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Agenda 06/08/2021 Item #16A17 (Agreement for Purchase of land for the Vanderbilt Beach Rd. Ext.)06/08/2021 EXECUTIVE SUMMARY Recommendation to approve an Agreement for the purchase of land (Parcel 151FEE) and a temporary construction easement (Parcel 151TCE) required for the Vanderbilt Beach Road Extension (Project No. 60168). OBJECTIVE: To acquire the right-of-way and easements needed for the construction of the Vanderbilt Beach Road Extension Project (the Project). CONSIDERATIONS: Collier County is seeking to purchase Parcel 151FEE, a fee simple interest and Parcel 151TCE, a temporary construction easement, needed for construction of the Project. The improved parent tract is located on the north side of the Cypress Canal adjacent to the northern terminus of 15' Street NW and is owned by Naples Associates IV LLLP (the "Developer"). Parcel 151FEE is a 270,000 square foot, more or less triangular shaped parcel. Parcel 151TCE is 3,653 square feet in extent and irregular in shape. The attached appraisal report prepared by RKL Appraisal and Consulting, PLC dated January 7, 2021, estimates the full compensation amount for Parcel 151FEE to be $681,800. In response to the County's purchase offer in this amount for Parcel 151FEE, the Developer advised that the offer was acceptable provided that the County took steps to mitigate impacts to the Developer's existing drainage ditch, which conflicts with the proposed Project improvements. The attached agreement includes provisions requiring the County to construct these drainage facilities as part of the Project to avoid a claim for severance damages to the remainder property and the costs of a cure to reconstruct the drainage facilities. The agreement also reflects a purchase price of $681,800 for the purchase of right-of- way Parcel 151FEE and Parcel 151TCE. The temporary construction easement is needed to construct a portion of the aforementioned drainage facilities. The Developer will be responsible for maintenance of these facilities once construction is completed. If Parcel 151FEE is not acquired by negotiation, it will have to be condemned. Significant risk factors accrue to the County in condemnation actions, including exposure to exorbitant damages claims and liability for payment of attorney and expert witness fees and costs. Staff accordingly recommends that the Board of County Commissioners (the Board) approve the agreement as a better result is not expected if Parcel 151FEE is condemned. FISCAL IMPACT: Funds in the amount of $681,900 will be required, being the aggregate compensation amount of $681,800 and miscellaneous closing and recording fees not to exceed $100. The primary funding source for the acquisition of right-of-way is impact fees. Should impact fees not be sufficient within a particular project, the secondary funding source will be gas taxes. No maintenance costs are anticipated until such time as the Project is constructed. GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long -Range Transportation Plan and the Collier County Growth Management Plan. LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a majority vote for Board approval. - JAB RECOMMENDATION: Approve the attached agreement and authorize the Chairman to execute same on behalf of the Board; Accept the conveyance of Parcels 151FEE & 151TCE and authorize the County Manager, or his designee, to record the conveyance instrument in the public records of Collier County, Florida; Packet Pg. 790 06/08/2021 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: Vivian Rodriguez, Property Acquisition Specialist, Right -of -Way Acquisition, Transportation Engineering Division. ATTACHMENT(S) 1. Location Map (PDF) 2. [Linked] Appraisal Report (PDF) 3. Purchase Agreement (PDF) Packet Pg. 791 16.A.17 06/08/2021 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.17 Doe ID: 15861 Item Summary: Recommendation to approve an Agreement for the purchase of land (Parcel 151FEE) and a temporary construction easement (Parcel 151TCE) required for the Vanderbilt Beach Road Extension (Project No. 60168). Meeting Date: 06/08/2021 Prepared by: Title: — Transportation Engineering Name: Vivian Rodriguez 05/13/2021 8:11 AM Submitted by: Title: Division Director - Transportation Eng — Transportation Engineering Name: Jay Ahmad 05/13/2021 8:11 AM Approved By: Review: Growth Management Operations Support Christopher Johnson Transportation Engineering Robert Bosch Additional Reviewer Growth Management Department Jeanne Marcella Growth Management Department Transportation Engineering Anthony Khawaja Additional Reviewer Growth Management Department Robert Bosch Additional Reviewer Road Maintenance Albert English Additional Reviewer Growth Management Department Lisa Taylor Additional Reviewer Transportation Engineering Marlene Messam Additional Reviewer Growth Management Department Vivian Rodriguez Growth Management County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Growth Management Department Trinity Scott Transportation County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Office of Management and Budget Laura Zautcke Additional Reviewer Office of Management and Budget Susan Usher Additional Reviewer County Manager's Office Amy Patterson Level 4 County Manager Review Additional Reviewer Completed Completed 05/13/2021 8:44 AM Completed 05/13/2021 12:55 PM Completed 05/13/2021 1:12 PM Skipped 05/13/2021 1:43 PM Completed 05/13/2021 1:52 PM Completed 05/13/2021 2:56 PM Completed 05/14/2021 8:55 AM Skipped 05/11/2021 3:53 PM Completed 05/17/2021 2:42 PM Completed 05/17/2021 5:06 PM Completed 05/18/2021 8:51 AM Completed 05/18/2021 9:30 AM Completed 05/24/2021 8:04 PM Completed 05/29/2021 4:31 PM Completed 06/01/2021 9:49 AM Packet Pg. 792 06/08/2021 Board of County Commissioners Geoffrey Willig Meeting Pending 06/08/2021 9:00 AM Packet Pg. 793 LOCATION MAP - PARCELS 151FEE & 151TCE 16.A.17.a VANDERBILT BEACH ROAD EXTENSION PROJECT 60168 Alz j,iL ', 'r'' . 7. Wcp "� }y_} "*,i.. � �� � ,1} � �_ fi• r -.�4 ��'* Ate' f Y. } �•� k�'� �"{ ' x'�k ��,�.#�'I�Fra_fxffl�yy .�f'�.�'F�'�{�TM�j� ' �•*� F f' •#4� �r yr �. �1,`�1y��• �y t }x F •r •',�F a� 4� ' k }' �""•' PARCEL 151TCE IdWT PARCEL 151 FEE OL y4� m mi f.. 47 11 —I WE s Lo 00 co 0o Packet Pg. 794 16.A.17.c PROJECT NO.: 60168 Vanderbilt Beach Road Extension PARCEL NO.: 151FEE & 151TCE FOLIO NO.: 24745002349 PURCHASE AGREEMENT THIS PURCHASE AGREEMENT (this "Agreement") is made and entered into as of the Effective Date (as hereinafter defined), by and between NAPLES ASSOCIATES IV, LLLP, a Florida limited liability limited partnership, whose mailing address is 1600 Sawgrass Corporate Parkway, Suite 400, Sunrise, FL 33323 (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, FL 34112 (hereinafter referred to as "Purchaser"). Seller and Purchaser are sometimes referred to herein as a "Party" and collectively as the "Parties." WHEREAS, Purchaser desires to purchase 1) a portion of Seller's property as described in the Special Warranty Deed attached as "Exhibit A," which is incorporated -- herein by reference, together with all structures and improvements thereon (hereinafter w referred to as "Parcel 151 FEE"); and 2) a temporary construction easement in favor of a Purchaser (the "Temporary Construction Easement") over, under, upon and across a portion of the Seller's property as described in the Temporary Construction Easement attached as Exhibit "B," which is incorporated herein by reference (hereinafter referred to m as "Parcel 151TCE"); and WHEREAS, Seller has agreed to sell Parcel 151 FEE and grant the Temporary L Construction Easement over, under, upon and across Parcel 151TCE (such parcels hereinafter collectively referred to as the "Property") to Purchaser for the stated purposes w on the terms and conditions set forth herein; and w w WHEREAS, following the closing Purchaser has agreed to construct drainage facilities as described herein, for the benefit of Seller's adjoining subdivision, on the r condition that Seller agrees to perpetually maintain such drainage facilities at no cost to Purchaser, as more particularly described in the Special Warranty Deed; NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars co ($10.00), and other good and valuable consideration, the receipt and sufficiency of which LO is hereby mutually acknowledged, it is agreed by and between the Parties as follows: r 1. RECITALS L The foregoing recitals are true and correct and are incorporated herein by this reference. 2. AGREEMENT L In consideration of the Purchase Price (as hereinafter defined) and upon the terms and a conditions hereinafter set forth, Seller agrees to sell Parcel 151 FEE to Purchaser and grant the Temporary Construction Easement with respect to Parcel 151TCE, and Packet Pg. 795 16.A.17.c Purchaser agrees to purchase Parcel 151 FEE from Seller and accept the Temporary Construction Easement with respect to Parcel 151TCE. 3. PURCHASE PRICE Subject to the adjustments, credits and prorations set forth in this Agreement, the purchase price (the "Purchase Price") to be paid at Closing (as hereinafter defined) for Parcel 151 FEE and the Temporary Construction Easement shall be SIX HUNDRED EIGHTY-ONE THOUSAND EIGHT HUNDRED and 00/100 DOLLARS ($681,800) (U.S. Currency) payable by County check at Closing. The Purchase Price, subject to the apportionment and distribution of proceeds pursuant to Paragraph 6 of this Agreement, shall be full compensation for Parcel 151 FEE conveyed, including all structures, improvements, fixtures, landscaping, trees, and shrubs, located thereon, and the Temporary Construction Easement granted with respect to Parcel 151TCE, 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. 4. CLOSING The closing of the transaction contemplated by this Agreement (the "Closing") shall be held on the date (the "Closing Date") that is within one hundred twenty (120) days of the Effective Date or within thirty (30) days of receipt by Purchaser of all fully executed closing documents and documents necessary to convey marketable title free of any liens, encumbrances, exceptions, or qualifications, whichever is later, 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. 5. DOCUMENTS TO BE DELIVERED AT CLOSING. At Closing, Seller shall cause to be delivered to Purchaser, in addition to any other o documents referred to elsewhere in this Agreement to be delivered at Closing, the to following documents and instruments duly executed and acknowledged: o Go A. A special warranty deed (the "Deed"), in recordable form, conveying to Purchaser fee simple title to Parcel 151 FEE, in substantially the form attached hereto as Exhibit "A". B. The Temporary Construction Easement, in recordable form, with respect to Parcel 151TCE, in substantially the form attached hereto as Exhibit "B". C. An "Owner's Title Affidavit" in usual and customary form, together with any other affidavits, documents or other information as may be reasonably requested by the Title Company (as hereinafter defined) necessary to permit Purchaser to obtain title insurance insuring its interests in the Property subject only to the Permitted Exceptions. 2 Packet Pg. 796 16.A.17.c D. An affidavit confirming that Seller is not a "foreign person" within the meaning of the U.S. tax laws and to which reference is made in the Internal Revenue Code, Section 1445, as amended. E. A Public Disclosure Affidavit in compliance with Section 286.23, Florida Statutes. F. All items which are necessary to satisfy Seller's Title Requirements (as hereinafter defined). G. A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. H. Such evidence of authority and capacity of Seller and its representatives to execute and deliver this Agreement reasonably requested by the Title Company. I. All other documents as are reasonably requested by the Title Company to consummate this transaction. At Closing, each Party shall execute and deliver a combined Purchaser -Seller closing statement (the "Closing Statement"). 6. CLOSING EXPENSES AND PROBATIONS. Purchaser shall pay all fees to record any curative instruments required to clear title, and all Deed and Temporary Construction Easement recording fees and all documentary stamps or other transfer taxes due on the Deed and/or Temporary Construction Easement. In addition, Purchaser may elect to pay reasonable processing fees required by mortgagees in connection with the execution and delivery of a Release or Satisfaction of any mortgage, lien or other encumbrance recorded against the Property; provided, however, that any apportionment and distribution of the full compensation amount in Paragraph 2 which may be required by any mortgagee, lien -holder or other encumbrance - holder as payoff, paydown, or for the protection of its security interest, or as consideration due to any diminution in the value of its property right, shall be the responsibility of the Seller, and shall be deducted on the Closing Statement from the compensation payable to the Seller per Paragraph 2. County shall have sole discretion as to what constitutes "reasonable processing fees." There shall be deducted from the proceeds of sale all prior year ad valorem taxes and assessments levied against the parent tract property which remain unpaid as of the Closing Date. Ad valorem taxes, assessments and any other charges which benefit or burden Parcel 151 FEE shall be prorated as of the Closing Date. Ad valorem taxes for the year of Closing shall be prorated based upon the gross amount thereof but at the maximum discounted rate (provided such taxes have been or may still be paid at such rate). If the Closing Date occurs when the current year's taxes are not fixed and the current year's assessment is available, taxes will be prorated based upon such assessment and the prior year's millage. If the current year's assessment is not available, then taxes will be prorated based upon the prior year's taxes; provided, however, that any 3 Packet Pg. 797 16.A.17.c tax proration based upon an estimate or upon the prior year's taxes may, at the request of either Party, be subsequently readjusted upon receipt of the actual tax bill covering Parcel 151 FEE. 7. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS A. Seller agrees to relocate any existing irrigation system (if any) located on Parcel 151 FEE including any irrigation lines, electrical wiring and sprinkler valves, etc., prior to the Purchaser's commencement of construction of the Vanderbilt Beach Road Extension Project No. 60168 improvements within Parcel 151 FEE (the "Project") without any further notification from Purchaser. Seller assumes full responsibility for the relocation of the irrigation system (if any) on the remainder property and its performance after relocation. Seller holds Purchaser harmless for any and all possible damage to the irrigation system in the event owner fails to relocate the irrigation system prior to Purchaser's commencement of construction of the Project. B. If Seller elects to retain any improvements and/or landscaping ("Improvements") located on Parcel 151 FEE, the Seller is responsible for their retrieval prior to Purchaser's commencement of construction of the Project without any further notification from Purchaser. Seller acknowledges that Purchaser has compensated Seller for the value of the improvements located on Parcel 151 FEE, and yet Purchaser is willing to permit Seller to salvage said improvements as long as their retrieval is performed before Purchaser's commencement of construction of the Project and without interruption or inconvenience to Purchaser's contractor. All Improvements not removed from Parcel 151 FEE prior to Purchaser's commencement of construction of the Project shall be deemed abandoned by Seller. The provisions of this Paragraph 7 shall survive Closing and are not deemed satisfied by conveyance of title. 8. TITLE DEFECTS; AS -IS TRANSACTION A. Within ten (10) days of the Effective Date of this Agreement, to the extent that they exist and are in Seller's possession and control, Seller shall provide Purchaser with a copy of any existing title insurance policy and survey concerning the Property. B. 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 (the "Title Insurance Commitment") from a national title company acceptable to Purchaser (the "Title Company"), together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days following receipt of the Title Insurance Commitment (the "Title Review Period"), to notify Seller in writing of any objections to title (the "Title Objection Notice"). Any objections not made by Purchaser prior to the end of the Title Review Period shall be deemed to be waived by Purchaser and all matters disclosed on Schedule B-II of the Title Commitment, to which no objection is made, shall be deemed "Permitted Exceptions". 0 r a Packet Pg. 798 16.A.17.c C. Seller shall have the right at its option, but not the obligation, to cure said title matters objected to in the Title Objection Notice, or agree to cure such matters, in a manner reasonably acceptable to Purchaser and the Title Company prior to Closing. Seller shall have ten (10) business days after receipt of Purchaser's Title Objection Notice to notify Purchaser ("Seller's Title Response Notice") whether it has elected to cure such title matters or has elected not to cure any such title matters. If Seller has elected in Seller's Title Response Notice not to cure any one or more of such title matters, then Purchaser, notwithstanding anything contained in this Agreement to the contrary, may terminate this Agreement within five business (5) days after receipt of Seller's Title Response Notice, in which case neither Party shall have any further rights, obligations or liabilities with respect to each other hereunder, except for the obligations specifically provided for under this Agreement that survive termination. If Seller does not elect to cure, or agree to cure, any such title matters as provided herein, and if Purchaser does not elect to terminate this Agreement as provided herein, such matters that Seller does not elect to cure or agree to cure shall be deemed waived by Purchaser and classified as Permitted Exceptions. D. Notwithstanding anything contained herein to the contrary, Seller will satisfy all customary Schedule B-I requirements of the Title Commitment (other than those requirements relating to payment of the Purchase Price, obtaining the Survey and/or Purchaser's existence and authority) and the "standard exceptions" of the Title Commitment applicable to Seller relating to mechanics liens, parties in possession, and the organization, existence, and authority of Seller (other than the standard survey exception), and shall pay and discharge all liens, mortgages and deeds of trust arising out of the acts of Seller, at Closing. The foregoing obligations of Seller, together with any title matters Seller has elected or agreed to cure in Seller's Title Response Notice are collectively referred to in this Agreement as "Seller's Title Requirements." E. Purchaser acknowledges and agrees that, except as otherwise provided in or contemplated by this Agreement, Purchaser is purchasing Parcel 151 FEE and accepting the Temporary Construction Easement with respect to Parcel 151TCE in their "AS -IS, WHERE -IS" condition with all faults and defects, latent and patent, and without any warranties or representations, either express or implied, of any kind, nature, or type whatsoever from Seller (except for and other than those representations, warranties and agreements made by or on behalf of Seller to Purchaser in this Agreement and those contained in the documents delivered by Seller to Purchaser at Closing). Without in any way limiting the generality of the immediately preceding sentence, Purchaser and Seller further acknowledge and agree that Seller has not made, will not make, does not make and specifically negates and disclaims any representation and/or warranty of any kind or character whatsoever made, whether express or implied, oral or written, of, as to, concerning or with respect to the Property (except for and other than those representations, warranties and agreements made by or on behalf of Seller to Purchaser in this Agreement and those contained in the documents delivered by Seller to Purchaser at Closing). The provisions of this subparagraph 8.E shall survive the Closing. 9. DRAINAGE FACILITIES; TEMPORARY CONSTRUCTION EASEMENT 5 Packet Pg. 799 16.A.17.c A. In order to cure the impact of the roadway and related improvements to be constructed as part of the Project on the Seller's remainder property adjacent to the Property, in connection with Purchaser's design and construction of the Project improvements, Purchaser shall design, construct and install as part of the Project and at Purchaser's sole cost and expense, one (1) forty-eight inch (48") reinforced concrete pipe and two (2) junction boxes in the location specified and in substantial conformity with the plan sheet attached hereto as "Exhibit C" (hereinafter referred to as the "Drainage Facilities"). Seller and/or Seller's successors and assigns, including, without limitation, Valencia Trails Homeowners Association, Inc., being the homeowners association organized by Seller to administer and maintain a residential community developed on Seller's remainder property, shall have the right to utilize the Drainage Facilities for the purpose of carrying surface water drainage to and/or from water retention areas, shall be solely responsible for maintenance, repair and/or replacement of the Drainage Facilities, and shall be allowed reasonable access to the Drainage Facilities and the real property upon and in the general vicinity of the Drainage Facilities (the "Drainage Facilities Area") for such purposes, all as more particularly described in the Special Warranty Deed (collectively, the "Seller's Purpose"). The provisions of this subparagraph shall survive Closing and are not deemed satisfied by conveyance of title. B. The Temporary Construction Easement with respect to Parcel 151TCE shall be granted by Seller in favor of Purchaser for the sole purpose of constructing the Drainage Facilities. Purchaser's rights to enter Parcel 151TCE pursuant to the Temporary Construction Easement shall commence upon the issuance of Purchaser's official "Notice to Proceed" to its roadway contractor for the construction of the Project and shall automatically terminate three (3) years therefrom or upon Purchaser's notification to the roadway contractor of substantial completion of the portion of the Project lying within Parcel 151 FEE, whichever occurs first. Notwithstanding the foregoing, the Temporary Construction Easement shall provide that it shall automatically terminate and be extinguished from the Public Record of Collier County, Florida on the date that is five (5) years after the Closing Date. 10. TERMINATION AND REMEDIES A. If Seller shall have failed to perform any of the covenants and promises contained � herein which are to be performed by Seller, Purchaser shall have, at its option, the CO following remedies: (i) to terminate this Agreement by giving written notice of termination 77 to Seller, in which event this Agreement will be null and void and the Parties will have no further rights or obligations hereunder except with respect to the obligations that expressly survive termination; (ii) to proceed to the Closing and take title to Parcel 151 FEE and ;v accept the Temporary Construction Easement, but subject to matter(s) of which Seller a has failed to perform; or (iii) the right to commence an action for specific performance N against Seller to compel Seller to cure and/or satisfy the matter(s) giving rise to Seller's failure, provided, that any such action is initiated within ninety (90) days after the alleged a failure by Seller. Under no circumstances may Purchaser seek or be entitled to recover r any special, consequential, punitive, speculative, special or indirect damages, all of which a) Purchaser specifically waives, for any default by Seller under this Agreement. Notwithstanding anything to the contrary contained in this Agreement, Seller shall not be N Packet Pg. 800 16.A.17.c in default and/or breach of this Agreement unless: (A) Purchaser shall have provided written notice of the alleged default and/or breach to Seller; (B) Seller shall have failed to Close within a period of five (5) days after receipt of such notice for Seller's failure to Close, or for a default and/or breach other than a failure to Close, Seller shall have failed within fifteen (15) days after receipt of such notice to commence such action that is reasonably necessary to cure said default and/or breach and thereafter diligently pursue to cure such default and/or breach within a reasonable time; and (iii) Purchaser is in compliance and in good standing with the provisions of this Agreement. B. If the Purchaser has not terminated this Agreement pursuant to any of the provisions of this Agreement authorizing such termination, and Purchaser fails to close the transaction contemplated hereby as and when provided for in Paragraph 4 of this Agreement or otherwise fails 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 with respect to the obligations herein that expressly survive termination. Notwithstanding anything to the contrary herein contained, the Purchaser shall have the right to terminate this Agreement without cause by giving written notice of termination to Seller, in which event the liquidated damages provisions of this Section 10.13 shall equally apply, and Seller's sole remedy shall be a claim for payment of $500 as liquidated damages and neither Party shall have any further liability or obligation to the other except with respect to the obligations herein that expressly survive termination. 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. If Closing occurs, each Party shall each be entitled to pursue all remedies available at law and/or in equity with respect to any default and/or breach by the other Party of any terms or conditions of this Agreement and/or any agreement, covenant and/or obligation to be performed after the Closing Date by such Party pursuant to this Agreement; provided, however, neither Party shall be in default and/or breach unless: (i) the Party alleging such default and/or breach shall have provided written notice of the alleged default and/or breach to the other Party; (ii) the alleged defaulting and/or breaching Party shall have failed within a period of fifteen (15) days after receipt of such notice to commence such action as is reasonably necessary to cure said default and/or breach and thereafter diligently pursue to cure such default and/or breach within a reasonable time; and (iii) the alleging Party is in compliance and in good standing with the provisions of this Agreement. The provisions of this subparagraph shall survive Closing. D. 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. 7 Packet Pg. 801 16.A.17.c 11. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 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. At Closing, and upon the reasonable request of the Purchaser or Title Company, Seller shall deliver to Purchaser or the Title Company true copies of any document evidencing the same. C. Seller represents that there is no pending litigation, investigation or claim which affects or which might affect Seller and/or the Property, and to Seller's actual knowledge, there is no threatened litigation, investigation or claim which affects or which might affect Seller and/or the Property. D. Seller represents that no party or person other than Purchaser pursuant to this Agreement has any right or option to acquire the Property or any portion thereof. E. Until the Closing Date or as long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of Parcel 151 FEE or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to Parcel 151 FEE or any part thereof that will survive Closing and be binding on Purchaser and/or Parcel 151 FEE, 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. F. To Seller's actual knowledge (without undertaking any investigation), the Property is not in violation of any statute, law, rule, regulation, ordinance or permit to promulgated or issued by any governmental authority pertaining to the Property. Seller CO has not received any written notification from any governmental authority as to any 77 violations relating to the Property or any improvements currently or previously located thereon. E G. Seller represents there are no unrecorded agreements, restrictions, leases, tenancies or other possessory rights that affect the Property and Seller shall deliver exclusive possession of Parcel 151 FEE to Purchaser at Closing free and clear of all: (i) oral or written, recorded or unrecorded, leases and other occupancy agreements, and (ii) tenants and others claiming possessory rights in or to Parcel 151 FEE. Packet Pg. 802 16.A.17.c H. Seller will not initiate any application or action to cause the zoning of the Property to change from its existing zoning as of the Effective Date up to and including the Closing Date. I. At Closing, Seller shall cause Parcel 151 FEE to be delivered to Purchaser in substantially the same physical condition as exists on the Effective Date provided, however, that Seller shall have the right, but not the obligation, at Seller's sole cost and expense, to remove those improvements, items and materials as set forth in Paragraph 7 of this Agreement. J. If Seller receives any notice or otherwise acquires any knowledge of the commencement of any legal action that will or may impact upon or affect Seller or the Property or the transaction contemplated by this Agreement, or if Seller receives any notice from any governmental authority of any action that will or might be taken thereby that will or may impact upon or affect Seller or the Property or the transaction contemplated by this Agreement, Seller hereby agrees to immediately provide Purchaser with copies of any such written notices received and/or written notice of any such knowledge acquired. The representations, warranties, covenants and agreements set forth above in this paragraph 11 shall be construed as continuing representations, warranties, covenants and agreements through the Closing Date but shall not survive Closing. 12. PUBLIC DISCLOSURE 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. 286.23, 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 the Property held in such capacity is conveyed to Purchaser. (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.) 13. NOTICES Unless otherwise specifically provided herein, all notices to be given hereunder shall be in writing and sent to the Parties as hereinafter provided, by hand delivery; certified mail, return receipt requested, postage prepaid; by a nationally recognized overnight courier service; or transmitted by electronic mail (with confirmation sent by any of the other means described in this sentence). Any such notice shall be deemed given upon the earlier of receipt by the addressees if hand delivered (or attempted delivery if refused by the intended recipient thereof), on the next business day after deposit with a recognized overnight courier service, on the third (3rd) day following deposit thereof in the United States mail, or on the date of transmission (with no receipt of error in transmission) if sent by electronic mail. W] Packet Pg. 803 16.A.17.c Notices to Seller shall be sent to: Naples Associates IV, LLLP, 1600 Sawgrass Corporate Parkway, Suite 400, Sunrise, Florida 33323, Attn: Richard Arkin, E- Mail: richard.arkin@.glhomes.com; together with a copy to Purchaser's attorney at: 1600 Sawgrass Corporate Parkway, Suite 400, Sunrise, Florida 33323, Attn: Steven M. Helfman, Esq., E-Mail: steve.helfman@glhomes.com. Notices to Purchaser shall be sent to: Transportation Engineering Division, Attn: Robert Bosch, Right -of -Way Acquisition Manager, 2885 South Horseshoe Drive, Naples, Florida 34104, E-mail: Robert. bosch@colliercountyfl.gov; together with a copy to Office of the County Attorney, Attn; Jeff Klatzkow, County Attorney, 3299 Tamiami Trail East, Suite 800, Naples, Florida 34112, E-Mail: Jeff. klatzkow@colliercountyfl.gov. The place to which any Party hereto is entitled to receive any notice may be changed by such Party by giving notice thereof in accordance with the foregoing provisions. The attorneys for Seller and Purchaser are authorized to send and receive notices and demands on behalf of their respective clients hereunder. Each Party hereto represents and warrants to the other Party hereto that there are no real estate brokers, agents or finders involved with respect to this Agreement or the transaction contemplated herein, and that there are no brokerage fees, finders' fees or brokers' commissions due as a result of their respective negotiation and/or execution of this Agreement, or which will be due as a result of the Closing contemplated by this Agreement by virtue of their respective acts, inactions, conduct or otherwise. The County, subject to the limitations contained in Section 768.28, Florida Statutes, and the Purchaser do hereby agree to indemnify, defend and hold the other Party harmless from and against any breach of their respective representations, warranties and agreements as set forth in this Paragraph 14, including, without limitation, attorneys' fees and court costs through all trial, appellate and post judgment proceedings. The provisions of this Paragraph 14 shall survive the Closing. 15. MISCELLANEOUS `_° T.- to A. This Agreement and the exhibits attached hereto contain the entire agreement tn between the Parties, and there are no promises, representations, warranties or covenants 77 r by or between the Parties not included in this Agreement. No modification or amendment 4) of this Agreement shall be of any force or effect unless made in writing and executed and E dated by both Purchaser and Seller. B. 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. C. This Agreement is governed and construed in accordance with the laws of the 10 Packet Pg. 804 16.A.17.c State of Florida. Venue for all actions shall be in Collier County, Florida. In connection with any litigation arising out of this Agreement, the prevailing Party shall be entitled to recover all costs incurred in connection with such litigation, including reasonable attorneys' fees, through and including all appellate levels. The provisions of this subparagraph shall survive the Closing or any earlier termination of this Agreement. D. Should any part of this Agreement be found to be invalid, then such invalid part shall be severed from this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and not be affected by such invalidity. E. The "Effective Date" of this Agreement will be the date of execution of this Agreement by the last signing Party. F. The Parties hereto agree that this Agreement may be executed in multiple counterparts, each of which individually shall be deemed an original, but when taken together shall be deemed to be one and the same Agreement. Signatures of the Parties on copies of this Agreement or any amendments hereto transmitted by facsimile or electronic transmission shall be deemed originals for all purposes of this Agreement and shall be binding upon the Parties. G. Time is of the essence with regard to this Agreement. If any date upon which, or by which, an action under this Agreement is required to have been performed or completed is a Saturday, Sunday or legal holiday recognized by the federal government, then the date for such action shall be extended to the first day that is after such date and is not a Saturday, Sunday or legal holiday recognized by the federal government. H. The Parties, at any time and from time to time, upon request of the other Party, agree to execute, acknowledge and deliver all such further deeds, assignments, transfers, conveyances, instruments and assurances, as may be reasonably required for the consummation of the transactions contemplated by this Agreement. The terms of this subparagraph shall survive Closing. I. The Parties to this Agreement have participated freely in the negotiation and preparation hereof and have had the opportunity to have an attorney involved in such review and negotiations. Neither this Agreement nor any amendment hereto shall be more strictly construed against any of the Parties. As used in this Agreement or any amendment hereto, the masculine shall include the feminine, the singular shall include the plural, and the plural shall include the singular, as the context may require. Nothing herein contained shall be deemed to: (1) create a relationship between Seller and Purchaser as other than purchaser and seller; or (2) create a fiduciary duty on the part of either Party to the other. Provisions of this Agreement that expressly provide that they survive the Closing shall not merge into the Deed. J. WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 11 Packet Pg. 805 16.A.17.c IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date first above written. AS TO PURCHASER: DATED: ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court & Comptroller By: Deputy Clerk AS TO SELLER: DATED: WITNESSES: lav�� ( ignature) C. ,Apr% �..f (Printed Name) (Signature) (Printed Name) Approved as to form and legality: Jeiuiifer A. Belpedio Assistant County Attorney BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA la PENNY TAYLOR, Chairperson NAPLES ASSOCIATES IV, LLLP, a Florida limited liability limited partnership By: Naples IV Co ration, a Florida corporations eneral partner By: Richard Arkin, Vice President 12 Packet Pg. 806 16.A.17.c PROJECT NO.: 60168 Vanderbilt Beach Road Extension PARCEL NO.: 151 FEE FOLIO NO.: 24745002349 SPECIAL WARRANTY DEED EXHIBIT f• • THIS SPECIAL WARRANTY DEED made this day of , 2021, by NAPLES ASSOCIATES IV, LLLP, a Florida limited liability limited partnership, whose mailing address is 1600 Sawgrass Corporate Pkwy, #400, Sunrise, FL 33323 (hereinafter referred to as "Grantor"), to 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, FL 34112 (hereinafter referred to as "Grantee", and also as the "County"). (Wherever used herein the terms "Grantor" and "Grantee" include all the parties to this instrument and their respective heirs, legal representatives, successors, and assigns. Grantor and Grantee are used for singular or plural, as the context requires.) WITNESSETH: That Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other valuable consideration, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto Grantee, all that certain land situate in Collier County, Florida (the "Property"), to wit: See attached Exhibit "A" incorporated herein by reference. Subject to easements, restrictions, and reservations of record, but this reference shall not operate to reimpose same, and the covenants and restrictions created below. THIS IS NOT HOMESTEAD PROPERTY NOR IS IT CONTIGUOUS THERETO TOGETHER with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO HAVE AND TO HOLD the same in fee simple forever. AND Grantor hereby covenants with Grantee that Grantor is lawfully seized of said Property in fee simple; that Grantor has good right and lawful authority to sell and convey said Property; that Grantor hereby warrants the title to said Property and will defend the same against the lawful claims of all persons claiming by, through or under Grantor and no others; and that said Property is free of all encumbrances except as noted above. GRANTOR, AND BY ACCEPTANCE AND RECORDATION OF THIS DEED, THE COUNTY, CREATE THE FOLLOWING COVENANTS AND RESTRICTIONS: 1. County's Construction of Drainage Facilities: The County agrees to construct and install, at its sole cost and expense, certain drainage facilities upon and within the Property (the "Drainage Facilities"), for the purpose of receiving and carrying surface water drainage from retention areas located on Grantor's adjoining real property consisting of a planned community known as Valencia Trails, created by a plat titled Brentwood Lakes — Plat One, recorded in Plat Book 67, Page 68, Official Records of Collier County, Florida (the "Benefitted Property"). (For clarity, when created said subdivision included the Property, however upon Grantor's conveyance of the Property to the County herein, the Property shall automatically be excluded from the Benefitted Property.) 2. Grantor's Obligation to Maintain Drainage Facilities: Following construction, the obligation to maintain, repair and replace the Drainage Facilities (the "Maintenance Obligation") shall "run with the land" and shall inure to the benefit of the County and be binding upon Grantor and its successors in title with respect to the Benefitted Property. Following construction, the County shall have the right, but shall have no obligation of any kind, to maintain, repair or replace the Drainage Facilities or to pay any costs associated therewith. 3. Indemnification: Grantor and its successors in title with respect to the Benefitted Property shall defend, indemnify and hold the County harmless from and against any and r to 00 LO Packet Pg. 807 H{ 11 � Pate of 4 all claims, suits, damages, liability and costs (including without limitation attorneys' fees and court costs) asserted against or suffered or incurred by the County relating to (i) the performance of, or failure to perform, the Maintenance Obligation, and (ii) property damage, personal injuries or deaths caused by the performance of, or failure to perform, the Maintenance Obligation. 4. Right -of -Entry to Perform Maintenance Obligation: Grantor and its successors in title with respect to the Benefitted Property shall have the right to enter upon such areas of the Property as reasonably needed from time to time to perform the Maintenance Obligation, subject, however, to compliance with all applicable governmental laws, rules and regulations, including without limitation the County's permitting, insurance, notice, and other requirements for performing work on public property and public right-of-way. 5. Assignment of Maintenance Obligation to Association: Grantor shall have the right to assign in writing the Maintenance Obligation and Grantor's other rights and obligations under the foregoing covenants and restrictions to Valencia Trails Homeowners Association, Inc., a Florida corporation, being a homeowners association created by Grantor to administer and maintain the Valencia Trails planned community on the Benefitted Property (the "Association") as described in that certain Amended and Restated Declaration of Covenants, Restrictions and Easements for Valencia Trails recorded in OR 5897, Page 2079, Official Records of Collier County, Florida (as further amended and restated from time to time, and together with the associated by-laws and articles of incorporation, the "Declaration"). Following any such assignment, the Association shall be bound by all terms and conditions of the foregoing covenants and restrictions and Grantor shall be released from all duties, obligations and responsibilities pursuant to or as a result of the foregoing covenants and restrictions accruing on or after the date of such assignment to the Association. No such assignment by Grantor to the Association shall be binding upon the County until the County shall have received a copy of a properly executed and recorded amendment to the Declaration or other assignment instrument evidencing such assignment by Grantor to the Association. IN WITNESS WHEREOF, the said Grantor has signed and sealed these presents the day and year first above written. T.- WITNESSES: NAPLES ASSOCIATES IV, LLLP, a to tn Florida limited liability limited partnership, (Signature) (Print Full Name) (Signature) (Print Full Name) By: NAPLES IV CORPORATION, a Florida corporation, its general partner Richard Arkin, Vice President Packet Pg. 808 16.A.17.c STATE OF FLORIDA COUNTY OF BROWARD EXHIBIT A Page• The foregoing Special Warranty Deed was acknowledged before me by means of ❑ physical presence or ❑ online notarization this day of , 2021, by RICHARD ARKIN, as Vice President of NAPLES IV CORPORATION, a Florida corporation, the general partner of NAPLES ASSOCIATES IV, LLLP, a Florida limited liability limited partnership, who: is personally known to me OR has produced (affix notarial seal) Approved as to form and legality: as proof of identity. (Signature of Notary Public) (Print Name of Notary Public) Serial / Commission # (if any): My Commission Expires: �Z Jennifer A. Belpedio �. Assistant County Attorney Packet Pg. 809 EXHIBIT A — Pace ®f 4_ N W E S +°ar m i on T.A-r. F-91.4 NT OF NAPLES ASSOCIATES N LLLP OR 4996/3983 WEST 1/2 OF SOUTHWEST 1/4 OF SECTION 32, TOWNSHIP 48 SOUTH, RANGE 27 EAST EAST LINE OF WEST 1/2 OF SOUTHWEST 1/4 OF SECTION 32 Z0) 2 M V Irf` W Ow 00 r0_j Q 0�0 J N toVVmow fV 00 Q 0 I N N87'43'43"E��`.��sj9 PROPOSED PARCEL 151 FEE 100.00'`'� PL�+✓F1' f r 270.000 W. FT NO 16'17"IN 28.25' SOUfHLINE f OF SECTION 32X -f1 f S8732'49"W I a 4' ......ej. — .� e— — _ — ._ ..� ._. ._ — .._ —_— RITTER, SCOTT & — �� �011R1 IIIR s'7 4 T-r.� 11-ZM TRACI'Tr POINT OF BEGINNING DEBRA MCALEER, RICKY J & OR 2719/697 CHRISTINA L OR �260/2807 TRACT 17 � OR 2514/238 SQ.FT. SQUARE FEET FEE PROPOSED FEE SIMPLE ACQUISITION OR OFFICIAL RECORDS (BOOK/PAGE) PROPOSED FEE SIMPLE PARCEL L JUL 17 zozo LEGAL DESCRIPTION (PARCEL 151 FEE) A PORTION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 32. TOWNSHIP 48 SOUTH, RANGE 27 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 32; THENCE N.8733'40'E., ALONG THE SOUTH LINE OF SAID SECTION 32. FOR 100.00 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL; THENCE N.0716'17'W., FOR 28.25 FEET TO A POINT ON A CURVE; THENCE NORTHEASTERLY 1.303.37 FEET ALONG THE ARC OF A NON -TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 2,740.00 FEET THROUGH A CENTRAL ANGLE OF 2715'16' AND BEING SUBTENDED BY A CHORD WHICH BEARS N.64'09'59'E. FOR 1,291.11 FEET TO A POINT ON THE EAST LINE OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SAID SECTION 32; THENCE S.02'15'30'E., ALONG SAID EAST LINE, FOR 540.61 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 32; THENCE S.8732'49'W., ALONG SAID SOUTH LINE, FOR 1,183.35 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAINING 270,000 SQUARE FEET MORE OR LESS. BEARINGS ARE BASED ON STATE PLANE COORDINATES. FLORIDA EAST ZONE. 0 100 200 400 SKETCH & DESCRIPTION ONLY NOT A BOUNDARY SURVEY SCAM: V-200' FOR: COLDER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS 111111111fffe * N ffi ' 0 r°r,,jau*a**# Bffff ltltll Suf BY. WARM. PR0 too SURVEYM nDFJDt REGISfRA NO. 5"1 SQ1,111401blTE: THE SEAL A" VOCUMM WAS AVI'MO M BY A WARD. PIS VANDERBILT BEACH ROAD EXTENSION Willow SKETCH & DESCRIPTION OF: PROPOSED FEE SIMPLE ACQUISITION 6610 Nagle Park Drive. Suite 200 Q Naples. Florida 34109 PARCEL 151 FEE Phone: (239) 597-0575 FAX: (239) 597.0578 LB No.: 6952 COLLIER COUNTY, FLORIDA YEN G I N E E R I N G JOB NUMBER I REVISION I SECTION I TOWNSHIP I RANGE SCALE DATE DRAWN BY FILE NAME SHEET 060119.06.00 2 32 48S 27E 1" = 200' 5/27/20 DAM 151FEE 1 OF 1 Packet Pg. 810 16.A.17.c PROJECT NO.: 60168 Vanderbilt Beach Road Extension EXHIBIT PARCEL NO.: 151TCE FOLIO NO.: 24745002349 Sage / ®f 4I TEMPORARY CONSTRUCTION EASEMENT THIS TEMPORARY CONSTRUCTION EASEMENT, is made and entered into this day of , 2021 (the "Effective Date"), by NAPLES ASSOCIATES IV, LLLP, a Florida limited liability limited partnership, whose mailing address is 1600 Sawgrass Corporate Pkwy #400, Sunrise, FL 33323 (hereinafter referred to as "Grantor"), to 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, FL 34112 (hereinafter referred to as "Grantee"). (Wherever used herein the terms "Grantor" and "Grantee" include all the parties to this instrument and their respective heirs, legal representatives, successors and assigns. Grantor and Grantee are used for singular or plural, as the context requires.) WITNESSETH: That the Grantor, for and in consideration of Ten Dollars ($10.00) and other valuable consideration paid by the Grantee, receipt, and sufficiency of which is hereby acknowledged, hereby conveys, grants, bargains and sells to the Grantee, a Temporary Construction Easement to enter upon the lands described as follows (the "Easement Area"): SEE ATTACHED EXHIBIT "A," which is incorporated herein by reference, for the purpose of constructing roadway, sidewalk, drainage, and utility facilities within the o public right-of-way immediately adjacent thereto and constructing and installing certain CO drainage facilities within the Easement Area in substantial conformity with the plan sheet attached hereto and made a part hereof as Exhibit "B". co77 The term of this Temporary Construction Easement shall commence upon the issuance of Grantee's official "Notice to Proceed" to its roadway contractor for the construction of Vanderbilt Beach Road Ext Project No. 60168 (the "Project"), and shall automatically terminate three (3) years therefrom or upon Grantee's notification to its roadway contractor of substantial completion of the portion of the Project lying immediately adjacent to the Easement Area, whichever occurs first. Notwithstanding the foregoing, this Temporary Construction Easement shall automatically terminate and be extinguished from the Public Record of Collier County, Florida on the date that is five (5) years after the Effective Date. Upon completion of the construction of the improvements within the Easement Area and the public right-of-way immediately adjacent to the Easement Area, Grantee shall use its best efforts to restore the surface of the Easement Area to its pre-existing condition. [Signatures and acknowledgements appear on the following page] Packet Pg. 811 EXHIBIT J--3 Page of IN WITNESS WHEREOF, the Grantor has caused these presents to be executed the date and year first above written. . AS TO GRANTOR: Witness: Print Name: Witness: Print Name: STATE OF FLORIDA COUNTY OF BROWARD NAPLES ASSOCIATES IV, LLLP, a Florida limited liability limited partnership By: NAPLES IV CORPORATION, a Florida corporation, its general partner M Richard Arkin, Vice President The foregoing Temporary Construction Easement was acknowledged before me by means of ❑ physical presence or ❑ online notarization this day of 1 2021, by RICHARD ARKIN, as Vice President of NAPLES IV CORPORATION, a Florida corporation, the general partner of NAPLES ASSOCIATES IV, LLLP, a Florida limited liability limited partnership, on behalf of such corporation and partnership, who: is personally known to me MIN produced (affix notarial seal) Approved as to form and legality: Jennifer A. Belpedio Assistant County Attorney as proof of identity (Signature of Notary Public) (Print Name of Notary Public) Serial / Commission # (if any): My Commission Expires: 2 I Packet Pg. 812 16.A.17.c N W E S POINT OF COMMENCEMENT EXHIBIT Page 3 of , PROPOSED N88'33'38"E PARCEL 151 TICE 50.00' S01'26'22"E 3,653 SQ. Ff. / 55.86' N01'26'22"W C6 90.00' NAPLASSOCIATES LLLP O / OR 4996 PG 3983 24745002349 i AL=60,55' R=2740.O0 A=1' 15'58" CB=S54'14'05"W gb CH=60.54' b-'� 61:11� SOUTH LINE — OF SECTION 32 N87'33'40"E 1165.82' TICE PROPOSED TEMPORARY CONSTRUCTION EASEMENT OR OFFICIAL RECORDS (BOOK/PAGE) i' PROPOSED TICE LEGAL DESCRIPTION (PARCEL 151 TCE) IF- 0 CD In Ui N ur) N <t O ZI { POINT OF BEGINNING A PARCEL OF LAND LYING IN SECTION 32, TOWNSHIP 48 SOUTH, RANGE 27 EAST, COLDER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 32; THENCE N.87 33'40"E., ALONG THE SOUTH LINE OF SAID SECTION 32, FOR 1,165.82 FEET; THENCE N.02'26'20"W., FOR 455.59 FEET TO A POINT ON A CURVE AND THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL; THENCE SOUTHWESTERLY 60.55 FEET ALONG THE ARC OF A NON —TANGENTIAL CURVE TO THE RIGHT HAVING A RADIUS OF 2,740.00 FEET THROUGH A CENTRAL ANGLE OF 01-15'58" AND BEING SUBTENDED BY A CHORD WHICH BEARS S.54'14'05"W. FOR 60.54 FEET; THENCE N.01'26'22W., FOR 90.00 FEET; THENCE N.88'33'38"E., FOR 50.00 FEET; THENCE S.01'26'22"E., FOR 55.86 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAINING 3,653 SQUARE FEET, MORE OR LESS. Digitally signed by Michael A, Ward DN: cn=Michael A. LS 5301 Ward, o=State of Florida, ou=LS 5301, email=maw@consult- Sr , rwa.com, c=US FR CANS 5 Date: 2021.03.16 09:12:32-04'00' 0 60 120 240 BY; 03/16/2021 SKETCH &DESCRIPTION ONLY FLORI�DA REGISTA. RATION CERTIFICAATTE LAND 5301 NOT A BOUNDARY SURVEY SCALE: 1"=320' SIGNING DATE: FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS THE SEAL APPEARING ON THIS, WAS AUTNORRED 9WARD Y MICHAEL A WARD, PLS VANDERBILT BEACH ROAD EXTENSION SKETCH & DESCRIPTION OF: sslo Wiuow Park Florida3 suite zoo Naples, ida 34109 PROPOSED TEMPORARY CONSTRUCTION EASEMENT WA Phone: (239) 597-0575 FAX: (239) 597-0578 PARCEL 151 TCE JRLB No.: 6952 COLLIER COUNTY, FLORIDA E N G I N E E R I N G JOB NUMBER I REVISION I SECTION I TOWNSHIP I RANGE SCALE DATE DRAWN BY FILE NAME SHEET 060119.06.00 1 35 48S 26E 1" = 120' 2/25/21 1 DAM SK151TCE 1 OF 1 Packet Pg. 813 v WON= 16.A.17.c EXHIBIT page of 1 x LU Cu 0 m m L d R LU U H W W LL T- LC) r O Lfl f+ a Packet Pg. 815 RKL APPRAISAL AND CONSULTING REAL ESTATE APPRAISAL REPORT VANDERBILT BEACH ROAD EXTENSION Residential 11202 Immokalee Road Naples, Collier County, Florida, 34120 PREPARED FOR: Mr. Harry Henderson, SRA Review Appraiser Collier County Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Client File: 151 FEE EFFECTIVE DATE OF THE APPRAISAL: January 7, 2021 DATE OF THE REPORT: January 13, 2021 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2020-233 (Parcel No. 151 FEE) ACHE L M. 2L1CCH I, MAI, CC1M C. 10WRY, MAI. CPA ours C BoaBITT, MAI 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com *RKL AISAL AND CONSULTING January 13, 2021 Mr. Harry Henderson, SRA Collier County Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Re: Real Estate Appraisal Vanderbilt Beach Road Extension 11202 Immokalee Road, Naples, Collier County, Florida, 34120 Client File: 151 FEE RKL File Number: 2020-233 (Parcel No. 151 FEE) Dear Mr. Henderson: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The intended users for the assignment are Collier County Transportation Right -Of -Way Group. The intended use of the appraisal is as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed Fee Simple Acquisition area. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. For purposes of the following analysis, the subject parent tract is defined as the southern undeveloped portion (Future Phases) of Brentwood Lakes N.K.A. Valencia Trails Naples. The entire Brentwood Lakes development consists of 563.42 acres. The subject parent tract consists of approximately 372.75 acres. The improvements located outside the proposed acquisition area are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported in the following appraisal. ACH EL M. ZUCCH I, MAL CC1M 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 C. 10WRY, MAI. CPA Phone: 239-596-0800 0UIS C. BOBB ITT, MAI www.rklac.com Mr. Harry Henderson, SRA Collier County Transportation Right -Of -Way Group January 13, 2021 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed Fee Simple Acquisition (Parcel No. 151 FEE), as of January 7, 2021, is: SUMMARY OF TOTAL COMPENSATION Value of Property Rights Taken: $681,800 Value of Improvements Taken: $0 Severance Damages: $0 Net Cost to Cure: $0 TOTAL AMOUNT DUE OWNER: $681,800 Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions offuture market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC (;.v "O� - �0� Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac,com; Phone 239-596-0800 Ext. 203 ACH 1 L M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 C. 10WRY, MAI. CPA Phone: 239-596-0800 0UIS C. BOBB ITT, MAI www.rklac.com VANDERBILT BEACH ROAD EXTENSION TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions Introduction Information..................................................................................................... 7 Subject Identification...................................................................................................... 7 Current Ownership and Property History....................................................................... 7 AppraisalScope.............................................................................................................. 7 Client, Intended User, and Intended Use........................................................................ 8 Definition of Market Value............................................................................................. 8 Definition of Property Rights Appraised........................................................................ 9 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 9 Scopeof Work................................................................................................................ 9 MarketArea Analysis................................................................................................... 11 Property Description and Analysis................................................................................... 15 Site Analysis - Parent Tract.......................................................................................... 15 Real Estate Taxes and Assessments.............................................................................. 31 Highestand Best Use.................................................................................................... 32 ValuationMethodology.................................................................................................... 35 AnalysesApplied.......................................................................................................... 36 Valuation Analysis of Parent Tract................................................................................... 37 Sales Comparison Approach......................................................................................... 37 Valuation Analysis of Part Taken and Remainder Property ............................................. 45 Description of Part Taken............................................................................................. 45 Value Analysis Proposed Property Rights and Improvements Taken .......................... 49 Valuation Analysis of Remainder Property As Severed ................................................... 51 Description of Remainder Property as Severed............................................................ 51 Value Analysis Remainder Property As Severed......................................................... 51 Severance Damages to the Remainder Property........................................................... 53 Costto Cure Analysis................................................................................................... 53 Special Benefits Analysis............................................................................................. 53 Summaryand Conclusion............................................................................................. 54 Certification...................................................................................................................... 56 Assumptions and Limiting Conditions............................................................................. 58 Addenda Appraiser Qualifications....... Property Information ............ Comparable Data .................. *Rn Addendum A Addendum B Addendum C VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Vanderbilt Beach Road Extension 11202 Immokalee Road, Naples, Collier County, Florida, 34120 Owner: Naples Associates IV LLLP Intended Use: The intended use is as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed Fee Simple Acquisition area. Intended User(s): Collier County Transportation Right -Of -Way Group PARENT TRACT BEFORE THE TAKING Current Use: Residential development Legal Description: Brentwood Lakes Plat One Tract F2, P1, F1, L11, P4, P6, P7, P5, L24, OS 10 Tax Identification: 24745002349, 24745003128, 24745002145, 24745002747, 24745003186,24745003225,24745003241,24745003209, 24745002789,24745002983 Land Area: Total: 372.75000 acres; 16,236,990 square feet Shape: Irregular Flood Zone: Zone AH Zoning: A -MHO within RFMUO-Receiving, Neutral, Sending Highest and Best Use As Vacant Residential development VALUE INDICATIONS BEFORE THE TAKING Land Value: $41,002,500 Improvements: $0 Total Market Value of Parent Tract: $41,002,500 Effective Date(s) January 7, 2021 Propertv Riehts Fee Simple The improvements located outside the proposed acquisition area are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Page 1 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 2 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PART TAKEN Identification: 151 FEE Intended Use of the Proposed The intended use of the proposed acquisition area is for Acquisition: expansion and extension of Vanderbilt Beach Road. Description: Triangular shaped parcel located along Old Vanderbilt Beach Road, the southern (rear) border of the site. Land Area: 6.19835 acres; 270,000 square feet Shape: Triangular Approximate Dimensions: Base: 1,183.35' ; Side: 540.61; Hypotenuse: 1,303.37' Existing Easements and According to the Brentwood Lakes - Plat One (PB 67 PG Encumbrances: 68) the western portion of the part taken is encumbered with the following encumbrances (from east to west): a 200' of TwinEagles Restricted Property (OR 4605, PG 2489) and a 100' of TwinEagles Buffer Property (OR 4605, PG 2489). The part taken is not encumbered by the Conservation Easement. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Improvements Taken: The part taken consists largely of preserve areas with native vegetation and is designated as Sending Lands within the Rural Fringe Mixed Use Overlay District. The eastern portion of the part taken is improved with a Cypress Canal Outfall Connection. It is assumed the outfall connection will be reestablished as part of the road construction. Therefore, there are no site improvements taken. VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN Property Rights Taken: $681,800 Improvements Taken: $0 Total: $681,800 Effective Date(s) January 7, 2021 VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $41,002,500 Less Market Value of the Proposed Part Taken: $681,800 Total Market Value of the Remainder Property, As Part of the Whole: $40,320,700 Effective Date(s) January 7, 2021 The improvements located outside the proposed acquisition area are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data Page 3 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 366.55165 acres; 15,966,990 square feet Shape: Irregular Improvements: Brentwood Lakes N.K.A. Valencia Trails Naples is a gated single-family development containing 301 single- family lots in Phase 1. Amenities will include a 43,000 square foot clubhouse, walking trails, dog park, fitness center, nail salon, cooking studio, social hall, restaurant and bar. The development will contain a total of 853 single-family lots at completion. Existing Easements and According to the Brentwood Lakes - Plat One (PB 67 PG Encumbrances: 68), the western 300 feet of the parent tract, widening to 973 feet near the southern border, is encumbered by a South Florida Water Management District Conservation Easement (OR 5621, PG 2576). The western 300 feet is designated as a Wildlife Corridor on the Master Site Plan. Additionally, the Conservation Easement encumbers areas near the center of the development. The Conservation Easement (Preservation Area) contains a total of 168.28 acres within the entire development. Finally, the western 400 feet of the parent tract, commencing approximately 4,850' south of Immokalee Road, has the following encumbrances (from east to west): 200' of TwinEagles Restricted Property (OR 4605, PG 2489), 100' of TwinEagles Buffer Property (OR 4605, PG 2489), and 100' of TwinEagles Easement Property (OR 4605, PG 2489). We are not aware of any easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Acquisition: A Fee Simple Acquisition of 270,000 square feet consisting of a triangular shaped parcel located along Old Vanderbilt Beach Road, the southern (rear) border of the site. Highest and Best Use As Vacant Single-family residential development Page 4 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING Land Value: $40,320,700 Improvement Value: $0 Total Market Value of Reminder Property: $40,320,700 Effective Date(s) January 7, 2021 The improvements located outside the proposed acquisition area are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported in the following appraisal. Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Severance Damages to the Remainder Property Value of the Whole $41,002,500 Less Value of the Part Taken $681,800 Value of the Remainder Property as Part of the Whole $40,320,700 Value of the Remainder Property as Severed $40,320,700 Difference (Severance Damages) $0 Rounded: $0 Net Cost to Cure: $0 Special Benefits: so Page 5 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Parcel No. 151 FEE Fee Value per % of Indicated Value Indicated Acre Fee perAcre Acres Value Rounded Value Total Value Parent Tract Before the Taking Land $110,000 100% $110,000 372.75000 $41,002,500 $41,002,500 Improvements $0 Total $41,002,500 Proposed Part Taken Fee Simple Land Taken- 151 FEE $110,000 100% $110,000 6.19835 $681,818 $681,800 Improvements Taken $0 Total $681,800 Remainder Property, as Part of the Whole $40,320,700 Remainder Property Land Area $110,000 100% $110,000 366.55165 $40,320,682 $40,320,700 Improvements $0 Total $40,320,700 Damages $0 Special Benefits $0 Net Damages $0 Summary of Total Compensation Fee Simple Land Taken- 151 FEE $110,000 100% $110,000 6.19835 $681,818 $681,800 Value ofImprovements Taken $0 Total $681,800 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $681,800 The improvements located outside the proposed acquisition area are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 6 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Vanderbilt Beach Road Extension 11202 Immokalee Road, Naples, Collier County, Florida, 34120 Legal Description: Brentwood Lakes Plat One Tract F2, P1, F1, L11, P4, P6, P7, P5, L24, OS10 Tax Identification: 24745002349, 24745003128, 24745002145, 24745002747, 24745003186,24745003225,24745003241,24745003209, 24745002789,24745002983 For purposes of the following analysis, the subject parent tract is defined as the southern undeveloped portion (Future Phases) of Brentwood Lakes N.K.A. Valencia Trails Naples. The entire Brentwood Lakes development consists of 563.42 acres. The subject parent tract consists of approximately 372.75 acres. The improvements located outside the proposed acquisition area are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Naples Associates IV LLLP. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The individual lots in Phase I are being marketed for sale as lot/home packages with pricing starting from the $430,000s (Shoreline Collection) to the $590,000s (Coastal Collection). To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; Page 7 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Transportation Right - Of -Way Group. The intended use is as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed Fee Simple Acquisition area. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) Page 8 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The effective date of the subject appraisal is January 7, 2021. The date of my most recent inspection was January 7, 2021. The date of the report is January 13, 2021. SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: An on -site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant and as improved highest and best use analysis for the subject has been made. Physically possible, legally permissible and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as the subject tract is analyzed as vacant land. However, the Cost Approach is utilized to estimate the contributory depreciated value of the site improvements (if any) taken. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Page 9 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 10 VANDERBILT BEACH ROAD EXTENSION MARKET AREA ANALYSIS MARKET AREA ANALYSIS Boundaries The subject is located in the north central part of Collier County in the northwestern portion of the Collier County Rural Estates Planning Community. This surrounding area is generally delineated as follows: North Immokalee and Oil Well Roads South Interstate 75 (Alligator Alley) East Two miles east of Desoto Blvd. West Generally County Road 951 Market Area Access and Linkages Primary access to the area is provided by Interstate 75 (I-75), a major arterial that runs east to Fort Lauderdale and north through Tampa, Florida; I-75 terminates to the north at the US/Canadian Border in Sault Ste. Marie, Michigan. Further access to the area from Interstate75 is by: • State Road 29 (I-75 exit 80) at Miles City. • County Highway 846 (Immokalee Road, I-75 exit 111). • Golden Gate Boulevard Overall, vehicular access is average. The subject property is accessed from Immokalee Road east of Collier Boulevard. Collier Boulevard extends from Immokalee Road to the north to Marco Island to the south. Golden Gate Boulevard West intersects with Collier Boulevard between Vanderbilt Beach Road and Pine Ridge Road. Golden Gate Boulevard West becomes Golden Gate Boulevard East, east of the Wilson Boulevard N. Wilson Boulevard N and Everglades Boulevard N provide access to Immokalee Road from the market area. Desoto Boulevard N provides access to Randall Blvd and Oil Well Rd, both of which connect to Immokalee Road. The Southwest Florida International Airport (RSW) is located about 25+/- miles from the market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The Naples Municipal Airport (APF) is approximately 15+/- miles and 30 to 40 minutes southwest. Downtown Naples is approximately 20+/- miles from the market area and 30 to 40 minutes southwest. Demographics / Demand Generators We have utilized STDB Online, an industry respected site analysis and demographic data provider, to analyze the subject's market area demand generators. For the purposes of defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee Page 11 VANDERBILT BEACH ROAD EXTENSION MARKET AREA ANALYSIS Road, Desoto Boulevard North, and Interstate 75. As shown, population and households are projected to grow by an average annual rate of approximately 1.6% per year through 2025. The average household income in the market area of $92,642 is less than the overall Collier County average of $108,633. Qesri- Demographic andIncomeProfile Estates Area: 88.47 square miles Prepared by Esri Summary Census 2010 2020 2025 Population 27,040 32,722 35,345 Households 8,956 11,137 12,052 Families 7,226 8,886 9,601 Average Household Size 3.00 2.93 2.92 Owner Occupied Housing Units 7,515 9,406 10,225 Renter Occupied Housing Units 1,441 1,731 1,827 Median Age 39.0 41.3 41.2 Trends: 2020-2025 Annual Rate Area State National Population 1.55% 1.33% 0.72% Households 1.59% 1.27% 0.72% Families 1.56% 1.23% 0.6446 Owner HHs 1.68% 1.22% 0.72% Median Household Income 1.67% 1.51% 1.60% 2020 2025 Households by Income Number Percent Number Percent a$15,000 412 3.7% 373 3.1% $15,000 - $24,999 590 5.3% 549 4.6% $25,000 - $34,999 663 6.0% 613 5.1% $15,000 - $49,999 1,319 11.8°% 1,252 10.4% $50,000 - $74,999 2,560 23.0% 2,543 21.1% $75,000 - $99,999 1,943 17.4% 2,061 17.1% $100,000 - $149,999 2,001 11 2,471 20.5% $150,000 - $199,999 1,083 9.7% 1,460 12.1% $200,000+ 566 5.1% 730 6.1% Median Household Income $75,222 $81,725 Average Household Income $92,642 $104,093 Per Capita Income $31,550 $35,520 Development Activity and Trends Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed -use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development will be anchored by The Pointe, a collection of 10 separate restaurants and other retail tenants. It will also include a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building; and a 110,000 square foot self -storage facility. The project is expected to be completed in late 2021. The new NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. A 46,000 square foot Publix opened in March 2017 at the corner of Immokalee Road and Randall Boulevard just east of the market area in the Rural Estate Planning Community. Page 12 VANDERBILT BEACH ROAD EXTENSION MARKET AREA ANALYSIS The Neighborhood Shoppes at Orangetree development will include a CVS pharmacy, Publix Liquors store, Chinese Palace restaurant, Diamond Nails salon, and another free- standing retail building. Residential growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. Outlook and Conclusions As with the overall Collier County market, the long term economic outlook for Rural Estates is positive. Total population is projected to increase slightly over the next five years and begin a more normalized pattern thereafter. The residential, agricultural and commercial markets have been improving and prior to the coronavirus outbreak the overall real estate market was projected to continue to increase at a stabilized rate through 2020. The trajectory of the Southwest Florida economy and its real estate sector will depend on how widely the virus spreads, and how long containment policies like social distancing need to be maintained. As coronavirus vaccines begin to roll out, there is optimism for 2021 as the current market disruption could be short-term. Page 13 VANDERBILT BEACH ROAD EXTENSION Market Area Map Jfnmut alee Rd Boogie i Map data (D2021 Page 14 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS - PARENT TRACT The following description is based on our property inspection, public records, and a sketch and description of the proposed take prepared by RWA Engineering. The part taken is located within Tax Identification Numbers 24745002349 which consists of 8.45 acres. The parcel corresponds to an earlier version of Parcel No. 151. Collier County has since slightly revised Parcel No. 151 to the current 6.19835 acres. As shown in the following Brentwood Lakes N.K.A. Valencia Trails Naples Master Site Plan, the part taken is identified as Future ROW Reservation. For purposes of the following analysis, the subject parent tract is defined as the southern undeveloped portion (Future Phases) of Brentwood Lakes N.K.A. Valencia Trails Naples. The entire Brentwood Lakes development consists of 563.42 acres. The subject parent tract consists of approximately 372.75 acres. Land Summary - Parent Tract Before Taking ParcelED Gross Land Area Gross Land Area Legal g (Acres) (Sq Ft) 24745002349 8.4500 368,082 Brentwood Lakes Plat One Tract F2 24745003128 122.0500 5,316,498 Brentwood Lakes Plat One Tract PI 24745002145 212.2800 9,246,917 Brentwood Lakes Plat One Tract F 1 24745002747 5.8600 255,262 Brentwood Lakes Plat One Tract Ll 1 24745003186 1.0200 44,431 Brentwood Lakes Plat One Tract P4 24745003225 1.1700 50,965 Brentwood Lakes Plat One Tract P6 24745003241 0.4100 17,860 Brentwood Lakes Plat One Tract P7 24745003209 8.2300 358,499 Brentwood Lakes Plat One Tract P5 24745002789 13.1900 574,556 Brentwood Lakes Plat One Tract L24 24745002983 0.0900 3,920 Brentwood Lakes Plat One Tract OS 10 Totals 372.7500 16,236,990 SITE Location: The parent tract is located along the south side of Immokalee Road east of Collier Boulevard with frontage along Old Vanderbilt Beach Road to the south. Current Use of the Property: Residential development Shape: Irregular Road Frontage/Access: The subject deveelopmet has average access with frontage as follows: Immokalee Road (six -lane divided County Road 846): 1,286 feet • Old Vanderbilt Beach Road (single -lane gravel road): 1,283 feet It is not a corner parcel. Visibility: Average Topography: The northern portion (Phase I) of the property is currently platted for 301 single-family homes. Site development has commenced and vertical improvements have been completed including the gate house, model homes, and several single-family homes. For purposes Page 15 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT of the following analysis, the subject parent tract is defined as the southern undeveloped portion (Future Phases) of Brentwood Lakes N.K.A. Valencia Trails Naples. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: Collier County Water: Collier County Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is street lighting along Immokalee Road. Streetlights are proposed along Vanderbilt Beach Road. • Sidewalks: There are sidewalks along Immokalee Road. Sidewalks are proposed along Vanderbilt Beach Road. • Curbs and Gutters: There are curbs and gutters along Immokalee Road. Curbs and gutters are proposed along Vanderbilt Beach Road. • Curb Cuts: The main gated entrance to the development is located along Immokalee Road. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AH, which is classified as a flood hazard area. FEMA Map Number: 12021 C 0219H & 0410H FEMA Map Date: May 16, 2012 The subject parent tract is located in the flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: We were not provided with an environmental assessment report for the purpose of this appraisal. Environmental issues are beyond our scope of expertise; therefore, we assume the property is not adversely affected by environmental hazards. Encumbrance / Easements: According to the Brentwood Lakes - Plat One (PB 67 PG 68), the western 300 feet of the parent tract, widening to 973 feet near the southern border, is encumbered by a South Florida Water Management District Conservation Easement (OR 5621, PG 2576). The western 300 feet is designated as a Wildlife Corridor on the Master Site Plan. Additionally, the Conservation Easement encumbers areas near the center of the development. The Conservation Easement (Preservation Area) contains a total of 168.28 acres within the entire development. Finally, the western 400 feet of the parent tract, commencing approximately 4,850' south of Immokalee Road, has the following encumbrances (from east to west): 200' of TwinEagles Restricted Property (OR 4605, PG 2489), 100' of TwinEagles Buffer Property (OR 4605, PG 2489), and 100' of TwinEagles Easement Property (OR 4605, PG 2489). We are not Page 16 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT aware of any easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Site Comments: The site has average and typical utility. As shown in the following Future Land Use Map and Brentwood Lakes N.K.A. Valencia Trails Naples Master Site Plan, the development consists of Receiving, Neutral, and Sending Lands within the Rural Fringe Mixed -Use Overlay (RFMUO) District. Approximately 495 acres or 88% of the development is designated as Receiving Lands. The eastern 57.44 acres of the development, including Parcel No. 151 FEE, is designated as Sending Lands within the Rural Fringe Mixed Use Overlay District. ZONING Zoning Code A -MHO within RFMUO-Receiving, Neutral, Sending Zoning Authority Collier County Zoning Description Rural Agricultural District within the Mobile home Overlay (MHO) and Rural Fringe Mixed -Use Overlay (RFMUO) with Receiving, Neutral, and Sending Lands. The purpose and intent of the RFMU district is to provide a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. Continued on next page. Page 17 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Permitted Uses The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. Allowable uses under the RFMU receiving lands include single-family residential, multi -family residential structures (if clustering is employed), family care facilities, and golf courses or driving ranges. Neutral lands have been identified for limited semi -rural residential development. Available data indicates that neutral lands have a higher ratio of native vegetation, and thus higher habitat values, than lands designated as RFMU receiving lands, but these values do not approach those of RFMU sending lands. Therefore, these lands are appropriate for limited development, if such development is directed away from existing native vegetation and habitat. Sending lands are those lands that have the highest degree of environmental value and sensitivity and generally include significant wetlands, uplands, and habitat for listed species. Current Use Legally Conforming The subject is legal and conforming use. Minimum Lot Area (SF) 5 acres (not clustered); Clustered: Single-family 4,500 SF min. and 1 acre max.; Multi -family: 1 acre min. with no max. Minimum Floor Area (SF) 550 square feet Minimum Street Frontage (Feet) 165 (not clustered); 40 (Interior clustered lots) Front and Rear Set Back Distance (Feet) 50 (not clustered); 20 (Front clustered lots); 15 (Rear clustered lots) Side Yard Distance (Feet) 30 (not clustered); 6 (clustered lots) Maximum Density/FAR 1/du per 5 acres; No maximum coverage ratio. Maximum Density of 1/du per acre through TDR credits and TDR bonus credits with additional density allowed through other density bonuses of 0.2 units per acre. Maximum Building Height (Feet) Single-family: 35 feet; Multi -family: 5-stores not to exceed 60 feet Zoning Comments We were not supplied with a survey indicating building setbacks and have assumed that the improvements conform to current building codes. Future Land Use Designation Rural Fringe Mixed Use Overlay District - Receiving, Neutral, and Sending Lands Page 18 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT RFMU receiving lands are those lands within the RFMU district that have been identified as being most appropriate for development and to which residential development units may be transferred from RFMU sending lands. Based on the evaluation of available data, RFMU receiving lands have a lesser degree of environmental or listed species habitat value than RFMU sending lands and generally have been disturbed through development or previous or existing agricultural operations. Various incentives are employed to direct development into RFMU receiving lands and away from RFMU sending lands, thereby maximizing native vegetation and habitat preservation and restoration. Such incentives include, but are not limited to: the TDR process; clustered development; density bonus incentives; and, provisions for central sewer and water. Within RFMU receiving lands, the following standards shall apply, except as noted in subsection 2.03.08 A. I. above, or as more specifically provided in an applicable PUD. Maximum Density. (a) Base density. The base residential density allowable within RFMU receiving lands, exclusive of the applicable density blending provisions set forth in section 2.05.02, is 1 unit per 5 gross acres (0.2 dwelling units per acre) or, for those legal nonconforming lots or parcels in existence as of June 22, 1999, 1 unit per lot or parcel. Additional density i. Additional Density Allowed Through the TDR Process. Outside of rural villages, the maximum density achievable in RFMU Receiving Lands through TDR credits and TDR Bonus Credits is 1 dwelling unit per acre. a) Clustering Required. Where the transfer of development rights is employed to increase residential density within RFMU receiving lands, such residential development shall be clustered in accordance with the following provisions: i) Central water and sewer shall be extended to the project. Where County sewer or water services may not be available concurrent with development in RFMU receiving lands, interim private water and sewer facilities may be approved. ii) The maximum lot size allowable for a single-family detached dwelling unit is 1 acre. iii) The clustered development shall be located on the site so as to provide to the greatest degree practicable: protection for listed species habitat; preservation of the highest quality native vegetation; connectivity to adjacent natural reservations or preservation areas on adjacent developments; and, creation, maintenance or enhancement of wildlife corridors. b) Minimum Project Size. The minimum project size required in order to receive transferred dwelling units is 40 contiguous acres. ii. Additional density Allowed Through Other Density Bonuses. Once a density of one (1) unit per acre is achieved through the use of TDR credits and TDR Bonus credits, additional density may be achieved as follows: a) A density bonus of 0.1 unit per acre shall be allowed for the preservation of additional native vegetation as set forth in Section 3.05.07 E. 1. of the Code. b) A density bonus of 0.1 units per acre shall be allowed for projects that incorporate those additional wetlands mitigation measures set forth in Section 3.05.07 F. 4. b. of the Code. Page 19 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Aerial - Parent Tract For purposes of the following analysis, the subject parent tract is defined as the southern undeveloped portion (Future Phases) of Brentwood Lakes N.K.A. Valencia Trails Naples. Valencia Trails Naples is a gated single-family development containing 301 single-family lots in Phase 1. Amenities will include a 43,000 square foot clubhouse, walking trails, dog park, fitness center, nail salon, cooking studio, social hall, restaurant and bar. The development will contain a total of 853 single-family lots at completion. Approximate boundary lines of parent tract shown in blue. Page 20 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Zoning Map Page 21 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Future Land Use Map IMMOK, .T BEACH RD RIDGE RD Parent Tract Part Taken AGRICULTURAL I RURAL �gURGLFRlNGE O OESIGRAMON QAORICULNRALIRURAL MIAEL UBE MIXED USE Di- J UIEIRICT giceN�iR LieCS - SeidlnR Lanas O �„ Neinrai yams L J Page 22 VANDERBILT BEACH ROAD EXTENSION Plat — Brentwood Lakes SITE ANALYSIS - PARENT TRACT Brentwood Lakes - Plat One i PLAT BOOK -1 PAGE .-' . ` o'm_r A SUBOfV?SrW LOCATED fN r •r SFIEEi 2 OF 16 KEYMAP cur ra...o-ro. SECTIONS 79. 30• 31 AND 32, 70NNSMP 48 SOUTK RANGE 17 EAST COLLIER COUNTY, FtORIOA _ ......... ._-.... 1 n r x Part Taken Phase I .r ' - SHEET'1S_1 SHEET IB __ _ {Ili— SHEET lO ccw r :r-•rim A, � 4 TM � a i 4P �'• w.r.: �, '', m' �� wl � Parent Tract � k•x y y} _ s a � r nHer n w.• •- a � p SHEETS SWEET 12 aka �� .+rr vr• i I $v '�• {t �6 4 — � rxmr . t yr y7� I , •.w 3' r i � xrr r a' Chu` ¢ 1 qqR i SHEET 15 •7 QV� M1� fl 1, � "i.� r ` �' •" �t Tarry .e, n � i rrr I wrr w t K r' _ i I , �5--....Qy x.p.•-' Y , 1 SHEET6 a: °i vn.rc i •,Irv.. r - —__—..—+ L .r 1 t r EI IRI r —__ ...-.... acn. ,>.'rrrY' SHEETS l E , I; � � � SHEET 14 t r j f�[, PONY OF BE[NlfINC y,n•sxa g i I 3 1 I g e� na wr.rnrvccivnaaaxnnte.er�rrh •.necvcxr, c••--awn, nacw ac SHEET 11 w la _J__________..J k :a v u rw rem : v"`i,,e""°�.n:: nas° w�c 5 ,ar, •n • _ :� rIa Y q rn.'a' [.si r r. aawaas ,wr wm,$oruws x.�� w.. x ue.ss exrr�,.a ... .r rm,au ..o ovx 1 I lerrl ti Pi� ei 4 =yy$ vs<.rm g8i a 'Iiia aT g!a Ty ,. wrrsx[wbrwwwnrs eau 1 i 1 a �� A 3 o..... ,a.s .� a ,.s d w.e mi, m.y. P ,y • _•[ v rw ,.e a.[rr r, n. .,... vo r 1. RAMES k RHODES ! SUR 6T Ma�rNC- ?r f !� ND � ww ti .[ r�r•va �.�s rrtn 9*r w via r a v n !�M «f iw��onf>ail �-�!s IIV� eu'xii uIXr3 .A Page 23 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Plat — Brentwood Lakes o 1 a A E --_-__-______-_-_-_-__-- U---- _---------------r- -------- SQ275'29'� E3@. t2 2w f a P �u TFACi'P8_ _1_____-...___-_ N 07'1929W - _ _ 190i. T9' � PG. 2, N 027529' u' :pi t ti ry �q f9096' V Lb — TWT °�z'" "@' W �0 Part Taken TRACT 'C24" rTq A.6.4Ad�a E.RA.6I N ifs 22 h 2046" T N 027529" W 75f15T' K r` I . W i r Y n 1 �:kd �• ui ti r. iv ¢�t 1 i 1 � ___ ------------------- • 4 L} 1 ` 7G0':KSfi�3 Lip- d60.S PG. 79@9 RESo. clul1• 1 • i = U I " -- �---- n r _IL------------------- ------------- ------------------------- del rcn' nwr+€Acaes ee'nxre c� � .-______ _L_____-_-.____ --'� -.�A 1� � ��i . 1 EJ 5[)lfNT PRA°ER i1 M ML- LM @k S N. }i. 282. i pRA -F 7652 h m 1 sEC-'7 27 2682.70 E LFz IMf SE2>/i N p27fi77� N� CF Af1ED �" Page 24 VANDERBILT BEACH ROAD EXTENSION Master Site Plan Phase l SITE ANALYSIS - PARENT TRACT -- -------- :-f w, Parent Tract ------------ ---------------- - ------ ------ ------ ------ ------ ------ - -------------- -------------- - - ------------------ - ------ --- ;7-A17 Part Taken Page 25 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Aerial — Site Plan Page 26 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Immokalee Road (six -lane divided County Road 846) - Easterly Immokalee Road (six -lane divided County Road 846) - Westerly (Photo Taken on January 7, 2021) Page 27 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Old Vanderbilt Beach Road (single -lane gravel road) - Easterly Old Vanderbilt Beach Road (single -lane gravel road) - Westerly (Photo Taken on January 7, 2021) Page 28 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Part Taken Typical View - Northerly Photo Taken on January 7, 2021) r f� IC • J . _r Part Taken Typical View - Westerly (Photo Taken on January 7, 2021) Page 29 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Cypress Canal Outfall Connection within Part Taken — Northerly Cypress Canal Outfall Connection within Part Taken — Southerly (Photo Taken on January 7, 2021) Page 30 VANDERBILT BEACH ROAD EXTENSION REAL ESTATE TAXES AND ASSESSMENTS REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non -homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non -homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non -homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The parent tract is comprised of multiple Tax Identification Numbers with differing assessed values. The common areas are typically assessed at $100 with no taxes due. Real Estate Assessment and Taxes Tax ID Land Improvements Total Tax Rate Special Ad Valorem Total Taxes Assessment Taxes 24745002349 $683,774 $0 $683,774 1.13% $0.00 $7,732.39 $7,732 24745003128 $100 $0 $100 1.13% $0.00 $1.13 $1.13 24745002145 $17,177,698 $0 $17,177,698 1.43% $0.00 $245,785.37 $245,785 24745002747 $100 $0 $100 1.43% $0.00 $1.43 $1.43 24745003186 $400 $0 $400 1.13% $0.00 $4.52 $4.52 24745003225 $400 $0 $400 1.43% $0.00 $5.72 $5.72 24745003241 $400 $0 $400 1.43% $0.00 $5.72 $5.72 24745003209 $400 $0 $400 1.43% $0.00 $5.72 $5.72 24745002789 $100 $0 $100 1.13% $0.00 $1.13 $1.13 24745002983 $100 $0 $100 1.13% $0.00 $1.13 $1.13 Totals $17,863,472 $0 $17,863,472 $253,544 Notes: The 2020 taxes have been paid. The assessment for the developable parcels (220.73 acres) is $80,920 per acre prior to exemptions. Based on our valuation analysis, the subject's assessment appears low. Page 31 VANDERBILT BEACH ROAD EXTENSION HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As If Vacant Physically Possible The parent tract is 372.75000 acres or 16,236,990 square feet. The development has 1,286 feet of frontage along Immokalee Road (six -lane divided County Road 846) and 1,283 feet along Old Vanderbilt Beach Road (single -lane gravel road). The physical characteristics of the subject tract should reasonably accommodate any use that is not restricted by its size. The subject's utilities are typical and adequate for the market area. The parent tract is irregular in shape. The site is located in a FEMA flood zone AH area per FEMA Flood Map Number: 12021 C 0219H & 0410H, dated May 16, 2012, which is classified as a flood hazard area. There are no known physical reasons that would unusually restrict development. The site is considered to have a functional utility suitable for a variety of uses. Legally Permissible The subject site is zoned within the Rural Agricultural District within the Mobile home Overlay (MHO). It is also located within the Rural Fringe Mixed Use Overlay (RFMUO) District with Receiving, Neutral, and Sending Lands. The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the I The Dictionary of Real Estate Appraisal 61 ed. (Chicago: Appraisal Institute, 2015) Page 32 VANDERBILT BEACH ROAD EXTENSION HIGHEST AND BEST USE 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. Allowable uses under the RFMUO receiving lands include single-family residential, multi -family residential structures (if clustering is employed), family care facilities, and golf courses or driving ranges. Neutral lands have been identified for limited semi -rural residential development. Available data indicates that neutral lands have a higher ratio of native vegetation, and thus higher habitat values, than lands designated as RFMU receiving lands, but these values do not approach those of RFMU sending lands. Therefore, these lands are appropriate for limited development, if such development is directed away from existing native vegetation and habitat. Sending lands are those lands that have the highest degree of environmental value and sensitivity and generally include significant wetlands, uplands, and habitat for listed species. The majority of the property, approximately 88%, is designated as Receiving Lands. According to the Brentwood Lakes - Plat One (P13 67 PG 68), the western 300 feet of the parent tract, widening to 973 feet near the southern border, is encumbered by a South Florida Water Management District Conservation Easement (OR 5621, PG 2576). The western 300 feet is designated as a Wildlife Corridor on the Master Site Plan. Additionally, the Conservation Easement encumbers areas near the center of the development. The Conservation Easement (Preservation Area) contains a total of 168.28 acres within the entire development. Finally, the western 400 feet of the parent tract, commencing approximately 4,850' south of Immokalee Road, has the following encumbrances (from east to west): 200' of TwinEagles Restricted Property (OR 4605, PG 2489), 100' of TwinEagles Buffer Property (OR 4605, PG 2489), and 100' of TwinEagles Easement Property (OR 4605, PG 2489). We are not aware of any easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only residential uses consistent with the approved plat and RFMUO are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. From 2006 through early/mid 2011 the Southwest Florida real estate market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and recession. The residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Aside from some signs of an upcoming decline, characterized by positive but falling demand, the overall real estate market was projected to continue to increase at a stabilized rate prior to the coronavirus outbreak. The trajectory of the Southwest Florida Page 33 VANDERBILT BEACH ROAD EXTENSION HIGHEST AND BEST USE economy and its commercial real estate sector will depend on how widely the virus spreads, and how long containment policies like social distancing need to be maintained. As coronavirus vaccines begin to roll out, there is optimism for 2021 as the current market disruption could be short-term. On this basis, barring unforeseen changes in the market, a well -designed residential product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Residential development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, Residential development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size, class, and location of the property, the most probable buyer is a builder or developer. Page 34 VANDERBILT BEACH ROAD EXTENSION VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 35 VANDERBILT BEACH ROAD EXTENSION VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because the subject tract is analyzed as vacant land. However, the Cost Approach is utilized to estimate the contributory depreciated value of the site improvements (if any) taken. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 36 VANDERBILT BEACH ROAD EXTENSION SALES CowARISON APPROACH VALUATION ANALYSIS OF PARENT TRACT SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 37 VANDERBILT BEACH ROAD EXTENSION SALES CowARISON APPROACH Comp Address Date Price City Acres Price Per Acre Comments Subject 11202 hrmtokalee Road 1/7/2021 Naples 372.750 1 14600 - 14720 Collier Blvd 3/22/2019 $7,500,000 Agricultural acreage located along the east side of Cotter Blvd just south of Tree Farm Road. Contract was dated August 16, 2017 and was contingent on retuning from Agriculture (A) within the Urban Residential FLU and Special Treatment Overlay Zone W-4 to RPUD to allow for up to 148 single family, two family and/or multi -family units which was approved in July 2018 and the final plat was approved in October. Toll Brothers will develop site with Abaco Naples 37.546 $199,755 Pointe, attached villa homes, priced from the low $300,OOOs. The site was listed for $9 million and marketed as potential to re -zone to PUD. 2 14929 and 15253 Wildflower Circle 8/6/2019 $7,500,000 No agents were involved in the transaction. The property win be developed as townhomes in the $300K +/- price range. Rushton Pointe RPUD was approved on 4124/2018. Previous inning was Agricultural. Development calls for 18.66 acres ofresidential building area, 2.81 Naples 38.100 $196,850 acres of preserve in the rear ofthe property, 10.21 acres oflakes, 5.12 acres ofrightof-way and 1.30 acres of landscaped buffers. Development requires a right cum with decel lane on Collier Blvd. 3 SWC Inumkalee Rd and Richards St 9/17/2020 $5,130,000 Heavily treed parcel located at the SWC ofluanokalee Rd and Richards St located across from Heritage Bay Golf & Country Club. Property was pending to (Zuckemen Homes) and contingent on rezoning to RPUD for 77 single-family homes which was approved 7/21/2020 by the BOCC. Density was based on base density ofO.2 dwelling units per acre plus bonuses Naples 37.620 $136,364 for preservation and TDRa. The approved master plan shows 9.63 acres ofproserve, 3.86 acres of lakes and 4.80 acres of open space. RJH B, LLC closed on the property from Carole Construction ofNaples for $1,155,000 plus $510,000 for 56.35 acres of land within the North Belle Meade NRPA sending area for TDR credits (seller: James A Brown) and sold the fully entitled property to Palle Homes on the same day (9/17/20) for a total price of $4,620,000 (5818/3162) plus $510,000 (5818/3166) for the sending area lands for TOR Credits. 4 Tamniami Tmd E (US 41) 10/30/2018 $65,454,080 Sale of 516.275 acres fully entitled for 1,250 dwelling units located east ofthe Fiddler's Creek entrance along the south side ofTanuami Trail E (US 41). The sale reportedly included a redemption of210 acres (OR 5572/457) that was previously part ofthe TM Oyster Harbor, Naples 516.275 $126,781 LLC(JVbetween Fiddler's Creek and Taylor Morrison). Taylor Morrison kept 209.88 acres and entitlements for 500 dwelling units which were valued at $29,454,080. Taylor Morrison purchased an additional 306.39 acres and entitlements for 750 dwelling units (OR 5568/3814) for $36 million. The total purchase price equates to $65,454,080. g Tarar—Trail E 6/21/2018 $11,395,500 Phase 3 of Winding Cypress located along the north side ofTamianri Trail F, just east of Collier Blvd (CR 951). An assignment and limitation ofdensity rights was recorded 6/21/18 (OR 5524/3475) for a =of 301 single-family homes. A plat for 202 single-family lots was Naples 96.420 $118,186 recorded in Nov. 2018. DiVosta purchased Phase I (850 acres) of Winding Cypress in May 2015 and the subject purchase was reportedly contracted in approximately June 2016. This was reportedly the final phase and final option for land. New single-family homes are marketed starting at $312,990. Page 38 VANDERBILT BEACH ROAD EXTENSION SALES CowARISON APPROACH Comparables Map W Audubon Corkscrew Swamp Sa rent u ary-0 N LINE... Bonita Springs Ave Maria Harker ,. rarrg�tree �`� C�-- Norh N; ai Na P les Florida Golden Gate Pan#her National *s Wildlife,., Le ly Lely Picayune Strand State Forest Jerome Map data@2021 600g3 , INEGI Page 39 VANDERBILT BEACH ROAD EXTENSION SALES CowARISON APPROACH Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 40 VANDERBILT BEACH ROAD EXTENSION SALES CowARISON APPROACH Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Vanderbilt Beach Road Abaco Pointe Meadowwood Ventana Pointe Esplanade by the Islands Winding Cypress Phase 3 Faacnsion Address 11202 Irmnokalee Road 14600- 14720 Collier 14929 and 15253 SWC Immokalee Rd and Tamiami Trail E (US 41) Taxman i Trail E Blvd Wildflower Circle Richards St City Naples Naples Naples Naples Naples Naples Date 1/7/2021 3/22/2019 8/6/2019 9/17/2020 10/30/2018 6/21/2018 Price $7,500,000 $7,500,000 $5,130,000 $65,454,080 $11,395,500 Acres 372.75 37.55 38.10 37.62 516.28 96.42 Acre Unit Price $199,755 $196,850 $136,364 $126,781 $118,186 Transaction Adjustments Property Rights Fee Simple Fee Simple 0.0% Fee simple 0.00/, Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Cash to Seller 0.00/6 Cash sale 0.00/. Cash to Seller 0.00/, Cash to seller 0.0% Cash to seller 0.0"/0 Conditions of'Sale Ands Length 0.0% Arms length 0.0% Ands length 0.0% Arms Length 0.0% Arm's Length 0.0% Adjusted Acre Unit Price $199,755 $196,850 $136,364 $126,781 $118,186 Market Trends Through 1/7/2021 5.0o/ 9.21/. 7.2% 1.5% 11.3% 13.3% Adjusted Acre Unit Price $218,091 $211,020 $138,421 $141,091 $133,848 Location Rural Estates Rural Estates Urban Estates Rural Estates South Naples South Naples %Adjustment 0% 0% o% to% 10% $Adjust-t 372.75 $0 37.55 $0 38.10 $0 37.62 $14,109 516.28 $13,385 96.42 Acres %Adjustment 1 -301/. -301/. -30% 01/. -15% $Adjustment Cleared; 35% -$65,427 Treed; 21%preserve -$63,306 Treed with approx 34% 441,526 Treed with approx 600/, $0 Crazing Land with approx -$20,077 Treed with approx 27% Topography wetlands/preserve wetlands/preserve Wetlands 6%wetlands/preserve wetlands/preserve %Adjustment 01/. 5% 20% -25% 0% $Adjustment A -MHO withinRFMUO- $0 A -Urban Residential $10,551 RPUD-Urban Residential $27,684 RPUD-RFMUO- -$35,273 PUD-RFMUO-Neutral $o PUD-Urban Res Fringe Zoning Type Receiving, Neutral, Sending Receiving %Adjustment -15% -200/, -]0% -10"/0 -too/0 $Adjustment 1.51 du/acre -$32,714 3.94 -$42,204 6.01 -$13,842 2.05 -$14,109 2.42 -$13,385 2.10 Donsdy %Adjustment 0"/0 0% 0% 0% 0% $Adjustment $0 $0 $0 $0 $0 Adjusted Acre Unit Price $119,950 $116,061 $110,736 $105,818 $113,771 Net Adjustments 45.0% -45.0% -20.0% -25.0% -15.091. Gross Adjustments 45.0% 55.0% 60.0% 45.0% 35.0% Page 41 VANDERBILT BEACH ROAD EXTENSION SALES COMI'ARISON APPROACH Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends There have been relatively few large land transactions in Collier and Southern Lee Counties to develop a meaningful economic trends analysis. In its 3rd Quarter 2020 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 3.88% increase in home prices (all -transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 8.43% over the past year (3Q 2019 - 3Q 2020) which was 16th in the nation. Based on the preceding analysis a market conditions adjustment of 5.0% per year is applied. Location The subject consists of a single-family residential development in Rural Estates. The parent tract is accessed from Immokalee Road (C.R. 846). Comparables 1 and 2 have frontage along Collier Boulevard (C.R. 951) within Rural and Urban Estates. They are both considered similar overall in terms of location. Comparable 3 is also located in Rural Estates, along Immokalee Road east of Collier Boulevard (C.R. 951), just west of the subject. It is considered similar to the subject and no adjustments are required. Comparables 4 and 5 are located east of Collier Boulevard (C.R. 951) in South Naples. Overall they are considered to have an inferior location and are adjusted upward accordingly. Size The subject parent tract consists of 372.75 acres. Size and price per acre are typically inversely related. Comparables 1, 2, and 3 are all significantly smaller in size and adjusted downward appropriately. Comparable 4 is considered relatively similar overall; Page 42 VANDERBILT BEACH ROAD EXTENSION SALES CowARISON APPROACH therefore, no adjustments are required. Comparable 5 is adjusted downward for its smaller size appropriately. Topography / Wetlands For this analysis, the subject is cleared and partially filled. The entire Brentwood Lakes Plat, consisting of 563.42 acres, has 197.74 acres or 35% preserve, archaeological, and wetland acreage. Comparables 1 and 5 have a lower percentage of wetland/preserve areas; however, they were heavily treed at time of sale. Overall, no adjustments are required. Comparable 2 has a similar percentage of wetland/preserve area; however, it was heavily treed at time of sale. It is adjusted upward accordingly. Comparable 3 was heavily treed at time of sale. Additionally, according to the listing agent, it consists of approximately 60% wetlands. The approved master plan designates approximately 50% of the site as preserve, lakes, or open space. This comparable is adjusted upward accordingly. Comparable 4 was cleared grazing land with only approximately 6% wetlands/preserve area. It is adjusted downward accordingly. Zoning The subject is located within the Rural Agricultural District within the Mobile home Overlay (MHO). The Future Land Use is Rural Fringe Mixed Use Overlay District — with Receiving, Neutral, and Sending Land designations. The majority of the property, approximately 88%, is designated as Receiving Lands. The base residential density allowable within RFMU receiving lands, is 1 unit per 5 gross acres (0.2 dwelling units per acre). However, additional density is allowed through the TDR process. The maximum density achievable in RFMU Receiving Lands through TDR credits and TDR Bonus Credits is 1 dwelling unit per acre. Once a density of one (1) unit per acre is achieved through the use of TDR credits and TDR Bonus credits, additional density may be achieved for the preservation of additional native vegetation and for projects that incorporate those additional wetlands mitigation measures. Comparable 1 was purchased contingent on rezoning from Agriculture (A) to RPUD to allow for up to 148 residential units. It is located within the Urban Residential Future Land Use which allows for a maximum of up to 16 dwelling units per acre. Unlike the subject, it does require a rezone from Agriculture as it is not located within a Receiving Area. Overall, it is considered superior for its location within the Urban Residential Future Land Use. The adjustment also considers the time and cost associated with rezoning the property. Comparable 2 is also located within the Urban Residential Future Land Use Designation. It was zoned RPUD at time of sale. It is adjusted downward accordingly. Page 43 VANDERBILT BEACH ROAD EXTENSION SALES CowARISON APPROACH Comparables 3, 4, and 5 all had PUD zoning at time of sale. Comparables 3 and 4 are both located within the Rural Fringe Mixed Use Overlay District as Receiving and Neutral Designations respectively. They were both approved for densities greater than 2 dwelling units per acre through the PUD process and are considered superior to the subject. Comparable 5 is located within the Urban Residential Fringe Subdistrict which allows for a maximum base density of 1.5 units per acre. However, bonus density can be achieved. Comparable 5 was approved at a density of 2.10 dwelling units per acre and is considered superior to the subject. Density The subject is located within the Rural Fringe Mixed Use Overlay District and consists largely (approximately 88%) of Receiving Lands. The development is approved for a maximum of 853 dwelling units over a total of 563.42 acres indicating a density of 1.51 du/acre. The differing densities were analyzed within the previous zoning adjustment. Sales Comparison Approach Conclusion — Land Valuation All of the value indications have been considered in arriving at my final reconciled per acre value of $110,000. Land Value Ranges & Reconciled Values Number of Comparable s : 5 Unadjusted Adjus to d % A Low: $118,186 $105,818-10.46% High: $199,755 $119,950-39.95% Average: $155,587 $113,267-27.20% Reconciled Value/Unit Value: $110,000 Subject Size: 372.75000 Indicated Value: $41,002,500 Reconciled Final Value: $41,002,500 Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local retail market it is our opinion that the probable marketing and exposure time for the parent tract is 12 months. Page 44 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY DESCRIPTION OF PART TAKEN Parcel No. 151 FEE is a Fee Simple Acquisition for the expansion and extension of Vanderbilt Beach Road from Collier Boulevard to 16th Street NE. Plans include a new six -lane divided roadway with pedestrian and bicycle facilities extending from the existing Vanderbilt Beach Road (east of Collier Boulevard [CR 951 ] to the Curry Canal); a new four -lane roadway from Curry Canal to east of Wilson Blvd.; and a two-lane roadway from Wilson Blvd. to 16th Street NE. Other proposed enhancements include improvements to Massey Street, and to the existing intersections at Weber Blvd., Danbury Blvd., and Douglas Road. New signalized intersections are proposed at Wilson Blvd., 8th Street NE, and 16thStreet NE. In addition, plans call for a potential canal relocation (south of the roadway) from 31 st Street NW to 15thStreet NW, three new canal bridges, and stormwater management ponds. The part taken consists of a triangular shaped parcel located along Old Vanderbilt Beach Road, the southern (rear) border of the site. Land Area: Total: 6.19835 acres; 270,000 square feet Shape: Triangular Approximate Dimensions: Base: 1,183.35' ; Side: 540.61; Hypotenuse: 1,303.37' Existing Easements and According to the Brentwood Lakes - Plat One (PB 67 PG Encumbrances: 68), the western 300 feet of the parent tract, widening to 973 feet near the southern border, is encumbered by a South Florida Water Management District Conservation Easement (OR 5621, PG 2576). The western 300 feet is designated as a Wildlife Corridor on the Master Site Plan. Additionally, the Conservation Easement encumbers areas near the center of the development. The Conservation Easement (Preservation Area) contains a total of 168.28 acres within the entire development. Finally, the western 400 feet of the parent tract, commencing approximately 4,850' south of Immokalee Road, has the following encumbrances (from east to west): 200' of TwinEagles Restricted Property (OR 4605, PG 2489), 100' of TwinEagles Buffer Property (OR 4605, PG 2489), and 100' of TwinEagles Easement Property (OR 4605, PG 2489). We are not aware of any easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Page 45 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN Proposed Improvements Taken: The part taken consists largely of preserve areas with native vegetation and is designated as Sending Lands within the Rural Fringe Mixed Use Overlay District. The eastern portion of the part taken is improved with a Cypress Canal Outfall Connection. It is assumed the outfall connection will be reestablished as part of the road construction. Therefore, there are no site improvements taken. Aerial - Part Taken Approximate boundary lines of 151 FEE are shown in blue. Page 46 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN Plat - Part Taken TRAcr v 1 I I G.R PRESERVE 7/ `r �. °asro- n I I ( IL J 04 I l�_ oAEly 9�ACE, n.E)_ stir %�7� ti II II I ��FT: C1StJ� h5 0 I I G1 j L I I i i I I I 1 � I LlA>5 � I L ld9 I 37 _j0 8 \5 fw oRvm Pn 3� 4 27 1✓�5 j`/ r °Fz° DEMCFMEMr, r.A.£.) x SL. d0' X BO' UmlTY EASEMENT O.R. 3003, PAGE 31SS $�CRGY 5-49-77 8G' OF (PLAT 9GCK 4, PAGE 101) GOLDEN GATE ESTA7ES UNIT No. 10 (PLAT HOGK 4 PAGE 107) Approximate boundary lines of 151 FEE are shown in blue. o I I II N c7ld m m j Iryry Cn5 N N# I t o C737 w E / M1/ / I I I Crf9 �o' CA5 I I I C789 ` 2s' 0. I k I I I 1 M..0 I I I _ I 1 1�� 90G' co' unum a ACC55 EASEMENT II I� I 0.R. SS:A PAGE 29] I � I I I I Page 47 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN Sketch and Legal Description of Proposed Part Taken 1 N EAST LINE a WEST 1/2 OF SDImn1EST 19 OF SECTION f w E I $ MAPLES ASSOCIATES IVLL1P OR 4996/3963 Win NEST T/I OF SOURRIEST 1/4 OF SECTION 32. TOM 64P 46 c� SOUTH, RANGE 27 EAST afl°� HH � a � 0 3 P01NT OF OWMENCEMEN ,�(i"� t� � ti � � g �, I �wS n T43'43'EPROPOSED ...t3 k FEE 10 E4st PARCEL100.00' 151 270.000 SO. FT. NO2'16'17'W 28.25' :.. +' _ OF SECTION 32 _ T —~l RITTER.RITER. SCOTi i4 TFACr717" = DEB` `SjjT'- BEGINHIN�G I 4CALEER, RICKY J & 1 COL}IER CWII' OR 2719/697 CHRISTINA L OR 4260/2807 TRACT 17 I 5I OR 2514/238 SQ-FT. SQUARE FEET FEE PROPOSED FEE SIMPLE ACQUISTION OR OFFICIAL RECORDS (B001(/PAGE) T ROW PROPOSED FEE SIMPLE PARCEL L l I •O JUL 17 2020 LEGAL DESCRIPTION (PARCEL 151 FEE) A PORTION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 32. TOWNSFNP 46 SOUTH, RAKE 27 EAST, COWER COUNTY, FLORIDA BEING MORE PARrCLURLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 32; THENCE k8733'4C E., ALONG THE SOUTH LINE OF SAID SECTION 32. FOR 100-00 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL: THENCE R02'16'17'W., FOR 20.25 FEET TO A POINT ON A CURVE; THENCE NDRTHEASTERLY 1,303.37 FEET ALONG THE ARC OF A NON -TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS Or 2,740.00 FEET THROUGH A CENIRAL ANGLE OF 2r1S'1B' AND BEING SUBTENDED BY A CHORD WHICH BEARS N,B4'00'59'E- FOR 1,291,11 FEET TO A POINT ON THE EAST LINE OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SAJD SECTION 32; THENCE S.0715'30'E-, ALONG SAID EAST LINE, FOR 540-61 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 32, THENCE S.6732'49'W., ALONG SAID SOUTH LINE, FOR 1,183.33 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; i HIIIIII+ CONTAINING 270.0DO SQUARE FEET MORE OR LESS. ; � . ■lcha£l BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE. CIS �� with % to i -INa►+dSuf+e,'' v 10C Tao fHN'HHH'HF' Hm SKETCH It DESCRIPTION ONLY nanw Hp a NOT A BOUNDARY SURVEY DCAM V-No' FOR- COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COLWS90HERS tM �m YA D111M1LT REACH ROAD EXTENSION > SKETCH & DESCRIPTION Or: PROPOSED PEE S7AIPiE ACQUISMON �10 �P�.�rii w II0D PARCEL 151 MEaim Iznl6v'r NrAX pXryE MAM COLLIER COUNTY. PLURLDA ENGINEERING 060119-06.00 1 2 1 32 1 48S 1 27E� Page 48 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN The market value of the fee simple interest of the parent tract was previously estimated via the Sales Comparison Approach to have a unit value of $110,000 per gross acre. The part taken is valued as part of the whole; therefore, this value will serve as a basis of value for the valuation of the property rights taken. As previously stated, Parcel No. 151 FEE is a Fee Simple Acquisition for the expansion and extension of Vanderbilt Beach Road from Collier Boulevard to 16th Street NE. Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) According to the Brentwood Lakes - Plat One (PB 67 PG 68), the western 300 feet of the parent tract, widening to 973 feet near the southern border, is encumbered by a South Florida Water Management District Conservation Easement (OR 5621, PG 2576). The western 300 feet is designated as a Wildlife Corridor on the Master Site Plan. Additionally, the Conservation Easement encumbers areas near the center of the development. The Conservation Easement (Preservation Area) contains a total of 168.28 acres within the entire development. Finally, the western 400 feet of the parent tract, commencing approximately 4,850' south of Immokalee Road, has the following encumbrances (from east to west): 200' of TwinEagles Restricted Property (OR 4605, PG 2489), 100' of TwinEagles Buffer Property (OR 4605, PG 2489), and 100' of TwinEagles Easement Property (OR 4605, PG 2489). We are not aware of any easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. A deduction for the private easements is not considered in the following analysis at the request of the client, Collier County. Therefore, Parcel No. 151 FEE includes 100% of the fee simple value resulting in an estimated overall unit value. Page 49 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN Value of Improvements Taken The part taken consists largely of preserve areas with native vegetation and is designated as Sending Lands within the Rural Fringe Mixed Use Overlay District. The eastern portion of the part taken is improved with a Cypress Canal Outfall Connection. It is assumed the outfall connection will be reestablished as part of the road construction. Therefore, there are no site improvements taken. The concluded value of the Land and Property Rights Taken as well as the Improvements Taken is shown in the following table. Value Indications Proposed Property Rights and Improvements Taken Fee Value per o Indicated Value Acres Indicated Rounded Total Value Acre �o of Fee Der Acre Value Value Proposed Part Taken Fee Simple Land Taken -151FEE $110,000 100% $110,000 6.19835 $681,818 $681,800 Improvernents Taken $0 Total $681,800 The valuation of the remainder property, as part of the whole is shown in the following table. VALUE INDICATIONS REMAINDER PROPERTY, As PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $41,002,500 Less Market Value of the Proposed Part Taken: $681,800 Total Market Value of the Remainder Property, As Part of the Whole: $40,320,700 Effective Date(s) January 7, 2021 Page 50 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF REMAINDER PROPERTY AS SEVERED VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED DESCRIPTION OF REMAINDER PROPERTY AS SEVERED The parent tract consists of 372.75000 acres or 16,236,990 square feet. Prior to the taking, the parcel consists of approximately 372.75000 acres. After the taking, the parcel will consist of approximately 366.55165 acres. The remainder property will consist of 366.55165 acres or 15,966,990 square feet. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. Further, the part taken consists of sending lands within the RFMU. Sending lands are those lands that have the highest degree of environmental value and sensitivity and generally include significant wetlands, uplands, and habitat for listed species. REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 366.55165 acres; 15,966,990 square feet Shape: Irregular Road Frontage/Access: The remainder property has average access with frontage as follows: • Immokalee Road (six -lane divided): 1,286 feet • Vanderbilt Beach Road (new six -lane divided): Approximately 1,403 feet It is not a corner lot. Improvements: Brentwood Lakes N.K.A. Valencia Trails Naples is a gated single-family development containing 301 single- family lots in Phase 1. Amenities will include a 43,000 square foot clubhouse, walking trails, dog park, fitness center, nail salon, cooking studio, social hall, restaurant and bar. The development will contain a total of 853 single-family lots at completion. Existing/Proposed Easements and We are not aware of any easement, restrictions, or Encumbrances: encumbrances that would adversely affect value after the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Acquisition: A Fee Simple Acquisition of 270,000 square feet consisting of a triangular shaped parcel located along Old Vanderbilt Beach Road, the southern (rear) border of the site. Highest and Best Use As Vacant Single-family residential development VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED After the taking, there will be a Fee Simple Acquisition of 270,000 square feet consisting of a triangular shaped parcel located along Old Vanderbilt Beach Road, the southern (rear) border of the site. Therefore, Parcel No. 151 FEE includes 100% of the fee simple value with no residual value to the remainder property. Page 51 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED Value of Remainder Land For purposes of the following analysis, the subject parent tract is defined as the southern undeveloped portion (Future Phases) of Brentwood Lakes N.K.A. Valencia Trails Naples. The entire Brentwood Lakes development consists of 563.42 acres. The subject parent tract consists of approximately 372.75 acres. Prior to the taking, the parcel consists of approximately 372.75000 acres. After the taking, the parcel will consist of approximately 366.55165 acres. According to the Brentwood Lakes - Plat One (PB 67 PG 68) the southern 400 feet of the parent tract has the following encumbrances (from east to west): 200' of TwinEagles Restricted Property (OR 4605, PG 2489), 100' of TwinEagles Buffer Property (OR 4605, PG 2489), and 100' of TwinEagles Easement Property (OR 4605, PG 2489). The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. Further, the part taken consists of sending lands within the RFMU. As shown in the Master Site Plan and Brentwood Lakes — Plat One, the permitted development is clustered within the northeastern portion of the parent tract. Therefore, the remainder land will not be damaged after the taking. The improvements located outside the proposed acquisition area are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. The concluded value of the Remainder Property is shown in the following table. Value Indications Remainder Property, After the Taking Fee Value per Indicated Value Indicated Rounded Acre of Fee per Acre Acres Value Value Total Value Remainder Property Land Area $110,000 100% $110,000 366.55165 $40,320,682 $40,320,700 Improvements $0 Total $40,320,700 Page 52 VANDERBILT BEACH ROAD EXTENSION SEVERANCE DAMAGES TO THE REMAINDER PROPERTY SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Severance damages are calculated as the negative difference between the value of the remainder property, as part of the whole, and the value of the remainder property, as severed. When the value of the remainder property, as severed, is less than the value of the remainder property, as part of the whole, the difference is the actual measurement of the damages to the remainder property. When the value of the remainder property, as severed, is greater than the value of the remainder property, as part of the whole, the difference is not damage but is considered a benefit. Severance damages are calculated in the following table. Severance Damages to the Remainder Property Value of the Whole $41,002,500 Less Value of the Part Taken $681,800 Value of the Remainder Property as Part of the Whole $40,320,700 Value of the Remainder Property as Severed $40,320,700 Difference (Severance Damages) $0 Rounded: $0 COST TO CURE ANALYSIS Based on the analysis of the remainder property, there is no net cost to cure. SPECIAL BENEFITS ANALYSIS Based on the analysis of the remainder property, there are no special benefits. Page 53 VANDERBILT BEACH ROAD EXTENSION SUMMARY AND CONCLUSION SUMMARY AND CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of January 7, 2021, subject to the Limiting Conditions and Assumptions of this appraisal. Parent Tract Before the Taking Land Improvements Total Proposed Part Taken Fee Simple Land Taken - 151 FEE Improvements Taken Total Remainder Property, as Part of the Whole Remainder Property Land Area Improvements Total Damages Special Benefits Net Damages Parcel No. 151 FEE Fee Value per % of Indicated Value Acres Indicated Rounded Value Total Value Acre Fee per Acre Value $110,000 100% $110,000 372.75000 $41,002,500 $41,002,500 $0 $41,002,500 $110,000 100% $110,000 6.19835 $681,818 $681,800 $0 $681,800 $40,320,700 $110,000 100% $110,000 366.55165 $40,320,682 $40,320,700 $0 $40,320,700 $0 $0 $0 Summary of Total Compensation Fee Simple Land Taken- 151 FEE $110,000 100% $110,000 6.19835 $681,818 $681,800 Value of nprovements Taken $0 Total $681,800 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $681,800 The improvements located outside the proposed acquisition area are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Page 54 VANDERBILT BEACH ROAD EXTENSION SUMMARY AND CONCLUSION Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 55 VANDERBILT BEACH ROAD EXTENSION CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 56 VANDERBILT BEACH ROAD EXTENSION CERTIFICATION 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 Page 57 VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 58 VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - parry sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 59 VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 60 VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third parry may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 61 VANDERBILT BEACH ROAD EXTENSION ADDENDA - APPRAISER QUALIFICATIONS ADDENDA VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS RU APPRAISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACHE L M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 C. LOWRY, MAI. CPA Phone: 239-596-0800 OUIS C. BOBB ITT, MAI www.rklac.com VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) Vice President: Appraisal Institute Florida Gulf Coast Chapter (2019) Secretary / Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 / 2018) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2020) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 & 2016) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee Count EDUCATION: Bachelor of Arts Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Honor Society, Key Club, Phi Eta Sigma Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. �rnu�w..�oco�+wmwc VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS Ron �eSanti s, Governor Halsey Beshears, Secretary F----__- rt dbpr a STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN kCERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES EXPIRATION DATE: NOVEMBER30,2022 Always verify licenses online at MyFloridaLicense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. *PSI comuu,nac VANDER13ILT BEACH ROAD EXTENSION ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION N EAST LINE OF WEST 1/2 OF SOUTHWEST 1/4 ' OF SECTION 32 W E r S NAPLES ASSOCIATES N LLLP OR 4996/3983 0 :' "Io°�ru�cea. r WEST 1 /2 OF SOUTHWEST 1 /4 r OF SECTION 32, TOWNSHIP 48 SOUTH, RANGE 27 EASTV :, , rJ y , N Z n Pd } w cco M O Jw POINT OF .7� �� ��G C) `r' = o m OMMENCEMENT n b� ��� t ry U O JAP.1`I� B' O N N87'43'43"E P\RpppSE� ' PARCEL 151 FEE 100.00' p4- G8� .; 270,000 SQ. FT. NO2' 16' 17"W ` 28.25' x[ SOUTH LINE OF SECTION 32 1183.35' . S87'32'49"W CO IER CNTY OR 260/2807 RITTER, SCOTT & POINT OF DEBRA BEGINNING OR 2719/697 TRACT 17 SQ.FT. SQUARE FEET FEE PROPOSED FEE SIMPLE ACQUISITION OR OFFICIAL RECORDS (BOOK/PAGE) PROPOSED FEE SIMPLE PARCEL LEGAL DESCRIPTION (PARCEL 151 FEE) 21 - — L_ mmm 64T M1laL tI TRACI"Tr MCALEER, RICKY J & CHRISTINA L OR 2514/238 u� A PORTION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 32, TOWNSHIP 48 SOUTH, RANGE 27 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 32; THENCE N.8733'40"E., ALONG THE SOUTH LINE OF SAID SECTION 32, FOR 100.00 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL. THENCE N.02'16'17"W., FOR 28.25 FEET TO A POINT ON A CURVE; THENCE NORTHEASTERLY 1,303.37 FEET ALONG THE ARC OF A NON —TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 2,740.00 FEET THROUGH A CENTRAL ANGLE OF 2715'16" AND BEING SUBTENDED BY A CHORD WHICH BEARS N.64'09'59"E. FOR 1,291.11 FEET TO A POINT ON THE EAST LINE OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SAID SECTION 32; THENCE S.02'15'30"E., ALONG SAID EAST LINE, FOR 540.61 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 32; THENCE S.8732'49"W., ALONG SAID SOUTH LINE, FOR 1,183.35 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAINING 270,000 SQUARE FEET MORE OR LESS. BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE. a IDD znla 400 SKETCH & DESCRIPTION ONLY NOT A BOUNDARY SURVEY SCALE 1"=200' FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS VANDERBILT BEACH ROAD EXTENSION SKETCH & DESCRIPTION OF: PROPOSED FEE SIMPLE ACQUISITION PARCEL 151 FEE COLLIER COUNTY, FLORIDA ,,yyy111II,II >ychae/ �} •• ' �• e >'tIt1C • � r y ■ ■ • � � r CO S3dr N�'•. eta ''f �a►�d 5u.,lei�•` BY: ''►►f1II��' IN1C wARO, PRO NAL LAND SURVEYOR SION DA DATE; RAT 7 NO. 5301 SIGNING DATE: 1144ff \J EI THE SEAL APPEAR 11 15 DOCUMEW WAS AUTHORIZED 9Y MIC A WARD, PLS JRM6.., ENGINEERING 6610 Willow Park Drive. Suite 200 Naples, Florida 34109 Phone: (239) 597-0575 FAX: (239) 597-0578 LB No.: 6952 JOB NUMBER I REVISION SECTION I TOWNSHIP RANGE SCALE DATE DRAWN BY I FILE NAME SHEET 060119.06.00 2 1 32 48S 27E 1 1 11 = 200' 5 27 20 DAM 151 FEE 1 OF 1 Collier County Property Appraiser Property Summary Site Site Zone Parcel No 24745002349 Address Site City NAPLES *Note 34120 *Disclaimer Name / Address INAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Citv I SUNRISE I State I FL I Zia 133323 Map No. Strap No. Section Township Range Acres *Estimated 302 1 198325 F2 13C32 32 48 27 8.45 Legal I BRENTWOOD LAKES PLAT ONE TRACT F2 Milla a Area a 132 Milla a Rates* *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 99 - ACREAGE NOT ZONED AGRICULTURAL 5.016 6.2924 1 11.3084 Latest Sales History Not all Sales are listed due to Confidentiali Date I Book -Page I Amount 2020 Certified Tax Roll (Subject to Change) Land Value $ 683,774 +) Improved Value $ 0 (_) Market Value $ 683,774 (_) Assessed Value $ 683,774 (_) School Taxable Value $ 683,774 (_) Taxable Value $ 683,774 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Parcel No 24745002349 Address Site City NAPLES *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 8.45 State I FL Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area Collier County Property Appraiser Property Summary Site 11202 Site Zone Parcel No 24745003128 Address IMMOKALEE Site City NAPLES *Note 34120 i *Disclaimer IRD Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Citv I SUNRISE I State I FL I Zip 133323 Map No. Strap No. Section Township Range Acres *Estimated 302 1 198325 P1 1362 32 48 27 122.05 Legal I BRENTWOOD LAKES PLAT ONE TRACT P1 Millage Area 9 132 Millage Rates 0 *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 97 - OUTDOOR RECREATIONAL OR 5.016 6.2924 11.3084 PARKLAND SUBJECT Latest Sales History Not all Sales are listed due to Confidentiali Date I Book -Page I Amount 2020 Certified Tax Roll (Subject to Change) Land Value $ 400 +) Improved Value $ 0 (_) Market Value $ 400 (_) Assessed Value $ 400 (_) School Taxable Value $ 400 (_) Taxable Value $ 400 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail -F Site 11202 Site Zone Parcel No 24745003128 Address IMMOKALEE Site City NAPLES *Note 34120 i *Disclaimer IRD Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 SUNRISE Permits Issuer State I FL Provided for reference purposes only. *Full Disclaimer. ) Permit # FCO Date I Tmp CO , Final Bldg I Type Land # Calc Code Units 10 ACREAGE 122.05 Building/Extra Features # Bur Description Area Area Collier County Property Appraiser Property Summary Site 1571 KERI Site Zone Parcel No 24745002145 Address ISLAND RSite City I NAPLES *Note 34120 *Disclaimer Map No. Strap No. Section Township Range Acres *Estimated 3C29 198325 F1 13C29 29 48 27 212.28 Legal I BRENTWOOD LAKES PLAT ONE TRACT F1 Milla a Areas 295 Milla a Rates p *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 99 - ACREAGE NOT ZONED AGRICULTURAL 5.016 9.2924 1 14.3084 Latest Sales History Not all Sales are listed due to Confidentiali Date I Book -Page I Amount 2020 Certified Tax Roll (Subiect to Chanae) Land Value $ 17,177,698 +) Improved Value $ 0 (_) Market Value $ 17,177,698 (_) Assessed Value $ 17,177,698 (_) School Taxable Value $ 17,177,698 (_) Taxable Value $ 17,177,698 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site 1571 KERI Parcel No 24745002145 Address ISLAND RD Site City *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 11600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 212.28 State I FL NAPLES Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area Collier County Property Appraiser Property Summary Site Site Zone Parcel No 24745002747 Address Site City NAPLES *Note 34120 *Disclaimer Name / Address INAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Citv I SUNRISE I State I FL I Zia 133323 Map No. Strap No. Section Township Range Acres *Estimated 3C29 1 198325 L11 13C29 29 48 27 5.86 Legal I BRENTWOOD LAKES PLAT ONE TRACT L11 Milla a Area 9 295 Milla a Rates a *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 95 - RIVERS AND LAKES, SUBMERGED 5.016 9.2924 14.3084 LANDS Latest Sales History Not all Sales are listed due to Confidentiality) Date I Book-PageBook-PageT Amount 2020 Certified Tax Roll (Subiect to Chanae) Land Value $ 100 (+) Improved Value $ 0 (_) Market Value $ 100 (_) Assessed Value $ 100 (_) School Taxable Value $ 100 (_) Taxable Value $ 100 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Parcel No 24745002747 Address Site City NAPLES *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 5.86 State I FL Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area Collier County Property Appraiser Property Summary Site Site Zone Parcel No 2474SO03186 Address Site City NAPLES *Note 34120 *Disclaimer Name / Address INAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Citv I SUNRISE I State I FL I Zia 133323 Map No. Strap No. Section Township Range Acres *Estimated 300 1 198325 P4 1360 30 48 27 1.02 Legal I BRENTWOOD LAKES PLAT ONE TRACT P4 Milla a Area 9 132 Milla a Rates a *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 97 - OUTDOOR RECREATIONAL OR 5.016 6.2924 11.3084 PARKLAND SUBJECT Latest Sales History Not all Sales are listed due to Confidentiality) Date I Book-PageBook-PageT Amount 2020 Certified Tax Roll (Subiect to Chanae) Land Value $ 400 (+) Improved Value $ 0 (_) Market Value $ 400 (_) Assessed Value $ 400 (_) School Taxable Value $ 400 (_) Taxable Value $ 400 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Parcel No 24745003186 Address Site City NAPLES *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 1.02 State I FL Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area Collier County Property Appraiser Property Summary Site Site Zone Parcel No 2474SO03225 Address Site City NAPLES *Note 34120 *Disclaimer Name / Address INAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Citv I SUNRISE I State I FL I Zia 133323 Map No. Strap No. Section Township Range Acres *Estimated 302 1 198325 P6 1362 32 48 27 1.17 Legal I BRENTWOOD LAKES PLAT ONE TRACT P6 Milla a Area 9 295 Milla a Rates a *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 97 - OUTDOOR RECREATIONAL OR 5.016 9.2924 14.3084 PARKLAND SUBJECT Latest Sales History Not all Sales are listed due to Confidentiality) Date I Book-PageBook-PageT Amount 2020 Certified Tax Roll (Subiect to Chanae) Land Value $ 400 (+) Improved Value $ 0 (_) Market Value $ 400 (_) Assessed Value $ 400 (_) School Taxable Value $ 400 (_) Taxable Value $ 400 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Parcel No 24745003225 Address Site City NAPLES *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 1.17 State I FL Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area Collier County Property Appraiser Property Summary Site Site Zone Parcel No 2474SO03241 Address Site City NAPLES *Note 34120 *Disclaimer Name / Address INAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Citv I SUNRISE I State I FL I Zia 133323 Map No. Strap No. Section Township Range Acres *Estimated 3C29 1 198325 P7 13C29 29 48 27 0.41 Legal I BRENTWOOD LAKES PLAT ONE TRACT P7 Milla a Area 9 295 Milla a Rates a *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 97 - OUTDOOR RECREATIONAL OR 5.016 9.2924 14.3084 PARKLAND SUBJECT Latest Sales History Not all Sales are listed due to Confidentiality) Date I Book-PageBook-PageT Amount 2020 Certified Tax Roll (Subiect to Chanae) Land Value $ 400 (+) Improved Value $ 0 (_) Market Value $ 400 (_) Assessed Value $ 400 (_) School Taxable Value $ 400 (_) Taxable Value $ 400 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Parcel No 24745003241 Address Site City NAPLES *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 0.41 State I FL Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area Collier County Property Appraiser Property Summary Site 1640 KERI Site Zone Parcel No 2474SO03209 Address ISLAND RSite City I NAPLES *Note 34120 *Disclaimer Map No. Strap No. Section Township Range Acres *Estimated 302 198325 P5 13C32 32 48 27 8.23 Legal I BRENTWOOD LAKES PLAT ONE TRACT P5 Milla a Area 9 295 Milla a Rates a *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 97 - OUTDOOR RECREATIONAL OR 5.016 9.2924 14.3084 PARKLAND SUBJECT Latest Sales History Not all Sales are listed due to Confidentiality) Date I Book-PageBook-PageT Amount 2020 Certified Tax Roll (Subiect to Chanae) Land Value $ 400 (+) Improved Value $ 0 (_) Market Value $ 400 (_) Assessed Value $ 400 (_) School Taxable Value $ 400 (_) Taxable Value $ 400 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site 1640 KERI Parcel No 24745003209 Address ISLAND RD Site City *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 11600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 8.23 State I FL NAPLES Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area Collier County Property Appraiser Property Summary Site Site Zone Parcel No 24745002789 Address Site City NAPLES *Note 34120 *Disclaimer Name / Address INAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Citv I SUNRISE I State I FL I Zia 133323 Map No. Strap No. Section Township Range Acres *Estimated 302 1 198325 L24 13C32 32 48 27 13.19 Legal I BRENTWOOD LAKES PLAT ONE TRACT L24 Milla a Area 9 132 Milla a Rates a *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 95 - RIVERS AND LAKES, SUBMERGED 5.016 6.2924 11.3084 LANDS Latest Sales History Not all Sales are listed due to Confidentiality) Date I Book-PageBook-PageT Amount 2020 Certified Tax Roll (Subiect to Chanae) Land Value $ 100 (+) Improved Value $ 0 (_) Market Value $ 100 (_) Assessed Value $ 100 (_) School Taxable Value $ 100 (_) Taxable Value $ 100 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Parcel No 24745002789 Address Site City NAPLES *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 13.19 State I FL Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area Collier County Property Appraiser Property Summary Site Site Zone Parcel No 2474SO02983 Address Site City NAPLES *Note 34120 *Disclaimer Name / Address INAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Citv I SUNRISE I State I FL I Zia 133323 Map No. Strap No. Section Township Range Acres *Estimated 302 i 1983250S101362 32 48 27 0.09 Legal I BRENTWOOD LAKES PLAT ONE TRACT OS10 Milla a Area 9 132 Milla a Rates a *Calculations Sub./Condo 198325 - BRENTWOOD LAKES PLAT ONE School Other Total Use Code 9 97 - OUTDOOR RECREATIONAL OR 5.016 6.2924 11.3084 PARKLAND SUBJECT Latest Sales History Not all Sales are listed due to Confidentiality) Date I Book-PageBook-PageT Amount 2020 Certified Tax Roll (Subiect to Chanae) Land Value $ 100 (+) Improved Value $ 0 (_) Market Value $ 100 (_) Assessed Value $ 100 (_) School Taxable Value $ 100 (_) Taxable Value $ 100 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Parcel No 24745002983 Address Site City NAPLES *Disclaimer Name / Address I NAPLES ASSOCIATES IV LLLP 1600 SAWGRASS CORPORATE PKWY #400 Permits Tax Yr Issuer � (Provided for reference Permit # i CO Date Land # Calc Code Units 10 ACREAGE 0.09 State I FL Site Zone 34120 *Note purposes only. *Full Disclaimer.) Tmp CO I Final Bldg Type Building/Extra Features # Burilt Description Area Adj Area 0 o co m rn Lu 3 2 Q cli LI D N co SO co T y o V N O O N a � 66 m Z F`oto�o Lu Iv I I II v � 1O �1 I•n III1A' III Z ZO= Wm {.I wa I^// J II II I IN Y II II O IO 1 II` II 1 II II I OPTIONAL 6' FENCE / WA L (BY OTHERS) n n1 � II III III EXISTING FULL MEDI N OPENING (TO REMAIN) 1 II II 20.0' TYPE "M LBE I OPTIONAL PROJECT ENTRY MONUMENT (TYP) 12.0' COMPEN TING u RIGHT -OF -WA I EAST -BOUND RIGHT TURN NE I SEE ROW PLANS FOR DETAILS I I OPTIONAL 6' FENCE /WALL I I II (BY OTHERS) PROJE T BOUNDA Y (TYP) 6' HIGH VINYL FENCE COATED CHAIN LINK FENCE 10.0' TYPE "A" LBE JACARANDA DRIVE (PRIVATE) DARCHAEOLOGICAL SITE #2 ZONING: A-MHO-RMUO RECEIVING AND NEUTRAL BEGIN THIGH VINYL FENCE 20.0' DE AND AE FOR COATED CHAIN LINK FENCE IMMOKALEE ROAD 0 INFLOWS TO LAKE #1 ARCHAEOLOGICAL SITE #1 6' FENCE / WALL MAJESTIC TRAILS (BY OTHERS) gLVD 10.0' TYPE "A" LBE (PRIVATE) OPTIONAL GATE HOUSE OPTIONAL ENTRY / GATES (TYP) IMPACTED NATIVE VEGETATION FOR REQUIRED STORM WATER MANAGEMENT BERM (AREA TO BE REPLANTED WITH NATIVE VEGETATION PER THE APPROVED PRESERVE AREA MANAGEMENT PLAN TABLE ONE. SUPPLEMENTAL PLANTING LIST (0.14 AC NOT ELIGIBLE FOR NATIVE VEGETATION REQUIREMENT) JASPER COURT PROJECT BOUNDARY 30 (PRIVATE) STRUCTURAL BUFFER WITH (TYP) 10.0' TYPE "A" LBE NATIVE VEGETATIVE HEDGE & FENCE PER LDC. 3.05.07.F.3 Irlll� I�I� �I� 84 83 III 82 81 80 79 219 220 218 221 217 222 216 223 / 215 1 224 O 214 I 225 213 I 1\ 226 212 \ 227 211 � :y 229 209� 256 208 257 207 258 206 259 205 1 260 20 L� U HIGH VINYL FENCE COATED CHAIN LINK FENCE 15' UTILITY / ACCESS EASEMENT (O.R.B. 1365, PG. 1683) 30' UTILITY / ACCESS EASEMENT (O.R.B. 1365, PG. 1683) ARCHAEOLOGICAL SITE #3 — 15' UTILITY / ACCESS EASEMENT 1365, PG. 1683) -' EXISTING JURISDICTIONAL_ ` .: _ _ ' - WETLAND LINE (TYP).: �: 6' HIGH VINYL FENCE (O.R.B. COATED CHAIN LINK FENCE r ARCHAEOLOGICAL SITE#4 1 235 236 - - - - - - - - - - -- PRESERVATION 234 - 232�\233 237�� - - - - - - - - - - - AREA P2 / 30 2338 �- (O.R.B. 5141, PG. 2057) END 6' HIGH VINYL FENCE COATED CHAIN (THIS PHASE) LINK FENCE 250 249 248 252��251 247 244 _ 253 246 .:.:.: -� .: .: .: .: .: .: .: .: .: .: �__ _ _ 6' HIGH VINYL FENCE �L� - - - - - - - - - / •: •: - - - - •: F f� %.a _ _ - - COATED CHAIN LINK FENCE ����_+�"_ -45 S /f.. -- - 274 .�:.�:.�:.�:.�:.�:.�:.�:.�:.�: � _ 275 ,- — — — — .73 - I FREESIA TERRACE:— =- - - - - -� --3 279 1 276 - - - 271 77 278 ARCHEOLOGICAL MANAGEMENT PLAN AS PRIOR TO AND DURING CONSTRUCTION, THE FOLLOWING MANAGEMENT PLAN SHALL BE FOLLOWED. 1. THE SITE BOUNDARIES WILL BE STAKED AND THEIR LOCATION GROUND-TRUTHED BY THE CONSULTANT ARCHAEOLOGIST PRIOR TO ANY GROUND DISTURBING WITHIN 200 FEET OF THE SITE; 2. A FENCE WILL BE MAINTAINED DURING ALL GROUND -DISTURBING ACTIVITIES AND CONSTRUCTION OF THE SITE; 3. NO STORAGE OF EQUIPMENT, FILL, OR OTHER MATERIALS WILL OCCUR AT ANY OF THE SITES; 4. ALL GROUND DISTURBING ACTIVITIES WITHIN 200 FEET OF THE SITE WILL BE SUBJECT TO MONITORING BY AN ARCHAEOLOGIST. IF A SIGNIFICANT CULTURAL DEPOSIT OR FEATURE IS DISCOVERED DURING MONITORING, THE FDHR WILL BE CONTACTED WITHIN 48 HOURS FOR CONSULTATION, AND THE WORK WILL CEASE AT THAT LOCATION. IF HUMAN REMAINS ARE IDENTIFIED, THEN THAT DISCOVERY WILL BE SUBJECT TO THE PROVISIONS OF FLORIDA STATUTE 872.05; 5. ANY ARCHAEOLOGICAL EXPLORATIONS OF THE PRESERVED ARCHAEOLOGICAL SITES SHALL BE SUBJECT TO REVIEW AND CONSULTATION FROM THE FDHR AND COLLIER COUNTY GROWTH MANAGEMENT DIVISION STAFF AND THE ARCHAEOLOGICAL BOARD PRIOR TO COMMENCEMENT; 6. ANY PROPOSED MECHANICAL PLANT REMOVAL FROM A PRESERVE SITE WILL BE SUBJECT TO REVIEW AND CONSULTATION FROM THE FDHR AND COLLIER COUNTY GROWTH MANAGEMENT DIVISION STAFF AND THE ARCHAEOLOGICAL BOARD; 7. ANY PROPOSED FUTURE EXCAVATIONS IN THE ARCHAEOLOGICAL SITES WILL REQUIRE A VEGETATION REMOVAL PERMIT; 8. THE OVERALL PROJECT DESIGN AND CONSTRUCTION WILL INCORPORATE DESIGNS THAT MINIMIZE FLOODING AND RUN-OFF TO ANY OF THE SITES TO THE GREATEST EXTENT POSSIBLE; AND 9. POST -AUTHORIZED DISTURBANCE OF ANY PRESERVE ARCHAEOLOGICAL SITES SHALL BE REPLANTED WITH NATIVE VEGETATION PER THE APPROVED PRESERVE AREA MANAGEMENT PLAN CREATED PRESERVE PLANTING LIST. ARCHAEOLOGICAL SITE #8 PRESERVATION AREA P7 (O.R.B. 5141, PG. 2057) I PROJECT BOUNDARY (TYP) 268 / 280 .:.:.:.:.:.:.:.:.:.:.. W 267 281 282 283 284 299 \ \ 298 285 \ 286 297 287 296 288 295 289 \ 294 Yf r.E S -= - - ARCHAEOLOG SITE #6 -` -- AMENITY DRAKE LANE TRACT �:..\11r— (PRIVATE) 46 \ \\ 25 a7 HYDRANGEA I 8 PLACE 26 4 / 14 M O 39 38 37 36 35 34 33 32 31 30 29 28 27 \ \ as 50 51 521153 4 55 56 5758 59 60 _ _ _ _ - = 1 290 \ / 293 z - - - - - - 291 292 y ---_-------------------------------_-_-_-_--------------_-- ---- � Imo• --_ - - --�— _- --- Yy. y I ----�ZAkt1UECOL - - - - - - - - c3 -- - - - — AP.RI�tPTES:.: - - - - - - - - - - - - - - - - - �- e� _ r �ai�Al`�IL1'QE�oR_Furull ==--------------------------------------- - — - -- --- 'GOUNl'YSGir10OL 517E OUTFACE ' - #�•#•� �r�9 fr�?¢5�) -.0 - - _ _ _ _ _ - .- .-.-.-.-.- ._._._--- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ---------- - - - - - - - - - - - - - - - - - - - EASEMENT BOUNDARY --------------------------- ---===-------------------- ----------- NY RACE ---- ----- (TYP) --- -------- - EXIST CONSERVATION _ PEO TER -y- v TYP 11 BEGIN 6' HIGH VINYL FENCE 6' HIGH VINYL FENCE COATED CHAIN Q3 STRUCTURAL BUFFER WITH - _ _ _ _ _ _ _ (PRIVATE) COATED CHAIN LINK FENCE LINK FENCE NATIVE VEGETATIVE HEDGE _ _ _ _ _ _ FUTURE DEVELOPMENT — _-- & FENCE PER LDC.3.05.07.F.3 RECEIVING LANDS I F -- - t-- END TRACT FUTURE DEVELOPMENT VPROJECT-_______ EXISTING 8' CONCRETE IMPACTED NATIVE VEGETATION FOR REQUIRED STORM COATED CHAIN LINK FENCE .... SIDEWALK BOUNDARY (TYP) WATER MANAGEMENT BERM (AREA TO BE REPLANTED WITH (THIS PHASE) TRACT NATIVE VEGETATION PER THE APPROVED PRESERVE AREA - - - - - - _ EXISTING JURISDICTIONAL MANAGEMENT PLAN TABLE ONE. SUPPLEMENTAL WETLAND LINE (TYP) NEUTRAL LANDS I PLANTING LIST (0.17 AC NOT ELIGIBLE FOR NATIVE BOUNDARY _ VEGETATION REQUIREMENT) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -r - - - - --------------------------------------�_ �__-__'� 1 :=f-=�== - - - /JI TEMPORARY DRAINAGE - - - - r' CONVEYANCE SWALE ARCHAEOLOGICAL ZONING: (SEE DETAIL #42-TYP) ARCHAEOLOGICAL SITE #10 II I PROJECT BOUNDARY - - - - - - - �.: �� SITE #9 I:::: A-MHO-RMUORECEIVING AND NEUTRAL (TYP)-------------------------------------------� — - - -'- RECEIVING LANDS A = = 21 24 > Al 0 ui ZONING: EXISTING CONSERVATION EASEMENT LU A-MHO-RMUO RECEIVING AND NEUTRAL PER OR. 5141, PG 2057 40' x 80' UTILITY EASEMENT PROJECT BOUNDARY o (O.R.B. 3003, PG. 3133) 1 (TYP) L0 12' MAINTENANCE DRIVE (SEE SHEET #45 FOR CYPRESS I CANAL OUTFALL CONNECTION DETAIL) I Lill I _- ', I ----------------- - - --------- _____________- _______________= 11 la a W - r, +, +. !; 1,1l; 1 , , , , , , , ', ', r, +, r, i;1,11;1; , , , 1 , 'W'''''''I''1' FUTURE ROW W 1; I; , ' + + , 1 , 1,41, !, _ r, r, r. r, a, a, !, a, !,'1; i,'!,'a, ! 11 r r !, + +, ��!yy a,'!,'1,'1,'1' '1,'1; a;l,"a RESERVATION I Z '1''i'11' 1'+1' ++"+.'+,'+,'+, +,'1, a,11, !, F,"P 1l��kl IC+ N'ARE11'r'4," , , , , , I Q , 1 , 1 / 1 / / / / Is It Is I , , , , , , Is It I , 1 11,"r.l +.'r.1 l,1l,; 1,'I,, aa !, ! 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"1 "1; 1 "I, a "i, 1 11 "1 1 11 �I 41 !,"I,1,1,11,l,11,41; 1,'1. 1,11,11 ,,1;1; 1,"1;!; !; 1; I; a; a; !; !; 1; !; I "! 1 "! + 1 / ' 1 1 1 41 1 U !+"+ ++ 1 + ! 1''''''''''' a' a' +,"r; +,'r; +,'r,'+,11,"!; a 11 +!, , , ', ',1'11,,0,1+.+1, 1, a' a + ! 1 1 a a al + l 1 1 I a, a, I + !'''1, 1+++ "!++{ 11 1',1'''{''"''''''+' 1''+' a'�a' ++ ! +: r; r; + r; !; 1; 1; !; I; a; 1,"1+11 111 , / 1 1 /1,11,/1/1, 1, 1' !' 1 1' 1 ++ a+'+,"1,1!''+' +, G' "++1! ++ +I+'+',a+,l "+' !' 1' _r:'r r,1'1; i' �,� , , ', , 1 , , , , , , 1 1 , 1 ,'• 1 ,� .l� T1� i / , , , , , , 1 , # , , , , 11 ,�--1/ 1 , 1, 1 1 1 1 ,—+'�r ,1�1-,1,7, 1+l, i, 7, a,/�—,AjT '� ', '.,t+ !, a, !, 1, 1, a, a, !. 1. r, r. 1, a, 1 , 1 1 1 / / / / 1 / 1 +'+'�'T I, 1, 1, !, 1, a, !, I, 1, 1, a, !, !, !, I, i, a, a, 1, 1, 1, I, 1, a, !, 1, 1, !, I, 1, !, ! 1 ! 1 ,1r,"+� rr'a; a,1 l,i 1; !; I; a; , 1 , 1 1 1 1 , 1 , 1 1 1 / / / , , , i , 1 , , , ', '1 ', , !, !, !, I, 1, a, I, !• !, 1, 1, i' !'''''' 1' !, 1, 1, I, 1, a, !, 1, 1, !, !, 1, 1, !, 1, !, 1, I, 1, a, 1, I, !, !, �1. i. ! / 1 1 1 11; ,1.'+,r,"+; 1,'!; 1; 1; 1,111�1; '!,{�'., #�+ —1� 1 1, 1, 1, 1, !!, 1 ! a'1 a 1'�''!'11''1'11''1+"�,",'1 I'1 �, 7 1, 1*a, r, r. r, 1, a, ! / / 1 1 , 1 , , �, , i , , , , , , ', '1 '1 " , , , , , , , , 1 1 , 1, �r: r; 11,'!; 1,"I;'!+'l+1++1'11'1',1'+1'1'',''1''1'''1'''1'''1''''''1' �' a, ! a, !, 1, i, I, 1, a, a, 1, !, 1, I, ! PROJECT BOUNDARY (TYP) 11;01,,+ 11; 1; III 'a; ,0, !, ZONING: EXISTING 200.0'RESTRICTEDPROPERTY '+: +. A-MHO-RMUO RECEIVING AND NEUTRAL PER OR. 4605, PG 2489 "I, I,I"i ,"!, ; I, EXISTING 100.0' EASEMENT I ,' +;1,11 PER OR. 4605, PG 2489 a; !; EXISTING 100.0' BUFFER I; 11 PER OR. 4605, PG 2489 Vol 1'•'1,11 1''1' 1'+1 RECEIVING LANDS 0 FUTURE DEVELOPMENT TRACT MAJESTIC TRAILS BLVD 5 (PRIVATE) W6 - NORTH ` O EXIST CONSERVATION EASEMENT BOUNDARY � OPTIONAL COVERE (TYP) GAZEBO#2 (BY OTHERS \ __ PRESERVATION AREA P6 EMPORARY STABILIZED TURN (O.R.B. 5141, PG. 2057) �1 AROUND (SEE DETAIL SHEET #44) W EXISTING JURISDICTIONAL W6 - SOUTH W WETLAND LINE (TYP) - - - fW/^� ) V TEMPORARY DRAINAGE / _ _ _ _ _ CONVEYANCE SWALE (SEE DETAIL #42 - TYP) PRESERVATION AREA P4 uj (O.R.B. 5141, PG. 2057) - - - - - - - - - - p U- 1 --,-------------_—---------- _—_—_ _—_—_ _—_—_ -- --- — -�- = - J_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ — — — — ------= =tom ' -----_ _------- O -t---------- C -- --------------------------..-.... --------------------------- J -- U:. ----------- ----- III-- —�`-` ---- ---- ----- ��"-=-------�-----'�-- �----- ------------------- - � IMPACTED NATIVE VEGETATION FOR REQUIRED STORM 44 WATER MANAGEMENT BERM (AREA TO BE REPLANTED WITH NATIVE VEGETATION PER THE APPROVED PRESERVE AREA I MANAGEMENT PLAN TABLE ONE. SUPPLEMENTAL 1 LAKE#23 PLANTING LIST (0.41 AC NOT ELIGIBLE FOR NATIVE 1 I� VEGETATION REQUIREMENT) I ZONING: A-MHO-RMUO RECEIVING AND NEUTRAL LEGEND A © TEMPORARY SALES CENTER PARKING LOT OS SALES CENTER LOT OM MODEL HOME LOT EXISTING 100.0' EASEMENT PER OR. 4605, PG 2489 EXISTING 100.0' BUFFER PER OR. 4605, PG 2489 PRESERVE AREA SUMMARYAA COLLIER COUNTY PRESERVE AREAS PRESERVE P1 PRESERVE P1 (RECEIVING) 67.35 AC. PRESERVE P1 (SENDING) 54.75 AC. PRESERVE P2 (RECEIVING) 1.43 AC. PRESERVE P3 (RECEIVING) 31.23 AC. PRESERVE P4 (RECEIVING) 1.02 AC. PRESERVE P5 PRESERVE P5N (NEUTRAL) 1.27 AC. PRESERVE P5S (NEUTRAL) 4.76 AC. PRESERVE P5 ADDITIONAL (RECEIVING) 2.19 AC. PRESERVE PRESERVE P6N (RECEIVING) 0.61 AC. PRESERVE P6S (NEUTRAL) 0.56 AC. PRESERVE P7 (RECEIVING) 0.41 AC. PRESERVE P8 (SENDING) 2.70 AC. TOTAL 168.28 AC. PROJECT BOUNDARY (TYP) HATCH LEGEND PROPOSED LAKE ASPHALTIC PAVEMENT ONSITE PRESERVATION AREA AND CONSERVATION EASEMENTS LITTORAL SHELF PLANTING AREA NEUTRALAREA EXISTING 200.0' RESTRICTED PROPERTY PER OR. 4605, PG 2489 041, ARCHAEOLOGICAL SITE ACREAGE 10 02 3 ARCHAEOLOGICAL SITE #1 0.08 AC. ARCHAEOLOGICAL SITE #2 0.18 AC. ARCHAEOLOGICAL SITE #3 0.69 AC. ARCHAEOLOGICAL SITE #4 1.43 AC. ARCHAEOLOGICAL SITE #5 2.60 AC. ARCHAEOLOGICAL SITE #6 0.06 AC. ARCHAEOLOGICAL SITE #8 0.41 AC. ARCHAEOLOGICAL SITE #9 0.24 AC. ARCHAEOLOGICAL SITE #10 0.16 AC. ARCHAEOLOGICAL SITE TOTAL AC. 5.85 AC. WETLAND ACREAGE W 1 0.92 AC. W2 0.73 AC. W3 19.44 AC. W4 0.75 AC. W5 0.90 AC. W6 NORTH 0.45 AC. W6 SOUTH 0.42 AC. WETLAND TOTAL AC. 23.61 AC. zQ WJ Z W z _ Z Z U Z w W W U d O 6 W W Zc _ Z z 6W Q o F F F n n Lu o O O O Z Z ww z z z z r 0 0 0 ° U 7) w w w K v J J J oO O O W J w Q Q Q U w w w w d J J J 0 U U U O Of w w W z w w w Q N N N w 5 Lu it it a �] oo rn rn o F4 N z r�M(01) N O O N Q o 0 0 0 a M V le.c M J O W C z a 2 O az H Z 0 m = In M Q H W OD h lf) �o C W M � N Z h H ti ti O M 00 N N IL 0 150 300 600 SCALE IN FEET FLORIDA CERTIFICATE OF AUTHORIZATION #8636 MICA S. JACKSON, P.E. FL LICENSE NO. 86615 SET NUMBER: VERTICAL ELEVATIONS BASED ON: NAVD-88 SHEET: 838-02-01 5 VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA Land Sale No. 1 Property Identification Record ID 948 Property Type Residential, Acreage Property Name Abaco Pointe Address 14600 - 14720 Collier Blvd, Naples, Collier County, Florida 34120 Location ES Collier Blvd, S of Tree Farm Rd Tax ID 00204840008, 00205800005, 00206600000, 00206640002 Latitude N1 26015'20.37"N Longitude N1 81 °41' 13.17"W MSA Rural Estates Market Type Suburban Sale Data Grantor Naples Jewish Community Fund, Inc. Grantee DRP FL 1, LLC Sale Date March 22, 2019 Deed Book/Page 5610/2532 Property Rights Fee Simple Conditions of Sale Arm's Length Financing Cash to Seller Sale History None in previous 3 years Verification Andrew J. Saluan; 239-596-9500, July 16, 2019; Confirmed by Rachel Zucchi Land Sale No. 1 (Cont.) Sale Price $7,500,000 Cash Equivalent $7,500,000 Land Data Zoning RPUD see comments, RPUD Topography Level, Wooded Utilities All Public Dimensions 1,340' x 1,222' Shape Rectangular Flood Info Zone AH Depth 1,222 Land Size Information Gross Land Size 37.546 Acres or 1,635,500 SF Allowable Units 148 Front Footage 1,340 ft Total Frontage: 1,340 ft Collier Blvd; Indicators Sale Price/Gross Acre $199,755 Sale Price/Gross SF $4.59 Sale Price/Allowable Unit $50,676 Sale Price/Front Foot $5,597 Remarks Agricultural acreage located along the east side of Collier Blvd just south of Tree Farm Road. Contract was dated August 16, 2017 and was contingent on rezoning from Agriculture (A) within the Urban Residential FLU and Special Treatment Overlay Zone W-4 to RPUD to allow for up to 148 single family, two family and/or multi -family units which was approved in July 2018 and the final plat was approved in October. Development includes 7.76 acres of conservation area. Toll Brothers will develop site with Abaco Pointe, attached villa homes, priced from the low $300,OOOs. The site was listed for $9 million and marketed as potential to re -zone to PUD. Land Sale No. 2 Property Identification Record ID 988 Property Type Residential, Acreage Property Name Meadowwood Address 14929 and 15253 Wildflower Circle, Naples, Collier County, Florida 34119 Location West side of Collier Blvd. just south of Indigo Lakes Drive Tax ID 00194600002 and 00194200004 Latitude N1 26015'43.92"N Longitude N1 81041'31.33"W MSA Urban Estates Market Type Suburban Sale Data Grantor Ali R. Ghahramani, M.D. Grantee D.R. Horton, Inc. Sale Date August 06, 2019 Deed Book/Page Instr. 5749858 Property Rights Fee simple Conditions of Sale Arm's length Financing Cash sale Sale History None in last 5 years Verification James Ratz, Dir. of Land Development w/ D.R. Horton, Inc.; (239) 225-2600, November 13, 2019; Other sources: CoStar and public records, Confirmed by KC Lowry Sale Price $7,500,000 Cash Equivalent $7,500,000 Land Sale No. 2 (Cont.) Land Data Zoning Rushton Pointe RPUD, RPUD Topography Below grade Utilities All public Dimensions 673' x 2,482' x 669' x 2,482' Shape Rectangular Landscaping Heavy vegetation Depth 2,482 Land Size Information Gross Land Size 38.100 Acres or 1,659,636 SF Planned Units 229 Front Footage 673 ft Total Frontage: 673 ft Collier Blvd. ; Indicators Sale Price/Gross Acre $196,850 Sale Price/Gross SF $4.52 Sale Price/Planned Unit $32,751 Sale Price/Front Foot $11,144 Remarks No agents were involved in the transaction. The property will be developed as townhomes in the $300K +/- price range. Rushton Pointe RPUD was approved on 4/24/2018. Previous zoning was Agricultural. Development calls for 18.66 acres of residential building area, 2.81 acres of preserve in the rear of the property, 10.21 acres of lakes, 5.12 acres of right-of-way and 1.30 acres of landscaped buffers. Development requires a right turn with decel lane on Collier Blvd. Land Sale No. 3 Property Identification Record ID 1084 Property Type Residential, Acreage Property Name Ventana Pointe Address SWC Immokalee Rd and Richards St, Naples, Collier County, Florida 34120 Location SWC Immokalee Rd and Richards St Tax ID 00190560007 Latitude N1 26016' 17.14"N Longitude N1 81039'29.92"W MSA Outlying Collier Market Type Suburban Sale Data Grantor RJH II, LLC Grantee Pulte Home Company, LLC Sale Date September 17, 2020 Deed Book/Page 5818/3162 + 3166 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to Seller Land Sale No. 3 (Cont.) Sale History See comments Verification Rich McCormick; President SWF Division PulteGroup; 239- 495-4800, October 12, 2020; Ryan Zuckerman; CEO Zuckerman Homes, 954-481-3700, October 12, 2020; Confirmed by Rachel Zucchi Sale Price $5,130,000 Cash Equivalent $5,130,000 Land Data Zoning RPUD, RPUD Topography Heavily Treed Utilities All Public Dimensions 660' x 2,483' Shape Rectangular Flood Info Zone AH Depth 2,483 Land Size Information Gross Land Size 37.620 Acres or 1,638,727 SF Allowable Units 77 Front Footage 3,143 ft Total Frontage: 660 ft Immokalee Rd; 2,483 ft Richards St; Indicators Sale Price/Gross Acre $136,364 Sale Price/Gross SF $3.13 Sale Price/Allowable Unit $66,623 Sale Price/Front Foot $1,632 Remarks Heavily treed parcel located at the SWC of Immokalee Rd and Richards St located across from Heritage Bay Golf & Country Club. Parcel was zoned Agricultural (A) within the Rural Fringe Mixed Use District Overlay -Receiving Lands. Property was pending to RJH 11, LLC (Zuckerman Homes) and contingent on rezoning to RPUD for 77 single-family homes which was approved 7/21/2020 by the BOCC. Density was based on base density of 0.2 dwelling units per acre plus bonuses for preservation and TDRs. According to Michael O'Mara with LandQwest, listing agent, the approximately 60% of the property has wetlands or environmental issues. The approved master plan shows 9.63 acres of preserve, 3.86 acres of lakes and 4.80 acres of open space. RJH 11, LLC closed on the property from Carole Construction of Naples for $1,155,000 plus $510,000 for 56.35 acres of land within the North Belle Meade NRPA sending area for TDR credits (seller: James A Brown) and sold the fully entitled property to Pulte Homes on the same day (9/17/20) for a total price of $4,620,000 (5818/3162) plus $510,000 (5818/3166) for the sending area lands for TDR Credits. Pulte plans to start construction in early 2021 with one- and two-story homes offered from the upper $300s to the $600s. Land Sale No. 4 Property Identification Record ID 1085 Property Type Residential, Acreage Property Name Esplanade by the Islands Address Tamiami Trail E (US 41), Naples, Collier County, Florida 34114 Location East of Fiddler's Creek entrance Tax ID Portions of 00763480006; 00763920414; 00763882617 Latitude NI 260 1'38.24"N Longitude N1 81038'58.14"W MSA Royal Fakapalm Market Type Rural Sale Data Grantor Fiddler's Land Investor, LLC and TM Oyster Harbor, LLC Grantee Taylor Morrison of Florida, Inc Sale Date October 30, 2018 Deed Book/Page 5568/3814 + 5572/457 Property Rights Fee Simple Conditions of Sale Arm's Length Financing Cash to seller Land Sale No. 4 (Cont.) Sale History None in previous 3 years Verification Jason Beese; Regional VP Taylor Morrison; 941-371-3008, September 09, 2019; Other sources: Public Records, Confirmed by Rachel Zucchi Sale Price $65,454,080 Cash Equivalent $65,454,080 Land Data Zoning Fiddler's Creek/Marco Shores DRI/PUD, PUD Topography Level - grazing land Utilities All Public Shape Irregular Flood Info AE Depth 4,260 Land Size Information Gross Land Size 516.275 Acres or 22,488,941 SF Allowable Units 1,250 Front Footage 4,600 ft Total Frontage: 4,600 ft Tamiami Trail E (US 41); Indicators Sale Price/Gross Acre $126,781 Sale Price/Gross SF $2.91 Sale Price/Allowable Unit $52,363 Sale Price/Front Foot $14,229 Remarks Sale of 516.275 acres fully entitled for 1,250 dwelling units located east of the Fiddler's Creek entrance along the south side of Tamiami Trail E (US 41). The sale reportedly included a redemption of 210 acres (OR 5572/457) that was previously part of the TM Oyster Harbor, LLC (JV between Fiddler's Creek and Taylor Morrison). Taylor Morrison kept 209.88 acres and entitlements for 500 dwelling units which were valued at $29,454,080. Taylor Morrison purchased an additional 306.39 acres and entitlements for 750 dwelling units (OR 5568/3814) for $36 million. The total purchase price equates to $65,454,080. Taylor Morrison current (10/20) pricing for new homes ranges from $380,000 - $706,000. Land Sale No. 5 Property Identification Record ID 950 Property Type Residential, Acreage Property Name Winding Cypress Phase 3 Address Tamiami Trail E, Naples, Collier County, Florida 34114 Location NS Tamiami Trail E (US 41) E of Collier Blvd Tax ID 00724000001,00723920001,00724480003,00724120004 Latitude N1 260 3'33.80"N Longitude N1 81041'8.02"W MSA South Naples Market Type Suburban Sale Data Grantor CSG Group, LLC Grantee DiVosta Homes, L.P. Sale Date June 21, 2018 Deed Book/Page 5524/3465 Property Rights Fee Simple Conditions of Sale Arm's Length Financing Cash to seller Sale History None in past 3 years Verification Brian Goguen; Barron Collier Companies; 239-262-2600, July 15, 2019; Confirmed by Rachel Zucchi Sale Price $11,395,500 Land Sale No. 5 (Cont.) Cash Equivalent $11,395,500 Land Data Zoning Winding Cypress PUD, PUD Topography Level, wooded Utilities All Public Shape Rectangular MOL Flood Info Zone AE Depth 4,133 Land Size Information Gross Land Size 96.420 Acres or 4,200,055 SF Allowable Units 202 Front Footage 2,298 ft Total Frontage: 2,298 ft Tamiami Trail (US 41); Indicators Sale Price/Gross Acre $118,186 Sale Price/Gross SF $2.71 Sale Price/Allowable Unit $56,413 Sale Price/Front Foot $4,959 Remarks Phase 3 of Winding Cypress located along the north side of Tamiami Trail E, just east of Collier Blvd (CR 951). An assignment and limitation of density rights was recorded 6/21/18 (OR 5524/3475) for a max of 301 single-family homes. A plat for 202 single-family lots was recorded in Nov. 2018. DiVosta purchased Phase 1 (850 acres) of Winding Cypress in May 2015 and the subject purchase was reportedly contracted in approximately June 2016. This was reportedly the final phase and final option for land. New single-family homes are marketed starting at $312,990.