Agenda 07/14/2020 Item #16A31 (Purchase Parcel 123FEE - Immokalee Stormwater Improvements)07/14/2020
EXECUTIVE SUMMARY
Recommendation to approve an agreement for the purchase of a fee simple property (Parcel
123FEE) required for the Immokalee Stormwater Improvement Program.
OBJECTIVE: To purchase a property needed for the Immokalee Stormwater Improvement
Program (the Project).
CONSIDERATIONS: Collier County is seeking to purchase Parcel 123FEE, a fee simple
parcel consisting of 6.43 acres and owned by Collier Land Holdings, Ltd (the Seller). Located
just west of the southwest corner of the Immokalee Airport, this property has been identified as
being in a suitable location and of a suitable size for a stormwater retention pond for the
Immokalee area.
The appraisal prepared for the Seller, dated March 19, 2020, was reviewed and approved by the
Growth Management Department's Review Appraiser, Harry Henderson, SRA. It estimates the
market value of Parcel 123FEE to be $160,000. The attached purchase agreement is the result of
amicable negotiations and provides for a purchase price of $100,000. This is approximately
$60,000 in cost savings to the County. The agreement also includes provisions allowing the
Seller to excavate and remove fill dirt from the property for their use in an adjacent development
and waiving any requirements to apply for and obtain a commercial excavation permit for such
excavation. However, South Florida Water Manager permit requirements and standards will still
apply. If approved, the County will be able to acquire the property well below appraised value,
and the cost of constructing the pond site will be reduced due to the excavation and fill removal
activities to be undertaken by the Seller.
FISCAL IMPACT: Funds in the amount of $100,900, being the aggregate purchase price of
$100,000, title work of approximately $600.00, and miscellaneous closing costs of
approximately $300, will be required. Funding for this acquisition is available in Project 60143,
Immokalee Stormwater Improvement Project, within the Stormwater Capital Improvement Fund
(325). The Source of funds is a transfer from the Unincorporated Area General Fund (111).
No maintenance costs are anticipated until such time as the stormwater pond is constructed.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and
requires a majority vote for Board approval. - JAB
GROWTH MANAGEMENT IMPACT: This Project is in accordance with the goals,
objectives, and policies of all applicable sections of the Stormwater Management Sub -element
and the Conservation and Coastal Management Element of the Growth Management Plan.
RECOMMENDATION:
. Approve the attached purchase agreement and authorize the Chairman to execute the same on
behalf of the Board of County Commissioners (Board);
. Accept the conveyance of Parcel 123FEE and authorize the County Manager, or his
designee, to record the conveyance instrument in the public records of Collier County,
Florida;
16.A.31
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07/14/2020
. Authorize the payment of all costs and expenses that Collier County is required to pay under
the terms of the purchase agreement to close the transaction;
. Authorize the County Manager or his designee to take the necessary measures to ensure the
County’s performance in accordance with the terms and conditions of the purchase
agreement; and
. Authorize any, and all, budget amendments that may be required to carry out the collective
will of the Board.
Prepared By: Karen Dancsec, Property Acquisition Specialist, ROW, Transportation Engineering
Division
ATTACHMENT(S)
1. [LinkedX] Purchase Agreement (PDF)
2. Location Map (PDF)
3. [linked] Appraisal (PDF)
16.A.31
Packet Pg. 1309
07/14/2020
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.31
Doc ID: 12631
Item Summary: Recommendation to approve an agreement for the purchase of a fee simple
property (Parcel 123FEE) required for the Immokalee Stormwater Improvement Program.
Meeting Date: 07/14/2020
Prepared by:
Title: Property Acquisition Specialist – Transportation Engineering
Name: Karen Dancsec
06/16/2020 4:02 PM
Submitted by:
Title: Division Director - Transportation Eng – Transportation Engineering
Name: Jay Ahmad
06/16/2020 4:02 PM
Approved By:
Review:
Transportation Engineering Robert Bosch Additional Reviewer Completed 06/16/2020 4:19 PM
Growth Management Department Rookmin Nauth Additional Reviewer Completed 06/17/2020 6:24 AM
Growth Management Operations Support Christopher Johnson Additional Reviewer Completed 06/17/2020 7:59 AM
Transportation Engineering Jay Ahmad Additional Reviewer Completed 06/17/2020 9:32 AM
Road Maintenance Albert English Additional Reviewer Completed 06/17/2020 10:45 AM
Growth Management Department Judy Puig Level 1 Reviewer Completed 06/17/2020 11:23 AM
Growth Management Department Gene Shue Additional Reviewer Completed 06/17/2020 3:42 PM
Capital Project Planning, Impact Fees, and Program Management Amy Patterson Additional Reviewer Completed 06/17/2020 4:40 PM
Growth Management Department Jeanne Marcella Deputy Department Head Review Skipped 06/15/2020 9:32 AM
Growth Management Department Thaddeus Cohen Department Head Review Completed 06/22/2020 9:12 AM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 06/22/2020 11:45 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 06/22/2020 12:31 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 06/22/2020 12:48 PM
Office of Management and Budget Susan Usher Additional Reviewer Completed 06/25/2020 12:09 PM
Budget and Management Office Mark Isackson Additional Reviewer Completed 06/29/2020 10:23 AM
County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 07/07/2020 9:26 AM
Board of County Commissioners MaryJo Brock Meeting Pending 07/14/2020 9:00 AM
16.A.31
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PROJECT:. 60143 —Immokalee Stormwater Improvement
PARCEL: 123FEE
FOLIO: 00087640001
PURCHASE AGREEMENT
(for Stormwater Retention Pond Sites)
THIS PURCHASE AGREEMENT is made and entered Into on this day of
2020, by and between COLLIER LAND HOLDINGS, LTD, fka COLLIER
ENTERPRISES LTD., a Florida limited partnership, whose mailing address is 2550 Goodlette Road
N, Suite 100, Naples, Florida 34103 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a
political subdivision of the State of Florida, whose mailing address is 3299 Tamiami Trail East, c/o the
Office of the County Attorney, Suite 800, Naples, Florida 34112 (hereinafter referred to as
Purchaser"),
WHEREAS, Seller owns that certain property more particularly described in Exhibit "A",
attached hereto and made a part hereof, together with all structures and improvements (hereinafter
referred to as "the Property"); and
WHEREAS, Purchaser requires the Property for stormwater retention purposes as part of the
Immokalee Stormwater Improvement Project 60143; and
WHEREAS, Seller has agreed to sell, and Purchaser has agreed to purchase the Property
subject to the terms and conditions that follow.
NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and
other good and valuable consideration, the receipt and sufficiency of which is hereby mutually
acknowledged, it is agreed by and between the parties as follows:
1. AGREEMENT
In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller
shall sell to Purchaser and Purchaser shall purchase from Seller the Property.
2. PURCHASE PRICE
The purchase price (the "Purchase Price") for the Property shall be $100,000.00 (U.S. Currency)
payable at time of closing. The Purchase Price shall be full compensation for the Property conveyed,
including all structures, Improvements, fixtures, landscaping, trees, and shrubs, located thereon, and
shall be in full and final settlement of all claims against the Purchaser, including all attorneys' fees,
expert witness fees and costs as provided for in Chapter 73, Florida Statutes. None of this Purchase
Price is attributed to any personal property.
3. CLOSING
(a) TIME IS OF THE ESSENCE. Therefore, the Closing (the "CLOSING
DATE", "DATE OF CLOSING", or "CLOSING") of the transaction shall be held on or before one
hundred twenty (120) days following execution of this Agreement by the Purchaser. Seller
agrees to deliver to Purchaser three (3) weeks prior to Closing all fully executed closing
documents and documents necessary to convey marketable title free of any liens, encumbrances,
exceptions, or qualifications, subject to Section (b) hereof, unless extended by mutual written
agreement of the parties hereto, The Closing shall be held at Collier County Growth Management
Department, Transportation Engineering Division, 2885 Horseshoe Drive South, Naples, Florida
34104. Purchaser shall be entitled to possession at the time of Closing, unless otherwise
provided herein.
(b) Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications, subject to matters disclosed on a survey, and the items referenced
on Section (b)(1)(2) below. Marketable title shall be determined according to applicable title
standards adopted by the Florida Bar and in accordance with law. Within ten (10) days of the
Effective Date of this Agreement, Seller shall provide Purchaser with a copy of any existing title
insurance policy and survey. Three (3) weeks before the Closing, the Seller shall cause to be
delivered to the Purchaser any documents necessary to convey marketable title and the following
documents and instruments duly executed and acknowledged, in recordable form:
(i) General Warranty Deed in favor of Purchaser conveying title to the
Property, free and clear of all liens and encumbrances other than:
1) The lien for current taxes and assessments.
2) Such other easements, restrictions or conditions of record.
(ii) Combined Purchaser -Seller closing statement.
(iii) A "Grantor's Non -Foreign, Taxpayer Identification & "Gap" Affidavit" as
required by Section 1445 of the Internal Revenue Code and as required by the title insurance
underwriter in order to insure the "gap" and issue the policy contemplated by the title insurance
commitment.
(iv) A W-9 Form, "Request for Taxpayer Identification and Certification" as
required by the Internal Revenue Service.
(v) Such evidence of authority and capacity of Seller and its
representatives to execute and deliver this Agreement.
(vi) All other documents required to consummate this transaction, as
reasonably determined by Purchaser's counsel and/or title company.
(c) Purchaser shall pay all fees to record any curative instruments required to
clear title, and all Warranty Deed recording fees.
(d) The cost of a Title Commitment shall be paid by Purchaser along with the
cost of a Seller's Form B Title Policy, issued pursuant to the Commitment provided for in Section
C90
6, "Requirements and Conditions" (below). Furthermore, there shall be deducted from the
proceeds of sale all past due and prior year ad valorem and non -ad valorem taxes and
assessments levied against the parent tract property which remain unpaid as of the date of
Closing.
(e) F. Real Property taxes shall be prorated based on the current year's tax and
paid by Seller. If Closing occurs at a date upon which the current year's millage is not fixed, taxes
will be prorated based upon the prior year's millage.
4. RISK OF LOSS Seller shall maintain the Property in the condition existing on the
Effective Date until Closing or date of Purchaser's possession, whichever Is later.
5. EXCAVATED MATERIALS
Purchaser and Seller agree that Seller will excavate fill from the site for Seller's use at no cost to
Purchaser. Purchaser waives any requirement for the Seller to apply for and obtain a commercial
excavation permit for removal of fill. Such excavation and fill removal shall be completed within 4
months of the effective date of this agreement..
Seller hereby agrees to indemnify save, defend and hold harmless Purchaser (including, without
limitation, Purchaser's officers, employees, agents, nominees and residents), from and against any
and all losses, damages (Including without limitation, any and all consequential damages), costs,
charges, expenses, claims, demands, causes of action, accounts, sums of money, reckonings,
bounds, bills, covenants, controversies, agreements, promises, variances, trespasses, executions
and liabil(ties (Including reasonable attorneys' fees and costs at all levels and/or negotiations)
whatsoever, at law or in equity, whether in tort, in contract or otherwise which may be asserted or
recovered against Purchaser (including, without limitation, Purchaser's officers, employees, agents,
nominees and residents) whether asserted by suit, proceeding, defenses, counterclaims, setoffs or
otherwise, resulting from the Seller's, it's successors or assigns (Including, without limitation, any and
all of its contractors, sub -contractors, agents and nominees) arising from the excavation or removal of
fill pursuant to this Agreement, other than Seller's removal of the fill. This provision shall survive
Closing and is not deemed satisfied by conveyance of title.
6. REQUIREMENTS AND CONDITIONS FOR CLOSING
Upon execution of this Agreement by both parties or at such other time as specified within this
Section, Purchaser and/or Seller, as the case may be, shall perform the following within the times
stated, which shall be conditions precedent to the Closing:
(a) Within forty-five (45) days after the Effective Date hereof, Purchaser shall
obtain as evidence of title an ALTA Commitment for a Title Insurance Policy with Florida
Modifications covering the Property, together with hard copies of all exceptions shown thereon.
Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify
Seller In writing of any objection to title other than liens evidencing monetary obligations, if any,
which obligations shall be paid at closing. If the title commitment contains exceptions that make
the title unmarketable, Purchaser shall deliver to the Seller written notice of its Intention to waive
the applicable contingencies or to terminate this Agreement.
(b) Upon notification of Purchaser's objection to title, Seller shall have thirty (30)
days to remedy any defects in order to convey good and marketable title, except for liens or
monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use
commercially reasonable efforts to make such title good and marketable. In the event Seller is
unable to cure said objections within said time period, Purchaser,:, by providing written notice to
Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then
is, waiving any objection, without a reduction in the Purchase Price or may terminate the Agreement.
(c) Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser within ten (10) days of the Effective Date of this Agreement. Purchaser
shall have the option, at its own expense, to obtain a current survey of the Property prepared by a
surveyor licensed by the State of Florida. If the survey provided by Seller or obtained by
Purchaser, as certified by a licensed Florida surveyor, shows: (a) an encroachment onto the
property; or (b) that an improvement located on the Property projects onto lands of others, or (c)
lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing, within
sixty (60) days from the Effective Date of this Agreement, of such encroachment, projection, or
lack of legal access, and Seller shall have the option of curing said encroachment or projection,
or obtaining legal access to the Property from a public roadway. Should Seller elect not to or be
unable to remove the encroachment, projection, or provide legal access to the property within
sixty (60) days, Purchaser may accept the Property as it then is, waiving any objection to the
encroachment, or projection, or lack of legal access, without a reduction in the Purchase Price or
Purchaser may terminate the Agreement, by providing written notice to Seller within seven (7)
days after expiration of said sixty (60) day period.
7. TERMINATION AND REMEDIES
(a) If Seller shall have failed to perform any of the covenants and promises
contained herein, which are to be performed I within f(fteen (15) days of written
notification of such failure, Purchaser may, at its option, terminate this Agreement by giving
written notice of termination to Seller. Purchaser shall have the right to seek and enforce all
rights and remedies available at law or in equity to a contract vendee, Including the right to seek
specific performance of this Agreement.
(b) If the Purchaser has not terminated this Agreement pursuant to any of the
provisions authorizing such termination, and Purchaser fails to close the transaction
contemplated hereby or otherwise falls to perform any of the terms, covenants and conditions of
this Agreement as required on the part of Purchaser to be performed, provided Seller is not in
default, then as Seller's sole remedy, Seller shall have the right to terminate and cancel this
Agreement by giving written notice thereof to Purchaser, whereupon $500 shall be paid to Seller
as liquidated damages, which shall be Seller's sole and exclusive remedy, and neither party shall
have any further liability or obligation to the other except as set forth in Section 10 hereof, "Real
Estate Brokers". Notwithstanding anything to the contrary herein contained, the Purchaser shall
have the right to terminate this agreement without cause, in which event the liquidated damages
c90
provisions of this Section 9.b shall equally apply and Seller's sole remedy shall be a claim for
payment of $500 as liquidated damages. The parties acknowledge and agree that Seller's actual
damages in the event of Purchaser's default or termination without cause are uncertain in amount
and difficult to ascertain, and that said amount of liquidated damages was reasonably determined
by mutual agreement between the parties, and said sum was not intended to be a penalty in
nature.
(c) The parties acknowledge that the remedies described herein and in the other
provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the
parties and take into account the peculiar risks and expenses of each of the parties.
8. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
Seller intends for Purchaser to rely on the representations contained in this Section in entering into
this Agreement and warrants the following:
(a) Seller has full right and authority to enter into and to execute this Agreement
and to undertake all actions and to perform all tasks required of each hereunder. Seller is not
presently the subject of a pending, threatened or contemplated bankruptcy proceeding.
(b) Seller has full right, power, and authority to own and operate the Property,
and to execute, deliver, and perform its obligations under this Agreement and the instruments
executed in connection herewith, and to consummate the transaction contemplated hereby. All
necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to
execute and consummate the transaction contemplated hereby. Prior to Closing, and upon the
request of Purchaser or the Title Company, certified copies of such approvals shall be delivered
to Purchaser or the Title Company.
(c) The warranties set forth in this Article are true on the Effective Date of this
Agreement and as of the date of Closing and shall survive Closing for a period of six (6) months.
(d) Seller and Purchaser agree to do all things which may be required to give
effect to this Agreement immediately as such requirement is made known to them or they are
requested to do so, whichever is the earlier.
(e) Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation or Investigations pending or threatened against Seller, at law, equity or in
arbitration before or by any federal, state, municipal or other governmental instrumentality that
relate to this agreement or any other property that could, if continued, adversely affect Seller's
ability to sell the Property to Purchaser according to the terms of this Agreement.
(f) No party or person other than Purchaser has any right or option to acquire
the Property or any portion thereof.
(g) Until the date fixed for Closing or as long as this Agreement remains in force
and effect, Seller shall not encumber or convey any portion of the Property or any rights therein,
nor enter into any agreements granting any person or entity any rights with respect to the
Property or any part thereof, without first obtaining the written consent of Purchaser to such
conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any
reason whatsoever.
(h) Seller represents that Seller has no knowledge that any pollutants are or
have been discharged from the Property, directly or indirectly into any body of water. Seller
represents the Property has not been used for the production, handling, storage, transportation,
manufacture or disposal of Hazardous Materials as defined herein, or any other activity that
would have toxic results, and no such Hazardous Materials are currently used in connection with
the operation of the Property, and there is no proceeding or inquiry by any authority with respect
thereto. Seller represents that Seller has no knowledge that there is ground water contamination
on the Property or potential of ground water contamination from neighboring properties. Seller
represents no storage tanks for gasoline or any other Hazardous Materials are or were located on
the Property at any time during Seller's ownership thereof. Seller represents none of the
Property has been used as a sanitary landfill.
(i) Seller has no knowledge that the Property, and/or that Seller's operations
concerning the Property, are in violation of any applicable Federal, State or local statute, law or
regulation, or of any notice from any governmental body has been served upon Seller claiming
any violation of any law, ordinance, code or regulation or requiring or calling attention to the need
for any work, repairs, construction, alterations or installation on or in connection with the Property
in order to comply with any laws, ordinances, codes or regulation with which Seller has not
complied.
(1
) There are no unrecorded restrictions, easements or rights of way (other than
existing zoning regulations) that restrict or affect the use of the Property, and there are no
maintenance, construction, advertising, management, leasing, employment, service or other
contracts affecting the Property.
(k) Seller has no knowledge that there are any suits, actions or arbitration, bond
issuances or proposals therefore, proposals for public improvement assessments, pay -back
agreements, paving agreements, road expansion or Improvement agreements, utility
moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or
governmental investigations or requirements, formal or Informal, existing or pending or threatened
which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is
there any other charge or expense upon or related to the Property which has not been disclosed
to Purchaser in writing prior to the Effective Date of this Agreement.
(I) Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Seller's representations stated herein and on the understanding that
Seller will not cause the zoning or physical condition of the Property to change from its existing
state on the effective date of this Agreement up to and including the date of Closing. Therefore,
Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property
and not to do any act or omit to perform any act which would change the zoning or physical
condition of the Property or the governmental ordinances or laws governing same. Seller also
agrees to notify Purchaser promptly of any change in the facts contained in the foregoing
representations and of any notice or proposed change in the zoning, or any other action or notice,
that may be proposed or promulgated by any third parties or any governmental authorities having
jurisdiction of the development of the property which may restrict or change any other condition of
the Property.
(m) Seller represents, warrants and agrees to indemnify, reimburse, defend and
hold Purchaser harmless from all costs (including attorney's fees) asserted against, imposed on
or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of
any federal, state, local or common law relating to pollution or protection of the environment
which shall be in accordance with, but not limited to, the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, at seq., ("CERCLA"
or "Superfund"), which was amended and upgraded by the Superfund Amendment and
Reauthorization Act of 1986 ("SARA"), including any amendments or successor in function to
these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are
not deemed satisfied by conveyance of title.
9. NOTICES
Any notice, request, demand, instruction or other communication to be given to either party hereunder
shall be in writing sent by facsimile with automated confirmation of receipt, or registered or certified
mail, return receipt requested, postage prepaid or personal delivery addressed as follows:
The addressees, addresses and numbers for the purpose of this Section may be changed by either
party by giving written notice of such change to the other party in the manner provided herein. For the
purpose of changing such addressees, addresses and numbers only, unless and until such written
notice is received, the last addressee and respective address stated herein shall be deemed to
continue in effect for all purposes. Notice shall be deemed given in compliance with this Section upon
receipt of automated fax confirmation or upon on the fifth day after the certified or registered mail has
been postmarked, or physical receipt by hand delivery.
10. MISCELLANEOUS
(a) This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
(b) This Agreement and the terms and provisions hereof shall be effective as of
the Effective Date and shall Inure to the benefit of and be binding upon the parties hereto and
their respective heirs, executors, personal representatives, successors, successor trustee, and
assignees whenever the context so requires or admits.
(c) Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by Purchaser and Seller. Any
amendment to this Agreement shall be binding upon Purchaser and Seiler as soon as it has been
executed by both parties.
(d) Captions and section headings contained in this Agreement are for
convenience and reference only; in no way do they define, describe, extend or limit the scope or
intent of this Agreement or any provisions hereof.
(e) All terms and words used In this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as the context or
the use thereof may require.
(f) No waiver of any provision of this Agreement shall be effective unless it is in
writing signed by the party against whom it is asserted, and any waiver of any provision of this
Agreement shall be applicable only to the specific instance to which it is related and shall not be
deemed to be a continuing or future waiver as to such provision or a waiver as to any other
provision.
(g) If any date specified in this Agreement falls on a Saturday, Sunday or legal
holiday, then the date to which such reference is made shall be extended to the next succeeding
business day.
(h) If the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust or any form of representative capacity whatsoever for others, Seller
shall make a written public disclosure, according to s. 286.231 Fla. Stat., under oath, subject to
the penalties prescribed for perjury, of the name and address of every person having a beneficial
interest in the Property before Property held in such capacity is conveyed to Collier County. (If the
corporation is registered with the Federal Securities Exchange Commission or registered
pursuant to Chapter 517, Florida Statutes, whose stock Is for sale to the general public, it is
hereby exempt from the provisions of Chapter 286, Florida Statutes.)
(i) This Agreement is governed and construed in accordance with the laws of
the State of Florida.
(j) The Effective Date of this Agreement will be the date of execution of this
Agreement by the last signing party.
(k) This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and there are no promises, representations, warranties or
covenants by or between the parties not included in this Agreement. No modification or
amendment of this Agreement shall be of any force or effect unless made in writing and executed
and dated by both Purchaser and Seller.
(I) TIME IS OF THE ESSENCE to this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first above written,
DATED:
AS TO PURCHASER:
ATTEST:
CRYSTAL K. KINZEL, CLERK OF THE
CIRCUIT COURT & COMPTROLLER
BY:
Deputy Clerk
AS TO SEL//LER
DATED: V2O
WITNESSES:
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(Printed Name
(Sig (ature)
7 (Ple//S /�9c(tia7
(Printed Name)
Approved�las, to f1orm nd legality:
JennhjA. Belpedio
Assistant County Attor
P:IDOCS125740100001\DOC120F8514.DOC
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
BY:
Burt L. Saunders, Chairman
COLLIER LAND HOLDINGS, LTD.
a Florida limited partnership
By: Collier Enterprises, Inc.,
a Florida corporation,
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By:
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Location Map
Project 60143 – Immokalee Stormwater Improvement
Parcel 123FEE
Parcel
123FEE
16.A.31.b
Packet Pg. 1311 Attachment: Location Map (12631 : 60143 - 123FEE (ImmSIP Pond Site))
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C A R L S O N N O R R I S & A S S O C I A T E S
A P P R A I S A L - C O N S U L T A T I O N - R E A L T O R S
Michael Jonas, MAI, AI-GRS C. William Carlson, MAI, SRA J. Lee Norris, MAI, SRA
State-certified general State-certified General State-certified General
Real estate appraiser rz2623 Real Estate Appraiser RZ667 Real Estate Appraiser Z643
mjonas@carlsonnorris.com bcarlson@carlsonnorris.com lnorris@carlsonnorris.com
1919 COURTNEY DRIVE, SUITE 14, FORT MYERS, FLORIDA 33901
239-936-1991 FAX 239-936-7359 CARLSONNORRIS.COM
March 19, 2020
Collier Enterprises Management, Inc.
Attn: Valerie Pike
2550 Goodlette Road North, Suite 100
Naples, Florida 34103
RE: Vacant Land – 6.04 Acres
Immokalee, Florida 34142
Our File Number: 20-80
Dear Ms. Pike:
At your request and authorization, Carlson, Norris and Associates, Inc. has prepared an appraisal
presented in an Appraisal Report of the market value for the above referenced real property. Per
the request of the client, we have provided the market value estimate of the subject property on an
“as is” basis as of March 13, 2020.
The subject property is located in the City of Immokalee in Collier County, Florida. The parcel is
irregular shaped and has a primary access from Alachua Street and Gopher Ridge Road. The
subject property contains a total of 6.04 acres. There are no significant improvements on the site.
The property is currently zoned A-MHO with an Industrial Mixed-Use land use classification with
Commercial Overlay.
Data, information, and calculations leading to the value conclusion are incorporated in the report
following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an
integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations
were especially noted in Section 7 of this report. Your attention is directed to these General
Assumptions and Limiting Conditions which are part of this report.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and
the reasoning leading to the opinion of value. The analyses, opinions and conclusions were
developed based on, and this report has been prepared in conformance with, our interpretation of
the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal
Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics
and Standards of Professional Appraisal Practice of the Appraisal Institute.
Carlson, Norris and Associates, Inc. does not authorize the out-of-context quoting from or partial
reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be
disseminated to the general public by the use of media for public communication without the prior
written consent of the appraiser signing this report.
March 19, 2020
Page 2
Based upon the data contained in this report it is our opinion the subject property warrants a
market value for its fee simple ownership and in its “as is” condition as of March 13, 2020, of:
ONE HUNDRED AND SIXTY THOUSAND DOLLARS ............................................ ($160,000.00).
Please refer to the attached appraisal report, plus exhibits, for documentation of the value
estimates contained herein. It has been a pleasure to assist you in this assignment. If you have
any questions concerning the analysis, or if Carlson, Norris and Associates, Inc. can be of further
service, please contact us.
Respectfully submitted,
CARLSON, NORRIS AND ASSOCIATES, INC.
Tax ID Number: 84-1833107
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Angelica Jordan
State-registered trainee appraiser RI23979
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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TABLE OF CONTENTS
SECTION 1 - SUMMARY OF SALIENT FACTS AND CONCLUSIONS ................................. 3
SECTION 2 – PREMISES OF THE APPRAISAL .............................................................. 5
PURPOSE OF APPRAISAL ...................................................................................................................... 5
INTENDED USE AND USER OF APPRAISAL ............................................................................................ 5
SCOPE OF WORK ................................................................................................................................. 5
DATE OF VALUE ESTIMATE/INSPECTION/REPORT ................................................................................. 8
SALES HISTORY ................................................................................................................................... 8
APPRAISAL ANAYLSIS AND REPORT TYPE ............................................................................................ 9
EXPOSURE TIME .................................................................................................................................. 9
MARKETING TIME ...............................................................................................................................10
EXTRAORDINARY ASSUMPTIONS ........................................................................................................10
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED ........................................ 12
COLLIER COUNTY AREA ANALYSIS .....................................................................................................12
SUBJECT LOCATION MAP ...................................................................................................................23
MARKET AREA MAP ...........................................................................................................................24
MARKET AREA DESCRIPTION .............................................................................................................24
LEGAL DESCRIPTION ..........................................................................................................................26
ASSESSED VALUE AND TAXES ............................................................................................................26
OWNERSHIP ......................................................................................................................................26
SITE DESCRIPTION .............................................................................................................................26
AERIAL/PLAT MAPS ............................................................................................................................27
SUBJECT PROPERTY PHOTOGRAPHS..................................................................................................32
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ..................................................................38
SECTION 5 – VALUATION OF THE SUBJECT ............................................................................40
VALUE ESTIMATE BY THE COST APPROACH ........................................................................................40
VALUE ESTIMATE BY THE INCOME APPROACH ....................................................................................40
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH .................................................................40
SECTION 6 - RECONCILIATION OF VALUE ................................................................................59
SECTION 7 - CERTIFICATION AND LIMITING CONDITIONS.....................................................61
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM .............................................................61
CERTIFICATION OF ANGELICA JORDAN ...............................................................................................63
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ..............................................................................65
SECTION 8 – ADDENDA ................................................................................................................69
ENGAGEMENT LETTER .......................................................................................................................70
FLOOD MAP .......................................................................................................................................75
SURVEY .............................................................................................................................................76
APPRAISER LICENSES ........................................................................................................................77
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM ................................................................78
QUALIFICATION OF ANGELICA JORDAN ...............................................................................................79
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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AERIAL VIEW
VACANT LAND – 6.04 ACRES
IMMOKALEE, FLORIDA 34142
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Section 1: Summary of Salient Facts and Conclusions
Property Address: No physical address, Immokalee, Florida, 34142
Parcel Number: 00087640001
Property Type: Vacant Land
Report Format: Appraisal Report
Date of Inspection: March 13, 2020
Date of Value – “As-Is”: March 13, 2020
Date of Report: March 19, 2020
Real Estate Interest
Appraised:
Fee Simple
Purpose of the Appraisal: The purpose of this appraisal is to estimate the market value
of the subject property as described on an “As Is” basis in fee
simple ownership under market conditions existing as of the
effective date of value and the prospective date of value,
under reporting requirements of the Uniform Standards of
Professional Appraisal Practice, (USPAP), as defined by the
Appraisal Foundation.
Intended Use of the
Appraisal:
The intended use of this appraisal is for income tax purposes.
Intended Users: The intended users of this appraisal are Collier Enterprises
Management, Inc. and/or affiliates.
Client: The client for this report is Collier Enterprises Management,
Inc.
Location: The property is located north of Alachua Street and west of
Gopher Ridge Road in Immokalee, Florida.
Site Description: The subject parcel is irregular in shape and is zoned A-MHO,
Rural Agricultural with Mobile Home Overlay. The site sits
north of Alachua Street and west of Gopher Ridge Road in
Immokalee, Florida. The subject property contains a total of
6.04 useable acres. The property is entirely upland and has
physical access north of Alachua Street and along the west
side of Gopher Ridge Road. There are no significant
improvements on the site.
Legal Description: See body of report.
Future Land Use: Industrial Mixed-Use with Commercial Overlay
Zoning Classification: A-MHO – Rural Agricultural with Mobile Home Overlay
Highest And Best Use As
Vacant:
Based on location, size, land use designation, zoning
classification and surrounding land uses the highest and best
use for the site, as vacant, would be for agricultural use or
future low-density residential development.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Highest And Best Use As
Improved:
As the subject site is vacant and analysis of the highest
and best use as improved is not appropriate.
Value Indications: Cost Approach: Not Applicable
Income Approach: Not Applicable
Sales Comparison Approach: $160,000
Market Value Estimate “As
Is”:
$160,000
Appraisal Firm: Carlson, Norris and Associates
Appraiser: Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Angelica Jordan
Registered Trainee Appraiser RI23979
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Section 2 – Premises of the Appraisal
Purpose of Appraisal: The purpose of this appraisal is to estimate market value of the subject
property in fee simple ownership as described in this analysis under the reporting requirements of
the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal
Foundation.
Use of Appraisal: The intended use of this appraisal is for income tax purposes.
Intended Users of Appraisal: The intended users of this appraisal are Collier Enterprises
Management, Inc. and/or affiliates.
Appraisal Client: The client for this report is Collier Enterprises Management, Inc.
Competency of Appraiser: The appraisers' specific qualifications are included within this report.
These qualifications serve as evidence of their competence for the completion of this appraisal
assignment in compliance with the competency provision contained within the Uniform Standards of
Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal
Foundation. The appraisers' knowledge and experience, combined with their professional
qualifications, are commensurate with the complexity of this assignment based on the following:
• Professional experience
• Educational background and training
• Business, professional, academic affiliations and activities
The appraiser has previously provided consultation and value estimates for acreage land sites and
various types of agricultural, residential, industrial and commercial properties in Florida.
Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the
scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of
work includes, but is not limited to: the extent to which the property is identified, the extent to which
tangible property is inspected, the type and extent of market research and the type and extent of
analysis applied to arrive at opinions or conclusions.”
The scope of work has been to collect, confirm, and report data. Other general market data and
conditions have been considered. Consideration has been given to the property’s market area,
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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physical characteristics as well as zoning, land use and highest and best use. The work performed
for this assignment included but is not limited too:
• Extent to which the property was identified
o The subject property is identified by the property record card indicating Collier County
Property Appraiser parcel number for the subject property and survey, as provided by
our client.
• Extent to which the property was inspected
o An inspection of the subject property was done on March 13, 2020. An adequate
inspection by walk through was made. Aerial views from the Collier County Property
Appraiser’s web site were utilized to aid in the evaluation process as well. During the
inspection, an inventory of the properties attributes was collected based on visual
observation.
• Type and extent of the data researched
o Investigation of public records for the property’s land use, zoning, flood hazard area
classification and property appraiser’s tax records for attributes of the property.
o Collection and analysis of comparable land sales in order to form an opinion of the
value of the underlying land.
▪ Numerous sales and listings in the subject’s market area and surrounding
market areas were considered. Six sales were selected based on physical
and locational characteristics, and were used in estimating the subject’s
value. The data was verified by buyer, seller, sale representative, or through
public records.
• Type and extent of analysis applied
o Three approaches were considered in determining value. 1) Cost Approach – either
reproduction or replacement cost can be used to develop a value indication for the
subject property 2) Income Approach – valued on the ability of a property to generate
a cash stream and 3) Sales Comparison Approach – value indication is derived by
comparing sales of similar properties.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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o Land similar to the subject typically has minimal improvements, which is the case for
the subject; therefore, the Cost Approach was not utilized.
o Properties like the subject are not typically purchased for the ability to produce an
income stream and therefore the Income Approach is not applicable.
o Investigated comparable sales of other acreage parcels which led to analysis and
completion of the Sales Comparison Approach.
▪ We researched the Southwest Florida market area and located a number of
sales which can be compared to the subject property.
▪ The data was verified by buyer, seller, sale representative, or through public
records.
▪ An analysis utilizing the estimated price per square foot was performed.
o The value opinions presented in this report are based upon review and analysis of
the market conditions affecting real property, including land values, the attributes of
competitive properties, and sales data for similar properties.
o Reconciling the value indications from the appropriate approaches to value into final
value opinions for the subject property; all as of the effective date of this report.
o Preparation of a written report.
To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as
defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal,
Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop reliable value
indications. Neither the Cost nor the Income Approaches were applied in this appraisal. The Cost
Approach was not applied since there were no improvements to consider. Vacant land is typically
not purchased for its ability to generate an income stream. Therefore, the Income Approach was not
applied.
Furthermore, the value conclusions reflect information about the subject property and current market
conditions. This appraisal of the subject property has been presented in an Appraisal Report, which
is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the
USPAP.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Property Rights Appraised: The property ownership rights appraised in this appraisal are those
known as fee simple.
Fee Simple Interest is defined as: “Absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation, eminent
domain, police power, and escheat.”1
Market Value Definition: As defined in the Agencies’ appraisal regulations, “The most probable
price that a property should bring in a competitive and open market under all conditions requisite to a
fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is
not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a
specified date and the passing of title from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider their best
interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
• The price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.”
(Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal
Register, Volume 75, Number 237, Page 77472)
Date of Value Estimate “As-Is”: March 13, 2020
Date of Property Inspection: March 13, 2020
Date of the Report: March 19, 2020
Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of
the listings, sales contracts, and sales history of the subject property for the three years prior to the
appraisal date. There have been no sales of the subject within this time period. The appraisers were
not made aware of any active listings or other pending sale contracts involving the property.
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Sixth Edition, the Appraisal
Institute, Chicago, Illinois (U.S., 2010)
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Appraisal History: Carlson, Norris and Associates has not appraised the subject property within
the preceding three years, and we have had no other involvement with the subject property or its
owners.
Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of
making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all
appraisals and resulting reports are made. The process of administration of those rules and
guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The
Appraisal Standards Board issues the rules and guidelines in the form of a document update
published each year by The Appraisal Foundation. That document is entitled “The Uniform
Standards of Professional Appraisal Practice” (USPAP).
As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted
Appraisal Report. The following definitions have been adopted for each type of report:
• An Appraisal Report: A written report prepared under Standards Rule 2-2(a).
• Restricted Appraisal Report: A written report prepared under Standards Rule 2-2(b)
This appraisal is reported in an Appraisal Report format.
Exposure Time: Exposure time is the estimated length of time the properties would have been
offered prior to a hypothetical market value sale on the effective date of appraisal. It is a retrospective
estimate based on an analysis of recent past events, assuming a competitive and open market. It
assumes not only adequate, sufficient, and reasonable time but also adequate, sufficient, and
reasonable marketing effort. Exposure time is therefore interrelated with appraisal conclusion of
value.
An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one-line
statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the
following:
• statistical information about days on the market
• information gathered through sales verification
• interviews of market participants.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of
time alone. Exposure time is different for various types of real estate and under various market
conditions.
In consideration of these factors, we may have analyzed the following:
• Exposure periods of comparable sales revealed during the course of this appraisal;
• Macroeconomic exposure times for the subject property type across the Subject MSA
and the entire United States as published in multiple articles and websites.
• Knowledgeable real estate professionals.
An exposure time of 12 months or less for the sale of the subject site appears to be reasonable and
appropriate. This exposure time assumes the subject would have been competitively priced and
aggressively promoted within the market area.
Marketing Time: Marketing time is the period a prospective investor would forecast to sell the
subject properties immediately after the date of value, at the value estimated. The marketing time is
an estimate of the number of months it will require to sell the subjects from the date of value, into the
future. The anticipated marketing time is essentially a measure of the perceived level of risk
associated with the marketability, or liquidity, of the subject properties. The marketing time estimate
is based on the data used in estimating the reasonable exposure time, in addition to an analysis of
the anticipated changes in market conditions following the date of appraisal. The future price for the
subjects (at the end of the marketing time) may or may not equal the appraisal estimate. The future
price depends on unpredictable changes in the physical real estate, demographic and economic
trends, real estate markets in general, supply/demand characteristics for the property types, and
many other factors.
Based on the premise that present market conditions are the best indicators of future performance, a
prudent investor will forecast that, under the conditions described above, the sale of the subject site
will require a marketing time of approximately 12 months or less.
Extraordinary Assumption is defined as: “An assumption, directly related to a specific assignment,
as of the effective date of the assignment results, which, if found to be false, could alter the
appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain
information about physical, legal, or economic characteristics of the subject property; or about
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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conditions external to the property, such as market conditions or trends; or about the integrity of data
used in an analysis.” An extraordinary assumption may be used in an assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.
Please note the following extraordinary assumptions:
• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to support
the highest and best use. The analyst is not an expert in area of soils, and would
recommend that an expert be consulted.
• It is assumed that there are no hidden or unapparent conditions to the property, soil; rights
were not considered in this report unless otherwise stated. The analyst is not an expert with
respect to subsurface conditions and would recommend that an expert be consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
• A boundary survey for the site dated May 23, 2007 was provided by the owner. We have
relied on this survey and information from the Collier County Property Appraiser for the
property size and useable size. A copy of the survey can be found in the addenda of the
report.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
The subject property is located within Collier County, Florida, some 150 miles south of Tampa and
some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion of
the state of Florida. Collier County was created in 1923 and was separated out from what was a
larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul
and real estate developer who had moved to southwest Florida and established himself as
prominent business man and land owner. By the end of the decade railroads and Tamiami Trail
were in-place which opened the area to agricultural and resort development. Florida’s first
commercial oil well was drilled in 1943, and the county’s pine and cypress logging industry flourished
into the 1950s. The county’s economy boomed along with its population shortly after World War II.
In a short span of 30 years the population increased from 6,500 to 86,000 by 1980. The economy
was sustained from agribusiness, tourism and real estate. This turned the county into one of the
fastest growing areas in the country.
PHYSICAL FACTORS
It is the largest county in the state in terms of land area with 1,998 square miles which includes
821,600 acres of preserves, parks, and refuges. Along with the land area Collier County also has
307 square miles of water to give Collier County a total size of 2,305 square miles. The most highly
developed areas within the county are west of Interstate 75 and along the coastline of the Gulf of
Mexico. Development becomes increasingly sparse the more easterly the location in the county; and
these easterly areas of the county contain a considerable amount of preserved land. There are three
incorporated cities within the county; namely City of Naples, City of Marco Island, and Everglades
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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City. The county is famous for its subtropical climate with average high temperatures ranging from
78o F. in January to 92o Fahrenheit in August. The average annual precipitation for the county is 56
inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs from
June through November.
ECONOMIC-FINANCIAL FACTORS
There are numerous economic factors that impact the supply and demand for all types of real estate
and housing in any given area. These factors will be considered and discussed in the following
paragraphs. Although these factors are considered individually, they do not act as independent
agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial
factors considered, should be considered in totality, as a part of the economic framework.
Population: Collier County has 378,488 people living there as of July 1, 2018 making Collier
County Florida’s 17th most populous county. Collier County had a population of 321,521 in 2010 and
they have experienced a 56,967 person increase over 8 years or 17.7% growth.
Additional population estimates reflect population projections from 2018 to the year 2040 and
compare the three coastal counties in the southwest Florida area. The counties include; Charlotte,
Collier and Lee. The population estimate for the year 2018 for Collier County is 367,000 and
increases to 516,000 in year 2045. This represents a 1.3% per year or 40.6% increase in population
over the entire period.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Demographics within Collier County are predominately White at 89.3%, followed by Black or African
American at 7.4%, Asian at 1.6%, American Indian and Alaska Native at 0.5%, Native Hawaiian and
Other Pacific Islander at 0.1% and then two or more races filling out the remaining 1.2%.
Tourism: Tourism is important business for Naples, Marco Island and the Everglades. As the
leading employer and the primary economic engine for the region, the tourism industry is responsible
for over 34,000 jobs in Collier County. About 1.8 million visitors in 2018 spent over $1.43 billion
dollars, resulting in a total economic impact of over $2.14 billion to Collier County. Collier County
enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months. The
distribution of tourist development tax dollars is set according to Collier County ordinance. The funds
are dispersed as follows; Category A is beach related projects and re-nourishment, 42.56% of the
first 3.58% allocated for beach re-nourishment, beach park facilities and inlet management.
Category B is tourism promotion, 47.85%. Category C is museums, 9.59% of the first 1.91% is
allocated for non-county museums.
New Development: A relatively new town is developing in the eastern part of Collier County known
as Ave Maria. The town is located on what was once largely agricultural land is centered around
Ave Maria University, the country’s newest Catholic University. The university opened its doors in
2007 and currently has about 1,120 students, including 35 in graduate programs. The school has
plans to keep growing and ultimately incorporate around 5,500 more undergraduate and graduate
students. The town is designed to be a compact, walk-able, self-sustaining town that reflects the
community’s rural roots while offering a full range of residential options and commercial services to
its residents. The Ave Maria community totals about 5,000 acres, of which nearly 20% has
designated as the University Campus. A Town Core anchored by the landmark oratory that also
incorporates retail, commercial, and residential living space provides a central connection between
the town and the university. Business is expanding in Collier County as evidenced by a surgical
device company that recently opened its doors on a site near Ave Maria University in the form of a
$25 million manufacturing plant. This construction brought 500 construction jobs to the area and
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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currently employs around 350 workers, with more being added all the time. Ave Maria has
experienced a sever mosquito problem and as a result they have been sprayed more than 30 times
by very safe pesticides in 2015 making it the most sprayed area in southwest Florida.
Employment & Income: The most recently reported median household income for Collier County is
at $69,867, a 5.78% growth from the previous year. Collier County’s unemployment rate declined to
3.4 percent in February 2019, down from 0.2 percent in form January 2019 and 0.3 percent from
February 2018. The overall trend of unemployment has been trending downward. From January
2010 until now, Collier County has experienced downward trends in unemployment getting as low as
almost 3%. The chart below depicts this downward trend along with total employed data and
unemployed.
Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. The retail trade (17,859 people), construction (19,630 people), and healthcare
and social assistance (16,643) industries have the most employees in Collier County. Those three
industries combined employ more than 54,000 people in Collier County. The fourth largest industry
in Collier County is the accommodation and food service industry, which employs more than 14,000
people.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier
County School District with 5,604 employees, and Collier County Local Government with 5,119
employees. As the Collier County population matures, employment in the healthcare industry will
continue to make up a larger part of overall employment. Collier’s top employers are listed below.
Taxes: Florida is one of the few remaining states without a personal income tax. The absence of
personal income taxes draws many people to Florida. Businesses enjoy additional incentive of low
corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far below
the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in
property taxes.
The Florida statutes provide for the annual assessment and collection of property taxes on real and
personal property. Property taxes are assessed and collected at the county level as revenue for
counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing
authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate
property types in Collier County for 2018 was $112,272,221,732.
Prices: A price index is a tool that simplifies the measurement of price movements in a numerical
series. Movements are measured with respect to the base period, when the index is set to 100. Our
current cost of living index in Collier County is 113.4 meaning that generally speaking the cost of
living is more expensive in Collier County than the average cost of living throughout the United
States. Furthermore, Groceries are at 107.7, Housing is at 143 which is high, but down from 175 in
December of 2016, and Health is at 101 and below you can see the rest of the table and how it
compares to the United States.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Banking/Interest Rates/Financing: As of January 2020, the prime rate was reported at 4.75%.
Approximately one year ago the prime rate was 5.50%. The federal discount rate is most recently
reported to be 2.25%; a year ago was 3.00%. The federal funds rate is 1.75%, while a year ago is
was 2.50%. Currently the benchmark rate for a 30 year fixed loan is 3.68% compared with 4.55%
about a year ago; the 15 year fixed loan is 3.16% compared with 3.69% a year ago, and a five-
year/one-year adjustable arm rate at 3.39% compared with 3.48% the prior year. Mortgage rates
have shown some volatility over the last year. The trend is expected to be for higher interest rates
moving forward.
Financing both commercial and residential properties became difficult during the downturn in the
economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased
by investors with cash and expectation of longer holding periods. Generally financing of improved
properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for
residential properties.
Real Estate and Housing: Collier County was spared from the national economic downturn (2007-
2009). Collier County experienced a significant increase in residential and commercial property
values from 2004 through 2006. Several news publications rated Naples as the most over-valued
area of the country with respect to residential housing values. The decline in residential property
values began in 2006. Inventory levels began to rise as investors and owners positioned themselves
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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to sell at a significant profit. However, buyers were reluctant to purchase any property with a sense
that the economy as a whole was headed for trouble. Many investors were not able to meet their
carrying costs and properties went into foreclosure. Southwest Florida became the epicenter for
residential property foreclosures with communities such as Golden Gate at the forefront of the crisis
in Collier County.
Residential construction projects in various stages of development were stopped as housing
inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the
residential construction industry; and with no homes to build, this industry was quickly decimated.
Contractors that supplied this industry typically ran their businesses from various industrial locations
in Collier and Lee Counties. This type of property was the first commercial property to be adversely
affected with retail and office properties following.
There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each
park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier
County’s zoning allows the flexibility of properties of 19 acres or more to be zoned as Research and
Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract
technology based businesses.
Single family permits are an indicator of health in an economy of a given area. Below is a chart
showing single family permits monthly averages from 2009 to 2019. In the bottom of the recession in
2009 Collier County fell below 50 permits per month. The total for November 2019 was up about
40+/- from November 2018. Single family permits identify houses under construction and therefore
reflect jobs in the construction industry.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Median sales price in Collier County for single-family homes was around $325,000 in November
2019 which is higher compared to what it was around the same time last year while Collier County.
Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has
been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently
widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock
Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects
along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south roads are: US
41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has
worked diligently to develop an efficient road system that will accommodate future growth; and it is
likely to continue to develop the necessary road infrastructure in the years to come.
Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic
needs for the fast growing population of Southwest Florida. RSW is the eighth fastest growing
airport in the nation, servicing more than 8 million passengers a year. More than two dozen
commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more
than 27 domestic and two international destinations. The Southwest Florida International Airport also
maintains customs clearing facilities for international cargo. RSW is located off Interstate-75 in South
Lee County, an approximate 30 minute drive from most areas of Naples. In 2005 the airport was
completely updated and expanded to meet the growing demand of area businesses and visitors.
The $386 million ultra-modern complex includes a two story terminal with 28 aircraft gates along
three concourses, a new taxiway, and new parking options that includes a three story parking
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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structure. The facility will allow for incremental expansion up to 65 gates. Construction was recently
completed on a direct access connection between I-75 and the airport.
Total passenger activity for the Southwest Florida International Airport exceeded 1,050,000 in
January 2019, an increase of 9% over January 2018, as well as a 10% increase over the previous
month.
The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO
services for general aviation including fueling and catering. It is the home to charter airlines, aircraft
maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the
Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over 40 additional
aviation and non-aviation businesses. The airport encompasses approximately 732 acres of land,
approximately two miles northeast of Old Naples with convenient access to major roads and
Interstate-75.
POLITICAL-GOVERNMENTAL FACTORS
The county government is headed by a Board of Commissioners. There are five commissioners,
each assigned to a specific geographical area within the county. A County Manager coordinates
most of the departments including county services, public services, community
development/environmental services, utilities and transportation. The county is currently
experiencing a decline in revenues which will result in future capital improvement plans being
significantly cut back. Additionally operating expenses are under increasing pressures due to
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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legislative mandates from the state, escalating costs of property insurance and health benefits, and
the overall economic downturn.
Collier County has experienced a change of 1.73% in budget between FY 2018 and FY 2019. The
FY 2019 total net county budget is now $1,189,243,500.
Education: The Collier County public school system currently contains a total of 56 schools with
45,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. The below
chart shows more detail with regards to the public schools system.
Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a
newly established Catholic University offering liberal arts oriented baccalaureate degrees as well as
some graduate degree programs. The county is also home to branch campuses of Florida
Southwestern State College and Florida Gulf Coast University.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Collier County has a high level of education attainment compared to other counties in Florida and
compared. Collier County has 32% of their people attain a bachelor’s degree of higher compared to
27% in Florida and 29% in the United States. Only 14% of those within Collier County have less than
a high school education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast variety of natural and historical attractions. Places to visit
include the 52 acre Naples Zoo, Collier County Museum, Big Cypress National Preserve, Museum of
the Everglades, Naples Botanical Gardens and many other reserves, museums, zoos, etc.
Healthcare: Within Collier County there is the Naples Community Hospital, North Collier Hospital,
Regional Heart Institute, NCH Wellness Centers and other various clinics. Being the largest county in
Florida with a total area of 2,305 square miles its medical facilities manage to cover it all. Helicopter
usage cuts critical minutes from transport time. 78.7% of those within Collier County have health
insurance compared to 80.4% throughout Florida and 85.8% throughout the United States. The
highest percentage of those without healthcare coverage from people making $50,000 and less.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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SUMMARY
Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is
sub-tropical with mild winters that allow for year-round enjoyment of the many attractions this area
offers. Collier County is a desirable destination for residents and non-residents alike. In spite of the
many positives, portions of Collier County were greatly affected by the past housing debacle which
resulted in a significant number of residential foreclosures, trends have been positive in most recent
years though. While the current “improving” economic climate will keep commercial and residential
development at bay in the short term, the availability of commercial vacant land, the county's
numerous natural attractions, and the anticipated future population growth will bode well for this area
over the long term.
Subject Location Map
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Market Area Map
Market Area is defined as: “The geographic region from which a majority of demand comes and in
which the majority of competition is located. Depending on the market, a market area may be further
subdivided into components such as primary, secondary, and tertiary market areas, or the
competitive market area may be distinguished from the general market area.” Please note the
market area map on the previous which defines the subject market.
“Because market areas are perceived, organized, constructed, and used by people, each has a
dynamic quality. Appraisers describe this quality as a market area’s life cycle. The complimentary
land uses that make up neighborhoods and homogeneous land uses within districts typically evolve
through four stages:
1. Growth – a period during which the market area gains public favor and acceptance
2. Stability – a period of equilibrium without marked gains or losses
3. Decline – a period of diminishing demand
4. Revitalization – a period of renewal, redevelopment, modernization and increasing
demand”
The four stages of a neighborhood life cycle include growth, stability, revitalization and decline. The
Immokalee community is generally thought of as being in the stability stage of its life cycle.
The generally recognized boundaries for the market area would include all of that area known as the
community of Immokalee which extends north to the intersection of State Road 29 and County Road
29A, in a southeasterly direction generally to the intersection of County Road 846 and Airport Access
Road. The southerly boundary of the market area will extend south off of County Road 846 to
SUBJECT
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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approximately Bethune Road. The westerly boundary of the market area would extend from State
Road 29 over to Lake Trafford. Generally speaking the market area is divided into three areas being;
(1) between State Road 29 and Lake Trafford, (2) the area east of north/south bound State Road 29
and north of east/west bound State Road 29, (3) and the area that is south of the east/west bound
State Road 29. The subject is in the second area previously described. Access into Immokalee is
good from State Road 82 and State Road 29 from Fort Myers and County Road 846 from Naples.
The commercial uses are generally found along State Road 29 with some along County Road 850
(Lake Trafford Road). The primary downtown Immokalee corridor is found along the east/west
alignment of State Road 29. The commercial community consists of a variety of different types of
professional and retail uses including without limitation shopping, grocery stores and restaurants. At
this point in time there are no big box retailers within the community of Immokalee such as Wal-Mart,
Sam’s, etc.
Residential development is found throughout the whole market area and includes mobile homes,
mobile home parks, single family homes, multi-family projects, and migrant housing areas. There is
a significant amount of rental property within the Immokalee community for transient farm workers.
The quality and condition of all of these types of structures generally ranges from poor to good.
Some of the newer residential developments in Immokalee are known as Jubilation, Crestview an
apartment/condominium complex, and Lake Arrowhead a newer residential community.
The majority of industrial uses within Immokalee are along or just off of New Market Road. New
Market Road extends from a northwest to the southeast through the northern portion of downtown
Immokalee. This area has numerous agricultural related uses including the State Farmer’s market,
packing houses, produce related businesses, and restaurants.
The Seminole Indian Casino is a major employer of people living in the Immokalee community. The
casino is located just south of the downtown Immokalee business district on State Road 846 which
connects Immokalee with Naples. This facility has provided positive economic benefit to the
community in the form of jobs and additional traffic to the area. A substantial number of employees
however do not live in the Immokalee community and commute daily from Fort Myers and Naples.
Apartments are generally rented on a weekly, monthly, and annual basis. Because of the significant
impact of the farm workers during the growing season, which is typically about nine months of the
year, there is a high demand for short term rentals. The rental market in Immokalee is strongest
during the farming season exceeding 90%. It is expected these characteristics of the rental market
should continue in the future.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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In conclusion, the community of Immokalee is a stable community with a socioeconomic base
centered around the Southwest Florida farming industry. Immokalee is the primary housing market
for farm workers during the growing and harvesting season. In order to support these workers and
the year-round residents there is an adequate supply of professional and retail uses. Many farm
workers are seasonal however the majority of residents are year-round.
Legal Description: A recent legal description for the property was requested by the owner
representative, whom stated that it is in the works. The following legal description was taken from the
Collier County Property Appraiser, and may not reflect the most recent legal description.
Assessed Value and Taxes: According to the Collier County Tax Collectors the assessed values for
the subject as well as the ad valorem taxes are shown below.
Assessed
Market Value
Assessed
Taxable Value
Ad Valorem
Taxes
Non-Ad
Valorem Total Tax
2019 $60,400 $44,216 $736.11 $0.00 $736.11
2018 $60,400 $40,196 $695.96 $0.00 $695.96
2017 $60,400 $36,542 $665.73 $0.00 $665.73
Only the Collier County Property Appraiser’s office can assess properties for taxation purposes. The
actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission then
multiplying this by the assessed value of the property. Should the millage rate or the assessed value
change for the site the tax liability would be different from that as reported herein.
Delinquent Taxes: The Collier County Tax Collector's web site indicated there are no delinquent
real estate taxes.
Ownership: The owner of this property is as follows:
Collier Land Holdings, Ltd.
2550 Goodlette Road
Naples, FL 34103
Site Description: Please note the following information which includes a plat map, aerial view,
general site information, and the physical characteristics and economic factors that affect the site.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Plat Map
Aerial View of Subject
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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General Site Information
Assessor’s Parcel Numbers: 00087640001
Address: No physical address, Immokalee, Florida, 34142
Physical Characteristics of the Site
Total Site Area: The site contains a total of 6.04 acres according to information
obtained from the Collier County Property Appraiser. The
boundary survey provided for the site states a total size of 6.43
acres, however, there is a road easement on the site that is not
useable area. Therefore, we have used the 6.04 acres reported as
the useable land area for our analysis. A copy of the survey can be
found in the addenda of the report.
Shape of Tract: Irregular
Access: Access to the property is at the north end of Alachua Street and
along the west side of Gopher Ridge Road.
Corner Influence: The property is not located on a corner.
Utilities to Site: Water/Sewer: Immokalee Water/Immokalee Sewer
Electric: Florida Power and Light
Phone: Multiple Carriers
Police Protection:
Fire Protection:
Collier County Sheriff’s Department
Immokalee Fire
Flood Designation:
The subject property is located in Flood Zone AH as shown on
Flood Zone Panel Number 120067-12021C0145H. This panel
was printed on May 16, 2012.
We invite your attention to the addenda of the report for the flood
zone location map.
Topography: An aerial view as well as physical inspection of the site indicates
the property is partially wooded with a native habitat. It appears to
be uplands and at grade.
Improvements: There are no significant improvements on the site.
Easements: There is a road access easement that runs northeast from the
south side of the site. It is assumed that additional normal and
typical easements are located on the property.
Extraordinary Assumptions
Soils: A soil analysis for the site has not been provided for the
preparation of this appraisal. In the absence of a soil report, it is a
specific assumption that the site has adequate soils to support the
highest and best use. The analyst is not an expert in area of soils
and would recommend that an expert be consulted.
Subsurface Conditions: It is assumed that there are no hidden or unapparent conditions to
the property, soil, or subsoil, which would render them more or less
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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valuable. Subsurface oil, gas or mineral rights were not
considered in this report unless otherwise stated. The analyst is
not an expert with respect to subsurface conditions and would
recommend that an expert be consulted.
Hazardous Materials: It is assumed that there are no hazardous materials either at
ground level or subsurface. None were noted during the property
inspection. The analyst is not an expert in the evaluation of site
contamination and would recommend that an expert be consulted.
Economic Factors Affecting the Site
Supply of Vacant Tracts: Vacant agricultural, commercial, and residential land is available in
the overall market area.
Demand for Vacant Tracts: The demand for vacant residential land remains good. With the
continued encroachment on agriculture for lands developed with
residential housing, the demand for residential land will continue
and should continue for the short to medium range future.
Neighboring Property Uses: Uses in the immediate neighborhood of the subject property are
primarily residential in nature. Lands in the area adjacent to the
subject property are currently being utilized for industrial,
agricultural, and single-family residential uses.
Land Use Designation: Industrial Mixed-Use, Commercial Overlay
Zoning Classification: A-MHO, Rural Agricultural with a Mobile Home Overlay
Detrimental Conditions: None observed
LAND USE AND ZONING DISCUSSION
Zoning: According to information obtained from Collier County Zoning offices, the subject
property is identified as having a zoning of A-MHO, Rural Agricultural with a Mobile Home
Overlay.
Rural Agricultural District (A). The purpose and intent of the rural agricultural district (A) is to
provide lands for agricultural, pastoral, and rural land uses by accommodating traditional
agricultural, agricultural related activities and facilities, s upport facilities related to agricultural
needs, and conservation uses. Uses that are generally considered co mpatible to agricultural
uses that would not endanger or damage the agricultural, environmental, potable water, or
wildlife resources of the County, are permissible as conditional uses in the A district. The A
district corresponds to and implements the Agr icultural/Rural land use designation on the
future land use map of the Collier County GMP, and in some instances, may occur in the
designated urban area. The maximum density permissible in the rural agricultural district
within the urban mixed use district shall be guided, in part, by the density rating system
contained in the future land use element of the GMP. The maximum density permissible or
permitted in A district shall not exceed the density permissible under the density rating
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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system. The maximum density permissible in the A district within the agricultural/rural district
of the future land use element of the Collier County GMP shall be consis tent with and not
exceed the density permissible or permitted under the agricultural/rural district of the fu ture
land use element.
Mobile home Overlay (MHO). The (MHO) district is intended to apply to those agricultural areas
where a mixture of housing types is found to be appropriate within the district. It is intended that
mobile homes allowed under this section shall be erected only in the Rural Agricultural district
and only when the requirements and procedures of this section are met.
Future Land Use: Industrial Mixed Used (IMU) Subdistrict with an IMU Commercial Overlay.
The purpose of this Subdistrict is to provide a transition area from the Industrial Subdistrict to
adjacent commercial and residential land uses. The Immokalee State Farmers Market and
related facilities are located in this Subdistrict. This Subdistrict allows for: higher intensity
commercial uses as described in the LDC (Ordinance 04-41, as amended) for Commercial (C-4
and C-5), and Research and Technology Parks PUD, and Business Park Districts, subject to
development standards set forth in the LDC. This Subdistrict also allows for light manufacturing,
processing, and packaging in fully enclosed buildings; research, design and product
development; printing, lithography and publishing; and similar industrial uses.; This Subdistrict
also allows for agriculture uses and agricultural related uses, such as packing houses;
warehousing; and targeted industries. Targeted industries include distribution; medical
laboratories, research, and rehabilitative centers; high technology; computer software, services,
and processing, and similar uses.
Industrial – Mixed Use Commercial Overlay. The Industrial - Mixed Use Commercial Overlay is
depicted on the IAMP Future Lands Use Map and comprises approximately 363 acres. This Overlay
allows the uses of the underlying Industrial - Mixed Use Subdistrict except that commercial uses -
those permitted in the C-4 and C-5 zoning districts in the Land Development Code, Ordinance No.
04-41, as amended - are limited to a maximum of thirty percent (30%) of the Overlay land area
(approximately 109 acres). To implement this Overlay, Collier County shall initiate a Land
Development Code amendment within two years of adoption.
For lands in this Overlay that are adjacent to residentially or agriculturally zoned properties, a
minimum 75-foot building setback, which includes a minimum 20-foot wide vegetated landscape
buffer, shall be provided. This vegetated buffer shall be located adjacent to the property line and shall
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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contain, at a minimum, two staggered rows of trees that shall be spaced no more than 30 feet on
center, and a double row hedge at least 24 inches in height at time of planting and attaining a
minimum of three feet in height within one year. Existing native trees must be retained within this 20-
foot wide buffer area to aid in achieving this buffer requirement; other existing native vegetation shall
be retained, where possible, to aid in achieving this buffer requirement. Water retention/detention
areas shall be allowed in this buffer area if left in natural state, and drainage conveyance through the
buffer area shall be allowed if necessary, to reach an external outfall. The required 75-foot setback
may be reduced to 50 feet if a minimum 6-foot tall decorative wall or fence providing at least 80
percent opacity is installed within the reduced setback, and if the required 20-foot wide landscape
buffer is located between the wall or fence and the adjacent residentially and/or agriculturally zoned
properties.
We invite your attention to the following photographs which show various views of the subject
site.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Subject Property Photographs
View: Looking south
toward Alachua Street
(access point for
property)
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
View: Looking north
from Alachua Street
toward subject site and
Gopher Ridge Road
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
33
Subject Property Photographs
View: Looking west
along south line of
subject site
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
View: Looking east
along south line of
subject site
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Subject Property Photographs
View: Looking south
from interior of subject
site from access road
easement
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
View: Looking north
from interior of subject
site from access road
easement
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Subject Property Photographs
View: Looking
southwest from Gopher
Ridge Road toward site
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
View: Looking west
toward northeast side of
site from Gopher Ridge
Road
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
36
Subject Property Photographs
View: Looking north
along Gopher Ridge
Road from north of site
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
View: Looking south
toward subject site from
adjacent parcel to the
north
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
37
Subject Property Photographs
View: Looking south
toward site from
adjacent parcel to the
north
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
View: Looking west
toward side from
Gopher Ridge Road
Photograph date:
March 13, 2020
Taken by: Angelica
Jordan
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined: “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.”
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site
in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the owner
of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net
return or the highest present worth?
Highest and Best Use as Though Vacant
Legally Permissible
The legally permissible uses are based on zoning, land use and any potential other governmental
regulations or deed restrictions that may have been placed on the property. The land use
classification that is present as of the effective date of appraisal is Industrial Mixed Use district with
Commercial Overlay. The subject property is zoned A-MHO, Rural Agricultural with Mobile Home
Overlay, which allows traditional agricultural, agricultural related activities and facilities, support
facilities related to agricultural needs, and conservation uses, as well as single-family and residential
uses consistent with the density permissible or permitted under the agricultural/rural district of the
future land use element. Based upon these factors the uses which are both physically possible and
legally permissible in the broadest of terms includes agricultural use or low density residential/mobile
home development.
Physical Possibility
Further consideration is given to the physically attributes of the site. The subject property contains a
total of 6.04 useable acres of vacant land. Currently there is dirt road access. The subject site is
bordered by single-family and industrial development and agricultural land. The site provides a
functional configuration and adequate access for a variety of agricultural or low-density residential
uses. Overall, the site is generally level and at road grade. Water and sewer are available to the site.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
39
The site is considered well-suited for a variety of agricultural or low density residential/mobile home
uses.
Financial Feasibility
The determination of financial feasibility is dependent primarily on th e relationship of supply and demand
for the legally probable land uses versus the cost to create the uses. Although the subject’s market
appears to be slowly stabilizing, demand for new residential development in the area remains below
levels which would support most new developments. This notion is supported by the limited
residential construction reported in the subject’s local market over the past 12 to 24 months.
Current economic conditions in the immediate Immokalee market are such that potential
development of the site more than likely would not occur at this immediate time. This is caused by
minimal demand for land of all types. However, as the economy continues to gain strength and
shows positive signs of improving, this should to positively impact the local market increasing
developmental potential and make a number of properties which are currently undevelopable
feasible for development.
Overall, these factors limit the financial feasibility for many uses. Given the subject’s location and
proximity to demand generators, we conclude that agricultural use or holding for future residential
development would be considered the most financially feasible for the subject property.
Maximum Profitability
Maximum profitability is the legally permissible, physically possible and financially feasible use that
results in the highest present value. Considering the factors previously mentioned, it is our opinion
that the highest and best use of the subject property as vacant is for future residential development
at a density legally allowable.
Based on the foregoing analysis, the highest and best use as vacant is for agricultural use or future
residential/mobile home development.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
40
Section 5 – Valuation of the Subject
VALUE ESTIMATE BY THE COST APPROACH
Cost Approach is defined as: “A set of procedures through which a value indication is derived for
the fee simple interest in a property by estimating the current cost to construct a reproduction of (or
replacement for) the existing structure, including an entrepreneurial incentive, deducting
depreciation from the total cost, and adding the estimated land value. Adjustments may then be
made to the indicated fee simple value of the subject property to reflect the value of the property
interest being appraised.”
The subject property is land with no significant improvements. Therefore, the Cost Approach does
not apply.
VALUE ESTIMATE BY THE INCOME APPROACH
The Income Approach is defined as “A set of procedures through which an appraiser derives a
value indication for an income-producing property by converting its anticipated benefits (cash flows
and reversion) into property value. This conversion can be accomplished in two ways. One year's
income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization
rate that reflects a specified income pattern, return on investment, and change in the value of the
investment. Alternatively, the annual cash flows for the holding period and the reversion can be
discounted at a specified yield rate”.
The Income Approach is widely applied in appraising income-producing properties. Anticipated
future income and/or reversions are discounted to a present worth figure through the capitalization
process. Since vacant land is typically not purchased for its ability to generate income, the Income
Approach does not apply.
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH
Sales Comparison Approach is defined as: “A set of procedures in which a value indication is
derived by comparing the property being appraised to similar properties that have been sold
recently, then applying appropriate units of comparison and making adjustments to the sale prices
of the comparables based on the elements of comparison. The sales comparison approach may
be used to value improved properties, vacant land, or land being considered as though vacant; it is
the most common and preferred method of land valuation when an adequate supply of
comparable sales are available.”
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
41
The Sales Comparison Approach involves the comparison of sales and listings of similar
properties, adjustments for variances, and correlation of the results into a property value indication.
Adjustments to the sale prices of competitive properties selected for comparison are considered as
they relate to the subject and to the various dissimilar investment features.
The typical indicator of value for this type of property is the sale price per square foot. This is
calculated by dividing the sale price of the comparables by the number of square feet.
We have searched for comparable sales of residential acreage land throughout Immokalee and
comparable areas of Collier and surrounding counties. Due to the limited amount of sales for this
type of property we have had to expand our search back to 2017. This search uncovered a
number of sales which are utilized to estimate the value.
We have used qualitative analysis for the comparables and considered specific characteristics
including location, parcel size, land use, zoning, utilities, access, topography, and miscellaneous
factors. Each of these criteria involves a comparison of the comparable sale to the subject
property. They are rated superior, similar or inferior relative to the subject. Additionally, all sales
receive an overall rating as compared to the subject of similar, inferior or superior. This will
indicate an estimated range for the market value of the subject property.
The following map shows where each of the comparables is located along with the subject site.
Following the map will include descriptions of the comparables used, along with an analysis grid
and narrative for adjustments made. All sales have been researched and verified by a party to the
transaction when possible.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
42
LAND SALES LOCATION MAP
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
43
COMPARABLE 1
Property Reference:
Property Type: Residential Vacant Land
Address: 1491 N 15th Street
Immokalee, FL 34142
County: Collier
Location: West side of N 15th Street, south of Westclox Street
STRAP/ID: 00073440008
Grantor: Taylor Sisters, LLC
Grantee: Felix Munoz Venegas
Legal Data:
Sale Date: February 03, 2017
Sale Price: $182,000
Sale Price per Sq. Ft.: $0.71
Sale Price per Acre: $30,952
Recording: OR 5361-3098
Interest Conveyed: Fee simple
Deed Conveyed: Warranty Deed
Land Use: CMU - Commercial Mixed-Use Subdistrict
Zoning: RSF-3
Highest and Best Use: Single Family Residential
CNA Data # 1552
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
44
Site Data:
Site Dimensions: Approx. 209' x 1,227'
Site Size: 256,133 square feet, 5.880 acres
Development Units: 94
Development Density/Acre: 16 (Excess of 3 up to 11 must be for affordable
housing)
Shape: Rectangular
Topography: Mostly cleared and appears level
Corner/Visibility Influence: No
Utilities: Full public
Access: Average
Wetlands/Uplands: None noted
Soils: N/A
Sale Analysis:
Sale Price: $182,000
Financing: Cash to seller
Price per SF: $0.71
Price per Acre: $30,952
Sale Confirmation:
Verification: Elvira Nodal, Realtor, 239-878-8001
Verifying Appraiser: Angelica Jordan, November 18, 2019
Sale History: No qualified sales in previous 3-years
Comments:
This sale is vacant residential land located along the west side of N 15th Street (SR 29)
south of Westclox Street in Immokalee. The property is mostly cleared and appears level.
Zoning is RSF-3 which permits single family development with a density of 3 units per acre.
The property had a mobile home on site at the time of the sale however a realtor involved
stated that it had no contributing value to the sale.
CNA Data # 1552
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
45
COMPARABLE 6
Property Reference:
Property Type: Residential Vacant Land
Address: 5120 Lake Trafford Road
Immokalee, FL 34142
County: Collier
Location: NWC of Lake Trafford Road and Trafford Farm Road
STRAP/ID: 00062000006
Grantor: Robert Lightner
Grantee: Brightlite Homes, LLC
Legal Data:
Sale Date: June 04, 2019
Sale Price: $261,000
Sale Price per Sq. Ft.: $1.41
Sale Price per Acre: $61,557
Recording: OR 5638-987
Interest Conveyed: Fee simple
Deed Conveyed: Warranty Deed
Land Use: Low Residential Sub-district
Zoning: A
Highest and Best Use: Residential Development
CNA Data # 1556
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
46
Site Data:
Site Dimensions: Approx. 635' x 290'
Site Size: 184,694 square feet, 4.240 acres
Development Units: 17
Development Density/Acre: 4
Shape: Rectangular
Topography: Partially wooded and appears level
Corner/Visibility Influence: Yes
Utilities: Full public
Access: Average
Wetlands/Uplands: None noted
Soils: N/A
Sale Analysis:
Sale Price: $261,000
Financing: $90K -Private Mtg.
Price per SF: $1.41
Price per Acre: $61,557
Sale Confirmation:
Verification: Elvira Nodal, Realtor, 239-878-8001
Verifying Appraiser: Angelica Jordan, November 18, 2019
Sale History: No qualified sales in previous 3-years
Comments:
This sale is vacant residential land located along the northwest corner of Lake Trafford Road
and Trafford Farms Road in Immokalee. The property is partially wooded and appears level.
Zoning was agricultural at the time of sale with a future land use of Low Residential
subdistrict. The property was on the market for about one month prior to the sale and the
listing agent confirmed the sale as arm's length.
CNA Data # 1556
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
47
COMPARABLE 3
Property Reference:
Property Type: Agriculture Vacant Land
Address: 1991 Experimental Road
Immokalee, FL 34142
County: Collier
Location: North side of Experimental Rd
STRAP/ID: 00065880003
Grantor: Cindy Zhang & Zong Tang
Grantee: Monica Villa
Legal Data:
Sale Date: December 28, 2018
Sale Price: $170,000
Sale Price per Sq. Ft.: $0.39
Sale Price per Acre: $16,832
Recording: OR 5586-3768
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Agricultural Rural
Zoning: A-MHO
Highest and Best Use: Agricultural/Residential
CNA Data # 1667
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
48
Site Data:
Site Dimensions: 330' x 1,350'
Site Size: 439,956 square feet, 10.100 acres
Shape: Rectangular
Topography: Cleared and level
Corner/Visibility Influence: No/Average
Utilities: All Public Available
Access: Experimental Rd/Paved Rd
Wetlands/Uplands: Mostly upland
Soils: N/A
Sale Analysis:
Sale Price: $170,000
Financing: $86,250 - First Bank
Price per SF: $0.39
Price per Acre: $16,832
Sale Confirmation:
Verification: Paul Fonseca, Listing Agent, 239-292-9930
Verifying Appraiser: Angelica Jordan, March 12, 2020
Sale History: Sold for $115K in July of 2016
Comments:
This is the sale of an acreage lot in Immokalee zoned for agricultural with a mobile home
overlay. The property was listed for about 10-12 months prior to sale. The listing agent
confirmed the sale was arm's length and utilities were available to the site. Elvira Nodal,
another broker in the market familiar with transaction, stated the property was purchased with
plans to rezone for mobile home park development.
CNA Data # 1667
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
49
COMPARABLE 4
Property Reference:
Property Type: Agriculture Vacant Land
Address: 19291 Witts End Rd
Alva, FL 33920
County: Lee
Location: 3/4 mile south of SR-80
STRAP/ID: 32-43-27-00-00001.0160
Grantor: John and Leigh Raulerson
Grantee: Marcelo D. Zaupa
Legal Data:
Sale Date: December 11, 2019
Sale Price: $185,000
Sale Price per Sq. Ft.: $0.42
Sale Price per Acre: $18,500
Recording: OR# 2019000286944
Interest Conveyed: Fee simple
Deed Conveyed: Warranty Deed
Land Use: Rural Community Preserve
Zoning: AG-2
Highest and Best Use: Agricultural/Residential
CNA Data # 1619
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
50
Site Data:
Site Dimensions: N/A
Site Size: 435,600 square feet, 10.000 acres
Shape: Irregular
Topography: Mostly cleared and level
Corner/Visibility Influence: No
Utilities: Well/Septic/Electric/Phone
Access: Unpaved road
Wetlands/Uplands: All uplands
Soils: N/A
Sale Analysis:
Sale Price: $185,000
Financing: Cash to seller
Price per SF: $0.42
Price per Acre: $18,500
Sale Confirmation:
Verification: Jessica Nolan - Realtor, 239-462-6885
Verifying Appraiser: Richard Tyler, January 29, 2020
Sale History: No qualified sales in prior 3 years
Comments:
This is the sale of a 10+/- acre parcel that is being separated from parent parcel in Alva.
There is access via Witts End, a paved road. Site is mostly cleared and level. Utilities are
well-water, septic-sewer, electric and phone hookups. There are no improvements noted.
Property was listed for sale 253 days at $185,900.
CNA Data # 1619
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
51
COMPARABLE 5
Property Reference:
Property Type: Agriculture Vacant Land
Address: 20290 Palm Beach Blvd.
Alva, FL 33920
County: Lee
Location: South side of Palm Beach Blvd.
STRAP/ID: 28-43-27-00-00021.0000
Grantor: Janice L Sharp
Grantee: Jay and Marsha Sharp
Legal Data:
Sale Date: September 25, 2018
Sale Price: $173,500
Sale Price per Sq. Ft.: $0.51
Sale Price per Acre: $22,301
Recording: OR# 2018000238566
Interest Conveyed: Fee simple
Deed Conveyed: Warranty Deed
Land Use: Rural Community Preserve
Zoning: AG-2
Highest and Best Use: Agricultural/Residential
CNA Data # 1618
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
52
Site Data:
Site Dimensions: N/A
Site Size: 338,897 square feet, 7.780 acres
Shape: Irregular
Topography: Mostly cleared and level
Corner/Visibility Influence: No
Utilities: Well/Septic/Electric/Phone
Access: Unpaved road
Wetlands/Uplands: All uplands
Soils: N/A
Sale Analysis:
Sale Price: $173,500
Financing: Cash to seller
Price per SF: $0.51
Price per Acre: $22,301
Sale Confirmation:
Verification: Michael Thompson - Realtor, 239-340-1685
Verifying Appraiser: Richard Tyler, January 29, 2020
Sale History: No qualified sales in prior 3 years
Comments:
This is the sale of a 7.78 acre parcel with frontage and access via Palm Beach Blvd. Site is
mostly cleared and level. Utilities are well-water, septic-sewer, electric and phone hookups.
There was a lean-to type structure the property, which does not contribute value. The
property was on the market for approximately 50 days at $179,900. Listing agent indicates
even though sale is between relatives, sale price is at market.
CNA Data # 1618
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
53
COMPARABLE 6
Property Reference:
Property Type: Commercial Vacant Land
Address: 6849-6905 SR 29 S
Labelle, FL 33975
County: Hendry
Location: Along SR 29 south of Labelle
STRAP/ID: 1-29-43-27-010-00G2-015.015.0/022.0/
Grantor: Malcom Biggar Trust
Grantee: Juan Roberto Pulido
Legal Data:
Sale Date: April 27, 2018
Sale Price: $85,000
Sale Price per Sq. Ft.: $0.65
Sale Price per Acre: $28,333
Recording: OR 938/685
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Multi-Use: Residential/Commercial
Zoning: RG3M/C-2
Highest and Best Use: Mixed use development
CNA Data # 1423
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
54
Site Data:
Site Dimensions: 400'x350'
Site Size: 130,680 square feet, 3.000 acres
Shape: Rectangular
Topography: Cleared and level
Corner/Visibility Influence: No/Good from SR 29
Utilities: Electric and telephone
Access: SR 29- two lane
Wetlands/Uplands: All upland
Soils: N/A
Sale Analysis:
Sale Price: $85,000
Financing: Cash to seller
Price per SF: $0.65
Price per Acre: $28,333
Sale Confirmation:
Verification: Stephanie Sposato, listing agent, 863-673-2775
Verifying Appraiser: Art Paus, February 20, 2019
Sale History: No other arms-length transactions in last five years.
Comments:
Three adjoining parcels with RG-3M High Density Mobile Home and C-2 zoning. Located
along SR 29 south of Labelle. The property had water and electric on site, as well as a septic
system. It was on the market nearly two years with an asking price of $85,000. Our File 19-11
CNA Data # 1423
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
55
Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6
Location N/A (W. of Gopher Ridge Rd)1491 N 15th Street 5120 Lake Trafford Road 1991 Experimental Rd 19291 Witts End Rd 20290 Palm Beach Blvd.6849-6905 SR 29 S
Immokalee Immokalee Immokalee Immokalee Alva Alva Labelle
Recording N/A OR 5361-3098 OR 5638-987 OR 5586-3768 OR# 2019000286944 OR# 2018000238566 OR 938/685
Sales Price N/A $182,000 $261,000 $170,000 $185,000 $173,500 $85,000
Sale/Appraisal Date March 13, 2020 February 3, 2017 June 4, 2019 December 28, 2018 December 11, 2019 September 25, 2018 April 27, 2018
Parcel Size (sf)263,102 256,133 184,694 439,956 435,600 338,897 131,250
Parcel Size (Acres)6.04 5.88 4.24 10.10 10.00 7.78 3.01
Sale Price N/A $182,000 $261,000 $170,000 $185,000 $173,500 $85,000
Sale Price per Square Foot N/A $0.71 $1.41 $0.39 $0.42 $0.51 $0.65
Transactional Adjustments
Property Rights Fee Simple Fee simple Fee simple Fee simple Fee simple Fee simple Fee Simple
Financing N/A Cash to seller $90K -Private Mtg.Cash to seller Cash to seller Cash to seller Cash to seller
Conditions of Sale N/A None known None known None known None known None known None noted
Expenditures Immed. after Sale N/A N/A N/A N/A N/A N/A N/A
Market Conditions N/A N/A N/A N/A N/A N/A N/A
Adjusted Sale Price N/A $182,000 $261,000 $170,000 $185,000 $173,500 $85,000
Adjusted Sale Price per sq. ft. N/A $0.71 $1.41 $0.39 $0.42 $0.51 $0.65
Physical Properties
Location Immokalee Immokalee Immokalee Immokalee Alva Alva Labelle
Parcel Size (sf)263,102 256,133 184,694 439,956 435,600 338,897 130,680
Land Use Industrial Mixed Use Commercial Mixed Use Sub.Low Residential Sub-district Rural Agricultural Rural Community PreserveRural Community PreserveMulti-Use: Resid./Commer.
Zoning A-MHO RSF-3 A A-MHO AG-2 AG-2 RG3M/C-2
Utilities Full public Full public Full public Full public Well/Septic/Electric/Phone Well/Septic/Electric/Phone Electric and telephone
Access Average Average Above-average Average Average Average SR 29- two lane
Topography Partially Wooded Partially Wooded Partially Wooded Partially Wooded Partially Wooded Partially Wooded Partially Wooded
Miscellaneous N/A Poor Functional Utility N/A Poor Functional Utility N/A N/A N/A
Location Immokalee Similar Similar Similar Similar Superior Similar
Parcel Size 263,102 Similar Smaller (Superior)Larger (Inferior)Larger (Inferior)Larger (Inferior)Smaller (Superior)
Land Use/Zoning Industrial Mixed Use / A-MHO Superior Superior Similar Similar Similar Superior
Utilities Full public Similar Similar Similar Similar Similar Similar
Access Average Similar Similar Similar Similar Similar Similar
Topography Partially Wooded Similar Similar Similar Similar Similar Similar
Miscellaneous N/A Inferior Similar Inferior Similar Similar Similar
Overall Rating Superior Superior Inferior Inferior Similar Superior
Physical Property Ratings
Land Sales Adjustment Analysis - Qualitative
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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Adjustment Analysis: The sales were compared to each other individually and collectively as well
as being compared to the subject property in order to assist in the adjustment process.
Overview: Our market research has encompassed sales from a geographic area which includes
all of Southwest Florida. In addition, we utilized sales over an extended period of time reaching
back to 2017. These comparable sales are located in the surrounding counties of the subject
property and for a property with specific characteristics of the subject property we consider this to
be a good representation of the market. This data provides more than adequate support for our
opinion of value.
The comparable sales sold in a time period between February 2017 and December 2019. The
size of the comparable sales range from 3.01 acres to 10.10 acres. The sales range before any
analysis is made is from a low of $0.39 per square foot to a high of $1.41 per square foot.
The first analysis is for the base adjustments of property rights, financing, conditions of sale and
market conditions which is also known as time as well as adjustments or considerations of
expenditures immediately after sale.
Property Rights Conveyed: “An element of comparison in the sales comparison approach;
comparable properties can be adjusted for differences in the real property rights involved in a
transaction.” The property rights conveyed for all six sales were fee simple, no adjustments were
necessary.
Financing Terms: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the financing terms of a transaction, also called cash
equivalency adjustment.” The transactions were cash, cash to seller financed or conventionally
financed. No adjustments were made for financing.
Conditions of Sale: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction, e.g., when the comparable transaction is not an arm's-length sale.” None of the sales
had conditions of sale to adjust for.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur, also called a time adjustment because the differences in dates of sale are often
compared.”
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
57
It is apparent that the real estate market in Southwest Florida has been quite robust over the last
three to four years. On average, property values for all property types have shown increases over
the past few years. The sale dates of the comparables varied from February 2017 through
December 2019. Although values of most real estate property have experienced an increase in
the last two years, we have limited evidence regarding the rate of decline or increase for this
particular market. There has been limited comparable sales activity to support making a market
conditions adjustment. It appears that sales prices have been relatively stable during the period
the sales occurred. No adjustments are made to the comparables for market conditions.
Qualitative Analysis: The next analysis considers the factors of location, parcel size, land use,
zoning, utilities, access, topography, and miscellaneous factors. This portion of the analysis
process is prepared on a qualitative basis wherein each of the characteristics for the sale
properties are given a rating of similar, inferior or superior to the subject. An overall rating for each
comparable sale as compared to the subject is also provided.
Location: As noted earlier, all six of these transactions are located within the subject’s market or
within very similar markets of surrounding counties. Sales 2, 5, and 6 were considered superior for
direct locations along main roadways. All of the other sales were thought to have similar location
characteristics to the subject.
Size: The subject property contains approximately 6.04 useable acres. The comparable sales
range in size from 3.01 acres to 10.10 acres. The sales are selected based upon being similar in
use to the subject even though some are significantly smaller than the subject. The general
pattern of analysis that is applied here is that if a parcel is significantly smaller than the subject the
price of the property if all other factors are equal, would generally be higher. Sales 2 and 6 are
measured as significantly smaller and therefore are superior. Sales 3, 4, and 5 are significantly
bigger and are considered inferior. Sale 1 is measured as similar.
Land Use: The subject property’s land use classification is industrial mixed-use with an
agricultural zoning with mobile home overlay. This land use and zoning permits agricultural uses
and low-density residential use. Sales 1 and 6 were considered to have superior zoning, with
higher density residential or commercial use. All other sales were considered similar in this
category.
Utilities: The subject property has the full complement of public utilities available. Sale 6 needed
to have well water and sewer put in place and was considered inferior. All other comparable sales
also had all public utilities available; therefore, these were all considered similar to the subject.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
58
Access: The subject property has average physical access by Alachua Street which turns into
Gopher Ridge Road. All the comparable sales have average road access and are measured as
similar.
Topography: The subject has some vegetation cover and is partly wooded. All of the
comparables were considered similar for topography.
Miscellaneous (Site Utility/Functionality): Some of the comparable sale properties have little
frontage relative to its overall depth. This impacts developability and value for properties of this
nature. Sales 1 and 3 were considered to have inferior site utility/functionality due to the
shape/dimensions of the sites. No other sales were adjusted for this category.
Summation of Analysis: Please note the statistical data from the sale prices of the comparables
presented below.
Attribute Final Adjusted Value per Sq. Ft.
Maximum $1.41
Minimum $0.39
Mean $0.68
Median $0.58
Overall Sales 1, 2, and 6 are measured as superior to the subject, with a range of values from
$0.65 to $1.41 per square foot of land. Sales 3 and 4 are rated overall inferior to the subject and
range from $0.39 to $0.42 per square foot. Sale 5 is rated overall similar with a price per square
foot of land at $0.51.
The six sales were considered to be the best available for comparison purposes. Based on all of
the preceding information it is our opinion the subject property warrants a value of $0.60 per
square foot. Multiplying this by the 263,102 square feet of useable area contained within the
subject site provides a value indication of $160,000 rounded.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
59
Section 6 – Reconciliation of Value
Summary of Value Conclusions – As Is
Cost Approach Not Applied
Income Approach Not Applied
Sales Comparison Approach $160,000
The Cost Approach is based upon the principle of substitution, which states that a prudent
purchaser would not pay more for a property than the amount required to purchase a similar site
and construct similar improvements without undue delay, producing a property of equal desirability
and utility. Since there are no improvements to consider, the cost approach was not used in this
appraisal.
The Income Approach compares rentals of similar properties to the subject. The derived market
rental rates are capitalized at a rate which considers available market financing and investor equity
return requirements. Vacant land is typically not purchased for its ability to generate a positive
cash stream. Therefore the income approach was not used in this appraisal.
The Sales Comparison Approach was used exclusively in estimating the market value of the
subject property as there are no improvements to be considered and vacant sites such as the
subject are not typically leased for their ability to produce an income stream.
The Sales Comparison Approach references sales of similar properties located in competitive
areas in the market area as researched. The six sales analyzed provide a range of value
indications which supports the final value conclusion. The sales utilized in this analysis provide a
range of actual purchase prices for properties considered to be somewhat similar to the subject.
Based on market conditions existing as of the effective date of appraisal, and in consideration of
the property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee
simple ownership March 13, 2020, of:
ONE HUNDRED AND SIXTY THOUSAND DOLLARS ............................................ ($160,000.00).
Respectfully submitted,
CARLSON, NORRIS AND ASSOCIATES, INC.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
60
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Angelica Jordan
State-registered trainee appraiser RI23979
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
61
Section 7 – Certification and Limiting Conditions
Certification of Michael Jonas, MAI, AI-GRS
I certify to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and is our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the
subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
• My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client,
the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of
The Appraisal Foundation and the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the
requirements of the State of Florida relating to review by its duly authorized representatives.
This report also conforms to the requirements of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (FIRREA).
• The reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and
Standards of Professional Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
• As of the date of this report, Michael Jonas has completed the Standards and Ethics
Education Requirements for Candidates of the Appraisal Institute.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
62
• As of the date of this report, Michael Jonas has completed the continuing education
program for Designated Members of the Appraisal Institute.
• Michael Jonas has completed the requirements of education for registration through the
State of Florida is current until November 30, 2020.
• Michael Jonas has made a personal inspection of the property that is the subject of this
report.
• No one has provided significant real property appraisal assistance to the persons signing
this report.
• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with
regard to this assignment without conflict of interest.
• Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted in
FIRREA 1989 and has sufficient education and experience to perform the appraisal of the
subject property.
• Michael Jonas has not appraised the subject in the last three years. He has not provided
any other services related to the property in the last three years.
Based on market conditions existing as of the effective date of appraisal, and in consideration of
the property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee
simple ownership March 13, 2020, of:
ONE HUNDRED AND SIXTY THOUSAND DOLLARS ............................................ ($160,000.00).
CARLSON, NORRIS AND ASSOCIATES, INC.
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
63
Certification of Angelica Jordan
I certify to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and is our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the
subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
• My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client,
the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of
The Appraisal Foundation and the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the
requirements of the State of Florida relating to review by its duly authorized representatives.
This report also conforms to the requirements of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (FIRREA).
• Angelica Jordan has completed the requirements of education for registration through the
State of Florida is current until November 30, 2020.
• Angelica Jordan has made a personal inspection of the property that is the subject of this
report.
• No one has provided significant real property appraisal assistance to the persons signing
this report.
• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with
regard to this assignment without conflict of interest.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
64
• Angelica Jordan is in compliance with the Competency Provision in the USPAP as adopted
in FIRREA 1989 and has sufficient education and experience to perform the appraisal of
the subject property.
• Angelica Jordan has not appraised the subject in the last three years. He has not provided
any other services related to the property in the last three years.
Based on market conditions existing as of the effective date of appraisal, and in consideration of
the property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee
simple ownership March 13, 2020, of:
ONE HUNDRED AND SIXTY THOUSAND DOLLARS ............................................ ($160,000.00).
Respectfully submitted,
CARLSON, NORRIS AND ASSOCIATES, INC.
Angelica Jordan
State-registered trainee appraiser RI23979
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
65
General Assumptions & Limiting Conditions
Information Used: No responsibility is assumed for accuracy of information furnished by others
or from others, including the client, its officers and employees, or public records. We are not liable
for such information or for the work of contractors, subcontractors and engineers. The comparable
data relied upon in this appraisal has been confirmed with one or more parties familiar with the
transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my
factual judgment and knowledge.
Certain information upon which the opinions and values are based may have been gathered by
research staff working with the appraiser. Names, professional qualifications and extent of their
participation can be furnished to the client upon request.
Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil:
No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of
any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the
legal nature or condition of the title to the property, which is presumed to be good and marketable.
The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances,
unless otherwise stated in particular parts of this report.
The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise.
I assume no responsibility for the survey, any encroachments or overlapping or other
discrepancies that might be revealed thereby.
I have inspected, as far as possible by observation, the land thereon; however, it was not possible
to personally observe conditions beneath the soil or hidden; as a result, no representation is made
herein as to such matters unless otherwise specifically stated. The estimated market value
assumes that no such conditions exist that would cause a loss of value. I do not warrant against
the occurrence of problems arising from any of these conditions. It is assumed that there are no
hidden or unapparent conditions to the property, soil, subsoil or structures, which would render
them more or less valuable. No responsibility is assumed for any such conditions or for any
expense or engineering to discover them.
Information relating to the location or existence of public utilities has been obtained through inquiry
to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has
been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas
or mineral rights were not considered in this report unless otherwise stated.
Legality of Use: The appraisal is based on the premise that there is or will be full compliance with
all applicable Federal, State and local environmental regulations and laws, unless otherwise stated
in the report; and that all appropriate zoning, building and use regulations and restrictions of all
types have been or will be complied with and required licenses, consent, permits or other authority,
whether local, State, Federal and/or private, have been or can be obtained or renewed for the use
intended and considered in the value estimate.
Component Values: The distribution of the total valuation of this report between land and
improvements applies only under the proposed program of utilization. The separate valuations of
land and buildings must not be used in conjunction with any other appraisal, and are invalid if so
used.
A report related to an estate that is less than the whole fee simple estate applies only to the
fractional interest involved. The value of this fractional interest, plus the value of all other fractional
interests, may or may not equal the value of the entire fee simple estate considered as a whole.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
66
A report relating to the geographic portion of a larger property applies only to such geographic
portion and should not be considered as applying with equal validity to other portions of the larger
property or tract. The value for such geographic portions, plus the value of all other geographic
portions, may or may not equal the value of the entire property or tract considered as a single
entity.
All valuations in the report are applicable only under the estimated program of the highest and best
use and are not necessarily appropriate under other programs of use.
Auxiliary and Related Studies: No environmental or impact studies, special market study or
analysis, highest and best use analysis study or feasibility study has been requested or made by
us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited
right to alter, amend, revise or rescind any of these statements, findings, opinions, values,
estimates or conclusions upon any subsequent study or analysis or previous study or analysis that
subsequently becomes available to us.
Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the
date of the estimate of value. All dollar amounts are based on the purchasing power and price of
the United States dollar as of the date of value estimate
Inclusions: Furnishings and equipment or business operations, except as otherwise specifically
indicated, have been disregarded, with only the real estate being considered.
Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site
improvements proposed, if any, as well as any repairs required, are considered to be completed in
a good and workmanlike manner according to information submitted and/or considered by us. In
cases of proposed construction, the report is subject to change upon inspection of the property
after construction is complete. The estimate of value, as proposed, is as of the date shown, as if
completed and operating at levels shown and projected.
Value Change, Dynamic Market Influences: The estimated value is subject to change with
market changes over time. Value is highly related to interest rates, exposure, time, promotional
effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The
value estimate considers the productivity and relative attractiveness of the property both physically
and economically in the marketplace.
The estimate of value in this report is not based in whole or in part upon race, color or national
origin of the present owners or occupants of the properties in the vicinity of the property appraised.
In the event this appraisal includes the capitalization of income, the estimate of value is a reflection
of such benefits and my interpretation of income and yields and other factors which were derived
from general and specific market information. Such estimates are made as of the date of the
estimate of value. As a result, they are subject to change, as the market is dynamic and may
naturally change over time. The date upon which the value estimate applies is only as of the date
of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for
economic or physical factors occurring at some later date which may affect the opinion stated
herein.
An appraisal is the product of a professionally trained person, but nevertheless is an opinion only,
and not a provable fact. As a personal opinion, a valuation may vary between appraisers based
upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
estimate as of the date of valuation. There are no guaranties, either written or implied, that the
property would sell for the expressed estimate of value.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
67
Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating
to the subject property. No title search has been made, and the reader should consult an attorney
or title company for information and data relative to the property ownership and legal description.
It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel.
Any information given by the appraiser as to a sales history is information that the appraiser has
researched; to the best of my knowledge, this information is accurate, but not warranted.
Management of the Property: It is assumed that the property which is the subject of this report
will be under prudent and competent ownership and management over the entire life of the
property. If prudent and competent management and ownership are not provided, this would have
an adverse effect upon the value of the property appraised.
Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this
report and analytical findings or conclusions, or give a copy of this report to anyone other than the
client or his designee, as specified in writing, except as may be required by the Appraisal Institute,
as they may request in confidence for ethic enforcement, or by a court of law with the power of
subpoena.
All conclusions and opinions concerning the analyses as set forth herein are prepared by the
appraisers whose signatures appear. No change of any item in the report shall be made by
anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized
change is made.
Whenever our opinion herein with respect to the existence or absence of fact is qualified by the
phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to
indicate that, during the course of our review and investigation of the property, no information has
come to our attention which would give us actual knowledge of the existence or absence of such
facts.
The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of
receipt and return of the report, along with all copies, to the appraiser for corrections prior to any
use whatsoever. Neither our name nor this report may be used in connection with any financing
plans which would be classified as a public offering under State or Federal Security Laws.
Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy
thereof, does not carry with it the right of publication, nor may it be used for other than its intended
use. The physical report remains the property of the firm for the use of the client, with the fee
being for the analytical services only. This report may not be used for any purpose by any person
or corporation other than the client or the party to whom the report is addressed. Additional copies
may not be made without the written consent of an officer of the firm, and then only in its entirety.
Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations effort, news, sales or other media without my prior written consent and
approval of the client.
It has been assumed that the client or representative thereof, if soliciting funds for his project, has
furnished to the user of this report complete plans, specifications, surveys and photographs of land
and improvements, along with all other information which might be deemed necessary to correctly
analyze and appraise the subject property.
Authentic Copies: Any copy that does not have original signatures of the appraiser is
unauthorized and may have been altered and, therefore, is considered invalid.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
68
Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for
appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion
of the report. The appraisers or those assisting in the preparation of the report will not be asked or
required to give testimony in court or hearing because of having made the appraisal in full or in
part, nor will they be asked or required to engage in post appraisal consultation with client or third
parties except under separate and special arrangement and at an additional fee.
Any subsequent copies of this appraisal report will be furnished on a cost plus expenses basis, to
be negotiated at the time of request.
Limit of Liability: Liability of the firm and the associates is limited to the fee collected for
preparation of the appraisal. There is no accountability or liability to any third party.
Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the
physical report. The acceptance of the report by the client takes with it the agreement and
acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal
or written. The fee is in no way contingent on the value estimated.
Special Limiting Conditions: The Americans with Disabilities Act became effective January 26,
1992. Not withstanding any discussion of possible readily achievable barrier removable
construction items in this report, Carlson, Norris and Associates, has not made a specific
compliance survey and analysis of this property to determine whether it is in conformance with the
various detailed requirements of the A.D.A. It is possible that a compliance survey of the property
together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is
not in compliance with one or more of the requirements of the A.D.A. If so, this fact could have a
negative effect on the value estimated herein. Since Carlson, Norris and Associates has no
specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make
such an assessment, the effect of any possible non compliance with the requirements of the
A.D.A. was not considered in estimating the value of the subject property.
Extraordinary Assumptions: Extraordinary assumptions are defined as: “An assumption,
directly related to a specific assignment, which, if found to be false, could alter the appraiser's
opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain
information about physical, legal, or economic characteristics of the subject property; or about
conditions external to the property such as market conditions or trends; or about the integrity of
data used in an analysis. An extraordinary assumption may be used in an assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary assumptions.”
Please note the following extraordinary assumptions:
• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to
support the highest and best use. The analyst is not an expert in area of soils, and would
recommend that an expert be consulted.
• It is assumed that there are no hidden or unapparent conditions to the property, soil, or
subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral
rights were not considered in this report unless otherwise stated. The analyst is not an
expert with respect to subsurface conditions, and would recommend that an expert be
consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
None were noted during the property inspection. The analyst is not an expert in the
evaluation of site contamination, and would recommend that an expert be consulted.
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
69
Section 8 – Addenda
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
70
Engagement Letter
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
71
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
72
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
73
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
74
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
75
Flood Zone Map
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
76
SURVEY
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
77
APPRAISERS' LICENSES
LICENSE FOR MICHAEL JONAS, MAI, AI-GRS
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
78
C O L L I E R E N T E R P R I S E S M A N A G E M E N T , I N C .
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
79