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Agenda 03/24/2026 Item #16F 7 (Approve an Agreement for Sale and Purchase and authorize the acquisition of vacant property located at 1770 Danford Street from WSA Development Group, LLC)3/24/2026 Item # 16.F.7 ID# 2026-727 Executive Summary Recommendation to approve an Agreement for Sale and Purchase and authorize the acquisition of vacant property located at 1770 Danford Street from WSA Development Group, LLC., in the amount of $276,650 plus all closing and title costs to support the Bayview Park expansion. OBJECTIVE: To authorize the sale and purchase agreement of vacant lot located at 1770 Danford Street from WSA Development Group LLC in the amount of $276,650 to support the Bayview Park Expansion. CONSIDERATIONS: The Board previously directed staff to pursue strategic land acquisitions on Bay Street and Danford Street to expand boat launch parking, improve Bayview Park, and, to address concerns of residents on Danford Street related to parking and traffic impacts. Priority was given to two developers who collectively control eight (8) parcels in the immediate area and are currently in the permitting process. The concept of the acquisition is to make the developers "whole" while advancing the County's strategic goals. Staff obtained two appraisals covering multiple Danford Street parcels, including 1770 Danford Street, with an average value of $251,500 for this parcel. The proposed purchase price of $276,650 was negotiated at approximately 10% above the appraised value. This approach maintains consistency with prior negotiations and recognizes that the appraisals may not fully capture changes in market conditions over the past three years and do not reflect the developer’s investment in permitting and design. The purchase price is also consistent with the Property Appraiser’s just value of $276,447. The Agreement provides for an expedited closing, with closing to occur on or before forty-five (45) days after execution of the Agreement, or within thirty (30) days after receipt of all closing documents, whichever is later. This schedule allows the County to proceed in a timely manner while completing due diligence and addressing any title or pre-closing matters. This item is consistent with the Collier County strategic plan objective: Plan and build public infrastructure and facilities to effectively, efficiently, and sustainably meet the needs of our community. FISCAL IMPACT: Funding for the sales agreement, in the amount of $276,650, and all applicable closing and title costs estimated at $3,350, is available in the County-Wide Capital Fund (3001), Strategic Land Acquisitions Project (50294). GROWTH MANAGEMENT IMPACT: The project will address future requirements for boat launch parking as part of the Regional Parks A.U.I.R. LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for approval. — HFAC RECOMMENDATION(S): That the Board of County Commissioners: 1. Authorize the purchase of 1770 Danford Street in the amount of $276,650 plus all additional closing and title costs from WSA Development Group, LLC., and approve the attached Purchase and Sale Agreement. 2. Authorize the Chair to execute the Purchase and Sale Agreement and any related closing documents. 3. Authorize the County Manager or designee to take any actions necessary to complete the acquisition and closing. PREPARED BY: Shirley Garcia, Program Manager ATTACHMENTS: 1. Seller Signed Purchase and Sales Agreement 2. MHS' Appraisal Report 3. Carroll & Carroll's Appraisal Report Page 5774 of 6641 3/24/2026 Item # 16.F.7 ID# 2026-727 Page 5775 of 6641 Bayview Park - Danford Street Acquisitions 1770 Dantord Street - Folio : 61380720007 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between WSA Development Group, LLC, a Florida Limited Liability Company, whose address is 280 Henley Drive, Naples, FL 34104 (hereinafter referred to as "Seller"), and the BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, whose address is 3335 Tamiami Trail E, Suite 102, Naples, FL 341 12 (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respeclive undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: I. AGREEMENT 1.01 ln consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". 2.01 The purchase price (the "Purchase Price") for the Property shall be Two Hundred Seventy-Six Thousand, Six Hundred and Fifty Dollars and 00/100 dollars ($276,650.00), (U.S. Currency) payable at time of closing. 3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOS|NG", OR "CLOS|NG") of the transaction shall be held on or before forty-five (45) days following execution of this Agreement by the Purchaser, or within thirty (30) days of Purchaser's receipt of all closing documents, whichever is later. The Closing shall be held at the office of the insuring title company or by mail. The procedure to be followed by the parties in connection with the Closing shall be as follows: CAO CRA Division 06/05/2025 Page 1 of 14 WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. II. PAYMENT OF PURCHASE PRICE ilt. clostNG Page 5776 of 6641 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.011 1 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments (b) Such other easements, restrictions, or conditions of record. 3.01 12 Combined P u rchaser-Seller closing statement 3.01 14 A W-9 Form, "Request for Taxpayer ldentification and Certification" as required by the lnternal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0'121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that lhe state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.011 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article lll hereof, shall be subject to adjustment for prorations as hereinafter set forth. 3.02 Each party shall be responsible for payment of its own attorney,s fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201 .01 , CAO CRA Division 06i05/2025 Page 2 ol 14 Bayview Park - Danford Street Acquisitions 1770 Danford Street - Folio : 61380720007 3.01 13 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by Section 1445 of the lnternal Revenue Code and as required by the title insurance underwriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. Page 5777 of 6641 Balview Park - Danford Street Acquisitions 1770 Danford Slreet - Folio : 61380720007 Florida Statutes, closing fee for title services, and the cost and electronic fee of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. lf required by a Phase I report and desired by Purchaser, Seller shall pay for a Phase ll Environmental Assessment selected by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. lf Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV. RE UIREMENTS AND C NDITIONS 4.012 lf Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seller shall have fifteen (15) days to remedy any defects to convey good and marketable title at Seller's expense, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. ln the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said fifteen ('15) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such cAo CRA Division 06/05/2025 Page 3 of 14 4.0'l Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.01 1 Within fifteen (15) days after the date hereof, Purchaser shall request as evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy (ALTA Form 8-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have ten (10) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. lf the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. Page 5778 of 6641 Bawiew Paik - Danford Street Acquisitions 1770 Danford Streei - Folio:61380720007 written notice of terminatron within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. 5.01 Purchaser shall have forty-five (45) days from the date of this Agreement, ("lnspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal environ- mental laws and the Property is free from any pollution or contamination.4. The Property can be utilized for its intended use and purpose in the Community Redevelopment Area's long term strategic plan. CAO CRA Division 06/05/2025 Page 4 of 14 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within ten (10) days of the effective date of this Agreement. Purchaser shall have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. lf the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within thirty (30) days of receipt of said written notice from Purchaser. Purchaser shall have forty-five (45) days from the effective date of this Agreement to notify Seller of any such objections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said thirty (30) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. V, INSPECTION PERIOD Page 5779 of 6641 Eayview Park - Danford Slre€t Acquisitions 1770 Danford Street - Folio : 61380720007 5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the lnspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the lnspection Period,it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. ln the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care- Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. 7.01 Purchaser shall be entitled to full possession of the Property at Closing VIII. PRORATIONS 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of current year taxes, and shall be paid by Seller. 9.01 lf Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within fifteen ('15) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity toa contract vendee, including the right to seek specific performance of this Agreement. CAO CRA Division 06/05/2025 Page 5 of 14 VI. INSPECTION VII, POSSESSION IX. TERMINATION AND REMEDIES Page 5780 of 6641 Bayview Park - Danford Streel AcqLrisrlions 1770 Danford Slreet - Folio : 61380720007 9.02 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. X, SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES 10.0'l Seller and Purchaser represent and warrant the following: 10.01 1 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. Seller further represents the Property is free from any and all occupants, tenants, and other persons or entities claiming possession of the Property at the time of closing. This provision shall survive closing. '10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. '10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreemenl or any other property that could, if continued, adversely affect Selleis ability to sell the Property to Purchaser according to the terms of this Agreement. 1 0.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. 1 0.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the CAO CRA Division 06/05/2025 10.0'12 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. Page 6 of 14 Page 5781 of 6641 Bayview Park - Danford Street Acquisitions 1770 Danford Streel - Folio : 6'1380720007 Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. 10.017 Seller represents that they have (it has) no knowledge that there is or ever has been incinerators, septic tanks, or cesspools on the Property; all waste, if any, is discharged into a public sanitary sewer system; Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents that to their knowledge the Property has not been used for the production, handling, storage, transportation, manufacture, or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents that they have (it has) no knowledge that there is or ever has been any storage tanks for gasoline, or any other substances are or were located on the Property at any time during or prior to Seller's ownership thereof. Seller represenls that they have (it has) no knowledge that any part of the Property has ever been used as a sanitary landfill. 1 0.018 Seller has no knowledge that the Property and Seller's operations concerning the Property are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. Seller represents that it has no knowledge of consent orders, notices of violation, correspondence and any other documents issued by or submitted to any governmental agency or regulatory authority relating to the environmental condition of the property. 1 0.019 Seller has no knowledge of unrecorded leases, licenses or other possessory interests, restrictions, easements, or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service, or other contracts affecting the Property. CRA Division 06/05/2025 Page 7 of 14 @Page 5782 of 6641 Bayview Park - Danford Street Acquisitions '1770 Danford Slreel Folio : 61380720007 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay-back agreements, paving agreements, road expansion or improvement agreemenls, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.021 Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the Date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having .lurisdiction of the development of the property which may restrict or change any other condition of the Property. 10.O22 Al the Closing, Seller shall deliver to Purchaser a statement (hereinafter called the "Closing Representative Statement") reasserting the foregoing representations as of the Date of Closing, which provisions shall survive the Closing. CRA Division 06/05/2025 Page 8 of '14 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601 , et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA'), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. @Page 5783 of 6641 Bayview Park - Danford Street Acquisitions 1770 Danford Slreet - Folio r 6'1380720007 10.024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. 11.0'l Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, and with notification to the other Party sent via email containing the tracking number and/or fax number (if applicable) of such notice addressed as follows: lf to Purchaser:Attn: Shirley Garcia, Program Manager Bayshore Gateway Triangle CRA 3335 Tamiami Trail East, Unit'102 Naples, Florida 34 1 12 Email: Shirlev.Garcia @Collie r.qov With a copy to:Attn: Grant Cox Collier County Real Property Management 2685 Horseshoe Drive South, Suite 1 03 Naples, Florida 34104 Telephone number: 239-252-537 3 Fax number: 239-252-8876 Email: G ra nt.Cox Collier.qov lf to Seller: 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. CAO CRA Division 06/05/2025 Page I of 14 XI. NOTICES Name: WSA Development Group, LLC, a Florida Limited Liability Company Address: 280 Henley Drive City: Naples State: FL Zip:34104 Telephone number: (239) 571-6735 Fax number: _N/A_ Email: CaI@WSADevelopment.com Page 5784 of 6641 Bayview Park - Danford Street Acquisitions 1770 Danford Slreet - Folio : 61380720007 XII. REAL TATE 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. '13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure 10 the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. '13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do lhey define, describe, extend, or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 ll any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. CAO CRA Division 06/05/2025 Page l0 ot 14 XIII. MISCELLANEOUS Page 5785 of 6641 Bayview Park - Danford Streel Acquisitions 1770 Danford Street - Folio i 61380720007 13.08 Seller is aware of and understands that the "offer" to purchase represented by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. 13.09 lf the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (lf the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.'10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XIV. ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty, or covenant not included in this Agreement, or any such referenced agreements has been or is being relied upon by either party. No modiflcation or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. '15.01 Any development rights or credits available on the Property are relinquished by the Seller and conveyed to the Purchaser at closing as part of the sale of the Property. 15.02 Seller and Purchaser acknowledge and agree that any portion of the Property may be used for public road right of way and roadway related improvements, including, but not limited to, stormwater and utility improvements, at the sole discretion of Purchaser. CAO CRA Division 06/05/2025 S/GNATURES APPEAR ON THE FOLLOWING PAGES Page ll of 14 XV, ACKNOWLEDGMENT OF POTENTIAL FUTURE USE Page 5786 of 6641 Bayview Park - Danford Street Acquisilions 1770 Danford Street, Folio : 61380720007 lN WITNESS WHEREOF, the parties hereto have signed below. Dated ProjecUAcquisition Approved by BCC:_ AS TO PURCHASER: ATTEST: CRYSTAL K. KINZEL. Clerk of the Circuit Court and Comptroller , Deputy Clerk Approved as to form and legality: BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA By: Dan Kowal, Chairman +{AC 3,1G26 Heidi Ashton-Cicko, Managing Assistanr uounry Attorney CRA Division 06/05/2025 Page 12 ol14 @Page 5787 of 6641 Bayview Park - Danford Streel Acquisitions 1770 Danford Streel - Folio : 61380720007 AS TO SELLER: By: Print Name: Calixto Montenegro, President DATED:oj\ telzc- CRA Division 06/05/2025 Page 13 of 14 WSA Development Group, LLC a Florida Limited Liability Company Page 5788 of 6641 Eawiew Park - Danford Street Ac4uisitions 'lZ0 Danford Slreet - Folio : 61380720007 EXHIBIT "A" PROPERTY I DENTI FICATION N UMBER: 6'l 380720007 Lot 28, NAPLES BAYVIEW ADDITION NO. 1, according to the Plat thereof, recorded ln Plat Book 4, Page 20, of the Public Records of Collier County, Florida. 0.16 ACRES CRA Division 06/05/2025 Page 1,4 of 14 Page 5789 of 6641 APPRAISAL OF REAL PROPERTY 1742 Danford St # 1770 Naples, FL 34112 Lots 28, 29, 30 and 31, Naples Bayview Addition 1 Collier County Board of County Commissioners, Real Property Management 3335 Tamiami Trail E, Suite 101 Naples, FL 34112 1,032,000 8/20/2025 Scott Simmons Maxwell, Hendry & Simmons, LLC 1619 Jackson St Fort Myers, FL 33901-2912 (239) 337-0555 scottres@mhsappraisal.com Form GA6V_LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LOCATED AT FOR OPINION OF VALUE AS OF BY Page 5790 of 6641 Maxwell, Hendry & Simmons, LLC 1619 Jackson Street Fort Myers, FL 33901 (239) 337-0555 08/28/2025 Collier County Board of County Commissioners, Real Property Management 3335 Tamiami Trail E, Suite 101 Naples, FL 34112 Re:Property:1742 Danford St # 1770 Naples, FL 34112 Borrower:N/A File No.:25080704 Opinion of Value: $1,032,000 Effective Date:8/20/2025 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for 1742 Danford Street, 1756 Danford Street, and 1770 Danford Street (3 separate parcels under common ownership). This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincerely, Richard L. Gustin License or Certification #: Cert Res RD8811 State: FL Expires: 11/30/2026 richardres@mhsappraisal.com Page 5791 of 6641 Maxwell, Hendry & Simmons, LLC 25080704LAND APPRAISAL SUMMARY REPORT 1742-1770 Danford St Naples FL 34112 Collier Lots 28, 29, 30 and 31, Naples Bayview Addition 1 61380760009 2024 7,623.76 N/A Naples 34940 0107.02 WSA DEVELOPMENT GROUP LLC N/A N/A The site features driveway cutouts and some clearing and grading from prior improvements The intended use of the assignment is for decision-making guidance relative to potential voluntary acquisition. Collier County Collier County Board of County Commissioners, Real Property Management3335 Tamiami Trail E, Suite 101, Naples, FL 34112 Richard L. Gustin 1619 Jackson Street, Fort Myers, FL 33901 One-Unit Housing 200 3,500+ 600 0 70+ 40 35 5 20 15 Other/Vacant 25 The subject is located in Collier County, just east of the Naples City Limits border. The subject's immediate neighborhood consists of a variety of residential uses with commercial facilities located primarily along U.S. 41. The subject is located in close proximity to Bayview Park, which features a pavillion, picnic tables, a playground, and a boat ramp. The subject's market area consists of subdivisions in close proximity to the City of Naples featuring a variety of single-family and low-density multifamily uses. Prices in this area increased rapidly following the initial impacts of the COVID-19 pandemic. This trend continued throughout early 2022. However, prices in the 12 to 18 months prior to the effective date of valuation indicate a return to price stability, with some submarkets experiencing price correction. Exposure Time is similar to Marketing Time at 0 to 3 months. 200' x 140', per Collier GIS 28,000 sf RMF-6 Residential Multifamily Residential Multifamily (Single-Family Allowable) Vacant Land Vacant Land Please see the Highest and Best Use Analysis in the attached addendum. Various/Private Various/Private Two-Lane Residential 60' right-of-way Paved-Asphalt Pole-Mounted Residential Street Generally Level, Partially Cleared Above Average Generally Rectangular Appears Adequate Residential AE 12021C0581J 02/08/2024 No survey or environmental reports were provided and therefore easements, encroachments or other adverse conditions could not be determined. This appraisal assumes there are no adverse easements, encroachments or environmental conditions associated with the subject property. This assignment includes parcel ID numbers 61380760009, 61380740003, and 61380720007, also known as 1742 Danford St, 1756 Danford Street, and 1770 Danford Street. These three parcels consist of four platted lots in the Naples Bayview subdivision. Form GPLND - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SUBJECTProperty Address:City:State:Zip Code: County:Legal Description: Assessor's Parcel #:Tax Year:R.E. Taxes: $Special Assessments: $ Market Area Name:Map Reference:Census Tract: Current Owner of Record:Borrower (if applicable): Project Type (if applicable):PUD De Minimis PUD Other (describe)HOA: $per year per month Are there any existing improvements to the property?No Yes If Yes, indicate current occupancy:Owner Tenant Vacant Not habitable If Yes, give a brief description:ASSIGNMENTThe purpose of this appraisal is to develop an opinion of:Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments):Current (the Inspection Date is the Effective Date)Retrospective Prospective Property Rights Appraised:Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Intended User(s) (by name or type): Client:Address: Appraiser:Address:MARKET AREA DESCRIPTIONCharacteristics Location:Urban Suburban Rural Built up:Over 75%25-75%Under 25% Growth rate:Rapid Stable Slow Property values:Increasing Stable Declining Demand/supply:Shortage In Balance Over Supply Marketing time:Under 3 Mos.3-6 Mos.Over 6 Mos. Predominant Occupancy Owner Tenant Vacant (0-5%) Vacant (>5%) PRICE $(000) Low High Pred AGE (yrs) Present Land Use One-Unit % 2-4 Unit % Multi-Unit % Comm'l % % % Change in Land Use Not Likely Likely *In Process * * To: Factors Affecting Marketability Good Average Fair Poor N/AItem Employment Stability Convenience to Employment Convenience to Shopping Convenience to Schools Adequacy of Public Transportation Recreational Facilities Item Good Average Fair Poor N/A Adequacy of Utilities Property Compatibility Protection from Detrimental Conditions Police and Fire Protection General Appearance of Properties Appeal to Market Market Area Comments:SITE DESCRIPTIONDimensions:Site Area: Zoning Classification:Description: Do present improvements comply with existing zoning requirements?Yes No No Improvements Uses allowed under current zoning: Are CC&Rs applicable?Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable)$/ Comments: Highest & Best Use as improved:Present use, or Other use (explain) Actual Use as of Effective Date:Use as appraised in this report: Summary of Highest & Best Use: Utilities Public Other Provider/Description Off-site Improvements Type Public Private Electricity Gas Water Sanitary Sewer Storm Sewer Telephone Multimedia Street Width Surface Curb/Gutter Sidewalk Street Lights Alley Frontage Topography Size Shape Drainage View Other site elements:Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date Site Comments: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page 5792 of 6641 25080704LAND APPRAISAL SUMMARY REPORT Local MLS, Public Record, Property Owner 4/8/2025 $499,000 OR#6459-2099 12/2/2022 $515,000 OR#6196-3679 The prior transfers identified are for 1742 Danford St and included a single-family house that was flooded during Hurricane Ian in September of 2022 and never repaired. This improvement has been demolished as of the date of inspection. 1756 Danford St and 1770 Danford St sold for $275,000 each in January of 2022. As of the date of report, none of the parcels that are the subject of this report were advertised for sale through the local MLS. 1742-1770 Danford St Naples, FL 34112 Inspection Public Record N/A N/A N/A Fee Simple Naples Bayview 28,000 Site Improvements None Zoning RMF-6 1942 Danford St Naples, FL 34112 0.13 miles E 485,000 34.64 ML#224028578 OR#6437-3150 Cash None Known 2/4/2025 Fee Simple Naples Bayview 14,000 +525,000 None RMF-6 525,000 Net 108.2 % Gross 108.2 %1,010,000 2785 Van Buren Ave Naples, FL 34112 1.21 miles NE 250,000 35.71 ML#224063488 OR#6427-3631 Conventional None Known 12/26/2024 Fee Simple Craigs Sub. 7,000 +787,500 None RMF-6 787,500 Net 315.0 % Gross 315.0 %1,037,500 2432 Florida Ave Naples, FL 34112 0.65 miles NE 485,000 34.64 ML#224031178 OR#6432-479 Cash None Known 1/22/2025 Fee Simple Sunset Homes 14,000 +525,000 None RMF-6 525,000 Net 108.2 % Gross 108.2 %1,010,000Adjusted Sale Price (in $) +(-) $ Adjust +(-) $ Adjust +(-) $ Adjust The sales utilized represent the most credible land sale data from within the subject's market area as described on Page 1 of the report. The subject's site area, which includes the 3 parcels identified for a total of 28,000 square feet, could not be bracketed by comparable land sales of similar zoning, market conditions, and locational appeal. However, based on the highest and best use of the subject for development to its maximum allowable density, the value of the property would be based on a per unit value. Comparables 1 and 3 have been utilized as sales of two combined lots, demonstrating the consistent price per unit for properties of multiple lots. Properties located closest to Naples Bay (to the west) typically command the highest prices in this market area. This trend has been verified through direct paired-sales analysis of historical sales data throughout the subject's neighborhood to the east of Naples Bay. Please see the following page for additional comments regarding the Sales Comparison Approach 1,032,000 Sole emphasis is placed on the Sales Comparison Approach as it best represents the interactions of buyers and sellers in the subject's marketplace. The Cost Approach and Income Approach have not been developed as they are not credible approaches to value for the subject property. 1,032,000 8/20/2025 20 Scope of Work Limiting cond./Certifications Narrative Addendum Location Map(s)Itemized Value Conclusion Additional Sales Photo Addenda Parcel Map Hypothetical Conditions Extraordinary Assumptions Qualifications of the Appraiser Roosevelt Leonard, R/W-AC Collier County Board of County Commissioners, Real Property Management Roosevelt.Leonard@colliercountyfl.gov 3335 Tamiami Trail E, Suite 101, Naples, FL 34112 Richard L. Gustin Maxwell, Hendry & Simmons, LLC (239) 337-0555 richardres@mhsappraisal.com 08/28/2025 Cert Res RD8811 FL 11/30/2026 8/20/2025 Scott H. Simmons Maxwell, Hendry & Simmons, LLC (239) 337-0555 scottres@mhsappraisal.com 08/28/2025 Cert Res RD6203 FL 11/30/2026 Form GPLND - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:TRANSFER HISTORYMy research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): 1st Prior Subject Sale/Transfer Date: Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Analysis of sale/transfer history and/or any current agreement of sale/listing:SALES COMPARISON APPROACHFEATURE SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address Proximity to Subject Sale Price $$$$ Price/$$$$ Data Source(s) Verification Source(s) VALUE ADJUSTMENT DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site Area Net Adjustment (Total, in $)+++$ $ –––$ $ $ $ Summary of Sales Comparison Approach PUDPROJECT INFORMATION FOR PUDs (if applicable)The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities:RECONCILIATIONIndicated Value by: Sales Comparison Approach $ Final Reconciliation This appraisal is made ''as is'', or subject to the following conditions: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based upon an inspection of the subject property,defined Scope of Work,Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our)Opinion of the Market Value (or other specified value type),as defined herein,of the real property that is the subject of this report is: $, as of:,which is the effective date of this appraisal. If indicated above,this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report.See attached addenda.ATTACH.A true and complete copy of this report contains pages,including exhibits which are considered an integral part of the report.This appraisal report may not be properly understood without reference to the information contained in the complete report,which contains the following attached exhibits:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect (Desktop) Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page 5793 of 6641 25080704ADDITIONAL COMPARABLE SALES 1742-1770 Danford St Naples, FL 34112 Inspection Public Record N/A N/A N/A Fee Simple Naples Bayview 28,000 Site Improvements None Zoning RMF-6 3301 Lunar St Naples, FL 34112 1.38 miles NE 225,000 37.50 ML#224082664 OR#6440-2508 Cash None Known 2/14/2025 Fee Simple Lake Kelly 6,000 +825,000 None RMF-6 825,000 Net 366.7 % Gross 366.7 %1,050,000 3214 Andrews Ave Naples, FL 34112 0.98 miles E 215,000 30.71 ML#224010617 OR# Cash None Known 8/29/2024 Fee Simple Hallendale Sub. 7,000 +787,500 None RMF-6 787,500 Net 366.3 % Gross 366.3 %1,002,500 4700 Normandy Dr Naples, FL 34112 1.54 miles E 255,000 34.00 ML#223053786 OR#6294-1103 Conventional None Known 9/11/2023 Fee Simple Avalon Estates 7,500 +768,750 None RMF-6 768,750 Net 301.5 % Gross 301.5 %1,023,750Adjusted Sale Price (in $) +(-) $ Adjust +(-) $ Adjust +(-) $ Adjust All sales utilized are located to the east of the subject property, therefore, adjustments for site area have been applied at the upper end of the indicated price per square foot sale prices. Adjustments for site area have been applied consistent with excess land, due to the discrepancies in density associated with each sale. No adjustments for market conditions were warranted within the sales grid. Although there has been downward price correction in the Southwest Florida market area over the past 12 to 18 months, the appeal of the subject's proximity to the City of Naples and the limited remaining vacant land for development in this neighborhood has offset the price corrections seen in many other markets. After adjustments for differences in site area/density, the sales utilized indicate a range from $102,500,000 to $1,050,000. Comparables 1 through 4 represent the most recent sales in the subject's market area and include both multi-lot sales. These reconciled sales indicate a range of $1,010,000 to $1,050,000 with the subject commanding a value within this range, consistent with a reconciled per lot/unit value of $258,000. 4 5 6 Form GPLND.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SALES COMPARISON APPROACHFEATURE SUBJECT PROPERTY COMPARABLE NO.COMPARABLE NO.COMPARABLE NO. Address Proximity to Subject Sale Price $$$$ Price/$$$$ Data Source(s) Verification Source(s) VALUE ADJUSTMENT DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site Area Net Adjustment (Total, in $)+++$ $ –––$ $ $ $ Summary of Sales Comparison Approach Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page 5794 of 6641 25080704Assumptions, Limiting Conditions & Scope of Work 1742 Danford St # 1770 Naples FL 34112 Collier County Board of County Commissioners, Real Property Management3335 Tamiami Trail E, Suite 101, Naples, FL 34112 Richard L. Gustin 1619 Jackson Street, Fort Myers, FL 33901 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. Scope of Work 1. An inspection of the subject property. 2. Obtain dimensions for the property under appraisal. 3. Analyze the site pertaining to the subject property. 4. Obtain available comparable sales and listings data to compare with the subject. 5. Analyze the data that has been collected and apply the results appropriately to the valuation of the subject property. 6. Analyze any applicable cost data. 7. Using the data collected and the analyses performed to complete the appropriate approaches to value. 8. Explain the reasons why any approaches to value were not completed. 9. Analyze each of the approaches to value that have been completed to arrive at a value for each valuation analysis. 10. Reconcile the approaches to value to arrive at a final estimate of value. 11. Relay the data collected and analyzed to the client in summary format throughout the final appraisal report. Hypothetical Conditions None Extraordinary Assumptions None Additional Comments (8/28/2025) This report has been revised from its original submission to include an itemized value conclusion of each of the three parcels that are the subject of this appraisal. Please see the "Itemized Value Conclusion" addendum. Form GPLNDAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page 5795 of 6641 25080704Certifications & Definitions 1742 Danford St # 1770 Naples FL 34112 Collier County Board of County Commissioners, Real Property Management3335 Tamiami Trail E, Suite 101, Naples, FL 34112 Richard L. Gustin 1619 Jackson Street, Fort Myers, FL 33901 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - I have made a personal inspection of the property that is the subject of this report. - No one provided significant real property appraisal assistance to the person(s) signing this certification. DEFINITION OF MARKET VALUE *: Market value means the most probable price which 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: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. 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. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Roosevelt Leonard, R/W-AC Collier County Board of County Commissioners, Real Property Management Roosevelt.Leonard@colliercountyfl.gov 3335 Tamiami Trail E, Suite 101, Naples, FL 34112 Richard L. Gustin Maxwell, Hendry & Simmons, LLC (239) 337-0555 richardres@mhsappraisal.com 08/28/2025 Cert Res RD8811 FL 11/30/2026 8/20/2025 Scott H. Simmons Maxwell, Hendry & Simmons, LLC (239) 337-0555 scottres@mhsappraisal.com 08/28/2025 Cert Res RD6203 FL 11/30/2026 Form GPLNDAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect (Desktop) Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Page 5796 of 6641 Itemized Value Conclusion This appraisal includes 3 contiguous parcels containing four platted lots within the Naples Bayview subdivision. The appraised value as indicated in the reconciliation of value section of the report represents the total value of the 3 parcels that are the subject of this appraisal. However, at the request of the client, these 3 separate parcels have been identified below with their associated appraised value: 1) 1742 Danford Street (Parcel ID#61380760009 / Lots 30 and 31, Naples Bayview Addition Number 1): $516,000 2) 1756 Danford Street (Parcel ID#61380740003 / Lot 29, Naples Bayview Addition Number 1): $258,000 3) 1770 Danford Street (Parcel ID#61380720007 / Lot 28, Naples Bayview Addition Number 1): $258,000 Itemized Value Conclusion Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 25080704 N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Borrower/Client Lender Property Address City County State Zip Code File No. Page 5797 of 6641 Highest and Best Use: According to The Appraisal of Real Estate, Eleventh Edition, highest and best use is defined as follows: "the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value." The four criteria of the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. The definition above applies to vacant land as well as to an improved property. It is to be recognized that, in some cases where a site has existing improvements on it, the highest and best use as if vacant may very well be different from the property's existing use. The existing use will continue, however, until the land's value in its highest and best use exceeds the total value of the property in its then improved utilization. Highest & Best Use as Vacant: The subject property is zoned RMF-6 (Residential Multi-Family – 6 units per acre), which permits both single-family and multifamily residential development, subject to density limitations. Collier County zoning records do not indicate any overlay district allowing for bonus density. The subject property is located within the Future Land Use category of Urban Coastal Fringe Subdistrict, which allows for a maximum of 4 units per acre. The subject of this appraisal includes 3 separate parcels containing 4 lots, each lot containing approximately 7,000 square feet. With a total site area of approximately 28,000 square feet, the subject parcel does not support meaningful multifamily development on its own due to lot size constraints. Even when combined with the adjoining parcels-also the subject of this appraisal-the allowable density would not exceed the platted density of 4 dwelling units. The feasibility of both single-family residential development and future assemblage for multifamily use is supported by market activity in the surrounding area, where several similar projects have been undertaken. As such, the highest and best use of the subject property, as vacant, is either for single-family residential development or for speculative holding as part of a potential future assemblage suitable for multifamily development. This conclusion is consistent with what is legally permissible, physically possible, and financially feasible under current market and zoning conditions. Highest & Best Use Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 25080704 N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Borrower/Client Lender Property Address City County State Zip Code File No. Page 5798 of 6641 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Borrower/Client Lender Property Address City County State Zip Code Page 5799 of 6641 Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map - 1742 Danford St N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management The improvement shown in this aerial photo had been demolished as of the date of inspection Borrower/Client Lender Property Address City County State Zip Code Page 5800 of 6641 Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map - 1756 Danford St N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Borrower/Client Lender Property Address City County State Zip Code Page 5801 of 6641 Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map - 1770 Danford St N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Borrower/Client Lender Property Address City County State Zip Code Page 5802 of 6641 Subject Photos N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management 1742 Danford St - Front 1742 Danford St - Street Scene Form PIC2V_LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower/Client Lender Property Address City County State Zip Code Page 5803 of 6641 Subject Photos N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management 1756 Danford St - Front 1756 Danford St - Street Scene Form PIC2V_LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower/Client Lender Property Address City County State Zip Code Page 5804 of 6641 Subject Photos N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management 1770 Danford St - Front 1770 Danford St - Street Scene Form PIC2V_LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower/Client Lender Property Address City County State Zip Code Page 5805 of 6641 Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Comparable 1 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 1942 Danford St 0.13 miles E 485,000 Naples Bayview 14,000 Comparable 2 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 2785 Van Buren Ave 1.21 miles NE 250,000 Craigs Sub. 7,000 Comparable 3 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 2432 Florida Ave 0.65 miles NE 485,000 Sunset Homes 14,000 Borrower/Client Lender Property Address City County State Zip Code Page 5806 of 6641 Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Comparable 4 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 3301 Lunar St 1.38 miles NE 225,000 Lake Kelly 6,000 Comparable 5 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 3214 Andrews Ave 0.98 miles E 215,000 Hallendale Sub. 7,000 Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 4700 Normandy Dr 1.54 miles E 255,000 Avalon Estates 7,500 Borrower/Client Lender Property Address City County State Zip Code Page 5807 of 6641 Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Borrower/Client Lender Property Address City County State Zip Code Page 5808 of 6641 Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications N/A 1742 Danford St # 1770 Naples Collier FL 34112 Collier County Board of County Commissioners, Real Property Management Borrower/Client Lender Property Address City County State Zip Code Page 5809 of 6641 APPRAISAL REPORT FOR COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS SUBJECT PROPERTY: WSA DEVELOPMENT GROUP, LLC 1742, 1756, AND 1770 DANFORD STREET NAPLES, FL 34112 AT THE REQUEST OF: ROOSEVELT LEONARD REVIEW APPRAISER II OPERATIONS & PERFORMANCE MANAGEMENT COLLIER COUNTY FACILITIES MANAGEMENT/REAL PROPERTY 2685 HORSESHOE DRIVE S., STE. 103 NAPLES, FL 34104 ASSIGNMENT NO.: 7194A-TS APPRAISAL EFFECTIVE DATE: AUGUST 21, 2025 DATE OF REPORT: AUGUST 25, 2025 Page 5810 of 6641 7194A Report Table of Contents Carroll & Carroll Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1 CERTIFICATION ..................................................................................................................................... 2 SCOPE OF WORK ................................................................................................................................... 4 DEFINITION OF MARKET VALUE ..................................................................................................... 5 ASSUMED EXPOSURE TIME ................................................................................................................ 5 ESTATE APPRAISED .............................................................................................................................. 6 AREA INFORMATION .......................................................................................................................... 7 MARKET AREA ..................................................................................................................................... 16 PROPERTY INFORMATION ............................................................................................................... 27 SITE DESCRIPTION – 1742 DANFORD STREET ......................................................................... 29 SUBJECT PHOTOGRAPHS .............................................................................................................. 31 SITE DESCRIPTION – 1756 DANFORD STREET ......................................................................... 34 SITE DESCRIPTION – 1770 DANFORD STREET ......................................................................... 39 ENVIRONMENTAL CONTAMINATION .................................................................................... 44 NATURAL RESOURCE CONCERNS ............................................................................................ 45 ZONING .............................................................................................................................................. 46 ASSESSMENT AND TAXES ............................................................................................................ 50 FLOOD ZONE DATA ....................................................................................................................... 52 TRANSACTIONAL HISTORY ........................................................................................................ 53 CURRENT STATUS ........................................................................................................................... 54 HIGHEST AND BEST USE ................................................................................................................... 55 CONSIDERATION OF APPROACHES ............................................................................................. 58 SALES COMPARISON APPROACH ................................................................................................. 59 COMPARABLE LAND SALES MAP .............................................................................................. 61 VACANT LAND COMPARABLES ................................................................................................ 62 SALES ADJUSTMENT GRID – 1742 DANFORD STREET .......................................................... 76 SALES ADJUSTMENT GRID – 1756 DANFORD STREET .......................................................... 77 SALES ADJUSTMENT GRID – 1770 DANFORD STREET .......................................................... 78 FINAL ESTIMATES OF VALUE ..................................................................................................... 86 ADDENDA ............................................................................................................................................. 87 Page 5811 of 6641 7194A Report Summary of Important Data & Conclusions Carroll & Carroll 1 SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report could be misleading. PROPERTY INFORMATION Property Identification 1742, 1756, and 1770 Danford Street Naples, FL 34112 Property Description The subject consists of three vacant residential parcels located along the south side of Danford Street, just east of Bayview Park in Naples, Florida. Property Type Vacant Residential Owner of Record WSA Development Group, LLC Property ID # 61380760009, 61380740003, and 61380720007 CLIENT INFO, CONTEXT, & VALUE CONCLUSIONS Client Collier County Operations & Performance Management Intended Use The intended use is to assist the Collier County Board of County Commissioners. Intended User The Collier County Board of County Commissioners Appraisal Effective Date August 21, 2025 Date of Report August 25, 2025 Date of Inspection August 21, 2025 Purpose of the Appraisal Estimate Market Value “As Is” Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Values 1742 Danford St. $510,000 1756 Danford St. $245,000 1770 Danford St. $245,000 GENERAL INFO Appraiser Timothy W. Sunyog, MAI State-Certified General Appraiser RZ 3288 Scope of Work All applicable approaches to value were developed. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None HYPOTHETICAL CONDITION None Page 5812 of 6641 7194A Report Certification Carroll & Carroll 2 CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property and made an inspection of all comparable sales or listings identified in the report. The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. In the three years immediately prior to acceptance of this assignment I have not performed any services regarding the subject property as appraisers, or in any other capacity. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Page 5813 of 6641 7194A Report Certification Carroll & Carroll 3 No one other than the undersigned prepared the analyses, opinions and conclusions concerning real estate that are set forth in this report. As of the date of this report, Timothy W. Sunyog has completed the requirements of the continuing education program of the State of Florida, and for Designated Members of the Appraisal Institute. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Page 5814 of 6641 7194A Report Scope of Work Carroll & Carroll 4 SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Personally inspected the subject property and inspected the exterior of each comparable. • Reviewed aerial photographs, land use plans, the Land Development Code, Collier County property record card, and other documentation. • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use. • Researched the market area for land sales, pending sales, and listings. • Developed the sales comparison approach. • Estimated the market value “As Is” of the fee simple interest. • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion. Sources of market data included local and regional MLS systems, CoStar, LoopNet, the public records and interviews with real estate brokers. Page 5815 of 6641 7194A Report Definition of Market Value Carroll & Carroll 5 DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 6 and 9 months. Page 5816 of 6641 7194A Report Estate Appraised Carroll & Carroll 6 ESTATE APPRAISED The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple Absolute is synonymous with Fee Simple. The Dictionary of Real Estate Appraisal, Seventh Edition, published 2022 by the Appraisal Institute, defines Fee Simple Estate as: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. We consider easements, but only to the extent that they are known to us. Appraisal of the fee simple means that an improved property is vacant and available to be put to its highest and best use. Page 5817 of 6641 7194A Report Area Information Carroll & Carroll 7 AREA INFORMATION COLLIER COUNTY ANALYSIS An analysis of geography, transportation, population, employment, income, and education for Collier County is performed using data provided by Site to Do Business, Florida Office of Economic & Demographic, United States Department of Labor, all recognized source(s). GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. About 63% of the land area is in public ownership, is set aside for environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild, and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. Most of the county is less than 15 feet above mean sea level. Although changes in elevation Page 5818 of 6641 7194A Report Area Information Carroll & Carroll 8 are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is in north Collier County and is the agricultural center of the region. POPULATION “The social forces studied by appraisers primarily relate to population characteristics. The demographic composition of the population reveals the potential demand for real estate, which makes the proper analysis and interpretation of demographic trends important in an appraiser’s analysis.” The total population, it's composition by age and gender, and the rate of household formation and dissolution strongly influence real property values. (The Appraisal of Real Estate 14th Edition) Collier County’s population has continued to increase year after year. The population has increased only 0.1% as of 2022 from 2020. The population forecasts through 2027 calls for a continued steady growth cycle with an estimated 4.4% population growth from 2022 to 2027. Page 5819 of 6641 7194A Report Area Information Carroll & Carroll 9 Collier County is a popular retirement destination. As of 2022, 55.9% of the County’s residents are over the age of 45. The 2027 forecasts depict an aging community with 56.5% of the population 45 years of age or older. EMPLOYMENT Collier County is a largely service based economy with 32.1% of the employees in the leisure, hospitality, education, and health service industries and 26% in professional, business, financial and other services. Trade, transportation, & utilities along with government jobs account for 36.4% of the County’s employees. Industries such as natural resources/mining, construction, and manufacturing make up only 5.5% of the market. Page 5820 of 6641 7194A Report Area Information Carroll & Carroll 10 The unemployment rate in Collier County exceeded the state average by a slight margin in the years 2015 and 2016. The unemployment rate then declined through 2020 as the economy improved and, until recently, Collier County’s unemployment rates decreased more rapidly than the state. Top 10 Largest Employers SWFL-2022 Rank Company Employees 1 Lee Health 13595 2 Lee County School District 12936 3 Lee County Local Government 9038 4 Publix 8728 5 NCH Healthcare System 7017 6 Walmart 6516 7 Collier County School District 6422 8 Collier County Government 5000 9 Florida Gulf Coast University 3430 10 Arthrex, Inc 3000 Source: SOUTHWEST FLORIDA ECONOMIC DEVELOPMENT ALLIANCE NOTE: * DATA AS RECENT AS 2018 Q3; ** DATA AS RECENT AS 2017 Page 5821 of 6641 7194A Report Area Information Carroll & Carroll 11 INCOME Collier County’s per capita income and median household income levels are higher than state statistics. The most substantial difference between Collier County and the state is the large percentage difference in household incomes above $100,000 where Collier County exceeds the state by over 12%. Collier County's percentage household incomes ranging from $25,000 to $74,999 is slightly lower than the percentage of household incomes in the state, only mirroring that of the state at $75,000 to $99,000, and from there exceeding the percentage of the state. Income levels vary greatly within different areas of Collier County, and so will be discussed in greater detail in the Market Area descriptions. TRANSPORTATION The transportation system reflects local geography, population densities and the primary motivators of tourism, service industry employment, the construction industry, agriculture, and leisure activities. ROADS The earliest roads were coastal, extending from north to south in the early twentieth century with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami Trail because it was built to connect Tampa and Miami. Where it passes through the coastal community US-41 is a four or six lane divided highway with landscaped medians, curb and gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal arterial and one that defines several important boundaries. Often there is a noticeable land value difference east and west of US-41 because the affluent coastal population prefers to shop and trade close to home. As the highway turns southeast from downtown Naples toward Miami the Trail defines the boundary of the coastal management zone which affects development densities and storm evacuation requirements. The eastern segment of US -41 is a designated national scenic highway popular with tourists, especially during the winter season as they seek adventure in the Everglades. A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood streets extend into the urban area east and west from US-41. North-south arterials and major collectors are established about one mile apart. From west to east, these include Goodlette-Frank Road, Airport-Pulling Road, Livingston Road, Santa Barbara Boulevard and Collier Boulevard. The east-west grid is spaced about two miles apart; from north to south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84), and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4 lane divided highways. East of Collier Boulevard the road system reflects the economies of scale of Golden Gate Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced Page 5822 of 6641 7194A Report Area Information Carroll & Carroll 12 major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles east of CR-951, is the principal east-west collector. Everglades Boulevard (2 lane and asphalt surfaced) is the north-south major collector extending south from Immokalee Road 14 miles to the grade separation at I-75 where it continues into the Picayune Strand State Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier County is planning to extend east-west collectors through the Estates along the alignment of Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north-south connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road) north to Golden Gate Boulevard. Interstate highway 75 (I-75) was extended from north to south through Collier County in the mid-1980s along a flood-proof route about five miles inland. Directly east of the City of Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty- one miles east of the coastal community is an interchange at State Road 29; the last interchange in Collier County. Collier County and the FDOT continue to study the feasibility of an interchange at Everglades Boulevard. The advent of I-75 signaled a change in the relationship of Collier County to the rest of Florida and the United States. While US-41 was the only north-south arterial, Collier County was dominated by the conservative mid-western influences of seasonal residents and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road access to Collier was made much more convenient to the northeast via connections with I -4 and I-95. This had the effect of broadening Collier’s market exposure and it stimulated growth. The extension of I-75 south into Dade County promoted better access for European tourists and made Collier County transient lodging attractive for east coast weekenders. Strategic connections exist where Collier Boulevard and CR-92 extend south and west from US-41 providing access to the City of Marco Island from the greater Naples area and from Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural center of Immokalee with points north, with the Naples coastal community via CR-846, with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which is the western gateway to Everglades National Park and the 10,000 Islands region of Collier's southwest coast. The road transportation system is well planned, well maintained, and operating at acceptable capacity. Ambitious road construction projects undertaken in anticipation of growth projections and funded by impact fees have caught up with development. The road system reflects Collier's position at the southerly limit of development on Florida's west coast. Page 5823 of 6641 7194A Report Area Information Carroll & Carroll 13 MASS TRANSIT Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes Department, provides inexpensive alternative transportation throughout the county linking major employment centers of Naples with Marco Island and Immokalee. There are several circulation routes with stops at the County government complex, hospitals, and major shopping establishments. The system accommodates bicycle transport and personal items. The same County department administers the Collier Area Para Transit system which provides subsidized transportation services for the disabled and economically disadvantaged. This is a successful and growing system that connects people with jobs, essential services, and shopping while reducing transportation costs and road congestion. AIRPORTS Collier County is supported by a system of five public airports. Southwest Florida International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute drive via I-75 from the Collier center of population. This facility serves the five county southwest Florida regions offering domestic and international air carrier service. It is modern, convenient, and has planned expansion to keep up with regional growth. Naples Municipal Airport (APF) owned by the City of Naples and operated by the independently constituted Naples Airport Authority which derives its revenue principally from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown Naples. It serves the coastal community and is especially convenient to affluent residents who own private aircraft, to the corporate convention business of the large beachfront hotels, and to essential services like mosquito control, Emergency Medical Services (EMS), the Sheriff’s office, and private air ambulance services. The two paved runways (5/23 @ 5,290’ and 14/32 @ 5,000’) will support jets including the G4 and Challenger series. Naples airport is tower controlled and fully certified for commercial operations and is home to several aircraft charter services and flight training schools. In 2005, Naples Municipal Airport accommodated 163,434 aircraft operations, a record high. Annual operations decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479, which is a 5.2% increase from the previous year. Due to its downtown location, Naples airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise abatement measures. The Collier County Airport Authority owns and operates airports at Marco Island, in Everglades City, and at Immokalee. These are primarily funded through fuel sales and hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation facility on the mainland four miles northeast of Marco Island. The single paved runway (17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is Page 5824 of 6641 7194A Report Area Information Carroll & Carroll 14 available. This airport is convenient to Marco Island residents and to the corporate convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a weekend drag racing strip. The airport is in the Florida Rural Enterprise Zone and a HUB Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign Trade Zone. To date, the economic potential of this airport is largely unrealized. However, the field is active as a training destination for coastal-based flight schools, it hosts aerial firefighting and crop-dusting operations, and it bases numerous private aircraft. The Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres that is within walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400') supports itinerant coastal traffic and half a dozen-based aircraft. Fuel, a comfortable pilot center and bicycles are available. The aviation community Is well supported. The greater Naples area is the beneficiary of the winter season influx of corporate executives and affluent individuals who can afford luxury private jet travel. MARINE TRANSPORTATION There is no deep-water port and no commercial marine activity other than that associated with commercial fishing, charter sport fishing, and the marine towing services that support the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six feet at mean low water. The US Coast Guard maintains a dredged and well-marked intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island. Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to the Marine Industries Association of Collier County, as of early 2018 there were 57,685 registered vessels in Southwest Florida. In 2022, Florida registered over 1 million recreational boats. Seasonally, excursions from Marco Island to Key West and from Ft. Myers Beach to Key West are scheduled daily. EDUCATION The Collier County School District provides public education to about 47,000 students encompassing grades K-12 and employs almost 7,000 people of which 3,200 are teachers. The district has 51 public schools consisting of 31 elementary, 10 middle, 8 high schools, one K-12 (Everglades City School), and 1 virtual school. There are also 12 alternative school programs and two technical colleges, Lorenzo Walker Technical College, and Immokalee Technical College, which offer short term and long-term training to adults and high school students. Between 2015 and 2020, the school district had an overall population growth of more than 6,000 students but recently student population growth has leveled off and slightly Page 5825 of 6641 7194A Report Area Information Carroll & Carroll 15 decreased. The student population is a diverse culture. 55% of students live in homes where English is not the first language. Students come from 76 different countries of origin and speak 104 different languages. Collier County School District continues to receive an “A” grade by the State of Florida Department of Education. The district and all schools are accredited by the Southern Association of Colleges and Schools Council. Collier County is the leader in Florida in educational technology. It is also a leader in advanced educational programs, offering dual enrollment and Advance Placement courses, Cambridge Advanced International Certificate of Education and Laureate diplomas. Career training is available through 32 career academies. In addition to the public-school system, there are numerous private schools throughout the county. Approximately, 16% of all K-12 students in Collier County are educated in private schools. Collier County is also home to several colleges and accredited universities. Three colleges have campuses in Collier County: Ave Maria University, Keiser University and Florida Southwestern State College (formerly Edison Community College). Ave Maria University is a private catholic university that offers both undergraduate and graduate programs including a law school has around 1,245 students. Keiser University is a private university that offers both undergraduate and graduate programs to over 17,990 students throughout 20 campuses in Florida and an online learning program. Florida Southwestern State College with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year degree programs for 14,714 students. Formerly located in Naples, now in Fort Myers, Hodges University is a private four-year college that offers bachelor’s and master’s degrees in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located in southern Lee County) is one of the state's fastest growing institutions and home to over 16,000 students. CONCLUSION At the southerly limit of urban development on Florida's west coast, Collier County offers the climate, natural resources, and sporting opportunities to support a superb retirement community. The quality of infrastructure, schools, and social services is what one would expect of such an area. We are experiencing a surge in new development projected to take us through the next several years. In the long term, the attractions of the climate and location, and the stability of fixed-account affluence promise continuing prosperity although probably without the strong emphasis on new development. Page 5826 of 6641 7194A Report Market Area Carroll & Carroll 16 MARKET AREA Market Area is defined as: “The geographic region from which a majority of demand comes, and in which the majority of competition is located.” (The Dictionary of Real Estate Appraisal 7th Edition) “A combination of factors – e.g., physical features, the demographic and socioeconomic characteristics of the residents or tenants, the condition of the improvements (age, upkeep, ownership, and vacancy rates), and land use trends.” (The Appraisal of Real Estate, Fifteenth Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES The subject property is located within the South Naples area. For appraisal purposes, the market area boundaries are shown below: ➢ North Radio Road ➢ South Marco Island ➢ East Picayune Strand State Forest ➢ West Naples Bay Page 5827 of 6641 7194A Report Market Area Carroll & Carroll 17 Environmental Influences This area is desired because of mild winter weather and easy access to miles of beaches. The Naples area is one of the very few in Florida that offers adequate public access to a mainland beach. The subtropical weather allows for year-round recreational opportunities. Boating and swimming are popular activities and boating is supported for seasonal residents and tourists by local marinas and charter boats. Bicycling, walking, and jogging are supported by an extensive network of connected biking and walking paths. Multiple tennis and pickle ball courts are available, as well as fitness centers. Collier County has more golf courses per capita than most areas in the United States and the majority of the courses in Collier County fall within this market area. South Naples is known for its clean environment and healthy lifestyle. Development has occurred in such a way that the open-space and lush landscaping give the appearance of a well-manicured, tropical paradise. Governmental Influences This market area is governed by Collier County Board of County Commissioners which serves as chief legislative body and five constitutional officers: sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser. County government is managed by a strong county manager structure. Collier County provides services which range from average to high quality. However, Collier County is known for being a difficult county for building and development. The tax burden in Collier County is lower than the national average. County government has zoning, and comprehensive plan ordinances designed to protect the character and values of property; to protect and enhance economic development; and to maintain and enhance the attractive nature of the area. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Collier County Sheriff Department provides full range of services for Collier County. According to the statistics listed by Florida Department of Law Enforcement, Collier County crime index falls in the lowest 16% of all counties in Florida and crime rate has decreased nine out of the past ten years. About 78% of all crime is either burglary or larceny. The county averages are representative of conditions in South Naples. Page 5828 of 6641 7194A Report Market Area Carroll & Carroll 18 Transportation This market area is served by several arterial roadways. All are six-lane divided highways with beautifully landscaped medians. Improvements include street lighting and concrete curb and gutter. North-south arterial roadways include Airport-Pulling Road which serves the western portion of this market area; Santa Barbara Boulevard which connects Rattlesnake Hammock Road to Immokalee Road; and Collier Boulevard (SR-951) connects Immokalee Road to Marco Island. East-west arterials include Tamiami Trail East (US-41 East), Davis Boulevard, and Rattlesnake Hammock Road. Davis Boulevard and Collier Boulevard provide direct access to Interstate I-75. Davis Boulevard connects the downtown Naples area with Collier Boulevard and the I-75 interchange. Development along Davis Boulevard west of Airport Road (within the Bayshore/Gateway Triangle Redevelopment District) is older intensive commercial that is going through a revitalization. Development east of Airport Road is primarily residential with scattered commercial clustered around the major intersections. Tamiami Trail (US-41) is the original highway from Tampa to Miami through Naples. Tamiami Trail East is almost entirely developed with a mixture of average quality commercial and single/multi-family residential. Major commercial developments exist at almost every intersection. Collier Boulevard (CR-951) is a major arterial linking Marco Island in south Collier County with Immokalee Road near the north county line. The Collier Boulevard thoroughfare anchors a grid of arterial roads spaced about 2 miles apart, that serve the greater Naples coastal community which lies to the west. Development along Collier Boulevard is a mixture of single/multi-family residential, office, light industrial, institutional, retail and medical with clusters of commercial development at the intersections of Davis Boulevard, Rattlesnake Hammock Road and Tamiami Trial East. Interstate I-75, which connects Collier County to both North Florida and Florida’s east coast, serves this entire market area and access is provided by two interchanges. The arterial road system is laid out in a grid pattern that provides adequate traffic flow to all areas of the county. Commercial development exists at every major intersection; but, the intersections are designed with proper turns lanes and signaling to provide for adequate traffic movement. The road network easily handles traffic demand in the off- season, May through December. Traffic more than doubles in January, February, March and April because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road network usually handles peak traffic demand without major delays. Public transportation is provided by a county transit bus services. Page 5829 of 6641 7194A Report Market Area Carroll & Carroll 19 Naples Municipal Airport is located outside the market area, but is easily accessed by any resident of South Naples. The airport is City owned, but operated by the independent Naples Airport Authority. It serves private and commercial aviation, as well as aviation related activities. It supports government services, such as, Mosquito Control District and Collier County Sheriff’s aviation unit. Social Influences South Naples is primarily built out with scattered parcels of undeveloped land. Vacant lots in residential developments vary based on the age of the development. South Naples was one of the first areas to develop and so construction has occurred over the past 90 years. US Census Bureau, Esri forecasts, 2022 population is 84,621 with a projected growth to 89,525 (5.8% growth) by 2027. This area also increases seasonally about 20% during the winter months, according to Collier Business & Economic Development. The median age is 55.5, with 50.6% of the population being 55 and older. A total of 34% have a bachelor’s or professional degree and 25.2% have some college education. There is an average degree of community involvement through civic organizations, neighborhood groups, social service organizations and political committees. The Naples cost of living is 2% higher than the average cost of living in the United States. Conversely, Florida has a cost of living that is lower than the US average. Of the 25 locations included in the Economic Policy Institute's dataset for Florida, Naples-Marco Island is the 21st most expensive. In Naples, housing is the category with the highest index (21% above national average), while taxes are the category with the lowest index (15% below national average). (Ref. Careertrends.com; cost of living analysis). South Naples has some of the highest density of affordable housing units in Collier County, but because of the high cost of living, home values can still be out of reach for many moving into Collier County. One of the main driving forces impacting growth in this area is the quality of schools. This market area has 7 public schools; one high school, one middle school, and five elementary schools. All schools received a C or higher rating in the last grading period and all have at least 70% minority and economically disadvantaged student enrollment. Three of the schools have over 90% minority student enrollment. As reflected in the data, Naples is primarily populated by active, affluent, and highly educated people attracted by the environmental influences stated earlier. Other deciding factors include the availability of several cultural, fine arts, and educational opportunities and a multitude of fine dining restaurants. Also, the professional services that they require, such as financial, medical, retail, and recreational, are conveniently available. Page 5830 of 6641 7194A Report Market Area Carroll & Carroll 20 Page 5831 of 6641 7194A Report Market Area Carroll & Carroll 21 Page 5832 of 6641 7194A Report Market Area Carroll & Carroll 22 Economic Influences One of the original settlement areas, South Naples has seen substantial growth over the last twenty years primarily due to urban sprawl and density restrictions inherent within the city limits. The population increased 22.88% over the last 12 years and is forecast to increase an additional 5.8% over the next five years or an annual rate of 1.13%. This trend is consistent with the past 12 years and should continue into the near future as new development continues along the eastern edge of this market area. The residential population is dominated by working class residents and retirees. Comparatively, incomes within this market area are less than the county average. The median household income is $70,159 which is approximately 17.7% lower than the county’s median household income of $85,162. In the market area, 32.6% of the households have annual incomes greater than $100,000. Development trends: Residential Residential development density varies from less than 1 unit per acre in rural fringe development areas, to as high as 15 units per acre in the multi-family projects. The typical density is 3 to 4 units per gross acre. Development in this neighborhood varies greatly from dense, low income, non-deed restricted communities, to large, bundled golf communities marketed towards retired persons with financial resources adequate to own more than one home. Residential density increases within closer proximity to downtown Naples. Development continues to push further east as vacant land becomes more scarce. Containing 2,893 acres, and encompassing the area located between Collier Boulevard and Tamiami Trail East (south of Rattlesnake Hammock Road) Lely Resort is the largest planned development in the South Naples area. This mixed use development contains 3,195 residential units, 241,141 square feet of commercial development and three 18-hole golf courses. The average home value in the market area is $405,988 which is considerably less than the County’s average home value of $567,449. Only 3.3% of homes are valued more than $1,000,000 A total of 28.2% of the homes are valued between $300,000 and $399,000. The total number of housing units in the market area is 61,068, of which 47.5% are owner occupied, 16.5% renter occupied and 36.0% vacant. Vacancy includes seasonal rentals. There has been a residential boom in this market area over the past five years with new development occurring in The Isles of Collier Preserve, Treviso Bay, Lely Resort, Fiddler’s Creek, and Verona Walk. New development continues in Hacienda Lakes (1,760 units), Winding Cypress (2,300 units), Naples Reserve (1,154 units), and Oyster Harbor in Fiddler’s Page 5833 of 6641 7194A Report Market Area Carroll & Carroll 23 Creek (1,000 units). Once built out the new developments will add over 6,000 new units to this area in addition to any future development not yet planned. The residential boom has also occurred in the multi-family sector, specifically the apartment market. Over the past five years a total of 2,500+ apartment units have either been delivered, are under construction, or are in the planning stages within the South Naples market area. Commercial Commercial development in this market area includes banks, office buildings, industrial, professional offices/medical, retail centers, restaurants, hotels and anchored shopping centers. Reflecting the overall characteristics of the surrounding residential the existing commercial development is a mixed bag consisting of both older and newer projects. The commercial development exists primarily along the Tamiami Trail East corridor, the Bayshore/Gateway Triangle, as well as the main commercial intersections of Davis Boulevard/Collier Boulevard, Tamiami Trail East/Rattlesnake-Hammock Road, and Tamiami Trail East/Collier Boulevard. The intersection of Tamiami Trail East and Collier Boulevard is transitioning into the most commercialized intersection in the market area due primarily to the number of new and proposed residential units in the area as well as the supporting Marco Island population. Existing development consists of a Walmart, Lowes, a Publix anchored shopping center, and Fresh Market anchored center as well as many national banks, gas stations, pharmacies, and restaurants occupying the outparcels. Proposed development includes various retail plazas, gas stations, restaurants. A 120,000 square foot retail plaza with tenants of Stein Mart, Petsmart, Ulta, Ross, Marshalls, and Michaels is the newest addition completed. Closer to downtown Naples, a significant portion of the Bayshore/Gateway Triangle was recently purchased by two local developers. The proposed development, known as Metropolitan Naples will feature a mix of housing, retail and entertainment in up to three towers, each as tall as about 15 stories. The zoning allows for up to 377 residential units, 228 hotel rooms and a maximum of 200,000 square feet of commercial uses, which could include restaurants, coffee shops, bars and a movie theater. Medical Physicians Regional Medical Center, located near the intersection of Collier Boulevard and Rattlesnake Hammock Road, is a 212,400 square foot, 100 bed hospital along with a separate 94,000 square foot medical office building. This is one of the county's four major medical centers. The hospital offers a 24-hour emergency department that provides a full range of traditional emergency services. Page 5834 of 6641 7194A Report Market Area Carroll & Carroll 24 Because of strong demand for medical services, several health parks or medical centers have been built or are proposed within this market area. Page 5835 of 6641 7194A Report Market Area Carroll & Carroll 25 The services and retail industries dominate the market area business sector. Approximately 18.3% of employees are in the Government sector due to the fact the Collier County Government Center is located within the market area. Page 5836 of 6641 7194A Report Market Area Carroll & Carroll 26 MARKET AREA LIFE CYCLE Market areas often pass through a four-stage life cycle of growth, stability, decline, and revitalization. • Growth – A period during which the market area gains public favor and acceptance. • Stability – A period of equilibrium without marked gains or losses • Decline – A period of diminishing demand • Revitalization – A period of renewal, redevelopment, modernization and increasing demand. The majority of the real estate activity in South Naples reflects the growth cycle. The residential and commercial markets continue to be strong. The growth cycle is expected to continue into the near future. The western portion, closest to the coastal community, is in a period of revitalization. This is the location of the oldest development, so properties are prime for modernization and, as the City builds out, the pressure to redevelop eastwardly increases. CONCLUSION This continues to be one of the most affordable market areas within Collier County. Within close proximity to the beaches and downtown Naples, this area appeals to a variety of retirees and working-class families. Development continues to push east with future emphasis on redevelopment. One of the leading catalysts for the coming redevelopment stage will be the Bayshore/Gateway Triangle that could take shape within the next couple of years with construction underway. South Naples will likely continue to enjoy a healthy growth while maintaining its affordability. Page 5837 of 6641 7194A Report Property Information Carroll & Carroll 27 PROPERTY INFORMATION Page 5838 of 6641 7194A Report Property Information Carroll & Carroll 28 Page 5839 of 6641 7194A Report Property Information Carroll & Carroll 29 SITE DESCRIPTION – 1742 DANFORD STREET Legal Description/Easements Lots 30 and 31, Naples Bayview Addition No. 1, a subdivision according to the plat thereof recorded in Plat Book 4, Page 20, in the Public Records of Collier County, Florida. The site is encumbered by a 10’ wide easement located along the southern boundary. Address 1742 Danford Street, Naples, FL 34112 Property ID# 61380760009 Owner of Record WSA Development Group, LLC Size I was not provided with a boundary survey. The size of the site is based on what is on record with the Collier County Property Appraiser and the plat map. 13,800 Square Feet of 0.32 Acres Shape Rectangular 100’x138’ Frontage The subject fronts for 100 feet along the south side of Danford Street. Page 5840 of 6641 7194A Report Property Information Carroll & Carroll 30 Access The site is provided full service access from Danford Street. Danford Street is a two-lane asphalt paved road extending west from Hamilton Avenue and ending at Bayview Park. Bayview Park is a public Collier County Park with boat ramps, restrooms, pavilion, and picnic tables. Topography Level and at road grade Utilities The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. Adequate capacity exists to support full utilization of the site. Concurrency The service levels along the adjacent road system are within acceptable limits as defined by Collier County. There are no concurrence issues adversely affecting this property. Surrounding Land Uses Located to the north, south, and east are single-family residences and to the west is a vacant residential lot. Demographics (2024) 2-mile 5 10 Population 14,867 82,956 222,243 Households 6,268 37,424 98,502 Median HH Income $67,985 $67,514 $73,648 Median Home Value $403,471 $357,201 $412,286 Improvements The site was previously improved with a 1,176 square foot single-family residence constructed in 1958 with a swimming pool. Due to the damage sustained from Hurricane Ian, the home was in poor condition and was recently demolished in March 2025. The lot does benefit from the impact fee credit associated with the home. Page 5841 of 6641 7194A Report Property Information Carroll & Carroll 31 SUBJECT PHOTOGRAPHS View to the west along Danford Street. View to the east along Danford Street. Page 5842 of 6641 7194A Report Property Information Carroll & Carroll 32 View along the south from Danford Street. View to the west along the southern boundary. Page 5843 of 6641 7194A Report Property Information Carroll & Carroll 33 View to the north across the subject property. Page 5844 of 6641 7194A Report Property Information Carroll & Carroll 34 SITE DESCRIPTION – 1756 DANFORD STREET Legal Description/Easements Lot 29, Naples Bayview Addition No. 1, a subdivision according to the plat thereof recorded in Plat Book 4, Page 20, in the Public Records of Collier County, Florida. The site is encumbered by a 10’ wide easement located along the southern boundary. Address 1756 Danford Street, Naples, FL 34112 Property ID# 61380740003 Owner of Record WSA Development Group, LLC Size I was not provided with a boundary survey. The size of the site is based on what is on record with the Collier County Property Appraiser and the plat map. 6,900 Square Feet of 0.16 Acres Shape Rectangular 50’x138’ Frontage The subject fronts for 50 feet along the south side of Danford Street. Access The site is provided full service access from Danford Street. Page 5845 of 6641 7194A Report Property Information Carroll & Carroll 35 Danford Street is a two-lane asphalt paved road extending west from Hamilton Avenue and ending at Bayview Park. Bayview Park is a public Collier County Park with boat ramps, restrooms, pavilion, and picnic tables. Topography Level and at road grade Utilities The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. Adequate capacity exists to support full utilization of the site. Concurrency The service levels along the adjacent road system are within acceptable limits as defined by Collier County. There are no concurrence issues adversely affecting this property. Surrounding Land Uses Located to the north and south are single-family residences and to the east and west are vacant residential lots. Demographics (2024) 2-mile 5 10 Population 14,867 82,956 222,243 Households 6,268 37,424 98,502 Median HH Income $67,985 $67,514 $73,648 Median Home Value $403,471 $357,201 $412,286 Improvements None Page 5846 of 6641 7194A Report Property Information Carroll & Carroll 36 SUBJECT PHOTOGRAPHS View to the west along Danford Street. View to the east along Danford Street. Page 5847 of 6641 7194A Report Property Information Carroll & Carroll 37 View along the south from Danford Street. View to the west along the southern boundary. Page 5848 of 6641 7194A Report Property Information Carroll & Carroll 38 View to the north across the subject property. Page 5849 of 6641 7194A Report Property Information Carroll & Carroll 39 SITE DESCRIPTION – 1770 DANFORD STREET Legal Description/Easements Lot 28, Naples Bayview Addition No. 1, a subdivision according to the plat thereof recorded in Plat Book 4, Page 20, in the Public Records of Collier County, Florida. The site is encumbered by a 10’ wide easement located along the southern boundary. Address 1770 Danford Street, Naples, FL 34112 Property ID# 61380720007 Owner of Record WSA Development Group, LLC Size I was not provided with a boundary survey. The size of the site is based on what is on record with the Collier County Property Appraiser and the plat map. 6,900 Square Feet of 0.16 Acres Shape Rectangular 50’x138’ Frontage The subject fronts for 50 feet along the south side of Danford Street. Access The site is provided full service access from Danford Street. Page 5850 of 6641 7194A Report Property Information Carroll & Carroll 40 Danford Street is a two-lane asphalt paved road extending west from Hamilton Avenue and ending at Bayview Park. Bayview Park is a public Collier County Park with boat ramps, restrooms, pavilion, and picnic tables. Topography Level and at road grade Utilities The full range of public utilities including sewer, water, electricity, telephone and TV cable are available. Adequate capacity exists to support full utilization of the site. Concurrency The service levels along the adjacent road system are within acceptable limits as defined by Collier County. There are no concurrence issues adversely affecting this property. Surrounding Land Uses Located to the north and south are single-family residences and to the east and west are vacant residential lots. Demographics (2024) 2-mile 5 10 Population 14,867 82,956 222,243 Households 6,268 37,424 98,502 Median HH Income $67,985 $67,514 $73,648 Median Home Value $403,471 $357,201 $412,286 Improvements None Page 5851 of 6641 7194A Report Property Information Carroll & Carroll 41 SUBJECT PHOTOGRAPHS View to the west along Danford Street. View to the east along Danford Street. Page 5852 of 6641 7194A Report Property Information Carroll & Carroll 42 View along the south from Danford Street. View to the west along the southern boundary. Page 5853 of 6641 7194A Report Property Information Carroll & Carroll 43 View to the north across the subject property. Page 5854 of 6641 7194A Report Property Information Carroll & Carroll 44 ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns This is a factor of unknown risk. No obvious evidence of contamination was observed during the inspection. Environmental Assessment Available No Impact on Value None Disclaimer Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. Page 5855 of 6641 7194A Report Property Information Carroll & Carroll 45 NATURAL RESOURCE CONCERNS Condition of subject The entire sites are cleared. There is nothing to indicate any natural resource concern. Noted Concerns None Natural Resource Audits Available No Impact on Value None Disclaimer Specialized natural resource audits were not in the appraiser’s required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise required to discover them. Page 5856 of 6641 7194A Report Property Information Carroll & Carroll 46 ZONING Ordinance or Land Development Code Collier County Zoning RMF-6 – Residential Multi-Family 6 District Purpose or Intent of Zoning Purpose of the Residential Multi-Family-6 District (RMF- 6) is to provide for single-family, two-family and multi- family residences having a low profile silhouette, surrounded by open space, being so situated that it is located in close proximity to public and commercial services and has direct or convenient access to collector and arterial roads on the county major road network. Maximum density permissible in the RMF-6 district shall be guided, in part, by the density rating system. Below are the development requirements as set forth in the RMF-6 Zoning District: Minimum Lot Area: S.F. 6,500 square feet Duplex: 12,000 square feet 3+ units 5,500 sq. ft. per unit Minimum Lot Width: S.F. 60 feet Duplex: 80 feet 3+ units 100 feet Minimum Front Yard Setback: S.F. 25 feet Duplex: 25 feet 3+ units 30 feet Minimum Side Yard Setback: S.F 7.5 feet Duplex: 10 feet 3+ units 15 feet Minimum Rear Yard Setback: S.F. 20 feet Duplex: 20 feet 3+ units 20 feet Maximum Building Height: 35 feet Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. Page 5857 of 6641 7194A Report Property Information Carroll & Carroll 47 Page 5858 of 6641 7194A Report Property Information Carroll & Carroll 48 FUTURE LAND USE Ordinance or Plan Collier County Growth Management Plan (GMP) Future Land Use Designation Urban Coastal Fringe Subdistrict Purpose of Designation The purpose of this Subdistrict is to provide transitional densities between the Conservation designated area (primarily located to the south of the Subdistrict) and the remainder of the Urban designated area (primarily located to the north of the Subdistrict). The Subdistrict comprises those Urban areas south of US 41, generally east of the City of Naples, and generally west of the Rural Fringe Mixed Use District Neutral Lands, but excludes Section 13, Township 51 South, Range 26 East, and comprises approximately 11,354 acres and 10% of the Urban Mixed Use District. The entire Subdistrict is located seaward of the Coastal High Hazard Area Boundary. In order to facilitate hurricane evacuation and to protect the adjacent environmentally sensitive Conservation designated area, residential densities within the Subdistrict shall not exceed a maximum of four (4) dwelling units per acre, except as allowed in the Density Rating System to exceed four (4) units per acre through provision of Affordable Housing and Transfers of Development Rights, and except as allowed by certain FLUE Policies under Objective 5, and except as provided in the Bayshore Gateway Triangle Redevelopment Overlay. New rezones to permit mobile home development within this Subdistrict are prohibited. Rezones are recommended to be in the form of a Planned Unit Development. Page 5859 of 6641 7194A Report Property Information Carroll & Carroll 49 Page 5860 of 6641 7194A Report Property Information Carroll & Carroll 50 ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID 61380760009 (1742 Danford Street) Assessment and Tax Year 2025 (Preliminary) Land Assessment $554,774 Improvement Assessment $29,983 Total Assessment $584,757 10% CAP ($76,824) Exemption $0 Taxable Value $507,933 Taxes (March Payment) $6,734.61 (If Proposed Budget Change is Adopted) Taxing Authority/Jurisdiction Collier County As of the appraisal effective date the 2024 taxes have been paid. Parcel Tax ID 61380740003 (1756 Danford Street) Assessment and Tax Year 2025 (Preliminary) Land Assessment $278,685 Improvement Assessment $0 Total Assessment $278,685 10% CAP ($27,886) Exemption $0 Taxable Value $250,799 Taxes (March Payment) $3,282.63 (If Proposed Budget Change is Adopted) Taxing Authority/Jurisdiction Collier County As of the appraisal effective date the 2024 taxes have been paid. Parcel Tax ID 61380720007 (1770 Danford Street) Assessment and Tax Year 2025 (Preliminary) Land Assessment $276,447 Improvement Assessment $0 Total Assessment $276,447 10% CAP ($27,662) Exemption $0 Taxable Value $248,785 Taxes (March Payment) $3,256.26 (If Proposed Budget Change is Adopted) Taxing Authority/Jurisdiction Collier County Page 5861 of 6641 7194A Report Property Information Carroll & Carroll 51 As of the appraisal effective date the 2024 taxes have been paid. Page 5862 of 6641 7194A Report Property Information Carroll & Carroll 52 FLOOD ZONE DATA Flood Zone AE-9 Flood Zone Comments Zone AE – Areas of inundation by the 1% annual-chance flood, including areas with the 2% wave run-up, elevation less than 3 feet above the ground, and areas with wave heights less than 3 feet. The required flood elevation is 9 feet. Community Panel Number 12021C0581J Revised February 8, 2024 Source National Flood Insurance Program Flood Insurance Rate Maps Page 5863 of 6641 7194A Report Property Information Carroll & Carroll 53 TRANSACTIONAL HISTORY Sales History 1742 Danford Street WSA Development Group, LLC acquired the property from Morgan Murphy, LLC on April 8, 2025 for a price of $499,000 or $36.16 per gross square foot of land area. The transaction was recorded in OR Book 6459 Page 2099 of the Public Records of Collier County, Florida. The sale was verified with Cal Montenegro, buyer. He verified the sale price and the arm’s-length nature. He said he purchased the property from a friend of his and he felt like he got a good deal. Cal also owns the two adjacent lots to the east. It does not appear that the property was formally listed for sale. Given the timing of the sale and comparing the purchase price to other recent sales and listings, the sale price is consistent with the market. The property also sold on December 2, 2022 for $515,000. Morgan Murphy, LLC purchased the property from Ronald and Susan Davis, Nicholas Davis, and Bradley Davis. The transaction was recorded in OR Book 6196 Page 3679 of the Public Records of Collier County, Florida. The sale appears to be an arm’s-length transaction. The property sustained considerable interior damage from Hurricane Ian and was being sold as land value. The property was listed for $549,900 and was on the market 3 days before it went under contract. Page 5864 of 6641 7194A Report Property Information Carroll & Carroll 54 CURRENT STATUS Subject Listed for Sale No Subject Under Contract No Subject Under Lease No Page 5865 of 6641 7194A Report Highest and Best Use Carroll & Carroll 55 HIGHEST AND BEST USE DEFINITION The Dictionary of Real Estate Appraisal, 7th Edition, published 2022 by the Appraisal Institute, defines Highest and Best Use as: The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. METHOD There are four criteria that must be met in order for a use to be the highest and best use for a given property. The highest and best use must be: • Legally permissible. • Physically Possible. • Financially feasible. • Maximally productive. Ordinarily these criteria are considered sequentially, each step narrowing the range of alternative uses being considered. ANALYSIS 1742 DANFORD STREET SITE AS THOUGH VACANT Legally Permissible – Collier County designates the property as RMF -6 – Residential Multi Family 6 with a Future Land Use of Urban Coastal Fringe. The zoning ordinance and Growth Management Plan are consistent in identifying the property for residential uses. The minimum lot size for a single-family use in the RMF-6 District is 6,500 square feet with a minimum lot width of 60 feet. As two individual lots, the site does not meet the minimum lot width and therefore are legally non-conforming lots. However, it is grandfathered since it was created prior to the current land development code and can legally be developed. The subject is legally defined as two platted lots and could be developed with two single-family residences. Physically Possible – A variety of uses are physically possible and infrastructure necessary for development is in place. The site is cleared, generally level, and at an elevation similar to that of road grade. The overall topography does not appear to limit the development potential of the site. Page 5866 of 6641 7194A Report Highest and Best Use Carroll & Carroll 56 Financially Feasible – Based on my analysis of the current market, it appears a newly constructed residential use on the site has a value commensurate with its cost. Therefore, residential development is concluded to be financially feasible. Maximally Productive – The highest and best use of the site as though vacant, is to be developed with two single-family residences. 1756 DANFORD STREET SITE AS THOUGH VACANT Legally Permissible – Collier County designates the property as RMF -6 – Residential Multi Family 6 with a Future Land Use of Urban Coastal Fringe. The zoning ordinance and Growth Management Plan are consistent in identifying the property for residential uses. The minimum lot size for a single-family use in the RMF-6 District is 6,500 square feet with a minimum lot width of 60 feet. The site does not meet the minimum lot width and therefore is a legally non-conforming lot. However, it is grandfathered since it was created prior to the current land development code and can legally be developed. The subject could be developed with one single-family residence. Physically Possible – A variety of uses are physically possible and infrastructure necessary for development is in place. The site is cleared, generally level, and at an elevation at road grade. The overall topography does not appear to limit the development potential of the site. Financially Feasible – Based on my analysis of the current market, it appears a newly constructed residential use on the site has a value commensurate with its cost. Therefore, residential development is concluded to be financially feasible. Maximally Productive – The highest and best use of the site as though vacant, is to be developed with a single-family residence. 1770 DANFORD STREET SITE AS THOUGH VACANT Legally Permissible – Collier County designates the property as RMF -6 – Residential Multi Family 6 with a Future Land Use of Urban Coastal Fringe. The zoning ordinance and Growth Management Plan are consistent in identifying the property for residential uses. The minimum lot size for a single-family use in the RMF-6 District is 6,500 square feet with a minimum lot width of 60 feet. The site does not meet the minimum lot width and therefore is a legally non-conforming lot. However, it is grandfathered since it was created prior to the current land development code and can legally be developed. The subject could be developed with one single-family residence. Page 5867 of 6641 7194A Report Highest and Best Use Carroll & Carroll 57 Physically Possible – A variety of uses are physically possible and infrastructure necessary for development is in place. The site is cleared, generally level, and at an elevation at road grade. The overall topography does not appear to limit the development potential of the site. Financially Feasible – Based on my analysis of the current market, it appears a newly constructed residential use on the site has a value commensurate with its cost. Therefore, residential development is concluded to be financially feasible. Maximally Productive – The highest and best use of the site as though vacant, is to be developed with a single-family residence. Page 5868 of 6641 7194A Report Consideration of Approaches Carroll & Carroll 58 CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for these vacant parcels. Page 5869 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 59 SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: 1. Research to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales of land comparable to the subject sites. The intention was to find comparable sales in similar locations that offer similar functional utility. Six closed sales and one current listing were identified as the best available for analysis. Comparable 1 is the recent sale of 1742 Danford Street and Comparable 5 is the prior sale of 1756/1770 Danford Street. Price per square foot of land area and price per developable lot were developed as the units of comparison, since they are the units best suited to the analysis, and the ones most often utilized by local buyers, sellers, and brokers of land similar to the subject site. The price per developable lot was concluded to be the best unit of comparison. Page 5870 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 60 Comparable land sales data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. Page 5871 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 61 COMPARABLE LAND SALES MAP Page 5872 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 62 VACANT LAND COMPARABLE 1 ADDRESS 1742 Danford Street, Naples, FL 34112 PROPERTY ID NO. 61380760009 SALE PRICE $499,000 UNIT AREA 0.317 acres DEVELOPABLE UNITS 2 units DEVELOPABLE DENSITY 6.31 per acre UNIT PRICE $249,500 per unit $1,575,104 per acre DATE OF RECORDING April 08, 2025 O.R. BOOK-PAGE 6459/2099 CONTRACT DATE Unknown GRANTOR Morgan Murphy, LLC GRANTEE WSA Development Group, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Urban Coastal Fringe ZONING RMF- 6 Residential Multiple Family IMPROVEMENTS The property was previously improved with a 1,176 square foot home constructed in 1958 which also included a swimming pool. The home suffered considerable damage from Hurricane Ian and was not repaired. The home was recently razed. UTILITIES All available Page 5873 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 63 PRIOR SALES Sold December 2, 2022 for $515,000. LEGAL DESCRIPTION Lots 30 and 31, Naples Bayview Addition No. 1, according to the plat thereof as recorded in Plat Book 4, Page 20, Public Records of Collier County, Florida. VERIFICATION Verified the sale with Cal Montenegro, buyer. He verified the sale price and the arm's-length nature. He said he purchased it from a friend of his, He said his friend had the property listed for sale for $599,000. Page 5874 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 64 VACANT LAND COMPARABLE 2 ADDRESS 1942 Danford Street, Naples, FL 34112 PROPERTY ID NO. 61380360001 & 61380320009 SALE PRICE $485,000 UNIT AREA 0.319 acres DEVELOPABLE UNITS 2 units DEVELOPABLE DENSITY 6.27 per acre UNIT PRICE $242,500 per unit $1,520,994 per acre DATE OF RECORDING February 05, 2025 O.R. BOOK-PAGE 6437/3150 CONTRACT DATE January 15, 2025 GRANTOR Darhl and Erin Ehrgott GRANTEE Charles J. Kilo FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Urban Coastal Fringe ZONING RMF- 6 Residential Multiple Family IMPROVEMENTS The property was previously improved with an old wood frame single-family residence that was demolished in 2024. UTILITIES All available PRIOR SALES Both lots sold August 31, 2020 for $245,000. Page 5875 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 65 LEGAL DESCRIPTION Lots 16 and 17, Naples Bayview Addition No. 1, according to the plat thereof as recorded in Plat Book 4, Page 20, Public Records of Collier County, Florida. VERIFICATION Verified the sale with Jason Zientarski, selling agent. He verified the sale price and the arm's-length nature. The buyer owns a home on the street and wanted some additional land. The property was listed for $624,000 and was on the market 289 days. Jason said that there was a home on the property that has been razed, but the attorneys confirmed that there were no impact fee credits. Page 5876 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 66 VACANT LAND COMPARABLE 3 ADDRESS Danford Street, Naples, FL 34112 PROPERTY ID NO. 61330920006 SALE PRICE $250,000 UNIT AREA 0.076 acres DEVELOPABLE UNITS 1 unit DEVELOPABLE DENSITY 13.14 per acre UNIT PRICE $250,000 per unit $3,284,077 per acre DATE OF RECORDING March 22, 2023 O.R. BOOK-PAGE 6230/2698 CONTRACT DATE Unknown GRANTOR Carlos and Lori Martinez GRANTEE Marion P. Smith FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Urban Coastal Fringe ZONING RMF- 6 Residential Multiple Family IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. Page 5877 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 67 LEGAL DESCRIPTION Lot 29, Naples Bayview, according to the plat thereof as recorded in Plat Book 2, Page 91, Public Records of Collier County, Florida. VERIFICATION Verified through Public Records. Page 5878 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 68 VACANT LAND COMPARABLE 4 ADDRESS 1861 Bay Street, Naples, FL 34112 PROPERTY ID NO. 61381120004, 61381160006, and 61381200005 SALE PRICE $720,000 UNIT AREA 0.475 acres DEVELOPABLE UNITS 3 units DEVELOPABLE DENSITY 6.31 per acre UNIT PRICE $240,000 per unit $1,515,130 per acre DATE OF RECORDING February 28, 2022 O.R. BOOK-PAGE 6093/210 CONTRACT DATE Unknown GRANTOR Peter Richter GRANTEE WSA Development Group, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Urban Coastal Fringe ZONING RMF- 6 Residential Multiple Family IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. Page 5879 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 69 LEGAL DESCRIPTION Lots 45, 46, and 47, Naples Bayview Addition 1, according to the plat thereof as recorded in Plat Book 4, Page 20, Public Rec ords of Collier County, Florida. VERIFICATION Verified with Mike Castellano, current owner. He verified the sale price and the arm's-length nature. It does not appear that the property was formally listed for sale. Page 5880 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 70 VACANT LAND COMPARABLE 5 ADDRESS 1756/1770 Danford Street, Naples, FL 34112 PROPERTY ID NO. 61380720007 & 61380740003 SALE PRICE $550,000 UNIT AREA 0.317 acres DEVELOPABLE UNITS 2 units DEVELOPABLE DENSITY 6.31 per acre UNIT PRICE $275,000 per unit $1,736,087 per acre DATE OF RECORDING January 27, 2022 O.R. BOOK-PAGE 6077/2104 CONTRACT DATE Unknown GRANTOR Branimir and Milena Brankova GRANTEE WSA Development Group, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Urban Coastal Fringe ZONING RMF- 6 Residential Multiple Family IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. Page 5881 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 71 LEGAL DESCRIPTION Lots 28 and 29, Naples Bayview Addition No. 1, according to the plat thereof as recorded in Plat Book 4, Page 20, Public Records of Collier County, Florida. VERIFICATION Verified the sale with Cal Montenegro, buyer. He verified the sale price and the arm's-length nature. Two sales were recorded ($275,000) from the same seller on the same day. The lots were listed for $275,000. After the purchase, the lots were relisted for $325,000 and were as much as $389,000. The most recent listing was for $319,000 in October 2024. Page 5882 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 72 VACANT LAND COMPARABLE 6 ADDRESS 2432/2448 Florida Avenue, Naples, FL 34112 PROPERTY ID NO. 75760120006 & 75760160008 SALE PRICE $485,000 UNIT AREA 0.275 acres DEVELOPABLE UNITS 2 units DEVELOPABLE DENSITY 7.26 per acre UNIT PRICE $242,500 per unit $1,760,550 per acre DATE OF RECORDING January 09, 2025 O.R. BOOK-PAGE 6432/479 CONTRACT DATE November 25, 2024 GRANTOR Harold D. Hannah GRANTEE Silverstone Development, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Urban Coastal Fringe ZONING RMF- 6 Residential Multiple Family IMPROVEMENTS The lot is improved with an old garage. There was a single-family residence on the site that was demolished in 2022. UTILITIES All available Page 5883 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 73 PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION Lots 3 and 4, of Sunset Homes, according to the plat thereof as recorded in Plat Book 4, Page 21, Public Records of Collier C ounty, Florida. VERIFICATION Verified through Public Records and SWFLA MLS. It appears the buyer purchased the lots to develop with two single-family residences. The property was listed for $525,000 and was on the market 231 days. Page 5884 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 74 VACANT LAND COMPARABLE 7 (LISTING) ADDRESS Danford Street, Naples, FL 34112 PROPERTY ID NO. 61380560005 SALE PRICE $299,999 UNIT AREA 0.159 acres DEVELOPABLE UNITS 1 unit DEVELOPABLE DENSITY 6.29 per acre UNIT PRICE $299,999 per unit $1,886,525 per acre DATE OF RECORDING N/A O.R. BOOK-PAGE N/A CONTRACT DATE Unknown GRANTOR Ghassoub Frangie GRANTEE N/A FINANCING N/A TOPO-ELEVATION Level and at road grade GROUND COVER Cleared LAND USE DESIGNATION Urban Coastal Fringe ZONING RMF- 6 Residential Multiple Family IMPROVEMENTS None UTILITIES All available PRIOR SALES No sales in the previous three years. Page 5885 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 75 LEGAL DESCRIPTION Lot 23, Naples Baview Addition No. 1, according to the plat thereof as recorded in Plat Book 4, Page 20, Public Records of Co llier County, Florida. VERIFICATION Verified the listing with Drew Josephson, listing agent. He said that they have had little interest and no offers. The proper ty has been on the market for 192 days. Page 5886 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 76 SALES ADJUSTMENT GRID – 1742 DANFORD STREET ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7 LISTING PROPERTY IDENTIFICATION 1742 Danford Street 1742 Danford Street 1942 Danford Street Danford Street 1861 Bay Street 1756/1770 Danford Street 2432/2448 Florida Ave.Danford Street SALE PRICE N/A $499,000 $485,000 $250,000 $720,000 $550,000 $485,000 $299,999 REAL PROPERTY RIGHTS Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple CONDITIONS OF SALE Market Market Market Market Market Market Market Market BUILDING IMPROVEMENTS None None Yes None None None Yes None IMPACT FEE CREDITS Yes Yes No No No No Yes No $23,006 $23,006 $23,006 $23,006 $23,006 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller N/A Equivalent ADJUSTED SALE PRICE $499,000 $508,006 $273,006 $743,006 $573,006 $485,000 $323,005 Recording Date N/A 04/08/25 02/05/25 03/22/23 02/28/22 01/27/22 01/09/25 08/21/25 Months Prior To Effective Date 08/21/25 4.4 6.5 29.0 41.7 42.8 7.4 0.0 MARKET CHANGE ADJUSTMENT N/A 0.0%0.0%0.0%0.0%0.0%0.0%0.0% ADJUSTED SALE PRICE $499,000 $508,006 $273,006 $743,006 $573,006 $485,000 $323,005 Parcel Area in Square Feet 13,800 13,800 13,890 3,316 20,700 13,800 12,000 6,927 Front Feet 100 100 100 40 150 100 100 50 Number of Developable Lots 2 2 2 1 3 2 2 1 PRICE PER SQ. FT.$36.16 $36.57 $82.33 $35.89 $41.52 $40.42 $46.63 PRICE PER LOT $249,500 $254,003 $273,006 $247,669 $286,503 $242,500 $323,005 LOCATION Naples Naples Naples Naples Naples Naples Naples Naples CORNER LOT No No No No No No No No EXPOSURE Southern Southern Southern Northern Northern Southern Southern Southern ACCESS Average Similar Similar Similar Similar Similar Similar Similar OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% UTILITIES All Available Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% COMP. PLAN Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal ZONING RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 0%0%0%0%0%0%0% SIZE IN SQUARE FEET 13,800 13,800 13,890 3,316 20,700 13,800 12,000 6,927 SIZE IN ACRES 0.32 0.32 0.32 0.08 0.48 0.32 0.28 0.16 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Cleared Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% GROSS ADJUSTMENT N/A 0%0%0%0%0%0%0% INDICATION OF UNIT VALUE ?$249,500 $254,003 $273,006 $247,669 $286,503 $242,500 $323,005 Page 5887 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 77 SALES ADJUSTMENT GRID – 1756 DANFORD STREET ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7 LISTING PROPERTY IDENTIFICATION 1756 Danford Street 1742 Danford Street 1942 Danford Street Danford Street 1861 Bay Street 1756/1770 Danford Street 2432/2448 Florida Ave.Danford Street SALE PRICE N/A $499,000 $485,000 $250,000 $720,000 $550,000 $485,000 $299,999 REAL PROPERTY RIGHTS Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple CONDITIONS OF SALE Market Market Market Market Market Market Market Market BUILDING IMPROVEMENTS None None Yes None None None Yes None IMPACT FEE CREDITS No Yes No No No No Yes No ($23,006)($23,006) FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller N/A Equivalent ADJUSTED SALE PRICE $475,994 $485,000 $250,000 $720,000 $550,000 $461,994 $299,999 Recording Date N/A 04/08/25 02/05/25 03/22/23 02/28/22 01/27/22 01/09/25 08/21/25 Months Prior To Effective Date 08/21/25 4.4 6.5 29.0 41.7 42.8 7.4 0.0 MARKET CHANGE ADJUSTMENT N/A 0.0%0.0%0.0%0.0%0.0%0.0%0.0% ADJUSTED SALE PRICE $475,994 $485,000 $250,000 $720,000 $550,000 $461,994 $299,999 Parcel Area in Square Feet 6,900 13,800 13,890 3,316 20,700 13,800 12,000 6,927 Front Feet 50 100 100 40 150 100 100 50 Number of Developable Lots 1 2 2 1 3 2 2 1 PRICE PER SQ. FT.$34.49 $34.92 $75.39 $34.78 $39.86 $38.50 $43.31 PRICE PER LOT $237,997 $242,500 $250,000 $240,000 $275,000 $230,997 $299,999 LOCATION Naples Naples Naples Naples Naples Naples Naples Naples CORNER LOT No No No No No No No No EXPOSURE Southern Southern Southern Northern Northern Southern Southern Southern ACCESS Average Similar Similar Similar Similar Similar Similar Similar OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% UTILITIES All Available Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% COMP. PLAN Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal ZONING RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 0%0%0%0%0%0%0% SIZE IN SQUARE FEET 6,900 13,800 13,890 3,316 20,700 13,800 12,000 6,927 SIZE IN ACRES 0.16 0.32 0.32 0.08 0.48 0.32 0.28 0.16 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Cleared Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% GROSS ADJUSTMENT N/A 0%0%0%0%0%0%0% INDICATION OF UNIT VALUE ?$237,997 $242,500 $250,000 $240,000 $275,000 $230,997 $299,999 Page 5888 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 78 SALES ADJUSTMENT GRID – 1770 DANFORD STREET ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7 LISTING PROPERTY IDENTIFICATION 1770 Danford Street 1742 Danford Street 1942 Danford Street Danford Street 1861 Bay Street 1756/1770 Danford Street 2432/2448 Florida Ave.Danford Street SALE PRICE N/A $499,000 $485,000 $250,000 $720,000 $550,000 $485,000 $299,999 REAL PROPERTY RIGHTS Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple CONDITIONS OF SALE Market Market Market Market Market Market Market Market BUILDING IMPROVEMENTS None None Yes None None None Yes None IMPACT FEE CREDITS No Yes No No No No Yes No ($23,006)($23,006) FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller N/A Equivalent ADJUSTED SALE PRICE $475,994 $485,000 $250,000 $720,000 $550,000 $461,994 $299,999 Recording Date N/A 04/08/25 02/05/25 03/22/23 02/28/22 01/27/22 01/09/25 08/21/25 Months Prior To Effective Date 08/21/25 4.4 6.5 29.0 41.7 42.8 7.4 0.0 MARKET CHANGE ADJUSTMENT N/A 0.0%0.0%0.0%0.0%0.0%0.0%0.0% ADJUSTED SALE PRICE $475,994 $485,000 $250,000 $720,000 $550,000 $461,994 $299,999 Parcel Area in Square Feet 6,900 13,800 13,890 3,316 20,700 13,800 12,000 6,927 Front Feet 50 100 100 40 150 100 100 50 Number of Developable Lots 1 2 2 1 3 2 2 1 PRICE PER SQ. FT.$34.49 $34.92 $75.39 $34.78 $39.86 $38.50 $43.31 PRICE PER LOT $237,997 $242,500 $250,000 $240,000 $275,000 $230,997 $299,999 LOCATION Naples Naples Naples Naples Naples Naples Naples Naples CORNER LOT No No No No No No No No EXPOSURE Southern Southern Southern Northern Northern Southern Southern Southern ACCESS Average Similar Similar Similar Similar Similar Similar Similar OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% UTILITIES All Available Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% COMP. PLAN Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal Urban Coastal ZONING RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 RMF-6 0%0%0%0%0%0%0% SIZE IN SQUARE FEET 6,900 13,800 13,890 3,316 20,700 13,800 12,000 6,927 SIZE IN ACRES 0.16 0.32 0.32 0.08 0.48 0.32 0.28 0.16 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% PHYSICAL CHARACTERISTICS Cleared Similar Similar Similar Similar Similar Similar Similar 0%0%0%0%0%0%0% GROSS ADJUSTMENT N/A 0%0%0%0%0%0%0% INDICATION OF UNIT VALUE ?$237,997 $242,500 $250,000 $240,000 $275,000 $230,997 $299,999 Page 5889 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 79 DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a “market” transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. The second group of adjustments is made after an appropriate unit of comparison is chosen. When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • None of the comparable sales required adjustment in this category. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • 1742 Danford Street was improved with a single-family residence that was recently demolished in March 2025. Since there was previously a home on the site there are impact fee credits associated with the property that off-set the impact fees associated with constructing a new home. The current Collier County impact fees for a single- family home of less than 4,000 square feet is $23,006. Comparables 2, 3, 4, 5, and 6 have Page 5890 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 80 never been improved or did not have any impact fee credits and therefore were adjusted upward $23,006 each. • 1756 and 1770 Danford Street were never improved. Comparables 1 and 6 were improved with single family residences that were demolished. Since there was previously a home on the site there are impact fee credits associated with the property that off-set the impact fees associated with constructing a new home. The current Collier County impact fees for a single-family home of less than 4,000 square feet is $23,006. Comparables 1 and 6 were all improved with a single-family home at some point in time and therefore were adjusted downward $23,006 for their impact fee credits. FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. Market conditions make accurate measurement of this adjustment difficult. The land market is composed of end users, so we are not seeing the pattern of investor/speculators. Based on recent sales, there is currently a downward trend in the residential lot and single- family home market in Naples. The higher interest rates, construction costs, and the lack of capital have put downward pressure on lot prices and the new construction market. The comparables occurred between two different points in time. Comparables 1, 2, and 6 all sold in 2025 and are indicative of current market value and did not require any market change adjustments. Comparables 3, 4, and 5 all sold in early 2023 to 2022 at a time when market values were increasing. Comparables 3, 4, and 5 all require an upward adjustment for market change from their effective dates through mid-2024, however they also require a downward adjustment from mid-2024 through the effective date due to current market conditions. The net adjustment is close to zero and therefore no market change adjustment was warranted. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • None of the comparable sales required adjustment in this category. Page 5891 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 81 UTILITES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public water distribution system and the public waste water collection system of each comparable property as that compares with the same services available to the subject property. • None of the comparable sales required adjustment in this category. COMPREHENSIVE PLAN/ZONING This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparable sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • None of the comparable sales required adjustment in this category. Page 5892 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 82 RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: 1742 DANFORD STREET Comparables Price Per Developable Lot (Indicated for Subject) 1 $249,500 2 $254,003 3 $273,006 4 $247,669 5 $286,503 6 $242,500 7 $323,005 Average $258,863 Median $251,752 Weighted Avg. $255,094 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 1 and 2 are the strongest indicators of value. They are the most recent sales and very similar to the subject and were weighted 25% each. Comparable 6 is also a recent sale of two vacant lots and was weighted 20%. Comparables 3, 4, and 5 are similar to the subject, but they are older sales and were weighted 10% each. Comparable 7 is a current listing. I typically don’t weight listing, but they tend to set an upper limit of value. The range of unit value indications is from $242,500 to $286,503 per developable lot. The arithmetic mean of the six sales is $258,863 per developable lot and the median is $251,752 per developable lot. The weighting process discussed above indicates a unit value of $255,094 per developable lot. Page 5893 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 83 Based on the range of the comparable sales and the weighting process, I concluded to a unit value of $255,000 per developable lot. The indication of value of the underlying land is $510,000 ($255,000 per lot x 2 developable lots). Page 5894 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 84 1756 DANFORD STREET Comparables Price Per Developable Lot (Indicated for Subject) 1 $237,997 2 $242,500 3 $250,000 4 $240,000 5 $275,000 6 $230,997 7 $299,999 Average $246,082 Median $241,250 Weighted Avg. $242,824 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 1 and 2 are the strongest indicators of value. They are the most recent sales and very similar to the subject and were weighted 25% each. Comparable 6 is also a recent sale of two vacant lots and was weighted 20%. Comparables 3, 4, and 5 are similar to the subject, but they are older sales and were weighted 10% each. Comparable 7 is a current listing. I typically don’t weight listing, but they tend to set an upper limit of value. The range of unit value indications is from $230,997 to $275,000 per developable lot. The arithmetic mean of the six sales is $246,082 per developable lot and the median is $241,250 per developable lot. The weighting process discussed above indicates a unit value of $242,824 per developable lot. Based on the range of the comparable sales and the weighting process, I concluded to a unit value of $245,000 per developable lot. Page 5895 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 85 1770 DANFORD STREET Comparables Price Per Developable Lot (Indicated for Subject) 1 $237,997 2 $242,500 3 $250,000 4 $240,000 5 $275,000 6 $230,997 7 $299,999 Average $246,082 Median $241,250 Weighted Avg. $242,824 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 1 and 2 are the strongest indicators of value. They are the most recent sales and very similar to the subject and were weighted 25% each. Comparable 6 is also a recent sale of two vacant lots and was weighted 20%. Comparables 3, 4, and 5 are similar to the subject, but they are older sales and were weighted 10% each. Comparable 7 is a current listing. I typically don’t weight listing, but they tend to set an upper limit of value. The range of unit value indications is from $230,997 to $275,000 per developable lot. The arithmetic mean of the six sales is $246,082 per developable lot and the median is $241,250 per developable lot. The weighting process discussed above indicates a unit value of $242,824 per developable lot. Based on the range of the comparable sales and the weighting process, I concluded to a unit value of $245,000 per developable lot. Page 5896 of 6641 7194A Report Sales Comparison Approach Carroll & Carroll 86 FINAL ESTIMATES OF VALUE 1742 DANFORD STREET The indication of value of the fee simple interest as of August 21, 2025 is $510,000. 1756 DANFORD STREET The indication of value of the fee simple interest as of August 21, 2025 is $245,000. 1770 DANFORD STREET The indication of value of the fee simple interest as of August 21, 2025 is $245,000. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 Page 5897 of 6641 7194A Report Addenda Carroll & Carroll 87 ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions........................................................................... 2 Qualifications of Appraiser............................................................................................... 2 Page 5898 of 6641 7194A Report Addenda Carroll & Carroll 88 ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None HYPOTHETICAL CONDITION None GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. Page 5899 of 6641 7194A Report Addenda Carroll & Carroll 89 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "vested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. Proposed improvements are assumed to have been completed as of the prospective date of value. Proposed construction is presumed to conform with the building plans referenced in the report. 12. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection I was sensitive to obvious signs of contamination and I reported anything unusual. However, this appraiser is not qualified to render a professional opinion regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 13. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 14. Possession of this report, or a copy thereof, does not carry with it the right of publication. 15. Unless previous arrangements were made, the appraiser, by reason of this appraisal, is not required to give further consultation, testimony, or to be in attendance in court. 16. Neither all nor any part of the contents of this report (especially any opinions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. Page 5900 of 6641 7194A Report Addenda Carroll & Carroll Page 5901 of 6641 7194A Report Addenda Carroll & Carroll Page 5902 of 6641