrew Road 3480 Pine Ridge Road City: Naples Bonita Springs Estero Naples Exposure (Frontage):Immokalee Rd (6-lane Arterial) Bonita Beach Rd (6-lane Arterial) Corkscrew Rd (4-lane Arterial) Pine Ridge Road (6-lane Arterial) Access: Direct (Closed Median) Direct (Frontage Road) Direct (Intersection) Direct (Partial Median) Gross Sq. Ft. (Site): 2,072,114 914,324 930,442 594,594 Gross Acres (Site): 47.5692 20.99 21.36 13.65 Topography: Uncleared Uncleared Cleared Uncleared Shape: Triangular Irregular Rectangular Irregular Utilities: Full Available Full Full Full Available Use Data: Zoning: MPD* CPD CPD CPUD Land Use: Estates Interchange Commercial Suburban Mixed Use District-Urban Highest and Best Use: Mixed-Use Residential Commercial Mixed-Use Sales Price Analysis: Price per Square Foot (Site): $6.98 $5.48 $11.73 Transactional Adjustments: Property Rights: 0.0%0.0%0.0% $6.98 $5.48 $11.73 Financing Terms: 0.0%0.0%0.0% $6.98 $5.48 $11.73 Conditions of Sale: 0.0%0.0%0.0% $6.98 $5.48 $11.73 Expenditures After Purchase: 0.0%0.0%0.0% $6.98 $5.48 $11.73 Market Conditions (time): 14.0%14.5%16.5% Adjusted Price: $7.96 $6.28 $13.67 Physical Adjustments: Location: -15% -15% -15% Exposure (Frontage): 0% 5% 0% Access: 0% -10% 0% Size (Site Area): -5% -5% -10% Topography: 0% -5% 0% Shape: 0% 0% 0% Utilities: 0% 0% 0% Zoning/Land Use: -10%-10%-10% Net Adjustment:-30% -40% -35% Adjusted Price: $5.57 $3.77 $8.88 11.B.4 Packet Pg. 170 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 60 Adjustments to Comparable Data The Sales Comparison Approach is dependent on “…adjustments to the sale prices of the comparables based on the elements of comparison.” The Appraisal Institute outlines ten basic elements of comparison to be considered: 11. Real property rights conveyed 12. Financing terms 13. Conditions of sale 14. Expenditures made immediately after purchase 15. Market conditions 16. Location 17. Physical characteristics 18. Economic Characteristics 19. Use 20. Non-realty components of value For ease of analysis, we have divided this list into two parts. This division is based on the type of adjustments made for the differences. Elements 1 – 5 are considered to be transactional adjustments, whereas elements 6 – 10 are considered to be physical adjustments. Transactional Adjustments There were no transactional adjustments warranted for Property Rights Conveyed, Financing Terms, Conditions of Sale, and Expenditures Made Immediately after Purchase for these sales. In considering Changes in Market Conditions since the time of sale, we must consider the significant changes in the Southwest Florida real estate market. The property value trend found throughout Southwest Florida changed drastically over the last decade, with substantial increases during the period of 2002-2005, followed by equally substantial declines during the period of 2006-2009 and this declining trend reversed in 2012. Based on our paired sales analyses of properties sale/re-sales in the region, the comparable sales have been adjusted at 0.50% per month for market conditions. 11.B.4 Packet Pg. 171 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 61 Physical Adjustments We have considered the following specific physical adjustments to the comparable sales. A brief description of the nature of these characteristics is provided below.  Location: Location refers to the economic attributes of the surrounding market area. These attributes affect the financially feasible uses of the site. o Sales 1-2 and 4-6 are superior in location, being located west of I-75.  Exposure (Frontage): This refers to the exposure to the fronting thoroughfare (i.e. - capacity/traffic count). o Sales 1-2 front onto US 41 (Tamiami Trail) the main commercial corridor in all of Southwest Florida, granting them superior exposure, despite being equal in road size to the subject road. Sale 5 is slightly inferior.  Access: This refers to the accessibility of a property (i.e. – frontage road vs. direct frontage, existence of median cuts, etc.). o Sales 1-2 are superior, being accessed at lighted intersections, while Sales 3 and 5 are slightly superior, being accessed at non-lighted intersections.  Size (Site Area): Larger parcels often sell for a lower price per unit, while smaller parcels typically sell for a higher price per unit. This attribute affects the physically possible uses of the site. o Sales 1-2 are inferior, while Sales 4-6 are superior.  Zoning/Future Land Use: Zoning and Future Land Use directly determine the legally permissible uses of a site, the first test in the analysis of Highest and Best Use. o Sales 1-2 and 4-6 are superior, being weighted more toward commercial and multi-family/ALF development, as opposed to the subject, which will feature single-family densities in the residential portion, making it most similar to Sale 3 in this regard. 11.B.4 Packet Pg. 172 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 62 Value Conclusion These comparables range in adjusted price as shown below: These sales present the competitive market for suburban mixed-use properties that will be developed with distinct residential and commercial uses, as opposed to an urban mixed-use property that would feature residential and commercial uses in the same building. Overall, Sales 1 and 3 were giving the greatest weight. Considering all of the sales presented and their relative inferiority/superiority, it is our opinion that the value of the subject property falls near the middle end of this range, at $4.25 per square foot, as shown below: NOTE: This analysis is based on a hypothetical condition of a rezone and GMP comprehensive plan change which will allow for mixed use development. Descriptive Statistics: Multiplier:*Price per SF: Mean:$5.15 Median:$4.82 Standard Deviation:$2.09 Minimum:$3.02 Maximum:$8.88 Range:$5.86 * Based on adjusted price Site Area (sf)Value per Sq. Ft.Opinion of Value Rounded to 2,072,114 $4.25 $8,806,485 $8,800,000 11.B.4 Packet Pg. 173 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 63 SEC. VII: RECONCILIATION OF OPINIONS OF VALUE Cost Approach to Value N/A Sales Comparison Approach to Value “As Is”: $3,630,000 Hypothetical: $8,800,000 Income Approach to Value N/A The Sales Comparison Approach references sales of similar properties located in competitive areas in the researched subject market area. Since properties of identical characteristics are uncommon, any reliance placed on the Sales Comparison Approach could be lessened due to required adjustments to the comparable sales. However, the range of value indicated by the sales after adjustments was considered a reliable indicator of value for the subject property. Overall, the Sales Comparison was considered a reliable Approach. The sales considered reflected the spectrum of current “unzoned” properties in eastern Collier County and would reflect alternative considerations for various levels of speculative holding investment. Based upon the results of the analyses and data contained in the report, including any Extraordinary Assumptions and Hypothetical Conditions outlined in the Addenda, and our experience in the real estate appraisal profession, it is our opinion that the “as is”, fee simple, market value of the subject property, as of 12 March 2019, is THREE MILLION SIX HUNDRED THIRTY THOUSAND DOLLARS - $3,630,000 This value is contingent upon the certification and the assumptions and conditions of this appraisal, if any. In addition to the “as is” condition, we have also developed an opinion of value under the hypothetical condition that the property has been rezoned to a PUD zoning and a GMP comprehensive plan amendment has been approved that allows for mixed-use development. This hypothetical condition is further detailed in the report. Based upon our analysis of the data contained in the attached appraisal report, it is our opinion that the market value of the subject property under the hypothetical condition, as of 12 March 2019, is EIGHT MILLION EIGHT HUNDRED THOUSAND DOLLARS - $8,800,000 CONTRACTS, LISTINGS & SALES HISTORY According to the public records, there have been no qualified sales of the subject property in the previous five (5) years. There are no current listings for sale. 11.B.4 Packet Pg. 174 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 64 ESTIMATION OF MARKETING TIME Marketing time is defined by the USPAP Advisory Opinion as follows: 1. The time it takes an interest in real property to sell on the market sub-sequent to the date of an appraisal. 2. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal; the anticipated time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price supportable by concurrent market conditions. Marketing time differs from exposure time, which is always presumed to precede the effective date of the appraisal. (Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions" address the determination of reasonable exposure and marketing time.) Marketing time is further discussed in the Advisory Opinion referenced above, as follows: “…Marketing time occurs after the effective date of the market value opinion and the marketing time opinion is related to, yet apart from, the appraisal process. Therefore, it is appropriate for the section of the appraisal report that discusses marketing time and its implications to appear toward the end of the report after the market value conclusion. The request to provide a reasonable marketing time opinion exceeds the normal information required for the appraisal process and should be treated separately from that process. It is also appropriate for the appraiser to discuss the impact of price/value relationships on marketing time and to contrast different potential prices and their associated marketing times with an appraiser’s market value opinion for the subject property... …Clients concerned with marketing real or personal properties who obtain a market value appraisal as part of their decision-making process should be aware that it may be inappropriate to assume that the value remains stable during the marketing period. Therefore, it is technically incorrect for the user of an appraisal to take a current value opinion, carry it forward to the end of a concluded marketing period, and then discount back to the present…” Based upon the analysis and conclusions developed in the appraisal, the marketing time for the subject property is estimated to be 12 to 18 months. ESTIMATION OF EXPOSURE TIME Inherent in an opinion of market value is the development of an estimate of exposure time for the subject property. Exposure time is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2018/19 Ed., as follows: (The) estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Based upon the analysis and conclusions developed in the appraisal, the exposure time for the subject property is estimated to be 12 months. 11.B.4 Packet Pg. 175 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 65 SEC. VIII: CERTIFICATION We certify that, to the best of our knowledge and belief:  The statements of fact contained in this report are true and correct.  The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.  We 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.  We have performed no 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 acceptance of this assignment.  We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.  Our engagement in this assignment was not contingent upon developing or reporting predetermined results.  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.  Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with Uniform Standards of Professional Appraisal Practice.  We have made a personal inspection of the property that is the subject of this report. For this analysis, Matthew H. Caldwell conducted an exterior inspection of the subject property on 12 March 2019.  No one provided significant real property appraisal assistance to the person(s) signing this certification.  The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.  The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).  We are currently licensed to conduct appraisal activities and have completed the continuing education requirements set forth with the State of Florida. 11.B.4 Packet Pg. 176 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 66  Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. Matthew H. Caldwell State-Certified General Real Estate Appraiser, RZ 2901 As of the date of this report, I have completed the continuing education program of the Appraisal Institute. Gerald A. Hendry, MAI, CCIM State-Certified General Real Estate Appraiser, RZ 2245 11.B.4 Packet Pg. 177 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 67 SEC. IX: ADDENDA QUALIFICATIONS: MATTHEW H. CALDWELL Education & Experience Bachelor of Arts in History, Florida Gulf Coast University, Fort Myers, Florida (2004) Education through the Appraisal Institute, Steve Williamson’s Real Estate Education Specialists, Ed Klopfer Schools of Real Estate, & McKissock, Inc. (2002-Present) Gulf Coast Appraisal and Consulting Services, Inc., Cape Coral, Florida (2002-03) - Associate Gulf Coast Appraisal and Associates, Inc., Cape Coral, Florida (2003) - Associate Maxwell & Hendry Valuation Services, Inc., Fort Myers, Florida (2004-2013) - Associate Maxwell, Hendry & Simmons, LLC, Fort Myers, Florida (2013-present) - Associate Professional Designations & Affiliations State-Certified General Real Estate Appraiser, RZ 2901 (2006-Present) Other Qualified as an expert witness in: Florida District Court: 20th Judicial Circuit U.S. District Court: Middle District of Florida Court of Common Pleas: Sandusky County, OH Member, Florida House of Representatives Elected 2010, 2012, 2014, & 2016 Adjunct with Florida Gulf Coast University: “Redistricting in Florida” – Fall 2011 License 11.B.4 Packet Pg. 178 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 68 QUALIFICATIONS: GERALD A. HENDRY, MAI, CCIM Education & Experience Master of Arts in Business Administration, with a major in Real Estate and Urban Analysis, University of Florida, Gainesville, Florida (1995) Education through the Appraisal Institute, Florida Real Estate Academy, & CCIM Institute Barnett Bank of Lee County/First Florida Bank, Fort Myers, Florida, (1991-1993) - Commercial Credit Analyst W. Michael Maxwell & Associates, Inc., Fort Myers, Florida (1995-2003) - Associate Maxwell & Hendry Valuation Services, Inc., Fort Myers, Florida (2004-2013) - Owner/Partner Maxwell, Hendry & Simmons, LLC., Fort Myers, Florida (2013 - Present) - Owner/Partner Professional Designations & Affiliations Appraisal Institute – MAI CCIM Institute - CCIM State-Certified General Real Estate Appraiser, RZ 2245 State-Licensed Real Estate Broker, BK #0567939 Real Estate Investment Society: Board of Governors 2002-2008 President 2007 Appraisal Institute - West Coast Florida Chapter: Board of Directors 2003-2008 President 2008 Qualified as an expert witness in: Florida District Court: 20th Judicial Circuit U.S. District Court: Middle District of Florida License 11.B.4 Packet Pg. 179 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 69 ASSUMPTIONS An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: “that which is taken to be true”. Please review the following assumptions, which we have “taken to be true” about this appraisal.  This appraisal is to be used in whole and not in part. This appraisal report has been prepared at a specified point in time as indicated by the date of valuation. Therefore, this report can neither be used prior to, or subsequent to, the effective appraisal date. Market values and conditions change significantly with the passage of time. This report cannot be viewed subsequent to the appraisal date and then reliance placed on values, opinions, and analysis made by the appraiser or other consultants in the report. The forecasts or projections included in this report are used to assist in the valuation process and are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are therefore subject to changes in future conditions, which cannot be accurately predicted by the appraiser and could affect the future income and/or value forecasts.  No part of this report shall be used in conjunction with any other appraisal. The appraiser(s) herein, by reason of this report, is not required to give testimony or attendance in court or any governmental hearing with reference to the property appraised, unless arranged previously therefore. The consideration for the preparation of this appraisal report is the payment by the client of all charges due the appraiser in connection therewith. Any responsibility of the appraiser for any part of the report is conditioned upon full payment.  Neither all, nor any, part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to the valuation conclusion, the identity of the appraiser or firm with which he is connected, or any reference to any professional organization of which the appraiser may be a member.  The property has been appraised as if free and clear, unencumbered by mortgages, liens, delinquent taxes, assessments, special or unusual deed conditions or restrictions, but subject to zoning regulations. An investigation, but no record search, has been made.  All comparable data utilized are confirmed by First American Real Estate Solutions (FARES), the Local Multiple Listing Service (MLS), parties related to the sale, and/or public records. The data used in compiling this report was secured from sources considered reliable and authentic and, so far as possible, was verified. However, no responsibility is assumed for its accuracy or correctness. Mapping provided herein was developed using third-party applications including, but not limited to, Google Maps, Bing Maps, Microsoft Maps, and Delorme Street Atlas. Maps reflecting aerial images, zoning, future land use, plats, and other legal documentation were provided by the applicable government entity.  Unless otherwise noted, no survey or plans were requested or provided and information regarding the subject property has been gathered from the appropriate public records. It is assumed that the legal descriptions, site sizes and boundaries utilized are correct, that the improvements (if applicable) are entirely and correctly located on the property described, and that there are no encroachments or overlapping boundaries. Unless stated otherwise, legal access to the property is assumed. Marketable title, but not responsibility as to legal matters, is assumed. This appraisal is subject to a current survey and title search.  The appraiser is not qualified to ascertain the presence of internal damages to the subject structure(s) (such as adverse settlement, insect damage, etc.), physical hazards (such as radon, urea formaldehyde foam insulation, asbestos, lead paint, etc.), or environmental conditions (such as wetlands, eagle's nest's, etc.) and assumes no responsibility for such conditions. Information regarding possible 11.B.4 Packet Pg. 180 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) 70 conditions was neither requested, nor gathered, in conjunction with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent information, research, or investigation. Unless otherwise stated in this report, the existence of hazardous materials on the subject property was not observed by the appraisers. However, we are not qualified to detect such conditions. The opinions of value contained herein are predicated on the assumption that no such conditions exist which would cause a loss in value. It is recommended that the user retain an expert in these fields if greater detail is required.  It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report and it is further assumed that all applicable zoning, land use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined and considered in the appraisal report.  This appraisal is subject to all growth management ordinances (i.e. concurrency) both local and state. The appraiser has relied upon representations made by the developer, client or authorities considered to be knowledgeable in this regard. A determination was not made by the appraiser as to the development potential for the property, unless otherwise stated.  Unless otherwise noted, we were not provided with a title search, and we have assumed that the subject property has a unified title, or in absentia, that the right of entry is barred for oil, gas, and mineral rights holders. We have further assumed that no off-site subsurface exploration or extraction activities are occurring, or have occurred, which would have an impact on the subsurface elements of the property, or which would adversely affect the value of the property. No consideration was given within this appraisal as to the time or expense (if any) which would be required to determine or obtain unified title or bar the right of entry. Should this assumption regarding unified title later prove to be false, this could alter the opinions and conclusions contained herein. EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS Please see the Scope of Work for further details. 11.B.4 Packet Pg. 181 Attachment: Maxwell- Collier County_Randall Curve Appraisal Report (9024 : Randall Curve Update) HMHOLE MONttES ENG"―.MNNERS Ш 側 0篠S 950 En∞re Wayo Nales,Fonda 34110・ Phone 239 254 2000・ Fax 239 254 2099 Apri1 9,2019 m.Leo E.Ochs,Jr.,County Managcr Collier County Manager's Ofrlce 3299 Tamiallrli Trail East,Suite 202 Naples,FL 34112‐5746 Immokalee Road Rurrl Village (GMPA & MPUD) Dear Mr. Ochs: The purpose of this letter is to summarize the key points recently discussed related to the above project. The project, hereinafter referred to as Immokalee Road Rural Village (IRRV) is located on the east side of Immokalee Road approximately two miles north of the intersection of Immokalee and Oil Well Roads and is 2,787+ aces in size, is entirely located within the Rural Fringe Mixed Use Overlay (RFMUD) and includes lands designated as Receiving, Sending, and Neutral. IRRV is cunently under review by County staff for a Growth Management Plan Amendment (GMPA). A companion MPUD will be submitted in approximately 60 days. The items listed below are conceptual in nature at this point, and final agreement and the details related to these items will be addressed in a Developer's Contribution Agreement @CA), which will be a companion item to the GMPA and MPUD. The following substantive issues were discussed at this meeting: o The developer will provide a 120-foot wide right-oGway for a public roadway corridor through the Receiving designated portion of the project, generally as depicted on the attached draft concept plan. The developer would construct 2 lanes within the 120-foot wide right-of- way. The Developer will receive impact fee credits for the difference in right-of-way width between a typical 2 lane local road (necessary for the project) and the wider l20-foot-wide ROW desired by the County to allow for a future 4-lane configuration. In addition, the Developer will receive impact fee credits for the difference in construotion cost between a local road and the road requested by the County.o Due to the size and depth of the existing lake excavation on the Neutral Designated laDds, the public roadway width in this location is limited to 6Gr feet. The Developer will explore options with the SFWMD for designing the project to accept storm water to enhance both storm water quantity and trealnent (quality), and the potential for vacating a portion of the existing canal running along the along the eastem boundary of the Neutral designated lands, this allowing for a 120 foot ROW width along the eastem boundary ofthe Neutral designated tract. The County will participate in and assist with the discussion with the SFWMD. Again, it is assumed that the County will provide impact fee credits for the value of the land within this conidor exceeding that necessary to provide a typical 2Jane public roadway as well as accepting run offfrom the roadway.o The Developer will provide, in exchange for impact fee credits, a 100-foot wide strip for widening of Immokalee Road along the project's Immokalee Road frontage. H:ヽ 2018ヽ 2018044NWPヽ MPUDICountv A8reemenヽ L0190409に r re!RRV docx Naples . Fort Myers 11.B.5 Packet Pg. 182 Attachment: Immokalee Road Rural Village proposal (9024 : Randall Curve Update) Mr. Leo E. Ochs, Jr., County Manager Re: Immokalee Road Rural Village April 9,2019 Page 2 of 3 The Developer will widen Immokalee Road (from 2 to 4 lanes) from the point north of Oil Well Road, where it presently nanows ftom 4 to 2 lanes, to a point north of the proposed IRRV main entrance ( a distance of approximately 3.5 miles). The County will commence with acquisition of the necessary right-of-way (approximately 2 miles between Oil Well Road and the proposed IRRV southem property line). The County will provide impact fee credits for the cost of permitting and construction for these improvements to Immokalee Road. The Developer will design the project to manage and treat storm water for the ultimate 4- laning of Immokalee road along the projects Immokalee Road frontage. The County will provide impact fee credits for accepting the storm water in the project. There may be a need for a Collier County School Public Schools bus barn and a Collier County Road and Bridge Facility in this area of the County. It is assumed that co-locating these facilities will tequire 3Gr acres of usable land. The developer is amendable to providing such a site, zoned and with jurisdictional agency permitting in place. The details of such an agreement, including the location of access to and from the site, necessary buffering, and other conditions will be finalized through the DCA. The County would either purchase the site or provide impact fee credits for the land value (pre-rezoning). It is assumed that this would be deemed to meet the RFMUD requirements related to providing civic uses. Other options exist within the proposed IRRV including a 14* acre affordable housing site (located on the northwest corner of the Neutral Tract) and a 7.6+ passive park site on the north east comer of the Neutral Tract (with lake access for kayaks, canoes and other non- motorized vessels), Both parcels would have access to Immokalee Road. These parcels could be provided to the County for purchase, impact fee credits or a combination thereof. It is assumed that if these parcels are addressed in the DCA, these will meet t}e MMLJD requirements for affordable housing and public parks within a Village. I have included a conceptual MPUD Master Plan depicting the locations of the above items. Please let me know if you agree that the above items accurately capture the items of our discussion. It is understood that all such items will be addressed in detail during the entiflement process and, if agreed to and approved as part of that process, will be included in a DCA. we anticipate submitting the revised GMPA (to include the 210+ acre Neutal rract) and submitting the companion IRRV Rural village MPUD within 60 days and anticipate final hearings within 12 months of submittal. we look forward to working with you on this exciting project and to address, as pafi of that process, some of the county's needs and the resultant public benefit, while also achieving the Client's overall objectives. H:\20 I EUol 8o44\WnMPUD\Counry Agrecment\Lo I 90409 ,rr rr IRRV.docx 11.B.5 Packet Pg. 183 Attachment: Immokalee Road Rural Village proposal (9024 : Randall Curve Update) Mr. Leo E. Ochs, Jr., County Manager Re: Immokalee Road Rural Village April 9,2019 Page 3 of 3 Please do not hesitate to contact me should you have any comments or wish to discuss this firther. Very tuly yours, HOLEMONTES,INC. Robert J. Mulhere, FAICP Vice President, Planning Services and Business Development RJlvl/sek cc: JeffGreene, Client Jefferey A. Klatzkow, County Attomey Nick Casalanguida, Deputy County Manager Richard D. Yovanovich, Esquire Tom Eastrran, Director Real Property, Collier County Public Schools H:\20 I t\201 to44\WAMPLl D\County Agrc.mcnAlo I 90409 ltt rc IRRV.docx 11.B.5 Packet Pg. 184 Attachment: Immokalee Road Rural Village proposal (9024 : Randall Curve Update) 「鴇ぽ腱 RLAY CONTAINS A Ю TAL OF 4“2 DWELuNG UNTS □ ‐TRACT∽:GREENBE日 ′Bυ FttR ‐LAKE Ш NTENAN∝い EMENTS O 踪圏艤譜 ЮHB°RH∞D‐い KES′WATER MttGEMENT ■■l SLANDS7PARKS口 THN LAKE I IR瀾 i澱麗 ξ ・ FAMlⅣ _員断:器甜ESEⅣE′ ― ROW RESERVAT10N I I ROW m%〃ⅥLLAGE CENTER I醐阻【黒駄篠 MENITY′ 靱SEI'IOING I.ANDS I l seronoruos ヨTHIS SHEET POTENTIAL iNGRESSノ 120'WIDE PUBLIC RIW (upiands 13 97Acl PASSiVE PUBLiC (uplands 7 6Acl 60'ⅧDE PUBLiC RIW 1神|120'WDE PUBL!C R/VV MATCHLiNE TH:S SHEETO … PRO」ECT BOUNDARY Ю TAL=1278乙3 2ω Bu覧ミ `語翫N,ELT(TYo 員:翻 REB鍵ヽ:験籠:徹 lσ ll 黒躙朧 E認晰卍灯輔蝠 P淵鸞 I Mtt‐ R PttN 1髯躊 11.B.5 Packet Pg. 185 Attachment: Immokalee Road Rural Village proposal (9024 : Randall Curve Update) Number of Students ln Cour NumtEr of Students ln Se$lon Total QuBtlons Ouestlons Ctsleted (NR) = No resrcn* AP = Anonymus Pollinq Aver4e = Based only on students who resmnded to thls qusUon Color @dlm .pgll6 it r @r..t .ner la a{tactad Eold Red = ln@rred 11.B.6 Packet Pg. 186 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 187 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-QuestionO 5-8-19 McDaniel Meeting Generatedr OS I OA I 2OLg 19:45:52 Multiple Choice Correct Answer Possible Points Average Points Average o/o Total Responses Missing Responses = No response Average o/o = Based only on students who responded to this question Color coding applies if a correct answer is selectGd Bold Red = incorrect TIAT Questlon Live Suruey-Question o Who ls your fevorltc footbell tcem? A) Miami l'Jolphins l) Tampo Bay Bxr G) New Englard P*riots D) Pittsburgh Srrlrr !) Other- I likc Futbol(Socccr) 11.B.6 Packet Pg. 188 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 189 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Questionl 5-8-19 McDaniel Meeting Generated: 05 I OA I 2OL9 19:45:52 Multiple Choice Corrcct Answer Possible Points Average Points Average o/o Total Responses Missing Responses (Nn) = uo response Average o/o = Based only on students who responded to this question Color coding applles if a corrGct an3w€r is selectGd Bold Red = incorrect Question Live Survey - Question r How did you hcar about todayte publlc mcctlng? A) Press Release l) Ne$s/ Newspaper G) Distributlon E-M.ll D) Soclal M.dla \ friend I) oth€r Answer Gholces 11.B.6 Packet Pg. 190 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 191 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Question2 5-8-19 McDaniel Meeting Generated: OS I OA I 2019 19:45:52 Multiple Choice Correct Answer Possible Points Average Points Average o/o Total Responses Missing Responses = No response Average o/o = Based only on students who responded to this question Color coding appti€s if a correct answer as selected Bold Red = incorrect Black= Live Survey - Question z Approxlmately, how far from the Gounty 47 ry9 Propcrty do you llvc? Answer Ghoices A) Upto rMile l) r z Milcs G| z-3 Miles Df Momihan3Mihr Name ResDonse#918A554E.#918A554EA #96FB5E33.#96FB5E33A #975A824F′#975A824F #975B29E5.#975B29E5A #976102F4′#976102F4C#976A708D.#976A708D #97779F7F,#97779F7FA #9783E6F2.#9783E6F2 #9783EFFB,#9783[FFB #9783F4EO.#9783F4E0A #97840ElD′#97840ElD #97841003′#97841003A #97841407.#97841407 fNR〕 #97841704, #97847704 #97841COF′#97841COFD #97842231′#97842231D #97842734.#97842734C #97843122,#97843122D #9785382A′#9785382AD #9785C6D4′#9785C6D4 #97866D7C′#97866D7CA#97872C3C.#97872C3C #97880619.#97880619D #97881906.#97881906 rNR〕 #9788243B.#9788243B #97882837.#97882837 #97882[31,#97882E31A #97885448.#9788544BD #97887F60,#97887F60D #9788829D.#9788829DD #97888B94′#97888B94 D#97888F90.#97888F90 D #97889689′#97889689 D#9788AOBF.#9788AOBFA #9788BOAF,#9788BOAF #9788EAF5.#9788EAF5 D#978A8C91,#978A8C91 D #978A8E93′#978A8E93D #978A9489.#978A9489D #978A9588.#978A9588A #978A9885.#978A9885D #978B1509,#978B1509D #978B6A76.#978B6A76A 11.B.6 Packet Pg. 192 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 193 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Question3 5-8-19 McDaniel Meeting Generated: OS I Oa I 2lJ19 19:45:52 Multiple Choice Correct Answer Possible Points Average Points Average 7o Total Responses Missinq Responses = No response Average o/o = Based only on students who responded to this question Cotor coding applies if a corr€ct answ€r as selected Bold Red = incorrect Black= :f:-=:l.ir.' Live Survey - Ouestion 3 Qucstton On whlch road do you llY'!? A) RandallBlvd. l) {th StrcEt NE G! OilWell Rcad D) Wilron Blvd. l! other 11.B.6 Packet Pg. 194 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 195 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Question4 5-8-19 McDaniel Meeting Generated: OS I OA I 2OL9 19:45:52 Multiple Choice Correct Answer Possible Points Average Points Average o/o Total Responses Missing Responses Quostlon Anrwcr Cholces (Nn1 = xo response Average o/o = Based only on students who responded to this question Golor coding applaca af a correct an3wer is selccted Bold Red = incorrect Live Survey-Ouestion 4 Do you conddcr yourlalt to bo e synar-roundt orreoesonelt trsldcnt? A) Yearrcundrasilent !f Scrronrlrrilent 11.B.6 Packet Pg. 196 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 197 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Question5 5-8-19 i4cDaniel lYeeting Genorated: O5lO8/2019 19:45:52 IYultiple Choice Corract Anaw€r Posslble Poants Averaqe Poants Average Yo Total Resoonses Il4issang Responses Answer Choicas Average Vo = Based only on students who resDonded to this questlon Color codlng aopllar lf r corru<t anaw€. ir aGlactcd Bold Red = lncorrect :田日￢・ Live Survey―Qυ estion 5 m耐輌躙 ∥謂ソ躍出ギ・ A)Shy Wor sancuary―Prerntat,m■AB)Metrt cOmぃ ●にこlD,ve opment―P朦 `emati。.″BC,CtO‐嘔n■0,neni贅 r彙せ,―P,esent`●o●″CD)uniじ 7erNo o,nion ・ 11.B.6 Packet Pg. 198 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 199 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Question6 5-8-19 McDaniel Meeting Generated: OS I OA I 2OL9 19:45:52 Multiple Choice Correct Answer Possible Points 0.00 Average Points 0.00 Average o/o 0o/o Total Responses 62 Missing Responses 0 Quastion Ansrer Ghoices = NO response Average o/o = Bosed only on students who responded to this question Color coding applies af a correct answer is selected Bold Red = incorrect itr=:l r' Live Survey-Ouestion 6 Wh.t typc of Land Us. would you llkc to scc on th. 47 Actos? A! C6mmercialRetail ll Carnmc /clal Entertelnrn€nt G) Recreational ;t Preserve D) Govlmrn ntsupportFacllttles ll otler Name esponse #91 ,#91 B#96FB5E33.#96FB5E33 B #975A824F′#971C #975B29E5.#975B29E5 6102F4′#976102F4C#976A708D.#976A708D #97779F7F′#97779F7FC #9783E6F2,#9783E6F2 #9783EFFB′#9783[FFBC #9783F4EO,#97.A#97840ElD′#97840ElD #97841003.#97841 #97841407.#97841407 #97841704.#97841704A #97841COF.#97841COF #978422 ′##97842734 #97842734 #97 ●#2 #9785382A′#97#9785C6D4.#9785C6D4 #97866D7C′#A#97872C3C′#97872C3C #9 .#97880619A #978819 ′#97881906 (N#9788243B.#9788243B C #97882837′#97882837 #97882E31.#97882E31A #9788544 8544BA #97887F60.#97887F60 C #9788829D′#9788829D #97888B94.#97888B94 C #97888F90,#9788 #97889689.#97889689 (- #9788AOBF′#9788AOBF C #9788BOAF,#978880AFA #9788EAF5.#9788EAF5 C#978A8C91,#97A #978A8[93.#978A8E93A #978A9489,#971 #978A9588.#978A9588 #978A9885,#978A #978B1509.#978B1509A #978B6A76′#978B 11.B.6 Packet Pg. 200 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 201 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Question7 5-8-19 McDaniel Meeting Generated3 OS I OA I 2Ot9 19145352 Multiple Choice Correct Answer Possible Points Average Points Average o/o Total Responses Missing Responses Qurrtlon Anrwcr Gholccc = No response Average o/o = Based only on students who responded to this question Color coding applies if a correct answer is selected Bold Red = incorrect iF=-ia.' Live Suruey-Ouestion 7 Gommcrclal Rctell - wh-t 3peclf,c u3€ do you wailt to ree? A) Boutqrx Shops l) Restaunntr Gf Bi9 Bor Rcuilstorcr (tlomc Dcpoqwll M.G ct .) D) Grocery Q othcr 11.B.6 Packet Pg. 202 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 203 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Question8 5-8-19 McDaniel Meeting Generated: OS I Oa I 2OA9 19:45352 Multiple choice Correct Answer Possible Points Average Points Average o/o Total Responses Missing Responses Qucrtion Anawer Choiccs = No response Average o/o = BoS€d only on students who responded to this question Color coding applies if a correct answer is selected Bold Red = incorrect Ilt3lI '' Live Survey-Question 8 Commcrc lal lntcrtatnmcnt - whrt spcclflc uec do ynu want to see? A) MinlGof l) Sports Bar Cl Child Activrty C€ntcr D| MovieThcatcr !) Othr 11.B.6 Packet Pg. 204 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 205 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-Question9 5-8-19 McDaniel Meetino Generated: OS I Oe I 2Ol9 19:45:52 Multiple Choice Correct Answer Possible Points Average Points Average o/o Total Responses Missing Responses Answer Ghoiccs = NO response Average o/o = Based only on students who responded to this question Color codang applies if a correct answer is selected Bold Red = incorrect iEEla' Live Survey - Question 9 Rccrcedonel / Prcccrwallon Qu6tlon - whrt tp.clffc urc do you want to see? l) Pl:ygmrncl/Park B) Prc*re C) Sportrcompl.x D) Swimming Complcx El Othcr toi 11.B.6 Packet Pg. 206 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 207 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Session3-QuestionlO 5-8-19 McDaniel Meeting Generated: OS I OA I 2Ol9 19:45:52 Multiple Choice Correct Answer Possible Points 0.00 Average Points 0.00 Average o/o Oo/o Total Responses 64 Missing Responses 0 Qucstlon Answer Choices (Nn1 = 1o response Average o/o = Based only on students who responded to this question Golor coding applies if a correct answer is s€lected Bold Red = incorrect lF-]4. Live Survey - Ouestion ro Gwrrnm'ent $upport lacllltles - wh.t tpcclflc uso do you want to see? A) Post offlre / lex Colledol rl DMv l) Transit Frcility C! Fevorltr Commlsrlomr's Offlre D) Er.n(h ofttrollbnry $ other 11.B.6 Packet Pg. 208 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) 11.B.6 Packet Pg. 209 Attachment: Comm McDaniel - Live Polling Results - May 8, 20019 (9024 : Randall Curve Update) Accept the offer from Metro Commercial Development Group, LLC in the amount of $3,500,000 for the Randal Curve parcel and authorize the County Manager to negotiate a Developer Contribution Agreement with Immokalee Road Rural Village for the development of a joint County and School District project. Toni A. MottManager Real Property Division of Facilities Management, PUDMay 28, 2019Agenda Item 11 Collier County | Florida 11.B.7 Packet Pg. 210 Attachment: May 28th BCC - PowerPoint Presentation (9024 : Randall Curve Update) Location Map 11.B.7 Packet Pg. 211 Attachment: May 28th BCC - PowerPoint Presentation (9024 : Randall Curve Update) Randall Curve Parcel 11.B.7 Packet Pg. 212 Attachment: May 28th BCC - PowerPoint Presentation (9024 : Randall Curve Update) Immokalee Road Rural Village Parcel 11.B.7 Packet Pg. 213 Attachment: May 28th BCC - PowerPoint Presentation (9024 : Randall Curve Update) Crown Management Services, LLC Parcel 11.B.7 Packet Pg. 214 Attachment: May 28th BCC - PowerPoint Presentation (9024 : Randall Curve Update) Recommendations u Declare the 47-acre +/-parcel surplus; u Accepts the offer from Metro Commercial Development Group LLC in theamountof$3,500,000 and dedicate those funds to the County’s portion of afutureRoad&Bridge facility; u Authorize the County Manager or his designee to prepare a Real Estate SalesAgreementandauthorizetheChairmantoexecutetheAgreementonbehalfoftheBoard; u Authorize the Chairman to execute the Statutory Deed once prepared andapprovedbytheCountyAttorney’s Office; u Authorize the net proceeds received from the sale be deposited into theappropriateaccount; u Authorize the County Manager or his designee to follow appropriate closingprocedures,and to record the deed,once approved by the County Attorney’sOffice,in the public records of Collier County;and u Direct the County Manager to work with Hole Montes to explore thedevelopmentofaDeveloperContributionAgreementforapotentialpartnershipwiththedeveloperoftheImmokaleeRoadRuralVillage;and workwiththeSchoolDistricttolocatejointfacilitiesatthissite. 11.B.7 Packet Pg. 215 Attachment: May 28th BCC - PowerPoint Presentation (9024 : Randall Curve Update)