Existing File or Not in Folder

I found this code in this forum and tried to modify to create a folder in F drive as “Development”
and then tried to save an excel file “Collection.xlsm” into that folder.
I am stuck and unable to move forward. Expert opinion on this is needed.
What I want to do here are as follows:
I want to check in the F drive if a folder named “Development” is present already.
If folder is not present, I want to first Create a Folder named “Development” in that F drive.
Then now I want to check in the folder “Development” if an excel file “Collection.xlsm” is present; if not present then Create the excel file “Collection.xlsm.”
If the excel file “Collection.xlsm” is present then to save the file with the current date and system time which has the format “Sunday, 30Jul2017_01-41-33 PM” added to this file and saved as “Collection Sunday, 30Jul2017_01-41-33 PM.xlsm”

Tried my best to explain it, but your valuable queries on it is welcome.....

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hi..Jerry, first of all thank for your response.....i tried using this code into the one...but it is not working as I would like....can you give me the complete redone code.. if not a problem for you...thnk you in advance....

Thanks jerry, but your macro only creates a Folder "Development" and does not create a file "Collection" with date format...... and it throws up Run-time error 424
object required.... but bakerman's code works fine the way I wanted...........great.....thanx both of you for your valuable time and also coming with an helping hand at the time needed most....appreciate your knowledge and wisdom...I will close this as solved......added rep too...