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IN FURTHER DISCUSSION, THE BOARD GENERALLY FELT THAT THE <br />APPRAISAL WAS RIGHT, AND ADMINISTRATOR JENNINGS NOTED THAT THERE <br />IS A VALUE TO THE PERFECTED TITLE IN THAT THE DER AND THE CORPS OF <br />ENGINEERS HAVE TALKED ABOUT BUYING THOSE RIGHTS BACK. <br />COMMISSIONER LOY ASKED IF MR, GREFE WOULD ENTERTAIN THE <br />IDEA OF SELLING JUST HIS OCEANFRONT, AND HE STATED THAT HE WOULD <br />SELL, NOT AT THE PRICE SET OUT IN THE APPRAISAL, BUT AT $110,000 <br />WHICH IS THE LISTED PRICE. <br />CHAIRMAN SIEBERT STATED THAT HE WAS NOT INTERESTED AT <br />THAT PRICE. <br />MR. GREFE STATED THE VERY LEAST HE WOU4LD CONSIDER IS <br />$100,000 - $60,000 AND THE RIVERFRONT LOTS OR $100,000 CASH. <br />ATTORNEY COLLINS ASKED IF THE COMMISSION IS INTERESTED <br />IN MR. GREFE'S OFFER ON THE BASIS OF MR. WILKES' APPRAISAL, AND <br />CHAIRMAN SIEBERT STATED HE WOULD BE INTERESTED ON THAT BASIS, BUT <br />NOT IN GOING 40% OR MORE ABOVE THE APPRAISAL, FOR WHICH HE FELT A <br />GOVERNMENTAL BODY COULD BE HARSHLY CRITICIZED. <br />MR. GREFE CONTINUED TO DEBATE THE VALIDITY OF THE APPRAISAL, <br />AND IT WAS NOTED THAT THE PARK, WHICH HAS A VANDALISM PROBLEM AFFECTS <br />THE VALUE OF THE SURROUNDING LOTS, AND IN ADDITION, MR. WILKES TOOK <br />INTO CONSIDERATION THE FACT THAT MR. GREFE PURCHASED THESE LOTS <br />EIGHT MONTHS AGO AT $95,000. <br />COMMISSIONER DEESON STATED THAT HE WOULD BE MORE INTERESTED <br />IN PURCHASING THE OCEANFRONT AND NOT GIVING UP THE RIVERFRONT, AND <br />THE BOARD CONCURRED. <br />CHAIRMAN SIEBERT SUMMED IT UP, STATING THAT THE BOARD <br />WOULD BE INTERESTED IN PURCHASING MR. GREFE'S OCEANFRONT AT THE <br />APPRAISED VALUE WITH NO SWAP OF THE RIVERFRONT PROPERTY. <br />MR. GREFE STATED THAT HE WOULD NOT CONSIDER LESS THAN <br />$100,000 AND IF THE BOARD DID NOT MAKE A DECISION, THE PROPERTY WOULD <br />BE SOLD WITHIN A WEEK. <br />THE CHAIRMAN INSTRUCTED MR. GREFE TO GO AHEAD AND SELL IT. <br />I <br />37 <br />APR 91980 - BOOK 43 PAGEBO <br />