40 +/- Acres Cornerstone Group- Colonial Boulevard 40 Acres Section 32, Township 44, Range 25. For Cornerstone Group. Prepared by

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1 DUE DILIGENCE REPORT 40 +/- Acres Cornerstone Group- Colonial Boulevard 40 Acres Section 32, Township 44, Range 25 For Cornerstone Group Prepared by David Douglas Associates, Inc West First Street Ft. Myers, Fl June 2005 L. Steven Hurley, V. P. of Operations Sam Updike, E.I., Project Engineer DDAI Project #

2 June 23, 2005 Job No Due Diligence Report 1 of 7 DUE DILIGENCE REPORT 40 +/- Acres Conerstone Group Colonial Boulevard 40 Acres Section 32, Township 44, Range 25 Project Description The proposed site is located at 3850 Winkler Avenue Extension, Section 32, Township 44, Range 25, in Fort Myers, Lee County, Florida. The four parcels combined encompass roughly 40 acres between Winkler Avenue Extension and Colonial Boulevard. The site is within the corporate city limits of the City of Fort Myers and is zoned Business District one (B-1). (See Exhibit A ) This document contains information compiled from reviewing documents provided by the City of Fort Myers (CFM), South Florida Water Management District (SFWMD), Florida Department of Transportation (FDOT) and other sources which address development issues as outlined in the Due Diligence Scope of Services. Any information relative to agency jurisdictions, ordinances, statutes and policies are subject to changes or revisions in accordance with the particular agency and can only be interpreted as fact at the time the report is dated and issued. David Douglas Associates, Inc. will make every attempt to be knowledgeable of any proposed changes and identify them as such in this report. This report was designed to address particular issues at the client s request and in no way implies that all potential issues which could affect this site have been evaluated for their impact on developability of this site. A-1. Site Access Evaluation- Colonial Boulevard The site is fronted by Colonial Boulevard along the southern boundary. The section of Colonial Boulevard along the proposed site is under a Florida Department of Transportation Class 2

3 June 23, 2005 Job No Due Diligence Report 2 of 7 Access Management Designation. Under this designation, connection and directional median opening spacing is 1,320ft; spacing for full median openings and traffic signals on this segment of Colonial Boulevard is 2,640ft. A meeting was conducted with FDOT to determine site access along Colonial Boulevard. In conclusion of the meeting, it appears that a shared access drive is most desirable at the southwest property corner along Colonial Boulevard with the adjacent property to the west. Also, FDOT indicated that the site to the east is currently under review for a multi-family residential development. That development proposes a right-in right-out along Colonial Boulevard (See Exhibit B ). If conceivable, FDOT would like to explore the possibility of a shared access with this development. If shared access cannot be negotiated with either of the neighboring property owners, a right-in right-out would be possible along Colonial Boulevard. There does not appear to be full access at the southeast property corner as the median only facilitates a directional left turn for westbound traffic along Colonial Boulevard onto Camino Real Way Additionally, Colonial Boulevard east of Fowler Street has been designated for partially controlled access and frontage roads per City of Fort Myers Code Section (Exhibit C ) A-2. Site Access Evaluation Winkler Avenue Along Winkler Avenue Extension, there appears to be feasible access points at the northwest and northeast property corners. At the northwest property corner, a left turn lane will need to be constructed for westbound traffic along Winkler to construct a shared access drive with the adjacent property to the west. At the northeast property corner, left hand turn lanes will need to be constructed for both eastbound and westbound traffic to

4 June 23, 2005 Job No Due Diligence Report 3 of 7 construct a shared access drive with the adjacent property to the east. These turn lane assumptions are based on peak hour volumes computed by the trip generator for the proposed use. (See Exhibit D for summary of site access) B-1. City of Fort Myers Utilities Sewer Service Sanitary sewer service is available via a 24 force main located on the south side of Winkler Avenue Extension. A line extension and a lift station will be required to bring service to the site. A drawing of existing sewer service along Winkler Avenue Extension is attached. (Exhibit E ) B-2. City of Fort Myers Utilities Water Service There is an existing 24 water main located along the north side of Winkler Avenue Extension. There are existing 10 and 16 stubouts located on the south side of Winkler Avenue Extension where the proposed site has frontage along Winkler Avenue Extension. An extension will be required to bring service to this site. A drawing of existing water service along Winkler Avenue Extension is attached. (Exhibit F ) C 1. Finished Floor Requirements Per FEMA The site is located in Flood Zone B based upon FEMA Flood Insurance rate map number B, dated September 19, Zone B is identified by FEMA as areas between limits of the 100-year flood and 500-year flood; or certain areas subject to 100-year flooding with average depths less than one (1) foot or where the contributing drainage area is less than one square mile; or areas protected by levees from the base flood. A flood rate insurance map is attached. (Exhibit G )

5 June 23, 2005 Job No Due Diligence Report 4 of 7 In addition to FEMA criteria, the SFWMD requires that all finished floor elevations be above the 100-year 3-day storm event. Since FEMA does not designate a minimum finished floor elevation for the location of the proposed site, we will assume an elevation of 23.5 for the finished floor. This elevation was determined via storm water modeling of the 100-year 3-day event per SFWMD criteria for a site adjacent to the proposed property. D 1. South Florida Water Management Permit Requirements A South Florida Water Management District Individual Environmental Resource Permit will be required for surface water management, if there is one (1) acre or more of wetland impacts. This permit will take approximately 190 days. The application fee for this permit is $5,000. If there is less than one (1) acre of impact but more then two (2) acres of impervious area, a Notice General Permit will be required. The application fee for a General Permit is $2,000 and will take approximately 120 days. It appears from the United States Fish and Wildlife Services Map that there is more than likely one (1) acre or more wetlands onsite. Further research will be need to be conducted on the wetland impact to verify which SFWMD permit will be needed. A map of wetland areas in the vicinity is attached. (Exhibit H ) D 2. Estimated Fill Calculations Fill calculations were determined by assuming an existing grade elevation of 17.0 throughout the site. This grade was selected using USGS Quad Map (Exhibit I ). The finished floor elevation was set at elevation 23.5 and the parking elevation was set at elevation 22.0, and the open space calculations were assumed at 21.0 using information from an adjacent developed site with very similar topography.

6 June 23, 2005 Job No Due Diligence Report 5 of 7 A six-acre lake was assumed to be excavated on the proposed property for water management purposes. The lake was assumed to be 12ft deep with 4:1 side slopes for the first 6ft of depth and 2:1 side slopes for the remaining 6ft of depth. Using the Average- End Area Method, the volume of fill excavated from the lake was 14,52840³ (392,256 ft³). The open space requirement for multi-family developments per City of Fort Myers Code Section 30-3C1 is 35% of the proposed site. The volume of fill for the open space was calculated in the following manner: 35% of 40 acres = 14 acres = 609,840 ft² 6-acre lake = 261,360 ft² Water management systems can be used to offset up to 25% of required open space per City of Fort Myers Code: 25% of 609,840 ft² = 152,460 ft² So open space to be filled to elevation 21 is: 609,840 ft² - 152,460 ft² = 457,380 ft² Assuming 1 acre of wetlands and 15% indigenous preservation, open space fill area becomes: 457,380 ft² - 43,560 ft² - 68,607 ft² = 345,213 ft² Open space is: 345,213 ft² x 4 ft = 1,380,852 ft³ = 51,142yd³ Site square footage remaining = (Area of lake outside of designated open space) 1,742,400 ft² - 609,840 ft² - 108,900 ft² = 1,023,600 ft² (Total Open Space) Assume 70% of remaining square footage to be filled to parking lot elevation 22:

7 June 23, 2005 Job No Due Diligence Report 6 of 7 1,023,600 ft² x (0.70) = 716,560 ft² Parking space fill volume is: 716,560 ft² x 5 ft = 3,582,800 ft³ = 132,696yd³ Assume 30% of remaining square footage to be filled to finished floor elevation 23.5: 1,023,600 ft² x (0.30) = 307,080 ft² Finished floor fill volume is: 307,080 ft² x 6.5 ft = 1,996,020 ft³ = 73,926yd³ Total volume of fill for site: Open Space 51,142yd³ Parking 132,696yd³ Finished floor 73,926yd³ Total 257,764yd³ - 14,528yd³ (fill excavated from lake) 243,236yd³ E-1. Preliminary Traffic Impact Statement Trip generations were preformed using residential apartments at 600 dwelling units. This project will generate 348 peak hour trips (see Exhibit J - Trip generation). Based on the amount of AM and PM peak hour turning movements, turn lanes will be required off of Winkler Avenue Extension. According to the City of Fort Myers Code Section A more detailed Traffic Impact Statement will need to be completed for the Site Plan approval process. The required turn lanes are shown on the concept plan provided. F-1. Impact Fees A schedule of Impact Fees has been included in this report as Exhibit K. Those that apply to the proposed project have been highlighted.

8 June 23, 2005 Job No Due Diligence Report 7 of 7 F-2. Permits Required and Associated Fees SFWMD ERP (See D-1 for details) A City of Fort Myers Site Construction, Site Clearing, and Tree Removal Applications will be required for this project. Our office is currently experiencing 120 days for these permits. The application fee is assessed once the review is complete and the permits are approved. A Florida Department of Environmental Protection permit will be required for internal gravity system, force main extension, and lift station. This permit will take approximately 90 days and the application fee is $250. A Lee County Health and Rehabilitative Services (HRS) permit will be required for potable water, fire lines, and fire hydrants. This permit will take approximately 1 week after the City of Fort Myers Utilities Department has signed off. The application fee is $250. A City of Fort Myers Utility approval and signoff will be required for the water system design and will take approximately 60 days. There is no application fee for this approval and sign off. Summary The site is suitable for the proposed use. As previously identified, further research should be conducted on the wetland impacts, which will determine which SFWMD permit needed. It is important to note that this project is within the comprehensive plan for a corridor conscious development strategy. This corridor area has special design criteria for setbacks and signage. This criterion has been attached as Exhibit L. Also, coordination with the adjacent properties to the east and west could result in some cost savings in association with the turn lane improvements.

9 Due Diligence Report EXHIBITS Exhibit A Aerial and Site Location Exhibit B The Cypress Reserve Access Along Colonial Exhibit C '29-54 Frontage Road Requirement Exhibit D Aerial and Site Access Exhibit E Sewer As-Built Exhibit F Water As-Built Exhibit G Flood Insurance Rate Map Exhibit H Wetlands Inventory Map Exhibit I Quad Map Exhibit J Trip Generation Exhibit K Impact Fees Exhibit L '24-5 Corridor Conscious Development Strategies

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